Document:

Exhibit 4.1

 

EXECUTION VERSION

 

	 
	WARRANT
    AGREEMENT 
	 

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

 

Article I

Closing

 

		1.1	Issuance	1
		1.2	Initial Closing; Warrant Closing Date	1
		1.3	Interpretation	2

 

Article II

Representations and Warranties

 

		2.1	Representations and Warranties of the Company	2

 

Article III

Covenants

 

		3.1	Commercially Reasonable Efforts	6
		3.2	Expenses	7
		3.3	Sufficiency of Authorized Common Stock; Exchange Listing	7

 

Article IV

Additional Agreements

 

		4.1	Investment	8
		4.2	Legends	8
		4.3	Certain Transactions	8
		4.4	Transfer of Warrants and Warrant Shares	9
		4.5	Registration Rights	9
		4.6	Voting of Warrant Shares	20

 

Article V

Miscellaneous

 

		5.1	Survival of Representations and Warranties	20
		5.2	Amendment	21
		5.3	Waiver of Conditions	21
		5.4	Governing Law: Submission to Jurisdiction, Etc.	21
		5.5	Notices	21
		5.6	Definitions	22
		5.7	Assignment	22
		5.8	Severability	22
		5.9	No Third Party Beneficiaries	22

 

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LIST OF ANNEXES

 

	ANNEX A:	FORM OF OPINION
	 	 
	ANNEX B:	FORM OF WARRANT
	 	 
	SCHEDULE 1:	WARRANT SHARES FORMULA
	 	 
	SCHEDULE 2:	CAPITALIZATION
	 	 
	SCHEDULE 3:	REQUIRED STOCKHOLDER APPROVALS

 

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INDEX OF DEFINED TERMS

 

	Term
	 	Location of Definition

	Affiliate	 	Annex B
	Agreement	 	Recitals 
	Appraisal Procedure	 	Annex B
	Board of Directors	 	2.1(i)
	Business Combination	 	Annex B 
	Business Day	 	Annex B 
	Capitalization Date	 	2.1(b)
	Closing	 	1.2(a)
	Common Stock	 	Annex B 
	Company	 	Recitals 
	Company Reports	 	2.1(j)(i)
	Exchange Act	 	Annex B
	Governmental Authority	 	5.6(a)
	Holder	 	4.5(k)(i)
	Indemnitee	 	4.5(g)(i)
	Initial Closing	 	1.2(a)
	Lien	 	5.6(c)
	Loan Agreement 	 	Recitals
	Material Adverse Effect	 	5.6(d)
	Organizational Documents	 	5.6(e)
	Pending Underwritten Offering	 	4.5(l)
	Piggyback Registration	 	4.5(a)(iv)
	register; registered; registration	 	4.5(k)(ii)
	Registrable Securities	 	4.5(k)(iii)
	Registration Commencement Date	 	4.5(a)(i)
	Registration Expenses	 	4.5(k)(iv)
	Rule 144; Rule 144A; Rule 159A; Rule 405; Rule 415	 	4.5(k)(v)
	SEC	 	2.1(c)
	Securities Act	 	Annex B
	Selling Expenses	 	4.5(k)(vi)
	Shelf Registration Statement	 	4.5(a)(ii)
	Special Registration	 	4.5(i)
	Stockholder Proposals	 	3.1(b) 
	Subsidiary	 	5.6(f)
	Transfer	 	4.4 
	Treasury	 	Recitals
	Warrant Closing Date	 	1.2(a)
	Warrants	 	Recitals 
	Warrant Shares	 	Annex B

 

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WARRANT AGREEMENT dated as of September 28, 2020
(this “Agreement”), between UNITED AIRLINES HOLDINGS, INC., a corporation organized under the laws of
Delaware (the “Company”) and the UNITED STATES DEPARTMENT OF THE TREASURY (“Treasury”).

 

WHEREAS, the Borrower (as defined in the
Loan Agreement) has requested that Treasury make a Loan (as defined in the Loan Agreement) to the Borrower as is permissible under
the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136 (Mar. 27, 2020), as the same may be amended
from time to time, and Treasury is willing to do so on the terms and conditions set forth in the Loan and Guarantee Agreement
dated as of September 28, 2020, between UNITED AIRLINES, INC. and Treasury (the “Loan Agreement”);
and

 

WHEREAS, as appropriate financial protection
of the Federal Government of the United States of America for the Loan, and as a condition to the effectiveness of the Loan Agreement,
the Company has agreed to enter into this Agreement to issue in a private placement warrants to purchase the number of shares
of its Common Stock determined in accordance with Schedule 1 to this Agreement (the “Warrants”) to Treasury;

 

NOW, THEREFORE, in consideration
of the premises, and of the representations, warranties, covenants and agreements set forth herein, the parties agree as follows:

 

Article I

Closing

 

1.1             Issuance.

 

(a)             On
the terms and subject to the conditions set forth in this Agreement, the Company agrees to issue to Treasury, on each Warrant
Closing Date, Warrants for a number of shares of Common Stock determined by the formula set forth in Schedule 1.

 

1.2             Initial
Closing; Warrant Closing Date.

 

(a)             On
the terms and subject to the conditions set forth in this Agreement, the closing of the initial issuance of the Warrants (the
 “Initial Closing”) will take place on the Closing Date (as defined in the Loan Agreement). After the Initial
Closing, the closing of any subsequent issuance will take place on the date of each subsequent Borrowing (as defined in the Loan
Agreement), if any, of the Loan (each subsequent closing, together with the Initial Closing, a “Closing” and
each such date a “Warrant Closing Date”).

 

(b)             On
each Warrant Closing Date, the Company will issue to Treasury a duly executed Warrant or Warrants for a number of shares of Common
Stock determined by the formula set forth in Schedule 1, as evidenced by one or more certificates dated the Warrant Closing
Date and bearing appropriate legends as hereinafter provided for and in substantially the form attached hereto as Annex B.

 

(c)            On
each Warrant Closing Date, the Company shall deliver to Treasury (i) a written opinion from counsel to the Company (which
may be internal counsel) addressed to Treasury and dated as of such Warrant Closing Date, in substantially the form attached hereto
as Annex A and (ii) a certificate executed by the chief executive officer, president, executive vice president, chief
financial officer, principal accounting officer, treasurer or controller confirming that the representations and warranties of
the Company in this Agreement are true and correct with the same force and effect as though expressly made at and as of such Warrant
Closing Date and the Company has complied with all agreements on its part to be performed or satisfied hereunder at or prior to
such Closing.

 

     

     

    

 

(d)            On
the initial Warrant Closing Date, the Company shall deliver to Treasury (i) such customary certificates of resolutions or
other action, incumbency certificates and/or other certificates of the chief executive officer, president, executive vice president,
chief financial officer, principal accounting officer, treasurer or controller as Treasury may require evidencing the identity,
authority and capacity of each such officer thereof authorized to act as such officer in connection with this Agreement and (ii) customary
resolutions or evidence of corporate authorization, secretary's certificates and such other documents and certificates (including
Organizational Documents and good standing certificates) as Treasury may reasonably request relating to the organization, existence
and good standing of the Company and any other legal matters relating to the Company, this Agreement, the Warrants or the transactions
contemplated hereby or thereby.

 

1.3            Interpretation.

 

(a)            When
a reference is made in this Agreement to “Recitals,” “Articles,” “Sections,” or “Annexes”
such reference shall be to a Recital, Article or Section of, or Annex to, this Warrant Agreement, unless otherwise indicated.
The terms defined in the singular have a comparable meaning when used in the plural, and vice versa. References to “herein”,
 “hereof”, “hereunder” and the like refer to this Agreement as a whole and not to any particular section
or provision, unless the context requires otherwise. The table of contents and headings contained in this Agreement are for reference
purposes only and are not part of this Agreement. Whenever the words “include,” “includes” or “including”
are used in this Agreement, they shall be deemed followed by the words “without limitation.” No rule of construction
against the draftsperson shall be applied in connection with the interpretation or enforcement of this Agreement, as this Agreement
is the product of negotiation between sophisticated parties advised by counsel. All references to “$” or “dollars”
mean the lawful currency of the United States of America. Except as expressly stated in this Agreement, all references to any
statute, rule or regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced from
time to time (and, in the case of statutes, include any rules and regulations promulgated under the statute) and to any section
of any statute, rule or regulation include any successor to the section.

 

(b)            Capitalized
terms not defined herein have the meanings ascribed thereto in Annex B.

 

Article II

Representations and Warranties

 

2.1            Representations
and Warranties of the Company. The Company represents and warrants to Treasury that as of the date hereof and each Warrant
Closing Date (or such other date specified herein):

 

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(a)            Existence,
Qualification and Power. The Company is duly organized or formed, validly existing and, if applicable, in good standing under
the Laws of the jurisdiction of its incorporation or organization, and the Company and each Subsidiary (a) has all requisite
power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its
assets and carry on its business and (ii) execute, deliver and perform its obligations under the this Agreement and the Warrants,
and (b) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where
its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, except,
in each case referred to in clause (a)(i) or (b), to the extent that failure to do so could not reasonably be expected
to have a Material Adverse Effect.

 

(b)            Capitalization.
The authorized capital stock of the Company, and the outstanding capital stock of the Company (including
securities convertible into, or exercisable or exchangeable for, capital stock of the Company) as of the most recent fiscal month-end
preceding the date hereof (the “Capitalization Date”) is set forth in Schedule 2. The outstanding shares of
capital stock of the Company have been duly authorized and are validly issued and outstanding, fully paid and nonassessable, and
subject to no preemptive rights (and were not issued in violation of any preemptive rights). Except as provided in the Warrants,
as of the date hereof, the Company does not have outstanding any securities or other obligations providing the holder the right
to acquire Common Stock that is not reserved for issuance as specified on Schedule 2, and the Company has not made any other commitment
to authorize, issue or sell any Common Stock. Since the Capitalization Date, the Company has not issued any shares of Common Stock,
other than (i) shares issued upon the exercise of stock options or delivered under other equity-based awards or other convertible
securities or warrants which were issued and outstanding on the Capitalization Date and disclosed on Schedule 2 and (ii) shares
disclosed on Schedule 2 as it may be updated by written notice from the Company to Treasury in connection with each Warrant Closing
Date.

 

(c)             Listing.
The Common Stock has been registered pursuant to Section 12(b) of the Exchange Act and the shares of the Common
Stock outstanding on the date hereof are listed on a national securities exchange. The Company has taken no action designed
to, or likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or the listing
of the Common Stock on such national securities exchange, nor has the Company received any notification that the Securities
and Exchange Commission (the “SEC”) or such exchange is contemplating terminating such registration or
listing. The Company is in compliance with applicable continued listing requirements of such exchange in all material
respects.

 

(d)            Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance
by, or enforcement against, the Company of this Agreement, except for such approvals, consents, exemptions, authorizations, actions
or notices that have been duly obtained, taken or made and are in full force and effect.

 

(e)            Execution
and Delivery; Binding Effect. This Agreement has been duly authorized, executed and delivered by the Company. This Agreement
constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other Laws
affecting creditors’ rights generally and by general principles of equity.

 

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(f)            The
Warrants and Warrant Shares. Each Warrant has been duly authorized and, when executed and delivered as contemplated hereby,
will constitute a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other Laws
affecting creditors’ rights generally and by general principles of equity. The Warrant Shares have been duly authorized
and reserved for issuance upon exercise of the Warrants and when so issued in accordance with the terms of the Warrants will be
validly issued, fully paid and non-assessable, subject, if applicable, to the approvals of its stockholders set forth on Schedule
3.

 

(g)            Authorization,
Enforceability.

 

(i)            The
Company has the corporate power and authority to execute and deliver this Agreement and the Warrants and, subject, if
applicable, to the approvals of its stockholders set forth on Schedule 3, to carry out its obligations hereunder and
thereunder (which includes the issuance of the Warrants and Warrant Shares). The execution, delivery and performance by the
Company of this Agreement and the Warrants and the consummation of the transactions contemplated hereby and thereby have been
duly authorized by all necessary corporate or other organizational action on the part of the Company and its stockholders,
and no further approval or authorization is required on the part of the Company, subject, in each case, if applicable, to the
approvals of its stockholders set forth on Schedule 3.

 

(ii)           The
execution, delivery and performance by the Company of this Agreement do not and will not (a) contravene the terms of its
Organizational Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien (as
defined in the Loan Agreement) under, or require any payment to be made under (i) any material Contractual Obligation to
which the Company is a party or affecting the Company or the properties of the Company or any Subsidiary or (ii) any material
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Company or any Subsidiary or
its property is subject or (c) violate any Law, except to the extent that such violation could not reasonably be expected
to have a Material Adverse Effect.

 

(iii)          Other
than any current report on Form 8-K required to be filed with the SEC (which shall be made on or before the date on which
it is required to be filed), such filings and approvals as are required to be made or obtained under any state “blue sky”
laws, the filing of any proxy statement contemplated by Section 3.1 and such filings and approvals as have been made or obtained,
no notice to, filing with, exemption or review by, or authorization, consent or approval of, any Governmental Authority is required
to be made or obtained by the Company in connection with the execution, delivery and performance by the Company of this Agreement
and the consummation by the Company of the issuance of the Warrants except for any such notices, filings, exemptions, reviews,
authorizations, consents and approvals the failure of which to make or obtain would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

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(h)            Anti-takeover
Provisions and Rights Plan. The Board of Directors of the Company (the “Board of Directors”) has taken
all necessary action, and will in the future take any necessary action, to ensure that the transactions contemplated by this Agreement
and the Warrants and the consummation of the transactions contemplated hereby and thereby, including the exercise of the Warrants
in accordance with their terms, will be exempt from any anti-takeover or similar provisions of the Company’s Organizational
Documents, and any other provisions of any applicable “moratorium”, “control share”, “fair price”,
 “interested stockholder” or other anti-takeover laws and regulations of any jurisdiction, whether existing on the
date hereof or implemented after the date hereof. The Company has taken all actions necessary, and will in the future take any
necessary action, to render any stockholders’ rights plan of the Company inapplicable to this Agreement and the Warrants
and the consummation of the transactions contemplated hereby and thereby, including the exercise of the Warrants by Treasury in
accordance with its terms.

 

(i)            Reports.

 

(i)            Since
December 31, 2017, the Company and each Subsidiary has timely filed all reports, registrations, documents, filings, statements
and submissions, together with any amendments thereto, that it was required to file with any Governmental Authority (the foregoing,
collectively, the “Company Reports”) and has paid all fees and assessments due and payable in connection therewith,
except, in each case, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
As of their respective dates of filing, the Company Reports complied in all material respects with all statutes and applicable
rules and regulations of the applicable Governmental Authority. In the case of each such Company Report filed with or furnished
to the SEC, such Company Report (A) did not, as of its date or if amended prior to the date hereof, as of the date of such
amendment, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
made therein, in light of the circumstances under which they were made, not misleading, and (B) complied as to form in all
material respects with the applicable requirements of the Securities Act and the Exchange Act. With respect to all other Company
Reports, the Company Reports were complete and accurate in all material respects as of their respective dates. No executive officer
of the Company or any Subsidiary has failed in any respect to make the certifications required of him or her under Section 302
or 906 of the Sarbanes-Oxley Act of 2002.

 

(ii)           The
Company (A) has implemented and maintains disclosure controls and procedures (as defined in Rule 13a-15(e) of
the Exchange Act) to ensure that material information relating to the Company, including its Subsidiaries, is made known to the
chief executive officer and the chief financial officer of the Company by others within those entities, and (B) has disclosed,
based on its most recent evaluation prior to the date hereof, to the Company’s outside auditors and the audit committee
of the Board of Directors (x) any significant deficiencies and material weaknesses in the design or operation of internal
controls over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that are reasonably likely to adversely
affect the Company’s ability to record, process, summarize and report financial information and (y) any fraud, whether
or not material, that involves management or other employees who have a significant role in the Company’s internal controls
over financial reporting.

 

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(j)               
Offering of Securities. Neither the Company nor any person acting on its behalf has taken any action (including any
offering of any securities of the Company under circumstances which would require the integration of such offering with the offering
of any of the Warrants under the Securities Act, and the rules and regulations of the Securities and Exchange Commission (the “SEC”)
promulgated thereunder), which might subject the offering, issuance or sale of any of the Warrants to Treasury pursuant to this
Agreement to the registration requirements of the Securities Act.

 

(k)              
Brokers and Finders. No broker, finder or investment banker is entitled to any
financial advisory, brokerage, finder’s or other fee or commission in connection with this Agreement or the Warrants or the
transactions contemplated hereby or thereby based upon arrangements made by or on behalf of the Company or any Subsidiary for which
Treasury could have any liability.

 

Article
III

Covenants

 

3.1             
Commercially Reasonable Efforts.

 

(a)              
Subject to the terms and conditions of this Agreement, each of the parties will use its commercially reasonable efforts
in good faith to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper or desirable,
or advisable under applicable laws, to enable consummation of the transactions contemplated hereby and shall use commercially reasonable
efforts to cooperate with the other party to that end.

 

(b)              
If the Company is required to obtain any stockholder approvals, then the Company shall comply with this Section 3.1(b) and
Section 3.1(c). The Company shall call a special meeting of its stockholders, as promptly as practicable following the Initial
Closing, to vote on proposals (collectively, the “Stockholder Proposals”) to (i) approve the exercise of the
Warrants for Common Stock for purposes of the rules of the national securities exchange on which the Common Stock is listed and/or
(ii) amend the Company’s Organizational Documents to increase the number of authorized shares of Common Stock to at least
such number as shall be sufficient to permit the full exercise of the Warrants for Common Stock and comply with the other provisions
of this Section 3.1(b) and Section 3.1(c). The Board of Directors shall recommend to the Company’s stockholders that such
stockholders vote in favor of the Stockholder Proposals. In connection with such meeting, the Company shall prepare (and Treasury
will reasonably cooperate with the Company to prepare) and file with the SEC as promptly as practicable (but in no event more than
ten Business Days after the Initial Closing) a preliminary proxy statement, shall use its reasonable best efforts to respond to
any comments of the SEC or its staff thereon and to cause a definitive proxy statement related to such stockholders’ meeting
to be mailed to the Company’s stockholders not more than five Business Days after clearance thereof by the SEC, and shall
use its reasonable best efforts to solicit proxies for such stockholder approval of the Stockholder Proposals. The Company shall
notify Treasury promptly of the receipt of any comments from the SEC or its staff with respect to the proxy statement and of any
request by the SEC or its staff for amendments or supplements to such proxy statement or for additional information and will supply
Treasury with copies of all correspondence between the Company or any of its representatives, on the one hand, and the SEC or its
staff, on the other hand, with respect to such proxy statement. If at any time prior to such stockholders’ meeting there
shall occur any event that is required to be set forth in an amendment or supplement to the proxy statement, the Company shall
as promptly as practicable prepare and mail to its stockholders such an amendment or supplement. Each of Treasury and the Company
agrees promptly to correct any information provided by it or on its behalf for use in the proxy statement if and to the extent
that such information shall have become false or misleading in any material respect, and the Company shall as promptly as practicable
prepare and mail to its stockholders an amendment or supplement to correct such information to the extent required by applicable
laws and regulations. The Company shall consult with Treasury prior to filing any proxy statement, or any amendment or supplement
thereto, and provide Treasury with a reasonable opportunity to comment thereon. In the event that the approval of any of the Stockholder
Proposals is not obtained at such special stockholders meeting, the Company shall include a proposal to approve (and the Board
of Directors shall recommend approval of) each such proposal at a meeting of its stockholders no less than once in each subsequent
six-month period beginning on January 1, 2021 until all such approvals are obtained or made.

 

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(c)              
None of the information supplied by the Company or any of the Company Subsidiaries for inclusion in any proxy statement
in connection with any such stockholders meeting of the Company will, at the date it is filed with the SEC, when first mailed to
the Company’s stockholders and at the time of any stockholders meeting, and at the time of any amendment or supplement thereof,
contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein,
in light of the circumstances under which they are made, not misleading.

 

3.2             
Expenses. The Company shall pay (i) all reasonable out-of-pocket expenses incurred by Treasury (including the
reasonable fees, charges and disbursements of any counsel for Treasury) in connection with the preparation, negotiation, execution,
delivery and administration of this Agreement and the Warrants, any other agreements or documents executed in connection herewith
or therewith, or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by Treasury (including
the fees, charges and disbursements of any counsel for Treasury), in connection with the enforcement or protection of its rights
in connection with this Agreement and the Warrants, any other agreements or documents executed in connected herewith or therewith,
or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated), including all such out-of-pocket expenses incurred during any workout, restructuring, negotiations
or enforcement in respect of such Warrant Agreement, Warrant and other agreements or documents executed in connection herewith
or therewith.

 

3.3             
Sufficiency of Authorized Common Stock; Exchange Listing.

 

During the period from each Warrant Closing
Date (or, if the approval of the Stockholder Proposals is required, the date of such approval) until the date on which no Warrants
remain outstanding, the Company shall at all times have reserved for issuance, free of preemptive or similar rights, a sufficient
number of authorized and unissued Warrant Shares to effectuate such exercise. Nothing in this Section 3.3 shall preclude the Company
from satisfying its obligations in respect of the exercise of the Warrants by delivery of shares of Common Stock which are held
in the treasury of the Company. As soon as reasonably practicable following each Warrant Closing Date, the Company shall, at its
expense, cause the Warrant Shares to be listed on the same national securities exchange on which the Common Stock is listed, subject
to official notice of issuance, and shall maintain such listing for so long as any Common Stock is listed on such exchange. The
Company will use commercially reasonable efforts to maintain the listing of Common Stock on such national securities exchange so
long as any Warrants or Warrant Shares remain outstanding. Neither the Company nor any of its Subsidiaries shall take any action
which would be reasonably expected to result in the delisting or suspension of the Common Stock on such exchange. The foregoing
shall not preclude the Company from undertaking any transaction set forth in Section 4.3 subject to compliance with that provision.

 

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Article
IV

Additional
Agreements

 

4.1             
Investment Purposes. Treasury acknowledges that the Warrants and the Warrant Shares have not been registered under
the Securities Act or under any state securities laws. Treasury (a) is acquiring the Warrants pursuant to an exemption from registration
under the Securities Act solely for investment without a view to sell and with no present intention to distribute them to any person
in violation of the Securities Act or any applicable U.S. state securities laws; (b) will not sell or otherwise dispose of any
of the Warrants or the Warrant Shares, except in compliance with the registration requirements or exemption provisions of the Securities
Act and any applicable U.S. state securities laws; and (c) has such knowledge and experience in financial and business matters
and in investments of this type that it is capable of evaluating the merits and risks of the Warrants and the Warrant Shares and
of making an informed investment decision.

 

4.2             
Legends.

 

(a)              
Treasury agrees that all certificates or other instruments representing the Warrants and the Warrant Shares will bear a
legend substantially to the following effect:

 

“THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED,
SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE
STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS.”

 

(b)             
In the event that any Warrants or Warrant Shares (i) become registered under the Securities Act or (ii) are eligible to
be transferred without restriction in accordance with Rule 144 or another exemption from registration under the Securities Act
(other than Rule 144A), the Company shall issue new certificates or other instruments representing such Warrants or Warrant
Shares, which shall not contain the legend in Section 4.2(a) above; provided that Treasury surrenders to the Company the
previously issued certificates or other instruments.

 

4.3             
Certain Transactions. The Company will not merge or consolidate with, or sell, transfer or lease all or substantially
all of its property or assets to, any other party unless the successor, transferee or lessee party (or its ultimate parent entity),
as the case may be (if not the Company), expressly assumes the due and punctual performance and observance of each and every covenant,
agreement and condition of this Agreement and the Warrants to be performed and observed by the Company.

 

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4.4             
Transfer of Warrants and Warrant Shares. Subject to compliance with applicable securities laws, Treasury shall be
permitted to transfer, sell, assign or otherwise dispose of (“Transfer”) all or a portion of the Warrants or
Warrant Shares at any time, and the Company shall take all steps as may be reasonably requested by Treasury to facilitate the Transfer
of the Warrants and the Warrant Shares.

 

4.5             
Registration Rights.

 

(a)              
Registration.

 

(i)           
Subject to the terms and conditions of this Agreement, the Company covenants and agrees that on or before the earlier of
(A) 30 days after the date on which all Warrants that may be issued pursuant to this Agreement have been issued and (B) June 30,
2021 (the end of such period, the “Registration Commencement Date”), the Company shall prepare and file with
the SEC a Shelf Registration Statement covering the maximum number of Registrable Securities (or otherwise designate an existing
Shelf Registration Statement filed with the SEC to cover the Registrable Securities) that may be issued pursuant to this Agreement
and any Warrants outstanding at that time, and, to the extent the Shelf Registration Statement has not theretofore been declared
effective or is not automatically effective upon such filing, the Company shall use reasonable best efforts to cause such Shelf
Registration Statement to be declared or become effective and to keep such Shelf Registration Statement continuously effective
and in compliance with the Securities Act and usable for resale of such Registrable Securities for a period from the date of its
initial effectiveness until such time as there are no Registrable Securities remaining (including by refiling such Shelf Registration
Statement (or a new Shelf Registration Statement) if the initial Shelf Registration Statement expires). So long as the Company
is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) at the time of filing of the Shelf Registration
Statement with the SEC, such Shelf Registration Statement shall be designated by the Company as an automatic Shelf Registration
Statement. Notwithstanding the foregoing, if on the date hereof the Company is not eligible to file a registration statement on
Form S-3, then the Company shall not be obligated to file a Shelf Registration Statement unless and until it is so eligible and
is requested to do so in writing by Treasury.

 

(ii)          
Any registration pursuant to Section 4.5(a)(i) shall be effected by means of a shelf registration on an appropriate form
under Rule 415 under the Securities Act (a “Shelf Registration Statement”). If Treasury or any other Holder
intends to distribute any Registrable Securities by means of an underwritten offering it shall promptly so advise the Company and
the Company shall take all reasonable steps to facilitate such distribution, including the actions required pursuant to Section
4.5(c); provided that the Company shall not be required to facilitate an underwritten offering of Registrable Securities
unless the total number of Warrant Shares and Warrants expected to be sold in such offering exceeds, or are exercisable for, at
least 20% of the total number of Warrant Shares for which Warrants issued under this Agreement could be exercised (giving effect
to the anti-dilution adjustments in Warrants); and provided, further that the Company shall not be required to facilitate
more than two completed underwritten offerings within any 12-month period. The lead underwriters in any such distribution shall
be selected by the Holders of a majority of the Registrable Securities to be distributed.

 

    - 9 - 

     

    

 

(iii)         
The Company shall not be required to effect a registration (including a resale of Registrable Securities from an effective
Shelf Registration Statement) or an underwritten offering pursuant to Section 4.5(a): (A) prior to the Registration Commencement
Date; (B) with respect to securities that are not Registrable Securities; or (C) if the Company has notified Treasury and all other
Holders that in the good faith judgment of the Board of Directors, it would be materially detrimental to the Company or its securityholders
for such registration or underwritten offering to be effected at such time, in which event the Company shall have the right to
defer such registration or offering for a period of not more than 45 days after receipt of the request of Treasury or any other
Holder; provided that such right to delay a registration or underwritten offering shall be exercised by the Company (1)
only if the Company has generally exercised (or is concurrently exercising) similar black-out rights against holders of similar
securities that have registration rights and (2) not more than three times in any 12-month period and not more than 90 days in
the aggregate in any 12-month period. The Company shall notify the Holders of the date of any anticipated termination of any such
deferral period prior to such date.

 

(iv)         
If during any period when an effective Shelf Registration Statement is not available, the Company proposes to register any
of its equity securities, other than a registration pursuant to Section 4.5(a)(i) or a Special Registration, and the registration
form to be filed may be used for the registration or qualification for distribution of Registrable Securities, the Company will
give prompt written notice to Treasury and all other Holders of its intention to effect such a registration (but in no event less
than ten days prior to the anticipated filing date) and will include in such registration all Registrable Securities with respect
to which the Company has received written requests for inclusion therein within ten Business Days after the date of the Company’s
notice (a “Piggyback Registration”). Any such person that has made such a written request may withdraw its Registrable
Securities from such Piggyback Registration by giving written notice to the Company and the managing underwriter, if any, on or
before the fifth Business Day prior to the planned effective date of such Piggyback Registration. The Company may terminate or
withdraw any registration under this Section 4.5(a)(iv) prior to the effectiveness of such registration, whether or not Treasury
or any other Holders have elected to include Registrable Securities in such registration.

 

(v)          
If the registration referred to in Section 4.5(a)(iv) is proposed to be underwritten, the Company will so advise Treasury
and all other Holders as a part of the written notice given pursuant to Section 4.5(a)(iv). In such event, the right of Treasury
and all other Holders to registration pursuant to Section 4.5(a) will be conditioned upon such persons’ participation in
such underwriting and the inclusion of such person’s Registrable Securities in the underwriting if such securities are of
the same class of securities as the securities to be offered in the underwritten offering, and each such person will (together
with the Company and the other persons distributing their securities through such underwriting) enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such underwriting by the Company; provided that Treasury
(as opposed to other Holders) shall not be required to indemnify any person in connection with any registration. If any participating
person disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written notice to the Company,
the managing underwriters and Treasury (if Treasury is participating in the underwriting).

 

    - 10 - 

     

    

 

(vi)         
If either (x) the Company grants “piggyback” registration rights to one or more third parties to include their
securities in an underwritten offering under the Shelf Registration Statement pursuant to Section 4.5(a)(ii) or (y) a Piggyback
Registration under Section 4.5(a)(iv) relates to an underwritten offering on behalf of the Company, and in either case the managing
underwriters advise the Company that in their reasonable opinion the number of securities requested to be included in such offering
exceeds the number which can be sold without adversely affecting the marketability of such offering (including an adverse effect
on the per share offering price), the Company will include in such offering only such number of securities that in the reasonable
opinion of such managing underwriters can be sold without adversely affecting the marketability of the offering (including an adverse
effect on the per share offering price), which securities will be so included in the following order of priority: (A) first, in
the case of a Piggyback Registration under Section 4.5(a)(iv), the securities the Company proposes to sell, (B) then the Registrable
Securities of Treasury and all other Holders who have requested inclusion of Registrable Securities pursuant to Section 4.5(a)(ii)
or Section 4.5(a)(iv), as applicable, pro rata on the basis of the aggregate number of such securities or shares owned
by each such person and (C) lastly, any other securities of the Company that have been requested to be so included, subject to
the terms of this Agreement; provided, however, that if the Company has, prior to the date hereof, entered into an agreement
with respect to its securities that is inconsistent with the order of priority contemplated hereby then it shall apply the order
of priority in such conflicting agreement to the extent that this Agreement would otherwise result in a breach under such agreement.

 

(b)              
Expenses of Registration. All Registration Expenses incurred in connection with any registration, qualification or
compliance hereunder shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder
shall be borne by the holders of the securities so registered pro rata on the basis of the aggregate offering or sale price
of the securities so registered.

 

(c)              
Obligations of the Company. The Company shall use its reasonable best efforts, for so long as there are Registrable
Securities outstanding, to take such actions as are under its control to not become an ineligible issuer (as defined in Rule 405
under the Securities Act) and to remain a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) if it has
such status on the date hereof or becomes eligible for such status in the future. In addition, whenever required to effect the
registration of any Registrable Securities or facilitate the distribution of Registrable Securities pursuant to an effective Shelf
Registration Statement, the Company shall, as expeditiously as reasonably practicable:

 

    - 11 - 

     

    

 

(i)           
Prepare and file with the SEC a prospectus supplement with respect to a proposed offering of Registrable Securities pursuant
to an effective registration statement, subject to Section 4.5(d), keep such registration statement effective and keep such prospectus
supplement current until the securities described therein are no longer Registrable Securities. The plan of distribution included
in such registration statement, or, as applicable, prospectus supplement thereto, shall include, among other things, an underwritten
offering, ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers, block trades, privately
negotiated transactions, the writing or settlement of options or other derivative transactions and any other method permitted pursuant
to applicable law, and any combination of any such methods of sale.

 

(ii)          
Prepare and file with the SEC such amendments and supplements to the applicable registration statement and the prospectus
or prospectus supplement used in connection with such registration statement as may be necessary to comply with the provisions
of the Securities Act with respect to the disposition of all securities covered by such registration statement.

 

(iii)         
Furnish to the Holders and any underwriters such number of copies of the applicable registration statement and each such
amendment and supplement thereto (including in each case all exhibits) and of a prospectus, including a preliminary prospectus,
in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to
facilitate the disposition of Registrable Securities owned or to be distributed by them.

 

(iv)         
Use its reasonable best efforts to register and qualify the securities covered by such registration statement under such
other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders or any managing underwriter(s),
to keep such registration or qualification in effect for so long as such registration statement remains in effect, and to take
any other action which may be reasonably necessary to enable such seller to consummate the disposition in such jurisdictions of
the securities owned by such Holder; provided that the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions.

 

(v)          
Notify each Holder of Registrable Securities at any time when a prospectus relating thereto is required to be delivered
under the Securities Act of the happening of any event as a result of which the applicable prospectus, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing.

 

    - 12 - 

     

    

 

(vi)        
Give written notice to the Holders:

 

(A)            
when any registration statement filed pursuant to Section 4.5(a) or any amendment thereto has been filed with the SEC (except
for any amendment effected by the filing of a document with the SEC pursuant to the Exchange Act) and when such registration statement
or any post-effective amendment thereto has become effective;

 

(B)             
of any request by the SEC for amendments or supplements to any registration statement or the prospectus included therein
or for additional information;

 

(C)             
of the issuance by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation
of any proceedings for that purpose;

 

(D)            
of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification
of the Common Stock for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

 

(E)             
of the happening of any event that requires the Company to make changes in any effective registration statement or the prospectus
related to the registration statement in order to make the statements therein not misleading (which notice shall be accompanied
by an instruction to suspend the use of the prospectus until the requisite changes have been made); and

 

(F)             
if at any time the representations and warranties of the Company contained in any underwriting agreement contemplated by
Section 4.5(c)(x) cease to be true and correct.

 

(vii)       
Use its reasonable best efforts to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness
of any registration statement referred to in Section 4.5(c)(vi)(C) at the earliest practicable time.

 

(viii)      
Upon the occurrence of any event contemplated by Section 4.5(c)(v), 4.5(c)(vi)(E) or 4.5(d), promptly prepare a post-effective
amendment to such registration statement or a supplement to the related prospectus or file any other required document so that,
as thereafter delivered to the Holders and any underwriters, the prospectus will not contain an untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading. If the Company notifies the Holders in accordance with Section 4.5(c)(vi)(E) to suspend the use of the
prospectus until the requisite changes to the prospectus have been made, then the Holders and any underwriters shall suspend use
of such prospectus and use their reasonable best efforts to return to the Company all copies of such prospectus (at the Company’s
expense) other than permanent file copies then in such Holders’ or underwriters’ possession. The total number of days
that any such suspension may be in effect in any 12-month period shall not exceed 90 days. The Company shall notify the Holders
of the date of any anticipated termination of any such suspension period prior to such date.

 

    - 13 - 

     

    

 

(ix)         
Use reasonable best efforts to procure the cooperation of the Company’s transfer agent in settling any offering or
sale of Registrable Securities, including with respect to the transfer of physical stock certificates into book-entry form in accordance
with any procedures reasonably requested by the Holders or any managing underwriter(s).

 

(x)          
If an underwritten offering is requested pursuant to Section 4.5(a)(ii), enter into an underwriting agreement in customary
form, scope and substance and take all such other actions reasonably requested by the Holders of a majority of the Registrable
Securities being sold in connection therewith or by the managing underwriter(s), if any, to expedite or facilitate the underwritten
disposition of such Registrable Securities, and in connection therewith in any underwritten offering (including making members
of management and executives of the Company available to participate in “road shows”, similar sales events and other
marketing activities), (A) make such representations and warranties to the Holders that are selling stockholders and the managing
underwriter(s), if any, with respect to the business of the Company and its subsidiaries, and the Shelf Registration Statement,
prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in customary form,
substance and scope, and, if true, confirm the same if and when requested, (B) use its reasonable best efforts to furnish the underwriters
with opinions and “10b-5” letters of counsel to the Company, addressed to the managing underwriter(s), if any, covering
the matters customarily covered in such opinions and letters requested in underwritten offerings, (C) use its reasonable best efforts
to obtain “cold comfort” letters from the independent certified public accountants of the Company (and, if necessary,
any other independent certified public accountants of any business acquired by the Company for which financial statements and financial
data are included in the Shelf Registration Statement) who have certified the financial statements included in such Shelf Registration
Statement, addressed to each of the managing underwriter(s), if any, such letters to be in customary form and covering matters
of the type customarily covered in “cold comfort” letters, (D) if an underwriting agreement is entered into, the same
shall contain indemnification provisions and procedures customary in underwritten offerings (provided that Treasury shall not be
obligated to provide any indemnity), and (E) deliver such documents and certificates as may be reasonably requested by the Holders
of a majority of the Registrable Securities being sold in connection therewith, their counsel and the managing underwriter(s),
if any, to evidence the continued validity of the representations and warranties made pursuant to clause (A) above and to evidence
compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company.

 

(xi)         
Make available for inspection by a representative of Holders that are selling stockholders, the managing underwriter(s),
if any, and any attorneys or accountants retained by such Holders or managing underwriter(s), at the offices where normally kept,
during reasonable business hours, financial and other records, pertinent corporate documents and properties of the Company, and
cause the officers, directors and employees of the Company to supply all information in each case reasonably requested (and of
the type customarily provided in connection with due diligence conducted in connection with a registered public offering of securities)
by any such representative, managing underwriter(s), attorney or accountant in connection with such Shelf Registration Statement.

 

    - 14 - 

     

    

 

(xii)        
Use reasonable best efforts to cause all such Registrable Securities to be listed on each national securities exchange on
which similar securities issued by the Company are then listed or, if no similar securities issued by the Company are then listed
on any national securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on such
securities exchange as Treasury may designate.

 

(xiii)       
If requested by Holders of a majority of the Registrable Securities being registered and/or sold in connection therewith,
or the managing underwriter(s), if any, promptly include in a prospectus supplement or amendment such information as the Holders
of a majority of the Registrable Securities being registered and/or sold in connection therewith or managing underwriter(s), if
any, may reasonably request in order to permit the intended method of distribution of such securities and make all required filings
of such prospectus supplement or such amendment as soon as practicable after the Company has received such request.

 

(xiv)       
Timely provide to its security holders earning statements satisfying the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder.

 

(d)              
Suspension of Sales. Upon receipt of written notice from the Company that a registration statement, prospectus or
prospectus supplement contains or may contain an untrue statement of a material fact or omits or may omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading or that circumstances exist that make
inadvisable use of such registration statement, prospectus or prospectus supplement, Treasury and each Holder of Registrable Securities
shall forthwith discontinue disposition of Registrable Securities until Treasury and/or Holder has received copies of a supplemented
or amended prospectus or prospectus supplement, or until Treasury and/or such Holder is advised in writing by the Company that
the use of the prospectus and, if applicable, prospectus supplement may be resumed, and, if so directed by the Company, Treasury
and/or such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then
in Treasury and/or such Holder’s possession, of the prospectus and, if applicable, prospectus supplement covering such Registrable
Securities current at the time of receipt of such notice. The total number of days that any such suspension may be in effect in
any 12-month period shall not exceed 90 days. The Company shall notify Treasury prior to the anticipated termination of any such
suspension period of the date of such anticipated termination

 

(e)              
Termination of Registration Rights. A Holder’s registration rights as to any securities held by such Holder
shall not be available unless such securities are Registrable Securities.

 

(f)               
Furnishing Information.

 

    - 15 - 

     

    

 

(i)           
Neither Treasury nor any Holder shall use any free writing prospectus (as defined in Rule 405) in connection with the sale
of Registrable Securities without the prior written consent of the Company.

 

(ii)          
It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 4.5(c) that Treasury
and/or the selling Holders and the underwriters, if any, shall furnish to the Company such information regarding themselves, the
Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the
registered offering of their Registrable Securities.

 

(g)             
Indemnification.

 

(i)           
The Company agrees to indemnify each Holder and, if a Holder is a person other than an individual, such Holder’s officers,
directors, employees, agents, representatives and Affiliates, and each Person, if any, that controls a Holder within the meaning
of the Securities Act (each, an “Indemnitee”), against any and all losses, claims, damages, actions, liabilities,
costs and expenses (including reasonable fees, expenses and disbursements of attorneys and other professionals incurred in connection
with investigating, defending, settling, compromising or paying any such losses, claims, damages, actions, liabilities, costs and
expenses), joint or several, arising out of or based upon any untrue statement or alleged untrue statement of material fact contained
in any registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto or any documents incorporated therein by reference or contained in any free writing prospectus (as such term
is defined in Rule 405) prepared by the Company or authorized by it in writing for use by such Holder (or any amendment or supplement
thereto); or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading; provided, that the Company shall not be liable
to such Indemnitee in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect
thereof) or expense arises out of or is based upon (A) an untrue statement or omission made in such registration statement, including
any such preliminary prospectus or final prospectus contained therein or any such amendments or supplements thereto or contained
in any free writing prospectus (as such term is defined in Rule 405) prepared by the Company or authorized by it in writing for
use by such Holder (or any amendment or supplement thereto), in reliance upon and in conformity with information regarding such
Indemnitee or its plan of distribution or ownership interests which was furnished in writing to the Company by such Indemnitee
for use in connection with such registration statement, including any such preliminary prospectus or final prospectus contained
therein or any such amendments or supplements thereto, or (B) offers or sales effected by or on behalf of such Indemnitee “by
means of” (as defined in Rule 159A) a “free writing prospectus” (as defined in Rule 405) that was not authorized
in writing by the Company.

 

    - 16 - 

     

    

 

(ii)          
If the indemnification provided for in Section 4.5(g)(i) is unavailable to an Indemnitee with respect to any losses, claims,
damages, actions, liabilities, costs or expenses referred to therein or is insufficient to hold the Indemnitee harmless as contemplated
therein, then the Company, in lieu of indemnifying such Indemnitee, shall contribute to the amount paid or payable by such Indemnitee
as a result of such losses, claims, damages, actions, liabilities, costs or expenses in such proportion as is appropriate to reflect
the relative fault of the Indemnitee, on the one hand, and the Company, on the other hand, in connection with the statements or
omissions which resulted in such losses, claims, damages, actions, liabilities, costs or expenses as well as any other relevant
equitable considerations. The relative fault of the Company, on the one hand, and of the Indemnitee, on the other hand, shall be
determined by reference to, among other factors, whether the untrue statement of a material fact or omission to state a material
fact relates to information supplied by the Company or by the Indemnitee and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission; the Company and each Holder agree that it would
not be just and equitable if contribution pursuant to this Section 4.5(g)(ii) were determined by pro rata allocation or
by any other method of allocation that does not take account of the equitable considerations referred to in Section 4.5(g)(i).
No Indemnitee guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from the Company if the Company was not guilty of such fraudulent misrepresentation.

 

(h)              
Assignment of Registration Rights. The rights of Treasury to registration of Registrable Securities pursuant to Section
4.5(a) may be assigned by Treasury to a transferee or assignee of Registrable Securities in connection with a transfer of a total
number of Warrant Shares and/or Warrants exercisable for at least 20% of the total number of Warrant Shares for which Warrants
issued and to be issued under this Agreement could be exercised (giving effect to the anti-dilution adjustments in Warrants); provided,
however, the transferor shall, within ten days after such transfer, furnish to the Company written notice of the name and
address of such transferee or assignee and the number and type of Registrable Securities that are being assigned.

 

(i)               
Clear Market. With respect to any underwritten offering of Registrable Securities by Treasury or other Holders pursuant
to this Section 4.5, the Company agrees not to effect (other than pursuant to such registration or pursuant to a Special Registration)
any public sale or distribution, or to file any Shelf Registration Statement (other than such registration or a Special Registration)
covering, in the case of an underwritten offering of Common Stock or Warrants, any of its equity securities, or, in each case,
any securities convertible into or exchangeable or exercisable for such securities, during the period not to exceed 30 days following
the effective date of such offering. The Company also agrees to cause such of its directors and senior executive officers to execute
and deliver customary lock-up agreements in such form and for such time period up to 30 days as may be requested by the managing
underwriter. “Special Registration” means the registration of (A) equity securities and/or options or other
rights in respect thereof solely registered on Form S-4 or Form S-8 (or successor form) or (B) shares of equity securities and/or
options or other rights in respect thereof to be offered to directors, members of management, employees, consultants, customers,
lenders or vendors of the Company or Company Subsidiaries or in connection with dividend reinvestment plans.

 

    - 17 - 

     

    

 

(j)               
Rule 144; Rule 144A. With a view to making available to Treasury and Holders the benefits of certain rules and regulations
of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use
its reasonable best efforts to:

 

(i)           
make and keep adequate public information available, as those terms are understood and defined in Rule 144(c)(1) or any
similar or analogous rule promulgated under the Securities Act, at all times after the date hereof;

 

(ii)          
(A) file with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act,
and (B) if at any time the Company is not required to file such reports, make available, upon the request of any Holder, such information
necessary to permit sales pursuant to Rule 144A (including the information required by Rule 144A(d)(4) under the Securities Act);

 

(iii)         
so long as Treasury or a Holder owns any Registrable Securities, furnish to Treasury or such Holder forthwith upon request:
a written statement by the Company as to its compliance with the reporting requirements of Rule 144 under the Securities Act, and
of the Exchange Act; a copy of the most recent annual or quarterly report of the Company; and such other reports and documents
as Treasury or Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such
securities to the public without registration; provided, however, that the availability of the foregoing reports
on the EDGAR filing system of the SEC will be deemed to satisfy the foregoing delivery requirements; and

 

(iv)         
take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such
Holder to sell Registrable Securities without registration under the Securities Act.

 

(k)              
As used in this Section 4.5, the following terms shall have the following respective meanings:

 

(i)           
“Holder” means Treasury and any other holder of Registrable Securities to whom the registration rights
conferred by this Agreement have been transferred in compliance with Section 4.5(h) hereof.

 

(ii)          
“Register,” “registered,” and “registration” shall refer to a registration
effected by preparing and (A) filing a registration statement in compliance with the Securities Act and applicable rules and regulations
thereunder, and the declaration or ordering of effectiveness of such registration statement or (B) filing a prospectus and/or prospectus
supplement in respect of an appropriate effective registration statement on Form S-3.

 

(iii)         
“Registrable Securities” means (A) the Warrants (subject to Section 4.5(p)) and (B) any equity
securities issued or issuable directly or indirectly with respect to the securities referred to in the foregoing clause (A) by
way of conversion, exercise or exchange thereof, including the Warrant Shares, or share dividend or share split or in connection
with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization,
provided that, once issued, such securities will not be Registrable Securities when (1) they are sold pursuant to an effective
registration statement under the Securities Act, (2) except as provided below in Section 4.5(o), they may be sold pursuant to Rule
144 without limitation thereunder on volume or manner of sale, (3) they shall have ceased to be outstanding or (4) they have been
sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of
the securities. No Registrable Securities may be registered under more than one registration statement at any one time.

 

    - 18 - 

     

    

 

(iv)              
“Registration Expenses” mean all expenses incurred by the Company in effecting any registration pursuant
to this Agreement (whether or not any registration or prospectus becomes effective or final) or otherwise complying with its obligations
under this Section 4.5, including all registration, filing and listing fees, printing expenses, fees and disbursements of counsel
for the Company, blue sky fees and expenses, expenses incurred in connection with any “road show”, the reasonable fees
and disbursements of Treasury’s counsel (if Treasury is participating in the registered offering), and expenses of the Company’s
independent accountants in connection with any regular or special reviews or audits incident to or required by any such registration,
but shall not include Selling Expenses.

 

(v)               
“Rule 144”, “Rule 144A”, “Rule 159A”, “Rule 405”
and “Rule 415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision),
as the same shall be amended from time to time.

 

(vi)              
“Selling Expenses” mean all discounts, selling commissions and stock transfer taxes applicable to the
sale of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of Treasury’s
counsel included in Registration Expenses).

 

(l)               
At any time, any holder of Securities (including any Holder) may elect to forfeit its rights set forth in this Section 4.5
from that date forward; provided, that a Holder forfeiting such rights shall nonetheless be entitled to participate under
Section 4.5(a)(iv) – (vi) in any Pending Underwritten Offering to the same extent that such Holder would have been entitled
to if the holder had not withdrawn; and provided, further, that no such forfeiture shall terminate a Holder’s
rights or obligations under Section 4.5(f) with respect to any prior registration or Pending Underwritten Offering. “Pending
Underwritten Offering” means, with respect to any Holder forfeiting its rights pursuant to this Section 4.5(l),
any underwritten offering of Registrable Securities in which such Holder has advised the Company of its intent to register its
Registrable Securities either pursuant to Section 4.5(a)(ii) or 4.5(a)(iv) prior to the date of such Holder’s forfeiture.

 

(m)             
Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at law if the Company
fails to perform any of its obligations under this Section 4.5 and that Treasury and the Holders from time to time may be
irreparably harmed by any such failure, and accordingly agree that Treasury and such Holders, in addition to any other remedy to
which they may be entitled at law or in equity, to the fullest extent permitted and enforceable under applicable law shall be entitled
to compel specific performance of the obligations of the Company under this Section 4.5 in accordance with the terms and conditions
of this Section 4.5.

 

    - 19 - 

     

    

 

(n)             
No Inconsistent Agreements. The Company shall not, on or after the date hereof, enter into any agreement with respect
to its securities that may impair the rights granted to Treasury and the Holders under this Section 4.5 or that otherwise conflicts
with the provisions hereof in any manner that may impair the rights granted to Treasury and the Holders under this Section 4.5.
In the event the Company has, prior to the date hereof, entered into any agreement with respect to its securities that is inconsistent
with the rights granted to Treasury and the Holders under this Section 4.5 (including agreements that are inconsistent with the
order of priority contemplated by Section 4.5(a)(vi)) or that may otherwise conflict with the provisions hereof, the Company shall
use its reasonable best efforts to amend such agreements to ensure they are consistent with the provisions of this Section 4.5.
Any transaction entered into by the Company that would reasonably be expected to require the inclusion in a Shelf Registration
Statement or any Company Report filed with the SEC of any separate financial statements pursuant to Rule 3-05 of Regulation S-X
or pro forma financial statements pursuant to Article 11 of Regulation S-X shall include provisions requiring the Company’s
counterparty to provide any information necessary to allow the Company to comply with its obligation hereunder.

 

(o)             
Certain Offerings by Treasury. In the case of any securities held by Treasury that cease to be Registrable Securities
solely by reason of clause (2) in the definition of “Registrable Securities,” the provisions of Sections 4.5(a)(ii),
clauses (iv), (ix) and (x)-(xii) of Section 4.5(c), Section 4.5(g) and Section 4.5(i) shall continue to apply until such securities
otherwise cease to be Registrable Securities. In any such case, an “underwritten” offering or other disposition shall
include any distribution of such securities on behalf of Treasury by one or more broker-dealers, an “underwriting agreement”
shall include any purchase agreement entered into by such broker-dealers, and any “registration statement” or “prospectus”
shall include any offering document approved by the Company and used in connection with such distribution.

 

(p)             
Registered Sales of the Warrants. The Holders agree to sell the Warrants or any portion thereof under the Shelf Registration
Statement only beginning 30 days after notifying the Company of any such sale, during which 30-day period Treasury and all Holders
of the Warrants shall take reasonable steps to agree to revisions to the Warrants, at the expense of the Company, to permit a public
distribution of the Warrants, including entering into a revised warrant agreement, appointing a warrant agent, and making the securities
eligible for book entry clearing and settlement at the Depositary Trust Company.

 

4.6             
Voting of Warrant Shares. Notwithstanding anything in this Agreement to the contrary, Treasury shall not exercise
any voting rights with respect to the Warrant Shares.

 

Article
V

Miscellaneous

 

5.1             
Survival of Representations and Warranties. The representations and warranties of the Company made herein or in any
certificates delivered in connection with the Initial Closing or any subsequent Closing shall survive such Closing without limitation.

 

    - 20 - 

     

    

 

5.2             
Amendment. No amendment of any provision of this Agreement will be effective unless made in writing and signed by
an officer or a duly authorized representative of each party; provided that Treasury may unilaterally amend any provision
of this Agreement to the extent required to comply with any changes after the date hereof in applicable federal statutes. No failure
or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single
or partial exercise thereof preclude any other or further exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative of any rights or remedies provided by law.

 

5.3             
Waiver of Conditions. No waiver will be effective unless it is in a writing signed by a duly authorized officer of
the waiving party that makes express reference to the provision or provisions subject to such waiver.

 

5.4             
Governing Law: Submission to Jurisdiction, Etc. This Agreement will be governed by and construed in accordance
with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws
of the State of New York applicable to contracts made and to be performed entirely within such State. Each of the parties hereto
agrees (a) to submit to the exclusive jurisdiction and venue of the United States District Court for the District of Columbia and
the United States Court of Federal Claims for any and all civil actions, suits or proceedings arising out of or relating to this
Agreement or the Warrants or the transactions contemplated hereby or thereby, and (b) that notice may be served upon (i) the Company
at the address and in the manner set forth for notices to the Company in Section 5.5 and (ii) Treasury in accordance with federal
law. To the extent permitted by applicable law, each of the parties hereto hereby unconditionally waives trial by jury in any civil
legal action or proceeding relating to this Agreement or the Warrants or the transactions contemplated hereby or thereby.

 

5.5             
Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other will
be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile,
upon confirmation of receipt, or (b) on the second Business Day following the date of dispatch if delivered by a recognized next
day courier service. All notices to the Company shall be delivered as set forth below, or pursuant to such other instruction as
may be designated in writing by the Company to Treasury. All notices to Treasury shall be delivered as set forth below, or pursuant
to such other instructions as may be designated in writing by Treasury to the Company.

 

If to the Company:

 

233 South Wacker Drive 

Chicago, Illinois 60606 

Attention: Treasurer 

Telephone: 872 825-3211 

Facsimile: 872-825-3211

 

 

If to Treasury:

 

United States Department of the Treasury

1500 Pennsylvania Avenue, NW, Room 2312

Washington, D.C. 20220

Attention: Assistant General Counsel (Banking and Finance)

 

    - 21 - 

     

    

 

5.6             
Definitions.

 

(a)              
The term “Governmental Authority” means the government of the United States of America or any other nation,
or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court,
central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions
of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

 

(b)              
The term “Laws” has the meaning ascribed thereto in the Loan Agreement.

 

(c)              
The term “Lien” has the meaning ascribed thereto in the Loan Agreement.

 

(d)              
The term “Material Adverse Effect” means (a) a material adverse change in, or a material adverse
effect on, the operations, business, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects
of the Company and its Subsidiaries taken as a whole; or (b) a material adverse effect on (i) the ability of the Company
to perform its obligations under this Agreement or any Warrant or (ii) the legality, validity, binding effect or enforceability
against the Company of this Agreement or any Warrant to which it is a party.

 

(e)              
The term “Organizational Documents” has the meaning ascribed thereto in the Loan Agreement.

 

(f)              
The term “Subsidiary” has the meaning ascribed thereto in the Loan Agreement.

 

5.7             
Assignment. Neither this Agreement nor any right, remedy, obligation nor liability arising hereunder or by reason
hereof shall be assignable by any party hereto without the prior written consent of the other party, and any attempt to assign
any right, remedy, obligation or liability hereunder without such consent shall be void, except (a) an assignment, in the case
of a Business Combination where such party is not the surviving entity, or a sale of substantially all of its assets, to the entity
which is the survivor of such Business Combination or the purchaser in such sale and (b) as provided in Section 4.5.

 

5.8             
Severability. If any provision of this Agreement or the Warrants, or the application thereof to any person or circumstance,
is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the
application of such provision to persons or circumstances other than those as to which it has been held invalid or unenforceable,
will remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon
such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision
to effect the original intent of the parties.

 

5.9             
No Third Party Beneficiaries. Nothing contained in this Agreement, expressed or implied, is intended to confer upon
any person or entity other than the Company and Treasury any benefit, right or remedies, except that the provisions of Section
4.5 shall inure to the benefit of the persons referred to in that Section.

 

* * *

 

[Signature page follows]

 

    - 22 - 

     

    

 

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

 

 

	 	THE
    UNITED STATES DEPARTMENT OF THE TREASURY
	 	
	 	By:	/s/ Brent McIntosh
	 	Name: Brent McIntosh
	 	Title:
    Under Secretary for International Affairs
	 	 
	 	 
	 	UNITED
    AIRLINES HOLDINGS, INC.
	 	 
	 	By:	/s/
    Gerald Laderman
	 	Name:
    Gerald Laderman
	 	Title:
    Executive Vice President and Chief Financial Officer

 

      

     

    

 

 

Annex
A

 

FORM OF OPINION

 

(a)            The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the state of its
incorporation.

 

(b)            Each
of the Warrants has been duly authorized and, when executed and delivered as contemplated by the Agreement, will constitute a valid
and legally binding obligation of the Company enforceable against the Company in accordance with its terms, except as the same
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and general equitable principles, regardless of whether such enforceability is considered in a proceeding at law
or in equity.

 

(c)            The
shares of Common Stock issuable upon exercise of the Warrants have been duly authorized and reserved for issuance upon exercise
of the Warrants and when so issued in accordance with the terms of the Warrants will be validly issued, fully paid and non-assessable
[insert, if applicable: , subject to the approvals of the Company’s stockholders set forth on Schedule
3].

 

(d)            The
Company has the corporate power and authority to execute and deliver the Agreement and the Warrants and [insert, if applicable: ,
subject to the approvals of the Company’s stockholders set forth on Schedule 3] to carry out its obligations
thereunder (which includes the issuance of the Warrants and Warrant Shares).

 

(e)            The
execution, delivery and performance by the Company of the Agreement and the Warrants and the consummation of the transactions contemplated
thereby have been duly authorized by all necessary corporate action on the part of the Company and its stockholders, and no further
approval or authorization is required on the part of the Company [insert, if applicable: , subject, in each
case, to the approvals of the Company’s stockholders set forth on Schedule 3].

 

(f)            The
Agreement is a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except
as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors’ rights generally and general equitable principles, regardless of whether such enforceability is considered
in a proceeding at law or in equity; provided, however, such counsel need express no opinion with respect to Section 4.5(g) or
the severability provisions of the Agreement insofar as Section 4.5(g) is concerned.

 

(g)            No
registration of the Warrant and the Common Stock issuable upon exercise of the Warrant under the U.S. Securities Act of 1933, as
amended, is required for the offer and sale of the Warrant or the Common Stock issuable upon exercise of the Warrant by the Company
to the Holder pursuant to and in the manner contemplated by this Agreement.

 

(h)            The
Company is not required to be registered as an investment company under the Investment Company Act of 1940, as amended.

 

     

     

    

 

Annex
B

 

EXECUTION VERSION

 

FORM OF WARRANT

 

WARRANT TO PURCHASE
COMMON STOCK

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD
OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS.

 

WARRANT

to purchase

 

1,650,794

 

 

 

Shares
of Common Stock

 

of United Airlines Holdings, Inc.

 

Issue Date: September 28, 2020

 

1.            Definitions.
Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated.

 

“Affiliate” means, with
respect to any person, any person directly or indirectly controlling, controlled by or under common control with, such other person.
For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”) when used with respect to any person, means the possession, directly
or indirectly, of the power to cause the direction of management and/or policies of such person, whether through the ownership
of voting securities by contract or otherwise.

 

“Aggregate Net Cash Settlement
Amount” has the meaning ascribed thereto in Section 2(i).

 

“Aggregate Net Share Settlement
Amount” has the meaning ascribed thereto in Section 2(ii).

 

“Appraisal
Procedure” means a procedure whereby two independent appraisers, one chosen by the Company and one by the Original
Warrantholder, shall mutually agree upon the determinations then the subject of appraisal. Each party shall deliver a notice
to the other appointing its appraiser within 10 days after the Appraisal Procedure is invoked. If within 30 days after
appointment of the two appraisers they are unable to agree upon the amount in question, a third independent appraiser shall
be chosen within 10 days thereafter by the mutual consent of such first two appraisers. The decision of the third appraiser
so appointed and chosen shall be given within 30 days after the selection of such third appraiser. If three appraisers shall
be appointed and the determination of one appraiser is disparate from the middle determination by more than twice the amount
by which the other determination is disparate from the middle determination, then the determination of such appraiser shall
be excluded, the remaining two determinations shall be averaged and such average shall be binding and conclusive upon the
Company and the Original Warrantholder; otherwise, the average of all three determinations shall be binding upon the Company
and the Original Warrantholder. The costs of conducting any Appraisal Procedure shall be borne by the Company.

 

     

     

    

 

“Average Market Price”
means, with respect to any security, the arithmetic average of the Market Price of such security for the 15 consecutive trading
day period ending on and including the trading day immediately preceding the determination date.

 

“Board of Directors”
means the board of directors of the Company, including any duly authorized committee thereof.

 

“Business Combination”
means a merger, consolidation, statutory share exchange or similar transaction that requires the approval of the Company’s
stockholders.

 

“Business Day” means
any day except Saturday, Sunday and any day on which banking institutions in the State of New York generally are authorized or
required by law or other governmental actions to close; provided that banks shall be deemed to be generally open for business
in the event of a “shelter in place” or similar closure of physical branch locations at the direction of any governmental
entity if such banks’ electronic funds transfer system (including wire transfers) are open for use by customers on such day.

 

“Capital Stock” means
(A) with respect to any Person that is a corporation or company, any and all shares, interests, participations or other equivalents
(however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not a corporation
or company, any and all partnership or other equity interests of such Person.

 

“Charter” means, with
respect to any Person, its certificate or articles of incorporation, articles of association, or similar organizational document.

 

“Common Stock” means
common stock of the Company, par value $0.01 subject to adjustment as provided in Section 13(E).

 

“Company” means the Person
whose name, corporate or other organizational form and jurisdiction of organization is set forth in Item 1 of Schedule A hereto.

 

“conversion” has the
meaning set forth in Section 13(B).

 

“convertible securities”
has the meaning set forth in Section 13(B).

 

“Depositary” means The
Depositary Trust Company, its nominees and their respective successors.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

 

    2

     

    

 

“Exercise Date” means
each date a Notice of Exercise substantially in the form annexed hereto is delivered to the Company in accordance with Section 2
hereof.

 

“Exercise Price” means
the amount set forth in Item 2 of Schedule A hereto, subject to adjustment as contemplated herein.

 

“Fair Market Value” means,
with respect to any security or other property, the fair market value of such security or other property as determined by the Board
of Directors, acting in good faith in reliance on an opinion of a nationally recognized independent investment banking firm retained
by the Company for this purpose. For so long as the Original Warrantholder holds this Warrant or any portion thereof, it may object
in writing to the Board of Director’s calculation of fair market value within 10 days of receipt of written notice thereof.
If the Original Warrantholder and the Company are unable to agree on fair market value during the 10-day period following the delivery
of the Original Warrantholder’s objection, the Appraisal Procedure may be invoked by either party to determine Fair Market
Value by delivering written notification thereof not later than the 30th day after delivery of the Original Warrantholder’s
objection.

 

“Initial Number” has
the meaning set forth in Section 13(B).

 

“Issue Date” means the
date set forth in Item 3 of Schedule A hereto.

 

“Market Price” means,
with respect to a particular security, on any given day, the last reported sale price regular way or, in case no such reported
sale takes place on such day, the average of the last closing bid and ask prices regular way, in either case on the principal national
securities exchange on which the applicable securities are listed or admitted to trading, or if not listed or admitted to trading
on any national securities exchange, the average of the closing bid and ask prices as furnished by two members of the Financial
Industry Regulatory Authority, Inc. selected from time to time by the Company for that purpose. “Market Price”
shall be determined without reference to after hours or extended hours trading. If such security is not listed and traded in a
manner that the quotations referred to above are available for the period required hereunder, the Market Price of such security
shall be deemed to be (i) in the event that any portion of the Warrant is held by the Original Warrantholder, the fair market
value per share of such security as determined in good faith by the Original Warrantholder or (ii) in all other circumstances,
the fair market value per share of such security as determined in good faith by the Board of Directors in reliance on an opinion
of a nationally recognized independent investment banking corporation retained by the Company for this purpose and certified in
a resolution to the Warrantholder.

 

“Original Warrantholder”
means the United States Department of the Treasury. Any actions specified to be taken by the Original Warrantholder hereunder may
only be taken by such Person and not by any other Warrantholder.

 

“Permitted Transactions”
has the meaning set forth in Section 13(B).

 

“Per Share Net Cash Settlement
Amount” means the Average Market Price of a share of Common Stock determined as of the relevant Exercise Date less the
then applicable Exercise Price.

 

    3

     

    

 

“Per Share Net Share Settlement
Amount” means the quotient of (i) the Average Market Price of a share of Common Stock determined as of the relevant
Exercise Date less the then applicable Exercise Price divided by (ii) the Average Market Price of a share of Common
Stock determined as of the relevant Exercise Date.

 

“Person” has the meaning
given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange
Act.

 

“Per Share Fair Market Value”
has the meaning set forth in Section 13(C).

 

“Pro Rata Repurchases”
means any purchase of shares of Common Stock by the Company or any Affiliate thereof pursuant to (A) any tender offer or exchange
offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (B) any
other offer available to substantially all holders of Common Stock, in the case of both (A) or (B), whether for cash, shares
of Capital Stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person
or any other property (including, without limitation, shares of Capital Stock, other securities or evidences of indebtedness of
a subsidiary), or any combination thereof, effected while this Warrant is outstanding. The “Effective Date”
of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange by the Company under any tender or
exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender
or exchange offer.

 

“Regulatory Approvals”
with respect to the Warrantholder, means, to the extent applicable and required to permit the Warrantholder to exercise this Warrant
for shares of Common Stock and to own such Common Stock without the Warrantholder being in violation of applicable law, rule or
regulation, the receipt of any necessary approvals and authorizations of, filings and registrations with, notifications to, or
expiration or termination of any applicable waiting period under, the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, and the rules and regulations thereunder.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

 

“trading day” means
(A) if the shares of Common Stock are not traded on any national or regional securities exchange or association or
over-the-counter market, a Business Day or (B) if the shares of Common Stock are traded on any national or regional
securities exchange or association or over-the-counter market, a Business Day on which such relevant exchange or quotation
system is scheduled to be open for business and on which the shares of Common Stock (i) are not suspended from trading
on any national or regional securities exchange or association or over-the-counter market for any period or periods
aggregating one half hour or longer; and (ii) have traded at least once on the national or regional securities exchange
or association or over-the-counter market that is the primary market for the trading of the shares of Common Stock.

 

“U.S. GAAP” means United
States generally accepted accounting principles.

 

    4

     

    

 

“Warrant” means this
Warrant, issued pursuant to the Warrant Agreement.

 

“Warrant Agreement” means
the Warrant Agreement, dated as of the date set forth in Item 4 of Schedule A hereto, as amended from time to time, between the
Company and the United States Department of the Treasury.

 

“Warrantholder” has the
meaning set forth in Section 2.

 

“Warrant Shares” has
the meaning set forth in Section 2.

 

2.            Number
of Warrant Shares; Net Exercise. This certifies that, for value received, the United States Department of the Treasury or its
permitted assigns (the “Warrantholder”) is entitled, upon the terms and subject to the conditions hereinafter
set forth, to acquire from the Company, in whole or in part, after the receipt of all applicable Regulatory Approvals, if any,
up to an aggregate of the number of fully paid and nonassessable shares of Common Stock set forth in Item 5 of Schedule A hereto.
The number of shares of Common Stock (the “Warrant Shares”) issuable upon exercise of this Warrant and the Exercise
Price are subject to adjustment as provided herein, and all references to “Common Stock,” “Warrant Shares”
and “Exercise Price” herein shall be deemed to include any such adjustment or series of adjustments.

 

Upon exercise of the Warrant in accordance
with Section 3 hereof, the Company shall elect to pay or deliver, as the case may be, to the exercising Warrantholder (a) cash
(“Net Cash Settlement”) or (b) Warrant Shares together with cash, if applicable, in lieu of delivering
any fractional shares in accordance with Section 5 of this Warrant (“Net Share Settlement”). The Company
will notify the exercising Warrantholder of its election of a settlement method within one Business Day after the relevant Exercise
Date and if it fails to deliver a timely notice shall be deemed to have elected Net Share Settlement.

 

(i) Net Cash Settlement. If the
Company elects Net Cash Settlement, it shall pay to the Warrantholder cash equal to the Per Share Net Cash Settlement Amount multiplied
by the number of Warrant Shares as to which the Warrant has been exercised as indicated in the Notice of Exercise (the “Aggregate
Net Cash Settlement Amount”).

 

(ii) Net Share Settlement. If
the Company elects Net Share Settlement, it shall deliver to the Warrantholder a number of shares of Common Stock equal to the
Per Share Net Share Settlement Amount multiplied by the number of Warrant Shares as to which the Warrant has been exercised as
indicated in the Notice of Exercise (the “Aggregate Net Share Settlement Amount”).

 

3.            Term;
Method of Exercise. Subject to Section 2, to the extent permitted by applicable laws and regulations, this Warrant is
exercisable, in whole or in part by the Warrantholder, at any time or from time to time after the execution and delivery of this
Warrant by the Company on the date hereof, but in no event later than 5:00 p.m., New York City time on the fifth anniversary of
the Issue Date of this Warrant, by the surrender of this Warrant and delivery of the Notice of Exercise annexed hereto, duly completed
and executed on behalf of the Warrantholder, at the principal executive office of the Company located at the address set forth
in Item 6 of Schedule A hereto (or such other office or agency of the Company in the United States as it may designate by notice
in writing to the Warrantholder at the address of the Warrantholder appearing on the books of the Company).

 

    5

     

    

 

If the Warrantholder does not exercise this
Warrant in its entirety, the Warrantholder will be entitled to receive from the Company within a reasonable time after the date
on which this Warrant has been duly exercised in accordance with the terms of this Warrant, and in any event not exceeding three
Business Days after the date thereof, a new warrant in substantially identical form for the purchase of that number of Warrant
Shares equal to the difference between the number of Warrant Shares subject to this Warrant and the number of Warrant Shares as
to which this Warrant is so exercised. Notwithstanding anything in this Warrant to the contrary, the Warrantholder hereby acknowledges
and agrees that its exercise of this Warrant for Warrant Shares is subject to the condition that the Warrantholder will have first
received any applicable Regulatory Approvals.

 

4.            Method
of Settlement.

 

(i) Net Cash Settlement. If the
Company elects Net Cash Settlement, the Company shall, within a reasonable time, not to exceed five Business Days after the date
on which this Warrant has been duly exercised in accordance with the terms of this Warrant, pay to the exercising Warrantholder
the Aggregate Net Cash Settlement Amount.

 

(ii) Net Share Settlement.
If the Company elects Net Share Settlement, shares of Common Stock equal to the Aggregate Net Share Settlement Amount shall
be (x) issued in such name or names as the exercising Warrantholder may designate and (y) delivered by the Company
or the Company's transfer agent to such Warrantholder or its nominee or nominees (i) if the shares are then able to be
so delivered, via book-entry transfer crediting the account of such Warrantholder (or the relevant agent member for the
benefit of such Warrantholder) through the Depositary’s DWAC system (if the Company's transfer agent participates in
such system), or (ii) otherwise in certificated form by physical delivery to the address specified by the Warrantholder
in the Notice of Exercise, within a reasonable time, not to exceed three Business Days after the date on which this Warrant
has been duly exercised in accordance with the terms of this Warrant. The Company hereby represents and warrants that any
Warrant Shares issued upon the exercise of this Warrant in accordance with the provisions of Section 3 will be duly and
validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens or
charges created by the Warrantholder, income and franchise taxes incurred in connection with the exercise of the Warrant or
taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Warrant Shares so issued
will be deemed to have been issued to the Warrantholder as of the close of business on the date on which this Warrant and
payment of the Exercise Price are delivered to the Company in accordance with the terms of this Warrant, notwithstanding that
the stock transfer books of the Company may then be closed or certificates representing such Warrant Shares may not be
actually delivered on such date. The Company will at all times reserve and keep available, out of its authorized but unissued
Common Stock, solely for the purpose of providing for the exercise of this Warrant, the aggregate number of shares of Common
Stock then issuable upon exercise of this Warrant at any time. The Company will (A) procure, at its sole expense, the
listing of the Warrant Shares issuable upon exercise of this Warrant at any time, subject to issuance or notice of issuance,
on all principal stock exchanges on which the Common Stock is then listed or traded and (B) maintain such listings of
such Warrant Shares at all times after issuance. The Company will use reasonable best efforts to ensure that the Warrant
Shares may be issued without violation of any applicable law or regulation or of any requirement of any securities exchange
on which the Warrant Shares are listed or traded.

 

    6

     

    

 

5.            No
Fractional Warrant Shares or Scrip. No fractional Warrant Shares or scrip representing fractional Warrant Shares shall be issued
upon any exercise of this Warrant. In lieu of any fractional Share to which the Warrantholder would otherwise be entitled, the
Warrantholder shall be entitled to receive a cash payment equal to the Average Market Price of the Common Stock determined as of
the Exercise Date multiplied by such fraction of a share, less the pro-rated Exercise Price for such fractional share.

 

6.            No
Rights as Stockholders; Transfer Books. This Warrant does not entitle the Warrantholder to any voting rights or other rights
as a stockholder of the Company prior to the date of exercise hereof. The Company will at no time close its transfer books against
transfer of this Warrant in any manner which interferes with the timely exercise of this Warrant.

 

7.            Charges,
Taxes and Expenses. Issuance of certificates for Warrant Shares to the Warrantholder upon the exercise of this Warrant shall
be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance
of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company
shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any
such certificate, or any certificates or other securities in a name other than that of the registered holder of the Warrant surrendered
upon exercise of the Warrant.

 

8.            Transfer/Assignment.

 

(A)            Subject
to compliance with clause (B) of this Section 8, this Warrant and all rights hereunder are transferable, in whole
or in part, upon the books of the Company by the registered holder hereof in person or by duly authorized attorney, and a new
warrant shall be made and delivered by the Company, of the same tenor and date as this Warrant but registered in the name of
one or more transferees, upon surrender of this Warrant, duly endorsed, to the office or agency of the Company described in
Section 3. All expenses (other than stock transfer taxes) and other charges payable in connection with the preparation,
execution and delivery of the new warrants pursuant to this Section 8 shall be paid by the Company.

 

(B)            If
and for so long as required by the Warrant Agreement, this Warrant shall contain the legend as set forth in Sections 4.2(a) of
the Warrant Agreement.

 

9.            Exchange
and Registry of Warrant. This Warrant is exchangeable, upon the surrender hereof by the Warrantholder to the Company, for a
new warrant or warrants of like tenor and representing the right to purchase the same aggregate number of Warrant Shares. The Company
shall maintain a registry showing the name and address of the Warrantholder as the registered holder of this Warrant. This Warrant
may be surrendered for exchange or exercise in accordance with its terms, at the office of the Company, and the Company shall be
entitled to rely in all respects, prior to written notice to the contrary, upon such registry.

 

    7

     

    

 

10.            Loss,
Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft, destruction or mutilation of this Warrant, and in the case of any such loss, theft or destruction, upon receipt of a bond,
indemnity or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon surrender and cancellation
of this Warrant, the Company shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant
of like tenor and representing the right to purchase the same aggregate number of Warrant Shares as provided for in such lost,
stolen, destroyed or mutilated Warrant.

 

11.            Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
day that is a Business Day.

 

12.            Information.
With a view to making available to Warrantholders the benefits of certain rules and regulations of the SEC which may permit
the sale of the Warrants and Warrant Shares to the public without registration, the Company agrees to use its reasonable best efforts
to:

 

(A)            make
and keep adequate public information available, as those terms are understood and defined in Rule 144(c) or any similar
or analogous rule promulgated under the Securities Act, at all times after the date hereof;

 

(B)            (x) file
with the SEC, in a timely manner, all reports and other documents required of the Company under the Securities Act and the Exchange
Act, and (y) if at any time the Company is not required to file such reports, make available, upon the request of any Warrantholder,
such information necessary to permit sales pursuant to Rule 144A (including the information required by Rule 144A(d)(4) under
the Securities Act);

 

(C)            furnish
to any holder of Warrants or Warrant Shares forthwith upon request: a written statement by the Company as to its compliance
with the reporting requirements of the Exchange Act and Rule 144(c)(1); a copy of the most recent annual or quarterly
report of the Company; and such other reports and documents as the Warrantholder may reasonably request in availing itself of
any rule or regulation of the SEC allowing it to sell any such securities to the public without registration; and

 

(D)            take
such further action as any Warrantholder may reasonably request, all to the extent required from time to time to enable such Warantholder
to sell Warrants or Warrant Shares without registration under the Securities Act.

 

13.            Adjustments
and Other Rights. The Exercise Price and the number of Warrant Shares issuable upon exercise of the Warrant shall be subject
to adjustment from time to time as follows; provided, that if more than one subsection of this Section 13 is applicable
to a single event, the subsection shall be applied that produces the largest adjustment and no single event shall cause an adjustment
under more than one subsection of this Section 13 so as to result in duplication:

 

    8

     

    

 

(A)            Stock
Splits, Subdivisions, Reclassifications or Combinations. If the Company shall (i) declare and pay a dividend or make a
distribution on its Common Stock in shares of Common Stock, (ii) subdivide or reclassify the outstanding shares of Common
Stock into a greater number of shares, or (iii) combine or reclassify the outstanding shares of Common Stock into a smaller
number of shares, the number of Warrant Shares issuable upon exercise of this Warrant at the time of the record date for such dividend
or distribution or the effective date of such subdivision, combination or reclassification shall be proportionately adjusted so
that the Warrantholder after such date shall be entitled to acquire the number of shares of Common Stock which such holder would
have owned or been entitled to receive in respect of the shares of Common Stock subject to this Warrant after such date had this
Warrant been exercised immediately prior to such date. In such event, the Exercise Price in effect at the time of the record date
for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted
to the number obtained by dividing (x) the product of (1) the number of Warrant Shares issuable upon the exercise of
this Warrant before such adjustment and (2) the Exercise Price in effect immediately prior to the record or effective date,
as the case may be, for the dividend, distribution, subdivision, combination or reclassification giving rise to this adjustment
by (y) the new number of Warrant Shares issuable upon exercise of the Warrant determined pursuant to the immediately preceding
sentence.

 

(B)            Certain
Issuances of Common Stock or Convertible Securities. If the Company shall issue shares of Common Stock (or rights or warrants
or other securities exercisable or convertible into or exchangeable (collectively, a “conversion”) for shares
of Common Stock) (collectively, “convertible securities”) (other than in Permitted Transactions (as defined
below) or a transaction to which subsection (A) of this Section 13 is applicable) without consideration or at a consideration
per share (or having a conversion price per share) that is less than 90% of the Average Market Price determined as of the date
of the agreement on pricing such shares (or such convertible securities) then, in such event:

 

(A) the number of Warrant Shares issuable
upon the exercise of this Warrant immediately prior to the date of the agreement on pricing of such shares (or of such
convertible securities) (the “Initial Number”) shall be increased to the number obtained by multiplying
the Initial Number by a fraction (A) the numerator of which shall be the sum of (x) the number of shares of Common
Stock of the Company outstanding on such date and (y) the number of additional shares of Common Stock issued (or into
which convertible securities may be exercised or convert) and (B) the denominator of which shall be the sum of
(I) the number of shares of Common Stock outstanding on such date and (II) the number of shares of Common Stock
which the aggregate consideration receivable by the Company for the total number of shares of Common Stock so issued (or into
which convertible securities may be exercised or convert) would purchase at the Average Market Price determined as of the
date of the agreement on pricing such shares (or such convertible securities); and

 

(B) the Exercise Price payable upon exercise of
the Warrant shall be adjusted by multiplying such Exercise Price in effect immediately prior to the date of the agreement on pricing
of such shares (or of such convertible securities) by a fraction, the numerator of which shall be the number of shares of Common
Stock issuable upon exercise of this Warrant prior to such date and the denominator of which shall be the number of shares of Common
Stock issuable upon exercise of this Warrant immediately after the adjustment described in clause (A) above.

 

    9

     

    

 

For purposes of the foregoing, the aggregate
consideration receivable by the Company in connection with the issuance of such shares of Common Stock or convertible securities
shall be deemed to be equal to the sum of the net offering price (including the Fair Market Value of any non-cash consideration
and after deduction of any related expenses payable to third parties) of all such securities plus the minimum aggregate amount,
if any, payable upon exercise or conversion of any such convertible securities into shares of Common Stock; and “Permitted
Transactions” shall mean issuances (i) as consideration for or to fund the acquisition of businesses and/or related
assets, (ii) in connection with employee benefit plans and compensation related arrangements in the ordinary course and consistent
with past practice approved by the Board of Directors, (iii) in connection with a public or broadly marketed offering and
sale of Common Stock or convertible securities for cash conducted by the Company or its affiliates pursuant to registration under
the Securities Act or Rule 144A thereunder on a basis consistent with capital raising transactions by comparable institutions
and (iv) in connection with the exercise of preemptive rights on terms existing as of the Issue Date. Any adjustment made
pursuant to this Section 13(B) shall become effective immediately upon the date of such issuance.

 

(C)            Other
Distributions. In case the Company shall fix a record date for the making of a distribution to all holders of shares of
its Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding dividends of its
Common Stock and other dividends or distributions referred to in Section 13(A)), in each such case, the Exercise Price
in effect prior to such record date shall be reduced immediately thereafter to the price determined by multiplying the
Exercise Price in effect immediately prior to the reduction by the quotient of (x) the Average Market Price of the
Common Stock determined as of the first date on which the Common Stock trades regular way on the principal national
securities exchange on which the Common Stock is listed or admitted to trading without the right to receive such
distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences of indebtedness, assets,
rights or warrants to be so distributed in respect of one share of Common Stock (such amount and/or Fair Market Value, the
 “Per Share Fair Market Value”) divided by (y) the Average Market Price specified in clause (x); such
adjustment shall be made successively whenever such a record date is fixed. In such event, the number of Warrant Shares
issuable upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of
(1) the number of Warrant Shares issuable upon the exercise of this Warrant before such adjustment, and (2) the
Exercise Price in effect immediately prior to the distribution giving rise to this adjustment by (y) the new Exercise
Price determined in accordance with the immediately preceding sentence. In the event that such distribution is not so made,
the Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant then in effect shall be
readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of
indebtedness, assets, rights, cash or warrants, as the case may be, to the Exercise Price that would then be in effect and
the number of Warrant Shares that would then be issuable upon exercise of this Warrant if such record date had not been
fixed.

 

    10

     

    

 

(D)            Certain
Repurchases of Common Stock. In case the Company effects a Pro Rata Repurchase of Common Stock, then the Exercise Price shall
be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the Effective Date of such
Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of shares of Common
Stock outstanding immediately before such Pro Rata Repurchase and (y) the Average Market Price of a share of Common Stock
determined as of the date of the first public announcement by the Company or any of its Affiliates of the intent to effect such
Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the denominator shall
be the product of (i) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus
the number of shares of Common Stock so repurchased and (ii) the Average Market Price per share of Common Stock determined
as of the date of the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase.
In such event, the number of shares of Common Stock issuable upon the exercise of this Warrant shall be increased to the number
obtained by dividing (x) the product of (1) the number of Warrant Shares issuable upon the exercise of this Warrant before
such adjustment, and (2) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise to this adjustment
by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. For the avoidance of doubt,
no increase to the Exercise Price or decrease in the number of Warrant Shares issuable upon exercise of this Warrant shall be made
pursuant to this Section 13(D).

 

(E)            Business
Combinations. In case of any Business Combination or reclassification of Common Stock (other than a reclassification of
Common Stock referred to in Section 13(A)), the Warrantholder’s right to receive Warrant Shares upon exercise of
this Warrant shall be converted into the right to exercise this Warrant to acquire the number of shares of stock or other
securities or property (including cash) which the Common Stock issuable (at the time of such Business Combination or
reclassification) upon exercise of this Warrant immediately prior to such Business Combination or reclassification would have
been entitled to receive upon consummation of such Business Combination or reclassification; and in any such case, if
necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Warrantholder shall be
appropriately adjusted so as to be applicable, as nearly as may reasonably be, to the Warrantholder’s right to exercise
this Warrant in exchange for any shares of stock or other securities or property pursuant to this paragraph. In determining
the kind and amount of stock, securities or the property receivable upon exercise of this Warrant following the consummation
of such Business Combination, if the holders of Common Stock have the right to elect the kind or amount of consideration
receivable upon consummation of such Business Combination, then the consideration that the Warrantholder shall be entitled to
receive upon exercise shall be deemed to be the types and amounts of consideration received by the majority of all holders of
the shares of common stock that affirmatively make an election (or of all such holders if none make an election).

 

    11

     

    

 

(F)            Rounding
of Calculations; Minimum Adjustments. All calculations under this Section 13 shall be made to the nearest one-tenth (1/10th)
of a cent or to the nearest one- hundredth (1/100th) of a share, as the case may be. Any provision of this Section 13 to the
contrary notwithstanding, no adjustment in the Exercise Price or the number of Warrant Shares shall be made if the amount of such
adjustment would be less than $0.01 or one-tenth (1/10th) of a share of Common Stock, but any such amount shall be carried forward
and an adjustment with respect thereto shall be made at the time of and together with any subsequent adjustment which, together
with such amount and any other amount or amounts so carried forward, shall aggregate $0.01 or 1/10th of a share of Common Stock,
or more.

 

(G)            Timing
of Issuance of Additional Common Stock Upon Certain Adjustments. In any case in which the provisions of this Section 13
shall require that an adjustment shall become effective immediately after a record date for an event, the Company may defer until
the occurrence of such event (i) issuing to the Warrantholder of this Warrant exercised after such record date and before
the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment required
by such event over and above the shares of Common Stock issuable upon such exercise before giving effect to such adjustment and
(ii) paying to such Warrantholder any amount of cash in lieu of a fractional share of Common Stock; provided, however,
that the Company upon request shall deliver to such Warrantholder a due bill or other appropriate instrument evidencing such Warrantholder’s
right to receive such additional shares, and such cash, upon the occurrence of the event requiring such adjustment.

 

(H)            Other
Events. For so long as the Original Warrantholder holds this Warrant or any portion thereof, if any event occurs as to
which the provisions of this Section 13 are not strictly applicable or, if strictly applicable, would not, in the good
faith judgment of the Board of Directors of the Company, fairly and adequately protect the purchase rights of the Warrants in
accordance with the essential intent and principles of such provisions, then the Board of Directors shall make such
adjustments in the application of such provisions, in accordance with such essential intent and principles, as shall be
reasonably necessary, in the good faith opinion of the Board of Directors, to protect such purchase rights as aforesaid. The
Exercise Price or the number of Warrant Shares shall not be adjusted in the event of a change in the par value of the Common
Stock or a change in the jurisdiction of incorporation of the Company.

 

(I)            Statement
Regarding Adjustments. Whenever the Exercise Price or the number of Warrant Shares shall be adjusted as provided in Section 13,
the Company shall forthwith file at the principal office of the Company a statement showing in reasonable detail the facts requiring
such adjustment and the Exercise Price that shall be in effect and the number of Warrant Shares after such adjustment, and the
Company shall also cause a copy of such statement to be sent by mail, first class postage prepaid, to each Warrantholder at the
address appearing in the Company’s records.

 

(J)            Notice
of Adjustment Event. In the event that the Company shall propose to take any action of the type described in this Section 13
(but only if the action of the type described in this Section 13 would result in an adjustment in the Exercise Price or the
number of Warrant Shares or a change in the type of securities or property to be delivered upon exercise of this Warrant), the
Company shall give notice to the Warrantholder, in the manner set forth in Section 13(J), which notice shall specify the record
date, if any, with respect to any such action and the approximate date on which such action is to take place. Such notice shall
also set forth the facts with respect thereto as shall be reasonably necessary to indicate the effect on the Exercise Price and
the number, kind or class of shares or other securities or property which shall be deliverable upon exercise of this Warrant. In
the case of any action which would require the fixing of a record date, such notice shall be given at least 10 days prior to the
date so fixed, and in case of all other action, such notice shall be given at least 15 days prior to the taking of such proposed
action. Failure to give such notice, or any defect therein, shall not affect the legality or validity of any such action.

 

    12

     

    

 

(K)            Proceedings
Prior to Any Action Requiring Adjustment. As a condition precedent to the taking of any action which would require an adjustment
pursuant to this Section 13, the Company shall take any action which may be necessary, including obtaining regulatory, New
York Stock Exchange, NASDAQ Stock Market or other applicable national securities exchange or stockholder approvals or exemptions,
as applicable, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all shares of
Common Stock that the Warrantholder is entitled to receive upon exercise of this Warrant pursuant to this Section 13.

 

(L)            Adjustment
Rules. Any adjustments pursuant to this Section 13 shall be made successively whenever an event referred to herein shall
occur. If an adjustment in Exercise Price made hereunder would reduce the Exercise Price to an amount below par value of the Common
Stock, then such adjustment in Exercise Price made hereunder shall reduce the Exercise Price to the par value of the Common Stock.

 

14.            No
Impairment. The Company will not, by amendment of its Charter or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and in taking of all such action as may be
necessary or appropriate in order to protect the rights of the Warrantholder.

 

15.            Governing
Law. This Warrant will be governed by and construed in accordance with the federal law of the United States if and to the
extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made
and to be performed entirely within such State. Each of the Company and the Warrantholder agrees (a) to submit to the exclusive
jurisdiction and venue of the United States District Court for the District of Columbia for any civil action, suit or proceeding
arising out of or relating to this Warrant or the transactions contemplated hereby, and (b) that notice may be served upon
the Company at the address in Section 19 below and upon the Warrantholder at the address for the Warrantholder set forth in
the registry maintained by the Company pursuant to Section 9 hereof. To the extent permitted by applicable law, each of the
Company and the Warrantholder hereby unconditionally waives trial by jury in any civil legal action or proceeding relating to the
Warrant or the transactions contemplated hereby or thereby.

 

16.            Binding
Effect. This Warrant shall be binding upon any successors or assigns of the Company.

 

17.            Amendments.
This Warrant may be amended and the observance of any term of this Warrant may be waived only with the written consent of the Company
and the Warrantholder.

 

18.            Prohibited
Actions. The Company agrees that it will not take any action which would entitle the Warrantholder to an adjustment of the
Exercise Price if the total number of shares of Common Stock issuable after such action upon exercise of this Warrant, together
with all shares of Common Stock then outstanding and all shares of Common Stock then issuable upon the exercise of all outstanding
options, warrants, conversion and other rights, would exceed the total number of shares of Common Stock then authorized by its
Charter.

 

    13

     

    

 

19.            Notices.
Any notice, request, instruction or other document to be given hereunder by any party to the other will be in writing and will
be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile, upon confirmation
of receipt, or (b) on the second Business Day following the date of dispatch if delivered by a recognized next day courier
service. All notices hereunder shall be delivered as set forth in Item 7 of Schedule A hereto, or pursuant to such other instructions
as may be designated in writing by the party to receive such notice.

 

20.            Entire
Agreement. This Warrant, the forms attached hereto and Schedule A hereto (the terms of which are incorporated by reference
herein), and the Warrant Agreement (including all documents incorporated therein), contain the entire agreement between the parties
with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings with respect
thereto.

 

[Remainder of page intentionally
left blank]

 

    14

     

    

 

[Form of
Notice of Exercise]

Date:            

 

TO:     United Airlines Holdings, Inc.

 

RE:     Exercise of Warrant

 

The undersigned, pursuant to the provisions
set forth in the attached Warrant, hereby notifies the Company of its intention to exercise its option with respect to the number
of shares of the Common Stock set forth below covered by such Warrant. Pursuant to Section 4 of the Warrant, the undersigned
acknowledges that the Company may settle this exercise in net cash or shares. Cash to be paid pursuant to a Net Cash Settlement
or payment of fractional shares in connection with a Net Share Settlement should be deposited to the account of the Warrantholder
set forth below. Common Stock to be delivered pursuant to a Net Share Settlement shall be delivered to the Warrantholder as indicated
below. A new warrant evidencing the remaining shares of Common Stock covered by such Warrant, but not yet subscribed for and purchased,
if any, should be issued in the name set forth below.

 

	Number of Warrant Shares:	 	 

 

	Aggregate Exercise Price:	 	 

 

	Address for Delivery of Warrant Shares:	 	 

 

Wire Instructions:

 

Proceeds to be delivered:              $

Name of Bank:

City/ State of Bank:

ABA Number of Bank

SWIFT #

Name of Account:

Account Number at Bank:

 

Securities to be issued to:

 

	If in book-entry form through the Depositary:
	 	 
	Depositary Account Number:	 

 

	Name of Agent Member:	 
	 	 
	If in certificated form:	 

 

	Social Security Number or Other Identifying Number:	 

 

 

    15

     

    

 

	Name:	 
	 	 
	Street Address:	 
	 	 
	City, State and Zip Code:	 
	 	 
	Any unexercised Warrants evidenced by the exercising Warrantholder’s interest in the Warrant:

 

	Social Security Number or Other Identifying Number:	 

 

	Name:	 
	 	 
	Street Address:	 
	 	 
	City, State and Zip Code:	 

 

		Holder:	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    16

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be duly executed by a duly authorized officer.

 

Dated: September 28, 2020

 

	 	UNITED AIRLINES HOLDINGS, INC.
	 	 
	 	 
	 	By:	 
	 	Name:	 Gerald Laderman
	 	Title:	Executive Vice President and Chief Financial Officer
	 	 
	 	 
	 	Attest:
	 	 
	 	 
	 	By:	 
	 	Name:	Pamela S. Hendy
	 	Title:	 Vice President and Treasurer

 

[Signature Page
to Warrant – United Airlines]

 

     

     

    

 

SCHEDULE A

 

Item 1

Name: United Airlines Holdings, Inc.

Corporate or other organizational form: Corporation

Jurisdiction of organization: Delaware

 

Item 2

Exercise Price: $31.50

 

Item 3

Issue Date: September 28, 2020

 

Item 4

Date of Warrant Agreement between the Company and the United States Department of the Treasury: September 28, 2020

 

Item 5

Number of shares of Common Stock: 1,650,794

 

Item 6

Company’s address: 233 S. Wacker Dr., Chicago, IL 60606

 

Item 7

Notice information:

 

233 S. Wacker Dr.

Chicago, IL 60606

Attention of Treasurer

Facsimile: 872-825-3211

Telephone No. 872 825-3211

 

     

     

    

 

SCHEDULE
1

 

WARRANT SHARES FORMULA

 

The number of Warrant Shares for which Warrants issued on each
Warrant Closing Date shall be exercisable shall equal:

 

		(i)	On the Closing Date, the quotient of (x) the product of the principal amount of the initial Borrowing multiplied by
0.1 divided by (y) the Exercise Price (as defined in Annex B); and

 

		(ii)	On each subsequent Warrant Closing Date, the quotient of (x) the product of the principal amount of the subsequent Borrowing
multiplied by 0.1 divided by (y) the Exercise Price.

 

     

     

    

 

SCHEDULE
2

 

CAPITALIZATION

 

As of August 31, 2020, the Company had (i) 1,000,000,000
shares of common stock authorized and (ii) approximately 290,984,675 shares of common stock and options to purchase approximately
689,200 shares of common stock (of which approximately 252,207 were exercisable as of that date) outstanding.

 

     

     

    

 

SCHEDULE
3

 

REQUIRED STOCKHOLDER APPROVALS

 

None.Exhibit 10.1

 

EXECUTION
VERSION

 

 

LOAN AND GUARANTEE AGREEMENT *

 

dated as of

 

September 28, 2020

 

among

 

UNITED AIRLINES, INC., as Borrower,

 

the Guarantors party hereto from time to
time,

 

THE UNITED STATES DEPARTMENT OF THE TREASURY,

 

and

 

THE BANK OF NEW YORK MELLON,

 

as Administrative Agent and Collateral Agent

 

__________

 

 

* Pursuant to Item 601(a)(5) of Regulation S-K, schedules have been omitted and will be furnished on a supplemental basis to the Securities
and Exchange Commission upon request.

 

     

     

    

 

	 	 	 	 	TABLE OF CONTENTS	 	 	 	 
	 	 	 	 	 	 	 	Page	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	ARTICLE I	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	DEFINITIONS	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	SECTION 1.01	 	 	     Defined Terms	 	 	1	 
	 	SECTION 1.02	 	 	     Terms Generally	 	 	25	 
	 	SECTION 1.03	 	 	     Accounting Terms; Changes in GAAP	 	 	25	 
	 	SECTION 1.04	 	 	     Rates	 	 	25	 
	 	SECTION 1.05	 	 	     Divisions	 	 	26	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	ARTICLE II	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	COMMITMENTS AND BORROWINGS	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	SECTION 2.01	 	 	     Commitments	 	 	26	 
	 	SECTION 2.02	 	 	     Loans and Borrowings	 	 	26	 
	 	SECTION 2.03	 	 	     Borrowing Requests	 	 	26	 
	 	SECTION 2.04	 	 	     [Reserved]	 	 	27	 
	 	SECTION 2.05	 	 	     [Reserved]	 	 	27	 
	 	SECTION 2.06	 	 	     Prepayments	 	 	27	 
	 	SECTION 2.07	 	 	     Reduction and Termination of Commitments	 	 	28	 
	 	SECTION 2.08	 	 	     Repayment of Loans	 	 	28	 
	 	SECTION 2.09	 	 	     Interest	 	 	28	 
	 	SECTION 2.10	 	 	     Benchmark Replacement Setting.	 	 	28	 
	 	SECTION 2.11	 	 	     Evidence of Debt	 	 	30	 
	 	SECTION 2.12	 	 	     Payments Generally	 	 	30	 
	 	SECTION 2.13	 	 	     Sharing of Payments	 	 	31	 
	 	SECTION 2.14	 	 	     Compensation for Losses	 	 	31	 
	 	SECTION 2.15	 	 	     Increased Costs	 	 	31	 
	 	SECTION 2.16	 	 	     Taxes	 	 	32	 
	 	SECTION 2.17	 	 	     [Reserved]	 	 	35	 
	 	SECTION 2.18	 	 	     [Reserved]	 	 	35	 
	 	SECTION 2.19	 	 	     Mitigation Obligations; Replacement of Lenders	 	 	35	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	ARTICLE III	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	REPRESENTATIONS AND WARRANTIES	 	 	 	 
	 	 	 	 	 	 	 
	 	SECTION 3.01	 	 	     Existence, Qualification and Power	 	 	36	 
	 	SECTION 3.02	 	 	     Authorization; No Contravention	 	 	36	 
	 	SECTION 3.03	 	 	     Governmental Authorization; Other Consents	 	 	36	 
	 	SECTION 3.04	 	 	     Execution and Delivery; Binding Effect	 	 	36	 
	 	SECTION 3.05	 	 	     Financial Statements; No Material Adverse Change	 	 	36	 
	 	SECTION 3.06	 	 	     Litigation	 	 	36	 
	 	SECTION 3.07	 	 	     Contractual Obligations; No Default	 	 	37	 
	 	SECTION 3.08	 	 	     Property	 	 	37	 
	 	SECTION 3.09	 	 	     Taxes	 	 	37	 

 

    i

     

    

 

	 	SECTION 3.10	 	 	     Disclosure	 	 	37	 
	 	SECTION 3.11	 	 	     Compliance
    with Laws	 	 	37	 
	 	SECTION 3.12	 	 	     ERISA
    Compliance	 	 	37	 
	 	SECTION 3.13	 	 	     Environmental
    Matters	 	 	38	 
	 	SECTION 3.14	 	 	     Investment
    Company Act	 	 	38	 
	 	SECTION 3.15	 	 	     Sanctions;
    Export Controls; Anti-Corruption; AML Laws	 	 	38	 
	 	SECTION 3.16	 	 	     Solvency	 	 	39	 
	 	SECTION 3.17	 	 	     Subsidiaries	 	 	39	 
	 	SECTION 3.18	 	 	     Senior
    Indebtedness	 	 	39	 
	 	SECTION 3.19	 	 	     Insurance
    Matters	 	 	39	 
	 	SECTION 3.20	 	 	     Labor
    Matters	 	 	39	 
	 	SECTION 3.21	 	 	     Insolvency
    Proceedings	 	 	39	 
	 	SECTION 3.22	 	 	     Margin
    Regulations	 	 	39	 
	 	SECTION 3.23	 	 	     Liens	 	 	39	 
	 	SECTION 3.24	 	 	     Perfected
    Security Interests	 	 	40	 
	 	SECTION 3.25	 	 	     US
    Citizenship	 	 	40	 
	 	SECTION 3.26	 	 	     Air
    Carrier Status	 	 	40	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	ARTICLE IV	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	CONDITIONS	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	SECTION 4.01	 	 	     Closing
    Date and Initial Borrowing	 	 	40	 
	 	SECTION 4.02	 	 	     Each
    Borrowing	 	 	42	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	ARTICLE V	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	AFFIRMATIVE
    COVENANTS	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	SECTION 5.01	 	 	     Financial
    Statements	 	 	42	 
	 	SECTION 5.02	 	 	     Certificates;
    Other Information	 	 	44	 
	 	SECTION 5.03	 	 	     Notices	 	 	44	 
	 	SECTION 5.04	 	 	     Preservation
    of Existence, Etc.	 	 	45	 
	 	SECTION 5.05	 	 	     Maintenance
    of Properties	 	 	45	 
	 	SECTION 5.06	 	 	     Maintenance
    of Insurance	 	 	45	 
	 	SECTION 5.07	 	 	     Payment
    of Obligations	 	 	45	 
	 	SECTION 5.08	 	 	     Compliance
    with Laws	 	 	45	 
	 	SECTION 5.09	 	 	     Environmental
    Matters	 	 	45	 
	 	SECTION 5.10	 	 	     Books
    and Records	 	 	45	 
	 	SECTION 5.11	 	 	     Inspection
    Rights	 	 	46	 
	 	SECTION 5.12	 	 	     Sanctions;
    Export Controls; Anti-Corruption Laws and AML Laws	 	 	46	 
	 	SECTION 5.13	 	 	     Guarantors;
    Additional Collateral	 	 	46	 
	 	SECTION 5.14	 	 	     Post-Closing
    Matters	 	 	47	 
	 	SECTION 5.15	 	 	     Further
    Assurances	 	 	47	 
	 	SECTION 5.16	 	 	     Delivery
    of Appraisals	 	 	47	 
	 	SECTION 5.17	 	 	     Ratings	 	 	47	 
	 	SECTION 5.18	 	 	     Regulatory
    Matters	 	 	47	 

 

    ii

     

    

 

	 	 	 	 	ARTICLE VI	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	NEGATIVE
    COVENANTS	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	SECTION 6.01	 	 	     [Reserved].	 	 	47	 
	 	SECTION 6.02	 	 	     Liens	 	 	47	 
	 	SECTION 6.03	 	 	     Fundamental
    Changes	 	 	48	 
	 	SECTION 6.04	 	 	     Dispositions	 	 	48	 
	 	SECTION 6.05	 	 	     Restricted
    Payments	 	 	49	 
	 	SECTION 6.06	 	 	     Investments	 	 	50	 
	 	SECTION 6.07	 	 	     Transactions
    with Affiliates	 	 	51	 
	 	SECTION 6.08	 	 	     [Reserved]	 	 	52	 
	 	SECTION 6.09	 	 	     [Reserved]	 	 	52	 
	 	SECTION 6.10	 	 	     Changes
    in Nature of Business	 	 	52	 
	 	SECTION 6.11	 	 	     Sanctions;
    AML Laws	 	 	52	 
	 	SECTION 6.12	 	 	     Amendments
    to Organizational Documents	 	 	52	 
	 	SECTION 6.13	 	 	     [Reserved]	 	 	52	 
	 	SECTION 6.14	 	 	     Prepayments
    of Junior Indebtedness	 	 	52	 
	 	SECTION 6.15	 	 	     Lobbying	 	 	52	 
	 	SECTION 6.16	 	 	     Use
    of Proceeds	 	 	52	 
	 	SECTION 6.17	 	 	     Financial
    Covenants	 	 	53	 
	 	 	 	 	 	 	 	 	 
	 	 	 	ARTICLE VII	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	EVENTS
    OF DEFAULT	 	 	 	 
	 	 	 	 	 	 	 	 
	 	SECTION 7.01	 	 	     Events
    of Default	 	 	54	 
	 	SECTION 7.02	 	 	     Application
    of Payments	 	 	56	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	ARTICLE VIII	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	AGENCY	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	SECTION 8.01	 	 	     Appointment
    and Authority	 	 	57	 
	 	SECTION 8.02	 	 	     Collateral
    Matters.	 	 	5	 
	 	SECTION 8.03	 	 	     Removal
    or Resignation of Administrative Agent	 	 	58	 
	 	SECTION 8.04	 	 	     Exculpatory
    Provisions	 	 	58	 
	 	SECTION 8.05	 	 	     Reliance
    by Agent	 	 	60	 
	 	SECTION 8.06	 	 	     Delegation
    of Duties	 	 	60	 
	 	SECTION 8.07	 	 	     Non-Reliance
    on Agents and Other Lenders	 	 	60	 
	 	SECTION 8.08	 	 	     Administrative
    Agent May File Proofs of Claim	 	 	61	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	ARTICLE IX	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	GUARANTEE	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	SECTION 9.01	 	 	     Guarantee
    of the Obligations	 	 	61	 
	 	SECTION 9.02	 	 	     Payment
    or Performance by a Guarantor	 	 	61	 
	 	SECTION 9.03	 	 	     Liability
    of Guarantors Absolute	 	 	61	 
	 	SECTION 9.04	 	 	     Waivers
    by Guarantors	 	 	63	 
	 	SECTION 9.05	 	 	     Guarantors’
    Rights of Subrogation, Contribution, etc.	 	 	63	 

 

    iii

     

    

 

	 	SECTION 9.06	 	 	     Subordination	 	 	63	 
	 	SECTION 9.07	 	 	     Continuing
    Guarantee	 	 	63	 
	 	SECTION 9.08	 	 	     Financial
    Condition of the Borrower	 	 	63	 
	 	SECTION 9.09	 	 	     Reinstatement	 	 	63	 
	 	SECTION 9.10	 	 	     Discharge
    of Guarantees	 	 	64	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	ARTICLE X	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	CARES
    ACT REQUIREMENTS	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	SECTION 10.01	 	 	     CARES
    Act Compliance	 	 	64	 
	 	SECTION 10.02	 	 	     Dividends
    and Buybacks	 	 	64	 
	 	SECTION 10.03	 	 	     Maintenance
    of Employment Levels	 	 	64	 
	 	SECTION 10.04	 	 	     United
    States Business	 	 	64	 
	 	SECTION 10.05	 	 	     Limitations
    on Certain Compensation	 	 	64	 
	 	SECTION 10.06	 	 	     Continuation
    of Certain Air Service	 	 	65	 
	 	SECTION 10.07	 	 	     Treasury
    Access	 	 	65	 
	 	SECTION 10.08	 	 	     Additional
    Defined Terms	 	 	66	 

 

	ARTICLE XI
	 
	MISCELLANEOUS

 

									
	 	SECTION 11.01	 	 	     Notices; Public Information	 	 	67	 
	 	SECTION 11.02	 	 	     Waivers; Amendments	 	 	69	 
	 	SECTION 11.03	 	 	     Expenses; Indemnity; Damage Waiver	 	 	70	 
	 	SECTION 11.04	 	 	     Successors and Assigns	 	 	72	 
	 	SECTION 11.05	 	 	     Survival	 	 	75	 
	 	SECTION 11.06	 	 	     Counterparts; Integration; Effectiveness; Electronic Execution	 	 	75	 
	 	SECTION 11.07	 	 	     Severability	 	 	75	 
	 	SECTION 11.08	 	 	     Right of Setoff	 	 	76	 
	 	SECTION 11.09	 	 	     Governing Law; Jurisdiction; Etc	 	 	76	 
	 	SECTION 11.10	 	 	     Waiver of Jury Trial	 	 	76	 
	 	SECTION 11.11	 	 	     Headings	 	 	76	 
	 	SECTION 11.12	 	 	     Treatment of Certain Information; Confidentiality	 	 	76	 
	 	SECTION 11.13	 	 	     Money Laundering; Sanctions	 	 	77	 
	 	SECTION 11.14	 	 	     Interest Rate Limitation	 	 	77	 
	 	SECTION 11.15	 	 	     Payments Set Aside	 	 	78	 
	 	SECTION 11.16	 	 	     No Advisory or Fiduciary Responsibility	 	 	78	 
	 	SECTION 11.17	 	 	     Acknowledgement and Consent to Bail-In of EEA Financial Institutions	 	 	78	 

 

    iv

     

    

SCHEDULES

 

	SCHEDULE 3.05	 	-	 	Financial Statements
	SCHEDULE 3.17	 	-	 	Subsidiaries
	SCHEDULE 5.14	 	-	 	Post-Closing Matters
	SCHEDULE 6.05(i)	 	-	 	Restricted Payments
	SCHEDULE 6.06	 	-	 	Investments
	SCHEDULE 6.07	 	-	 	Affiliate Transactions

 

EXHIBITS

 

	EXHIBIT A	 	-	 	Assignment and Assumption
	EXHIBIT B-1	 	-	 	Form of U.S. Tax Compliance Certificate
	EXHIBIT B-2	 	-	 	Form of U.S. Tax Compliance Certificate
	EXHIBIT B-3	 	-	 	Form of U.S. Tax Compliance Certificate
	EXHIBIT B-4	 	-	 	Form of U.S. Tax Compliance Certificate
	EXHIBIT C	 	-	 	Form of Note
	EXHIBIT D	 	-	 	Form of Borrowing Request

 

    v

     

    

 

LOAN AND GUARANTEE AGREEMENT dated as of September 28, 2020
(this “Agreement”), among UNITED AIRLINES, INC., a corporation organized under the laws of Delaware (the
 “Borrower”), UNITED AIRLINES HOLDINGS, INC., a corporation organized under the laws of Delaware (the “Parent”),
the Guarantors party hereto from time to time, the UNITED STATES DEPARTMENT OF THE TREASURY (“Treasury”) and
THE BANK OF NEW YORK MELLON as Administrative Agent and Collateral Agent.

 

WHEREAS, the Borrower has requested that the
Initial Lender (as defined below) extend credit as is permissible under the Coronavirus Aid, Relief, and Economic Security Act,
Pub. L. 116-136 (Mar. 27, 2020), as the same may be amended form time to time (the “CARES Act”) to
the Borrower, and the Initial Lender is willing to do so on the terms and conditions set forth herein; and

 

WHEREAS, pursuant to Section 4003(h)(1) of
the CARES Act, for purposes of the Code (as defined below) the Loans (as defined below) shall be treated as indebtedness and as
having been issued for their aggregate stated principal amount, and the interest payable pursuant to Section ‎2.09(a) shall
be treated as qualified stated interest.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein contained, the parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01     Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“Additional
Collateral” shall mean (a) cash and Cash Equivalents pledged to the Collateral Agent for the benefit of the
Secured Parties under the Security Documents (and subject to an account control agreement in form and substance satisfactory
to the Appropriate Party), (b) airframes, aircraft, engines and Spare Parts, registered, habitually located, or located
in a designated location, respectively, in the United States and that are eligible for the benefits of Section 1110 of
the Bankruptcy Code, 11 U.S.C. § 1110 or otherwise acceptable to the Required Lenders (provided that any airframe must
be less than 20 years old at the time of its designation as Additional Collateral), (c) Route Authorities for routes
with at least one end point located in the United States and all Slots and Gate Leaseholds related from time to time thereto
or otherwise acceptable to the Required Lenders, (d) real property, (e) ground support equipment, (f) flight
simulators and (g) any other assets acceptable to the Required Lenders, and all of which assets shall (i) (other
than Additional Collateral of the type described in clause (a)) be valued by a new Appraisal at the time the Parent
designates such assets as Additional Collateral, (ii) as of any date of addition of such assets as Collateral, be
subject, to the extent purported to be created by the applicable Security Document, to a perfected first priority Lien and/or
mortgage (or comparable Lien), in favor of the Collateral Agent for the benefit of the Secured Parties and otherwise subject
only to Permitted Liens (excluding those referred to in clause (4) of the definition of “Permitted Lien”),
(iii) pledged to the Collateral Agent for the benefit of the Secured Parties pursuant to security agreement(s) or
mortgage(s), as applicable, in a form satisfactory to the Appropriate Party and (iv) at the time of their designation as
Additional Collateral, be accompanied by a legal opinion in form satisfactory to the Appropriate Party; provided that, in
accordance with Section 8.06, the Collateral Agent may designate a sub-agent to accept the security interest in any
Additional Collateral for the benefit of the Secured Parties; provided further that, with respect to Additional Collateral of
the type described in clauses (c), (d) and (g), the Borrower agrees to notify the Collateral Agent as promptly as
practicable of any new categories of assets which are expected to be designated as Additional Collateral or any new
jurisdictions in which any asset is to be secured or located; provided further that, with respect to Additional
Collateral of the type described in clause (d), (e) or (f), (i) such assets are acceptable to the Required Lenders,
(ii) the Borrower shall have delivered Appraisals acceptable in form and substance to the Required Lenders with respect
to such assets, (iii) such assets are subject to a loan to value framework acceptable to the Required Lenders,
(iv) such assets are pledged pursuant to documentation acceptable in form and substance to the Required Lenders and
(v) the benefits of pledging such assets outweigh the associated cost, burden, difficulty or other consequences, as
determined by the Required Lenders in their sole discretion.

 

     

    2 

    

 

“Adjusted LIBO Rate” means,
as to any Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%)
equal to (a) the LIBO Rate for such Interest Period divided by (b) one minus the Eurodollar Reserve Percentage.

 

“Administrative Account”
means the account opened with the Administrative Agent in the name of the Initial Lender as notified to the Borrower and the Initial
Lender, or such other account as the Administrative Agent shall advise the Borrower and each Lender from time to time.

 

“Administrative Agency Fee Letter”
means any fee letter entered into between the Borrower, the Administrative Agent and the Collateral Agent, or with any successor
administrative agent or collateral agent, in its capacity as administrative agent and in its capacity as collateral agent under
any of the Loan Documents.

 

“Administrative Agent”
means The Bank of New York Mellon, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative
agent.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by or otherwise acceptable to the Administrative Agent.

 

“Affected Financial Institution”
means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate” means any Person
that directly or indirectly controls, is controlled by, or is under common control with, any other Person. For purposes of this
definition, “control” of a Person shall mean having the power, directly or indirectly, to direct or cause the direction
of the management and policies of such Person, whether by ownership of voting equity, by contract, or otherwise.

 

“Agent Parties” has the
meaning specified in Section ‎11.01(d)(ii).

 

“Agent Responsible Officer”
means, when used with respect to an Agent, any vice president, assistant vice president, assistant treasurer or trust officer in
the corporate trust and agency administration of the Agent or any other officer of the Agent customarily performing functions similar
to those performed by any of the above-designated officers, and, in each case, who shall have direct responsibility for the administration
of this Agreement and also means, with respect to a particular agency matter, any other officer to whom such matter is referred
because of his or her knowledge of and familiarity with the particular subject.

 

“Agents” means any of the
Administrative Agent and the Collateral Agent.

 

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

 

“Air Carrier” has the meaning
such term has under Section 40102 of Title 49, United States Code.

 

“Alternate Base Rate” means,
for any day, a rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds
Effective Rate in effect on such day plus 0.50% and (c) the Adjusted LIBO Rate for a one-month term in effect
on such day (taking into account any LIBO Rate floor under the definition of “Adjusted LIBO Rate”) plus 1.00%.
Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or such Adjusted LIBO
Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate
or such Adjusted LIBO Rate, respectively.

 

     

    3 

    

 

“AML Laws” means (a) the
USA Patriot Act of 2001 (Pub. L. No. 107-56), (b) the U.S. Money Laundering Control Act of 1986, as amended, (c) the
Bank Secrecy Act, 31 U.S.C. sections 5301 et seq., (d) Laundering of Monetary Instruments, 18 U.S.C. section 1956, (e) Engaging
in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section 1957, (f) the Financial Recordkeeping
and Reporting of Currency and Foreign Transactions Regulations (Title 31 Part 103 of the US Code of Federal Regulations),
or (g) any other applicable money laundering or financial recordkeeping Laws.

 

“Applicable Law” means,
as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject.

 

“Applicable Percentage”
means, with respect to any Lender, the percentage of the total Outstanding Amount of Loans of all Lenders represented by the aggregate
Outstanding Amount of Loans of such Lender at such time.

 

“Applicable Rate” means
3.00%.

 

“Appraisal” means any appraisal
specifying a value in Dollars (and not a range of values), dated as of the delivery thereof, prepared by an Eligible Appraiser
that certifies, at the time of determination, in reasonable detail the Appraised Value of Eligible Collateral; provided
that any methodology, form of presentation, and all assumptions must be acceptable to the Appropriate Party; provided further
that the methodology, form of presentation and assumptions in the Appraisal delivered on the Closing Date pursuant to Section 4.01(i) shall
be satisfactory for any subsequent Appraisal with respect to the same category and specific type of Eligible Collateral.

 

“Appraised Value” means,
as of any date, (a) the specific value in Dollars (and not a range of values) of any property constituting Eligible Collateral
(other than cash and Cash Equivalents) as reflected in the most recent Appraisal, (b) with respect to any cash pledged or
being pledged at such time as Collateral, 160% of the face amount and (c) with respect to any Cash Equivalents pledged or
being pledged at such time as Collateral, 100% of the fair market value thereof as determined by the Parent in accordance with
customary financial market practices determined no earlier than 45 days prior to such date; provided that (i) if no
Appraisal relating to such Eligible Collateral has been delivered to the Collateral Agent prior to such date, the Appraised Value
of such Eligible Collateral shall be deemed to be zero and (ii) in the case of any such property consisting of ground support
equipment, the Appraised Value shall be deemed to be 50% of the value set forth in the most recent Appraisal..

 

“Appropriate Party” means
(i) while the Initial Lender holds any Commitment or Loan, the Initial Lender and (ii) if the Initial Lender is no longer
a Lender, the Administrative Agent (acting at the direction of the Required Lenders).

 

“Approved Fund” means any
Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate
of an entity that administers or manages a Lender.

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent
is required by Section ‎11.04), and accepted by the Administrative Agent, in substantially the form of Exhibit A
or any other form approved by the Administrative Agent.

 

“Attributable Indebtedness”
means, as of any date of determination, (a) in respect of any Capitalized Lease Obligations of any Person, the capitalized
amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in
respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that
would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for
as a capital lease.

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such
Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used
for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the
avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period”
pursuant to clause (d) of Section 2.10.

 

     

    4 

    

 

“Bail-In Action” means
the exercise of any Write-Down and Conversion Powers by an applicable Resolution Authority in respect of any liability of any Affected
Financial Institution.

 

“Bail-In Legislation” means,
(a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing Law for such EEA Member Country from time to time which is described
in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking
Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to
the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through
liquidation, administration or other insolvency proceedings).

 

“Benchmark” means, initially,
USD LIBO Rate; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related
Benchmark Replacement Date have occurred with respect to USD LIBO Rate or the then-current Benchmark, then “Benchmark”
means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate
pursuant to Section 2.10(a).

 

“Benchmark Replacement”
means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Required Lenders
for the applicable Benchmark Replacement Date:

 

		(1)	the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

		(2)	the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

		(3)	the sum of: (a) the alternate benchmark rate that has been selected by (y) so long as the Initial Lender is a Lender,
the Initial Lender and (z) otherwise, the Required Lenders and the Borrower, in each case, as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated
syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the case of clause (1), such Unadjusted
Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected
by the Required Lenders in their reasonable discretion and such screen is administratively acceptable as determined by the Administrative
Agent in its reasonable discretion. If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above
would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the
other Loan Documents; provided further that any such Benchmark Replacement shall be administratively feasible as determined
by the Administrative Agent in its reasonable discretion.

 

“Benchmark Replacement Adjustment”
means, with respect to any replacement of the then- current Benchmark with an Unadjusted Benchmark Replacement for any applicable
Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

		(1)	for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative
set forth in the order below that can be determined by the Required Lenders:

 

		(a)	the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative
value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected
or recommended by the Relevant Governmental Body for
the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;

 

		(b)	the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement
is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions
to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

     

    5 

    

 

		(2)	for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method
for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected
by (y) so long as the Initial Lender is a Lender, the Initial Lender and (z) otherwise, the Required Lenders and the
Borrower, in each case, for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark
with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement
Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement
for U.S. dollar- denominated syndicated credit facilities;

 

provided that, in the case of clause (1) above,
such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from
time to time as selected by the Required Lenders in their reasonable discretion and such screen is administratively acceptable
as determined by the Administrative Agent in its reasonable discretion; provided that, any such Benchmark Replacement Adjustment
shall be administratively feasible as determined by the Administrative Agent in its reasonable discretion.

 

“Benchmark Replacement Conforming
Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of
 “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests
or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other
technical, administrative or operational matters) that the Administrative Agent (after consultation with the Required Lenders)
decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
(after consultation with the Required Lenders) decides that adoption of any portion of such market practice is not administratively
feasible or if the Administrative Agent (after consultation with the Required Lenders) determines that no market practice for the
administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent (after
consultation with the Required Lenders) decides is reasonably necessary in connection with the administration of this Agreement
and the other Loan Documents). The Required Lenders shall cooperate in good faith with the Administrative Agent so that the Administrative
Agent may determine such Benchmark Replacement Conforming Changes.

 

“Benchmark Replacement Date”
means the earliest to occur of the following events with respect to the then-current Benchmark:

 

		(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the
date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all
Available Tenors of such Benchmark (or such component thereof);

 

		(2)	in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement
or publication of information referenced therein; or

 

		(3)	in the case of an Early Opt-in Election, (y) so long
                                         as the Initial Lender is a Lender, the sixth (6th) Business Day after the
                                         date notice of such Early Opt-in Election is provided to the Administrative Agent and
                                         (z) otherwise, the sixth (6th) Business Day after the date notice of
                                         such Early Opt-in Election is provided to the Administrative Agent, so long as the Administrative
                                         Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th)
                                         Business Day after the date notice of such Early Opt-in Election is provided to the Lenders,
                                         written notice of objection to such Early Opt-in Election from Lenders comprising the
                                         Required Lenders.

 

For the avoidance of doubt, (i) if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the
 “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect
to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available
Tenors of such Benchmark (or the published component used in the calculation thereof).

 

     

    6 

    

 

“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

		(1)	a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof);

 

		(2)	a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency
official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction
over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority
over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component)
has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide
any Available Tenor of such Benchmark (or such component thereof); or

 

		(3)	a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component
thereof) are no longer representative.

 

For the avoidance of doubt, a “Benchmark Transition Event”
will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above
has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation
thereof).

 

“Benchmark Unavailability Period”
means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of
that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes
hereunder and under any Loan Document in accordance with Section 2.10 and (y) ending at the time that a Benchmark
Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.10.

 

“Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in
calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all
securities that such “person” has the right to acquire by conversion or exercise of other securities, whether
such right is currently exercisable or is exercisable only after the passage of time.

 

“Beneficial Ownership Certification”
means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership Regulation”
means 31 C.F.R. § 1010.230.

 

“Borrower” has the meaning
specified in introductory paragraph hereof.

 

“Borrower Materials” has
the meaning specified in Section ‎11.01(e).

 

“Borrowing” means a borrowing
of Loans.

 

“Borrowing Request” means
a request for a Borrowing in substantially the form of Exhibit D or any other form approved by the Administrative Agent.

 

     

    7 

    

 

“Business Day” means any
day on which Treasury and the Federal Reserve Bank of New York are both open for business that is not a Saturday, Sunday or other
day that is a legal holiday under the laws of the State of New York or is a day on which banking institutions in such state are
authorized or required by Law to close; provided that, when used in connection with a Loan, the term “Business
Day” means any such day that is also a day on which dealings in Dollar deposits are conducted by and between banks in
the London interbank market.

 

“Capital Markets Offering”
means any offering of “securities” (as defined under the Securities Act and, including, for the avoidance of doubt,
any offering of pass-through certificates by any pass-through trust established by the Parent or any of its Subsidiaries) in (a) a
public offering registered under the Securities Act, or (b) an offering not required to be registered under the Securities
Act (including, without limitation, a private placement under Section 4(a)(2) of the Securities Act, an exempt offering
pursuant to Rule 144A and/or Regulation S of the Securities Act and an offering of exempt securities).

 

“Capitalized Lease Obligations”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a Capitalized Lease that
would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto)
prepared in accordance with GAAP; provided that all leases of such Person that are or would have been treated as operating leases
for purposes of GAAP prior to the issuance of the ASU shall continue to be accounted for as operating leases for purposes of all
financial definitions and calculations for purposes of this Agreement (whether or not such operating lease obligations were in
effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or
retroactive basis or otherwise) to be treated as capitalized lease obligations for other purposes.

 

“Capitalized Leases” means
all leases that have been or should be, in accordance with GAAP as in effect on the Closing Date, recorded as capitalized leases;
provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted
for as a liability in accordance with GAAP; provided, further, that all leases of such Person that are or would have been treated
as operating leases for purposes of GAAP prior to the issuance of the ASU shall continue to be accounted for as operating leases
for purposes of all financial definitions and calculations for purposes of this Agreement (whether or not such operating lease
obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU
(on a prospective or retroactive basis or otherwise) to be treated as capitalized lease obligations for other purposes.

 

“CARES Act” has the meaning
specified in the preamble to this Agreement.

 

“Cash Equivalents” means:

 

(a)            direct
obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States
of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States
of America), in each case maturing within one year from the date of acquisition thereof;

 

(b)            investments
in commercial paper maturing within one year from the date of acquisition thereof and having, at such date of acquisition, a rating
of at least A-2 from S&P or at least P-2 from Moody’s;

 

     

    8 

    

 

(c)            investments
in certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital
and surplus and undivided profits of not less than $250,000,000;

 

(d)            money
market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are
rated AAA and Aaa (or equivalent rating) by at least two (2) Credit Rating Agencies and (iii) have portfolio assets of
at least $5,000,000,000;

 

(e)            deposits
available for withdrawal on demand with commercial banks organized in the United States having capital and surplus in excess of
$100,000,000; and

 

(f)             other
short-term liquid investments held by the Parent and the Subsidiaries as of the Closing Date in accordance with their normal investment
policies and practices for cash management.

 

“CCR Certificate” has the
meaning specified in Section ‎6.17(b).

 

“CCR Certificate Delivery Date”
has the meaning specified in Section ‎6.17(b).

 

“CCR Reference Date” has
the meaning specified in Section ‎6.17(b).

 

“CFC” means a controlled
foreign corporation within the meaning of Section 957 of the Code.

 

“CFC Holdco” means any
Domestic Subsidiary that has no material assets other than Equity Interests of one or more Foreign Subsidiaries that are CFCs.

 

“Change in Law” means the
occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to
the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law”, regardless of the date enacted, adopted or issued.

 

“Change of Control”
means the occurrence of any of the following: (a) the sale, lease, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties
or assets of the Borrower and its Subsidiaries, or if the Borrower is a direct or indirect Subsidiary of the Parent, the
Parent and its Subsidiaries, taken as a whole to any Person (including any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act)); (b) the consummation of any transaction (including, without
limitation, any merger or consolidation), the result of which is that any Person (including any “person” (as
defined above)) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Borrower or
the Parent, as applicable, (measured by voting power rather than number of shares), other than (i) any such transaction
where the Voting Stock of the Borrower or the Parent, as applicable, (measured by voting power rather than number of shares)
outstanding immediately prior to such transaction constitutes or is converted into or exchanged for at least a majority of
the outstanding shares of the Voting Stock of such Beneficial Owner (measured by voting power rather than number of shares),
or (ii) the consummation of any merger or consolidation of the Borrower or the Parent, as applicable, with or into any
Person (including any “person” (as defined above)) which owns or operates (directly or indirectly through a
contractual arrangement) a Permitted Business (a “Permitted Person”) or a Subsidiary of a Permitted
Person, in each case, if immediately after such transaction no Person (including any “person” (as defined above))
is the Beneficial Owner, directly or indirectly, of more than 50% of the total Voting Stock of such Permitted Person
(measured by voting power rather than number of shares); (c) if the Borrower is a direct or indirect Subsidiary of the
Parent, the Parent ceasing to own, directly or indirectly, 100% of the Equity Interests of the Borrower; (d) the
adoption of a plan relating to the liquidation or dissolution of the Borrower or the Parent or (e) the occurrence of a
 “change of control”, “change in control” or similar event under any Material Indebtedness of the
Borrower, the Parent or any parent entity of the foregoing.

 

     

    9 

    

 

“Closing Date” means the
first date all the conditions precedent in Section ‎4.01 are satisfied.

 

“Code” means the Internal
Revenue Code of 1986, as amended from time to time.

 

“Collateral” has the meaning
assigned to such term in the Pledge and Security Agreement.

 

“Collateral Agent” means
The Bank of New York Mellon, in its capacity as collateral agent under any of the Loan Documents, or any successor collateral agent.

 

“Collateral Coverage Ratio”
means, as of any date of determination, the ratio of (i) the Appraised Value of the Eligible Collateral as of the date of
the Appraisal most recently delivered pursuant to Section ‎5.16 (or in the case of cash and Cash Equivalents, as of
such date of determination) to (ii) the aggregate principal amount of all Loans and Commitments outstanding as of such date;
provided that for the purposes of calculating clause (i) above, (x) no more than 25% of the Appraised Value of
the Eligible Collateral may correspond to ground support equipment and (y) any amounts held in the Collateral Proceeds Account
shall not be included.

 

“Collateral Proceeds Account”
means a deposit account in the name of the Borrower that is subject to an agreement, in form and substance satisfactory to the
Appropriate Party, establishing Control (as defined in the Pledge and Security Agreement) of such account by the Collateral Agent.

 

“Commitment” means the
commitment of the Initial Lender to make Loans in the amount of $5,170,000,000, as such commitment may be reduced or terminated
pursuant to Section ‎2.07.

 

“Communications” has the
meaning specified in Section ‎11.01(d)(ii).

 

“Competitor” means (i) any
Person operating an Air Carrier or a commercial passenger air carrier business and (ii) any Affiliate of any Person described
in clause (i) (other than any Affiliate of such Person as a result of common control by a Governmental Authority or instrumentality
thereof and any Affiliate of such Person under common control with such Person which Affiliate is not actively involved in the
management and/or operations of such Person).

 

“Connection Income Taxes”
means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or
branch profits Taxes.

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking
to which such Person is a party or by which it or any of its property is bound.

 

“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through
the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings analogous thereto.

 

“Convertible Indebtedness”
means Indebtedness of the Parent that is convertible into common Equity Interests of the Parent (and cash in lieu of fractional
shares) and/or cash (in an amount determined by reference to the price of such common Equity Interests).

 

“Corresponding Tenor” with
respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having
approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Credit Parties” means
the Borrower and the Guarantors.

 

“Credit Rating” means a
rating as determined by a Credit Rating Agency of the Parent’s non-credit-enhanced, senior unsecured long-term indebtedness.

 

“Credit Rating Agency”
means a nationally recognized credit rating agency that evaluates the financial condition of issuers of debt instruments and then
assigns a rating that reflects its assessment of the issuer’s ability to make debt payments.

 

     

    10 

    

 

“Daily Simple SOFR” means,
for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Required Lenders
in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily
Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not
administratively feasible for the Administrative Agent, then the Required Lenders may establish another convention in its reasonable
discretion, subject to the determination by the Administrative Agent of the administrative feasibility of such convention.

 

“Debtor Relief Laws” means
the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect.

 

“Default” means any event
or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be
an Event of Default.

 

“Default Rate” means an
interest rate (before as well as after judgment) equal to the applicable interest rate plus 2.00% per annum.

 

“Disposition” or “Dispose”
means the sale, transfer (including through a plan of division), license, lease or other disposition of any property by any Person
(including (i) any sale and leaseback transaction, any issuance of Equity Interests by a Subsidiary of such Person and (ii) with
respect to Intellectual Property, any covenant not to sue, release, abandonment, lapse, forfeiture, dedication to the public or
other similar disposition of Intellectual Property ), including any sale, assignment, transfer or other disposal, with or without
recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

“Disqualified Equity
Interest” means any Equity Interest that, by its terms (or the terms of any security or other Equity Interests into
which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or
is mandatorily redeemable (other than solely for Equity Interests that are not Disqualified Equity Interests), pursuant to a
sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the
holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in
full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments), (b) is
redeemable at the option of the holder thereof, in whole or in part, (c) provides for scheduled payments of dividends in
cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would
constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Maturity
Date; provided that if such Equity Interests are issued pursuant to a plan for the benefit of employees of the Parent
or any Subsidiary or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity
Interests solely because they may be required to be repurchased by the Parent or its Subsidiaries in order to satisfy
applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability.

 

“Dollar” and “$”
mean lawful money of the United States.

 

“Domestic Subsidiary” means
any Subsidiary that is organized under the Laws of the United States of America, any state thereof, or the District of Columbia.

 

“DOT” means the U.S. Department
of Transportation.

 

“Early Opt-in Election”
means, if the then-current Benchmark is USD LIBO Rate, the occurrence of:

 

		(1)	(x) so long as the Initial Lender is a Lender, the Initial Lender and (y) otherwise, the Required Lenders, in each
case notifying to the Administrative Agent that the Initial Lender or the Required Lenders have determined that at least five currently
outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally
executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated
credit facilities are identified in such notice and are publicly available for review), and
	 	 	 
		(2)	(x) so long as the Initial Lender is a Lender, the election by the Initial Lender and (y) otherwise, the joint election
by the Required Lenders and the Borrower to trigger a fallback from USD LIBO Rate and, in each case, the provision to the Administrative
Agent and the other Lenders of written notice of such election.

 

     

    11 

    

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country that is subject to the supervision
of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described
in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country that is
a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated
supervision with its parent.

 

“EEA Member Country” means
any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Appraiser”
means (a) with respect to aircraft or engines: Morten Beyer & Agnew, International Bureau of Aviation,
Ascend Worldwide Group, ICF International Inc., BK Associates, Inc., Aircraft Information Services Inc.,
AVITAS, Inc., PAC Appraisal Inc., Aviation Specialists Group, Aviation Asset Management Inc. or IBA Group Ltd.,
(b) with respect to slots, gates or routes: Morten Beyer & Agnew, ICF International Inc., PAC Appraisal
Inc. or BK Associates, Inc., (c) with respect to parts, Morten Beyer & Agnew, ICF International Inc.,
Sage-Popovich, Inc., PAC Appraisal Inc., Aviation Asset Management Inc. or Alton Aviation Consultancy LLC, (d) with
respect to any other type of property, Deloitte & Touche LLP, Andersen Tax LLC, BBC Aviation Enterprises Aviation
Advisors Group, LLC, PricewaterhouseCoopers, CBRE Group Inc. and Jones Lang LaSalle Incorporated, and (e) any
independent appraisal firm appointed by the Borrower and acceptable to the Appropriate Party.

 

“Eligible Assignee” means
any Person that meets the requirements to be an assignee under Section ‎11.04(b)(iii), 11.04(b)(v) and 11.04(b)(vi) (subject
to such consents, if any, as may be required under Section ‎11.04(b)(iii)); provided that no Competitor shall be an
Eligible Assignee.

 

“Eligible Collateral” means,
as of any date, all Collateral on which the Collateral Agent has, as of such date, to the extent purported to be created by the
applicable Security Document, a valid and perfected first priority Lien and/or mortgage (or comparable Lien) for the benefit of
the Secured Parties and which is otherwise subject only to Permitted Liens and satisfies the requirements set out in the Loan Documents
for such type of Collateral.

 

“Environmental Laws” means
any and all federal, state, local, and foreign statutes, Laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental restrictions, including all common law, relating to pollution
or the protection of health, safety or the environment or the release of any materials into the environment, including those related
to Hazardous Materials, air emissions, discharges to waste or public systems and health and safety matters.

 

“Environmental Liability”
means any liability or obligation, contingent or otherwise (including any liability for damages, costs of environmental remediation,
fines, penalties or indemnities), directly or indirectly, resulting from or based upon (a) violation of any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment, disposal or permitting or arranging for the disposal
of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

 

“Equity Interests” means,
as to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants,
options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit
interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares
(or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or
trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests
are outstanding on any date of determination (other than Convertible Indebtedness or any other debt security that is convertible
into or exchangeable for Equity Interests of such Person and the Warrants).

 

     

    12 

    

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate” means
any trade or business (whether or not incorporated) under common control with any Credit Party within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412
of the Code or Section 302 of ERISA).

 

“ERISA Event” means
(a) a Reportable Event with respect to a Pension Plan; (b) the failure by any Credit Party or any ERISA Affiliate
to meet all applicable requirements under the Pension Funding Rules or the filing of an application for the waiver of
the minimum funding standards under the Pension Funding Rules; (c) the incurrence by any Credit Party or any ERISA
Affiliate of any liability pursuant to Section 4063 or 4064 of ERISA or a cessation of operations with respect to a
Pension Plan within the meaning of Section 4062(e) of ERISA; (d) a complete or partial withdrawal by any
Credit Party or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization
or insolvent (within the meaning of Title IV of ERISA); (e) the filing of a notice of intent to terminate a Pension
Plan under, or the treatment of a Pension Plan amendment as a termination under, Section 4041 of ERISA; (f) the
institution by the PBGC of proceedings to terminate a Pension Plan; (g) any event or condition that constitutes grounds
under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan;
(h) the determination that any Pension Plan is in at-risk status (within the meaning of Section 430 of the Code or
Section 303 of ERISA) or that a Multiemployer Plan is in endangered or critical status (within the meaning of
Section 432 of the Code or Section 305 of ERISA); (i) the imposition or incurrence of any liability under
Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Credit
Party or any ERISA Affiliate; (j) the engagement by any Credit Party or any ERISA Affiliate in a transaction that could
be subject to Section 4069 or Section 4212(c) of ERISA; (k) the imposition of a lien upon any Credit
Party pursuant to Section 430(k) of the Code or Section 303(k) of ERISA; or (l) the making of an
amendment to a Pension Plan that could result in the posting of bond or security under Section 436(f)(1) of the
Code.

 

“EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time.

 

“Eurodollar Reserve Percentage”
means, for any day during any Interest Period, the reserve percentage in effect on such day, whether or not applicable to any Lender,
under regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including
any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred
to as “Eurocurrency liabilities” in Regulation D). The Adjusted LIBO Rate for each outstanding Loan shall be adjusted
automatically as of the effective date of any change in the Eurodollar Reserve Percentage.

 

“Event of Default” has
the meaning specified in Article ‎VII.

 

“Excluded Assets” has the
meaning assigned to such term in the Pledge and Security Agreement.

 

“Excluded Subsidiary” means
any Subsidiary of the Parent (other than the Borrower) that (i) is not wholly-owned, directly or indirectly, by the Parent,
(ii) is a captive insurance company, (iii) is an Immaterial Subsidiary, (iv) is a Receivables Subsidiary or (v) is
a Foreign Subsidiary or a CFC Holdco existing on the Closing Date; provided that, notwithstanding the foregoing, (1) a
Subsidiary will not be an Excluded Subsidiary if it (x) owns assets that are intended to be included in the Collateral, (y) owns
individually, or in the aggregate with other Subsidiaries (including any Subsidiary that would otherwise qualify as an Excluded
Subsidiary), a majority of the Equity Interests of any Subsidiary that owns any assets that are intended to be included in the
Collateral or (z) guarantees Material Indebtedness of the Parent or any of its Subsidiaries (other than any acquired Subsidiary
that guarantees assumed Indebtedness of a Person acquired pursuant to an acquisition permitted under this Agreement that is existing
at the time of such acquisition or investment; provided that such Indebtedness was not created in contemplation of or in
connection with such acquisition and the amount of such Indebtedness is not increased), provided further that, notwithstanding
the foregoing, United Ground Express, Inc. and each of the MPH Companies shall at all times constitute Excluded Subsidiaries.

 

     

    13 

    

 

“Excluded Taxes” means
any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office
or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect
on the date on which (i) such Lender acquires such interest in the Loans (other than pursuant to an assignment request by
the Borrower under Section ‎2.19(b)) or (ii) such Lender changes its lending office, except in each case to the
extent that, pursuant to Section ‎2.16, amounts with respect to such Taxes were payable either to such Lender's assignor
immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes
attributable to such Recipient’s failure to comply with Section ‎2.16(g) and (d) any withholding Taxes
imposed under FATCA.

 

“Export Control Laws” means
any applicable export control Laws including the International Traffic in Arms Regulations (22 C.F.R. 120 et seq.) and the Export
Administration Regulations (15 C.F.R. 730 et seq.).

 

“FAA” means the United
States Federal Aviation Administration and any successor thereto.

 

“FATCA” means Sections 1471
through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements
entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
Sections of the Code.

 

“FCPA” has the meaning
specified in Section ‎3.15(b).

 

“Federal Funds Effective Rate”
means, for any day, the greater of (a) the rate calculated by the Federal Reserve Bank of New York based on such day’s
Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall
set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank
of New York as the Federal funds effective rate and (b) 0%.

 

“Federal Reserve Board”
means the Board of Governors of the Federal Reserve System of the United States.

 

“Finance Entity” means
any Person created or formed by or at the direction of the Parent or any of its Subsidiaries for the purpose of financing aircraft
and aircraft related assets and related pre-delivery payment obligations of Parent or such Subsidiaries that; provided, that, such
(i) Person holds no material assets other than the aircraft or aircraft related assets to be financed or assets pursuant to
which related pre-delivery payment obligations arise, (ii) financing is in the ordinary course of business of the Parent and
its Subsidiaries or otherwise customary for airlines based in the United States and (iii) Person holds no assets constituting,
or otherwise intended to be included in, Collateral.

 

“Financial Officer” means,
as to any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person.

 

“Fitch” means Fitch Ratings
and any successor to its rating agency business.

 

“Floor” means the benchmark
rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or
renewal of this Agreement or otherwise) with respect to USD LIBO Rate. As of the Closing Date, the Floor shall be 0%.

 

“Foreign Lender” means
any Lender that is not a U.S. Person.

 

“Foreign Plan” means any
employee pension benefit plan, program, policy, arrangement or agreement maintained or contributed to by the Parent or any Subsidiary
with respect to employees employed outside the United States (other than any governmental arrangement).

 

“Foreign Subsidiary” means
any Subsidiary that is not a Domestic Subsidiary.

 

“Fund” means any Person
(other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans, bonds and similar extensions of credit in the ordinary course of its activities.

 

     

    14 

    

 

“GAAP” means, subject to
Section ‎1.03, United States generally accepted accounting principles as in effect from time to time; provided
that if at any time any change in GAAP would affect the computation of any financial ratio or financial requirement, or compliance
with any covenant, set forth in any Loan Document, the Required Lenders and the Borrower will negotiate in good faith to amend
such ratio, requirement or covenant to preserve the original intent thereof in light of such change in GAAP (subject to the approval
of the Required Lenders); provided that until so amended, (a) such ratio, requirement or covenant will continue to be computed
in accordance with GAAP prior to such change therein and (b) the Borrower will provide to the Administrative Agent and the
Lenders reconciliation statements to the extent requested.

 

“Gate Leasehold” has the
meaning assigned to such term in the Pledge and Security Agreement.

 

“Governmental Authority”
means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

“Guarantee” means, as to
any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing
any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any
manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or
pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or
lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation
of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital
or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation or (iv) entered into for the purpose of assuring in any other
manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such
obligee against loss in respect thereof (in whole or in part) or (b) any Lien on any assets of such Person securing any Indebtedness
or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any
right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee”
shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall
be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in
respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding
meaning.

 

“Guaranteed Obligations”
has the meaning specified in Section ‎9.01.

 

“Guarantor” means the Parent
and each other Guarantor listed on the signature page to this Agreement and any other Person that Guarantees the Obligations
under this Agreement and any other Loan Document.

 

“Hazardous Materials” means
all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including
petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes, and other substances or wastes of any nature regulated under or with respect to which liability or standards
of conduct are imposed pursuant to any Environmental Law.

 

“Immaterial
Subsidiaries” means one or more Subsidiaries, for which (a) the assets of all such Subsidiaries constitute, in
the aggregate, no more than 7.50% of the total assets of the Parent and its Subsidiaries on a consolidated basis (determined
as of the last day of the most recent fiscal quarter of Parent for which financial statements are available), and
(b) the revenues of all such Subsidiaries account for, in the aggregate, no more than 7.50% of the total revenues of the
Parent and its Subsidiaries on a consolidated basis for the four (4) fiscal quarter period ending on the last day of the
most recent fiscal quarter of Parent for which financial statements are available; provided that (x) a Subsidiary
will not be an Immaterial Subsidiary if it (i) directly or indirectly guarantees, or pledges any property or assets to
secure, any Obligations, (ii) owns any assets that are intended to be included in the Collateral or is party to any
agreements that constitute (or would constitute) Collateral or (iii) owns a majority of the Equity Interests of any
Subsidiary that owns any assets that are intended to be included in the Collateral and (y) the Borrower shall not be an
Immaterial Subsidiary.

 

     

    15 

    

 

“Indebtedness” means, as
to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

(a)            all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)            all
direct or contingent obligations of such Person arising under (i) letters of credit (including standby and commercial), bankers’
acceptances and bank guaranties and (ii) surety bonds, performance bonds and similar instruments issued or created by or for
the account of such Person;

 

(c)            net
obligations of such Person under any Swap Contract;

 

(d)            all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business);

 

(e)            indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed
by such Person or is limited in recourse;

 

(f)             all
Attributable Indebtedness;

 

(g)            all
obligations of such Person in respect of Disqualified Equity Interests; and

 

(h)            all
Guarantees of such Person in respect of any of the foregoing.

 

For all purposes hereof, the Indebtedness of any Person shall
include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse
to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination
Value thereof as of such date. The amount of any Indebtedness of any Person for purposes of clause (e) that is expressly
made non-recourse or limited-recourse (limited solely to the assets securing such Indebtedness) to such Person shall be deemed
to be equal to the lesser of (i) the aggregate principal amount of such Indebtedness and (ii) the fair market value of
the property encumbered thereby as determined by such Person in good faith.

 

“Indemnified Taxes” means
(a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitee” has the meaning
specified in Section ‎11.03(b).

 

“Information” has the meaning
specified in Section ‎11.12.

 

“Initial Lender” means
Treasury or its designees (but, for the avoidance of doubt, excluding any assignee of the Loans).

 

“Intellectual Property”
has the meaning assigned to such term in the Pledge and Security Agreement.

 

     

    16 

    

 

“Interest Payment Date”
means the first Business Day following the 14th day of each March, June, September and December (beginning
with September 15, 2021), and the Maturity Date.

 

“Interest Period” means,
as to any Borrowing, (a) for the initial Interest Period, the period commencing on the date of such Borrowing and ending on
the next succeeding Interest Payment Date and (b) for each Interest Period thereafter, the period commencing on the last day
of the next preceding Interest Period and ending on the next succeeding Interest Payment Date.

 

“International Registry”
has the meaning assigned to such term in the Pledge and Security Agreement.

 

“Interpolated Rate” means,
at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent
manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the rate as displayed
on the Bloomberg “LIBOR01” screen page (or any successor or replacement screen on such service; in each case the
 “Screen Rate”) for the longest period (for which that Screen Rate is available) that is shorter than three (3) months
and (b) the Screen Rate for the shortest period (for which that Screen Rate is available) that is equal to or exceeds three
(3) months, in each case, at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement
of such Interest Period.

 

“Investment” means, as
to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other
acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution
to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest
in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which
the investor incurs Indebtedness of the type referred to in clause (h) of the definition of “Indebtedness”
in respect of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions)
of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line
of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value of such Investment but giving effect to any returns
or distributions of capital or repayment of principal actually received in case by such Person with respect thereto.

 

“IRS” means the United
States Internal Revenue Service.

 

“ISDA Definitions” means
the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from
time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Laws” means, collectively,
all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and
administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether
or not having the force of law.

 

“Lenders” means the Initial
Lender and any other Person that shall have become party hereto pursuant to an Assignment and Assumption, other than any such Person
that ceases to be a party hereto pursuant to an Assignment and Assumption.

 

“LIBO Rate” means,
the greater of (a) the rate appearing on the Bloomberg “LIBOR01” screen page (or any successor or
replacement screen on such service) at approximately 11:00 a.m., London time, two (2) Business Days prior to the
commencement of such Interest Period, as the rate for dollar deposits with a maturity of three (3) months; provided
that (i) if such rate is not available at such time for any reason, then the “LIBO Rate” shall be the
Interpolated Rate, and (ii) if the Interpolated Rate is not available (except as set forth in Section 2.10), the
 “LIBO Rate” shall be the LIBO Rate for the immediately preceding Interest Period, two (2) Business Days
prior to the commencement of such Interest Period and (b) 0%.

 

     

    17 

    

 

“Lien” means any mortgage,
pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, any option or
other agreement to sell or give a security interest in an asset, or preference, priority, or other security interest or preferential
arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement,
right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect
as any of the foregoing).

 

“Liquidity” means the sum
of (i) all unrestricted cash and Cash Equivalents of Parent and its Subsidiaries, (ii) cash or Cash Equivalents of the
Parent and its Subsidiaries restricted in favor of the Obligations or in connection with the Payroll Support Program Agreement
(other than any amounts held in the Collateral Proceeds Account), (iii) the aggregate principal amount committed and available
to be drawn by the Parent and its Subsidiaries (taking into account all borrowing base limitations or other restrictions) under
all revolving credit facilities of the Parent and its Subsidiaries, (iv) any remaining aggregate principal amount committed
and available to be drawn (taking into account any applicable restrictions) by the Parent and its Subsidiaries in respect of the
Loans and (v) the scheduled net proceeds (after giving effect to any expected repayment of existing Indebtedness using such
proceeds) of any Capital Markets Offering of the Parent or any of its Subsidiaries that has priced but has not yet closed (until
the earliest of the closing thereof, the termination thereof without closing or the date that falls five (5) Business Days
after the initial scheduled closing date thereof).

 

“Loan” means a loan made
by a Lender to the Borrower pursuant to this Agreement.

 

“Loan Application Form”
means the application form and any related materials submitted by the Borrower to the Initial Lender in connection with an application
for the Loans under Division A, Title IV, Subtitle A of the CARES Act.

 

“Loan Documents” means,
collectively, this Agreement, any Security Document, any promissory notes issued pursuant to Section ‎2.11(b) and
any other documents entered into in connection herewith (including an Administrative Agency Fee Letter, if any).

 

“Margin Stock” means margin
stock within the meaning of Regulations T, U and X.

 

“Material Adverse Effect”
means (a) a material adverse change in, or a material adverse effect on, the operations, business, properties, liabilities
(actual or contingent), condition (financial or otherwise) or prospects of the Parent and its Subsidiaries taken as a whole; or
(b) a material adverse effect on (i) the ability of the Borrower or any Credit Party to perform its Obligations, (ii) the
legality, validity, binding effect or enforceability against the Borrower or any Credit Party of any Loan Document to which it
is a party or the validity, perfection and first priority of the Liens on the Collateral in favor of the Collateral Agent taken
as a whole or with respect to a substantial portion of the Collateral, or (iii) the rights, remedies and benefits available
to, or conferred upon, the Lenders or the Agents under any Loan Documents; provided that the impacts of the COVID-19 disease
outbreak will be disregarded for purposes of clauses (a) of this definition to the extent (i) publicly disclosed in any
SEC filing of the Parent or otherwise provided to the Initial Lender prior to the Closing Date and (ii) the scope of such
adverse effect is no greater than that which has been disclosed as of the Closing Date.

 

“Material Indebtedness”
means Indebtedness of the Parent or any of its Subsidiaries (other than the Loans) outstanding under the same agreement in a principal
amount exceeding $220,000,000.

 

     

    18 

    

 

 

“Material Subsidiary”
means any Subsidiary that is not an Immaterial Subsidiary.

 

“Maturity Date” means
the date that is five (5) years after the Closing Date (except that, if such date is not a Business Day, the Maturity Date
shall be the preceding Business Day).

 

“Maximum Rate” has the
meaning specified in Section ‎11.14.

 

“Moody’s” means
Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

“MPH Companies” means
each of (i) Mileage Plus Holdings, LLC (“MPH”), a Delaware limited liability company, (ii) each Subsidiary
of MPH and (iii) each entity formed in connection with the Madrid Protocol Holding Structure (as defined in the MPH Facility)
and, if applicable, the Alternative Madrid Structure (as defined in the MPH Facility).

 

“MPH Facility” means,
collectively, (i) that certain Term Loan Credit and Guaranty Agreement dated as of July 2, 2020, among, inter alios,
MPH and Mileage Plus Intellectual Property Assets, Ltd. (“MIPA”), as borrowers, United Airlines Holdings, Inc.
and United Airlines, Inc., as guarantors, the MPH Companies from time to time party thereto as guarantors, the lenders from
time to time party thereto, Goldman Sachs Bank USA, as administrative agent, and Wilmington Trust, National Association, as collateral
administrator and (ii) that certain Indenture dated as of July 2, 2020, among, inter alios, MPH and MIPA, as
issuers, United Airlines Holdings, Inc. and United Airlines, Inc., as guarantors, the MPH Companies from time to time
party thereto as guarantors and Wilmington Trust, National Association, as trustee and collateral custodian, in each case, including
any modifications, replacements, renewals, refinancings or extensions thereof.

 

“Multiemployer Plan” means
any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Credit Party or any ERISA
Affiliate makes or is obligated to make contributions, during the preceding five (5) plan years has made or been obligated
to make contributions, or has any liability.

 

“Multiple Employer Plan”
means a Plan with respect to which any Credit Party or any ERISA Affiliate is a contributing sponsor, and that has two (2) or
more contributing sponsors at least two (2) of whom are not under common control, as such a plan is described in Section 4064
of ERISA.

 

“Net Proceeds” means in
connection with any Disposition or Recovery Event, the aggregate cash and Cash Equivalents received by the Parent or any of its
Subsidiaries in respect of a Disposition of Collateral (including, without limitation, any cash or Cash Equivalents received in
respect of or upon the Disposition of any non-cash consideration received in any such Disposition of Collateral) or Recovery Event,
net of the direct costs and expenses relating to such Disposition and incurred by the Parent or a Subsidiary (including the sale
or disposition of such non-cash consideration) or any such Recovery Event, including, without limitation, legal, accounting and
investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Disposition or Recovery
Event, taxes paid or reasonably estimated to be payable as a result of the Disposition or Recovery Event, in each case, after
taking into account any available tax credits or deductions and any tax sharing arrangements.

 

“Non-Consenting Lender”
means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all or all affected
Lenders in accordance with the terms of Section ‎11.02 and (b) has been approved by the Required Lenders.

 

“Note” means the promissory
note executed by the Borrower pursuant to Section 2.11(b).

 

“Obligations” means all
advances to, and debts, liabilities, obligations, covenants and duties of, each Credit Party arising under any Loan Document or
otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or required to be performed, or to become due or to be performed, now existing or hereafter arising and including interest
and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any
Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed
claims in such proceeding. Without limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest,
charges, expenses, fees, indemnities and other amounts payable by the Borrower or any other Credit Party under any Loan Document,
(b) the obligation of any Credit Party to reimburse any amount in respect of any of the foregoing that the Lenders, in each
case in their sole discretion, may elect to pay or advance on behalf of any Credit Party and (c) the obligation of any Credit
Party or any of its Subsidiaries to take any action or refrain from taking any action as required by the covenants and other provisions
contained in this Agreement and any other Loan Document.

 

     

    19 

    

 

“Obligee Guarantor” has
the meaning specified in Section ‎9.06.

 

“Organizational Documents”
means (a) as to any corporation, the charter or certificate or articles of incorporation and the bylaws (or equivalent or
comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) as to any limited liability company, the
certificate or articles of formation or organization and operating or limited liability agreement and (c) as to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable,
any certificate or articles of formation or organization of such entity.

 

“Other Connection Taxes”
means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the
jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any
other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in the Loans or Loan Document).

 

“Other Taxes” means all
present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section ‎2.19(b)).

 

“Outstanding Amount” means,
with respect to Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and
prepayments or repayments of Loans occurring on such date.

 

“Parent” has the meaning
specified in introductory paragraph hereof.

 

“Participant” has the
meaning specified in Section ‎11.04(d).

 

“Participant Register”
has the meaning specified in Section ‎11.04(d).

 

“Payroll Support Program Agreement”
means that certain Payroll Support Program Agreement dated as of April 20, 2020, between the Borrower and Treasury.

 

“PBGC” means the Pension
Benefit Guaranty Corporation.

 

“Pension Act” means the
Pension Protection Act of 2006.

 

“Pension Funding Rules”
means the rules of the Code and ERISA (as modified by the CARES Act) regarding minimum funding standards and minimum required
contributions (including any installment payment thereof) to Pension Plans and Multiemployer Plans and set forth in, with respect
to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA,
each as in effect prior to the Pension Act and, thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302,
303, 304 and 305 of ERISA.

 

     

    20 

    

 

“Pension Plan” means any
employee pension benefit plan (including a Multiple Employer Plan, but excluding a Multiemployer Plan) that is maintained or is
contributed to by any Credit Party or any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the
minimum funding standards under Section 412 of the Code.

 

“Perfection Requirement”
has the meaning specified in the Pledge and Security Agreement.

 

“Permitted Bond Hedge Transaction”
means any call or capped call option (or substantively equivalent derivative transaction) on the Parent’s common Equity
Interests purchased by the Parent in connection with the issuance of any Convertible Indebtedness; provided that the purchase
price for such Permitted Bond Hedge Transaction does not exceed the net proceeds received by the Parent from the sale of such
Convertible Indebtedness issued in connection with the Permitted Bond Hedge Transaction.

 

“Permitted Business” means
any business that is the same as, or reasonably related, ancillary, supportive or complementary to, the business in which the
Parent and its Subsidiaries are engaged on the date of this Agreement.

 

“Permitted Liens” means:

 

(1)            Liens
created for the benefit of (or to secure the payment and performance of) the Obligations or any Guaranteed Obligations;

 

(2)            Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate
provision as is required in conformity with GAAP has been made therefor;

 

(3)            Liens
imposed by law, including carriers’, vendors’, materialmen’s, warehousemen’s, landlord’s, mechanics’,
repairmen’s, employees’ or other like Liens, in each case, incurred in the ordinary course of business;

 

(4)            Liens
arising by operation of law in connection with judgments, attachments or awards which do not constitute an Event of Default hereunder;

 

(5)            Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with
the importation of goods in the ordinary course of business;

 

(6)            [Reserved];

 

(7)            to
the extent applicable, salvage or similar rights of insurers, in each case as it relates to Collateral; and

 

(8)            Liens
expressly permitted by the Pledge and Security Agreement.

 

“Permitted Refinancing”
means with respect to any Person, any refinancings, renewals, or extensions of any Indebtedness of such Person so long as: (a) such
refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced,
renewed, or extended, other than by the amount of premiums paid thereon and the fees and expenses incurred in connection therewith
and by the amount of unfunded commitments with respect thereto; (b) such refinancings, renewals, or extensions do not result
in a shortening of the average weighted maturity (measured as of the refinancing, renewal, or extension) of the Indebtedness so
refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole, are or could reasonably be expected
to be materially adverse to the interests of the Lenders; (c) if the Indebtedness that is refinanced, renewed, or extended
was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension
must include subordination terms and conditions that are at least as favorable to the Lenders as those that were applicable to
the refinanced, renewed, or extended Indebtedness; (d) the Indebtedness that is refinanced, renewed, or extended is not recourse
to any Person that is liable on account of the Obligations other than those Persons which were obligated with respect to the Indebtedness
that was refinanced, renewed, or extended and (e) to the extent the Indebtedness that is refinanced, renewed, or extended
is unsecured, the Indebtedness resulting from such refinancing, renewal or extension must be unsecured.

 

     

    21 

    

 

“Person” means any natural
person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority
or other entity.

 

“Plan” means any
employee benefit plan within the meaning of Section 3(3) of ERISA, maintained for employees of the Parent or any Subsidiary,
or any such plan to which the Parent or any Subsidiary is required to contribute on behalf of any of its employees or with respect
to which any Credit Party has any liability.

 

“Platform” means Debt
Domain, Intralinks, Syndtrak, DebtX or a substantially similar electronic transmission system.

 

“Pledge and Security Agreement”
means the Pledge and Security Agreement executed and delivered by the Borrower and each Guarantor on the Closing Date in form
and substance acceptable to the Initial Lender and the Collateral Agent, as it may be amended, supplemented, restated or otherwise
modified from time to time. For the avoidance of doubt, the terms of the “Pledge and Security Agreement” shall include
the terms of all Applicable Annexes (as defined in the Pledge and Security Agreement).

 

“Prepayment Notice” means
a notice by the Borrower to prepay Loans, which shall be in such form as the Appropriate Party may approve.

 

“Prime Rate” means the
rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall
Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal
Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is
no longer quoted therein, any similar rate quoted therein (as determined by the Required Lenders) or any similar release by the
Federal Reserve Board (as determined by the Required Lenders). Any change in the Prime Rate shall take effect at the opening of
business on the day such change is publicly announced or quoted as being effective.

 

“Proceeds” means “proceeds,”
as defined in Article 9 of the UCC.

 

“PSP Warrant Agreement”
means that certain warrant agreement, dated as of April 20, 2020 between Parent and Treasury.

 

“Public Lender” has the
meaning specified in Section ‎11.01(e).

 

“Receivables Subsidiary”
means (x) a Wholly-Owned Subsidiary of the Parent formed for the purpose of and which engages in no activities other than
in connection with the financing or securitization of accounts receivables (a) no portion of the Indebtedness or any other
obligations (contingent or otherwise) of which (1) is guaranteed by the Parent by any Subsidiary of the Parent, and excluding
any guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization
Undertakings, (2) is recourse to or obligates the Parent or any Subsidiary of the Parent in any way other than pursuant to
Standard Securitization Undertakings or (3) subjects any property or asset of the Parent or any Subsidiary of the Parent
(other than accounts receivable and related assets) or any property or asset of the type that is intended to be include in the
Collateral, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization
Undertakings, (b) with which neither the Parent nor any Subsidiary of the Parent (other than another Receivables Subsidiary)
has any material contract, agreement, arrangement or understanding (other than pursuant to the related financing of accounts receivable)
other than on terms no less favorable to the Parent or such Subsidiary than those that might be obtained at the time from Persons
who are not Affiliates of the Parent and (c) with which neither the Parent nor any Subsidiary of the Parent has any obligation
to maintain or preserve such Subsidiary’s financial condition, other than a minimum capitalization in customary amounts,
or to cause such Subsidiary to achieve certain levels of operating results or (y) any Subsidiary of a Receivables Subsidiary.
For the avoidance of doubt, the Parent and any Subsidiary of the Parent may enter into Standard Securitization Undertakings for
the benefit of a Receivables Subsidiary..

 

“Recipient” means (a) the
Administrative Agent, (b) the Collateral Agent or (c) any Lender, as applicable.

 

“Recovery Event” means
any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to
any Collateral or any Event of Loss (as defined in the Pledge and Security Agreement).

 

“Reference Time” with
respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBO Rate, 11:00 a.m. (London
time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD
LIBO Rate, the time determined by the Required Lenders in their reasonable discretion, provided that such time is determined to
be administratively feasible by the Administrative Agent.

 

“Register” has the meaning
specified in Section ‎11.04(c).

 

“Regulation D” means Regulation
D of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

     

    22 

    

 

“Regulation T” means Regulation
T of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

“Regulation U” means Regulation
U of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

“Regulation X” means Regulation X
of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

“Related Parties” means,
with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Relevant Governmental Body”
means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the
Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.

 

“Reportable Event” means
any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30)-day notice period
has been waived.

 

“Required Lenders” means,
at any time, Lenders having Loans representing more than 50% of the aggregate Outstanding Amount of Loans of all Lenders at such
time.

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means (a) the chief executive officer, president, executive vice president or a Financial Officer of the Borrower or such
Credit Party, as applicable, (b) solely for purposes of the delivery of incumbency certificates and certified Organizational
Documents and resolutions pursuant to Section ‎4.01, any vice president, secretary or assistant secretary of the Borrower
or such Credit Party and (c) solely for purposes of Borrowing Requests, prepayment notices and notices for Commitment terminations
or reductions given pursuant to Article ‎II, any other officer or employee of the Borrower so designated from time
to time by one of the officers described in clause (a) in a notice to the Administrative Agent (together with evidence
of the authority and capacity of each such Person to so act in form and substance satisfactory to the Administrative Agent). Any
document delivered hereunder that is signed by a Responsible Officer of the a Credit Party shall be conclusively presumed to have
been authorized by all necessary corporate, partnership or other action on the part of such Credit Party and such Responsible
Officer shall be conclusively presumed to have acted on behalf of such Credit Party.

 

“Restricted Payment” means
any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of any
Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account
of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interest, or on account of
any return of capital to such Person’s shareholders, partners or members (or the equivalent Persons thereof).

 

“Route Authority” has
the meaning assigned to such term in the Pledge and Security Agreement. “S&P” means S&P Global Ratings,
and any successor to its rating agency business.

 

“Sanctioned Country” has
the meaning specified in Section ‎3.15(a).

 

     

    23 

    

  

“Sanctioned Person” has
the meaning specified in Section ‎3.15(a).

 

“Sanctions” has the meaning
specified in Section ‎3.15(a).

 

“Screen Rate” has the
meaning specified in the definition of the term “Interpolated Rate”.

 

“SEC” means the Securities
and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured Parties” has
the meaning assigned to such term in the Pledge and Security Agreement.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Security Document” means
the Pledge and Security Agreement and any security or pledge agreement, mortgage, hypothecation or other agreement, instrument
or document relating to collateral for the Loans (including any short form agreements, supplements, control agreements, collateral
access agreements and registrations executed or made) that may exist at any time and from time to time, as amended from time to
time.

 

“Slot” has the meaning
assigned to such term in the Pledge and Security Agreement.

 

“SOFR” means, with respect
to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR
Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately
succeeding Business Day.

 

“SOFR Administrator” means
the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s Website”
means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for
the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Solvent” means, as to
any Person as of any date of determination, that on such date (a) the fair value of the property of such Person is greater
than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value
of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as
they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities
beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in
a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s property
would constitute an unreasonably small capital. The amount of any contingent liability at any time shall be computed as the amount
that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual or matured liability. For the avoidance of doubt, a Person shall not fail to be Solvent on any date solely
as a result of such person’s audit having a “going concern” or like qualification, exception or explanatory
paragraph or any qualification, exception or explanatory paragraph as to the scope of such audit solely due to the COVID-19 disease
outbreak.

 

“Spare Parts” has the
meaning assigned to such term in the Pledge and Security Agreement.

 

“Standard Securitization Undertakings”
means all representations, warranties, covenants, indemnities, performance Guarantees and servicing obligations entered into by
the Parent or any Subsidiary (other than a Receivables Subsidiary), which are customary in connection with any financing of accounts
receivable.

 

“Subsidiary” of a Person
means a corporation, partnership, limited liability company, association or joint venture or other business entity of which a
majority of the Equity Interests having ordinary voting power for the election of directors or other governing body (other than
securities or interests having such power only by reason of the happening of a contingency) are at the time owned or the management
of which is controlled, directly, or indirectly through one or more intermediaries, by such Person. Unless otherwise specified,
all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries
of the Parent.

 

     

    24 

    

 

“Swap Contract” means
(a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, that are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any
related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

 

“Swap Termination Value”
means, as to any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement
relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination
value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced
in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based
upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which
may include a Lender or any Affiliate of a Lender).

 

“Synthetic Lease Obligation”
means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease or (b) an
agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but,
upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to
accounting treatment).

 

“Taxes” means all present
or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other
charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

 

“Term SOFR” means, for
the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been
selected or recommended by the Relevant Governmental Body.

 

“Trade Date” means the
date on which an assigning Lender enters into a binding agreement to sell and assign all or a portion of its rights and obligations
under this Agreement to another Person.

 

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

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to
time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment
firms, and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial
Institution.

 

“Unadjusted Benchmark Replacement”
means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Uniform Commercial Code”
and “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or, when the context
implies, the Uniform Commercial Code as in effect from time to time in any other applicable jurisdiction.

 

“United States” and “U.S.”
mean the United States of America.

 

“USD LIBO Rate” means
the LIBO Rate for U.S. dollars.

 

“U.S. Person” means
any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance Certificate”
has the meaning specified in Section ‎2.16(g).

 

     

    25 

    

 

“Voting Stock” of any
specified Person as of any date means the equity interests of such Person that is at the time entitled to vote in the election
of the board of directors of such Person.

 

“Warrant Agreement” means
the warrant agreement, dated as of the date hereof between Parent and Treasury, pursuant to which Parent agrees to issue Warrants
to Treasury upon each Borrowing.

 

“Warrants” means, collectively,
those certain warrants issued to Treasury under the Warrant Agreement or the PSP Warrant Agreement.

 

“Wholly-Owned” means,
as to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (a) director’s
qualifying shares and (b) shares issued to foreign nationals to the extent required by Applicable Law) are owned by such
Person and/or by one or more Wholly-Owned Subsidiaries of such Person.

 

“Withholding Agent” means
the Borrower and the Administrative Agent or other person making or transferring to any Lender any payment on behalf of the Borrower.

 

“Write-Down and Conversion Powers”
means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority
from time to time under the Bail-In Legislation for the applicable EEA Member Country, which powers are described in the EU Bail-In
Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under
the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract
or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of such Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are
related to or ancillary to any of those power .

 

SECTION 1.02     Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.” The word “or”
is not exclusive. The word “year” shall refer (i) in the case of a leap year, to a year of three hundred sixty-six
(366) days, and (ii) otherwise, to a year of three hundred sixty-five (365) days. Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on
such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed
to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,”
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless
otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (f) the
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any
and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

SECTION 1.03     Accounting
Terms; Changes in GAAP.

 

(a)            Accounting
Terms. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall be construed
in conformity with GAAP. Financial statements and other information required to be delivered by the Parent to the Lenders pursuant
to Sections ‎5.01(a) and ‎5.01(b) shall be prepared in accordance with GAAP as in effect at the time
of such preparation. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation
of any financial covenant) contained herein, Indebtedness of the Parent and its Subsidiaries shall be deemed to be carried
at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities
shall be disregarded.

 

(b)            Changes
in GAAP. If the Borrower notifies the Administrative Agent (who will forward such notification to the Lenders) that the Borrower
requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or
in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required
Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before
or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in
effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn, the
Required Lenders shall have notified the Borrower (with a copy to the Administrative Agent) of their objection to such amendment
or such provision shall have been amended in accordance herewith.

 

SECTION 1.04     Rates.
The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the
administration, submission or any other matter related to the rates in the definition of “LIBO Rate” or with respect
to any comparable or successor rate thereto.

 

     

    26 

    

 

SECTION 1.05     Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable
event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes
the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have
been organized on the first date of its existence by the holders of its Equity Interests at such time.

 

ARTICLE II

 

COMMITMENTS AND BORROWINGS

 

SECTION 2.01     Commitments.
Subject to the terms and conditions set forth herein, the Initial Lender agrees to make the Loans to the Borrower in one or more
installments on or after the Closing Date in an aggregate principal amount not to exceed the Initial Lender’s Commitment.
Amounts borrowed under this Section ‎2.01 and repaid or prepaid may not be reborrowed.

 

SECTION 2.02     Loans
and Borrowings.

 

(a)            Borrowings.
The Borrower shall request the initial Borrowing of the Loans on the Closing Date and may request one or more subsequent Borrowings
of the Loans; provided that the Borrower shall request no more than three (3) total Borrowings.

 

(b)            Minimum
Amounts. Each Borrowing shall be in an aggregate amount of $520,000,000 or a larger multiple of $5,000,000; provided
that the final Borrowing may be in an amount equal to the aggregate remaining outstanding Commitment available to the Borrower
under the terms and conditions of this Agreement.

 

(c)            Funding
of Borrowings. Each Lender shall make the amount of each Borrowing to be made by it hereunder available to the Administrative
Agent by wire transfer of immediately available funds to the Administrative Account not later than 12:00 noon (New York City time)
on the proposed date thereof. The Administrative Agent will make all such funds so received available to the Borrower in like
funds, by wire transfer of such funds in accordance with the instructions provided in the applicable Borrowing Request; provided
that if all such requested funds are not received by the Administrative Agent by 12:00 noon (New York City time) on the proposed
date for such Borrowing, the Administrative Agent shall distribute such funds on the next succeeding Business Day.

 

SECTION 2.03     Borrowing
Requests. 

 

(a)            Notice
by Borrower. In order to request a Borrowing, the Borrower shall notify the Administrative Agent of such request in writing
not later than 11:00 a.m. (New York City time) (i) with respect to the initial Borrowing under this Agreement, three
(3) Business Days prior to the date of the requested Borrowing and (ii) for each subsequent Borrowing, five (5) Business
Days before such Borrowing. Each such notice shall be irrevocable and shall be in the form of a written Borrowing Request, appropriately
completed and signed by a Responsible Officer of the Borrower. The Administrative Agent shall promptly advise the applicable Lenders
of any Borrowing Request given pursuant to this Section 2.03(a) (and the contents thereof), and of each Lender’s
portion of the requested Borrowing.

 

(b)            Content
of Borrowing Requests. Each Borrowing Request for a Borrowing pursuant to this Section shall specify the following information
in compliance with Section ‎2.02: (i) the aggregate amount of the requested Borrowing; (ii) the date of such
Borrowing (which shall be a Business Day); and (iii) the location and number of the Borrower’s account to which funds
are to be disbursed.

 

     

    27 

    

 

SECTION 2.04     [Reserved].

 

SECTION 2.05     [Reserved].

 

SECTION 2.06     Prepayments.

 

(a)            Optional
Prepayments. The Borrower may, upon written notice to the Administrative Agent, at any time and from time to time prepay the
Loans in whole or in part without premium or penalty, subject to the requirements of this Section. Partial prepayments of the
Loans shall be in a minimum aggregate principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof. Notwithstanding
anything herein to the contrary, the Borrower may at any time elect to prepay the loans with funds contained in the Collateral
Proceeds Account.

 

(b)            Mandatory
Prepayments.

 

(i)            Dispositions
of Collateral. Within three (3) Business Days of the receipt by the Parent or any of its Subsidiaries of any Net Proceeds
from a Disposition of Collateral not permitted by Section ‎6.04, the Borrower shall prepay the Loans in an amount equal
to 100% of such Net Proceeds.

 

(ii)           Recovery
Events. Within three (3) Business Days of the receipt by the Parent or any of its Subsidiaries of any Net Proceeds from
a Recovery Event in respect of Collateral, the Borrower shall either (x) prepay the Loans in an amount equal to 100% of such
Net Proceeds or (y) deposit such Net Proceeds into the Collateral Proceeds Account for such purpose and thereafter such Net
Proceeds shall be applied (to the extent not otherwise applied pursuant to the immediately succeeding proviso) to prepay the Loans;
provided that (I) the Borrower may use such Net Proceeds to (A) replace the assets which are the subject of such
Recovery Event with assets that are of the same type of Collateral, or (B) repair the assets which are the subject of such
Recovery Event, in each case, within 270 days after such deposit is made, (II) all such Net Proceeds amount may, at the option
of the Borrower at any time, be applied to repay the Loans, and (III) upon the occurrence of an Event of Default, the amount
of any such deposit may be applied by the Administrative Agent to repay the Loans.

 

(iii)          Certain
Debt Issuances. Immediately upon receipt by the Parent or any of its Subsidiaries of any proceeds from the incurrence of any
Indebtedness that is secured by Liens on the Collateral (other than Permitted Liens), the Borrower shall prepay the Loans in an
amount equal to 100% of any such proceeds from any such Indebtedness.

 

(iv)            Change
of Control. Immediately upon the occurrence of a Change of Control, the Borrower shall prepay the Loans in an amount equal
to 100% of the aggregate outstanding principal amount of Loans.

 

(c)            Notices.
Each such notice pursuant to this Section shall be in the form of a written Prepayment Notice, appropriately completed and
signed by a Responsible Officer of the Borrower, and must be received by the Administrative Agent not later than 11:00 a.m. (New
York City time) three (3) Business Days before the date of prepayment (which delivery may initially be by electronic communication
including fax or email and shall be followed by an original authentic counterpart thereof) . Each Prepayment Notice shall specify
(x) the prepayment date and (y) the principal amount of the Loans or portion thereof to be prepaid. Each Prepayment
Notice shall be irrevocable.

 

     

    28 

    

 

(d)            Payments.
Any prepayment of the Loans pursuant to this Section ‎2.06 shall be accompanied by accrued interest on the principal
amount prepaid as set forth in Section‎ 2.09(c).

 

SECTION 2.07     Reduction
and Termination of Commitments. The Initial Lender’s Commitment shall (x) automatically and permanently be reduced
by the amount of any Borrowing of a Loan and (y) automatically and permanently terminate on March 26, 2021. The Borrower
may, upon not less than three (3) Business Days’ notice to the Initial Lender and the Administrative Agent, terminate
the Commitment or, from time to time, reduce the Commitment. Any such reduction in the Commitment shall be in an amount equal
to $1,000,000 or a whole multiple thereof, and shall permanently reduce the Commitment.

 

SECTION 2.08     Repayment
of Loans. The Borrower shall repay to the Administrative Agent for the ratable account of the Lenders the aggregate principal
amount of all Loans outstanding on the Maturity Date.

 

SECTION 2.09     Interest.

 

(a)            Interest
Rates. Subject to paragraph (b) of this Section, the Loans shall bear interest at a rate per annum equal to the
Adjusted LIBO Rate plus the Applicable Rate.

 

(b)            Default
Interest. If any amount payable by the Borrower under this Agreement or any other Loan Document (including principal of any
Loan, interest, fees and other amount) is not paid when due, whether at stated maturity, by acceleration or otherwise, such amount
shall thereafter bear interest at a rate per annum equal to the applicable Default Rate. Upon the request of the Required Lenders,
while any Event of Default exists, the Borrower shall pay interest on the principal amount of all Loans outstanding hereunder
at a rate per annum equal to the applicable Default Rate.

 

(c)            Payment
Dates. Accrued interest on each Loan shall be payable in arrears on or before 12:00 noon (New York City time) on each Interest
Payment Date applicable thereto and at such other times as may be specified herein; provided that (i) interest accrued
pursuant to paragraph (b) of this Section shall be payable on demand and (ii) in the event of any repayment
or prepayment of any Loan (including mandatory prepayments under Section ‎2.06(b)), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment.

 

(d)            Interest
Computation. All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) days and shall
be payable for the actual number of days elapsed (including the first day but excluding the last day). The Adjusted LIBO Rate
shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

SECTION 2.10     Benchmark
Replacement Setting.

 

(a)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event
or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time
in respect of any setting of the then-current Benchmark, as notified by the Required Lenders to the Administrative Agent in writing,
then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes
hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment
to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark
Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such
Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan
Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after
the date notice of such Benchmark Replacement is provided to the Lenders and the Administrative Agent by the Required Lenders
without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long
as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders
comprising the Required Lenders.

 

     

    29 

    

 

(b)            Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent
(after consultation with the Required Lenders) will have the right to make Benchmark Replacement Conforming Changes from time
to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark
Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement
or any other Loan Document.

 

(c)            Notices;
Standards for Decisions and Determinations. The Initial Lender or the Required Lenders, as the case may be, will promptly
notify the Administrative Agent, which will then promptly notify the Borrower and the Lenders of (i) any occurrence of a
Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the
implementation of any Benchmark Replacement, (iii) the removal or reinstatement of any tenor of a Benchmark pursuant to clause
(d) below and (iv) the commencement or conclusion of any Benchmark Unavailability Period. The Administrative Agent will
promptly notify the Borrower and the Lenders of the effectiveness of any Benchmark Replacement Conforming Changes. Any determination,
decision or election that may be made by any Lender (or group of Lenders) or the Administrative Agent, if applicable, pursuant
to this Section ‎2.10, including any determination with respect to a tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection,
will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from
any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section ‎2.10.
Notwithstanding anything in this Agreement to the contrary, the Administrative Agent does not warrant or accept any responsibility
for, and shall not have any liability with respect to, any determination made by it in connection with the adoption of Benchmark
Replacement Conforming Changes or for the impact of such Benchmark Replacement Conforming Changes, nor for the failure to adopt
any Benchmark Replacement Conforming Changes due to the failure of the Required Lenders to cooperate in good faith in connection
with the determination of any Benchmark Replacement Conforming Changes.

 

(d)            Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including
in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including
Term SOFR or USD LIBO Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information
service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the
regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is or will be no longer representative, then the definition of “Interest Period”
may be modified for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if
a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information
service for a Benchmark (including a Benchmark Replacement) used by the Administrative Agent or (B) is not, or is no longer,
subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement),
then the definition of “Interest Period” may be modified for all Benchmark settings at or after such time to reinstate
such previously removed tenor.

 

(e)            Benchmark
Unavailability Period. During any Benchmark Unavailability Period, all calculations of interest by reference to a LIBO Rate
hereunder shall instead be made by reference to the Alternate Base Rate.

 

     

    30 

    

 

SECTION 2.11     Evidence
of Debt.

 

(a)            Maintenance
of Records. The Administrative Agent shall maintain the Register in accordance with Section ‎11.04(c). The entries
made in the records maintained pursuant to this paragraph (a) shall be prima facie evidence absent manifest error
of the existence and amounts of the obligations recorded therein. Any failure of the Administrative Agent to maintain such records
or make any entry therein or any error therein shall not in any manner affect the obligations of the Borrower under this Agreement
and the other Loan Documents.

 

(b)            Promissory
Notes. The Borrower shall prepare, execute and deliver to such Lender a promissory note of the Borrower payable to such Lender
(or, if requested by such Lender, to such Lender and its registered assigns) and a form attached as Exhibit C hereto, which
shall evidence such Lender’s Loan.

 

SECTION 2.12     Payments
Generally.

 

(a)            Payments
by Borrower. All payments to be made by the Borrower hereunder and the other Loan Documents shall be made without condition
or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all such payments
shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, to the Administrative
Account in immediately available funds not later than 12:00 noon (New York City time) on the date specified herein. All amounts
received by a Lender or the Administrative Agent after such time on any date shall be deemed to have been received on the next
succeeding Business Day and any applicable interest or fees shall continue to accrue. The Administrative Agent will promptly distribute
to each Lender its ratable share (or other applicable share as provided herein) of such payment in like funds as received by wire
transfer to such Lender’s applicable lending office (or otherwise distribute such payment in like funds as received to the
Person or Persons entitled thereto as provided herein). If any payment to be made by the Borrower shall fall due on a day that
is not a Business Day, payment shall be made on the next succeeding Business Day and such extension of time shall be reflected
in computing interest or fees, as the case may be; provided that, if such next succeeding Business Day would fall after
the Maturity Date, payment shall be made on the immediately preceding Business Day. Except as otherwise expressly provided herein,
all payments hereunder or under any other Loan Document shall be made in Dollars.

 

(b)            Application
of Insufficient Payments. Subject to Section ‎7.02, if at any time insufficient funds are received by and available
to the Lenders or the Administrative Agent to pay fully all amounts of principal, interest, fees and other amounts then due hereunder,
such funds shall be applied (i) first, to pay interest, fees and other amounts then due hereunder, ratably among the
parties entitled thereto in accordance with the amounts of interest, fees and other amounts then due to such parties, and (ii) second,
to pay principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then
due to such parties.

 

(c)            Presumptions
by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on
which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make
such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith
and may, in reliance upon such assumption, but shall not be obligated to distribute to the Lenders the amount due. In such event,
if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender, with interest thereon, for each day from and including the date
such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal
Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation. Notwithstanding the foregoing, the Administrative Agent is not required to make any payment to the Lenders until
it is in possession of cleared funds from the Borrower.

 

(d)            Deductions
by Administrative Agent. If any Lender (other than the Initial Lender) shall fail to make any payment required to be made
by it pursuant to Section ‎2.13 or ‎11.03(c), then the Administrative Agent may, in its discretion and notwithstanding
any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such
Lender for the benefit of the Administrative Agent to satisfy such Lender’s obligations to the Administrative Agent until
all such unsatisfied obligations are fully paid or (ii) hold any such amounts in a segregated account as cash collateral
for, and for application to, any future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and
(ii) above, in any order as determined by the Administrative Agent in its discretion.

 

(e)            Several
Obligations of Lenders. The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section ‎11.03(c) are
several and not joint. The failure of any Lender to make any Loan or to make any such payment on any date required hereunder shall
not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the
failure of any other Lender to so make its Loan or to make its payment under Section ‎11.03(c).

 

     

    31 

    

 

SECTION 2.13     Sharing
of Payments. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect
of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender receiving payment
of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than its pro
rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative
Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the
other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared
by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans
and other amounts owing them; provided that:

 

(i)            if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(ii)           the
provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or
sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof
(as to which the provisions of this paragraph shall apply).

 

The Borrower consents to the foregoing and agrees, to the extent
it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender
were a direct creditor of the Borrower in the amount of such participation.

 

SECTION 2.14     Compensation
for Losses. In the event of (a) the payment of any principal of the Loans other than on the last day of an Interest Period
(including as a result of an Event of Default), (b) the failure to borrow or prepay the Loans (or any portion thereof) on
the date specified in any notice delivered pursuant hereto, or (c) the assignment of the Loans (or any portion thereof) other
than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section ‎2.19(b),
then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.
Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any,
of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at
the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day
of the then current Interest Period therefor (or, in the case of a failure to borrow, for the date that would have been the applicable
Interest Period), over (ii) the amount of interest that would accrue on such principal amount for such period at the interest
rate that such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount
and period from other banks in the London interbank eurodollar market. A certificate of any Lender setting forth any amount or
amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be
conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate promptly
after receipt thereof.

 

SECTION 2.15     Increased
Costs.

 

(a)            Increased
Costs Generally. If any Change in Law shall:

 

(i)            impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement
reflected in the Adjusted LIBO Rate);

 

(ii)           subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of
the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)          impose
on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement
or Loans made by such Lender;

 

and the result of any of the foregoing shall be to increase
the cost to such Lender or such other Recipient of making or maintaining any Loan or to reduce the amount of any sum received
or receivable by such Lender or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request
of such Lender or other Recipient, the Borrower will pay to such Lender or other Recipient, as the case may be, such additional
amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs incurred or
reduction suffered.

 

(b)            [Reserved].

 

(c)            Certificates
for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its
holding company, as the case may be, as specified in paragraph (a) of this Section and delivered to the Borrower,
shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate
within ten (10) days after receipt thereof.

 

(d)            Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to
compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine (9) months
prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions,
and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive
effect thereof).

 

     

    32 

    

 

SECTION 2.16     Taxes.

 

(a)            Defined
Terms. For purposes of this Section, the term “Applicable Law” includes FATCA.

 

(b)            Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in
the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment
by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and,
if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction
or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section)
the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been
made. Borrower acknowledges and agrees that, absent a Change in Law, Borrower is not required to withhold or deduct from any such
payments to the Initial Lender on account of any U.S. federal withholding taxes or Taxes imposed pursuant to FATCA.

 

(c)            Payment
of Other Taxes by Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with Applicable
Law, or at the option of the Initial Lender, the Required Lenders or the Administrative Agent timely reimburse it for the payment
of, any Other Taxes.

 

(d)            Indemnification
by Borrower. The Borrower shall indemnify each Recipient, within thirty (30) days after demand therefor, for the
full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to the Borrower by a Lender (with a copy to the Administrative Agent if such Lender is not the Initial Lender), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e)            Indemnification
by the Lenders. Each Lender (other than the Initial Lender) shall severally indemnify the Administrative Agent, within thirty
(30) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that
the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation
of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section ‎11.04(d) relating
to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that
are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any such Lender by the Administrative Agent
shall be conclusive absent manifest error. Each Lender (other than the Initial Lender) hereby authorizes the Administrative Agent
to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the
Administrative Agent to such Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

 

(f)             Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this
Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.

 

(g)            Status
of Lenders. (i) Any Lender (other than the Initial Lender) that is entitled to an exemption from or reduction of withholding
Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time
or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation
reasonably requested by the Borrower (or, if such Lender is not the Initial Lender, the Administrative Agent) as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender (other than the Initial Lender),
if reasonably requested by the Borrower (or the Administrative Agent), shall deliver such other documentation prescribed by Applicable
Law or reasonably requested by the Borrower (or the Administrative Agent) as will enable the Borrower (or the Administrative Agent)
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in paragraphs (g)(ii)(A), (ii)(B) and (ii)(D) of this Section) shall not be required
if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

     

    33 

    

 

(ii)           Without
limiting the generality of the foregoing,

 

(A)            any
Lender (other than the Initial Lender) that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on
or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt
from U.S. federal backup withholding tax;

 

(B)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
whichever of the following is applicable:

 

(1)            in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;

 

(2)            executed
copies of IRS Form W-8ECI (or any successor forms) and, in the case of an Agent, a withholding certificate that satisfies
the requirements of Treasury Regulation Sections 1.1441-1(b)(2)(iv) and 1.1441-1(e)(3)(v) as applicable to a U.S. branch
that has agreed to be treated as a U.S. Person for withholding tax purposes;

 

(3)            in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate substantially in the form of Exhibit B-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to
the Borrower as described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”)
and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or

 

(4)            to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-2
or Exhibit B-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided
that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming
the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the
form of Exhibit B-4 on behalf of each such direct and indirect partner;

 

     

    34 

    

 

(C)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit
the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)            if
a payment made to a Lender (other than the Initial Lender) under any Loan Document would be subject to U.S. federal withholding
Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower
and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower
or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of
the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary
for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such
payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the
date of this Agreement.

 

Each Lender agrees that if any form or certification
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or
promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. Notwithstanding anything
to the contrary in this Agreement, the Initial Lender shall be entitled to the benefits of this Section 2.16 and all related
provisions under this Agreement without regard to whether it provides any documentation described in Section 2.16(g).

 

(h)            Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts
pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified
party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification
and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to
make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying
party or any other Person.

 

(i)            Survival.
Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

     

    35 

    

 

SECTION 2.17     [Reserved].

 

SECTION 2.18     [Reserved].

 

SECTION 2.19     Mitigation
Obligations; Replacement of Lenders.

 

(a)            Designation
of a Different Lending Office. If any Lender requests compensation under Section ‎2.15, or requires the Borrower
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section ‎2.16, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different
lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to Section ‎2.15 or ‎2.16, as the case may be, in the future, and (ii) would
not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)            Replacement
of Lenders. If any Lender requests compensation under Section ‎2.15, or if the Borrower is required to pay any
Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section ‎2.16 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance
with paragraph (a) of this Section, or if any Lender is a Non-Consenting Lender, then the Borrower may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section ‎11.04),
all of its interests, rights (other than its existing rights to payments pursuant to Section ‎2.15 or Section ‎2.16)
and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided that:

 

(i)            the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section ‎11.04;

 

(ii)           such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section ‎2.14)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of
all other amounts);

 

(iii)          in
the case of any such assignment resulting from a claim for compensation under Section ‎2.15 or payments required to
be made pursuant to Section ‎2.16, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)          such
assignment does not conflict with Applicable Law; and

 

(v)           in
the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

A Lender shall not be required to make any
such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply.

 

     

    36 

    

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

The Credit Parties represent and warrant
to the Administrative Agent, the Collateral Agent and the Lenders on the Closing Date and on the date of each Borrowing that:

 

SECTION 3.01     Existence,
Qualification and Power. Each of the Credit Parties and their respective Material Subsidiaries (a) is duly organized
or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization,
(b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals
to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under
the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification or license, except, in each case referred to in clause (a) (other than with respect to any Credit
Party), (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect.

 

SECTION 3.02     Authorization;
No Contravention. The execution, delivery and performance by each Credit Party of each Loan Document to which it is party
have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene
the terms of its Organizational Documents, (b) conflict with or result in any breach or contravention of, or the creation
of any Lien under, or require any payment to be made under (i) any material Contractual Obligation to which each Credit Party
is a party or affecting each Credit Party or the material properties of any Credit Party or (ii) any material order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which any Credit Party or its property is subject or (c) violate
any Law, except to the extent such violation could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 3.03     Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance
by, or enforcement against, each Credit Party of this Agreement or any other Loan Document, except for (i) such approvals,
consents, exemptions, authorizations, actions or notices that have been duly obtained, taken or made and in full force and effect,
and (ii) filings and consents contemplated by the Security Documents or Section 5.14.

 

SECTION 3.04     Execution
and Delivery; Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been,
duly executed and delivered by each Credit Party. This Agreement constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of each Credit Party, enforceable against each Credit Party in accordance with
its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or
other Laws affecting creditors’ rights generally and by general principles of equity.

 

SECTION 3.05     Financial
Statements; No Material Adverse Change.

 

(a)            Financial
Statements. The financial statements described in Schedule 3.05 were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein, and fairly present in all material
respects the financial condition of the Parent and its Subsidiaries as of the date thereof and their results of operations and
cash flows for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein.

 

(b)            No
Material Adverse Change. Since the date of the most recent audited balance sheet included in the financial statements described
in Schedule 3.05, there has been no event or circumstance that, either individually or in the aggregate, has had or
could reasonably be expected to have a Material Adverse Effect.

 

SECTION 3.06     Litigation.
Except for those matters which have been publicly disclosed in any SEC filing of the Parent filed prior to the Closing Date, there
are no actions, suits, proceedings, claims, disputes or investigations pending or, to the knowledge of any Credit Party, threatened,
at Law, in equity, in arbitration or before any Governmental Authority, by or against any Credit Party or any of its Subsidiaries
or against any of their properties or revenues that (a) either individually or in the aggregate could reasonably be expected
to have a Material Adverse Effect or (b) purport to affect or pertain to this Agreement or any other Loan Document or any
of the transactions contemplated hereby.

 

     

    37 

    

 

SECTION 3.07     Contractual
Obligations; No Default. None of the Credit Parties and their respective Subsidiaries is in default under or with respect
to any Contractual Obligation that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this
Agreement or any other Loan Document.

 

SECTION 3.08     Property.
Ownership of Properties and Collateral. Each of the Credit Parties and their respective Subsidiaries has good record and marketable
title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business,
except for such defects in title that, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect. Each Credit Party has good title to the Collateral owned by it, free and clear of all Liens other than Permitted
Liens.

 

SECTION 3.09     Taxes.
The Credit Parties and their respective Subsidiaries have filed all federal, state and other tax returns and reports required
to be filed, and have paid all federal, state and other taxes, assessments, fees and other governmental charges levied or imposed
upon them or their properties, income or assets otherwise due and payable, except (a) Taxes that are being contested in good
faith by appropriate proceedings diligently conducted and for which adequate reserves are being maintained in accordance with
GAAP or (b) to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 3.10     Disclosure.

 

(a) The Credit Parties and their respective Subsidiaries
have disclosed to the Administrative Agent, the Collateral Agent and the Lenders all agreements, instruments and corporate or
other restrictions to which they are subject, and all other matters known to them, that, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect. The Loan Application Form, reports, financial statements, certificates
and other written information (other than projected or pro forma financial information) furnished by or on behalf of the Credit
Parties and their respective Subsidiaries to any Agent or any Lender in connection with the transactions contemplated hereby and
the negotiation of this Agreement or delivered hereunder or under any other Loan Document (as modified or supplemented by other
information so furnished), taken as a whole, do not contain any material misstatement of fact or omit to state any material fact
necessary to make the statements therein (when taken as a whole), in the light of the circumstances under which they were made,
not misleading; provided that, with respect to projected or pro forma financial information, the Credit Parties represent
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation
and delivery (it being understood that such projected information may vary from actual results and that such variances may be
material) and (b) as of the Closing Date, the information included in the Beneficial Ownership Certification is true and
correct in all respects.

 

SECTION 3.11     Compliance
with Laws. Each of the Credit Parties and their respective Subsidiaries is in compliance with the requirements of all Laws
(including Environmental Laws) and all orders, writs, injunctions and decrees applicable to it or to its properties, except in
such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith
by appropriate proceedings diligently conducted or (b) the failure to so comply, either individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 3.12     ERISA
Compliance.

 

(a)            Except
as could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, (i) each
Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state Laws and (ii) each Plan
that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter,
opinion letter or advisory letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a) of
the Code and the trust related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of
the Code, or an application for such a letter is currently being processed by the IRS, and, to the knowledge of any Credit Party,
nothing has occurred that would prevent or cause the loss of such tax-qualified status.

 

(b)            There
are no pending or, to the knowledge of any Credit Party, threatened or contemplated claims, actions or lawsuits, or action by
any Governmental Authority, with respect to any Plan that, either individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with
respect to any Plan that, either individually or in the aggregate, has had or could reasonably be expected to have a Material
Adverse Effect.

 

(c)            No
ERISA Event has occurred, and neither any Credit Party nor any ERISA Affiliate is aware of any fact, event or circumstance that,
either individually or in the aggregate, could reasonably be expected to constitute or result in an ERISA Event that, either individually
or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect.

 

     

    38 

    

 

(d)            Except
as would not reasonably be expected to have individually or in the aggregate, a Material Adverse Effect, the present value of
all accrued benefits under each Pension Plan (based on those assumptions used to fund such Pension Plan) did not, as of the last
annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of
such Pension Plan allocable to such accrued benefits by a material amount.

 

(e)            To
the extent applicable, each Foreign Plan has been maintained in compliance with its terms and with the requirements of any and
all applicable requirements of Law and has been maintained, where required, in good standing with applicable regulatory authorities,
except to the extent that the failure so to comply could not reasonably be expected, either individually or in the aggregate,
to have a Material Adverse Effect. Neither the Parent nor any Subsidiary has incurred any obligation in connection with the termination
of or withdrawal from any Foreign Plan that, either individually or in the aggregate, would reasonably be expected to have individually
or in the aggregate, a Material Adverse Effect. Except as would not reasonably be expected to have individually or in the aggregate,
a Material Adverse Effect, the present value of the accrued benefit liabilities (whether or not vested) under each Foreign Plan
that is funded, determined as of the end of the most recently ended fiscal year of the Parent or Subsidiary, as applicable, on
the basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the property of such Foreign
Plan by a material amount, and for each Foreign Plan that is not funded, the obligations of such Foreign Plan are properly accrued.

 

SECTION 3.13     Environmental
Matters. Except with respect to any matters that, either individually or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect, none of the Credit Parties and their respective Subsidiaries (a) has failed to comply
with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental
Law, (b) knows of any basis for any permit, license or other approval required under any Environmental Law to be revoked,
canceled, limited, terminated, modified, appealed or otherwise challenged, (c) has or could reasonably be expected to become
subject to any Environmental Liability, (d) has received notice of any claim, complaint, proceeding, investigation or inquiry
with respect to any Environmental Liability (and no such claim, complaint, proceeding, investigation or inquiry is pending or,
to the knowledge of the Parent, is threatened or contemplated) or (e) knows of any facts, events or circumstances that could
give rise to any basis for any Environmental Liability with respect thereto.

 

SECTION 3.14     Investment
Company Act. None of the Credit Parties is an “investment company” as defined in, or subject to regulation under,
the Investment Company Act of 1940.

 

SECTION 3.15     Sanctions;
Export Controls; Anti-Corruption; AML Laws.

 

(a)            None
of the Credit Parties and their respective Subsidiaries and no director, officer, or affiliate of the foregoing is a Person that
is: (i) the subject of any sanctions administered or enforced by the United States (including, but not limited to, those
administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, and
the U.S. Department of Commerce’s Bureau of Industry and Security) (“Sanctions”), (ii) organized
or resident in a country or territory that is the subject of country-wide or region-wide Sanctions (including, currently, Crimea,
Cuba, Iran, North Korea, and Syria) (each a “Sanctioned Country”) or located in a Sanctioned Country except
to the extent authorized under Sanctions or (iii) a Person with whom dealings are restricted or prohibited by Sanctions as
a result of a relationship of ownership or control with a Person listed in (i) or (ii) (each of (i), (ii) and (iii) is
a “Sanctioned Person”).

 

(b)            For
the period beginning eight (8) years prior to the date hereof, each of the Credit Parties and their respective Subsidiaries
and their respective directors, officers and employees and, to the knowledge of the Credit Parties, such respective affiliates,
have been, in all material respects, in compliance with the Foreign Corrupt Practices Act of 1977, as amended, and the rules and
regulations thereunder (the “FCPA”) and any other applicable anti-bribery or anti-corruption laws and regulations
(collectively with the FCPA, the “Anticorruption Laws”) and all applicable Sanctions, Export Control Laws,
and AML Laws.

 

     

    39 

    

 

SECTION 3.16     Solvency.
The Borrower and its Subsidiaries are Solvent on a consolidated basis after giving effect to the borrowing of the Loans.

 

SECTION 3.17     Subsidiaries.
Schedule 3.17 sets forth the name of, and the ownership interests of the Parent and each of its Subsidiaries and indicates
which of such Subsidiaries are Excluded Subsidiaries as of the date hereof.

 

SECTION 3.18     Senior
Indebtedness. The Loans, the Obligations and the Guaranteed Obligations constitute “senior indebtedness” (or any
other similar or comparable term) under and as defined in the documentation governing any Indebtedness of the Credit Parties that
is subordinated in right of payment to any other Indebtedness thereof.

 

SECTION 3.19     Insurance
Matters. The properties of the Credit Parties are insured pursuant to Section ‎5.06 hereof. Each insurance policy
required to be maintained by the Credit Parties pursuant to Section ‎5.06 is in full force and effect and all premiums
in respect thereof that are due and payable have been paid.

 

SECTION 3.20     Labor
Matters. Except as would not reasonably be expected to have individually or in the aggregate, a Material Adverse Effect, (a) there
are no strikes, lockouts, slowdowns or other material labor disputes against any Credit Party or any of its Subsidiary thereof
pending or, to the knowledge of the Credit Parties, threatened, (b) the Credit Parties and their respective Subsidiaries
have complied with all applicable federal, state, local and foreign Laws relating to the employment (or termination thereof),
the hours worked by and payments made to employees of the Parent and its Subsidiaries comply with the Fair Labor Standards Act
and any other applicable federal, state, local or foreign Law dealing with such matters and (c) all payments due from the
Credit Parties and their respective Subsidiaries, or for which any claim may be made against the Credit Parties and their respective
Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or properly accrued
in accordance with GAAP as a liability on the books of the Parent or such Subsidiary. There are no complaints, unfair labor practice
charges, grievances, arbitrations, unfair employment practices charges or any other claims or complaints against the Credit Parties
or their respective Subsidiaries pending or, to the knowledge of the Credit Parties, threatened to be filed with any Governmental
Authority or arbitrator based on, arising out of, in connection with, or otherwise relating to the employment or termination of
employment of any employee of the Credit Parties and their respective Subsidiaries that would, individually or in the aggregate,
be reasonably expected to result in a Material Adverse Effect.

 

SECTION 3.21     Insolvency
Proceedings. None of the Credit Parties has taken, and none of the Credit Parties is currently evaluating taking, any action
to seek relief or commence proceedings under any Debtor Relief Law in any applicable jurisdiction.

 

SECTION 3.22     Margin
Regulations. The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business
of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part
of the proceeds of any Borrowing hereunder will be used to buy or carry any Margin Stock. Following the application of the proceeds
of each Borrowing, not more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries
on a consolidated basis) will be Margin Stock.

 

SECTION 3.23     Liens.
There are no Liens of any nature whatsoever on any Collateral other than Liens permitted under Section 6.02 hereof.

 

     

    40 

    

 

SECTION 3.24     Perfected
Security Interests.

 

(a)            As
of the Closing Date (or such later date as permitted under Section 5.14) and as of the date of each Borrowing, the Security
Documents, taken as a whole, are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties a
legal, valid and enforceable first priority security interest in all of the Collateral to the extent purported to be created thereby.

 

(b)            As
of the Closing Date (or such later date as permitted under Section ‎5.14) and as of the date of each Borrowing, each
Credit Party has or shall have satisfied the Perfection Requirement with respect to the Collateral.

 

SECTION 3.25     US
Citizenship. The Borrower is a “citizen of the United States” as defined in Section 40102(a)(15) of Title
49 and as that statutory provision has been interpreted by the DOT pursuant to its policies.

 

SECTION 3.26     Air
Carrier Status. The Borrower is an “air carrier” within the meaning of Section 40102 of Title 49, holds a
certificate under Section 41102 of Title 49 and, during the time period from April 1, 2019 to September 30, 2019,
derived more than 50% of its air transportation revenue from the transportation of passengers. The Borrower holds an air carrier
operating certificate issued pursuant to Chapter 447 of Title 49. The Borrower possesses all necessary certificates, franchises,
licenses, permits, rights, designations, authorizations, exemptions, concessions, frequencies and consents which relate to the
operation of the routes flown by it and the conduct of its business and operations as currently conducted, except where failure
to do so, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

ARTICLE IV

 

CONDITIONS

 

SECTION 4.01     Closing
Date and Initial Borrowing. The effectiveness of this Agreement and the funding of the initial Borrowing hereunder are subject
to the satisfaction (or waiver in accordance with Section ‎11.02) of the following conditions (and, in the case of
each document specified in this Section to be received by the Initial Lender (and the applicable Agent or Agents), such document
shall be in form and substance satisfactory to the Initial Lender and/or the applicable Agent or Agents):

 

(a)            Executed
Counterparts. The Initial Lender and the Agents shall have received from each party hereto a counterpart of this Agreement,
any Security Documents to which it is a party and the Note, each signed on behalf of such party. Notwithstanding anything herein
to the contrary, delivery of an executed counterpart of a signature page of this Agreement or any Security Documents by telecopy
or other electronic means, or confirmation of the execution of this Agreement on behalf of a party by an email from an authorized
signatory of such party shall be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)            Certificates.
The Initial Lender and any applicable Agent shall have received such customary certificates of resolutions or other action, incumbency
certificates and/or other certificates of Responsible Officers of the Credit Parties as the Lenders may require evidencing the
identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection
with the Loan Documents;

 

(c)            Organizational
Documents. The Initial Lender shall have received customary resolutions or evidence of corporate authorization, secretary’s
certificates and such other documents and certificates (including Organizational Documents and good standing certificates) as
the Initial Lender may request relating to the organization, existence and good standing of each Credit Party and any other legal
matters relating to the Credit Parties, the Loan Documents or the transactions contemplated thereby.

 

(d)            Opinion
of Counsel to Credit Parties. The Initial Lender and the applicable Agent or Agents shall have received all opinions of counsel
(including any additional opinions of counsel as required under any Security Document) to the Credit Parties that is acceptable
to the Initial Lender, addressed to the Initial Lender and the applicable Agent or Agents and dated the Closing Date, in form
and substance satisfactory to the Initial Lender and the applicable Agent (and the Parent hereby instructs such counsel to deliver
such opinions to such Persons).

 

(e)            Beneficial
Ownership Regulation Information. At least five (5) days prior to the Closing Date, the Borrower shall deliver to the
Initial Lender a Beneficial Ownership Certification.

 

     

    41 

    

 

(f)             Expenses.
The Borrower shall have paid all reasonable fees, expenses (including the fees and expenses of legal counsel) and other amounts
due to the Initial Lender, the Administrative Agent and the Collateral Agent (to the extent that statements for such expenses
shall have been delivered to the Borrower on or prior to the Closing Date); provided that such expenses payable by the Borrower
may be offset against the proceeds of the Loans funded on the Closing Date.

 

(g)            Officer’s
Certificate. The Initial Lender shall have received a certificate executed by a Responsible Officer of the Parent and the
Borrower confirming (i) that the representations and warranties contained in Article ‎III of this Agreement are
true and correct on and as of the Closing Date, (ii) that the information provided in the Loan Application Form submitted
by the Borrower was true and correct on and as of the date of delivery thereof, (iii) the satisfaction of such condition
and (iv) that no Default or Event of Default exists or will result from the borrowing of the Loans on the Closing Date.

 

(h)            Other
Documents. The Initial Lender and the Agents shall have received such other documents as it may request.

 

(i)             Appraisals.
The Initial Lender shall have received Appraisals satisfactory in form and substance and performed by an Eligible Appraiser dated
as of a date no earlier than thirty (30) days prior to the Closing Date.

 

(j)             Security
Interests. Each Credit Party shall have, and caused its Subsidiaries to, take any action and execute and deliver, or cause
to be executed and delivered, any agreement, document or instrument required in order to create a valid, perfected first priority
security interest in the Collateral in favor of the Collateral Agent for the benefit of the Secured Parties (including delivery
of UCC financing statements in appropriate form for filing under the UCC and entering into control agreements). Each Credit Party
shall have satisfied, and caused its Subsidiaries to satisfy, the Perfection Requirement with respect to the Collateral. In addition,
the Credit Parties shall have delivered a completed Perfection Certificate (as defined in the Pledge and Security Agreement).

 

(k)            Consents
and Authorizations. Each Credit Party shall have obtained all consents and authorizations from Governmental Authorities and
all consents of other Persons (including shareholder approvals, if applicable) that are necessary or advisable in connection with
this Agreement, any Loan Document, any of the transactions contemplated hereby or thereby or the continuing operations of the
Credit Parties and each of the foregoing shall be in full force and effect and in form and substance satisfactory to the Initial
Lender.

 

(l)             Lien
Searches. The Initial Lender shall have received (i) UCC and other lien searches conducted in the jurisdictions and offices
where liens on material assets of the Credit Parties are required to be filed or recorded and (ii) to the extent Collateral
consists of (x) Aircraft and Engine Assets (as defined in the Pledge and Security Agreement), aircraft registry lien searches
conducted with the FAA and the International Registry, and (y) Spare Part Assets (as defined in the Pledge and Security
Agreement), registry lien searches conducted with the FAA (with reference to each Designated Spare Parts Location set forth on
Schedule 2.1 of the Pledge and Security Agreement), in each case, reflecting the absence of Liens on the assets of the Credit
Parties other than Permitted Liens or Liens to be discharged on or prior to the Closing Date pursuant to documentation satisfactory
to the Initial Lender.

 

(m)           Collateral
Coverage Ratio. On the Closing Date (and after giving pro forma effect to any Borrowings on such date), the Collateral Coverage
Ratio shall not be less than 2.0 to 1.0.

 

(n)            Solvency
Certificate. The Initial Lender shall have received a certificate of the chief financial officer or treasurer (or other comparable
officer) of the Parent certifying that the Borrower and its Subsidiaries (taken as a whole) are, and will be immediately after
giving effect to any Loans borrowed on the Closing Date, Solvent.

 

(o)            Warrant
Agreement. Treasury and Parent shall have entered into the Warrant Agreement.

 

(p)            Other
Matters. Since June 29, 2020, (i) there has been no event or circumstance that, either individually or in the aggregate,
has had or could reasonably be expected to have a Material Adverse Effect and (ii) none of the Credit Parties has made a
Disposition of any assets constituting Collateral had this Agreement been in effect at such time other than as (x) would
have been permitted under Section 6.04(e) or (h) and (y) Dispositions, other than sales, of Slots and Gate
Leaseholds, in the ordinary course of business and consistent with past practice, which would have been permitted by Section 6.04
had this Agreement been in effect at such time (and, for the avoidance of doubt, without reliance on a release of Collateral under
Section 6.17(b)(iii)).

 

     

    42 

    

 

SECTION 4.02     Each
Borrowing. The funding by the Lenders of each Borrowing (including the Borrowing to be requested on the Closing Date) is additionally
subject to the satisfaction of the following conditions:

 

(a)            the
Administrative Agent shall have received a written Borrowing Request in accordance with the requirements of Section 2.03(a),
with a copy to the Initial Lender (solely to the extent the Initial Lender is a Lender at the time of such Borrowing);

 

(b)            the
representations and warranties of the Credit Parties set forth in this Agreement and in any other Loan Document shall be true
and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality,
in all respects) on and as of the date of such Borrowing (or, in the case of any such representation or warranty expressly stated
to have been made as of a specific date, as of such specific date);

 

(c)            no
Default shall have occurred and be continuing or would result from such Borrowing or from the application of proceeds thereof;

 

(d)            on
the date of the funding of such Borrowing (and after giving pro forma effect thereto and the pledge of any Additional Collateral),
the Collateral Coverage Ratio shall not be less than 2.0 to 1.0 as evidenced by a certificate of a Responsible Officer of the
Parent;

 

(e)            on
the date of such Borrowing, the opinion of the independent public accountants (after giving effect to any reissuance or revision
of such opinion) on the most recent audited consolidated financial statements delivered by the Parent pursuant to Section ‎5.01(a) shall
not include a “going concern” qualification under GAAP as in effect on the date of this Agreement or, if there is
a change in the relevant provisions of GAAP thereafter, any like qualification or exception under GAAP after giving effect to
such change; and

 

(f)             on
or prior to the date of such Borrowing, each Credit Party shall have satisfied the Perfection Requirement with respect to the
Collateral.

 

Each Borrowing Request by the Borrower hereunder and each Borrowing
shall be deemed to constitute a representation and warranty by the Borrower on and as of the date of the applicable Borrowing
as to the matters specified in clauses ‎(b) and (c) above in this Section.

 

ARTICLE V

 

AFFIRMATIVE COVENANTS

 

Until all the later of (i) the date
on which all of the Obligations shall have been paid in full and (ii) such later date specified in this Agreement, the Credit
Parties covenant and agree with the Lenders that:

 

SECTION 5.01     Financial
Statements

 

. The Parent will furnish to the Administrative Agent and each
Lender:

 

(a)            as
soon as available, and in any event within ninety (90) days after the end of each fiscal year of the Parent (or, if earlier,
five (5) days after the date required to be filed with the SEC) (commencing with the fiscal year ended prior to the Closing
Date), a consolidated balance sheet of the Parent and its Subsidiaries as at the end of such fiscal year and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case
in comparative form the figures for the previous fiscal year, audited and accompanied by a report and opinion of independent public
accountants of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted
auditing standards (and shall not be subject to any “going concern” or like qualification (other than a qualification
solely resulting from (x) the impending maturity of any Indebtedness or (y) any prospective or actual default under
any financial covenant), exception or explanatory paragraph or any qualification, exception or explanatory paragraph as to the
scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial
condition, results of operations, shareholders’ equity and cash flows of the Parent and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied;

 

     

    43 

    

 

(b)            as
soon as available, but in any event within forty-five (45) days after the end of each of the first three (3) fiscal
quarters of each fiscal year of the Parent (or, if earlier, five (5) days after the date required to be filed with the SEC)
(commencing with the first of such fiscal quarters ended prior to the Closing Date), a consolidated balance sheet of the Parent
and its Subsidiaries as at the end of such fiscal quarter, the related consolidated statements of income or operations, shareholders’
equity and cash flows for such fiscal quarter and for the portion of the Parent’s fiscal year then ended, in each case setting
forth in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the
corresponding portion of the previous fiscal year, certified by a Financial Officer of the Parent as fairly presenting in all
material respects the financial condition, results of operations, shareholders’ equity and cash flows of the Parent and
its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject only to normal year-end audit adjustments
and the absence of notes;

 

(c)            for
so long as the Initial Lender is the only Lender, as soon as available, but in any event no later than seventy-five (75) days
after the beginning of each fiscal year of the Parent, forecasts prepared by management of the Parent and a summary of material
assumptions used to prepare such forecasts, in form satisfactory to the Initial Lender, including projected consolidated balance
sheets and statements of income or operations and cash flows of the Parent and its Subsidiaries on a quarterly basis for such
fiscal year; and

 

(d)            solely
at the request of the Appropriate Party (which shall be no more than quarterly), at a time mutually agreed with the Appropriate
Party and the Parent, participate in a conference call for Lenders to discuss the financial condition and results of operations
of the Parent and its Subsidiaries and any forecasts which have been delivered pursuant to this Section ‎5.01.

 

SECTION 5.02     Certificates;
Other Information. The Parent will deliver to the Administrative Agent and each Lender:

 

(a)            [reserved];

 

(b)            concurrently
with the delivery of the financial statements referred to in Sections ‎5.01(a) and ‎(b), a duly completed
certificate signed by a Responsible Officer of the Parent certifying as to whether a Default has occurred and, if a Default has
occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto;

 

(c)            [reserved];

 

(d)            promptly
after the furnishing thereof, copies of any notice of default or potential default or other material written notice received by
the Parent or any Subsidiary from, or furnished by the Parent or any Subsidiary to, any holder of Material Indebtedness of the
Parent or any Subsidiary;

 

(e)            promptly
after receipt thereof by any Credit Party or any Subsidiary thereof, copies of each material notice or other material written
correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation
or possible investigation or other inquiry by such agency regarding material financial or other material operational results of
any Credit Party or any Subsidiary thereof;

 

(f)             [reserved];

 

(g)            promptly
following any request therefor, (i) such other information regarding the operations, business, properties, liabilities (actual
or contingent), condition (financial or otherwise) or prospects of any Credit Party or any Subsidiary, or compliance with the
terms of the Loan Documents, as the Administrative Agent, the Initial Lender or any other Lender (acting through the Administrative
Agent) may from time to time request; or (ii) beneficial ownership information and documentation reasonably requested by
the Administrative Agent or any Lender from time to time for purposes of ensuring compliance with Sanctions and AML Laws. For
purposes of determining whether or not a representation with respect to any indirect ownership is true or a covenant is being
complied with under this Section, the Parent shall not be required to make any investigation into (i) the ownership of publicly
traded stock or other publicly traded securities or (ii) the ownership of assets by a collective investment fund that holds
assets for employee benefit plans or retirement arrangements; and

 

(h)            concurrently
with the delivery of the financial statements referred to in Sections ‎5.01(a) and ‎(b), a duly completed
certificate signed by a Responsible Officer of the Borrower certifying as to its compliance with Article ‎X of this
Agreement.

 

     

    44 

    

 

Documents required to be delivered pursuant
to Section ‎5.01(a) or ‎(b) or Section ‎5.02(c), ‎(d) or (e) (to the extent
any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if so delivered,
shall be deemed to have been delivered on the date (i) on which such materials are publicly available as posted on the Electronic
Data Gathering, Analysis and Retrieval system (EDGAR); or (ii) on which such documents are posted on the Parent’s behalf
on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided that: (A) upon written request by
the Administrative Agent, the Parent shall deliver paper copies of such documents to the Administrative Agent or any Lender upon
its request to the Parent to deliver such paper copies until a written request to cease delivering paper copies is given by the
Administrative Agent or such Lender and (B) the Parent shall notify the Administrative Agent and each Lender (by facsimile
or electronic mail) of the posting of any such documents and provide to the Lenders by electronic mail electronic versions (i.e.,
soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper
copies of the documents referred to above.

 

SECTION 5.03     Notices.
The Parent will promptly notify the Administrative Agent and each Lender of:

 

(a)            promptly
after any Responsible Officer of Parent or any of its Subsidiaries obtains knowledge thereof, the occurrence of any Default;

 

(b)            the
filing or commencement of any action, suit, investigation or proceeding by or before any arbitrator or Governmental Authority
against or affecting the Parent or any Controlled Affiliate thereof, including pursuant to any applicable Environmental Laws,
that could reasonably be expected to be adversely determined, and, if so determined, could reasonably be expected to have a Material
Adverse Effect;

 

(c)            the
occurrence of any ERISA Event that, either individually or together with any other ERISA Events, could reasonably be expected
to have a Material Adverse Effect;

 

(d)            notice
of any action arising under any Environmental Law or of any noncompliance by any Credit Party or any Subsidiary with any Environmental
Law or any permit, approval, license or other authorization required thereunder that, if adversely determined, could reasonably
be expected to have a Material Adverse Effect;

 

(e)            to
the extent not publicly disclosed pursuant to an SEC filing of the Parent, any material change in accounting or financial reporting
practices by the Parent, any Credit Party or any Subsidiary;

 

(f)            any
change in the Credit Ratings from a Credit Rating Agency with negative implications, or the cessation by a Credit Rating Agency
of, or its intent to cease, rating the Borrower’s or the Parent’s debt; and

 

(g)            any
matter or development that has had or could reasonably be expected to have a Material Adverse Effect.

 

Each notice delivered under this Section shall
be accompanied by a statement of a Responsible Officer of the Parent setting forth the details of the occurrence requiring such
notice and stating what action the Parent has taken and proposes to take with respect thereto.

 

SECTION 5.04     Preservation
of Existence, Etc.

 

Each Credit Party will, and will cause each of its Subsidiaries
to, (a) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the
jurisdiction of its organization except in a transaction permitted by Section ‎6.03 or ‎6.04; (b) take all
reasonable action to maintain all rights, licenses, permits, privileges and franchises necessary or desirable in the normal conduct
of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;
and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation
of which could reasonably be expected to have a Material Adverse Effect.

 

     

    45 

    

 

SECTION 5.05     Maintenance
of Properties. Each Credit Party will, and will cause each of its Subsidiaries to, (a) maintain, preserve and protect
all of its properties and equipment necessary in the operation of its business in good working order and condition (ordinary wear
and tear excepted) and (b) make all necessary repairs thereto and renewals and replacements thereof, except to the extent
that the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 5.06     Maintenance
of Insurance. Subject to any additional requirements under any Security Document, each Credit Party will maintain with financially
sound and reputable insurance companies, insurance with respect to its properties and business against loss or damage of the kinds
customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving
effect to any self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar businesses
as Parent and its Subsidiaries; provided that, insurance in respect of Collateral shall be maintained with such third party
insurance companies except to the extent expressly permitted in the Pledge and Security Agreement) as are customarily carried
under similar circumstances by such Persons.

 

SECTION 5.07     Payment
of Obligations

 

. Each Credit Party will pay, discharge or otherwise satisfy
as the same shall become due and payable, all of its obligations and liabilities, including Tax liabilities, except to the extent
(a) the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance
with GAAP are being maintained by the Parent or such Credit Party or (b) the failure to do so could not reasonably be expected
to have a Material Adverse Effect.

 

SECTION 5.08     Compliance
with Laws. Each Credit Party will, and will cause each of its Subsidiaries to, comply with the requirements of all Laws and
all orders, writs, injunctions and decrees applicable to it or to its business or property, except to the extent that the failure
to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 5.09     Environmental
Matters

 

. Except to the extent that the failure to do so could not
reasonably be expected to have a Material Adverse Effect, each Credit Party will, and will cause each of its Subsidiaries to,
(a) comply with all Environmental Laws, (b) obtain, maintain in full force and effect and comply with any permits, licenses
or approvals required for the facilities or operations of the Parent or any of its Subsidiaries, and (c) conduct and complete
any investigation, study, sampling or testing, and undertake any corrective, cleanup, removal, response, remedial or other action
necessary to identify, report, remove and clean up all Hazardous Materials present or released at, on, in, under or from any of
the facilities or real properties of the Parent or any of its Subsidiaries.

 

SECTION 5.10     Books
and Records. Each Credit Party will maintain proper books of record and account, in which full, true and correct entries in
conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business
of the Parent or such Subsidiary, as the case may be.

 

     

    46 

    

 

SECTION 5.11     Inspection
Rights. Each Credit Party will, and, to the extent relevant for inspections of Collateral will cause each of its Subsidiaries
to, permit representatives, agents and independent contractors of the Administrative Agent, the Initial Lender and the Special
Inspector General for Pandemic Recovery to visit and inspect any of its properties (including all Collateral), to examine its
corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and independent public accountants, all at the reasonable expense of the Parent and
at such reasonable times during normal business hours and as often as may be reasonably requested; provided that, other
than with respect to such visits and inspections during the continuation of an Event of Default or by the Initial Lender or the
Special Inspector General for Pandemic Recovery, (a) only the Administrative Agent (or its representatives, agents and independent
contractors) at the direction of a Lender may exercise rights under this Section and (b) the Administrative Agent (or
its representatives, agents and independent contractors) shall not exercise such rights more often than two (2) times during
any calendar year; provided, further, that when an Event of Default exists the Administrative Agent, any Lender
or the Special Inspector General for Pandemic Recovery (or any of their respective representatives, agents or independent contractors)
may do any of the foregoing under this Section at the expense of the Parent and at any time during normal business hours
and without advance notice.

 

SECTION 5.12     Sanctions;
Export Controls; Anti-Corruption Laws and AML Laws. Each Credit Party and its Subsidiaries will remain in compliance in all
material respects with applicable Sanctions, Export Control Laws, Anticorruption Laws, and AML Laws. Until all Obligations have
been paid in full, neither any Credit Party; any Subsidiary of a Credit Party; nor any director or officer of any Credit Party
or any Subsidiary of a Credit Party shall become a Sanctioned Person or a Person that is organized or resident in a Sanctioned
Country or located in a Sanctioned Country except to the extent authorized under Sanctions.

 

SECTION 5.13     Guarantors;
Additional Collateral.

 

(a)            The
Guarantors listed on the signature page to this Agreement hereby Guarantee the Guaranteed Obligations as set forth in Article IX.
If any Subsidiary (other than an Excluded Subsidiary) is formed or acquired after the Closing Date, if any Subsidiary ceases to
be an Excluded Subsidiary or if required in connection with the addition of Additional Collateral, then the Parent will cause
such Subsidiary, promptly (in any event, within thirty (30) days of such Subsidiary being formed or acquired or of such Subsidiary
ceasing to be an Excluded Subsidiary) (i) to become a Guarantor of the Loans pursuant to joinder documentation reasonably
acceptable to the Appropriate Party and on the terms and conditions set forth in Article IX, (ii) to become a party
to each applicable Security Document and all other agreements, instruments or documents that create or purport to create and perfect
a first priority Lien (subject to Permitted Liens) in favor of the Collateral Agent for the benefit of the Secured Parties in
its assets that are of a type that are intended to be included in the Collateral (other than any Excluded Assets), subject to
and in accordance with the terms, conditions and provisions of the Loan Documents, (iii) to satisfy the Perfection Requirement,
(iv) to deliver a secretary’s certificate of such Subsidiary, in form and substance reasonably acceptable to the Appropriate
Party, with appropriate insertions and attachments, and (v) to deliver legal opinions relating to the matters described above,
which opinions shall be in form and substance, and from counsel, satisfactory to the Appropriate Party.

 

(b)            If
the Parent or any Subsidiary desires, or is required pursuant to the terms of this Agreement, to add Additional Collateral or,
if any Subsidiary acquires any existing Collateral from a Grantor (as defined in the Pledge and Security Agreement) that it is
required pursuant to the terms of this Agreement to maintain as Collateral, in each case, after the Closing Date, the Parent shall,
in each case at its own expense, promptly (in any event, unless any other time period is specified in this Agreement or any other
Loan Document within thirty (30) days of the relevant date) (i) cause any such Subsidiary to become a Grantor (to the extent
such Subsidiary is not already a Grantor) pursuant to joinder documentation acceptable to the Appropriate Party and on the terms
and conditions set forth in the relevant Security Documents, (ii) cause any such Subsidiary to become a party to each applicable
Security Document and all other agreements, instruments or documents that create or purport to create and perfect a first priority
Lien (subject to Permitted Liens) in favor of the Collateral Agent for the benefit of the Secured Parties applicable to such Collateral,
in form and substance satisfactory to the Appropriate Party (it being understood that in the case of any Additional Collateral
of a type, or in a jurisdiction, that has not been theretofore included in the Collateral, such Additional Collateral may be subject
to such additional terms and conditions as requested by the Appropriate Party), (iii) promptly execute and deliver (or cause
such Subsidiary to execute and deliver) to the Collateral Agent such documents and take such actions to create, grant, establish,
preserve and perfect the first priority Liens (subject to Permitted Liens) (including to obtain any release or termination of
Liens not permitted under the definition of “Additional Collateral” in Section  1.01 or under Section ‎
6.02 and to satisfy all Perfection Requirements, including the filing of UCC financing statements, filings with the FAA and registrations
with the International Registry, as applicable) in favor of the Collateral Agent for the benefit of the Secured Parties on such
assets of the Parent or such Subsidiary, as applicable, to secure the Obligations to the extent required under the applicable
Security Documents or reasonably requested by the Appropriate Party, and to ensure that such Collateral shall be subject to no
other Liens other than Permitted Liens and (iv) if requested by the Appropriate Party, deliver (or cause such Subsidiary
to deliver) legal opinions to the Collateral Agent, for the benefit of the Secured Parties, relating to the matters described
above, which opinions shall be in form and substance, and from counsel, satisfactory to the Appropriate Party.

 

     

    47 

    

 

SECTION 5.14     Post-Closing
Matters. As promptly as practicable, and in any event within the time periods after the Closing Date specified on Schedule
5.14 or such later date as the Initial Lender may agree to in writing in its sole discretion, the Parent shall deliver the
documents or take the actions specified on Schedule 5.14 that would have been required to be delivered or taken on the
Closing Date.

 

SECTION 5.15     Further
Assurances. In each case subject to the terms, conditions and limitations in the Loan Documents, (a) each Credit Party
shall remain in compliance with the Perfection Requirement with respect to all Collateral (including any assets, rights and properties
that (x) become Collateral after the Closing Date and (y) any permitted replacement or substitute assets, rights and
properties thereof (including any Additional Collateral) and (b) each Credit Party shall, promptly and at its expense, execute
any and all further documents and instruments and take all further actions, that may be required or advisable under applicable
law or that the Initial Lender, the Administrative Agent or the Collateral Agent may request, in order to create, grant, establish,
preserve, protect, renew or perfect the validity, perfection or first priority of the Liens and security interests created or
intended to be created by the Security Documents, in each case to the extent required under this Agreement or the Security Documents
(including with respect to any additions to the Collateral (including any Additional Collateral) or replacements, substitutes
or proceeds thereof or with respect to any other property or assets hereafter acquired by any Credit Party that are of a type
that are intended to be included in the Collateral).

 

SECTION 5.16     Delivery
of Appraisals. The Parent shall (1) within ten (10) Business Days prior to the last Business Day of March and
September of each year, beginning with March 31, 2021 and (2) promptly (but in any event within thirty (30) days)
following request by the Administrative Agent (acting at the direction of the Required Lenders) if an Event of Default has occurred
and is occurring, deliver to the Administrative Agent one or more Appraisals determining the Appraised Value of the Collateral.
In addition, on the date upon which any Additional Collateral is pledged as Collateral to the Collateral Agent for the benefit
of the Secured Parties to secure the Obligations, but only with respect to such Additional Collateral, the Parent shall deliver
to the Administrative Agent one or more Appraisals determining the Appraised Value of such Additional Collateral.

 

SECTION 5.17     Ratings.
At any time when the Initial Lender is a Lender, the Borrower shall, upon request by the Initial Lender, use its reasonable best
efforts to obtain a public rating in respect of the Loans by any two of S&P, Moody’s and Fitch in connection with any
contemplated assignment of, or participation in, the Loans.

 

SECTION 5.18     Regulatory
Matters.

 

(a)            US
Citizenship. The Borrower will at all times maintain its status as a “citizen of the United States” as defined
in Section 40102(a)(15) of Title 49 and as that statutory provision has been interpreted by the DOT pursuant to its policies.

 

(b)            Air
Carrier Status. The Borrower will at all times maintain its status as an “air carrier” within the meaning of Section 40102
of Title 49 and holds a certificate under Section 41102 of Title 49. The Borrower will at all times possess an air carrier
operating certificate issued pursuant to Chapter 447 of Title 49. The Borrower will at all times possess all necessary certificates,
franchises, licenses, permits, rights, designations, authorizations, exemptions, concessions, frequencies and consents which relate
to the operation of the routes flown by it and the conduct of its business and operations as currently conducted, except where
failure to do so, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

ARTICLE VI

 

NEGATIVE COVENANTS

 

Until all the later of (i) the date
on which all of the Obligations shall have been paid in full and (ii) such later date specified in this Agreement, the Credit
Parties covenant and agree with the Lenders that:

 

SECTION 6.01     [Reserved].

 

SECTION 6.02     Liens.
Parent will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any property
or assets constituting Collateral, whether now owned or hereafter acquired, except for Permitted Liens.

 

     

    48 

    

 

SECTION 6.03     Fundamental
Changes. Parent will not, and will not permit any of its Subsidiaries to, merge, dissolve, liquidate, consolidate with or
into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its
assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or would
result therefrom:

 

(a)            any
Subsidiary may merge with (i) the Borrower; provided that the Borrower shall be the continuing or surviving Person,
or (ii) any one or more other Subsidiaries; provided that (x) when any Wholly-Owned Subsidiary is merging with
another Subsidiary, a Wholly-Owned Subsidiary shall be the continuing or surviving Person and (y) when any Subsidiary that
is a Credit Party is merging with another Subsidiary, then such other Subsidiary shall be a Credit Party;

 

(b)            any
Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Parent or to
another Subsidiary; provided that (x) if the transferor in such a transaction is a Wholly-Owned Subsidiary, then the
transferee shall either be the Parent or another Wholly-Owned Subsidiary and (y) if the transferor in such a transaction
is a Credit Party, then the transferee shall be a Credit Party;

 

(c)            the
Parent and its Subsidiaries may make Dispositions permitted by Section ‎6.04;

 

(d)            any
Investment permitted by Section ‎6.06 may be structured as a merger, consolidation or amalgamation;

 

(e)            any
Subsidiary may dissolve, liquidate or wind up its affairs if it owns no material assets, engages in no business and otherwise
has no activities other than activities related to the maintenance of its existence and good standing; and

 

(f)            any
Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise), provided that
such assets do not constitute all or substantially all of the consolidated assets of the Parent and its Subsidiaries.

 

SECTION 6.04     Dispositions.
Parent will not, and will not permit any of its Subsidiaries to, sell or otherwise make any Disposition of Collateral or enter
into any agreement to make any sale or other Disposition of Collateral (in each case, including, without limitation by way of
any sale or other Disposition of any Guarantor), except, subject to Article ‎X and so long as no Default shall have
occurred and be continuing at the time of any action described below, or would result therefrom:

 

(a)            [reserved];

 

(b)            Dispositions
of Collateral among the Credit Parties (including any Person that shall become a Credit Party simultaneous with such Disposition
in the manner contemplated by Section ‎5.13); provided that:

 

(i)            such
Collateral remains at all times subject to a Lien with the same priority and level of perfection as was the case immediately prior
to such Disposition (and otherwise subject only to Permitted Liens) in favor of the Collateral Agent for the benefit of the Secured
Parties following such Disposition;

 

(ii)           concurrently
therewith, the Credit Parties shall execute any documents and take any actions reasonably required to create, grant, establish,
preserve or perfect such Lien in accordance with the other provisions of this Agreement or the Security Documents;

 

(iii)          if
requested by the Appropriate Party, concurrently therewith, the Appropriate Party shall receive an opinion of counsel to the applicable
Credit Party (x) in the case of Collateral that consists of Route Authorities, Slots and/or Gate Leaseholds, as to the creation
and perfection under Article 9 of the UCC of the Lien of the security agreement or mortgage, as applicable, and subject to
assumptions and qualifications (including as provided in the opinion(s) delivered on the Closing Date), and (y) in the
case of any other Collateral, as to the creation and perfection of the Lien of such security agreement or mortgage, as applicable,
in form and substance satisfactory to the Appropriate Party; and

 

(iv)         concurrently
with any Disposition of Collateral to any Person that shall become a Credit Party simultaneous with such Disposition in the manner
contemplated by Section ‎5.13, such Person shall have complied with the requirements of Section ‎5.13.

 

(c)            to
the extent constituting a Disposition of Collateral, the incurrence of Liens that are permitted to be incurred pursuant to Section ‎6.02;

 

     

    49 

    

 

(d)            Disposition
of cash or Cash Equivalents in exchange for other cash or Cash Equivalents constituting Collateral and having reasonably equivalent
value therefor;

 

(e)            the
abandonment or Disposition of assets no longer useful or used in the business; provided that such abandonment or Disposition
is (A) in the ordinary course of business and (B) with respect to assets that are not material to the business of the
Parent and the Subsidiaries taken as a whole;

 

(f)             [reserved];

 

(g)            any
Disposition of property resulting from an event of loss with respect to any aircraft, airframe, engine, spare engine or Spare
Parts if the Credit Party is replacing such aircraft, airframe, engine, spare engine or Spare Parts in accordance with the terms
of the Loan Documents; and

 

(h)            any
Disposition of Collateral permitted by any of the Security Documents.

 

SECTION 6.05     Restricted
Payments. Parent will not, and will not permit any of its Subsidiaries to, declare or make, directly or indirectly, any Restricted
Payment, or incur any obligation (contingent or otherwise) to do so, except, that, subject to additional restrictions set forth
in Article ‎X, so long as no Default shall have occurred and be continuing at the time of any action described below
or would result therefrom:

 

(a)            each
Subsidiary may make Restricted Payments to the Parent and any other Person that owns an Equity Interest in such Subsidiary, ratably
according to their respective holdings of such Equity Interests in respect of which such Restricted Payment is being made;

 

(b)            the
Parent and each Subsidiary may declare and make dividend payments or other distributions payable solely in common Equity Interests
of such Person;

 

(c)            the
Parent and each Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds received
from the substantially concurrent issue of new common Equity Interests;

 

(d)            the
Parent and each Subsidiary may pay withholding or similar taxes payable by any future, present or former employee, director or
officer (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the
foregoing) in connection with any repurchases of Equity Interests or the exercise of stock options;

 

(e)            the
repurchase of Equity Interests or other securities deemed to occur upon (A) the exercise of stock options, warrants or other
securities convertible or exchangeable into Equity Interests or any other securities, to the extent such Equity Interests or other
securities represent a portion of the exercise price of those stock options, warrants or other securities convertible or exchangeable
into Equity Interests or any other securities or (B) the withholding of a portion of Equity Interests issued to employees
and other participants under an equity compensation program of the Parent or its Subsidiaries to cover withholding tax obligations
of such persons in respect of such issuance;

 

(f)             payments
of cash, dividends, distributions, advances, common stock or other Restricted Payments by the Parent or any of its Subsidiaries
to allow the payment of cash in lieu of the issuance of fractional shares upon (A) the exercise of options or warrants, (B) the
conversion or exchange of capital stock of any such Person or (C) the conversion or exchange of Indebtedness or hybrid securities
into capital stock of any such Person;

 

(g)            the
Parent may make cash payments in connection with any conversion or exchange of Convertible Indebtedness in amount equal to
the sum of (i) the principal amount of such Convertible Indebtedness and (ii) the proceeds of any payments received
by the Parent or any of its Subsidiaries pursuant to the exercise, settlement or termination of any related Permitted Bond
Hedge Transaction;

 

(h)            the
Parent may make payments in connection with a Permitted Bond Hedge Transaction (i) by delivery of shares of the Parent’s
Equity Interests upon net share settlement thereof or (ii) by (A) set-off against the related Permitted Bond Hedge Transaction
and (B) payment of an early termination amount thereof in common Equity Interests of the Parent upon any early termination
thereof; and

 

(i)             Restricted
Payments not to exceed the amount allowable pursuant to Schedule 6.05(i).

 

     

    50 

    

 

 

 

SECTION 6.06     Investments.
Parent will not, and will not permit any of its Subsidiaries to, make any Investments, except:

 

(a)            Investments
held by the Parent or such Subsidiary in the form of cash or Cash Equivalents;

 

(b)            (i) Investments
in Subsidiaries in existence on the Closing Date, (ii) other Investments in existence on the Closing Date and listed in Section I
to Schedule 6.06 and (iii) other Investments described on Section II of Schedule 6.06, and, in
each case, any refinancing, refunding, renewal or extension of any such Investment that does not increase the amount thereof;

 

(c)            advances
to officers, directors and employees of the Parent and its Subsidiaries in an aggregate amount not exceeding, at any time outstanding,
an amount that is customary and consistent with past practice, for travel, entertainment, relocation and similar ordinary business
purposes;

 

(d)            (v) Investments
of the Parent in the Borrower or any other Credit Party, (w) Investments of any Subsidiary in the Parent or any other Credit
Party, (x) Investments made between Subsidiaries that are not Credit Parties, (y) Investments of any MPH Company in a
Credit Party, and (z) to the extent required by, or for compliance with the obligations under, the MPH Facility (including
Investments pursuant to the IP Agreements or the Intercompany Agreements (each as defined in the MPH Facility)), Investments
of any Credit Party in an MPH Company; provided that any such Investments made pursuant to this clause (d) (other than
those made pursuant to subclause (y)), in the form of intercompany indebtedness incurred by a Credit Party and owed to a Subsidiary
that is not a Credit Party shall be subordinated to the Obligations and the Guaranteed Obligations on customary terms (it being
understood and agreed that any Investments permitted under this clause (d) in the form of intercompany indebtedness that are
not already subordinated on such terms as of the Closing Date shall not be required to be so subordinated until the date that is
thirty (30) days after the Closing Date);

 

(e)            Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(f)            Investments
consisting of the indorsement by the Parent or any Subsidiary of negotiable instruments payable to such Person for deposit or collection
in the ordinary course of business;

 

(g)            to
the extent constituting an Investment, transactions otherwise permitted by Sections ‎6.03 and ‎6.05;

 

(h)            any
Investments received in compromise or resolution of (i) obligations of trade creditors or customers that were incurred
in the ordinary course of business of Parent or any of its Subsidiaries, including pursuant to any plan of reorganization or
similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer or (ii) litigation, arbitration
or other disputes;

 

(i)             Investments
represented by obligations in respect of Swap Contracts that are not speculative in nature and that are entered into to hedge
or mitigate risks to which the Parent or any of its Subsidiaries has (or will have) actual exposure (other than those in respect
of the Equity Interests or Indebtedness of the Parent or any of its Subsidiaries);

 

     

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(j)             accounts
receivable arising in the ordinary course of business;

 

(k)            any
guarantee of Indebtedness of Parent or any Subsidiary of Parent, other than any guarantee of Indebtedness secured by Liens that
would not be permitted under Section ‎6.02;

 

(l)             Investments
to the extent that payment for such Investment is made with the capital stock of the Parent;

 

(m)           Investments
having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent
changes in value other than a reduction for all returns of principal in cash and capital dividends in cash), when taken together
with all Investments made pursuant to this clause (n) that are at the time outstanding, not to exceed 30% of the total consolidated
assets of the Parent and its Subsidiaries at the time of such Investment;

 

(n)            Permitted
Bond Hedge Transactions to the extent constituting Investments; and

 

(o)            Investments
in Finance Entities in the ordinary course of business of the Parent and its Subsidiaries or that are otherwise customary for airlines
based in the United States.

 

SECTION 6.07     Transactions
with Affiliates. Parent will not, and will not permit any of its Subsidiaries to, enter into any transaction of any kind involving
aggregate payments or consideration in excess of $50,000,000 with any Affiliate of the Parent, whether or not in the ordinary
course of business, other than on fair and reasonable terms substantially as favorable to the Parent or such Subsidiary as would
be obtainable by the Parent or such Subsidiary at the time in a comparable arm’s-length transaction with a Person other
than an Affiliate, subject to delivery of (x) with respect to any transaction or series of related transactions involving
aggregate consideration in excess of $100,000,000, a certificate of a Responsible Officer of the Parent certifying as to compliance
with the foregoing and (y) with respect to any transaction or series of related transactions involving aggregate consideration
in excess of $150,000,000, an opinion as to the fairness to the Parent or such Subsidiary of such transaction from a financial
point of view issued by an accounting, appraisal or investment banking firm of national standing (provided that this clause
(y) shall not apply to any transaction between or among the Parent or any of its Subsidiaries and any Finance Entities);
provided that, subject to Article ‎X, the foregoing restriction shall not apply to:

 

(a)            transactions
between or among the Parent and any Wholly-Owned Subsidiaries; provided that, for purposes of this clause (a), any MPH Company
that would constitute a Wholly-Owned Subsidiary except as a result of nominal shares issued in connection with special purpose
vehicle structures established in connection with the MPH Facility will be deemed to be a Wholly-Owned Subsidiary,

 

(b)            Restricted
Payments permitted by Section ‎6.05,

 

(c)            Investments
permitted by Section ‎6.06(b), or ‎(c) or ‎(d),

 

(d)            transactions
described in Schedule 6.07,

 

     

    52 

    

 

(e)            any
employment agreement, confidentiality agreement, non-competition agreement, incentive plan, employee stock option agreement, long-term
incentive plan, profit sharing plan, employee benefit plan, officer or director indemnification agreement or any similar arrangement
entered into by the Parent or any of its Subsidiaries in the ordinary course of business and payments pursuant thereto, and

 

(f)             payment
of fees, compensation, reimbursements of expenses (pursuant to indemnity arrangements or otherwise) and reasonable and customary
indemnities provided to or on behalf of officers, directors, employees or consultants of the Parent or any of its Subsidiaries.

 

SECTION 6.08     [Reserved].

 

SECTION 6.09     [Reserved].

 

SECTION 6.10     Changes
in Nature of Business. Parent will not, and will not permit any of its Subsidiaries to, engage to any material extent in any
business other than those businesses conducted by the Parent and its Subsidiaries on the date hereof or any business reasonably
related or incidental thereto or representing a reasonable expansion thereof.

 

SECTION 6.11     Sanctions;
AML Laws. Parent will not, and will not permit any of its Subsidiaries to, directly or knowingly indirectly, use the proceeds
of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other
Person to fund any activities or business of or with any Person in a manner that would result in a violation of Sanctions or AML
Laws by any Person.

 

SECTION 6.12     Amendments
to Organizational Documents. Parent will not, and will not permit any of its Subsidiaries to amend, modify, or grant any waiver
or release under or terminate in any manner, any Organizational Documents in any manner materially adverse to, or which would
impair the rights of, the Lenders.

 

SECTION 6.13     [Reserved]

 

SECTION 6.14     Prepayments
of Junior Indebtedness

 

. Parent will not, and will not permit any of its Subsidiaries
to, make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior
to any scheduled repayment, sinking fund payment or maturity, any Indebtedness secured by junior Liens on the Collateral or that
is subordinated in right of payment to the Obligations, in each case other than in connection with a Permitted Refinancing of such
Indebtedness.

 

SECTION 6.15     Lobbying.
Parent will not, and will not permit any of its Subsidiaries to, directly, or to the Parent or such Subsidiary’s knowledge,
indirectly, use the proceeds of the Loans, or lend, contribute, or otherwise make available such proceeds to any other Person
(i) for publicity or propaganda purposes designated to support or defeat legislation pending before the U.S. Congress or
(ii) to fund any activities that would constitute “lobbying activities” as defined under 2 U.S.C. § 1602.
The Parent shall, and shall cause its subsidiaries to, comply with the provisions of 31 U.S.C. § 1352, as amended, and with
the regulations at 31 CFR Part 21.

 

SECTION 6.16     Use
of Proceeds. Parent will not, and will not permit any of its Subsidiaries to, use the proceeds of the Loans for any purpose
other than for general corporate purposes and operating expenses (including payroll, rent, utilities, materials and supplies,
repair and maintenance, and scheduled interest payments on other Indebtedness incurred before February 15, 2020), in each
case in compliance with all applicable law to the extent permitted by the CARES Act; provided however that the proceeds of the
Loans shall not be used for any non-operating expenses (including capital expenses, delinquent taxes and payments of principal
on other Indebtedness), unless the Parent can demonstrate, to the satisfaction of the Initial Lender, that payment of any such
non-operating expense is necessary to optimize the continued operations of the Parent’s business and does not merely constitute
a transfer of risk from an existing creditor or investor to the Federal taxpayer.

 

     

    53 

    

 

SECTION 6.17     Financial
Covenants.

 

(a)            Liquidity.
The Parent will not permit the aggregate amount of Liquidity at the close of any Business Day to be less than $2,000,000,000.

 

(b)            Collateral
Coverage Ratio.

 

(i)               Within
ten (10) Business Days after (x) the last day of March and September of each year (beginning with March 2021)
or (y) any date on which an Appraisal is delivered pursuant to clause (2) of Section ‎5.16 (each such date
in clauses (x) and (y), a “CCR Reference Date” and the tenth Business Day after a CCR Reference Date, a
 “CCR Certificate Delivery Date”), the Parent shall deliver to the Administrative Agent a certificate of a Responsible
Officer of the Parent containing a calculation of the Collateral Coverage Ratio (a “CCR Certificate”).

 

(ii)           If
the Collateral Coverage Ratio with respect to any CCR Reference Date is less than 1.60 to 1.00, the Borrower shall, no later than
ten (10) Business Days after the applicable CCR Certificate Delivery Date, (x) prepay any outstanding Loans such that
following such prepayment, the Collateral Coverage Ratio with respect to such CCR Reference Date, recalculated by subtracting any
such prepaid portion of the Loans, shall be no less than 1.60 to 1.00 and/or (y) designate Additional Collateral as additional
Eligible Collateral and comply with Sections ‎5.13 and ‎5.15, collectively, in an amount such that following such designation,
the Collateral Coverage Ratio with respect to such CCR Reference Date, recalculated by adding such Additional Collateral, shall
be no less than 1.60 to 1.00.

 

(iii)          At
the Parent’s request, the Lien on any Collateral will be released, provided, in each case, that the following conditions
are satisfied or waived: (a) no Event of Default shall have occurred and be continuing, (b) either (x) after giving
effect to such release, the Collateral Coverage Ratio is not less than 2.00 to 1.00 (or in the case of a swap or exchange of existing
Additional Collateral with new Additional Collateral, less than 1.60 to 1.00) or (y) the Parent shall prepay or cause to be
prepaid the Loans and/or shall designate Eligible Collateral as Additional Collateral and comply with Sections 5.13 and 5.15, collectively,
in an amount necessary to cause the Collateral Coverage Ratio to not be less than 2.00 to 1.00 (or in the case of a swap or exchange
of existing Additional Collateral with new Additional Collateral, less than 1.60 to 1.00) and (c) the Parent shall deliver
a certificate executed by a Responsible Officer demonstrating compliance with this Section 6.17(b)(iii).

 

     

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ARTICLE VII 

 

EVENTS OF DEFAULT

 

SECTION 7.01     Events
of Default. If any of the following events (each, an “Event of Default”) shall occur:

 

(a)            the
Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date
thereof or at a date fixed for prepayment thereof or otherwise;

 

(b)            the
Borrower shall fail to pay any interest on any Loan, or any fee or any other amount (other than an amount referred to in clause ‎(a) of
this Section) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable,
and such failure shall continue unremedied for a period of two (2) or more Business Days;

 

(c)            any
representation or warranty made or deemed made by or on behalf of any Credit Party, including those made prior to the Closing Date,
in or in connection with this Agreement, the Loan Application Form or any other Loan Document or any amendment or modification
hereof or thereof, or any waiver hereunder or thereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with this Agreement, the Loan Application Form or any other Loan Document or any amendment
or modification hereof or thereof, or any waiver hereunder or thereunder, shall prove to have been incorrect in any material respect
(or, in the case of any such representation or warranty under this Agreement, the Loan Application Form or any other Loan
Document already qualified by materiality, such representation or warranty shall prove to have been incorrect) when made or deemed
made;

 

(d)            any
Credit Party shall fail to observe or perform any covenant, condition or agreement contained in Section ‎5.03(a), ‎5.04
(with respect to the Borrower’s existence) or in Article ‎VI or Article ‎X;

 

(e)            any
Credit Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement or any other Loan
Document (other than those specified in clause (a), (b) or (d) of this Section) and such failure shall continue unremedied
for a period of thirty (30) or more days after notice thereof by the Administrative Agent or the Initial Lender to the Parent;

 

(f)             (i) Any
Credit Party or any Subsidiary thereof shall fail to make any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) in respect of any Material Indebtedness (other than Indebtedness under this Agreement) and
such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument governing such
Material Indebtedness; or (ii) any Credit Party or any Subsidiary thereof shall fail to observe or perform any other agreement
or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto,
or any other event occurs, the effect of which default or other event results in the holder or holders or beneficiary or beneficiaries
of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) causing such Indebtedness
to become due or to be repurchased, prepaid, defeased or redeemed (in the case of a default, automatically or otherwise), or causing
an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; provided that this
clause (f)(ii) shall not apply to secured Indebtedness that becomes due as a result of (x) the voluntary sale or
transfer (or disposition of property as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness,
if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness and such Indebtedness is
repaid when required under the documents providing for such Indebtedness or (y) an event which triggers a mandatory prepayment,
repurchase, defeasement or redemption or “Early Amortization Event” (as defined in the MPH Facility) under the MPH
Facility, so long as such event does not constitute a default hereunder or under the MPH Facility and such Indebtedness is repaid
when required under the MPH Facility;

 

     

    55 

    

 

(g)            an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of any Credit Party or any Material Subsidiary thereof or its debts, or of a substantial part of its
assets, under any Debtor Relief Law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for any Credit Party or any Material Subsidiary thereof or for a substantial part
of its assets, and, in any such case, such proceeding or petition shall continue undismissed for a period of sixty (60) or more
days or an order or decree approving or ordering any of the foregoing shall be entered;

 

(h)            any
Credit Party or any Material Subsidiary thereof shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other relief under any Debtor Relief Law now or hereafter in effect, (ii) consent to the institution
of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (g) of this
Section, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for the Parent or any of its Subsidiaries or for a substantial part of its assets, (iv) file an answer admitting
the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit
of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

(i)             any
Credit Party or any Material Subsidiary thereof shall become unable, admit in writing its inability or fail generally to pay its
debts as they become due;

 

(j)              there
is entered against any Credit Party or any Material Subsidiary thereof (i) a final judgment or order for the payment of money
in an aggregate amount (as to all such judgments and orders) exceeding $220,000,000 (to the extent not covered by independent third-party
insurance as to which the insurer has been notified of such judgment or order and has not denied or failed to acknowledge coverage),
or (ii) a non-monetary final judgment or order that, either individually or in the aggregate, has or could reasonably be expected
to have a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such
judgment or order, or (B) there is a period of thirty (30) consecutive days during which a stay of enforcement of such
judgment, by reason of a pending appeal or otherwise, is not in effect;

 

(k)            an
ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected to result
in liability of any Credit Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC that, either
individually or in the aggregate, has or could reasonably be expected to have a Material Adverse Effect;

 

(l)              [reserved];

 

     

    56 

    

 

(m)            any
material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly
permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or any Credit
Party or any other Person who is a party to any Loan Document contests in writing the validity or enforceability of any provision
of any Loan Document; or any Credit Party denies in writing that it has any or further liability or obligation under any Loan Document,
or purports in writing to revoke, terminate or rescind any Loan Document;

 

(n)            any
Lien purported to be created under any Security Document shall cease to be, or shall be asserted in writing by any Credit Party
not to be, a legal, valid and perfected Lien on any material portion of the Collateral (individually or in the aggregate), with
the priority required by the applicable Security Documents, except (i) as a result of the sale or other Disposition of the
applicable Collateral to a Person that is not a Credit Party in a transaction not prohibited under the Loan Documents or (ii) as
a result of either Agent’s failure to maintain possession of any stock certificates, promissory notes or other instruments
delivered to it under the Security Documents or (iii) as a result of acts or omissions with respect to possessory collateral
held by the Collateral Agent pursuant to this Agreement; or

 

(o)            any
Guarantee of any Obligations by any Credit Party under any Loan Document shall cease to be in full force in effect (other than
in accordance with the terms of the Loan Documents); then, and in every such event (other than an event described in clause (g) or
(h) of this Section), and at any time thereafter during the continuance of such event, the Initial Lender may, and the Administrative
Agent may, and at the request of the Required Lenders or the Initial Lender shall, by notice to the Borrower, take any or all
of the following actions, at the same or different times:

 

(i)            declare
the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable,
together with accrued interest thereon and all fees and other Obligations of the Credit Parties accrued hereunder, shall become
due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by
the Borrower and the other Credit Parties; and

 

(ii)              exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents and Applicable
Law;

 

provided that, in case of any event described in clause
(g) or (h) of this Section, the principal of the Loans then outstanding, together with accrued interest thereon and all
fees and other Obligations accrued hereunder, shall automatically become due and payable, in each case without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Credit Parties.

 

SECTION 7.02     Application
of Payments. Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event
of Default, and notice thereof to the Initial Lender and the Administrative Agent by the Borrower or the Required Lenders, all
payments received on account of the Obligations shall be applied by the Administrative Agent as follows:

 

(i)            first,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees and disbursements
and other charges of counsel payable under Section ‎11.03 and amounts payable under an Administrative Agency Fee Letter
(if any)) payable to the Administrative Agent and the Collateral Agent in their respective capacities as such;

 

     

    57 

    

 

(ii)           second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest)
payable to the Lenders (including fees and disbursements and other charges of counsel payable under Section ‎11.03)
arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause (ii) payable
to them;

 

(iii)          third,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans, ratably among the Lenders
in proportion to the respective amounts described in this clause (iii) payable to them;

 

(iv)          fourth, to
payment of that portion of the Obligations constituting unpaid principal of the Loans ratably among the Lenders in proportion to
the respective amounts described in this clause (iv) payable to them;

 

(v)           fifth,
to the payment in full of all other Obligations, in each case ratably among the Administrative Agent and the Lenders based upon
the respective aggregate amounts of all such Obligations owing to them in accordance with the respective amounts thereof then due
and payable; and

 

(vi)          finally,
the balance, if any, after all Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

 

ARTICLE VIII 

 

AGENCY

 

SECTION 8.01     Appointment
and Authority. Each Lender hereby irrevocably appoints The Bank of New York Mellon to act on its behalf as the Administrative
Agent and as the Collateral Agent hereunder and under the other Loan Documents and authorizes the Agents to take such actions
on its behalf and to exercise such powers as are delegated to such Agent by the terms of the Loan Documents, together with such
actions and powers as are reasonably incidental or related thereto; provided that notwithstanding anything in this Article VIII
or this Agreement to the contrary, the terms and conditions of the relationship between the Initial Lender and the Agents shall
be governed by a separate agreement between the Initial Lender and the Agents. The Borrower and the Guarantors acknowledge and
agree that the Agents are Agents of the Lenders and not of the Borrower or the Guarantors. In connection with an assignment of
the Loans by the Initial Lender, upon the Administrative Agent’s request, the Borrower and the Agents shall enter into an
Administrative Agency Fee Letter. The provisions of this Article are solely for the benefit of the Agents and the Lenders,
and the Borrower shall not have rights as a third-party beneficiary of any of such provisions. Without limiting the generality
of the foregoing, the Agents are hereby expressly authorized to (i) execute any and all documents (including releases) with
respect to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with
the provisions of this Agreement and the other Loan Documents and (ii) negotiate, enforce or settle any claim, action or
proceeding affecting the Lenders in their capacity as such, at the direction of the Required Lenders, which negotiation, enforcement
or settlement will be binding upon each Lender.

 

SECTION 8.02     Collateral
Matters. Each of the Lenders hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender
for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Credit Parties to secure
any of the Obligations, together with such powers and discretion as are reasonably incidental thereto and to enter into and perform
the other Loan Documents.

 

     

    58 

    

 

SECTION 8.03     Removal
or Resignation of Administrative Agent

 

(a)           .
While the Initial Lender is a Lender, the Administrative Agent may be removed or give notice of its resignation subject to
any conditions as separately agreed between the Initial Lender and the Administrative Agent. Any such resignation as
Administrative Agent pursuant to this Section ‎8.03 shall also constitute its resignation as the Collateral Agent; provided
that in the case of any collateral security held by the Collateral Agent on behalf of the Lenders under any of the Loan
Documents, the retiring or removed Collateral Agent shall continue to hold such collateral security until such time as a
successor Collateral Agent is appointed. Upon such removal or receipt of any such notice of resignation, the Initial Lender
shall have the right to appoint a successor. After the Initial Lender is no longer a Lender, either Agent may resign at any
time by notifying the Lenders and the Borrower in writing, and either Agent may be removed at any time with or without cause
by an instrument or concurrent instruments in writing delivered to the Borrower and such Agent and signed by the Required
Lenders. Upon any such resignation or removal, the Required Lenders shall have the right, with the consent of the Borrower
(which consent shall not be required during the continuance of an Event of Default), to appoint a successor. If no successor
shall have been so appointed by the Required Lenders (with the consent of the Borrower (which consent shall not be required
during the continuance of an Event of Default)) and shall have accepted such appointment within 30 days after (i) the
retiring Agent gives notice of its resignation or (ii) the Required Lenders deliver removal instructions, then the
retiring or removed Agent may, on behalf of the Lenders (with the consent of the Borrower (which consent shall not be
required during the continuance of an Event of Default)), appoint a successor Agent which shall be a bank with an office in
New York, New York, or an Affiliate of any such bank. If no successor Agent has been appointed pursuant to the immediately
preceding sentence, such Agent’s resignation or removal shall become effective and the Required Lenders shall
thereafter perform all the duties of such Agent hereunder and/or under any other Loan Document until such time, if any, as
the Required Lenders (with the consent of the Borrower (which consent shall not be required during the continuance of an
Event of Default)) appoint a successor Administrative Agent and/or Collateral Agent, as the case may be. Upon the acceptance
of its appointment as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights,
powers, privileges and duties of its predecessor Agent, and its predecessor Agent shall be discharged from its duties and
obligations hereunder. The fees payable by the Borrower to a successor Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After an Agent’s resignation hereunder,
the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while acting as Agent.

 

SECTION 8.04     Exculpatory
Provisions.

 

(a)            The
Agents shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents or as separately
agreed between the Initial Lender and the Agents, and its duties hereunder shall be administrative in nature. Without limiting
the generality of the foregoing:

 

(i)              neither
Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
except that The Bank of New York Mellon shall always have a fiduciary duty to Treasury while serving as its Agent in accordance
with the provisions of the separate writing between The Bank of New York Mellon and Treasury;

 

(ii)             neither
Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated hereby or by the other Loan Documents that such Agent is required to exercise as directed in writing
by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the
other Loan Documents); and

 

     

    59 

    

 

(iii)            except
as expressly set forth herein and in the other Loan Documents, neither Agent shall have any duty to disclose, nor shall it be liable
for the failure to disclose, any information relating to the Borrower or any of the Subsidiaries that is communicated to or obtained
by the bank serving as Administrative Agent and/or Collateral Agent or any of its Affiliates in any capacity.

 

(b)            Neither
Agent shall be required to expend or risk its own funds or otherwise incur liability in the performance of any of its duties hereunder
or under any other Loan Document or in the exercise of any of its rights or powers. Notwithstanding anything in any Loan Document
to the contrary, prior to taking any action under this Agreement or any other Loan Document, each Agent shall be entitled to indemnification
satisfactory to it in its sole discretion against all losses and expenses in connection with taking such action. Neither Agent
shall be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary under the circumstances as provided in Sections 7.01 and 11.02)
or in the absence of its own gross negligence or willful misconduct as determined by the final non-appealable judgment of a court
of competent jurisdiction. Notwithstanding the foregoing, no action nor any omission to act, taken by either Agent at the direction
of the Required Lenders (or such other number of percentage of Lenders as shall be expressly provided for herein or in the other
Loan Documents) shall constitute gross negligence or willful misconduct. Neither Agent shall be deemed to have knowledge of any
Default unless and until written notice thereof, conspicuously labeled as a “notice of default” and specifically describing
such Default, is given to an Agent Responsible Officer by the Borrower or a Lender.

 

(c)            Neither
Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or
other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

(d)            In
no event shall either Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder or
under any other Loan Document arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, epidemics, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services (it being understood that such Agent shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances).

 

(e)             Each
Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it in good faith to be genuine and to have been signed or sent by
the proper Person. Each Agent may also rely upon any statement made to it orally or by telephone and believed by it in good faith
to have been made by the proper Person, and shall not incur any liability for relying thereon. Delivery of reports, information
and documents to an Agent is for informational purposes only and an Agent’s receipt of the foregoing will not constitute
actual or constructive knowledge or notice of any information contained therein or determinable from information contained therein,
including the Borrower’s compliance with any of its covenants hereunder. Each Agent may consult with legal counsel (who may
be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in reliance on the advice of any such counsel, accountants or experts. Any funds held by an Agent shall,
unless otherwise agreed in writing with the Borrower, be held uninvested in a non-interest bearing account.

 

     

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(f)             Neither
Agent shall have any obligation to calculate or confirm the calculation of any financial covenant contained herein.

 

(g)            Notwithstanding
anything to the contrary in any Loan Document, neither Agent shall be responsible for the existence, genuineness or value of any
of the Collateral; for filing any financing or continuation statements or recording any documents or instruments in any public
office or otherwise perfecting or maintaining the perfection of any security interest in the Collateral (except, in the case of
possessory Collateral, for the Collateral Agent maintaining possession of any such Collateral received by it in accordance with
the terms of the Loan Documents); for the validity, perfection, priority or enforceability of the Liens in any of the Collateral;
for the validity or sufficiency of the Collateral or any agreement or assignment contained therein; for the validity of the title
of any grantor to the Collateral; for insuring the Collateral; or for the payment of taxes, charges or assessments on the Collateral.
The Collateral Agent agrees that it will check any possessory Collateral received by it against any itemized list in the Pledge
and Security Agreement of Collateral to be delivered to it in accordance with the Pledge and Security Agreement.

 

SECTION 8.05     Reliance
by Agents. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, opinion, consent, statement, instrument, document or other writing believed by it in good faith to be
genuine and to have been signed or sent by the proper Person. Each Agent may also rely upon any statement made to it orally
or by telephone and believed by it in good faith to have been made by the proper Person, and shall not incur any liability
for relying thereon. Delivery of reports, information and documents to an Agent is for informational purposes only and an
Agent’s receipt of the foregoing will not constitute actual or constructive knowledge or notice of any information
contained therein or determinable from information contained therein, including the Borrower’s compliance with any of
its covenants hereunder. Each Agent may consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

SECTION 8.06     Delegation
of Duties. Each Agent may perform any and all its duties and exercise its rights and powers by or through any one or more
sub-agents or attorneys appointed by it and will not be responsible for the misconduct or negligence of any agent appointed with
due care. Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers by or through
their respective Related Parties.

 

SECTION 8.07     Non-Reliance
on Agents and Other Lenders. Each Lender (other than the Initial Lender) acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender (other than
the Initial Lender) also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document
or any related agreement or any document furnished hereunder or thereunder.

 

     

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SECTION 8.08     Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial
proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then
be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall
have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or
otherwise:

 

(a)            to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Lenders and the Agents and their respective agents and counsel and all other amounts due the Lenders and the Agents under Section 11.03)
allowed in such judicial proceeding; and

 

(b)            to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments
to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly
to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of the Agents and their respective agents and counsel, and any other amounts due the Agents under the Loan Documents.
Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on
behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights
of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

ARTICLE IX

 

GUARANTEE

 

SECTION 9.01     Guarantee
of the Obligations. Each Guarantor jointly and severally hereby irrevocably and unconditionally guarantees to the Secured
Parties, the due and punctual payment in full and performance of all Obligations (or such lesser amount as agreed by the Required
Lenders in their sole discretion with respect to Obligations owed to the Lenders) when the same shall become due or required to
be performed, whether at stated maturity, by required prepayment, declaration, acceleration, performance, demand or otherwise
(including amounts that would become and any performance that would have been required to be taken due but for the operation of
the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)) (collectively, the
 “Guaranteed Obligations”).

 

SECTION 9.02     Payment
or Performance by a Guarantor. Each Guarantor hereby jointly and severally agrees, in furtherance of the foregoing and the
other terms of this Article ‎IX and not in limitation of any other right which the Secured Parties may have at law
or in equity against any Guarantor by virtue hereof, that upon the failure of the Borrower to pay or perform any of the Guaranteed
Obligations when and as the same shall become due or required to be performed, whether at stated maturity, by required prepayment,
declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic
stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), such Guarantor will pay, or cause
to be paid, in cash, or perform, or cause to be performed, to the Secured Parties an amount equal to the sum of the unpaid principal
amount of all Guaranteed Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations (including
interest which, but for the Borrower’s becoming the subject of a case under the Bankruptcy Code, would have accrued on such
Guaranteed Obligations, whether or not a claim is allowed against the Borrower for such interest in the related bankruptcy case)
and all other Guaranteed Obligations then owed or required to be performed to the Secured Parties as aforesaid.

 

SECTION 9.03     Liability
of Guarantors Absolute. Each Guarantor agrees that its obligations hereunder are irrevocable, absolute, independent and unconditional
and shall not be affected by any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other
than payment and performance in full of the Guaranteed Obligations. In furtherance of the foregoing and without limiting the generality
thereof, each Guarantor agrees as follows:

 

     

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(a)            this
Guarantee is a guarantee of payment and performance when due and not merely of collection;

 

(b)            either
Agent and any of the other Secured Parties may enforce this Guarantee upon the occurrence of an Event of Default notwithstanding
the existence of any dispute between the Borrower and the Secured Parties with respect to the existence of such Event of Default;

 

(c)            a
separate action or actions may be brought and prosecuted against such Guarantor whether or not any action is brought against the
Borrower or any other Guarantors and whether or not Borrower or such Guarantors are joined in any such action or actions;

 

(d)            payment
or performance by any Guarantor of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify
or abridge any other Guarantor’s liability for any portion of the Guaranteed Obligations which has not been paid or performed;

 

(e)            the
Required Lenders, upon such terms as they deem appropriate, without notice or demand and without affecting the validity or
enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any
Guarantor’s liability hereunder, from time to time may (i) renew, extend, accelerate, increase the rate of
interest on, or otherwise change the time, place, manner or terms of payment or performance of the Guaranteed Obligations;
(ii) settle, compromise, release or discharge, or accept or refuse any offer of performance with respect to, or
substitutions for, the Guaranteed Obligations or subordinate the payment of the same to the payment of any other obligations;
(iii) release, surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with
or without consideration, any security for payment or performance of the Guaranteed Obligations, any other guarantees of the
Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with respect to the Guaranteed
Obligations; and (iv) enforce its rights and remedies even though such action may operate to impair or extinguish any
right of reimbursement or subrogation or other right or remedy of any Guarantor against the Borrower or any security for the
Guaranteed Obligations; and

 

(f)             this
Guarantee and the obligations of each Guarantor hereunder shall be legal, valid and enforceable and shall not be subject to any
reduction, limitation, impairment, discharge or termination for any reason (other than payment or performance in full of the Guaranteed
Obligations), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense
or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any
of the Guaranteed Obligations, any impossibility in the performance of any of the Guaranteed Obligations, or otherwise. Without
limiting the generality of the foregoing, except for the payment and performance in full of the Guaranteed Obligations and to the
fullest extent permitted by Applicable Law, the obligations of each Guarantor hereunder shall not be discharged or impaired or
otherwise affected by: (i) any failure, delay or omission to assert or enforce or agreement or election not to assert or enforce,
or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or
demand or any right, power or remedy with respect to the Guaranteed Obligations, or with respect to any security for the payment
and performance of the Guaranteed Obligations; (ii) any rescission, waiver, amendment or modification of, or any consent to
departure from, any of the terms or provisions hereof or any other Loan Document; (iii) the Guaranteed Obligations, or any
agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect; (iv) the Lender’s
consent to the change, reorganization or termination of the corporate structure or existence of the Borrower or any of its Subsidiaries
and to any corresponding restructuring of the Guaranteed Obligations; (v) the release of, or any impairment of or failure
to perfect or continue perfection of or protect a security interest in, any collateral which secures any of the Guaranteed Obligations;
(vi) any defenses, set-offs or counterclaims which the Borrower or any Guarantor may allege or assert against either Agent
or the Lenders in respect of the Guaranteed Obligations, including failure of consideration, lack of authority, validity or enforceability,
breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; (vii) any change
in the corporate existence, structure or ownership of any Credit Party, or any insolvency, bankruptcy, reorganization, examinership
or other similar proceeding affecting any Credit Party or its assets or any resulting release or discharge of any of the Guaranteed
Obligations; (viii) the fact that any Person that, pursuant to the Loan Documents, was required to become a party hereto may
not have executed or is not effectually bound by this Agreement, whether or not this fact is known to the Secured Parties; (ix) any
action permitted or authorized hereunder; (x) any other circumstance, or any existence of or reliance on any representation
by the Agents, any Secured Party or any other Person, that might otherwise constitute a defense to, or a legal or equitable discharge
of, the Borrower, any Guarantor or any other guarantor or surety; and (xi) any other event or circumstance that might in any
manner vary the risk of any Guarantor as an obligor in respect of the Guaranteed Obligations.

 

     

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SECTION 9.04     Waivers
by Guarantors. Each Guarantor hereby waives, for the benefit of the Lender: (a) any right to require the Lender, as
a condition of payment or performance by such Guarantor, to (i) proceed against Borrower, any Guarantor or any other
Person; (ii) proceed against or exhaust any security in favor of the Lender; or (iii)  pursue any other remedy in
the power of the Agents or Secured Parties whatsoever or (b) presentment to, demand for payment or performance from and
protest to the Borrower or any Guarantor or notice of acceptance; and (c) any defenses or benefits that may be derived
from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the
terms hereof. The Agents and the other Secured Parties may, at their election, foreclose on any security held by one or more
of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure or
exercise any other right or remedy available to them against the Borrower or any other Credit Party without affecting or
impairing in any way the liability of any Guarantor hereunder except to the extent the Guaranteed Obligations have been paid
in full. To the fullest extent permitted by Applicable Law, each Credit Party waives any defense arising out of any such
election even though such election operates, pursuant to Applicable Law, to impair or to extinguish any right of
reimbursement or subrogation or other right or remedy of such Credit Party against the Borrower or any other Credit Party, as
the case may be, or any security.

 

SECTION 9.05     Guarantors’
Rights of Subrogation, Contribution, etc. Until the Guaranteed Obligations shall have been paid in full, each
Guarantor hereby waives any claim, right or remedy, direct or indirect, that such Guarantor now has or may hereafter have
against the Borrower or any other Guarantor or any of its assets in connection with this Guarantee or the performance by such
Guarantor of its obligations hereunder, including without limitation (a) any right of subrogation, reimbursement or
indemnification that such Guarantor now has or may hereafter have against the Borrower with respect to the Guaranteed
Obligations, (b) any right to enforce, or to participate in, any claim, right or remedy that the Agents or the Secured
Parties now has or may hereafter have against the Borrower, and (c) any benefit of, and any right to participate in, any
collateral or security now or hereafter held by the Agents or the Secured Parties. In addition, until the Guaranteed
Obligations shall have been paid in full, each Guarantor shall withhold exercise of any right of contribution such Guarantor
may have against any other guarantor (including any other Guarantor) of the Guaranteed Obligations. If any amount shall be
paid to any Guarantor on account of any such subrogation, reimbursement, indemnification or contribution rights at any time
when all Guaranteed Obligations shall not have been finally and paid in full, such amount shall be held in trust for the
Secured Parties and shall forthwith be paid over to the Secured Parties to be credited and applied against the Guaranteed
Obligations, whether matured or unmatured, in accordance with the terms hereof.

 

SECTION 9.06     Subordination.
Any Indebtedness of the Borrower or any Guarantor now or hereafter and all rights of indemnity, contribution or subrogation under
Applicable Law or otherwise held by any Guarantor (the “Obligee Guarantor”) are hereby subordinated in right
of payment or performance to the Guaranteed Obligations until the Guaranteed Obligations is paid and performed in full. Any amount
in respect of such indebtedness or rights collected or received by the Obligee Guarantor after an Event of Default has occurred
and is continuing shall be held in trust for the Secured Parties and shall forthwith be paid over to the Secured Parties to be
credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability
of the Obligee Guarantor under any other provision hereof.

 

SECTION 9.07     Continuing
Guarantee. This Guarantee is a continuing guarantee and shall remain in effect until all of the Guaranteed Obligations shall
have been paid and performed in full. Each Guarantor hereby irrevocably waives any right to revoke this Guarantee as to future
transactions giving rise to any Guaranteed Obligations.

 

SECTION 9.08     Financial
Condition of the Borrower. The Loans may be made to the Borrower without notice to or authorization from any Guarantor regardless
of the financial or other condition of the Borrower at the time of such grant. Each Guarantor has adequate means to obtain information
from the Borrower on a continuing basis concerning the financial condition of the Borrower and its ability to perform its obligations
under the Loan Documents, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition
of the Borrower and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations.

 

SECTION 9.09     Reinstatement.
In the event that all or any portion of the Guaranteed Obligations are paid by the Borrower or any Guarantor, the obligations
of any other Guarantor hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the
event that all or any part of such payment(s) are rescinded or recovered directly or indirectly from the Secured Parties
as a preference, fraudulent transfer or otherwise must be so recovered or returned, and any such payments and amounts which are
so rescinded, recovered or returned shall constitute Guaranteed Obligations for all purposes hereunder.

 

     

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SECTION 9.10     Discharge
of Guarantees. If, in compliance with the terms and provisions of the Loan Documents, (x) all of the Equity Interests
of any Guarantor that is a Subsidiary of the Parent or any of its successors in interest hereunder shall be sold or otherwise
disposed of (including by merger or consolidation) to any Person (other than to the Parent or to any other Subsidiary of Parent),
the Guarantee of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged
and released without any further action by any beneficiary or any other Person effective as of the time of such asset sale or
(y) a Guarantor becomes an Excluded Subsidiary (other than as a result of a Guarantor becoming a non-Wholly Owned Subsidiary),
the Borrower may request the release of the Guarantee of such Guarantor, whereupon the Guarantee of such Guarantor shall be discharged
and released.

 

ARTICLE X 

 

CARES ACT REQUIREMENTS

 

Notwithstanding anything in this Agreement
to the contrary, the Credit Parties, on behalf of themselves and their Affiliates, represent, warrant, and agree with the Lenders
that:

 

SECTION 10.01     CARES
Act Compliance. Each Credit Party and its Subsidiaries are in compliance, and will at all times comply, with all applicable
requirements under Title IV of the CARES Act, including any applicable requirements pertaining to the Borrower’s eligibility
to receive the Loans. The Parent, the Borrower and their Subsidiaries will provide any information requested by the Initial Lender
or Agents to assess the Borrower’s compliance with applicable requirements under Title IV of the CARES Act, its obligations
under this Article ‎X or its eligibility to receive the Loans under the CARES Act. The Borrower is not a “covered
entity” as defined in Section 4019 of the CARES Act.

 

SECTION 10.02   Dividends
and Buybacks

 

(a)            Until
the date that is twelve (12) months after the date on which the Loans are no longer outstanding, neither any Borrower Air Carrier
nor any of its Affiliates (other than an Affiliate that is a natural person) shall, in any transaction, purchase an equity security
of any Borrower Air Carrier or of any direct or indirect parent company of a Borrower Air Carrier or of any Subsidiary of the Parent
that, in each case, is listed on a national securities exchange, except to the extent required under a contractual obligation in
effect as of the date of enactment of the CARES Act.

 

(b)            Until
the date that is twelve (12) months after the date on which the Loans are no longer outstanding, no Borrower Air Carrier shall
pay dividends, or make any other capital distributions, with respect to the common stock of any Borrower Air Carrier.

 

SECTION 10.03   Maintenance
of Employment Levels. Until September 30, 2020, each Borrower Air Carrier shall maintain its employment levels as of
March 24, 2020, to the extent practicable, and in any case shall not reduce its employment levels by more than ten percent
(10%) from the levels on March 24, 2020.

 

SECTION 10.04   United
States Business. Each Borrower Air Carrier is created or organized in the United States or under the laws of the United States
and has significant operations in and a majority of its employees based in the United States.

 

SECTION 10.05   Limitations
on Certain Compensation.

 

(a)            Beginning
on the Closing Date, and ending on the date that is one (1) year after the date on which the Loans are no longer outstanding,
each Borrower Air Carrier and its Affiliates shall not pay any of each Borrower Air Carrier’s Corporate Officers or Employees
whose Total Compensation exceeded $425,000 in calendar year 2019 or the Subsequent Reference Period (other than an Employee whose
compensation is determined through an existing collective bargaining agreement entered into before March 1, 2020):

 

     

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(i)            Total
Compensation which exceeds, during any twelve (12) consecutive months of the period beginning on the Closing Date and ending on
the date that is one (1) year after the date on which the Loans are no longer outstanding, the Total Compensation the Corporate
Officer or Employee received in calendar year 2019 or the Subsequent Reference Period; or

 

(ii)           Severance
Pay or Other Benefits in connection with a termination of employment with any Borrower Air Carrier which exceed twice the maximum
Total Compensation received by such Corporate Officer or Employee in calendar year 2019 or the Subsequent Reference Period.

 

(b)            Beginning
on the Closing Date, and ending on the date that is one (1) year after the date on which the Loans are no longer outstanding,
each Borrower Air Carrier and its Affiliates shall not pay any of each Borrower Air Carrier’s Corporate Officers or Employees
whose Total Compensation exceeded $3,000,000 in calendar year 2019 or the Subsequent Reference Period, Total Compensation which
exceeds, during any twelve (12) consecutive months of such period, in excess of the sum of:

 

(i)            $3,000,000;
and

 

(ii)           Fifty
percent (50%) of the excess over $3,000,000 of the Total Compensation received by such Corporate Officer or Employee in calendar
year 2019 or the Subsequent Reference Period.

 

(c)            For
purposes of determining applicable amounts under this Section with respect to any Corporate Officer or Employee who was employed
by any Borrower Air Carrier or any of their Affiliates for less than all of calendar year 2019, the amount of Total Compensation
in calendar year 2019 shall mean such Corporate Officer’s or Employee’s Total Compensation on an annualized basis.

 

SECTION 10.06   Continuation
of Certain Air Service. Until March 1, 2022, each Borrower Air Carrier shall comply with any applicable requirement issued
by the Secretary of Transportation under section 4005 of the CARES Act to maintain scheduled air transportation service to any
point served by any Borrower Air Carrier before March 1, 2020. The Borrower acknowledges that neither Treasury, nor any other
actor, department, or agency of the Federal Government, shall condition the issuance of any loan under this Loan Agreement on
the Borrower’s implementation of measures to enter into negotiations with the certified bargaining representative of a craft
or class of employees of the Borrower Air Carrier under the Railway Labor Act (45 U.S.C. 151 et seq.) or the National Labor Relations
Act (29 U.S.C. 151 et seq.), regarding pay or other terms and conditions of employment.

 

SECTION 10.07   Treasury
Access. Provide Treasury, the Treasury Inspector General, the Special Inspector General for Pandemic Recovery, and such other
entities as authorized by Treasury timely and unrestricted access to all documents, papers, or other records, including electronic
records, of the Borrower related to the Loans, to enable Treasury, the Treasury Inspector General, and the Special Inspector General
for Pandemic Recovery to make audits, examinations, and otherwise evaluate the Borrower’s compliance with the terms of this
Agreement. This right also includes timely and reasonable access to the Borrower’s and its Affiliates’ personnel for
the purpose of interview and discussion related to such documents.

 

     

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SECTION 10.08       Additional
Defined Terms. As used in this Article, the following terms have the meanings specified below:

 

“Borrower Air Carrier”
means, collectively, the Borrower, its Affiliates that are Air Carriers, and their respective heirs, executors, administrators,
successors, and assigns. Notwithstanding anything to the contrary herein, for purposes of this Article X, an “Affiliate”
of the Borrower shall not include any Person(s) that become affiliated with the Borrower solely by virtue of the consummation
of a Change of Control transaction resulting in repayment of the Loans in full.

 

“Corporate Officer” means,
with respect to any Borrower Air Carrier, its president; any vice president in charge of a principal business unit, division, or
function (such as sales, administration or finance); any other officer who performs a policy-making function; or any other person
who performs similar policy making functions for the Borrower Air Carrier. Executive officers of subsidiaries or parents of any
Borrower Air Carrier may be deemed Corporate Officers of the Borrower Air Carrier if they perform such policy-making functions
for the Borrower Air Carrier.

 

“Employee” has the meaning
given to the term in section 2 of the National Labor Relations Act (29 U.S.C. 152 and includes any individual employed by an employer
subject to the Railway Labor Act (45 U.S.C. 151 et seq.), and for the avoidance of doubt includes all individuals who are employed
by the Borrower Air Carrier who are not Corporate Officers.

 

“Severance Pay or Other Benefits”
means any severance payment or other similar benefits, including cash payments, health care benefits, perquisites, the enhancement
or acceleration of the payment or vesting of any payment or benefit or any other in-kind benefit payable (whether in lump sum or
over time, including after March 24, 2022) by any Borrower Air Carrier or its Affiliates to a Corporate Officer or Employee
in connection with any termination of such Corporate Officer’s or Employee’s employment (including, without limitation,
resignation, severance, retirement, or constructive termination), which shall be determined and calculated in respect of any Employee
or Corporate Officer of the Borrower Air Carrier in the manner prescribed in 17 CFR 229.402(j) (without regard to its limitation
to the five (5) most highly compensated executives and using the actual date of termination of employment rather than the
last business day of the Borrower Air Carrier’s last completed fiscal year as the trigger event).

 

“Subsequent Reference Period”
means (i) for a Corporate Officer or Employee whose employment with the Borrower Air Carrier or an Affiliate started during
2019 or later, the twelve (12) month period starting from the end of the month in which the officer or employee commenced employment,
if such officer’s or employee’s total compensation exceeds $425,000 (or $3,000,000) during such period and (ii) for
a Corporate Officer or Employee whose Total Compensation first exceeds $425,000 during a 12-month period ending after 2019, the
12-month period starting from the end of the month in which the Corporate Officer’s or Employee’s Total Compensation
first exceeded $425,000 (or $3,000,000).

 

“Total Compensation” means
compensation including salary, wages, bonuses, awards of stock, and any other financial benefits provided by the Borrower Air Carrier
or an Affiliate, as applicable, which shall be determined and calculated for the 2019 calendar year or any applicable twelve (12)-month
period in respect of any Employee or Corporate Officer of the Borrower Air Carrier in the manner prescribed under paragraph e.5
of the award term in 2 CFR part 170, App. A, but excluding any Severance Pay or Other Benefits in connection with a termination
of employment.

 

     

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ARTICLE XI

 

MISCELLANEOUS

 

SECTION 11.01   Notices;
Public Information.

 

(a)             Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing in
English and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile
or email as follows:

 

(i)            if
to a Credit Party, to it at 233 South Wacker Drive, Chicago, Illinois 60606, Attention of Treasurer (Facsimile No. 872-825-3211;
Telephone No. 872-825-3211; Email: pam.hendry@united.com);

 

(ii)           if
to the Administrative Agent or the Collateral Agent, to The Bank of New York Mellon at 240 Greenwich Street, 7th Floor, New York,
NY 10286, Attention of Joanna Shapiro, Managing Director (Telephone No. 212-815-4949; Email: joanna.g.shapiro@bnymellon.com
with a copy to UST.Cares.Program@bnymellon.com);

 

(iii)          if
to Treasury, as the Initial Lender, to The Department of the Treasury of the United States at 1500 Pennsylvania Avenue, NW, Washington,
D.C. 20220, Attention of Assistant General Counsel (Banking and Finance) (Telephone No. 202-622-0283; Email: eric.froman@treasury.gov);
and

 

(iv)          if
to any other Lender, to it at its address (or facsimile number or email address) set forth in its Administrative Questionnaire.

 

Notices sent by hand or overnight courier service, or mailed
by certified or registered mail, shall be deemed to have been given when received. Notices delivered through electronic communications,
to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b)            Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail, FpML, and Internet or intranet websites) pursuant to procedures approved by the Lenders and reasonably acceptable
to the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article ‎II
if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent, the Collateral Agent, the Parent or the Borrower may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided
that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative Agent, the Collateral
Agent or a Lender otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received
upon the sender’s receipt of an acknowledgement from the intended recipient (such as by return e-mail or other written acknowledgement),
and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt
by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice
or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above,
if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication
shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

 

     

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(c)            Change
of Address, etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder
by notice to the other parties hereto.

 

(d)            Platform.

 

(i)            The
Borrower and the Lenders agree that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined
below) available to the other Lenders by posting the Communications on the Platform.

 

(ii)           The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the
adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind,
express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of
third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications
or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”)
have any liability to the Credit Parties, any Lender or any other Person or entity for damages of any kind, including direct or
indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out
of the Borrower’s or the Administrative Agent’s transmission of communications through the Platform. “Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the
Credit Parties pursuant to any Loan Document or the transactions contemplated therein that is distributed to the Administrative
Agent or any Lender by means of electronic communications pursuant to this Section, including through the Platform.

 

(e)            Public
Information. The Borrower hereby acknowledges that certain of the Lenders (each, a “Public Lender”) may
have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the
respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect
to such Persons’ securities. The Borrower hereby agrees that it will use commercially reasonable efforts to identify that
portion of the materials and information provided by or on behalf of the Borrower hereunder and under the other Loan Documents
(collectively, “Borrower Materials”) that may be distributed to the Public Lenders and that (i) all such
Borrower Materials shall be clearly and conspicuously marked “PUBLIC,” which, at a minimum, shall mean that the word
 “PUBLIC” shall appear prominently on the first page thereof; (ii) by marking Borrower Materials “PUBLIC,”
the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not
containing any material non-public information with respect to the Borrower or its securities for purposes of U.S. federal and
state securities Laws (provided, however, that to the extent that such Borrower Materials constitute Information,
they shall be subject to Section ‎11.12); (iii) all Borrower Materials marked “PUBLIC” are permitted
to be made available through a portion of the Platform designated “Public Side Information;” and (iv) the Administrative
Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting
on a portion of the Platform not designated “Public Side Information”. Each Public Lender will designate one or more
representatives that shall be permitted to receive information that is not designated as being available for Public Lenders. Notwithstanding
the foregoing, financial statements and related documentation, in each case, provided pursuant to Section 5.01(a) or
5.01(b) shall be deemed to be marked “PUBLIC”, unless the Parent notifies the Administrative Agent promptly that
any such document contains material non-public information.

 

     

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SECTION 11.02   Waivers;
Amendments.

 

(a)             No
Waiver; Remedies Cumulative; Enforcement. No failure or delay by the Administrative Agent, the Collateral Agent or any Lender
in exercising any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right, remedy, power or privilege, or any abandonment or discontinuance of
steps to enforce such a right remedy, power or privilege, preclude any other or further exercise thereof or the exercise of any
other right remedy, power or privilege. The rights, remedies, powers and privileges of the Administrative Agent, the Collateral
Agent and the Lenders hereunder and under the Loan Documents are cumulative and are not exclusive of any rights, remedies, powers
or privileges that any such Person would otherwise have.

 

Notwithstanding anything to the contrary contained
herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents
against the Credit Parties shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement
shall be instituted and maintained exclusively by, (i) so long as the Initial Lender is a Lender, either the Initial Lender
or, at the Initial’s Lender’s option, the Administrative Agent in accordance with Section ‎7.01 for the
benefit of all the Lenders and (ii) if the Initial Lender is no longer a Lender, the Required Lenders or the Administrative
Agent (acting at the direction of the Required Lenders) in accordance with Section ‎7.01 for the benefit of all the
Lenders; provided that the foregoing shall not prohibit (i) the Administrative Agent from exercising on its own behalf
the rights and remedies that inure to its benefit (solely in its capacities as Administrative Agent and as Collateral Agent) hereunder
and under the other Loan Documents, (ii)  any Lender from exercising setoff rights in accordance with Section ‎11.08
(subject to the terms of Section ‎2.13) or (iii) any Lender from filing proofs of claim or appearing and filing
pleadings on its own behalf during the pendency of a proceeding relative to a Credit Party under any Debtor Relief Law; provided,
further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents,
then (x) the Required Lenders shall have the rights otherwise provided to the Administrative Agent pursuant to Section ‎7.01
and (y) in addition to the matters set forth in clauses (ii) and (iii) of the preceding proviso and subject
to Section ‎2.13, any Lender may, with the consent of the Required Lenders, enforce any rights or remedies available
to it and as authorized by the Required Lenders.

 

(b)            Amendments,
Etc. Except as otherwise expressly set forth in this Agreement (including Section ‎2.10 and Section ‎8.01),
no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower
therefrom, shall be effective unless in writing executed by the Borrower and the Required Lenders, and acknowledged by the Administrative
Agent, or by the Borrower and the Administrative Agent with the consent of the Required Lenders, and each such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given; provided that no such amendment,
waiver or consent shall:

 

(i)            extend
or increase any Commitment of any Lender without the written consent of such Lender;

 

(ii)           reduce
the principal of, or rate of interest specified herein on, any Loan, or any fees or other amounts payable hereunder or under any
other Loan Document, without the written consent of each Lender directly and adversely affected thereby (provided that only
the consent of the Required Lenders shall be necessary (x) to amend the definition of “Default Rate” or to waive
the obligation of the Borrower to pay interest at the Default Rate or (y) to amend any financial covenant (or any defined
term directly or indirectly used therein), even if the effect of such amendment would be to reduce the rate of interest on any
Loan or other Obligation or to reduce any fee payable hereunder);

 

     

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(iii)          postpone
any date scheduled for any payment of principal of, or interest on, any Loan, or any fees or other amounts payable hereunder or
under any other Loan Document, or reduce the amount of, waive or excuse any such payment, without the written consent of each Lender
directly and adversely affected thereby;

 

(iv)         change
Section ‎2.12(b) or Section ‎2.13 in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender directly and adversely affected thereby;

 

(v)          waive
any condition set forth in Section ‎4.01 without the written consent of the Initial Lender; or

 

(vi)         change
any provision of this Section or the percentage in the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights
hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; provided, further,
that no such amendment, waiver or consent shall amend, modify or otherwise affect the rights or duties hereunder or under any
other Loan Document of either of the Agents, unless in writing executed by such Agent, in each case in addition to the
Borrower and the Lenders required above.

 

In addition, notwithstanding anything in this
Section to the contrary, (i) if the Borrower shall have identified an obvious error or any error or omission of a technical
nature, in each case, in any provision of the Loan Documents, then, upon the delivery of a certificate of a Responsible Officer
of the Borrower to the Administrative Agent identifying such error and directing the Administrative Agent to execute an amendment
to correct such error, the Administrative Agent and the Borrower shall be permitted to amend such provision, and, in each case,
such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same
is not objected to in writing by the Required Lenders to the Administrative Agent within ten (10) Business Days following
receipt of notice thereof and (ii) that any Security Document may be amended, supplemented or otherwise modified with the
consent of the applicable Grantor (as defined in the Pledge and Security Agreement) and the Administrative Agent to add assets
(or categories of assets) to the Collateral covered by such Security Document, as contemplated by the definition of Additional
Collateral, or to remove any assets or categories of assets (including after-acquired assets of that category) from the Collateral
covered by such Security Document to the extent the release thereof is permitted by Section 6.17(b)(iii).

 

SECTION 11.03   Expenses;
Indemnity; Damage Waiver.

 

(a)            Costs
and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Initial Lender,
the Administrative Agent, the Collateral Agent and their Affiliates (including the reasonable fees, charges and disbursements of
any counsel for the Initial Lender, the Administrative Agent or the Collateral Agent), and shall pay all fees and time charges
and disbursements for attorneys who may be employees of the Administrative Agent or the Collateral Agent, in connection with the
preparation, negotiation, execution, delivery and administration of this Agreement, the Loan Documents, any other agreements or
documents executed in connection herewith or therewith or any amendments, modifications or waivers of the provisions hereof or
thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket
expenses incurred by the Administrative Agent, the Collateral Agent or any Lender (including the fees, charges and disbursements
of any counsel for the Administrative Agent, the Collateral Agent or any Lender), and shall pay all fees and time charges for attorneys
who may be employees of the Administrative Agent, the Collateral Agent or any Lender, in connection with the enforcement or protection
of its rights (A) in connection with this Agreement and the Loan Documents, any other agreements or documents executed in
connection herewith or therewith, or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not
the transactions contemplated hereby or thereby shall be consummated) including its rights under this Section, or (B) in connection
with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring, negotiations
or enforcement in respect of this Agreement, the Loan Documents and other agreements or documents executed in connection herewith
or therewith.

 

     

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(b)            Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent and Collateral Agent (and any sub-agents thereof)
and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an
 “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities, obligations, penalties, fines, settlements, judgments, disbursements and related costs and related expenses
(including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each
Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by
any Indemnitee or asserted against any Indemnitee by any Person (including the Parent) arising out of, in connection with, or
as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder
or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use of the
proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned
or operated by the Parent or any of its Subsidiaries, or any Environmental Liability related in any way to the Parent or any
of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of
the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Parent, and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee other
than the Initial Lender, be available to the extent that such losses, claims, damages, liabilities or related expenses are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee. This paragraph (b) shall not apply with respect to Taxes other than
any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)             Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under paragraph (a) or (b) of
this Section to be paid by it to the Administrative Agent or Collateral Agent (or any sub-agents thereof) or any Related
Party of any of the foregoing, each Lender (other than the Initial Lender) severally agrees to pay to the Administrative Agent
or Collateral Agent (or any such sub-agents) or such Related Party, as the case may be, such Lender’s pro rata share (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s Applicable
Percentage at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender);
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may
be, was incurred by or asserted against the Administrative Agent or Collateral Agent (or any such sub-agents), or against any
Related Party of any of the foregoing acting for the Administrative Agent or Collateral Agent (or any such sub-agents) in connection
with such capacity. The obligations of the Lenders under this paragraph (c) are subject to the provisions of Section ‎2.12(e).

 

(d)            Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, no Credit Party shall assert, and each hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan, or the
use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising
from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby.

 

     

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(e)             Payments.
All amounts due under this Section shall be payable not later than five  (5) days after demand therefor; provided
that the terms of this Section shall not apply to the Initial Lender.

 

(f)             Survival.
Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of the obligations
hereunder and the resignation or removal of the Administrative Agent or the Collateral Agent.

 

SECTION 11.04   Successors
and Assigns.

 

(a)             Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each
Lender (and any other attempted assignment or transfer by any party hereto shall be null and void), and no Lender may assign
or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the
provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of
paragraph (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of paragraph (e) of this Section. Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement.

 

(b)            Assignments
by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of the Loans at the time owing to it); provided that any such assignment
by any Lender (other than the Initial Lender) shall be subject to the following conditions:

 

(i)            Minimum
Amounts.

 

(A)            in
the case of an assignment of the entire remaining amount of the assigning Lender’s Loans at the time owing to it or contemporaneous
assignments to and/or by related Approved Funds (determined after giving effect to such assignments) that equal at least the amount
specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an
Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)             in
any case not described in paragraph (b)(i)(A) of this Section, the principal outstanding balance of the Loans of the
assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and
Assumption, as of the Trade Date) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no
Default or Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably
withheld or delayed).

 

     

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(ii)           Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans assigned.

 

(iii)          Required
Consents. No consent shall be required for any assignment by the Initial Lender. The consent of the Borrower (such consent
not to be unreasonably withheld, delayed or conditioned) shall be required for any assignment by any Lender other than the Initial
Lender unless (x) a Default or Event of Default has occurred and is continuing at the time of such assignment, or (y) such
assignment is to a Lender or an Affiliate of a Lender; provided that the Borrower shall be deemed to have consented to any
such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days
after having received notice thereof.

 

(iv)         Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500; provided that the Administrative Agent may, in its sole discretion,
elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)           No
Assignment to Certain Persons. No such assignment shall be made to the Borrower or any of the Borrower’s Affiliates
or Subsidiaries.

 

(vi)             No
Assignment to Natural Persons. No such assignment shall be made to a natural person (or a holding company, investment vehicle
or trust for, or owned and operated for the primary benefit of, a natural person).

 

Subject to acceptance and recording thereof by the
Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each
Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue
to be entitled to the benefits of Section ‎11.03 with respect to facts and circumstances occurring prior to the
effective date of such assignment. Any assignment or transfer by a Lender other than the Initial Lender of rights or
obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as
a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this
Section.

 

(c)             Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy
of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time
(the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower,
the Administrative Agent, the Collateral Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection
by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

     

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(d)            Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a Competitor, a natural person, or a holding company, investment vehicle or trust for, or owned and operated
for the primary benefit of, a natural person, or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each,
a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including
all or a portion of the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement
shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations, and (iii) the Borrower, the Administrative Agent, the Collateral Agent and Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the
avoidance of doubt, each Lender shall be responsible for the indemnity under Section ‎11.03(b) with respect to
any payments made by such Lender to its Participant(s).

 

Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver described in Section 11.02(b)(i) through (v) that affects such Participant.
The Borrower agrees that each Participant shall be entitled to the benefits of Sections ‎2.14, ‎2.15 and
 ‎2.16 (subject to the requirements and limitations therein, including the requirements under
Section ‎2.16(g) (it being understood that the documentation required under
Section ‎2.16(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such
Participant (A) agrees to be subject to the provisions of Section ‎2.19 as if it were an assignee under
paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under
Section ‎2.15 or ‎2.16, with respect to any participation, than its participating Lender would have been
entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that
occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the
Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of
Section ‎2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section ‎11.08 as though it were a Lender; provided that such Participant agrees to
be subject to Section ‎2.13 as though it were a Lender. Each Lender that sells a participation shall, acting
solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address
of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or
other obligations under the Loan Documents (the “Participant Register”); provided that no Lender
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant's interest in any loans or its other obligations under any Loan
Document) to any Person except to the extent that such disclosure is necessary to establish that such loan or other
obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register.

 

     

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(e)             Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee
or assignee for such Lender as a party hereto.

 

SECTION 11.05   Survival.
All covenants, agreements, representations and warranties made by any Credit Party herein and in any Loan Document or other documents
delivered in connection herewith or therewith or pursuant hereto or thereto shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery hereof and thereof and the making of the Borrowings hereunder,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent,
the Collateral Agent or any Lender may have had notice or knowledge of any Default at the time of any Borrowing, and shall continue
in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied and so long
as the Commitments have not expired or been terminated. The provisions of Sections ‎2.14, ‎2.15, ‎11.03,
 ‎11.15 and Article ‎VIII shall survive and remain in full force and effect regardless of the consummation of
the transactions contemplated hereby, the payment in full of the Obligations, the expiration or termination of the Commitments
or the termination of this Agreement or any provision hereof.

 

SECTION 11.06   Counterparts;
Integration; Effectiveness; Electronic Execution.

 

(a)            Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and the other Loan Documents, constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided
in Section ‎4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent
and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each
of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in
electronic (e.g., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart
of this Agreement.

 

(b)            Electronic
Execution. The words “execution,” “signed,” “signature,” and words of like import in this
Agreement and in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act. Notwithstanding anything herein to the contrary,
delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic means, or confirmation
of the execution of this Agreement on behalf of a party by an email from an authorized signatory of such party shall be effective
as delivery of a manually executed counterpart of this Agreement.

 

SECTION 11.07     Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

     

    76 

    

 

SECTION 11.08   Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, and each of their respective Affiliates
is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other
obligations (in whatever currency) at any time owing, by such Lender or any such Affiliate, to or for the credit or the account
of the Borrower against any and all of the due and unpaid Obligations of the Borrower now or hereafter existing under this Agreement
or any other Loan Document to such Lender or its respective Affiliates, irrespective of whether or not such Lender or Affiliate
shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be
contingent or unmatured or are owed to a branch office or Affiliate of such Lender different from the branch office or Affiliate
holding such deposit or obligated on such indebtedness. The rights of each Lender and their respective Affiliates under this Section are
in addition to other rights and remedies (including other rights of setoff) that such Lender or its respective Affiliates may
have. Each Lender (other than the Initial Lender) agrees to notify the Borrower and the Administrative Agent promptly after any
such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff
and application.

 

SECTION 11.09   Governing
Law; Jurisdiction; Etc.

 

(a)             Governing
Law. This Agreement and the other Loan Documents will be governed by and construed in accordance with the federal law of the
United States if and to the extent such law is applicable, and otherwise in accordance with the law of the State of New York applicable
to contracts made and to be performed entirely within such State.

 

(b)            Jurisdiction
and Venue. Each of the Credit Parties and each Lender agrees (a) to submit to the exclusive jurisdiction and venue of
the United States District Court for the District of Columbia for any civil action, suit or proceeding arising out of or relating
to this Agreement, the Loan Documents, or the transactions contemplated hereby or thereby.

 

(c)            Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section ‎11.01.
Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable
Law.

 

SECTION 11.10   Waiver
of Jury Trial. To the extent permitted by Applicable Law, each Credit Party and each Lender hereby unconditionally waives
trial by jury in any civil legal action or proceeding relating to this Agreement, the Loan Documents or the transactions contemplated
hereby or thereby.

 

SECTION 11.11   Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part
of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

SECTION 11.12   Treatment
of Certain Information; Confidentiality. Each of the Agents and the Lenders (other than the Initial Lender) agree to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates
and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential); (b) to the extent required or requested
by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory
authority, such as the National Association of Insurance Commissioners); (c) to the extent required by Applicable Laws or
by any subpoena or similar legal process; (d) to any other party hereto; (e) in connection with the exercise of any
remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document
or the enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the
same as (or no less restrictive than) those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights and obligations under this Agreement, or (ii) any actual or prospective
party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to
the Borrower and its obligations, this Agreement or payments hereunder; provided that, in each case under this clause (f)(ii),
such actual or prospective party is not a Competitor; (g) on a confidential basis to (i) any rating agency in connection
with rating the Borrower or its Subsidiaries or the Loans or (ii) the CUSIP Service Bureau or any similar agency in connection
with the issuance and monitoring of CUSIP numbers with respect to the Loans; (h) with the consent of the Borrower or (i) to
the extent such Information (x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes
available to either Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than
the Borrower who did not acquire such information as a result of a breach of this Section.

 

     

    77 

    

 

For purposes of this Section, “Information”
means all information received from the Parent or any of its Subsidiaries relating to the Parent or any of its Subsidiaries or
any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender
on a nonconfidential basis prior to disclosure by the Parent or any of its Subsidiaries; provided that, in the case of information
received from the Parent or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of
delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information.

 

SECTION 11.13   Money
Laundering; Sanctions. The Borrower shall provide to the Administrative Agent, the Collateral Agent, and the Lenders information
and documentation that the Lenders may reasonably request that identifies the Borrower and its Affiliates, which information may
include the name and address of the Borrower and its Affiliates and other information regarding beneficial ownership of the Borrower
and its Affiliates that will allow the Lenders to ensure compliance with Sanctions and the AML Laws. For purposes of determining
whether or not a representation with respect to any indirect ownership is true or a covenant is being complied with under this
Section ‎11.13, the Borrower shall not be required to make any investigation into (i) the ownership of
publicly traded stock or other publicly traded securities or (ii) the ownership of assets by a collective investment fund
that holds assets for employee benefit plans or retirement arrangements.

 

SECTION 11.14   Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any
Loan, together with all fees, charges and other amounts that are treated as interest on such Loan under Applicable Law
(collectively, “charges”), shall exceed the maximum lawful rate (the “Maximum Rate”)
that may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with
Applicable Law, the rate of interest payable in respect of such Loan hereunder, together with all charges payable in respect
thereof, shall be limited to the Maximum Rate. To the extent lawful, the interest and charges that would have been paid in
respect of such Loan but were not paid as a result of the operation of this Section shall be cumulated and the interest
and charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the amount
collectible at the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate for each day to the date of repayment, shall have been received by such Lender. Any amount collected by such
Lender that exceeds the maximum amount collectible at the Maximum Rate shall be applied to the reduction of the principal
balance of such Loan or refunded to the Borrower so that at no time shall the interest and charges paid or payable in respect
of such Loan exceed the maximum amount collectible at the Maximum Rate.

 

     

    78 

    

 

SECTION 11.15   Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or any Lender,
or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into
by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or
part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had
not been made or such setoff had not occurred, and (b) each Lender (other than the Initial Lender) severally agrees to pay
to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by
the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum
equal to the Federal Funds Effective Rate from time to time in effect.

 

SECTION 11.16   No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and
agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) no fiduciary, advisory or agency relationship
between any Credit Party and any of their respective Subsidiaries and the Administrative Agent, the Collateral Agent or any Lender
is intended to be or has been created in respect of the transactions contemplated hereby or by the other Loan Documents, irrespective
of whether the Administrative Agent, the Collateral Agent or any Lender has advised or is advising any Credit Party or any of
their respective Subsidiaries on other matters, (ii) the lending and other services regarding this Agreement provided by
the Administrative Agent, the Collateral Agent and the Lenders are arm’s-length commercial transactions between Credit Parties
and their Affiliates, on the one hand, and the Administrative Agent, the Collateral Agent and the Lenders, on the other hand,
(iii) the Credit Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent that they
has deemed appropriate and (iv) the Credit Parties are capable of evaluating, and understands and accepts, the terms, risks
and conditions of the transactions contemplated hereby and by the other Loan Documents; and (b) (i) the Administrative
Agent, the Collateral Agent and the Lenders each is and has been acting solely as a principal and, except as expressly agreed
in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Credit
Parties or any of their respective Affiliates, or any other Person; (ii) none of the Administrative Agent, the Collateral
Agent and the Lenders has any obligation to the Credit Parties or any of their respective Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative
Agent, the Collateral Agent and the Lenders and their respective Affiliates may be engaged, in a broad range of transactions that
involve interests that differ from those of the Credit Parties and their respective Affiliates, and none of the Administrative
Agent, the Collateral Agent and the Lenders has any obligation to disclose any of such interests to the Credit Parties or any
of their respective Affiliates. To the fullest extent permitted by Law, the Credit Parties hereby waive and release any claims
that they may have against any of the Administrative Agent, the Collateral Agent and the Lenders with respect to any breach or
alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

SECTION 11.17   Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in
any other agreement, arrangement or understanding among the parties, each party hereto (including each Credit Party) acknowledges
that any liability arising under a Loan Document of any Credit Party that is an Affected Financial Institution, to the extent
such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority, and
agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion
Powers by the applicable Resolution Authority to any such liabilities arising under any Loan Documents which may be payable to
it by any Credit Party that is an Affected Financial Institution; and (b) the effects of any Bail-In Action on any such liability,
including (i) a reduction in full or in part or cancellation of any such liability, (ii) a conversion of all, or a portion
of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking,
or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership
will be accepted by it in lieu of any rights with respect to any such liability under any Loan Document, or (iii) the variation
of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution
Authority.

 

[Signature pages follow.]

 

     

     

    

 

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

 

	 	UNITED
    AIRLINES, INC., as Borrower
	 	 
	 	By:
    	/s/
    Gerald Laderman
	 	 	Name:
    Gerald Laderman
	 	 	Title:
    Executive Vice President and Chief Financial Officer
	 	 
	 	UNITED
    AIRLINES HOLDINGS, INC., as Parent
	 	 
	 	By:
    	/s/
    Gerald Laderman
	 	 	Name:
    Gerald Laderman
	 	 	Title:
    Executive Vice President and Chief Financial Officer
	 	 
	 	CALFINCO
    INC., as Guarantor
	 	 
	 	By:
    	/s/
    Gerald Laderman
	 	 	Name:
    Gerald Laderman
	 	 	Title:
    Executive Vice President
	 	 
	 	COVIA
    LLC, as Guarantor
	 	 
	 	By:
    	/s/
    Gerald Laderman
	 	 	Name:
    Gerald Laderman
	 	 	Title:
    Executive Vice President

 

[Signature
Page to Loan and Guarantee Agreement – United Airlines]

 

     

     

    

 

	 	THE
    BANK OF NEW YORK MELLON, as Administrative Agent
	 	
	 	By:	/s/
    Bret S. Derman
	 	 	Name:
    Bret S. Derman
	 	 	Title:
    Vice President
	 	 
	 	THE
    BANK OF NEW YORK MELLON, as Collateral Agent
	 	 
	 	By:	/s/
    Bret S. Derman
	 	 	Name:
    Bret S. Derman
	 	 	Title:
    Vice President

 

[Signature
Page to Loan and Guarantee Agreement – United Airlines]

 

     

     

    

 

	 	UNITED
    STATES DEPARTMENT OF THE TREASURY, as the Initial Lender
	 	 
	 	By	/s/ Brent McIntosh
	 	Name:  Brent McIntosh
	 	Title:
    Under Secretary for International Affairs

 

[Signature
Page to Loan and Guarantee Agreement – United Airlines]

 

     

     

    

 

EXHIBIT A

 

[FORM OF ASSIGNMENT AND ASSUMPTION]

 

This Assignment and Assumption
(the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and
between the Assignor (as defined below) and the Assignee (as defined below). Capitalized terms used but not defined herein shall
have the meanings given to them in the Loan and Guarantee Agreement identified below (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Loan and Guarantee Agreement”), receipt of a copy
of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Loan and Guarantee Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations
in its capacity as a Lender under the Loan and Guarantee Agreement, any other Loan Documents and any other documents or instruments
delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of the Assignor under the respective facilities identified below (including any guarantees included in such
facilities), and (ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any
other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection
with the Loan and Guarantee Agreement, any other Loan Document and any other documents or instruments delivered pursuant thereto
or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited
to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the
rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor
to the Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor.

 

		1.	Assignor: _________________________________________ (the “Assignor”)

 

		2.	Assignee: _________________________________________ (the “Assignee”)

 

[Assignee is an [Affiliate][Approved
Fund] of [identify Lender] 

 

		3.	Borrower: _________________________________________

 

		4.	Administrative Agent: The Bank of New York Mellon, as the Administrative Agent
under the Loan and Guarantee Agreement

 

		5.	Loan and Guarantee Agreement: The Loan and Guarantee Agreement dated as of _______ among [name
of the Borrower(s)], the Guarantors party thereto from time to time, the Lenders parties thereto, and The Bank of New York
Mellon, as Administrative Agent and Collateral Agent

 

		6.	Assigned Interest[s]:

 

     

    -2-

    

 

	 	 	Aggregate	 	Percentage
	 	 	Amount
    of Loans	Amount
    of	Assigned
    of
	Assignor	Assignee	for
    all Lenders1	Loans
    Assigned8	Loans2
	 	 	$	$	%
	 	 	$	$	%
	 	 	$	$	%

 

	 	[7.	Trade Date:______________]3

 

[Page break]

 

 

 

1Amount to
be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective
Date.

		2	Set forth, to at least 9 decimals, as a percentage of the Loans of all Lenders thereunder.

3To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the
Trade Date.

 

     

    -3-

    

 

 

Effective Date: _____________ ___, 20___ [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The terms set forth in this Assignment and Assumption are hereby
agreed to:

 

	 	ASSIGNOR
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	 
	 	 	Title:
	 	 
	 	ASSIGNEE
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	 
	 	 	Title:

 

	Accepted:	 
	 	 
	THE BANK OF NEW YORK MELLON, as	 
	Administrative Agent	 
	 	 
	 	 	 
	By:	 	 
	Title:	 
	 	 
	[Consented to:	 
	 	 
	[NAME OF BORROWER]	 
	 	                    	 
	By:	 	 
	 	 
	Title:]4	 

 

 

 

4 To be included only if the consent of the Borrower
is required for such Assignment and Assumption by the terms of the Loan and Guarantee Agreement.

 

     

    -4-

    

 

ANNEX 1

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1. Representations and Warranties.

 

1.1 Assignor. The Assignor
(a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest
is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all
action necessary, including to obtain such consent, if any, as required under the Loan and Guarantee Agreement, to execute and
deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility
with respect to (i) any statements, warranties or representations made in or in connection with the Loan and Guarantee Agreement
or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan
Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or
any other Person obligated in respect of the Loan and Guarantee Agreement or any other Loan Document, or (iv) the performance or
observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under
any Loan Document.

 

1.2 Assignee. The Assignee
(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver
this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Loan and
Guarantee Agreement, (ii) it meets all the requirements to be an assignee under Section 11.04 of the Loan and Guarantee Agreement
(subject to such consents, if any, as may be required thereunder), (iii) from and after the Effective Date, it shall be bound
by the provisions of the Loan and Guarantee Agreement and each other Loan Document as a Lender, and, to the extent of the Assigned
Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets
of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to
acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Loan and Guarantee
Agreement, and has received or has been afforded the opportunity to receive copies of the most recent financial statements delivered
pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its
own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (vi) it has,
independently and without reliance upon the Administrative Agent, the Collateral Agent, the Assignor or any other Lender and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment
and Assumption and to purchase the Assigned Interest, (vii) if it is not already a Lender under the Loan and Guarantee Agreement,
attached to the Assignment and Assumption is an Administrative Questionnaire and the applicable “know your customer”
documentation requested by the Administrative Agent and as required by the Loan and Guarantee Agreement and (viii) the Administrative
Agent has received a processing and recordation fee of $3,500 as of the Effective Date (to the extent required by the Loan and
Guarantee Agreement, unless waived), (b) agrees that (i) it will, independently and without reliance on the Administrative Agent,
the Collateral Agent, the Assignor or any other Lender or Agent, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and
(ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required
to be performed by it as a Lender, including its obligations pursuant to Section 2.16 of the Loan and Guarantee Agreement and
(c) appoints and authorizes the Administrative Agent and the Collateral Agent to take such action on its behalf and to exercise
such powers under the Loan and Guarantee Agreement and the other Loan Documents as are delegated to such Agent by the terms thereof,
together with such actions and powers as are reasonably incidental or related thereto.

 

     

    -5-

    

 

2. Payments. From
and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments
of principal, interest, fees and other amounts) to the Assignor for amounts that have accrued to but excluding the Effective Date
and to the Assignee for amounts that have accrued from and after the Effective Date.

 

3. General Provisions.
This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy or other electronic
means shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and
Assumption shall be governed by, and construed in accordance with, the federal law of the United States if and to the extent such
law is applicable, and otherwise in accordance with the law of the State of New York applicable to contracts made and to be performed
entirely within such State.

 

     

     

    

 

EXHIBIT B-1

 

[FORM OF

 

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For
U.S. Federal Income Tax Purposes)

 

 

Reference is hereby made to the Loan
and Guarantee Agreement dated as of September 28, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Loan and Guarantee Agreement”), among United Airlines, Inc., each Guarantor party thereto
from time to time, each Lender from time to time party thereto and The Bank of New York Mellon, as Administrative Agent and Collateral
Agent.

 

Pursuant to the provisions of Section
2.16 of the Loan and Guarantee Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is
not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “10 percent shareholder”
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation”
related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the
Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.
By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned
shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the
Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year
in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein,
terms defined in the Loan and Guarantee Agreement and used herein shall have the meanings given to them in the Loan and Guarantee
Agreement.

 

	[NAME OF LENDER]	 
	 	 
	By:	              	 
	Name:	 
	Title:	 
	 	 
	Date: ________ __, 20[ ]	 

 

     

     

    

 

EXHIBIT B-2

 

[FORM OF

 

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Loan
and Guarantee Agreement dated as of September 28, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Loan and Guarantee Agreement”), among United Airlines, Inc., each Guarantor party thereto
from time to time, each Lender from time to time party thereto and The Bank of New York Mellon, as Administrative Agent and Collateral
Agent.

 

Pursuant
to the provisions of Section 2.16 of the Loan and Guarantee Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “10 percent shareholder” of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation” related
to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished its participating Lender with a certificate of its non - U.S. Person status on IRS Form W-8BEN or IRS
Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate
changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein,
terms defined in the Loan and Guarantee Agreement and used herein shall have the meanings given to them in the Loan and Guarantee
Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 
	By:	                  	 
	Name:	 
	Title:	 
	 	 
	Date: ________ __, 20[ ]	 

 

     

     

    

 

EXHIBIT B-3

 

[FORM OF

 

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For
U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Loan
and Guarantee Agreement dated as of September 28, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Loan and Guarantee Agreement”), among United Airlines, Inc., each Guarantor party thereto
from time to time, each Lender from time to time party thereto and The Bank of New York Mellon, as Administrative Agent and Collateral
Agent.

 

Pursuant to the provisions of Section
2.16 of the Loan and Guarantee Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members
is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “10 percent
shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect
partners/members is a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C)
of the Code.

 

The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that
is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided in
this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times
furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein,
terms defined in the Loan and Guarantee Agreement and used herein shall have the meanings given to them in the Loan and Guarantee
Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 
	By:	                  	 
	Name:	 
	Title:	 
	 	 
	Date: ________ __, 20[ ]	 

 

     

     

    

 

EXHIBIT B-4

 

[FORM OF

 

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S.
Federal Income Tax Purposes)

 

Reference is hereby made to the Loan
and Guarantee Agreement dated as of September 28, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Loan and Guarantee Agreement”), among United Airlines, Inc., each Guarantor party thereto
from time to time, each Lender from time to time party thereto and The Bank of New York Mellon, as Administrative Agent and Collateral
Agent.

 

Pursuant to the provisions of Section 2.16
of the Loan and Guarantee Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as
well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect
to the extension of credit pursuant to this Loan and Guarantee Agreement or any other Loan Document, neither the undersigned nor
any of its direct or indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into
in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct
or indirect partners/members is a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code and (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related
to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W- 8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided in
this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned
shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

Unless otherwise defined herein,
terms defined in the Loan and Guarantee Agreement and used herein shall have the meanings given to them in the Loan and Guarantee
Agreement.

 

	[NAME OF LENDER]	 
	 	 
	By:	                  	 
	Name:	 
	Title:	 
	 	 
	Date: ________ __, 20[ ]	 

 

     

     

    

 

EXHIBIT C

 

FORM OF NOTE

 

[New York, New York]

[Date]

 

FOR VALUE RECEIVED, the undersigned,[insert
name of Borrower], a [insert jurisdiction of formation] [insert type of legal entity] (the “Borrower”), hereby
promises to pay to ______________ or its registered assigns in accordance with Section 11.04 of the Loan and Guarantee Agreement
(as defined below) (the “Lender”), in lawful money of the United States of America in immediately available
funds at the office of the Administrative Agent (such term, and each other capitalized term used but not defined herein, having
the meaning assigned to it in the Loan and Guarantee Agreement, dated as of September 28, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Loan and Guarantee Agreement”), among the
Borrower, the Guarantors party thereto from time to time, the United States Department of the Treasury, as Initial Lender, the
Lenders party thereto from time to time and The Bank of New York Mellon, as Administrative Agent and Collateral Agent) (i) on the
dates set forth in the Loan and Guarantee Agreement, the principal amounts set forth in the Loan and Guarantee Agreement with respect
to Loans made by the Lender to the Borrower pursuant to the Loan and Guarantee Agreement and (ii) on each Interest Payment Date,
interest at the rate or rates per annum as provided in the Loan and Guarantee Agreement on the unpaid principal amount of all Loans
made by the Lender to the Borrower pursuant to the Loan and Guarantee Agreement.

 

The Borrower promises to pay interest,
on written demand, on any overdue principal and, to the extent permitted by law, overdue interest from their due dates at the rate
or rates provided in the Loan and Guarantee Agreement.

 

The Borrower hereby waives (to the extent
permitted by applicable law) diligence, presentment, demand, protest and notice of any kind whatsoever. Subject to the terms of
the Loan and Guarantee Agreement, including Section 7.02 thereof, nonexercise by the holder hereof of any of its rights
hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance.

 

All borrowings evidenced by this note and
all payments and prepayments of the principal hereof and interest hereon and the respective dates thereof shall be endorsed by
the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto
and made a part hereof, or otherwise recorded by such holder in its internal records; provided, however, that the
failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower
under this note.

 

This note is one of the Notes referred
to in the Loan and Guarantee Agreement that, among other things, contains provisions for the acceleration of the maturity hereof
upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof
and for the amendment or waiver of certain provisions of the Loan and Guarantee Agreement, all upon the terms and conditions therein
specified.

 

THIS NOTE MAY NOT BE TRANSFERRED EXCEPT
IN COMPLIANCE WITH THE TERMS OF THE LOAN AND GUARANTEE AGREEMENT.

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE FEDERAL LAW OF THE UNITED STATES IF AND TO THE EXTENT SUCH LAW IS APPLICABLE, AND OTHERWISE IN ACCORDANCE
WITH THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF, the Borrower has caused
this note to be duly executed by its respective authorized officer as of the day and year first above written.

 

	 	[BORROWER]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

LOANS
AND PAYMENTS

 

	 	 	 	 	 	 	 	 	 	 	Name of
	 	 	 	 	 	 	 	 	Principal	 	Person
	 	 	 	 	Maturity	 	Payments of	 	Balance of	 	Making the
	Date	 	Amount of Loan	 	Date	 	Principal/Interest	 	Note	 	Notation
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

     

     

    

 

 

EXHIBIT D

 

FORM OF BORROWING REQUEST

 

The Bank of New York Mellon

as Administrative Agent

 

Attention: Joanna Shapiro, Managing Director 

240 Greenwich
Street, 7th Floor

New York, NY 10286 

Telephone: 212-815-4949

 

Email: joanna.g.shapiro@bnymellon.com

           UST.Cares.Program@bnymellon.com

 

and:

 

The Department of the Treasury of the United States

Attention: Assistant General Counsel (Banking and Finance) 

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

Telephone: 202-622-0283

 Email: eric.froman@treasury.gov

 

[●],
202[●]5

 

Ladies and Gentlemen:

 

The undersigned, UNITED AIRLINES,
INC., a corporation organized under the laws of Delaware (the “Borrower”), refers to the Loan and Guarantee
Agreement dated as of September 28, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time
to time, the “Loan and Guarantee Agreement”), among the Borrower, UNITED AIRLINES HOLDINGS, INC., a corporation
organized under the laws of Delaware (the “Parent”), the Guarantors party thereto from time to time, the United
States Department of the Treasury as the Initial Lender, the Lenders party thereto from time to time and The Bank of New York Mellon
as Administrative Agent and Collateral Agent. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed
to such terms in the Loan and Guarantee Agreement. This notice constitutes a Borrowing Request pursuant to the Loan and Guarantee
Agreement, and the Borrower hereby gives you notice pursuant to Sections 2.03(a) and (b) of the Loan and Guarantee Agreement that
it requests a Borrowing under the Loan and Guarantee Agreement, and in connection therewith specifies the following information
with respect to the Borrowing requested hereby:

 

		(A)	The Borrowing shall be denominated in dollars and shall be in an aggregate
principal amount equal to: $[●],000,000.00

 

		(B)	Date of Borrowing (which is a Business Day): [●], 202[●]

 

		(C)	Locations and numbers of the accounts to which funds of the requested Borrowing
are to be disbursed:

 

		(1)	To UNITED AIRLINES, INC.:

 

 

 

5 Notice must be received
by the Administrative Agent (with a copy to the Initial Lender) by not later than 11:00 a.m. (New York City time), three (3) Business
Days, with respect to the initial Borrowing, or five (5) Business Days, with respect to each subsequent Borrowing, prior to the
date of the requested Borrowing.

 

     

     

    

 

	Bank Name:	[●]
	 	 
	Account Name:	[●]
	 	 
	Account Number:	[●]
	 	 
	ABA Number:	[●]
	 	 
	Amount	$[●]6
	 	 

 

(2) To Cleary Gottlieb Steen & Hamilton LLP,
as legal counsel to the Initial Lender, pursuant to Section 4.01(f) of the Loan and Guarantee Agreement:

 

	Bank Name:	[●]
	 	 
	Account Name:	[●]
	 	 
	Account Number:	[●]
	 	 
	ABA Number:	[●]
	 	 
	Amount	$[●]7
	 	 

 

The undersigned hereby certifies that (a)
the representations and warranties of the Credit Parties set forth in the Loan and Guarantee Agreement and in each other Loan Document
are true and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality,
in all respects) on and as of the date of the Borrowing requested hereby (or, in the case of any such representation or warranty
expressly stated to have been made as of a specific date, as of such specific date) and on and as of the date of the Borrowing
requested hereby, (b) no Default has occurred or is continuing or will result from the requested Borrowing or from the application
of proceeds thereof, (c) this Borrowing Request is made in compliance with the requirements of Sections 2.02 and 2.03 of the Loan
and Guarantee Agreement and (d) all conditions in Sections 4.01 (with respect to the Borrowing on the Closing Date only) and 4.02
of the Loan and Guarantee Agreement have been satisfied as of the date of the Borrowing requested hereby.

 

Delivery of this Borrowing Request
may initially be made by electronic communication including fax or email and shall be followed by an original authentic counterpart
thereof.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

		6	Insert amount of initial borrowing less Cleary’s legal expenses.

		7	Insert amount of Cleary’s legal expenses.

 

     

     

    

 

	Very truly yours,
	 	 
	 	 
	 	UNITED AIRLINES, INC.
	 	 
	 	 
	 	By8:	       
	 	Name:
	 	Title:

 

 

 

8 This Borrowing Request must be signed
by a Responsible Officer of the Borrower. As used herein, a Responsible Officer is any of the following: (i) the chief executive
officer, (ii) the Financial Officer (i.e., Chief Financial Officer, principal accounting officer, treasurer or controller), (iii)
the president, (iv) the executive vice president or (v) any other officer or employee of the Borrower so designated from time
to time by one of the aforementioned officers in a notice to the Administrative Agent (together with evidence of the authority
and capacity of each such Person to so act in form and substance satisfactory to the Administrative Agent).

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