Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
 DELTA AIR LINES, INC. 

7.000% SENIOR SECURED NOTES DUE 2025 
  

 
 INDENTURE 

Dated as of April 29, 2020 
  

 
 U.S. Bank
National Association 
 as Trustee 

and 
 as Collateral Trustee 

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	ARTICLE 1	  			
	DEFINITIONS AND INCORPORATION	  			
	BY REFERENCE	  			
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitions	  	 	21	 
	 Section 1.03
	 	Rules of Construction	  	 	21	 
		
	ARTICLE 2	  			
	THE NOTES	  			
			
	 Section 2.01
	 	Form and Dating	  	 	22	 
	 Section 2.02
	 	Execution and Authentication	  	 	22	 
	 Section 2.03
	 	Registrar and Paying Agent	  	 	23	 
	 Section 2.04
	 	Paying Agent to Hold Money in Trust	  	 	23	 
	 Section 2.05
	 	Holder Lists	  	 	23	 
	 Section 2.06
	 	Transfer and Exchange	  	 	24	 
	 Section 2.07
	 	Replacement Notes	  	 	33	 
	 Section 2.08
	 	Outstanding Notes	  	 	33	 
	 Section 2.09
	 	Treasury Notes	  	 	33	 
	 Section 2.10
	 	Temporary Notes	  	 	34	 
	 Section 2.11
	 	Cancellation	  	 	34	 
	 Section 2.12
	 	Defaulted Interest	  	 	34	 
		
	ARTICLE 3	  			
	REDEMPTION AND PREPAYMENT	  			
			
	 Section 3.01
	 	Notice of Redemption by the Company	  	 	34	 
	 Section 3.02
	 	Selection of Notes to Be Redeemed or Purchased	  	 	35	 
	 Section 3.03
	 	Notice of Redemption	  	 	35	 
	 Section 3.04
	 	Conditional Notices of Redemption	  	 	36	 
	 Section 3.05
	 	Deposit of Redemption or Purchase Price	  	 	36	 
	 Section 3.06
	 	Notes Redeemed or Purchased in Part	  	 	37	 
	 Section 3.07
	 	Optional Redemption	  	 	37	 
	 Section 3.08
	 	No Mandatory Redemption	  	 	37	 
	 Section 3.09
	 	Offer to Purchase by Application of Excess Proceeds	  	 	37	 
		
	ARTICLE 4	  			
	COVENANTS	  			
			
	 Section 4.01
	 	Payment of Notes	  	 	39	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	39	 
	 Section 4.03
	 	Reports	  	 	40	 
	 Section 4.04
	 	Compliance Certificate	  	 	41	 
	 Section 4.05
	 	Stay, Extension and Usury Laws	  	 	42	 
	 Section 4.06
	 	Collateral Dispositions	  	 	42	 
	 Section 4.07
	 	Liens	  	 	43	 
	 Section 4.08
	 	Offer to Repurchase Upon Change of Control Triggering Event	  	 	44	 
	 Section 4.09
	 	Delivery of Appraisals	  	 	45	 
	 Section 4.10
	 	Priority Debt Coverage Ratio	  	 	46	 

							
	 	 	 	  	Page	 
	 Section 4.11
	 	Regulatory Cooperation	  	 	47	 
	 Section 4.12
	 	Regulatory Matters; Citizenship; Utilization	  	 	47	 
	 Section 4.13
	 	Corporate Existence	  	 	48	 
		
	ARTICLE 5	  			
	SUCCESSORS	  			
	 Section 5.01
	 	Merger, Consolidation, or Sale of Assets	  	 	49	 
	 Section 5.02
	 	Successor Corporation Substituted	  	 	49	 
		
	ARTICLE 6	  			
	DEFAULTS AND REMEDIES	  			
			
	 Section 6.01
	 	Events of Default	  	 	50	 
	 Section 6.02
	 	Acceleration	  	 	51	 
	 Section 6.03
	 	Other Remedies	  	 	52	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	52	 
	 Section 6.05
	 	Control by Majority	  	 	52	 
	 Section 6.06
	 	Limitation on Suits	  	 	52	 
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment	  	 	53	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	53	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	53	 
	 Section 6.10
	 	Priorities	  	 	54	 
	 Section 6.11
	 	Undertaking for Costs	  	 	54	 
		
	ARTICLE 7	  			
	TRUSTEE	  			
			
	 Section 7.01
	 	Duties of Trustee	  	 	54	 
	 Section 7.02
	 	Rights of Trustee	  	 	55	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	56	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	56	 
	 Section 7.05
	 	Notice of Defaults	  	 	56	 
	 Section 7.06
	 	Compensation and Indemnity	  	 	56	 
	 Section 7.07
	 	Replacement of Trustee	  	 	57	 
	 Section 7.08
	 	Successor Trustee by Merger, etc.	  	 	58	 
	 Section 7.09
	 	Eligibility; Disqualification	  	 	58	 
		
	ARTICLE 8	  			
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  			
			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	58	 
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	58	 
	 Section 8.03
	 	Covenant Defeasance	  	 	59	 
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	59	 
	 Section 8.05
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	60	 
	 Section 8.06
	 	Repayment to Company	  	 	61	 
	 Section 8.07
	 	Reinstatement	  	 	61	 
		
	ARTICLE 9	  			
	AMENDMENT, SUPPLEMENT AND WAIVER	  			
			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	61	 
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	62	
	 Section 9.03
	 	Revocation and Effect of Consents	  	 	63	 
	 Section 9.04
	 	Notation on or Exchange of Notes	  	 	64	 
	 Section 9.05
	 	Trustee to Sign Amendments, etc.	  	 	64	 

  
 ii 

							
		
	ARTICLE 10	  	 	Page	 
	SATISFACTION AND DISCHARGE	  			
			
	 Section 10.01
	 	Satisfaction and Discharge	  	 	64	 
	 Section 10.02
	 	Application of Trust Money	  	 	65	 
		
	 ARTICLE 11

COLLATERAL AND SECURITY
	  			
			
	 Section 11.01
	 	Security Interest	  	 	66	 
	 Section 11.02
	 	Collateral Trust Agreement	  	 	66	 
	 Section 11.03
	 	Release of Liens in Respect of the Notes	  	 	66	 
	 Section 11.04
	 	Collateral Trustee	  	 	67	 
		
	ARTICLE 12	  			
	MISCELLANEOUS	  			
			
	 Section 12.01
	 	Notices	  	 	68	 
	 Section 12.02
	 	Certificate and Opinion as to Conditions Precedent	  	 	69	 
	 Section 12.03
	 	Statements Required in Certificate or Opinion	  	 	69	 
	 Section 12.04
	 	Rules by Trustee and Agents	  	 	69	 
	 Section 12.05
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	69	 
	 Section 12.06
	 	Governing Law	  	 	70	 
	 Section 12.07
	 	No Adverse Interpretation of Other Agreements	  	 	70	 
	 Section 12.08
	 	Successors	  	 	70	 
	 Section 12.09
	 	Severability	  	 	70	 
	 Section 12.10
	 	Counterpart Originals	  	 	70	 
	 Section 12.11
	 	Table of Contents, Headings, etc.	  	 	70	 

  
 iii 

 EXHIBITS 
  

			
	Exhibit A	  	FORM OF NOTE
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE

 INDENTURE dated as of April 29, 2020, among Delta Air Lines, Inc., a Delaware
corporation, and U.S. Bank National Association, as trustee and as collateral trustee. 
 The Company and the Trustee agree as follows for
the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein) of the 7.000% Senior Secured Notes due 2025 (the “Notes”): 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION 
 BY REFERENCE 

Section 1.01 Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

“Act of Required Debtholders” means, as to any matter at any time: 

(1) prior to the Discharge of Priority Lien Obligations, a direction in writing delivered to the Collateral Trustee by or with
the written consent of the Holders of more than 50% of the Priority Lien Debt, calculated in accordance with the terms and the provisions described in Section 7.2 of the Collateral Trust Agreement and as follows: 

(x) the amount of Priority Lien Debt to be voted by the holders of a Series of Priority Lien Debt will equal the sum of: 

(a) the aggregate outstanding principal amount of such Series of Priority Lien Debt (including the face amount of outstanding
letters of credit whether or not then available or drawn); and 
 (b) the aggregate unfunded commitments to extend credit
which, when funded, would constitute Priority Lien Debt under such Series of Priority Lien Debt; and 
 (y) following and in
accordance with the outcome of the applicable vote under its Secured Debt Documents, the secured Debt Representative of each Series of Priority Lien Debt will cast all of its votes under such Series of Priority Lien Debt as a block; 

provided, however, that after (1) the termination or expiration of all commitments to extend credit that constitute Priority Lien Debt,
(2) the payment in full in cash of the principal of and interest (including Special Interest, if any) and premium (if any) on all Priority Lien Debt (other than any undrawn letters of credit), (3) the discharge or cash collateralization (at the
lower of (a) 105% of the aggregate undrawn amount or (b) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Priority Lien Document) of all outstanding letters of credit constituting
Priority Lien Debt, and (4) the payment in full in cash of all other Priority Lien Obligations other than any Priority Lien Obligations consisting of Banking Product Obligations, Hedging Obligations and Contingent Liabilities, the term
“Act of Required Debtholders” will mean the Holders of more than 50% of the sum of the aggregate “settlement amount” (or similar term) (as defined in the applicable Hedge Agreement relating to Priority Lien Obligations consisting
of a Hedging Obligation) or, with respect to any such Hedge Agreement that has been terminated in accordance with its terms, the amount then due and payable (including any termination payments then due) under such Hedge Agreement, under all Hedge

  
 1 

 
Agreements relating to Priority Lien Obligations consisting of Hedging Obligations; provided that the “settlement amount” (or similar term) as of the last Business Day of the month
preceding any date of determination shall be calculated by the appropriate swap counterparties and reported to the Collateral Trustee upon request; provided further, that any Hedging Obligation with a “settlement amount” (or similar
term) that is a negative number shall be disregarded for purposes of all calculations required by the term “Act of the Required Debtholders;” and 

(2) at any time after the Discharge of Priority Lien Obligations, a direction in writing delivered to the Collateral Trustee by
or with the written consent of the holders of more than 50% of the Junior Lien Debt, calculated in accordance with the terms and the provisions described in Section 7.2 of the Collateral Trust Agreement and as follows: 

(x) the amount of Junior Lien Debt to be voted by the Holders of a Series of Junior Lien Debt will equal the sum of: 

(a) the aggregate outstanding principal amount of such Series of Junior Lien Debt (including the face amount of outstanding
letters of credit whether or not then available or drawn); and 
 (b) the aggregate unfunded commitments to extend credit
which, when funded, would constitute Junior Lien Debt under such Series of Junior Lien Debt; and 
 (y) following and in
accordance with the outcome of the applicable vote under its Secured Debt Documents, the Secured Debt Representative of each Series of Junior Lien Debt will cast all of its votes under such Series of Junior Lien Debt as a block; 

provided, however, that after (1) the termination or expiration of all commitments to extend credit that constitute Junior Lien Debt,
(2) the payment in full in cash of the principal of and interest and premium (if any) on all Junior Lien Debt (other than any undrawn letters of credit), (3) the discharge or cash collateralization (at the lower of (a) 105% of the aggregate
undrawn amount or (b) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Junior Lien Document) of all outstanding letters of credit constituting Junior Lien Debt, and (4) the
payment in full in cash of all other Junior Lien Obligations other than any Junior Lien Obligations consisting of Banking Product Obligations, Hedging Obligations and Contingent Liabilities, the term “Act of Required Debtholders” will mean
the holders of more than 50% of the sum of the aggregate “settlement amount” (or similar term) (as defined in the applicable Hedge Agreement relating to Junior Lien Obligations consisting of a Hedging Obligation) or, with respect to any
such Hedge Agreement that has been terminated in accordance with its terms, the amount then due and payable (including any termination payments then due) under such Hedge Agreement, under all Hedge Agreements relating to Junior Lien Obligations
consisting of Hedging Obligations; provided that the “settlement amount” (or similar term) as of the last Business Day of the month preceding any date of determination shall be calculated by the appropriate swap counterparties and
reported to the Collateral Trustee upon request; provided further, that any Hedging Obligation with a “settlement amount” (or similar term) that is a negative number shall be disregarded for purposes of all calculations required by
the term “Act of the Required Debtholders.” 
 For purposes of this definition, (a) Secured Debt registered in the name of,
or beneficially owned by, the Company or any Affiliate of the Company will be deemed not to be outstanding, and (b) votes will be determined in accordance with Section 7.2 of the Collateral Trust Agreement. 

“Additional Notes” means an unlimited maximum aggregate principal amount of Notes (other than the Initial Notes) issued under this
Indenture in accordance with Sections 2.02 and 4.07 as part of the same series as the Initial Notes. 

  
 2 

 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings. 
 “Agent” means any
Registrar, co-registrar, Paying Agent or additional paying agent. 
 “Airport
Authority” means any city or any public or private board or other body or organization chartered or otherwise established for the purpose of administering, operating or managing airports or related facilities, which in each case is an
owner, administrator, operator or manager of one or more airports or related facilities. 
 “Applicable Appraisal Discount Rate”
means, on the date of any valuation of Routes done in connection with an Appraisal, 9.0%. 
 “Applicable Procedures” means, with
respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Applicable Terminal Value Growth Rate” means, (a) with respect to Europe Routes, 1.5% and (b) with respect to Latin
American Routes, 2.5%. 
 “Appraisal” means an appraisal, dated the date of delivery thereof, prepared by BK Associates, Inc. or
another independent appraisal firm reasonably satisfactory to the Company, which certifies, at the time of determination, in reasonable detail the Appraised Value of the Collateral and is consistent in all material respects with the Appraisal
delivered to the Trustee on the date of this Indenture and described in the Offering Memorandum under the caption “Description of Collateral—Appraisals.” 

“Appraised Collateral” shall mean Collateral included in an Appraisal. 

“Appraised Value” means, as of any date of determination, (a) in the case of Appraised Collateral, the fair market value
thereof (other than cash and Cash Equivalents pledged as Cure Collateral) as reflected in the most recent Appraisal obtained in respect of such Collateral (in the case of any Routes, utilizing the Applicable Appraisal Discount Rate and the
Applicable Terminal Value Growth Rate), (b) 160% of the amount of cash and Cash Equivalents pledged at such time as Cure Collateral, and (c) in the case of all other Collateral, the book value thereof. 

“Banking Product Obligations” means, as applied to any Person, any direct or indirect liability, contingent or
otherwise, of such Person in respect of any treasury, depository and cash management services and automated clearing house transfers of funds services provided by a lender under the Credit Agreement or any of its banking affiliates, including
obligations for the payment of fees, interest, charges, expenses, attorneys’ fees and disbursements in connection therewith, in each case designated by the Company as Banking Product Obligations from time to time by written notice to the
Administrative Agent. 
 “Bankruptcy Law” means Title 11 of the U.S. Code or any similar federal or state law for
the relief of debtors. 

  
 3 

 “Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (2) with respect to a partnership, the board of directors of the general partner of the partnership;

 (3) with respect to a limited liability company, the managing member or members or any controlling committee of managing
members thereof; and 
 (4) with respect to any other Person, the board or committee of such Person serving a similar
function. 
 “Business Day” means any day other than a Legal Holiday. 

“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital
lease that would at that time be required to be capitalized and reflected as a liability on a balance sheet prepared in accordance with GAAP. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and 
 (4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, 
 but excluding from
all of the foregoing clauses (1) through (4) any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

“Cash Equivalents” means: 

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

 (2) direct obligations of state, provincial and local government entities, in each case maturing within one year from the
date of acquisition thereof, which have, at the date of such acquisition, a rating of at least A- (or the equivalent thereof) from S&P or A-3 (or the equivalent
thereof) from Moody’s; 
 (3) obligations of domestic or foreign companies and their subsidiaries, including, without
limitation, bills, notes, bonds, debentures, and mortgage-backed securities, in each case maturing within one year from the date of acquisition thereof and which have, at the date of such acquisition, a rating of at least A- (or the equivalent thereof) from S&P or A-3 (or the equivalent thereof) from Moody’s; 

  
 4 

 (4) commercial paper maturing within 365 days from the date of acquisition
thereof and having, at such date of acquisition, a rating of at least A-2 (or the equivalent thereof) from S&P or P-2 (or the equivalent thereof) from Moody’s;

 (5) certificates of deposit, banker’s acceptances, banker’s discount notes, time deposits, US Dollar time
deposits or overnight bank 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 other commercial bank of
recognized standing organized under the laws of the United States or any state thereof or the District of Columbia that has a combined capital and surplus and undivided profits of not less than $500,000,000; 

(6) fully collateralized repurchase agreements with a term of not more than six months for underlying securities that would
otherwise be eligible for investment; 
 (7) investments in money in an investment company organized under the Investment
Company Act of 1940, as amended, or in pooled accounts or funds offered through mutual funds, investment advisors, banks and brokerage houses which invest its assets in obligations of the type described in clauses (1) through (6) above. This
could include, but not be limited to, money market funds or short-term and intermediate bonds funds; and 
 (8) money market
funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA (or the equivalent thereof) by S&P and AAA (or the
equivalent thereof) by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 
 “Change of Control” means
the occurrence of any of the following: 
 (1) the direct or indirect 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 Company and its Subsidiaries taken as a whole to any “person” (as that term is used
in Section 13(d)(3) of the Exchange Act), other than any such transaction where the holders of the Company’s Voting Stock immediately before that transaction own, directly or indirectly, not less than a majority of the Voting Stock of the
transferee, or the parent thereof, immediately after such transaction and in substantially the same proportion as their ownership in the Company before the transaction; 

(2) the adoption of a plan relating to the liquidation or dissolution of the Company; and 

(3) consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or its subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is
reclassified, consolidated, exchanged, or changed measured by voting power rather than number of shares, other than any such transaction where: 

(a) the Company’s outstanding Voting Stock is reclassified, consolidated, exchanged, or changed for other Voting Stock of
the Company or for Voting Stock of the surviving corporation, and 
 (b) the Holders of the Company’s Voting Stock
immediately prior to such transaction own, directly or indirectly, not less than a majority of the Company’s Voting Stock or the Voting Stock of the surviving parent corporation immediately after such transaction and in substantially the same
proportion as their ownership in the Company before the transaction. 

  
 5 

 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Rating Decline. 
 “Clearstream” means Clearstream Banking, S.A. 

“Collateral” means all assets and properties of the Company now owned or hereafter acquired upon which Liens have been
granted to the Collateral Trustee to secure the Secured Debt Obligations (including, without limitation, the Europe Routes, the Europe Slots, the Europe Gates, the Latin American Routes, the Latin American Slots, the Latin American Gates and the
Specified Slots), together with all proceeds of the foregoing (including, without limitation, proceeds from dispositions of the foregoing). 

“Collateral Material Adverse Effect” means a material adverse effect on the Appraised Value of the Collateral, taken as a whole.

 “Collateral Trust Agreement” means the Collateral Trust Agreement, dated as of the date of this Indenture, among the Company,
the Trustee, the other Secured Debt Representatives from time to time party thereto and the Collateral Trustee, as amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified from time to time. 

“Collateral Trustee” means U.S. Bank National Association, in its capacity as Collateral Trustee under the Collateral Trust
Agreement, together with its successors in such capacity. 
 “Company” means Delta Air Lines, Inc., and any and all successors
thereto. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an independent investment banker as having a
maturity comparable to the remaining term (“Remaining Life”) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such notes. 
 “Comparable Treasury Price” means, with respect to any
redemption date, (1) the average of four reference treasury dealer quotations for such redemption date, after excluding the highest and lowest reference treasury dealer quotations, or (2) if the Independent Investment Banker obtains fewer
than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Contingent Liabilities” means, at any
time, any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time. 

“Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in Section 12.01 hereof or such other
address as to which the Trustee may give notice to the Company. 
 “Credit Agreement” means that certain Credit Agreement, to be
dated as of the date of this Indenture, among the Company, each of the several banks and other financial institutions or entities from time to time party thereto and Barclays Bank PLC, as administrative agent and U.S. Bank National Association, as
Collateral Trustee, as amended, restated, amended and restated, supplemented or otherwise modified, refinanced or replaced from time to time. 

  
 6 

 “Credit Facilities” means, one or more debt facilities (including,
without limitation, the Credit Agreement) or, commercial paper facilities, reimbursement agreements or other agreements providing for the extension of credit, or securities purchase agreements, indentures or similar agreements, whether secured or
unsecured, in each case, with banks, insurance companies, financial institutions or other institutional lenders or investors providing for, or acting as initial purchasers of, revolving credit loans, term loans, receivables financing (including
through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or, letters of credit, surety bonds, insurance products or the issuance and sale of securities, in each case,
as amended, restated, modified, renewed, extended, refunded, replaced in any manner (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from
time to time. 
 “Cure Collateral” means (a) cash and other assets and properties of the Company pledged to the
Collateral Trustee, and (b) Routes, Slots and Gate Leaseholds of the Company designated by the Company as “Cure Collateral” in an Officers’ Certificate delivered to the Collateral Trustee. 

“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

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

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in
Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Discharge of Priority Lien Obligations” means the occurrence of all of the following: 

(1) termination or expiration of all commitments to extend credit that would constitute Priority Lien Debt; 

(2) payment in full in cash of the principal of and interest (including Special Interest, if any) and premium (if any) on all
Priority Lien Debt (other than any undrawn letters of credit); 
 (3) discharge or cash collateralization (at the lower of
(A) 105% of the aggregate undrawn amount and (B) the percentage of the aggregate undrawn amount required for release of liens under the terms of the applicable Priority Lien Document) of all outstanding letters of credit constituting Priority
Lien Debt; and 
 (4) payment in full in cash of all other Priority Lien Obligations that are outstanding and unpaid at the
time the Priority Lien Debt is paid in full in cash (other than Contingent Liabilities). 
 “DOT” shall mean the United States
Department of Transportation and any successor thereto. 
 “Equity Interests” means shares of capital stock,
partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person (whether direct or indirect), and any warrants, options or other rights entitling the holder
thereof to purchase or acquire any such equity interest. 

  
 7 

 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 “Europe Gates” shall have the meaning given to such term in the Security Agreement. 

“Europe Routes” shall have the meaning given to such term in the Security Agreement. 

“Europe Slots” shall have the meaning given to such term in the Security Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Property” shall have the meaning given to such term in the Security Agreement. 

“FAA” shall mean the Federal Aviation Administration of the United States of America and any successor thereto. 

“FAA Slot” shall mean, in the case of airports in the United States, at any time, the right and operational authority to conduct one
Instrument Flight Rule (as defined in Title 14) scheduled landing or take-off operation at a specific time or during a specific time period at any airport at which landings or take-offs are restricted,
including, without limitation, slots and operating authorizations, whether pursuant to FAA or DOT regulations or orders pursuant to Title 14, Title 49 or other federal statutes now or hereinafter in effect. 

“Fifth-Freedom Rights” shall mean the operational right to enplane passenger traffic and cargo in a foreign country and deplane it
in another foreign country, including any such right pursuant to a bilateral treaty between the United States and a foreign country. 

“Fitch” means Fitch, Inc., also known as Fitch Ratings, and its successors. 

“Foreign Aviation Authorities” shall mean any foreign governmental, quasi-governmental, regulatory or other agency, public
corporation or private entity that exercises jurisdiction over the authorization (a) to serve any foreign point on each of the Routes and/or to conduct operations related to the Routes and Supporting Route Facilities and/or (b) to hold and
operate any Foreign Slots. 
 “Foreign Slot” means all of the rights and operational authority, now held or hereafter acquired, of
the Company and, if applicable, a Subsidiary to conduct one landing or takeoff operation during a specific hour or other period on a specific day of the week at each non-United States airport served in
conjunction with the Company’s or such Subsidiary’s operations over a Route, other than “slots” which have been permanently allocated to another air carrier and in which the Company or, if applicable, such subsidiary holds
temporary use rights. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a
significant segment of the accounting profession, which are in effect from time to time. 
 “Gate Leaseholds” means, at any time,
all of the right, title, privilege, interest, and authority now or hereafter acquired or held by the Company in connection with the right to use or occupy holdroom and passenger boarding and deplaning space in any airport terminal at which the
Company conducts scheduled operations. 
 “Global Note Legend” means the legend set forth in Section 2.06(f)(2) hereof, which
is required to be placed on all Global Notes issued under this Indenture. 

  
 8 

 “Global Notes” means, individually and collectively, each of the Restricted Global
Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule
of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01 or 2.06(b)(3), 2.06(b)(4) or 2.06(d)(2). 

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for
which the United States pledges its full faith and credit. 
 “Governmental Authority” shall mean the government of
the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank organization, or other entity exercising executive,
legislative, judicial, taxing or regulatory powers or functions of or pertaining to government. Governmental Authority shall not include any Person in its capacity as an Airport Authority. 

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business,
direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 

“Hedge Agreement” means any agreement evidencing Hedging Obligations. 

“Hedging Obligations” means, with respect to any specified Person, the Obligations of such Person under: 

(1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and
interest rate collar agreements; 
 (2) other agreements or arrangements designed to manage interest rates or interest rate
risk; and 
 (3) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange
rates, fuel prices or other commodity prices, but excluding clauses in purchase agreements and maintenance agreements pertaining to future prices. 

“Holder” means a Person in whose name a Note is registered. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding air traffic
liability, accrued expenses and trade payables), whether or not contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect
thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations; 

  
 9 

 (5) representing the balance deferred and unpaid of the purchase price of
any property or services due more than six months after such property is acquired or such services are completed, and excluding in any event trade payables arising in the ordinary course of business; or 

(6) representing any Hedging Obligations, 

if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the
specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. Indebtedness shall be calculated without giving effect to the effects of Statement of Financial Accounting
Standards No. 133 (or any successor provision thereto) and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under the Collateral Trust Agreement as a result of
accounting for any embedded derivatives created by the terms of such Indebtedness. 
 For the avoidance of doubt, Banking Product
Obligations do not constitute Indebtedness. 
 “Indenture” means this Indenture, as amended or supplemented from time to time.

 “Independent Investment Banker” means each of J.P. Morgan Securities LLC and Barclays Capital Inc. or their successors, as
specified by the Company, or, if such firms are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” means the $3,500,000,000 aggregate principal amount of Notes issued under this Indenture on the Issue Date. 

“Initial Purchasers” means J.P. Morgan Securities Inc., Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc.,
BBVA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC., Morgan Stanley & Co. LLC, SMBC Nikko Securities America, Inc., Standard Chartered Bank., U.S. Bancorp Investments, Inc. and Wells Fargo Securities,
LLC. 
 “Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent
under any successor rating category of Fitch); a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); and a rating of BBB- or better by S&P (or
its equivalent under any successor rating category of S&P). 
 “Issue Date” means April 29, 2020. 

“Junior Lien” means a Lien granted by a Security Document to the Collateral Trustee, at any time, upon any property of
the Company to secure Junior Lien Obligations. 

  
 10 

 “Junior Lien Debt” means any Indebtedness (including letters of
credit and reimbursement obligations with respect thereto) of the Company that is secured on a junior basis to the Priority Lien Debt by a Junior Lien that was permitted to be incurred and so secured under each applicable Secured Debt Document;
provided that: 
 (a) on or before the date on which such Indebtedness is incurred by the Company, such Indebtedness
is designated by the Company, in an Officers’ Certificate delivered to each Secured Debt Representative and the Collateral Trustee, as “Junior Lien Debt” for the purposes of the Credit Agreement, governing any other then existing
Priority Lien Debt and the Collateral Trust Agreement; provided that no Series of Secured Debt may be designated as both Junior Lien Debt and Priority Lien Debt; 

(b) such Indebtedness is governed by an indenture, credit agreement or other agreement that includes a Lien Sharing and
Priority Confirmation; and 
 (c) all requirements set forth in the Collateral Trust Agreement as to the confirmation, grant
or perfection of the Collateral Trustee’s Liens to secure such Indebtedness or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and the other provisions of this clause (c) will be conclusively
established if the Company delivers to the Collateral Trustee an Officers’ Certificate stating that such requirements and other provisions have been satisfied and that such Indebtedness is “Junior Lien Debt”). 

“Junior Lien Documents” means, collectively any indenture, credit agreement or other agreement governing each Series
of Junior Lien Debt and the security documents related thereto. 
 “Junior Lien Obligations” means Junior Lien Debt
and all other Obligations in respect thereof, together with Hedging Obligations that are secured, or intended to be secured, under the Junior Lien Documents if the provider of such Hedging Obligations has agreed to be bound by the terms of the
Collateral Trust Agreement as a holder of Junior Lien Obligations or such provider’s interest in the Collateral is subject to the terms of the Collateral Trust Agreement as a holder of Junior Lien Obligations and if such Hedging Obligations are
permitted to be incurred and so secured under each applicable Secured Debt Document. 
 “Junior Lien Representative”
means the trustee, agent or representative of the holders of any Series of Junior Lien Debt who maintains the transfer register for such Series of Junior Lien Debt and (a) is appointed as a Junior Lien Representative (for purposes
related to the administration of the security documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Junior Lien Debt, together with its successors in such capacity, and (b) has become a party to the
Collateral Trust Agreement by executing a joinder in the form required under the Collateral Trust Agreement. 
 “Latin American
Gates” shall have the meaning given to such term in the Security Agreement. 
 “Latin American Routes” shall have the meaning
given to such term in the Security Agreement. 
 “Latin American Slots” shall have the meaning given to such term in the Security
Agreement. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a
place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue on such payment for the intervening period. 
 “Lien” means, with respect to any asset, any
mortgage, lien, pledge, charge, security interest or similar encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention
agreement, any option or other agreement to sell or give a security interest in and any agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

  
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 “Lien Sharing and Priority Confirmation” means: 

(1) as to any future Series of Priority Lien Debt, the written agreement of the holders of such Series of Priority Lien Debt
(or the Secured Debt Representative with respect to such Series), as set forth in the credit agreement or other agreement governing such Series of Priority Lien Debt, for the benefit of all holders of Secured Debt and each future Secured Debt
Representative: 
 (a) that all Priority Lien Obligations will be and are secured equally and ratably by all Priority Liens
at any time granted by the Company to the Collateral Trustee to secure any Obligations in respect of such Series of Priority Lien Debt, whether or not upon property otherwise constituting Collateral, and that all such Priority Liens will be
enforceable by the Collateral Trustee for the benefit of all holders of Priority Lien Obligations equally and ratably; 

(b) that the holders of Obligations in respect of such Series of Priority Lien Debt are bound by the provisions of the
Collateral Trust Agreement, including the provisions relating to the ranking of Priority Liens and the order of application of proceeds from enforcement of Priority Liens; and 

(c) consenting to the terms of the Collateral Trust Agreement and the Collateral Trustee’s performance of, and directing
the Collateral Trustee to perform its obligations under, the Collateral Trust Agreement and the other Security Documents; and 

(2) as to any Series of Junior Lien Debt, the written agreement of the holders of such Series of Junior Lien Debt (or the
Secured Debt Representative with respect to such Series), as set forth in the indenture, credit agreement or other agreement governing such Series of Junior Lien Debt, for the benefit of all holders of Secured Debt and each Secured Debt
Representative: 
 (a) that all Junior Lien Obligations will be and are secured equally and ratably by all Junior Liens at
any time granted by the Company to secure any Obligations in respect of such Series of Junior Lien Debt, whether or not upon property otherwise constituting Collateral for such Series of Junior Lien Debt, and that all such Junior Liens will be
enforceable by the Collateral Trustee for the benefit of all holders of Junior Lien Obligations equally and ratably; 
 (b)
that the holders of Obligations in respect of such Series of Junior Lien Debt are bound by the provisions of the Collateral Trust Agreement, including the provisions relating to the ranking of Junior Liens and the order of application of proceeds
from the enforcement of Junior Liens; and 
 (c) consenting to the terms of the Collateral Trust Agreement and the
Collateral Trustee’s performance of, and directing the Collateral Trustee to perform its obligations under, the Collateral Trust Agreement and the other Security Documents. 

“Material Adverse Effect” shall mean a material adverse effect on (a) the business, operations or financial condition of the
Company and its Subsidiaries, taken as a whole, (b) the validity or enforceability of the Notes, the Indenture or the Security Documents or the rights or remedies of the trustee, the Collateral Trustee and the Holders thereunder, or
(c) the ability of the Company to pay the obligations under the Indenture or the Notes. 
 “Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

  
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 “Net Proceeds” means the aggregate cash proceeds and Cash
Equivalents received by the Company in respect of any Disposition, net of the direct costs relating to such Disposition, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses
incurred as a result of the Disposition, taxes paid or payable as a result of the Disposition, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and any reserve for adjustment or
indemnification obligations in respect of the sale price of such asset or assets established in accordance with GAAP. 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
 “Note Documents” means
this Indenture, the Notes and the Security Documents. 
 “Notes” has the meaning assigned to it in the preamble to this Indenture.
The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes.

 “Obligations” means, with respect to any Indebtedness, any principal (including reimbursement obligations with
respect to letters of credit whether or not drawn), interest (including all interest and fees accrued thereon after the commencement of any insolvency or liquidation proceeding at the rate, including any applicable post-default rate, specified in
such indebtedness, even if such interest or fees are not enforceable, allowable or allowed as a claim in such proceeding), premium (if any), fees, indemnifications, reimbursements, expenses and other liabilities, in each case payable under the
documentation governing such Indebtedness. 
 “Offering Memorandum” the Company’s Offering Memorandum dated April 27,
2020, relating to the initial offering of the Notes. 
 “Officer” means, with respect to any Person, the Chairman of the Board,
the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 

“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be
the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 12.03 hereof. 

“Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of
Section 12.03 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary,
Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
 “Permitted
Dispositions” means: 
 (1) any single transaction or series of related transactions that involves assets having a fair
market value of less than $50,000,000; provided that after giving effect to such transaction, the Appraised Value of the remaining Collateral shall satisfy the Priority Debt Coverage Test (it being understood that such Appraised Value shall
be based on the most recent Appraisal delivered pursuant to Section 4.09(a)(2)); 

  
 13 

 (2) abandonment of Slots Routes; provided that such abandonment is
(A) in connection with the downsizing of any hub or facility which does not materially and adversely affect the business of the Company and its Subsidiaries, taken as a whole, (B) in the ordinary course of business consistent with past
practices and does not materially and adversely affect the business of the Company and its Subsidiaries, taken as a whole; provided that in the case of an abandonment pursuant to this clause (B), if the Appraised Value of the Collateral being
abandoned would constitute at least 10% of the Appraised Value of (i) the Europe Routes, Europe Slots and Europe Gates, (ii) the Latin American Routes, Latin American Slots and Latin American Gates or (iii) Specified Slots (in each
case, to the extent constituting Collateral and as determined by an Appraisal of such category of Collateral), then such Appraisal shall be performed within 60 days prior to the time of such abandonment, or (C) reasonably determined by the
Company to be of de minimis value; provided further that (x) after giving effect to such abandonment, the Appraised Value of the remaining Collateral shall satisfy the Priority Debt Coverage Test, and (y) prior to effecting
the removal, the Company shall have delivered an Officers’ Certificate to the trustee certifying that, after giving effect to such removal, the Appraised Value of the Collateral shall satisfy the Priority Debt Coverage Test (it being understood
that, except as set forth above with respect to clause (B), such Appraised Value shall be based on the most recent Appraisal delivered pursuant to Section 4.09(a)(2); 

(3) exchange of FAA Slots in the ordinary course of business (including seasonal adjustments FAA Slots consistent with past
practice) that in the Company’s reasonable judgment are of reasonably equivalent value (so long as the FAA Slots received in such exchange are pledged as Collateral);  

(4) the termination of leases or airport use agreements in the ordinary course of business to the extent such terminations do
not have a Material Adverse Effect or a Collateral Material Adverse Effect; 
 (5) any other lease or sublease of, or use
agreements with respect to, assets and properties that constitute Slots or Routes in the ordinary course of business and swap agreements with respect to Slots in the ordinary course of business and which lease, sublease, use agreement or swap
agreement (A) has a term of less than one year or (B) has a term of one year or longer; provided that if the aggregate Appraised Value of the Collateral leased or subleased pursuant to this subclause (B) is equal to or greater
than 10% of the Appraised Value of all Slots and Routes constituting Collateral in the most recent Appraisal delivered by the Company pursuant Section 4.09(a)(2), the Appraised Value of all Slots and Routes constituting Collateral, after giving
pro forma effect to all outstanding leases, subleases, use agreements and swap agreements pursuant to this subclause (B), would be not materially less than the Appraised Value of all Slots and Routes constituting Collateral in the most recent
Appraisal delivered by the Company pursuant to Section 4.09(a)(2), all as determined in good faith by the Company and reflected in an Officers’ Certificate that is delivered to the trustee prior to entering into any such lease or sublease,
demonstrating, with reasonably detailed calculations, compliance with the provisions of this subclause (B) and detailing the arrangements pursuant to which the Collateral Trustee’s Liens on all Slots and Routes constituting Collateral
subject to such lease or sublease are not materially adversely affected in the good faith determination of the Company; provided that the aggregate Appraised Value of such FAA Slots so leased is less than 10% of the Appraised Value of the
Collateral; and 
 (6) any Permitted Lien. 

“Permitted Liens” means: 

(1) Priority Liens held by the Collateral Trustee securing Priority Lien Debt in an aggregate principal amount that as of the
date of incurrence of any Priority Lien Debt (and after giving pro forma effect to the application of the net proceeds therefrom) does not exceed $5,000,000,000 and does not cause the Priority Debt Coverage Ratio to be less than 2.00 to 1.00; 

  
 14 

 (2) Junior Liens held by the Collateral Trustee securing Junior Lien Debt
and all other Junior Lien Obligations; provided that all such Junior Liens contemplated by this clause (2) are made junior to the Priority Lien Obligations pursuant to the Collateral Trust Agreement; 

(3) leases, subleases, use agreements and swap agreements leases, subleases, use agreements and swap agreements constituting
“Permitted Dispositions” pursuant to clause (5) of such definition; 
 (4) a banker’s lien or right of
offset of the holder of such Indebtedness in favor of any lender of moneys or holder of commercial paper of the Company or any subsidiary in the ordinary course of business on moneys of the Company such subsidiary deposited with such lender or
holder in the ordinary course of business; 
 (5) Liens in favor of depositary banks arising as a matter of law encumbering
deposits (including the right of setoff) and that are within the general parameters customary in the banking industry; 
 (6)
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; 
 (7) Liens imposed by law, such as
carriers’, warehousemen’s, landlord’s and mechanics’ Liens, in each case, incurred in the ordinary course of business; 

(8) Liens arising by operation of law in connection with judgments, attachments or awards which do not constitute an Event of
Default hereunder; and 
 (9) any extension, modification, renewal or replacement of the Liens described in clauses
(1) through (8) above, provided that such extension, modification, renewal or replacement does not increase the principal amount of Indebtedness associated therewith. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization, limited liability company or government or other entity. 
 “Primary Routes” shall have the meaning given to such
term in the Security Agreement. 
 “Priority Debt Coverage Ratio” means the ratio of (1) the Appraised Value of the
Collateral to (2) the aggregate principal amount of all Priority Lien Debt then outstanding. 
 “Priority Debt Coverage Test”
means that, on any date of determination, the Priority Debt Coverage Ratio shall not be less than 1.60 to 1.00. 
 “Priority Lien
Debt” means: 
 (1) the Notes initially issued by the Company under this Indenture; and 

(2) (a) Indebtedness (other than Banking Product Obligations and Hedging Obligations) of the Company under the Credit Agreement
(including letters of credit and reimbursement obligations with respect thereto) in an aggregate principal amount not to exceed $5,000,000,000 and (b) other Indebtedness (other than Banking Product Obligations and Hedging Obligation) of
the Company under the Credit Agreement that is permitted to be incurred and secured under each Secured Debt Document then extant (or as to which the lenders under the Credit Agreement obtained an Officers’ Certificate at the time of incurrence
to the effect that such Indebtedness was permitted to be incurred and secured by all then extant Secured Debt Documents); and 

  
 15 

 (3) Indebtedness represented by notes issued by the Company under any
indenture other than this Indenture or other Indebtedness (including Additional Notes, letters of credit and reimbursement obligations with respect thereto but excluding Hedging Obligations) of the Company, in each case that is secured equally and
ratably with the Notes and the Credit Agreement on a priority basis by a Priority Lien that is permitted to be incurred and so secured under each then extant Secured Debt Document; provided, in the case of any Indebtedness referred to in this
clause (3), that: 
 (a) on or before the date on which such Indebtedness is incurred by the Company, such Indebtedness is
designated by the Company, in an Officers’ Certificate delivered to each Priority Lien Representative and the Collateral Trustee, as “Priority Lien Debt” for the purposes of the Secured Debt Documents; provided that no Series
of Secured Debt may be designated as both Junior Lien Debt and Priority Lien Debt; 
 (b) the Priority Lien Representative
for such Indebtedness executes a joinder in the form required under the Collateral Trust Agreement and such Indebtedness is governed by a credit agreement or other agreement that includes a Lien Sharing and Priority Confirmation; and 

(c) all other requirements set forth in the terms and the provisions set forth in the Collateral Trust Agreement have been
compiled with (and the satisfaction of such requirements and the other provisions of this clause (c) will be conclusively established if the Company delivers to the Collateral Trustee an Officers’ Certificate stating that such requirements
and other provisions have been satisfied and that such Indebtedness is “Priority Lien Debt”). 
 For the avoidance of doubt,
Banking Product Obligations and Hedging Obligations do not constitute Priority Lien Debt, but may constitute Priority Lien Obligations. 

“Priority Lien Documents” means this Indenture, the Credit Agreement and any other Credit Facility pursuant to which
any Priority Lien Debt is incurred and the Security Documents relating to the Priority Lien Debt. 
 “Priority Lien
Obligations” means the Priority Lien Debt and all other Obligations in respect of Priority Lien Debt, together with the sum of (1) Hedging Obligations (i) having an aggregate “settlement amount” (or similar
term) (as defined in the applicable Hedge Agreement relating to Priority Lien Obligations consisting of a Hedging Obligation) or (ii) with respect to any such Hedge Agreement that has been terminated in accordance with its terms, the amount
then due and payable (exclusive of expenses and similar payments but including any termination payments then due) under such Hedge Agreement, under all Hedge Agreements relating to Priority Lien Obligations consisting of Hedging Obligations, in each
case that are secured, or intended to be secured, under the Priority Lien Documents pursuant to the terms of the Credit Agreement if the provider of such Hedging Obligations has agreed to be bound by the terms of the Collateral Trust Agreement or
such provider’s interest in the Collateral is subject to the terms of the Collateral Trust Agreement, minus the aggregate amount of all net proceeds of any sale or other disposition of Collateral or sale (or other issuance or
disposition) of Capital Stock applied by the Company since the date of the Collateral Trust Agreement to repay any Hedging Obligations pursuant to the terms of the Priority Lien Documents under which such Hedging Obligations pursuant to the terms of
the Priority Lien Documents under which such Hedging Obligations are secured or intended to be secured; provided that the “settlement amount” (or similar term) as of the last Business Day of the month preceding any date of
determination shall be calculated by the appropriate swap counterparties and reported to the Collateral Trustee upon request plus (2) Banking Product Obligations of the Company that are secured, or intended to be secured, by the Priority
Lien Documents if the provider of such Banking Product Obligations has agreed to be bound by the terms of the Collateral Trust Agreement or such provider’s interest in the Collateral is subject to the terms of the Collateral Trust Agreement, in
an aggregate amount not to exceed, together with the amounts referred to in clause (1) above, $250,000,000. 

  
 16 

 “Priority Lien Representative” means (a)(1) in case of the Notes, the
Trustee (2) in the case of the Credit Agreement, Barclays Bank PLC or any successor administrative agent thereunder or (b) in the case of any other Series of Priority Lien Debt, the trustee, agent or representative of the Holders of such
Series of Priority Lien Debt who maintains the transfer register for such Series of Priority Lien Debt and (x) is appointed as a representative of the Priority Lien Debt (for purposes related to the administration of the security documents)
pursuant to the credit agreement, this Indenture or other agreement governing such Series of Priority Lien Debt, together with its successors in such capacity, and (y) who has executed a joinder in the form required under the Collateral Trust
Agreement. 
 “Private Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes
issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “QIB” means a “qualified
institutional buyer” as defined in Rule 144A. 
 “Qualified Replacement Assets” means Europe Routes, Europe Slots,
Europe Gates, Latin American Routes, Latin American Slots, Latin American Gates and Specified Slots that are acquired by the Company and (1) are pledged as Collateral under the Security Documents to secure Priority Lien Obligations and Junior
Lien Obligations and (2) are perfected by a first priority Lien and/or mortgage (or comparable Lien) in favor of the Collateral Trustee for the benefit of the holders of the Secured Debt Obligations subject only to Permitted Liens. 

“Rating Agency” means (1) each of Fitch, Moody’s, and S&P, and (2) if any of Fitch, Moody’s, or S&P
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in Section 3 (a)(62) of the
Exchange Act, selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s, or S&P, or all of them, as the case may be. 

“Rating Decline” with respect to the Notes shall be deemed to occur if, within 60 days after public notice of the occurrence of a
Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any Rating Agency), the rating of the Notes by each Rating Agency shall be decreased by one or
more gradations and in each case below Investment Grade; provided that each Rating Agency indicates that such downgrade is as a result of such Change of Control. 

“Reference Treasury Dealer” means each of (1) J.P. Morgan Securities LLC and Barclays Capital Inc. or their successors,
provided, however, that if the foregoing shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), we will substitute therefor another Primary Treasury Dealer and (2) any
three other Primary Treasury Dealers selected by the Company after consultation with an Independent Investment Banker. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the calculation date. 

“Regulation S” means Regulation S promulgated under the Securities Act, as it may be amended from time to time, and any successor
provision thereto. 

  
 17 

 “Regulation S Global Note” means a Global Note substantially in the form of
Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of
the Notes sold in reliance on Rule 903 of Regulation S. 
 “Responsible Officer,” when used with respect to the Trustee, means any
officer within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Period” means the 40-day distribution compliance period as defined in Regulation
S. 
 “Routes” means the routes for which the Company or, if applicable, a Subsidiary holds or hereafter acquires the requisite
authority to operate foreign air transportation pursuant to Title 49 including, without limitation, applicable frequencies, exemption and certificate authorities, Fifth-Freedom Rights and “behind/beyond rights,” whether or not utilized by
the Company or such Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means S&P Global Ratings and its successors. 

“SEC” means the Securities and Exchange Commission. 

“Secured Debt” means Priority Lien Debt and Junior Lien Debt. 

“Secured Debt Documents” means the Priority Lien Documents and the Junior Lien Documents. 

“Secured Debt Lien” means a Lien granted by a Security Document to the Collateral Trustee, at any time, upon any
property of the Company to secure Secured Debt Obligations. 
 “Secured Debt Obligations” means Priority Lien
Obligations and Junior Lien Obligations. 
 “Secured Debt Representative” means each Priority Lien Representative
and each Junior Lien Representative. 
 “Secured Parties” means the holders of Secured Debt Obligations and the
Secured Debt Representatives. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Security Agreement” means that certain Priority Lien Slot, Gate and Route Security and Pledge Agreement, to be dated as of the date
of this Indenture, between the Company and U.S. Bank National Association, as Collateral Trustee, as amended, restated, amended and restated, supplemented or otherwise modified, refinanced or replaced from time to time. 

  
 18 

 “Security Documents” means the Collateral Trust Agreement, the
Security Agreement, each Lien Sharing and Priority Confirmation, and all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for
security executed and delivered by the Company creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Trustee, for the benefit of any of the Secured Parties, in each case, as amended, modified, renewed, restated or
replaced, in whole or in part, from time to time, in accordance with its terms and Section 7.1 of the Collateral Trust Agreement. 

“Series of Junior Lien Debt” means, severally, each issue or series of notes or other Indebtedness under any indenture
or Credit Facility represented by a single Junior Lien Representative that constitutes Junior Lien Obligations. 
 “Series of Priority
Lien Debt” means, severally, (a) the Indebtedness under the Credit Agreement and (b) the Notes (including any Additional Notes) and each series of additional notes or other Indebtedness under any indenture or Credit
Facility represented by a single Priority Lien Representative that constitutes Priority Lien Obligations. 
 “Series of Secured
Debt” means, severally, each Series of Priority Lien Debt and each Series of Junior Lien Debt. 
 “Slot” means
each FAA Slot and each Foreign Slot. 
 “Stated Maturity” means, with respect to any installment of interest or
principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date of this Indenture, and will not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“Subsidiary” means, at the date of determination, with respect to any specified Person: 

(1) any corporation, association or other business entity (other than a partnership, joint venture or limited liability
company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time of determination owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person (or a combination thereof); and 
 (2) any partnership or limited liability company of
which (a) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more
of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling general
partner or otherwise controls such entity. 
 “Supporting Route Facilities” shall mean Gate Leaseholds, ticket counters and other
facilities assigned, allocated, leased, or made available to the Company at airports used in the operation of scheduled service over a Route. 

“Specified Slots” means the Company’s rights and operational authority now held or hereinafter acquired to conduct one landing
or takeoff operation at a specific hour or other period at each of Heathrow Airport, John F. Kennedy International Airport, New York LaGuardia Airport and Ronald Reagan Washington National Airport, as set forth from time to time on the schedules to
the Security Agreement under the heading “Primary FAA Slots”, in each case, whether or not utilized by the Company or its subsidiaries. 

  
 19 

 “Title 14” means Title 14 of the U.S. Code of Federal Regulations, including Part
93, Subparts K and S thereof, as amended from time to time or any successor or recodified regulation. 
 “Title 49” shall mean
Title 49 of the United States Code, which, among other things, recodified and replaced the U.S. Federal Aviation Act of 1958, and the rules and regulations promulgated pursuant thereto or any subsequent legislation that amends, supplements or
supersedes such provisions. 
 “Treasury Rate” means, with respect to any redemption date: 

(a) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published
statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to
constant maturity for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life), yields for the two published maturities most closely corresponding to the Comparable
Treasury Issue will be determined and the treasury rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or 

(b) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields,
the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date. 
 The Treasury Rate will be calculated on the third Business Day next preceding the date fixed for
redemption (the “Calculation Date”). 
 “Trustee” means U.S. Bank National Association until a successor replaces it in
accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Uniform
Commercial Code” means the Uniform Commercial Code as in effect from time to time in any applicable jurisdiction. 
 “Unrestricted
Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend. 
 “U.S.
Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 
 “Use or Lose Rule” shall mean
with respect to FAA Slots or Foreign Slots, as the case may be, the terms of 14 C.F.R. Section 93.227 or other applicable utilization requirements issued by the FAA, other Governmental Authorities, any Foreign Aviation Authorities or any
Airport Authorities. 
 “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at
the time entitled to vote generally in the election of the Board of Directors of such Person. 

  
 20 

 Section 1.02 Other Definitions. 

 

					
	 Term
	  	Defined in
Section	 
	 “Authentication Order”
	  	 	2.02	 
	 “Change of Control Offer”
	  	 	4.08	 
	 “Change of Control Payment”
	  	 	4.08	 
	 “Change of Control Payment Date”
	  	 	4.08	 
	 “Collateral Disposition Offer”
	  	 	4.06	 
	 “Covenant Defeasance”
	  	 	8.03	 
	 “Cure Election”
	  	 	4.10	 
	 “Cure Period”
	  	 	4.10	 
	 “Disposition”
	  	 	4.06	 
	 “DTC”
	  	 	2.03	 
	 “Event of Default”
	  	 	6.01	 
	 “Excess Proceeds”
	  	 	4.06	 
	 “Legal Defeasance”
	  	 	8.02	 
	 “Offer Amount”
	  	 	3.09	 
	 “Offer Period”
	  	 	3.09	 
	 “Other Offer Notes”
	  	 	4.06	 
	 “Paying Agent”
	  	 	2.03	 
	 “Payment Default”
	  	 	6.01	 
	 “Purchase Date”
	  	 	3.09	 
	 “Reference Date”
	  	 	4.10	 
	 “Registrar”
	  	 	2.03	 
	 “Special Interest”
	  	 	4.10	 
	 “Successor”
	  	 	5.01	 

 Section 1.03 Rules of Construction. 

Unless the context otherwise requires: 

(1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

(6) provisions apply to successive events and transactions; and 

(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time. 

  
 21 

 ARTICLE 2 

THE NOTES 
 Section 2.01 Form and
Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this
Indenture and the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes. Notes issued in
global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be
substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding
Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may
from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented
thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and
“Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the
Regulation S Global Notes that are held by Participants through Euroclear or Clearstream. 
 Section 2.02 Execution and Authentication. 

At least one Officer must sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a written order of the Company signed by an
Officer (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes outstanding at any time may not
exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. 

  
 22 

 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to
deal with Holders of Notes or an Affiliate of the Company. 
 Section 2.03 Registrar and Paying Agent. 

The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

The Company initially appoints the Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global
Notes. 
 Section 2.04 Paying Agent to Hold Money in Trust. 

The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit
of Holders of Notes or the Trustee all money held by the Paying Agent for the payment of principal, premium or Special Interest, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the
Paying Agent (if other than the Company or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders of Notes
all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 
 The
Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders of Notes. If the Trustee is not the Registrar, the Company will furnish to the Trustee at least
five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes.

  
 23 

 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such
notice from the Depositary; 
 (2) the Company in its sole discretion determines that the Global Notes (in whole but not in
part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 

(3) there has occurred and is continuing a Default or Event of Default with respect to the Notes. 

Upon the occurrence of any of the preceding events in (1), (2) or (3) of this Section 2.06(a), Definitive Notes shall be issued in
such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a
Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other
than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c). 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set
forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other
following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial
interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement
Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an
Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required
to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 
 (2) All Other
Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must
deliver to the Registrar either: 
 (A) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

  
 24 

 (ii) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; 
 Upon satisfaction of
all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global
Note(s) pursuant to Section 2.06(g) hereof. 
 (3) Transfer of Beneficial Interests to Another Restricted Global
Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(2) above and the Registrar receives the following: 
 (A) if the transferee will take delivery in the
form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and: 

(A) the Registrar receives the following: 

(i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

  
 25 

 (ii) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (A), if the Registrar so requests or if
the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein
and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer
is effected pursuant to subparagraph (A) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee
shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (A) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is
being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144 or any other exemption from the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; or 

(E) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof, 

  
 26 

 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest
in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 

(A) the Registrar receives the following: 

(i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (A), if the Registrar so requests or if the Applicable Procedures so require, an Opinion
of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes
to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant
to Section 2.06(g) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for
a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar
from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 

  
 27 

 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A , a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted
Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144 or any other exemption from the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a)
thereof; or 
 (E) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof, 
 the Trustee will cancel the
Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note and in the case
of clause (C) above, the Regulation S Global Note. 
 (2) Restricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note only if: 
 (A) the Registrar receives the following: 

(i) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

  
 28 

 and, in each such case set forth in this subparagraph (A), if the Registrar so requests or
if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the
Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (3)
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes
to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note
and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 
 If any such
exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(A) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder
must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

(1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and
registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or
Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

  
 29 

 (C) if the transfer will be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 

(A) the Registrar receives the following: 

(i) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (A), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of
Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted
Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Legends. The following legends will appear on the face
of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 

(1) Private Placement Legend. 

(A) Each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear
the legend in substantially the following form: 
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF 

  
 30 

 
AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS THE DATE ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED UNDER RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREOF, ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY
OF THE ISSUER, (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR (E) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (C) OR (D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.” 

(2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.” 

  
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 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the
Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased
accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.06, 4.08 and 9.04 hereof). 

(3) The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or
in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes
issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or
Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Company
will be required: 
 (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the
opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record
date and the next succeeding interest payment date. 

  
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 (6) Prior to due presentment for the registration of a transfer of any Note,
the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes,
and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee will
authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 
 (8) All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

Section 2.07 Replacement Notes. 
 If
any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order,
will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect
the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a
Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 3.07(a)
hereof.  
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee
receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is
considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent
(other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding
and will cease to accrue interest. 
 Section 2.09 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, will be considered as though not outstanding, except that for the purposes of determining whether the
Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded. 

  
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 Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order,
will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
 Holders
of temporary Notes will be entitled to all of the benefits of this Indenture. 
 Section 2.11 Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes
(subject to the record retention requirement of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been
delivered to the Trustee for cancellation. 
 Section 2.12 Defaulted Interest. 

If the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders of Notes on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; provided that no such special record
date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the
Company) will mail or cause to be mailed to Holders of Notes a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

ARTICLE 3 
 REDEMPTION AND
PREPAYMENT 
 Section 3.01 Notice of Redemption by the Company. 

If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the
Trustee, at least 15 days but not more than 45 days before a redemption date, an Officers’ Certificate setting forth: 

(1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 

  
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 (3) the principal amount of Notes to be redeemed; 

(4) the redemption price; and 

(5) if applicable, any conditions to such redemption. 

Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption
or purchase on a pro rata basis unless otherwise required by law or applicable stock exchange requirements. 
 In the event of
partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 15 nor more than 45 days prior to the redemption or purchase date by the Trustee from the
outstanding Notes not previously called for redemption or purchase. 
 The Trustee will promptly notify the Company in writing of the Notes
selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts of $2,000 or integral
multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or a multiple of $1,000 in excess thereof, shall be
redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

Section 3.03 Notice of Redemption. 

Subject to the provisions of Section 3.09 hereof, at least 15 days but not more than 45 days before a redemption date, the Company will
deliver a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 45 days prior to a redemption date if the notice is issued in connection with a defeasance
of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 10 hereof. 
 The notice will identify the Notes to
be redeemed and will state: 
 (1) the redemption date; 

(2) the redemption price; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

  
 35 

 (6) that, unless the Company defaults in making such redemption payment,
interest on Notes called for redemption ceases to accrue on and after the redemption date; 
 (7) the paragraph of the Notes
and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; 
 (8) if applicable,
any condition to such redemption; and 
 (9) that no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Notes. 
 At the Company’s request, the Trustee will give the notice of
redemption in the Company’s name and at its expense; provided, however, that the Company has delivered to the Trustee, at least 18 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
 Section 3.04 Conditional Notices of
Redemption. 
 Any redemption pursuant to this Article Three may, at the Company’s discretion, be conditioned upon (1) the
occurrence of a Change of Control or (2) the closing of another transaction, including a sale of securities or other financing, in each case as specified in the notice in reasonable detail. A notice of conditional redemption will be of no
effect unless all conditions to the redemption have occurred on or before the applicable redemption date or have been waived by the Company on or before the applicable redemption date. The Company will provide notice to the Holders of the Notes
subject to the notice of conditional redemption of the satisfaction of all conditions as soon as practicable following occurrence of the conditions. The Company will provide notice to the Holders of the Notes subject to the notice of conditional
redemption of any waiver of a condition or failure to meet such conditions no later than the applicable redemption date. 
 Section 3.05 Deposit of
Redemption or Purchase Price. 
 One Business Day prior to the redemption or purchase date, the Company will deposit with the Trustee or
with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest and Special Interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the
Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Special Interest, if any, on, all Notes to be redeemed or
purchased. 
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest
will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure
of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in
each case at the rate provided in the Notes and in Section 4.01 hereof. 

  
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 Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the
Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

Section 3.07 Optional Redemption. 

(a) The Notes may be redeemed, in whole or in part, at any time at the Company’s option. If the Notes are redeemed at any time prior to
May 1, 2025, the Notes will be redeemed at a redemption price equal to the greater of: 
 (1) 100% of the principal amount of the Notes
to be redeemed; and 
 (2) the sum of the present values of the remaining scheduled payments of principal and interest (including Special
Interest, if any) on the Notes to be redeemed (exclusive of interest or Special Interest, if any, accrued to the Redemption Date) discounted to the redemption date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, 
 plus, in either case, accrued
and unpaid interest and Special Interest, if any, on the principal amount of the notes being redeemed to, but not including, the applicable redemption date. 

Any redemption pursuant to this Section 3.07(a) is subject to the right of Holder of record on the record date to receive interest due on
an interest payment date that is on or before the applicable Redemption Date. 
 (b) Any redemption pursuant to this Section 3.07 shall
be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08 No Mandatory Redemption. 

The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.09 Offer to Purchase by Application of Excess Proceeds. 

In the event that, pursuant to Section 4.06 hereof, the Company is required to commence an Collateral Disposition Offer, it will follow
the procedures specified below. 
 The Collateral Disposition Offer shall be made to all Holders of Notes and all holders of Other Offer
Notes; provided that the percentage of such Excess Proceeds allocated and offered to the Notes in such Collateral Disposition Offer is at least equal to the percentage of the aggregate principal amount of all Priority Lien Debt represented at
such time by the Notes. The Collateral Disposition Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable
law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the
purchase of Notes and Other Offer Notes (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Collateral Disposition Offer. Payment for any Notes
so purchased will be made in the same manner as interest payments are made. 

  
 37 

 If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, any accrued and unpaid interest and Special Interest, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders of
Notes who tender Notes pursuant to the Collateral Disposition Offer. 
 Upon the commencement of an Collateral Disposition Offer, the
Company will deliver a notice to the Trustee and each of the Holders of Note, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Collateral Disposition
Offer. The notice, which will govern the terms of the Collateral Disposition Offer, will state: 
 (1) that the Collateral
Disposition Offer is being made pursuant to this Section 3.09 and Section 4.06 hereof and the length of time the Collateral Disposition Offer will remain open; 

(2) the Offer Amount, the purchase price and the Purchase Date; 

(3) that any Note not tendered or accepted for payment will continue to accrue interest and Special Interest, if any; 

(4) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Collateral
Disposition Offer will cease to accrue interest and Special Interest, if any, after the Purchase Date; 
 (5) that Holders of
Notes electing to have a Note purchased pursuant to an Collateral Disposition Offer may elect to have Notes purchased in integral multiples of $1,000 only; 

(6) that Holders of Notes electing to have Notes purchased pursuant to any Collateral Disposition Offer will be required to
surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the
address specified in the notice at least three days before the Purchase Date; 
 (7) that Holders of Notes will be entitled
to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder,
the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(8) that, if the aggregate principal amount of Notes and other Priority Lien Debt surrendered by holders thereof exceeds the
Offer Amount, the Company will select the Notes and other Priority Lien Debt to be purchased on a pro rata basis based on the principal amount of Notes and such other Priority Lien Debt surrendered (with such adjustments as may be deemed
appropriate by the Company so that only Notes in denominations of $1,000, or integral multiples thereof, will be purchased); and 

(9) that Holders of Notes whose Notes were purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 

  
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 On or before the Purchase Date, the Company will, to the extent lawful, accept for payment,
on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Collateral Disposition Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will deliver or
cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09.
The Company, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes
tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book
entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly
announce the results of the Collateral Disposition Offer on the Purchase Date. 
 Other than as specifically provided in this
Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 

ARTICLE 4 
 COVENANTS 

Section 4.01 Payment of Notes. 
 The
Company will pay or cause to be paid the principal of, premium, if any, and interest and Special Interest, if any, on, the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Special Interest, if
any, will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for
and sufficient to pay all principal, premium, if any, and interest then due. 
 All references in this Indenture to interest shall be deemed
to include Special Interest, if applicable. 
 Section 4.02 Maintenance of Office or Agency.  

The Company will maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an
affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and
this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or
fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of
Manhattan, the City of New York for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
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 The Company hereby designates the Corporate Trust Office of the Trustee as one such office
or agency of the Company in accordance with Section 2.03 hereof. 
 Section 4.03 Reports.  

(a) So long as any Notes are outstanding, the Company will furnish to the Trustee, within the time periods specified in the SEC’s rules
and regulations that would apply to the Company if it were subject to those rules and regulations (whether or not the Company is actually so subject): 

(1) annual reports of the Company containing substantially all of the information that would have been required to be contained
in an Annual Report on Form 10-K under the Exchange Act if the Company had been a reporting company under the Exchange Act (but only to the extent similar information is included in the Offering
Memorandum), including (A) ”Management’s discussion and analysis of financial condition and results of operations” and (B) audited financial statements prepared in accordance with GAAP; 

(2) quarterly reports of the Company containing substantially all of the information that would have been required to be
contained in a Quarterly Report on Form 10-Q under the Exchange Act if the Company had been a reporting company under the Exchange Act (but only to the extent similar information is included in the
Offering Memorandum), including (A) ”Management’s discussion and analysis of financial condition and results of operations” and (B) unaudited quarterly financial statements prepared in accordance with GAAP and reviewed
pursuant to Statement on Auditing Standards No. 4105 (or any successor provision); and 
 (3) current reports containing
substantially all of the information that would have been required to be contained in a Current Report on Form 8-K under the Exchange Act if the Company had been a reporting company under the Exchange
Act; provided, however, that no such current report will be required to be furnished if the Company determines in its good faith judgment that such event is not material to Holders of Notes or the business, assets, operations,
financial positions or prospects of the Company and its Subsidiaries, taken as a whole. 
 In addition, the Company will file a copy of each
of the reports referred to in clauses (1), (2) and (3) above with the SEC for public availability within the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing) and will
post the reports on its website within those time periods. 
 Notwithstanding the foregoing, in no event will the Company be required to
(A) comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein) and Regulation G, (B) include the separate financial information for any
guarantors contemplated by Rule 3-10 of Regulation S-X promulgated by the SEC or (C) provide any additional information in respect of Item 402 of Regulation S-K beyond information of the type included in the Offering Memorandum. 
 The Company’s reporting
obligations with respect to clauses (1) through (3) under subparagraph (a) this Section 4.03 will be satisfied in the event the Company timely files such reports with the SEC on EDGAR and delivers a copy of such reports to the
Trustee. 

  
 40 

 If, at any time, the Company is no longer subject to the periodic reporting requirements of
the Exchange Act for any reason, the Company will nevertheless continue filing the reports specified in the preceding paragraphs with the SEC within the time periods specified above unless the SEC will not accept such a filing. The Company will not
take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the reports referred to in the preceding
paragraph on its website within the time periods that would apply if the Company were required to file those reports with the SEC. 
 (b)
Within 10 Business Days after any Appraisal is required to be delivered pursuant to Section 4.09 hereof the Company will furnish to the Trustee a summary of each such Appraisal containing only information summarizing the results of such
Appraisal (all of which will be made publicly available) and will post, or shall cause to have posted. the complete Appraisal on a private, restricted website to which Holders of Notes, prospective investors, broker-dealers and securities analysts
are given access. 
 (c) So long as any Notes are outstanding, if at any time the Company is not required to file with the SEC the reports
required by the preceding subparagraph (a) of this Section 4.03, the Company will also: 
 (1) issue a press
release to an internationally recognized wire service no fewer than three Business Days prior to the first public disclosure of the reports required by the preceding paragraphs (a) and (b) of this Section 4.03 announcing the date on which
such reports will become publicly available and directing Holders of Notes, prospective investors, broker-dealers and securities analysts to contact the investor relations office of the Company to obtain copies of such reports; and 

(2) maintain a website to which Holders of Notes, prospective investors, broker-dealers and securities analysts are given
access and to which all of the reports and press releases required by this Section 4.03 are posted. 
 (d) The Company shall furnish to
Holders of Notes, prospective investors, broker-dealers and securities analysts, upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes constitute “restricted
securities” under Rule 144. 
 Section 4.04 Compliance Certificate.  

(a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a
review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this
Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or
she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the
principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 

(b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, forthwith upon any Officer becoming aware of any
Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

  
 41 

 Section 4.05 Stay, Extension and Usury Laws.  

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law has been enacted. 
 Section 4.06 Collateral Dispositions. 

(a) The Company will not sell, lease, sell and lease back, convey, transfer or otherwise dispose (any of the foregoing, a
“Disposition”) of any Collateral (but excluding any Permitted Disposition), unless: 
 (1) upon consummation
of any such Disposition, no Event of Default exists or would result therefrom; and 
 (2) (x) after giving pro forma effect
to such Disposition, the Appraised Value of the remaining Collateral satisfies the Priority Debt Coverage Test, and (y) prior to effecting such Disposition, the Company shall have delivered an Officers’ Certificate to the Trustee
certifying that, after giving effect to such Disposition, the Appraised Value of the Collateral shall satisfy the Priority Debt Coverage Test. 
 Within
365 days after the receipt of any Net Proceeds from a Disposition of Collateral pursuant to this Section 4.06, the Company may apply such Net Proceeds: 

(1) to purchase other Qualified Replacement Assets; 

(2) to repay Priority Lien Debt; or 

(3) to make a capital expenditure with respect to assets that constitute Collateral; 

provided that the Company will be deemed to have complied with the provision described in clauses (1) and (3) of this paragraph if and to the
extent that, within 365 days after the Disposition that generated the Net Proceeds, the Company has entered into and not abandoned or rejected a binding agreement to acquire the assets that would constitute Collateral or make a capital
expenditure in compliance with the provision described in clauses (1) and (3) of this paragraph, and that acquisition, purchase or capital expenditure is thereafter completed within 90 days after the end of such 365-day period. 
 Any Net Proceeds from Dispositions that are not applied or invested as provided in the
preceding paragraph of this Section 4.06, together with any Net Proceeds that are earlier designated as “Excess Proceeds” by the Company, will constitute “Excess Proceeds.” Within five days of the date on which
the aggregate amount of Excess Proceeds exceeds $100.0 million (or earlier if the Company so elects), the Company will make an offer to purchase and/or repay, prepay or redeem, as applicable, to all Holders of Notes and all holders of other
Priority Lien Debt containing provisions similar to those set forth in this Indenture with respect to offers to purchase (“Other Offer Notes”), and prepay any other Priority Lien Debt requiring repayment or prepayment (collectively,
whether through an offer or a required prepayment, an “Collateral Disposition Offer”); provided that the percentage of such Excess Proceeds allocated and offered to the Notes in such Collateral Disposition Offer is at least
equal to the percentage 

  
 42 

 
of the aggregate principal amount of all Priority Lien Debt represented at such time by the Notes. The offer price in any Collateral Disposition Offer will be equal to 100% of the principal
amount, plus accrued and unpaid interest and Special Interest, if any, to the date of purchase, prepayment or redemption, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment
date, and will be payable in cash. If any Excess Proceeds remain after consummation of an Collateral Disposition Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal
amount of Notes and Other Offer Notes tendered in such Collateral Disposition Offer exceeds the amount of Excess Proceeds allocated to such Notes or Other Offer Notes tendered in such Collateral Disposition Offer, the Collateral Trustee will select
the Notes and Other Offer Notes pro rata based on the aggregate principal amounts so tendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or an integral multiple of $1,000
in excess thereof, will be purchased). Upon completion of each Collateral Disposition Offer, the amount of Excess Proceeds will be reset at zero. 

The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with each Collateral Disposition Offer. To the extent that the provisions of any securities laws or regulations conflict with the
provisions of Section 3.09 hereof or this Section 4.06, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.09 hereof or this
Section 4.06 by virtue of such compliance. 
 (b) At the Company’s request, the Lien on any Collateral subject to a Disposition
will be promptly released; provided, in each case, that the following conditions are satisfied or waived: (i) no Event of Default shall have occurred and be continuing, (ii) after giving effect to such release, the Appraised Value
of the Collateral shall satisfy the Priority Debt Coverage Test and (iii) the Company shall deliver to the Trustee an Officers’ Certificate demonstrating compliance with the Priority Debt Coverage Test after giving effect to such release.

 (c) Notwithstanding the foregoing, the Lien on any asset constituting Collateral that is or would become Excluded Property shall be
automatically released. The Collateral Trustee, in accordance with the Collateral Trust Agreement, will promptly provide any documents or releases reasonably requested by the Company to evidence any such release. 

(d) For purposes of this Section 4.06, (x) if the Appraised Value of the Collateral subject to a Disposition hereunder would constitute at
least 10% of the Appraised Value of (i) the Europe Routes, Europe Slots and Europe Gates, (ii) the Latin American Routes, Latin American Slots and Latin American Gates or (iii) Specified Slots (in each case, to the extent constituting
Collateral and as determined by an Appraisal of such category of Collateral), then such Appraisal shall be performed within 60 days prior to the time of such removal, and (y) for all other Dispositions, any determination of the Appraised Value
of the Collateral shall be based on the most recent Appraisal delivered pursuant to Section 4.09(a)(1). 
 Section 4.07 Liens.  

The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly create, incur, assume or suffer to exist any Lien
of any kind on any Collateral now owned or hereafter acquired, except Permitted Liens. 

  
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 Section 4.08 Offer to Repurchase Upon Change of Control Triggering Event.  

(a) Upon the occurrence of a Change of Control Triggering Event, each Holder will have the right to require the Company to make an offer (a
“Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate
principal amount of Notes to be repurchased plus accrued and unpaid interest and Special Interest, if any, on the Notes to be repurchased to the date of purchase, subject to the rights of Holders of Notes on the relevant record date to receive
interest due on the relevant interest payment date (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, the Company will mail a notice to each Holder describing the transaction or
transactions that constitute the Change of Control Triggering Event and stating: 
 (1) that the Change of Control Offer is
being made pursuant to this Section 4.08 and that all Notes tendered will be accepted for payment; 
 (2) the purchase
price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 

(3) that any Note not tendered will continue to accrue interest; 

(4) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer Triggering Event will cease to accrue interest after the Change of Control Payment Date; 

(5) that Holders of Notes electing to have any Notes purchased pursuant to a Change of Control Offer will be required to
surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note, or transfer by book-entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on
the third Business Day preceding the Change of Control Payment Date; 
 (6) that Holders of Notes will be entitled to
withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telex, facsimile transmission or letter setting forth the name of the Holder, the
principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 

(7) that Holders of Notes whose Notes are being purchased only in part will be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000. 

(b) On the Change of Control Payment Date, the Company will, to the extent lawful: 

(1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

  
 44 

 The Paying Agent will promptly deliver (but in any case not later than five days after the
Change of Control Payment Date) to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in
principal amount to any unpurchased portion of the Notes surrendered, if any. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

(c) The Company will not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

(d) If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw the Notes in a
Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company, purchases all of such Notes validly tendered and not withdrawn by such Holders, the Company will have the right, upon not less than
20 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following such purchase at a redemption price in
cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest (including Special Interest, if any) thereon, if any, to the date of redemption (subject to the right of holders of record on the relevant interest record date to
receive interest on the relevant interest payment date). 
 (e) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of
Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Offer provisions set forth in this Section 4.08, the Company will comply with those securities laws and
regulations and will not be deemed to have breached the Company’s obligations under this Section 4.08 by virtue of such compliance. 

Section 4.09 Delivery of Appraisals.  

(a) On: 
 (1)
within (x) ninety (90) days after the end of each fiscal year (commencing with the fiscal year ending December 31, 2020) and (y) forty-five (45) days after the end of each second fiscal quarter of each fiscal year (commencing
with the fiscal quarter ending June 30, 2021); 
 (2) the date upon which any additional property or assets (including
Cure Collateral) are pledged as Collateral to the Collateral Trustee to secure Secured Debt Obligations, but only with respect to such additional Collateral; and 

(3) promptly (but in any event within 45 days) following a request by the Trustee or the Collateral Trustee if an Event of
Default has occurred and is continuing, 

  
 45 

 
the Company will deliver to the Trustee and the Collateral Trustee one or more Appraisals establishing the Appraised Value of the Collateral. The Company will post, or shall cause to have posted,
copies of these Appraisals available on a private, restricted website to which the Trustee, Holders of Notes, prospective investors, broker-dealers and securities analysts are given access. 

(b) In addition to clauses (1) through (3) above, the Company will deliver to the Trustee and the Collateral Trustee a copy of any
Appraisal that is delivered to any other Secured Debt Representative or other holder of Secured Debt Obligations, but has not been or is not being delivered to the Trustee in accordance with clauses (1) through (3) above, within 10 Business
Days of the date on which such Appraisal was given to such other Secured Debt Representative or holder of Secured Debt Obligations. 
 Section 4.10
Priority Debt Coverage Ratio. 
 (a) Within 10 Business Days after the end of each fiscal quarter of the Company (the last day of each
such fiscal quarter being a “Reference Date”), the Company will deliver to the Trustee and the Collateral Trustee an Officers’ Certificate demonstrating, with reasonable detail the calculation of the Priority Debt Coverage
Ratio as of the applicable Reference Date utilizing the most recent Appraisal delivered pursuant to Section 4.09(a)(1). 
 If: 

(1) the Company fails to deliver the Officers’ Certificate required by the preceding paragraph within the time period
specified in the preceding paragraph, or 
 (2) such Officers’ Certificate demonstrates that the Priority Debt Coverage
Ratio was less than 1.6 to 1.0 as of the applicable Reference Date, 
 then the Company will pay additional interest on all outstanding Notes
(“Special Interest”) in an amount equal to 2.0% per annum of the principal amount of such Notes commencing on the earlier of (a) the date the Company delivers an Officers’ Certificate demonstrating that its Priority
Debt Coverage Ratio was less than 1.6 to 1.0, or (b) the date on which the Company was required to deliver such Officers’ Certificate in accordance with this Section 4.10, and continuing until the Company delivers to the Trustee an
Officers’ Certificate demonstrating, with reasonably detailed calculations, that the Company’s Priority Debt Coverage Ratio was at least 1.6 to 1.0 as of a date subsequent to the applicable Reference Date. 

(b) If the Company’s Priority Debt Coverage Ratio is less than 1.6 to 1.0 on any Reference Date, the Company may, within 45 days
after such Reference Date (such period, the “Cure Period”): 
 (1) pledge additional assets as Cure
Collateral under the Security Documents to secure Priority Lien Obligations and Junior Lien Obligations and such Cure Collateral will be included in the calculation of Appraised Value as of such Reference Date; and/or 

(2) redeem, repay, prepay, repurchase or otherwise retire Priority Lien Debt, including by redeeming Notes pursuant to any
available optional redemption provisions of this Indenture and such redeemed, repaid, prepaid, repurchased or otherwise retired Priority Lien Debt will not be included in the calculation of Appraised Value as of such Reference Date. 

  
 46 

 (c) If Special Interest would be payable on an interest payment date within the Cure Period,
the Company may delay the payment of Special Interest until the following interest payment date (a “Cure Election”). If, after the pledge of Cure Collateral and/or any redemption, repayment, prepayment, repurchase or other
retirement of Priority Lien Debt during the Cure Period contemplated by Section 4.10(b) and the recalculations of the Appraised Value of the Collateral pursuant Section 4.10(b), the Company’s Priority Debt Coverage Ratio as of the
applicable Reference Date would have been at least 1.6 to 1.0, then the Company will be deemed to have a Priority Debt Coverage Ratio of at least 1.6 to 1.0 as of such Reference Date, and no Special Interest will accrue with respect to such
Reference Date. If the Company utilizes its Cure Election and fails to pledge Cure Collateral or redeem or otherwise retire such debt during such Cure Period, Special Interest will be payable from the date specified in Section 4.10(a) on the
next succeeding applicable interest payment date. 
 (d) Special Interest payable pursuant to the provisions of this Section 4.10 will
be calculated and paid in the same manner as regular interest is calculated and paid under this Indenture and all references to payments of interest will be deemed to refer to Special Interest, if applicable. 

(e) Notwithstanding anything herein to the contrary, the Company’s failure to maintain a Priority Debt Coverage Ratio in excess of 1.6 to
1.0 will not be deemed to constitute an Event of Default for purposes of clause (4) under Section 6.01 hereof. 
 Section 4.11 Regulatory
Cooperation. 
 In connection with any foreclosure, collection, sale or other enforcement of Liens granted to the Collateral Trustee
under the Security Documents, the Company will, and will cause its Subsidiaries to, cooperate in good faith with the Collateral Trustee or its designee in obtaining all regulatory licenses, consents and other governmental approvals necessary or (in
the reasonable opinion of the Collateral Trustee or its designee) desirable to conduct all aviation operations with respect to the Collateral and will, at the request of the Collateral Trustee and in good faith, continue to operate and manage the
Collateral and maintain all applicable regulatory licenses with respect to the Collateral until such time as the Collateral Trustee or its designee obtain such licenses, consents and approvals, and at such time the Company will, and will cause its
Subsidiaries to, cooperate in good faith with the transition of the aviation operations with respect to the Collateral to any new aviation operator (including, without limitation, the Collateral Trustee or its designee). 

Section 4.12 Regulatory Matters; Citizenship; Utilization. 

(a) So long as any of the Notes remain outstanding, and, in each case, except as would not reasonably be expected to have a Material Adverse
Effect and, as applicable, subject to Dispositions permitted under the Indenture, the Company shall: 
 (1) maintain at all
times its status as an “air carrier” within the meaning of Section 40102(a)(2) of Title 49, and hold a certificate under Section 41102(a)(1) of Title 49; 

(2) be 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; 
 (3) maintain at all times its status at the FAA as an
“air carrier” and hold an air carrier operating certificate under Section 44705 of Title 49 and operations specifications issued by the FAA pursuant to Parts 119 and 121 of Title 14 as currently in effect or as may be amended or
recodified from time to time; 
 (4) possess and maintain all necessary certificates, exemptions, franchises, licenses,
permits, designations, rights, concessions, authorizations, frequencies and consents that are material to the operation of the pledged Routes and pledged Slots, and to the conduct of its business and operations as currently conducted; 

  
 47 

 (5) maintain pledged Gate Leaseholds sufficient to ensure its ability to
retain its right in and to the pledged Routes and to preserve its right in and to its pledged Slots; 
 (6) utilize its
pledged Slots in a manner consistent with applicable regulations, rules, foreign law and contracts in order to preserve its right to hold and use its pledged Slots, taking into account any waivers or other relief granted to it by any applicable
Foreign Aviation Authorities; 
 (7) cause to be done all things reasonably necessary to preserve and keep in full force and
effect its rights in and to use its pledged Slots, including, without limitation, satisfying any applicable “Use or Lose Rule” (taking into account any exemptions or other relief granted by the relevant Governmental Authority); 

(8) utilize its pledged routes in a manner consistent with Title 49, applicable foreign law, the applicable rules and
regulations of the FAA, DOT and any applicable Foreign Aviation Authorities, and any applicable treaty in order to preserve its rights to hold and operate its pledged Routes; 

(9) cause to be done all things reasonably necessary to preserve and keep in full force and effect its authority to serve its
pledged Routes; and 
 (10) without in any way limiting the foregoing, the Company will promptly take (a) all such steps
as may be reasonably necessary to obtain renewal of its authority to serve its pledged Routes from the DOT and any applicable Foreign Aviation Authorities within a reasonable time prior to the expiration of such authority (as prescribed by law or
regulation, if any), and notify the Collateral Trustee of any material adverse development in the renewal of such authority, and (b) all such other steps as may be necessary to maintain, renew and obtain, or obtain the use of, pledged Gate
Leaseholds as needed for its continued and future operations over its pledged Routes. The Company will further take all actions reasonably necessary, or in the reasonable judgment of the Collateral Trustee, advisable in order to maintain its
material rights to use its pledged Routes (including, without limitation, protecting its pledged Routes from dormancy or withdrawal by the DOT or any applicable Foreign Aviation Authorities) and to have access to its pledged Gate Leaseholds. The
Company will pay any applicable filing fees and other expenses related to the submission of applications, renewal requests, and other filings as may be reasonably necessary to maintain or obtain its rights in its pledged Routes and have access to
its pledged Gate Leaseholds. 
 (b) Notwithstanding Section 4.12(a), the Company may cease using its rights in and/or use of any such
Supporting Route Facilities in the event that the preservation of such rights in and/or use of such Supporting Route Facilities is no longer advantageous to the Company in connection with the conduct of its operations utilizing the Primary Routes.

 Section 4.13 Corporate Existence.  

Subject to Section 4.06 and Article 5 hereof, the Company shall maintain, and cause each of its Significant Subsidiaries (as defined in
Regulation S-X, promulgated pursuant to the Securities Act) to preserve and maintain in full force and effect all governmental rights, privileges, qualifications, permits, licenses and franchises necessary in
the normal conduct of its business except if such failure to preserve the same could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 48 

 ARTICLE 5 

SUCCESSORS 
 Section 5.01 Merger,
Consolidation, or Sale of Assets. 
 The Company shall not, directly or indirectly, consolidate or merge with or into any other Person
(whether or not the Company is the surviving corporation), and may not sell, transfer, or lease or convey or otherwise dispose of all or substantially all of the properties and assets of the Company and its Subsidiaries, taken as a whole, in one or
more related transactions, to another Person, unless: 
 (1) either: 

(A) the Company is the surviving corporation; or 

(B) (i) the resulting, surviving or transferee entity to which such sale, assignment, transfer, conveyance or other
disposition has been made (the “Successor”) is a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia (and if such entity is not a corporation, a co-obligor of the Notes is a corporation organized or existing under any such laws) and the Successor (if not the Company) will expressly assume, pursuant to agreements reasonably satisfactory to the Trustee, all of
the obligations of the Company obligations under the Notes, the Indenture and the Security Documents and (ii) the Successor has all necessary certificates, exemptions, franchises, licenses, permits, designations, rights, concessions,
authorizations, frequencies and consents that are material to the operation of the pledged Routes and pledged Slots and to maintain the pledged Gate Leaseholds, and to the conduct of its business and operations as currently conducted; 

(2) immediately after giving effect to such transaction, no Default or Event of Default has occurred and is continuing; and

 (3) the Trustee receives from the Company an Officers’ Certificate and an Opinion of Counsel that any such
consolidation, merger, assignment, lease or transfer, and any such assumption, and any supplemental indenture entered into in connection therewith, complies with this Article 5. 

Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
properties or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the Successor formed by such consolidation or into or with which the Company is merged or to which such
sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition,
the provisions of this Indenture referring to the “Company” shall refer instead to the Successor and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein; 

  
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provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of, and premium, if any, interest and Special Interest, if any, on the Notes
except in the case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

 Section 6.01 Events of Default. 

Each of the following is an “Event of Default”: 

(1) default in the payment of any installment of interest (including Special Interest, if any) on the Notes for 30 days after
becoming due and payable; 
 (2) default in the payment of principal of or premium, if any, on the Notes when they become due
and payable at their Stated Maturity, upon redemption, by declaration or otherwise; 
 (3) failure by the Company or any of
its Subsidiaries to comply with the provisions of Sections 4.08 or 5.01 hereof; 
 (4) failure by the Company to observe or
perform any covenant or agreement in the Indenture, the Notes or the Security Documents, which continues for a period of 60 days after written notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in
aggregate principal amount of the outstanding Notes; 
 (5) default under any mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any Indebtedness by the Company or any of its Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Subsidiaries), whether such Indebtedness or Guarantee
now exists, or is created after the date of this Indenture, if that default: 
 (A) is caused by a failure to pay principal
of such Indebtedness at its Stated Maturity (a “Payment Default”); or 
 (B) results in the acceleration of
such Indebtedness prior to its express maturity, 
 and the principal amount of any such Indebtedness that, together with the principal
amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $200.0 million or more; 

(6) failure by the Company or any of its Subsidiaries to pay final judgments entered by a court or courts of competent
jurisdiction aggregating in excess of $200.0 million (determined net of amounts covered by insurance policies issued by creditworthy insurance companies), which judgments are not paid, discharged or stayed for a period of 60 days; 

(7) (a) any Security Document ceases to be in full force and effect (except as permitted by the terms of this
Indenture or the Security Documents) for a period of 60 days after the Company receives notice thereof, (b) any of the Security Documents ceases to give the Holders of Notes a valid, perfected security interest (except as permitted by the
terms of this 

  
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Indenture or the Security Documents) for a period of 60 days after the Company receives notice thereof or (c) the Company fails to grant and perfect any security interest required by
the Security Documents to be so granted and perfected, in each case with respect to Collateral having an Appraised Value in excess of $100.0 million in the aggregate with respect to clauses (a), (b) and (c) above; 

(8) the Company pursuant to or within the meaning of Bankruptcy Law: 

(A) commences a voluntary case, 

(B) consents to the entry of an order for relief against it in an involuntary case, 

(C) consents to the appointment of a custodian of it or for all or substantially all of its property, 

(D) makes a general assignment for the benefit of its creditors, or 

(E) generally is not paying its debts as they become due; and 

(9) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against the Company in an involuntary case; 

(B) appoints a custodian of the Company; or 

(C) orders the liquidation of the Company; 

and the order or decree remains unstayed and in effect for 60 consecutive days. 

Notwithstanding the foregoing, any time period set forth above to cure any actual or alleged default or Event of Default may be extended or
stayed by a court of competent jurisdiction. 
 Section 6.02 Acceleration. 

In the case of an Event of Default specified in clause (8) or (9) of Section 6.01 hereof, with respect to the Company, all
outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding
Notes may declare all the Notes to be due and payable immediately. 
 Upon any such declaration, the Notes shall become due and payable
immediately. 
 Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on
behalf of the Holders of all of the Notes, rescind an acceleration and its consequences hereunder, if the rescission would not conflict with any judgment or decree, except a continuing Default or Event of Default in the payment of principal of,
premium on, if any, or interest (including Special Interest, if any) on, the Notes. 

  
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 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if
any, and interest (including Special Interest, if any) on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the
extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 

Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf
of the Holders of all of the Notes, waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest (including Special
Interest, if any) on, the Notes (including in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its
consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05 Control
by Majority. 
 Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place
of conducting any proceeding for exercising any remedy available to the Trustee. However, the Trustee may withhold from Holders of Notes notice of any continuing Default or Event of Default if it determines that withholding notice is in their
interest, except a Default or Event of Default relating to the payment of principal of, premium on, if any, and interest. 
 Section 6.06 Limitation
on Suits. 
 Except to enforce the right to receive payment of principal, premium, if any, or interest (including Special Interest, if
any) when due, no Holder may pursue any remedy with respect to this Indenture or the Notes unless: 
 (1) such Holder has
previously given the Trustee written notice that an Event of Default is continuing; 
 (2) Holders of at least 25% in
aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
 (3)
such Holder or Holders of Notes offer and, if requested, provide to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 

(4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or
indemnity; and 
 (5) during such 60-day period, Holders of a majority in aggregate
principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such request. 

  
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 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder. 
 Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal, premium, if any, and interest
on the Note (including Special Interest, if any), on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the institution or prosecution
thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property subject to such Lien. 

Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as Trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest (including Special Interest, if any) remaining unpaid on, the Notes and interest (including Special
Interest, if any) on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel. 
 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of Notes allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders of Notes, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders of Notes may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  
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 Section 6.10 Priorities. 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.06 hereof, including payment of all
compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest
(including Special Interest, if any), ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest (including Special Interest, if any), respectively; and 

Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
 ARTICLE 7

 TRUSTEE 
 Section 7.01 Duties of
Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. 

  
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However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(c) The Trustee may not be relieved from liabilities for its own gross negligent action, its own gross negligent failure to act, or its own
willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this
Section 7.01; 
 (2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible
Officer; and 
 (3) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 

(e) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under
no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders of Notes, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 

(f) The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 Section 7.02 Rights of Trustee.

 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting,
it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee
may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of
any agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided
in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 

(f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Notes unless such Holders of Notes have offered to the Trustee reasonable indemnity or security against the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction. 

  
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 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may become a creditor of, or otherwise deal
with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.09 hereof. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not
be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a notice
of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest (including Special Interest, if any) on, any Note, the Trustee may
withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of Notes. 

Section 7.06 Compensation and Indemnity. 

(a) The Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder.
The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by
it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b) The Company will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection
with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.06) and defending itself against any claim (whether asserted by
the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad
faith. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company its obligations hereunder. The Company will defend the claim and the
Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. The Company shall not pay for any settlement made without its consent, which consent will not be
unreasonably withheld. 

  
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 (c) The obligations of the Company under this Section 7.06 will survive the
satisfaction and discharge of this Indenture. 
 (d) To secure the Company’s payment obligations in this Section 7.06, the Trustee
will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 

(e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(8) or (9) hereof occurs,
the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 7.07 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.07. 
 (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the
Trustee if: 
 (1) the Trustee fails to comply with Section 7.09 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.09
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  
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 (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will
mail a notice of its succession to Holders of Notes. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the
Lien provided for in Section 7.06 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Company’s obligations under Section 7.06 hereof will continue for the benefit of the retiring Trustee. 

Section 7.08 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.09 Eligibility; Disqualification.

 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$100.0 million as set forth in its most recent published annual report of condition. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate,
elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which will thereafter be deemed to be “outstanding”
only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand
of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest (including
Special Interest, if any) or premium, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 

  
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 (2) the Company’s obligations with respect to such Notes under Article
2 and Section 4.02 hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s obligations in connection therewith; and 
 (4) this Article 8. 

Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 4.03, 4.04, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11 and 4.12 hereof with respect to the outstanding
Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders of Notes (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and will have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in
any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes will be unaffected thereby. In
addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(7)
hereof will not constitute Events of Default. 
 Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of Notes, cash in U.S.
dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent
public accountants, to pay the principal of, premium, if any, and interest (including Special Interest, if any) on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the
Company must specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date; 

(2) in the case of Legal Defeasance, the Company must deliver to the Trustee an Opinion of Counsel confirming that (a) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and
based thereon such Opinion of Counsel will confirm that, the Holders of Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

  
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 (3) in the case of Covenant Defeasance, the Company must deliver to the
Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), and the granting of Liens to secure such borrowings); 

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which the Company is a party or by which the Company is bound; 

(6) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 

(7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 8.05 Deposited Money and
Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”)
pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest (including Special Interest, if any),
but such money need not be segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 

Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request
of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance. 

  
 60 

 Section 8.06 Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on (including Special Interest, if any), any Note and remaining unclaimed for two years after such principal, premium, if any, or interest (including Special Interest, if any) has become due and payable shall be paid to the
Company on its request or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense
of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of
such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07
Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or
non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or
otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest
(including Special Interest, if any) on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

 ARTICLE 9 
 AMENDMENT,
SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture, the Notes without the
consent of any Holder: 
 (1) to cure any ambiguity, defect or inconsistency; 

(2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to provide for the assumption of the Company’s obligations to the Holders of Notes in the case of a merger or
consolidation or sale of all or substantially all of the Company’s assets; 
 (4) to make any change that would provide
any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights hereunder of any Holder; 

  
 61 

 (5) to conform the text of any of the Note Documents to any provision of the
“Description of Notes” section of the Offering Memorandum, to the extent that such provision in that “Description of Notes” was intended to be a verbatim recitation of a provision of such Note Documents, as determined in good
faith by an officer of the Company and set forth in an Officers’ Certificate to that effect; 
 (6) to enter into
additional or supplemental Security Documents or provide for additional Collateral; 
 (7) to make, complete or confirm any
grant of Collateral permitted or required by this Indenture or any of the Security Documents or to release Collateral in accordance with the terms of this Indenture and the Security Documents; or 

(8) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the
date of this Indenture. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution
of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee and the Collateral Trustee will join with the Company in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but neither the Trustee nor the Collateral Trustee will be obligated to enter into such
amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent
of Holders of Notes. 
 Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this
Indenture (including, without limitation, Section 3.09, 4.06 and 4.08 hereof) and the Notes with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation,
Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing
Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with
any provision of this Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class
(including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of
this Section 9.02. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution
of any such amended or supplemental indenture, and upon the filing with the Trustee and the Collateral Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the
documents described in Section 7.02 hereof, each of the Trustee and the Collateral Trustee will join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the
Trustee’s and/or the Collateral Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee and/or the Collateral Trustee may in its discretion, but will not be obligated to, enter into such
amended or supplemental Indenture. 

  
 62 

 It is not be necessary for the consent of the Holders of Notes under this Section 9.02
to approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company will mail to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental
indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Company with any
provision of this Indenture or the Notes. However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a
non-consenting Holder): 
 (1) reduce the principal amount of Notes whose Holders
must consent to an amendment, supplement or waiver; 
 (2) reduce the principal of or change the fixed maturity of any Note
or alter or waive any of the provisions with respect to the redemption of the Notes (except as provided above with respect to Sections 3.09, 4.06 and 4.08 hereof); 

(3) reduce the rate of or change the time for payment of interest, including default interest or Special Interest, on any Note;

 (4) waive a Default or Event of Default in the payment of principal of, or premium, if any, or interest (including Special
Interest, if any) on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such
acceleration); 
 (5) make any Note payable in money other than that stated in the Notes; 

(6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes
to receive payments of principal of, premium on, if any, or interest (including Special Interest, if any) on, the Notes; 

(7) waive a redemption payment with respect to any Note (other than a payment required by Sections 3.09, 4.06 and 4.08 hereof);
or 
 (8) make any change in the preceding amendment and waiver provisions. 

Any amendment to, or waiver of, the provisions of this Indenture or any Security Document that has the effect of releasing all or
substantially all of the Collateral from the Liens securing the Notes will require the consent of holders of at least 75% in aggregate principal amount of Notes then outstanding. 

Section 9.03 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms
and thereafter binds every Holder. 

  
 63 

 Section 9.04 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.05 Trustee to Sign Amendments, etc. 

Each of the Trustee and the Collateral Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the
amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee and the Collateral Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors of the Company
approves it. In executing any amended or supplemental indenture, each of the Trustee and the Collateral Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the
documents required by Section 12.02 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 

ARTICLE 10 
 SATISFACTION AND
DISCHARGE 
 Section 10.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 

(1) either: 

(a) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or 

(b) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of
Notes, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the
entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal of, premium on, if any, and interest (including Special Interest, if any) on, the Notes to the date of maturity or redemption; 

  
 64 

 (2) in respect of 10.01(1)(b), no Default or Event of Default has occurred
and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other Indebtedness, in each case, the granting of Liens
to secure such borrowings) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company is a party or by which the Company is bound (other than with respect to the borrowing of
funds to be applied concurrently to make the deposit required to effect such satisfaction and discharge and any similar concurrent deposit relating to other Indebtedness, and in each case the granting of Liens to secure such borrowings); 

(3) the Company has paid or caused to be paid all sums payable by it under this Indenture; and 

(4) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the Company must deliver an Officers’ Certificate
and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(b) of clause (1) of this Section 10.01, the provisions of Sections 10.02 and 8.06 hereof will survive. In addition, nothing in this Section 10.01 will be deemed to discharge those provisions of Section 7.06 hereof, that, by
their terms, survive the satisfaction and discharge of this Indenture. 
 Section 10.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 10.01 hereof shall be held
in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest (including Special Interest, if any) for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the
extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with
Section 10.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 10.01 hereof; provided that if the Company has made any payment of principal of, premium, if any, or interest (including
Special Interest, if any) on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee
or Paying Agent. 

  
 65 

 ARTICLE 11 

COLLATERAL AND SECURITY 
 Section 11.01
Security Interest. 
 The due and punctual payment of the principal of, premium (if any), interest and Special Interest, if any, on,
the Notes when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium (if any), interest and Special
Interest, if any, on the Notes and performance of all other obligations of the Company to the Holders of Notes or the Trustee and the Notes, according to the terms hereunder or thereunder, are secured as provided in the Security Documents. Each
Holder, by its acceptance thereof, consents and agrees to the terms of the Security Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended from
time to time in accordance with their terms and authorizes and appoints U.S. Bank National Association as the Trustee and as the Collateral Trustee, and each Holder and the Trustee direct the Collateral Trustee to enter into the Security Documents
and to perform its obligations and exercise its rights thereunder in accordance therewith. The Company consents and agrees to be bound by the terms of the Security Documents, as the same may be in effect from time to time, and agrees to perform its
obligations thereunder in accordance therewith. The Company will deliver to the Trustee copies of all documents delivered to the Collateral Trustee pursuant to the Security Documents, and will do or cause to be done all such acts and things as may
be required by the provisions of the Security Documents, to assure and confirm to the Collateral Trustee the security interest in the Collateral contemplated by the Security Documents or any part thereof, as from time to time constituted, so as to
render the same available for the security and benefit of this Indenture and of the Notes. The Company will take, and will cause its Subsidiaries to take, any and all actions reasonably required to cause the Security Documents to create and
maintain, as security for the Priority Lien Obligations, a valid and enforceable perfected Lien in and on all the Collateral in favor of the Collateral Trustee for the benefit of the Holders of Notes, holders of other Priority Lien Obligations, to
the extent required by, with the Lien priority required under, and subject to the qualifications set forth within, the Secured Debt Documents. 

Section 11.02 Collateral Trust Agreement. 

This Article Eleven and the provisions of each other Security Document are subject to the terms, conditions and benefits set forth in the
Collateral Trust Agreement. The Company consents to, and agrees to be bound by, the terms of the Collateral Trust Agreement, as the same may be in effect from time to time, and to perform its obligations thereunder in accordance with the terms
therewith. 
 Section 11.03 Release of Liens in Respect of the Notes.  

The Collateral Trustee’s Liens upon the Collateral will no longer secure the Notes outstanding under this Indenture or any other
Obligations under this Indenture, and the right of the Holders of Notes and such Obligations to the benefits and proceeds of the Collateral Trustee’s Liens on the Collateral will terminate and be discharged: 

(1) upon satisfaction and discharge of this Indenture in accordance with Article Ten; 

(2) upon a Legal Defeasance or Covenant Defeasance of the Notes in accordance with Article Eight; 

  
 66 

 (3) upon payment in full and discharge of all Notes outstanding under this Indenture and
all Obligations that are outstanding, due and payable under this Indenture at the time the Notes are paid in full and discharged; and 
 (4)
in whole or in part, with the consent of the Holders of the requisite percentage of Notes in accordance with Article Nine. 
 In addition,
the Collateral Trustee’s Liens on the Collateral will be released upon the terms and subject to the conditions set forth in Section 4.1 of the Collateral Trust Agreement. 

Section 11.04 Collateral Trustee. 

(a) The Collateral Trustee will hold (directly or through co-trustees or agents) and is directed by
each Holder to so hold, and will be entitled to enforce on behalf of the holders of Priority Lien Obligations and Junior Lien Obligations (if any), all Liens on the Collateral created by the Security Documents for their benefit, subject to the
provisions of the Collateral Trust Agreement. 
 (b) Neither the Company nor their Affiliates and no Secured Debt Representative may serve as
Collateral Trustee. 
 (c) Except as provided in the Collateral Trust Agreement or as directed by an Act of Required Debtholders in
accordance with the Collateral Trust Agreement, the Collateral Trustee will not be obligated: 
 (1) to act upon directions
purported to be delivered to it by any Person; 
 (2) to foreclose upon or otherwise enforce any Lien; or 

(3) to take any other action whatsoever with regard to any or all of the Security Documents, the Liens created thereby or the
Collateral. 
 (d) The Company will indemnify the Collateral Trustee against any and all losses, liabilities or expenses incurred by it
arising out of or in connection with this Indenture, including defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder, except to the extent any such loss, liability or expense may be attributable to its gross negligence or bad faith. The Collateral Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the
Collateral Trustee to so notify the Company will not relieve the Company of its obligations hereunder. The Company will defend the claim and the Collateral Trustee will cooperate in the defense. The Collateral Trustee may have separate counsel and
the Company will pay the reasonable fees and expenses of such counsel. The Company shall not pay for any settlement made without its consent, which consent will not be unreasonably withheld. The obligations of the Company under this
Section 11.04(d) will survive the satisfaction and discharge of this Indenture. 

  
 67 

 ARTICLE 12 

MISCELLANEOUS 
 Section 12.01 Notices.

 Any notice or communication by the Company or the Trustee to the others is duly given if in writing and delivered in Person or by first
class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Company: 
 Delta Air
Lines, Inc. 
 1030 Delta Boulevard 

Atlanta, Georgia 30354 
 Telephone
No.: (404) 715-5993 
 Facsimile No.: (404) 715-3110 

Attention: Treasurer, Dept. 856 

With a copy to: 
 Delta Air
Lines, Inc. 
 1030 Delta Boulevard 

Atlanta, Georgia 30354 
 Telephone
No.: (404) 715-2233 
 Facsimile No.: (404) 715-2191 

Attention: Chief Legal Officer, Dept. 971 

If to the Trustee or Collateral Trustee: 

U.S. Bank National Association 

1349 W Peachtree St NW Ste 1050 

Atlanta, GA 30309 
 Attn: J. David
Dever 
 With a copy to: 

Benjamin J. Brooks 
 Smith,
Gambrell & Russell, LLP 
 1230 Peachtree St., Suite 3100 

Atlanta, Georgia 30309 
 The
Company, the Trustee or the Collateral Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 

All notices and communications (other than those sent to Holders of Notes) will be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by
overnight air courier guaranteeing next day delivery. 

  
 68 

 Any notice or communication to a Holder will be delivered to its address shown on the
register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders of Notes. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 If the Company mails a notice or communication to Holders of Notes, it will mail a copy to the Trustee and each Agent at the
same time. 
 Section 12.02 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must
include the statements set forth in Section 12.03 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 12.03 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 12.03 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

Section 12.04 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders of Notes. The Registrar or Paying Agent may make reasonable
rules and set reasonable requirements for its functions. 
 Section 12.05 No Personal Liability of Directors, Officers, Employees and
Stockholders. 
 No director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any
obligations of the Company under the Note Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

  
 69 

 Section 12.06 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 12.07 No
Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of
the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 12.08 Successors. 
 All
agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. 

Section 12.09 Severability. 
 In case
any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 12.10 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. 
 Section 12.11 Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

[Signatures on following page] 

  
 70 

 SIGNATURES 

Dated as of April 29, 2020 
  

			
	DELTA AIR LINES, INC.
		
	By:	 	 /s/ Kenneth W. Morge II

		 	Name: Kenneth W. Morge II
		 	Title: Vice President and Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	 /s/ J. David Dever

		 	Name: J. David Dever
		 	Title: Vice President
	
	U.S. BANK NATIONAL ASSOCIATION, AS COLLATERAL TRUSTEE
		
	By:	 	 /s/ J. David Dever

		 	Name: J. David Dever
		 	Title: Vice President

 [Signature Page to the Indenture] 

 [Face of Note] 

CUSIP/ISIN ___________ 
 7.000%
Senior Secured Notes due 2025 
  

			
	No. ___	  	$____________

 DELTA AIR LINES, INC. 

promises to pay to                  or registered
assigns, 
 the principal sum of __________________________________________________________ DOLLARS on May 1, 2025. 

Interest Payment Dates: May 1 and November 1 
 Record
Dates: April 15 and October 15 
 Dated: __________, 20__ 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by
facsimile by its duly authorized officer as of the date first written above. 
  

			
	DELTA AIR LINES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to the Global Note] 

 This is one of the Notes referred to 

in the within-mentioned Indenture: 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
	  as Trustee
		
	By:	 	  

		 	Authorized Signatory

 [Signature Page to the Global Note] 

 [Back of Note] 

7.000% Senior Secured Notes due 2025 
 [Insert
the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, pursuant to the
provisions of the Indenture] 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
 (1) INTEREST. Delta Air Lines, Inc., a Delaware
corporation (the “Company”), promises to pay interest on the principal amount of this Note at 7.000% per annum from ____________, 20__ until maturity and shall pay the Special Interest, if any, payable pursuant to Section 4.10
of the Indenture. The Company will pay interest semi-annually in arrears on May 1 and November 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment
Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of
interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the
first Interest Payment Date shall be ____________, 20__. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

(2) METHOD OF PAYMENT. The Company will pay interest on the
Notes (except defaulted interest) and Special Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the April 15 or October 15 next preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Special Interest, if
any, and interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest and Special Interest, if any, may be made by check mailed to
the Holders of Notes at their addresses set forth in the register of Holders of Notes; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Special
Interest, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. 
 (3) PAYING AGENT
AND REGISTRAR. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice
to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 (4)
INDENTURE. The Company issued the Notes under an Indenture dated as of April 29, 2020 (the “Indenture”) among the Company, the Trustee and the Collateral Trustee. The Notes are subject to
all such terms, and Holders of Notes are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling. The Notes are secured obligations of the Company. The Notes are secured by a pledge of Collateral pursuant to the Security Documents referred to in the Indenture. The Indenture does not limit the aggregate principal amount
of Notes that may be issued thereunder. 

  
 A-3 

 (5) OPTIONAL REDEMPTION.
At any time prior to the Stated Maturity of the Notes the Company may on any one or more occasions redeem all or a part of the Notes at a redemption price and upon the other terms and conditions set forth in Section 3.07 of the Indenture. 

(6) MANDATORY REDEMPTION. The Company is not required to make
mandatory redemption or sinking fund payments with respect to the Notes. 
 (7) REPURCHASE
AT THE OPTION OF HOLDER. 

(a) Upon the occurrence of a Change of Control Triggering Event, each Holder of Notes will have the right to require the
Company to make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal
to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Special Interest, if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders of Notes on the relevant record date to
receive interest due on the relevant interest payment date (the “Change of Control Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the
Change of Control Offer as required by the Indenture. 
 (b) In accordance with Section 4.06 of the Indenture, the
Company will be required to offer to purchase the Notes upon certain Collateral Dispositions. 
 (8) NOTICE
OF REDEMPTION. Notice of redemption will be mailed at least 15 days but not more than 45 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except
that redemption notices may be mailed more than 45 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in denominations larger than $2,000 may be
redeemed in part but only in integral multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed. 

(9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require
a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a
selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

(10) PERSONS DEEMED OWNERS. The registered Holder may be
treated as its owner for all purposes. 

  
 A-4 

 (11) AMENDMENT, SUPPLEMENT
AND WAIVER. The provisions governing amendment, supplement and waiver of any provision of the Indenture or the Notes are set forth in Article 9 of the Indenture. 

(12) DEFAULTS AND REMEDIES. The Events of Default relating
to the Notes are defined in Section 6.01 of the Indenture. 
 (13) TRUSTEE DEALINGS
WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not the Trustee. 
 (14) NO RECOURSE
AGAINST OTHERS. A director, officer, employee, incorporator or stockholder of the Company will not have any liability for any obligations of the Company under the Notes or the Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

(15) AUTHENTICATION. This Note will not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. 
 (16) ABBREVIATIONS. Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). 
 (17) CUSIP NUMBERS. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders of
Notes. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(18) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THIS
NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Delta Air Lines, Inc. 
 1030 Delta Boulevard 

Atlanta, Georgia 30354 
 Telephone No.: (404) 715-3110 

Facsimile No.: (404) 715-5993 

Attention: Treasurer, Dept. 856 

  
 A-5 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to: 	  	  

		  	(Insert assignee’s legal name)

  

			
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably
appoint                                        
                                         
                                         
                                         
              to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

Date: _______________ 
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*: _________________________ 

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-6 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.06 or 4.08 of the Indenture, check the appropriate
box below: 
  

			
	☐    Section 4.06                        	  	☐    Section 4.08

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.06 or
Section 4.08 of the Indenture, state the amount you elect to have purchased: 
 $_______________ 

Date: _______________ 
 Your
Signature:                                       
                                      

      (Sign exactly as your name appears on the face of this 

Note) 
 Tax Identification
No.:                                        
                         

	
	
	Signature Guarantee*: _____________________________________________________

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-7 

 [To be inserted for Global Note] 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL NOTE * 
 The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of

decrease in
 Principal Amount

[at maturity] of
 this Global
Note
	  	 Amount of

increase in
 Principal Amount

[at maturity] of
 this Global
Note
	  	 Principal Amount

[at maturity] of
this Global Note
following such
decrease

(or increase)
	  	 Signature of
authorized officer
of Trustee
or
Custodian

  

	*	 This schedule should be included only if the Note is issued in global form. 

  
 A-8 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Delta Air
Lines, Inc. 
 1030 Delta Boulevard 
 Atlanta, Georgia 30354

 Telephone No.: (404) 715-5993 

Facsimile No.: (404) 715-3110 
 U.S. Bank National Association

 1349 W Peachtree St NW Ste 1050 
 Atlanta, GA 30309 

Attn: J. David Dever 

                        Re: 7.000%
Senior Secured Notes due 2025 
 Reference is hereby made to the Indenture, dated as of April 29, 2020 (the
“Indenture”), among Delta Air Lines, Inc., as issuer (the “Company”), U.S. Bank National Association, as trustee and as collateral trustee. Capitalized terms used but not defined herein shall have the meanings given
to them in the Indenture. 
 ___________________, (the “Transferor”) owns and proposes to transfer the Note[s] or interest
in such Note[s] specified in Annex A hereto, in the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to ___________________________ (the “Transferee”), as further specified in Annex A
hereto. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1. ☐ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note
pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further
certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect
to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer
is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

2. ☐ Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive
Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being
made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was
outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf

  
 B-1 

 
knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of
the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser)]. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Legended Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture
and the Securities Act. 
 3. ☐ Check and complete if Transferee will take delivery of a beneficial interest in a Restricted
Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes
and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a) ☐ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 (b) ☐
such Transfer is being effected to the Company or a subsidiary thereof. 
 4. ☐ Check if Transferee will take
delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a)
☐ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (b) ☐
Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities
Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (c) ☐ Check if
Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in 

  
 B-2 

 
order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive
Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	  

	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: _______________________ 

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

							
	 1.  The Transferor owns and proposes to transfer the
following:

	
	 [CHECK ONE OF (a) OR
(b)]

  

							
			
	(a)	 	☐	 	a beneficial interest in the:
				
		 	(i)	 	☐	  	144A Global Note (CUSIP _________), or
				
		 	(ii)	 	☐	  	Regulation S Global Note (CUSIP _________), or
			
	(b)	 	☐	 	a Restricted Definitive Note.

  

							
	 2.  After the Transfer the Transferee will
hold:

  

							
	
	 [CHECK ONE]

 

							
			
	(a)	 	☐	 	a beneficial interest in the:
				
		 	(i)	 	☐	  	144A Global Note (CUSIP _________), or
				
		 	(ii)	 	☐	  	Regulation S Global Note (CUSIP _________), or
				
		 	(iv)	 	☐	  	Unrestricted Global Note (CUSIP _________); or
			
	(b)	 	☐	 	a Restricted Definitive Note; or
			
	(c)	 	☐	 	an Unrestricted Definitive Note,
	
	in accordance with the terms of the Indenture.

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Delta Air
Lines, Inc. 
 1030 Delta Boulevard 
 Atlanta, Georgia 30354

 Telephone No.: (404) 715-5993 

Facsimile No.: (404) 715-3110 
 U.S. Bank National Association

 1349 W Peachtree St NW Ste 1050 
 Atlanta, GA 30309 

Attn: J. David Dever 
  

	 	Re:	 7.000% Senior Secured Notes due 2025 

(CUSIP ____________) 
 Reference
is hereby made to the Indenture, dated as of April 29, 2020 (the “Indenture”), among Delta Air Lines, Inc., as issuer (the “Company”), U.S. Bank National Association, as trustee and as collateral trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 __________________________, (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $____________ in such Note[s] or interests (the “Exchange”). In connection with the
Exchange, the Owner hereby certifies that: 
 1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
 (a) ☐ Check
if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial
interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States. 
 (b) ☐ Check if Exchange is from beneficial interest in a
Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 

  
 C-1 

 (c) ☐ Check if Exchange is from Restricted Definitive Note to
beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 
 (d) ☐ Check if Exchange
is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2. Exchange of Restricted
Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 

(a) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In
connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for
the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
 (b)
☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the
[CHECK ONE] 144A Global Note or Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United
States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant
Restricted Global Note and in the Indenture and the Securities Act. 
  ̈ 

 ̈ 

  
 C-2 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Company. 
  

			
	  

	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: ______________________ 

  
 C-3EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

TERM LOAN CREDIT AGREEMENT 
  

 
 among 

DELTA AIR LINES, INC., 

as Borrower, 
 THE
LENDERS PARTY HERETO, 
 BARCLAYS BANK PLC, 

as Administrative Agent, 

U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Trustee 

and 
 BARCLAYS BANK PLC
and JPMORGAN CHASE BANK, N.A., 
 as Joint Lead Arrangers and Joint Bookrunners 

and 
 BBVA SECURITIES
INC., 
 BOFA SECURITIES, INC., 

BNP PARIBAS, 
 CITIGROUP
GLOBAL MARKETS INC., 
 GOLDMAN SACHS BANK USA, 

MORGAN STANLEY SENIOR FUNDING INC., 

SUMITOMO MITSUI BANKING CORPORATION, 

STANDARD CHARTERED BANK PLC., 

U.S. BANK NATIONAL ASSOCIATION 

and 
 WELLS FARGO
SECURITIES LLC, 
 as Joint Bookrunners 
  

 
  

Dated as of April 29, 2020 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 SECTION 1. DEFINITIONS
	  	 	1	 
			
	 SECTION 1.01.
	 	Defined Terms	  	 	1	 
			
	 SECTION 1.02.
	 	Terms Generally	  	 	30	 
			
	 SECTION 1.03.
	 	Accounting Terms; GAAP	  	 	31	 
			
	 SECTION 1.04.
	 	Interest Rates	  	 	31	 
			
	 SECTION 1.05.
	 	Acknowledgement Regarding Any Supported QFCs	  	 	31	 
		
	 SECTION 2. AMOUNT AND TERMS OF CREDIT
	  	 	32	 
			
	 SECTION 2.01.
	 	Term Loans	  	 	32	 
			
	 SECTION 2.02.
	 	[Reserved]	  	 	33	 
			
	 SECTION 2.03.
	 	Requests for Borrowings	  	 	33	 
			
	 SECTION 2.04.
	 	Funding of Borrowings	  	 	33	 
			
	 SECTION 2.05.
	 	Interest Elections	  	 	33	 
			
	 SECTION 2.06.
	 	Limitation on Eurodollar Tranches	  	 	34	 
			
	 SECTION 2.07.
	 	Interest on Term Loans	  	 	35	 
			
	 SECTION 2.08.
	 	Default Interest	  	 	35	 
			
	 SECTION 2.09.
	 	Effect of Benchmark Transition Event	  	 	35	 
			
	 SECTION 2.10.
	 	Repayment of Term Loans; Evidence of Debt	  	 	36	 
			
	 SECTION 2.11.
	 	[Reserved]	  	 	37	 
			
	 SECTION 2.12.
	 	Mandatory Prepayment of Term Loans	  	 	37	 
			
	 SECTION 2.13.
	 	Optional Prepayment of Term Loans	  	 	38	 
			
	 SECTION 2.14.
	 	Increased Costs	  	 	39	 
			
	 SECTION 2.15.
	 	Break Funding Payments	  	 	40	 
			
	 SECTION 2.16.
	 	Taxes	  	 	41	 
			
	 SECTION 2.17.
	 	Payments Generally; Pro Rata Treatment	  	 	44	 
			
	 SECTION 2.18.
	 	Mitigation Obligations; Replacement of Lenders	  	 	45	 
			
	 SECTION 2.19.
	 	Certain Fees	  	 	46	 
			
	 SECTION 2.20.
	 	Right of Set-Off	  	 	46	 
			
	 SECTION 2.21.
	 	Payment of Obligations	  	 	47	 
			
	 SECTION 2.22.
	 	[Reserved]	  	 	47	 
			
	 SECTION 2.23.
	 	Incremental Term Loans	  	 	47	 
		
	 SECTION 3. REPRESENTATIONS AND WARRANTIES
	  	 	49	 
			
	 SECTION 3.01.
	 	Organization and Authority	  	 	49	 
			
	 SECTION 3.02.
	 	Air Carrier Status	  	 	49	 
			
	 SECTION 3.03.
	 	Due Execution	  	 	49	 

							
			
	 SECTION 3.04.
	 	Financial Statements; Material Adverse Change	  	 	50	 
			
	 SECTION 3.05.
	 	Use of Proceeds	  	 	50	 
			
	 SECTION 3.06.
	 	Litigation and Compliance with Laws	  	 	50	 
			
	 SECTION 3.07.
	 	Investment Company Act	  	 	51	 
			
	 SECTION 3.08.
	 	ERISA	  	 	51	 
			
	 SECTION 3.09.
	 	[Reserved]	  	 	51	 
			
	 SECTION 3.10.
	 	Payment of Taxes	  	 	51	 
			
	 SECTION 3.11.
	 	Economic Sanctions	  	 	51	 
			
	 SECTION 3.12.
	 	Anti-Corruption Laws	  	 	51	 
			
	 SECTION 3.13.
	 	Perfected Security Interests; Priority Lien Obligations	  	 	52	 
			
	 SECTION 3.14.
	 	Primary FAA Slot Utilization	  	 	52	 
			
	 SECTION 3.15.
	 	Primary Foreign Slot Utilization	  	 	52	 
			
	 SECTION 3.16.
	 	Primary Routes	  	 	53	 
		
	 SECTION 4. CONDITIONS OF LENDING
	  	 	53	 
			
	 SECTION 4.01.
	 	Conditions Precedent to Effectiveness and Funding of the Term Loans	  	 	53	 
		
	 SECTION 5. AFFIRMATIVE COVENANTS
	  	 	56	 
			
	 SECTION 5.01.
	 	Financial Statements, Reports, etc.	  	 	56	 
			
	 SECTION 5.02.
	 	Existence	  	 	58	 
			
	 SECTION 5.03.
	 	Insurance	  	 	58	 
			
	 SECTION 5.04.
	 	Maintenance of Properties	  	 	58	 
			
	 SECTION 5.05.
	 	Obligations and Taxes	  	 	58	 
			
	 SECTION 5.06.
	 	Notice of Event of Default, etc.	  	 	58	 
			
	 SECTION 5.07.
	 	Access to Books and Records	  	 	58	 
			
	 SECTION 5.08.
	 	Compliance with Laws	  	 	59	 
			
	 SECTION 5.09.
	 	Appraisal Reports	  	 	59	 
			
	 SECTION 5.10.
	 	FAA and DOT Matters; Citizenship	  	 	59	 
			
	 SECTION 5.11.
	 	Regulatory Cooperation	  	 	60	 
			
	 SECTION 5.12.
	 	Further Assurances	  	 	60	 
			
	 SECTION 5.13.
	 	Primary FAA Slot Utilization	  	 	60	 
			
	 SECTION 5.14.
	 	Primary Foreign Slot Utilization	  	 	60	 
			
	 SECTION 5.15.
	 	Primary Route Utilization	  	 	61	 
			
	 SECTION 5.16.
	 	Minimum Liquidity	  	 	61	 
		
	 SECTION 6. NEGATIVE COVENANTS
	  	 	61	 
			
	 SECTION 6.01.
	 	Liens on the Collateral	  	 	61	 
			
	 SECTION 6.02.
	 	Merger, etc.	  	 	62	 
			
	 SECTION 6.03.
	 	Collateral Coverage Ratio    	  	 	63	 
			
	 SECTION 6.04.
	 	[Reserved]	  	 	63	 
			
	 SECTION 6.05.
	 	Disposition of Collateral	  	 	63	 

							
		
	 SECTION 7. EVENTS OF DEFAULT
	  	 	65	 
			
	 SECTION 7.01.
	 	Events of Default	  	 	65	 
		
	 SECTION 8. THE AGENTS
	  	 	67	 
			
	 SECTION 8.01.
	 	Administration by Agents	  	 	67	 
			
	 SECTION 8.02.
	 	Rights of Administrative Agent and Collateral Trustee	  	 	68	 
			
	 SECTION 8.03.
	 	Liability of Agents	  	 	68	 
			
	 SECTION 8.04.
	 	Reimbursement and Indemnification	  	 	70	 
			
	 SECTION 8.05.
	 	Successor Agents	  	 	70	 
			
	 SECTION 8.06.
	 	Independent Lenders	  	 	70	 
			
	 SECTION 8.07.
	 	Advances and Payments	  	 	71	 
			
	 SECTION 8.08.
	 	Sharing of Setoffs	  	 	71	 
			
	 SECTION 8.09.
	 	Other Agents	  	 	72	 
			
	 SECTION 8.10.
	 	Withholding Taxes	  	 	72	 
			
	 SECTION 8.11.
	 	Appointment by Secured Parties	  	 	72	 
			
	 SECTION 8.12.
	 	Certain ERISA Matters	  	 	72	 
		
	 SECTION 9. [RESERVED]
	  	 	73	 
		
	 SECTION 10. MISCELLANEOUS
	  	 	73	 
			
	 SECTION 10.01.
	 	Notices	  	 	73	 
			
	 SECTION 10.02.
	 	Successors and Assigns	  	 	74	 
			
	 SECTION 10.03.
	 	Confidentiality	  	 	78	 
			
	 SECTION 10.04.
	 	Expenses; Indemnity; Damage Waiver	  	 	78	 
			
	 SECTION 10.05.
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	 	80	 
			
	 SECTION 10.06.
	 	No Waiver	  	 	80	 
			
	 SECTION 10.07.
	 	Extension of Maturity	  	 	80	 
			
	 SECTION 10.08.
	 	Amendments, etc.	  	 	80	 
			
	 SECTION 10.09.
	 	Severability	  	 	82	 
			
	 SECTION 10.10.
	 	Headings	  	 	82	 
			
	 SECTION 10.11.
	 	Survival	  	 	83	 
			
	 SECTION 10.12.
	 	Execution in Counterparts; Integration; Effectiveness	  	 	83	 
			
	 SECTION 10.13.
	 	USA PATRIOT Act	  	 	83	 
			
	 SECTION 10.14.
	 	WAIVER OF JURY TRIAL	  	 	83	 
			
	 SECTION 10.15.
	 	No Fiduciary Duty	  	 	83	 
			
	 SECTION 10.16.
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	84	 

 INDEX OF APPENDICES 

 

			
	Schedule 2.01	  	Term Commitment Amounts
	Schedule 3.14	  	Primary FAA Slots
	Schedule 3.16	  	Primary Routes
		
	EXHIBIT A	  	Form of Compliance Certificate
	EXHIBIT B	  	Form of Assignment and Acceptance
	EXHIBIT C-1	  	Form of U.S. Tax Compliance Certificate – Foreign Lenders That Are Not Partnerships for U.S. Federal Income Tax Purposes
	EXHIBIT C-2	  	Form of U.S. Tax Compliance Certificate – Foreign Participants That Are Partnerships for U.S. Federal Income Tax Purposes
	EXHIBIT C-3	  	Form of U.S. Tax Compliance Certificate – Foreign Participants That Are Not Partnerships for U.S. Federal Income Tax Purposes
	EXHIBIT C-4	  	Form of U.S. Tax Compliance Certificate – Foreign Lenders That Are Partnerships for U.S. Federal Income Tax Purposes
	EXHIBIT D	  	Form of Prepayment Notice
	EXHIBIT E	  	Form of Borrowing Request
	EXHIBIT F	  	Form of Interest Election Request

 TERM LOAN CREDIT AGREEMENT 

Dated as of April 29, 2020 

TERM LOAN CREDIT AGREEMENT, dated as of April 29, 2020, among DELTA AIR LINES, INC., a Delaware corporation (the
“Borrower”), each of the several banks and other financial institutions or entities from time to time party hereto (the “Lenders”), BARCLAYS BANK PLC (“Barclays”), as administrative agent for the
Lenders (together with its permitted successors in such capacity, the “Administrative Agent”) and U.S. BANK NATIONAL ASSOCIATION, as collateral trustee for the Secured Parties (together with its permitted successors in such
capacity, the “Collateral Trustee”). 
 INTRODUCTORY STATEMENT 

The Borrower has applied to the Lenders for a term loan facility in an aggregate principal amount of $1,500,000,000 to be funded on the
Closing Date as set forth herein. 
 The proceeds of the Term Loans will be used for working capital and other general corporate purposes of
the Borrower and its Subsidiaries. 
 To provide security for the repayment of the Term Loans and the payment of the other Obligations of
the Borrower hereunder and under the other Loan Documents, the Borrower will, among other things, provide to the Collateral Trustee, for the benefit of the Secured Parties, a security interest in the U.S. Collateral pursuant to the Security
Agreement and the UK Collateral pursuant to the UK Debenture and, in each case, subject to the Collateral Trust Agreement. 
 Accordingly,
the parties hereto hereby agree as follows: 
 SECTION 1. 

DEFINITIONS 

SECTION 1.01. Defined Terms. 

“40 Act” shall mean the Investment Company Act of 1940. 

“ABR”, when used in reference to any Term Loan or Borrowing, refers to whether such Term Loan, or the Term Loans comprising
such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Administrative
Agent” shall have the meaning set forth in the first paragraph of this Agreement. 
 “Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
 “Affiliate”
shall mean, as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, a Person (a “Controlled Person”) shall
be deemed to be “controlled by” another Person (a “Controlling Person”) if the Controlling Person possesses, directly or indirectly, power to direct or cause the direction of the management and policies of the Controlled
Person whether by contract or otherwise; provided that the PBGC shall not be an Affiliate of the Borrower. 

  
 1 

 “Agents” shall mean the Administrative Agent, the Arrangers and the
Collateral Trustee. 
 “Agreement” shall mean this Term Loan Credit Agreement, as the same may be amended, restated,
modified, supplemented, extended or amended and restated from time to time. 
 “Aggregate Exposure” shall mean, with
respect to any Lender at any time, an amount equal to the sum of the aggregate then unpaid principal amount of such Lender’s Term Loans then outstanding plus unused Incremental Commitments. 

“Aggregate Exposure Percentage” shall mean, with respect to any Lender at any time, the ratio (expressed as a percentage) of
such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time. 
 “Airport
Authority” shall mean any city or any public or private board or other body or organization chartered or otherwise established for the purpose of administering, operating or managing airports or related facilities, which in each case is an
owner, administrator, operator or manager of one or more airports or related facilities. 
 “Alternate Base Rate” shall
mean, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate in effect on such day (which, if negative, shall be deemed to be 0% on such day) plus 0.50%, (b) the Prime Rate in effect on such
day and (c) the LIBO Rate applicable to Eurodollar Borrowings denominated in Dollars for a one-month Interest Period on such day (or if such day is not a Business Day, the next preceding Business Day)
plus 1%; provided, that for the avoidance of doubt, the LIBO Rate for any day shall be based on the rate determined on such day at approximately 11:00 a.m. (London time) by reference to the ICE Benchmark Administration Interest Settlement Rates (or
the successor thereto if the ICE Benchmark Administration is no longer making a LIBO Rate available) for deposits in Dollars (as set forth by any service selected by the Administrative Agent that has been nominated by the ICE Benchmark
Administration (or the successor thereto if the ICE Benchmark Administration is no longer making a LIBO Rate available) as an authorized vendor for the purpose of displaying such rates). Any change in such rate due to a change in the Prime Rate, the
Federal Funds Effective Rate or the LIBO Rate applicable to Eurocurrency Borrowings denominated in Dollars shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate
applicable to Eurocurrency Borrowings denominated in Dollars, as the case may be. 
 “Applicable Appraisal Discount Rate”
shall mean, on the date of any valuation of Routes done in connection with an Appraisal Report, 9 %. 
 “Applicable
Margin” shall mean a rate per annum equal to (x) 3.75% in the case of ABR Loans and (y) 4.75% in the case of Eurodollar Term Loans. 

“Applicable Premium” shall mean, on any date with respect to any Term Loans incurred on the Closing Date being prepaid, the
excess (if any) of (A) the present value as of such date of all remaining required interest payments on such Term Loans being prepaid on such date through the first anniversary of the Closing Date (using the LIBO Rate that is determined for a
three-month Interest Period commencing on such date and assuming such LIBO Rate remains the same for the entire period from the date of such prepayment to the first anniversary of the Closing Date), plus the present value as of such date of the
principal amount of such Term Loans being prepaid, assuming a prepayment date of the first anniversary of the Closing Date, in each case computed using a discount rate equal to the Treasury Rate plus 50 basis points over (B) the principal
amount of such Term Loans being prepaid. For purposes of this definition, “Treasury Rate” means the rate per annum equal to the yield to maturity at the time of 

  
 2 

 
computation of the United States Treasury securities with a constant maturity as compiled and published in the most recent Federal Reserve Statistical Release H 15 (519) that has become publicly
available at least two Business Days prior to such time (or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the period from such date of prepayment to the first
anniversary of the Closing Date. 
 “Applicable Terminal Value Growth Rate” shall mean, (a) with respect to Europe
Routes, 1.5% and (b) with respect to Latin American Routes, 2.5%. 
 “Appraisal Report” shall mean (a) the
Initial Appraisal Report and (b) any other appraisal prepared by an Appraiser, in form and substance reasonably satisfactory to the Administrative Agent, which certifies, at the time of determination, the Appraised Value of the Appraised
Collateral described therein. 
 “Appraised Collateral” shall mean Collateral included in an Appraisal Report. 

“Appraised Value” shall mean, as of any date of determination, (a) in the case of Appraised Collateral, the fair market
value thereof as reflected in the most recent Appraisal Report obtained in respect of such Collateral in accordance with this Agreement (in the case of any Routes, utilizing the Applicable Appraisal Discount Rate and the Applicable Terminal Value
Growth Rate) and (b) 160% of the amount of cash and Cash Equivalents pledged at such time as Cure Collateral, and (c) in the case of all other Collateral, the book value thereof. 

“Appraisers” shall mean, (a) Morten Beyer & Agnew, (b) BK Associates, Inc. and (c) such other
appraisal firm or firms as may be retained by the Administrative Agent and the Borrower from time to time. 
 “Approved
Fund” shall mean any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in commercial loans and similar extensions of credit in the ordinary course of its business and 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. 

“ARB Indebtedness” shall mean, with respect to the Borrower or any of its Subsidiaries, without duplication, all Indebtedness
or obligations of the Borrower or such Subsidiary created or arising with respect to any limited recourse revenue bonds issued for the purpose of financing or refinancing improvements to, or the construction or acquisition of, airport and other
related facilities and equipment, the use or construction of which qualifies and renders interest on such bonds exempt from certain federal or state taxes. 

“Arrangers” shall mean Barclays, JPMorgan Chase Bank, N.A. and each
other entity identified on the cover of this Agreement as a Joint Bookrunner with respect to the Term Loan Facility. 
 “Assignment
and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.02), and accepted by the Administrative Agent, substantially in the
form of Exhibit B. 
 “Bail-In Action” means the exercise of any Write-Down and
Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

  
 3 

 “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, regulation rule or requirement 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). 
 “Bankruptcy Code” shall mean The Bankruptcy Reform Act of 1978, as heretofore and hereafter
amended, and codified as 11 U.S.C. Section 101 et seq. 
 “Bankruptcy Event” shall mean, with respect to
any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or
liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment,
provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership
interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority
or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Barclays” shall have the meaning set forth in the first paragraph of this Agreement. 

“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may be a SOFR-Based Rate) that has
been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement 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 rate of interest as a replacement to LIBO Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the
Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement; 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 LIBO Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, 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 the Administrative Agent and the Borrower 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 LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body 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 LIBO Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “ABR,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the
Administrative Agent decides in 

  
 4 

 
consultation with the Borrower 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 decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice
for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides in consultation with the Borrower is reasonably necessary in connection with the administration of this
Agreement). 
 “Benchmark Replacement Date” means the earlier to occur of the following events with respect to LIBO Rate:

 (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 LIBO Rate permanently or indefinitely ceases to provide LIBO Rate; or 

(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. 
 “Benchmark Transition Event” means the occurrence of one or more of the following
events with respect to LIBO Rate: 
 (1) a public statement or publication of information by or on behalf of the administrator of LIBO Rate
announcing that such administrator has ceased or will cease to provide LIBO Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBO Rate;

 (2) a public statement or publication of information by the regulatory supervisor for the administrator of LIBO Rate, the U.S. Federal
Reserve System, an insolvency official with jurisdiction over the administrator for LIBO Rate, a resolution authority with jurisdiction over the administrator for LIBO Rate or a court or an entity with similar insolvency or resolution authority over
the administrator for LIBO Rate, which states that the administrator of LIBO Rate has ceased or will cease to provide LIBO Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide LIBO Rate; or 
 (3) a public statement or publication of information by the regulatory
supervisor for the administrator of LIBO Rate announcing that LIBO Rate is no longer representative and such circumstances are unlikely to be temporary. 

“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the
applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or
publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early
Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, and, in each case, consented to by the Borrower in writing and notified in writing to the Administrative
Agent (in the case of such notice by the Required Lenders) and the Lenders, as applicable. 

  
 5 

 “Benchmark Unavailability Period” means, if a Benchmark Transition Event
and its related Benchmark Replacement Date have occurred with respect to LIBO Rate and solely to the extent that LIBO Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement
Date has occurred if, at such time, no Benchmark Replacement has replaced LIBO Rate for all purposes hereunder in accordance with Section 2.09 and (y) ending at the time that a Benchmark Replacement has replaced LIBO Rate for all purposes
hereunder pursuant to Section 2.09. 
 “Benefit Plan” means any of (a) an “employee benefit plan” (as
defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for
purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

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

“Borrower” shall have the meaning set forth in the first paragraph of this Agreement. 

“Borrowing” shall mean the incurrence, conversion or continuation of Term Loans of a single Type made from all the Lenders on
a single date and having, in the case of Eurodollar Term Loans, a single Interest Period. 
 “Borrowing Request” shall mean
a request by the Borrower, executed by a Responsible Officer of the Borrower, for a Borrowing in accordance with Section 2.03 and in substantially the form of Exhibit E. 

“Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in New York City are
required or authorized to remain closed; provided, however, that when used in connection with a Eurodollar Term Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar
deposits on the London interbank market. 
 “Capital Asset Sale” shall have the meaning given to such term in the
definition of “EBITDAR” in this Section 1.01. 
 “Cash Equivalents” means: 

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

(2) direct obligations of state, provincial and local government entities, in each case maturing within one year from the date of acquisition
thereof, which have, at the date of such acquisition, a rating of at least A- (or the equivalent thereof) from S&P or A-3 (or the equivalent thereof) from
Moody’s; 
 (3) obligations of domestic or foreign companies and their subsidiaries, including, without limitation, bills, notes, bonds,
debentures, and mortgage-backed securities, in each case maturing within one year from the date of acquisition thereof and which have, at the date of such acquisition, a rating of at least A- (or the
equivalent thereof) from S&P or A-3 (or the equivalent thereof) from Moody’s; 

  
 6 

 (4) commercial paper maturing within 365 days from the date of acquisition thereof and
having, at such date of acquisition, a rating of at least A-2 (or the equivalent thereof) from S&P or P-2 (or the equivalent thereof) from Moody’s; 

(5) certificates of deposit, banker’s acceptances, banker’s discount notes, time deposits, US Dollar time deposits or overnight
bank 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 other commercial bank of recognized standing
organized under the laws of the United States or any state thereof or the District of Columbia that has a combined capital and surplus and undivided profits of not less than $100,000,000; 

(6) fully collateralized repurchase agreements with a term of not more than six months for underlying securities that would otherwise be
eligible for investment; 
 (7) Investments in money in an investment company organized under the 40 Act, or in pooled accounts or funds
offered through mutual funds, investment advisors, banks and brokerage houses which invest 95% of their assets in obligations of the type described in clauses (1) through (6) above, including money market funds or short-term and intermediate
bonds funds; 
 (8) money market funds that (i) comply with the criteria set forth in SEC Rule
2a-7 under the 40 Act or with the criteria set forth in National Instrument 81-102—Mutual Funds, as amended, (ii) are rated AAA (or the equivalent thereof) by
S&P or Aaa (or the equivalent thereof) by Moody’s and (iii) have portfolio assets of at least $500,000,000; 
 (9) deposits
available for withdrawal on demand with commercial banks organized in the United States having capital and surplus in excess of $100,000,000; 

(10) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or
territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing
authority or foreign government (as the case may be) are rated at least A- by S&P or A3 by Moody’s; and 

(11) any other securities or pools of securities that are classified under GAAP as cash equivalents or short-term investments on a balance
sheet. 
 “Change in Law” shall mean, after the date hereof, (a) the adoption of any law, rule or regulation after the
date of this Agreement, (b) any change in any law (including pursuant to any treaty or, for purposes of Section 5.09, any other agreement governing the right to fly international routes), rule or regulation or in the interpretation or
application thereof by any Governmental Authority, Airport Authority or Foreign Aviation Authority after the date of this Agreement applicable to the Borrower or (c) compliance by any Lender (or, for purposes of Section 2.14(b), by any
lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement;
provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, requirements, guidelines or directives thereunder or issued in
connection therewith and (y) all requests, rules, regulations, requirements, 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, implemented or issued. 

  
 7 

 “Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect 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 taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than
any such transaction where the holders of the Borrower’s Voting Stock immediately before that transaction own, directly or indirectly, not less than a majority of the Voting Stock of the transferee, or the parent thereof, immediately after such
transaction and in substantially the same proportion as their ownership in the Borrower before the transaction; 
 (2) the adoption of a plan
relating to the liquidation or dissolution of the Borrower; and 
 (3) consummation of any transaction (including without limitation, any
merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Borrower or its subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Borrower’s Voting Stock or other Voting Stock into
which the Borrower’s Voting Stock is reclassified, consolidated, exchanged, or changed measured by voting power rather than number of shares, other than any such transaction where: 

(a) the Borrower’s outstanding Voting Stock is reclassified, consolidated, exchanged, or changed for other Voting Stock of
the Borrower or for Voting Stock of the surviving corporation, and 
 (b) the holders of the Borrower’s Voting Stock
immediately before that transaction own, directly or indirectly, not less than a majority of the Borrower’s Voting Stock or the Voting Stock of the surviving parent corporation immediately after such transaction and in substantially the same
proportion as their ownership in the Borrower before the transaction. 
 “Change of Control Triggering Event” means the
occurrence of both a Change of Control and a Rating Decline. 
 “Closing Date” shall mean the date on which this Agreement
has been executed and the conditions precedent to the effectiveness of this Agreement and the making of the Term Loans set forth in Section 4.01 have been satisfied or waived. 

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

“Collateral” shall mean, collectively, (i) all assets and properties of the Borrower now owned or hereafter acquired
upon which Liens have been granted to the Collateral Trustee to secure the Obligations, the Pari Passu Senior Secured Debt or the Junior Secured Debt (to the extent required to be Collateral hereunder), including without limitation all of the
“Collateral” as defined in the Security Agreement and the UK Debenture. 
 “Collateral Coverage Ratio” shall have
the meaning given to such term in Section 6.03. 
 “Collateral Coverage Ratio Cure Period” shall have the meaning
given to such term in Section 6.03. 
 “Collateral Coverage Test” shall have the meaning given to such term in
Section 6.03. 

  
 8 

 “Collateral Disposition Offer” shall have the meaning given to such term in
Section 2.12(b). 
 “Collateral Documents” shall mean, collectively, the Security Agreement, the UK Debenture, the
Collateral Trust Agreement, and other agreements, instruments or documents that create or purport to create a Lien in favor of the Collateral Trustee for the benefit of the Secured Parties. 

“Collateral Material Adverse Effect” shall mean a material adverse effect on the Appraised Value of the Collateral, taken as
a whole. 
 “Collateral Trust Agreement” shall mean that certain Collateral Trust Agreement dated as of the Closing Date,
among the Borrower, the Administrative Agent, U.S. Bank National Association, as trustee under the Indenture, U.S. Bank National Association, as Collateral Trustee, and each other Secured Debt Representative (as defined in the Collateral Trust
Agreement) from time to time party thereto, as the same may be amended, restated, modified, supplemented, extended or amended and restated from time to time in accordance with the terms thereof. 

“Collateral Trustee” shall have the meaning set forth in the first paragraph of this Agreement. 

“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology
for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by
the Administrative Agent in accordance with: 
 (a) the rate, or methodology for this rate, and conventions for this rate selected or
recommended by the Relevant Governmental Body for determining compounded SOFR; or 
 (b) if, and to the extent that, the Administrative Agent
determines that Compounded SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that the Administrative Agent determines in its reasonable discretion are
substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for U.S. dollar-denominated syndicated credit facilities at such time; 

provided that if the Administrative Agent decides that any such rate, methodology or convention determined in accordance with clause (a) or clause
(b) above is not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of “Benchmark Replacement”. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the
same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period. 
 “Consolidated Net
Income” shall mean, with respect to any specified Person for any period, the aggregate of the net income (or net loss) of such Person and its Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP and
without any reduction in respect of preferred stock dividends; provided that: (a) all extraordinary gains (but not losses) and all gains (but not losses) realized in connection with any Capital Asset Sale or the disposition of securities
or the early extinguishment of Indebtedness, together with any related provision for taxes on any such gain, will be excluded therefrom; (b) the net income (but not net loss) of any Person that is not the specified Person or

  
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a Subsidiary or that is accounted for by the equity method of accounting will be included therein only to the extent of the amount of dividends or similar distributions paid in cash to the
specified Person or Subsidiary of the Person; (c) the net income (but not net loss) of any Subsidiary will be excluded therefrom to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of that net
income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Subsidiary or its stockholders; (d) the cumulative effect of a change in accounting principles will be excluded therefrom; and (e) the effect of
non-cash gains and losses attributable to movement in the mark-to-market valuation of Hedging Obligations pursuant to FASB ASC
No. 815 will be excluded therefrom. 
 “Cure Collateral” shall have the meaning set forth in the Collateral Trust
Agreement. 
 “Default” shall mean any event that, unless cured or waived, with the passage of time or the giving of notice
or both, would be an Event of Default. 
 “Defaulting Lender” shall mean, at any time, any Lender that has become, or has
had its Parent Company become, the subject of a Bankruptcy Event or a Bail-In Action. Any determination by the Administrative Agent that a Lender is a Defaulting Lender will be conclusive and
binding absent manifest error, and such Lender will be deemed to be a Defaulting Lender upon notification of such determination by the Administrative Agent to the Borrower and the Lenders. 

“Designated Banking Product Agreement” shall mean any agreement evidencing Designated Banking Product Obligations entered
into by the Borrower or any Subsidiary and any Person that, at the time such Person entered into such agreement, was an Arranger, a Lender or a banking Affiliate of an Arranger or a Lender, in each case designated by the relevant Arranger or Lender
and the Borrower, by written notice to the Administrative Agent, as a “Designated Banking Product Agreement,” which notice shall include (i) a copy of an agreement providing an agreed-upon maximum amount of Designated Banking Product
Obligations that can be included as Obligations, and (ii) the acknowledgment of such Arranger or Lender (or such banking Affiliate) that its security interest in the Collateral securing such Designated Banking Product Obligations shall be
subject to the Collateral Trust Agreement and the other Loan Documents; provided that, after giving effect to such designation, the aggregate agreed-upon maximum amount of all “Designated Banking Product Obligations” included as
Obligations, together with the aggregate agreed-upon maximum amount of all “Designated Hedging Obligations” included as Obligations, shall not exceed $250,000,000 in the aggregate. 

“Designated Banking Product Obligations” shall mean, as applied to any Person, any direct or indirect liability, contingent
or otherwise, of such Person in respect of any treasury, depository and cash management services and automated clearing house transfers of funds services provided by an Arranger, a Lender or any of its banking Affiliates under any Designated Banking
Product Agreement, including obligations for the payment of fees, interest, charges, expenses, attorneys’ fees and disbursements in connection therewith. 

“Designated Hedging Agreement” shall mean any Hedging Agreement entered into by the Borrower or any Subsidiary and any Person
that, at the time such Person entered into such Hedging Agreement, was an Arranger, a Lender or an Affiliate of an Arranger or a Lender as designated by the relevant Arranger or Lender (or Affiliate of a an Arranger or Lender) and the Borrower, by
written notice to the Administrative Agent, as a “Designated Hedging Agreement,” which notice shall include a copy of an agreement providing for (i) a methodology agreed to by the Borrower, such Arranger, such Lender or Affiliate of
an Arranger or a Lender, and the Administrative Agent for reporting the outstanding amount of Designated Hedging Obligations under such Designated Hedging Agreement from time to time, (ii) an 

  
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agreed-upon maximum amount of Designated Hedging Obligations under such Designated Hedging Agreement that can be included as Obligations, and (iii) the acknowledgment of such Arranger,
Lender or Affiliate of an Arranger or a Lender that its security interest in the Collateral securing such Designated Hedging Obligations shall be subject to the Collateral Trust Agreement and the other Loan Documents; provided that, after
giving effect to such designation, the aggregate agreed-upon maximum amount of all “Designated Hedging Obligations” included as Obligations, together with the aggregate agreed-upon maximum amount of all “Designated Banking Product
Obligations” included as Obligations, shall not exceed $250,000,000 in the aggregate. 
 “Designated Hedging
Obligations” shall mean, as applied to any Person, all Hedging Obligations of such Person under Designated Hedging Agreements; it being understood and agreed that, on any date of determination, the amount of such Hedging Obligations under
any Designated Hedging Agreement shall be determined based upon the “settlement amount” (or similar term) as defined under such Designated Hedging Agreement or, with respect to a Designated Hedging Agreement that has been terminated in
accordance with its terms, the amount then due and payable (exclusive of expenses and similar payments but including any termination payments then due and payable) by such Person under such Designated Hedging Agreement. 

“Disposition” shall mean, with respect to any property, any sale, lease, sale and leaseback, conveyance, transfer or other
disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 
 “Disqualified
Institution” shall mean any Person that is or becomes a competitor of the Borrower or is a vendor or manufacturer in respect of the Borrower and, in each case, is designated by the Borrower as such in a writing provided to the
Administrative Agent prior to or after the Closing Date, including, in each case, reasonably identifiable Affiliates thereof. 

“Dollars” and “$” shall mean lawful money of the United States of America. 

“DOT” shall mean the United States Department of Transportation and any successor thereto. 

“Dutch Auction” shall mean an auction of Term Loans conducted pursuant to Section 10.02(g) to allow the Borrower to
prepay Term Loans at a discount to par value and on a non-pro rata basis, in each case in accordance with the applicable Dutch Auction Procedures. 

“Dutch Auction Procedures” shall mean, with respect to a purchase of Term Loans by the Borrower pursuant to
Section 10.02(g), Dutch auction procedures as reasonably agreed upon by the Borrower and the Administrative Agent. 
 “Early Opt-in Election” means the occurrence of: 
 (1) (i) a determination by the Administrative Agent
or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that
include language similar to that contained in Section 2.09, are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBO Rate, and 

(2) (i) the election by the Administrative Agent and the Borrower or (ii) the election by the Required Lenders with the written consent of
the Borrower to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent and the Borrower of written notice of such election to the Lenders or by the
Required Lenders and the Borrower of written notice of such election to the Administrative Agent and the other Lenders. 

  
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 “EBITDAR” shall mean, for any period, all as determined in accordance with
GAAP, without duplication, an amount equal to (a) the Consolidated Net Income of the Borrower and its Subsidiaries for such period, plus (b) the sum of (i) any provision for income taxes for such period, (ii) Interest
Expense for such period, (iii) extraordinary, non-recurring or unusual losses for such period, (iv) depreciation and amortization for such period, (v) amortized debt discount for such period,
(vi) the amount of any deduction to consolidated net income as the result of any grant to any employee of the Borrower or its Subsidiaries of any Equity Interests during such period, (vii) aircraft rent expense for such period,
(viii) any aggregate net loss during such period arising from a Capital Asset Sale (as defined below), (ix) all other non-cash charges for such period, (x) any losses arising under fuel hedging
arrangements during such period, (xi) costs and expenses, including fees, incurred directly during such period in connection with the consummation of the transactions contemplated under the Loan Documents, and (xii) expenses or losses with
respect to business interruption covered by insurance, in each case to the extent actually reimbursed, in the case of each of subclauses (i) through (xii) of this clause (b), to the extent deducted in the calculation of consolidated net income
of the Borrower and its Subsidiaries for such period in accordance with GAAP, minus (c) the sum of (i) income tax credits for such period, (ii) interest income for such period, (iii) extraordinary, non-recurring or unusual gains for such period, (iv) any aggregate net gain during such period arising from the sale, exchange or other disposition of capital assets by the Borrower or its Subsidiaries
(including any fixed assets, whether tangible or intangible, all inventory sold in conjunction with the disposition of fixed assets and all securities) (a “Capital Asset Sale”), (v) any gains arising under fuel hedging arrangements
during such period, and (vi) any other non-cash gains that have been added in determining consolidated net income during such period, in the case of each of subclauses (i) through (vi) of this clause
(c), to the extent included in the calculation of consolidated net income of the Borrower and its Subsidiaries for such period in accordance with GAAP. For purposes of this definition, the following items shall be excluded in determining
consolidated net income of the Borrower and its Subsidiaries for any period: (1) the income (or deficit) of any other Person accrued prior to the date it became a Subsidiary of, or was merged or consolidated into, the Borrower or any of its
Subsidiaries; (2) the income (or deficit) of any other Person (other than a Subsidiary) in which the Borrower or any of its Subsidiaries has an ownership interest, except to the extent any such income has actually been received by the Borrower
or such Subsidiary, as applicable, in the form of cash dividends or distributions; (3) any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of income accrued during such period;
(4) any write-up of any asset; (5) any net gain from the collection of the proceeds of life insurance policies; (6) any net gain arising from the acquisition of any securities, or the
extinguishment, under GAAP, of any Indebtedness, of the Borrower or any of its Subsidiaries; (7) in the case of a successor to the Borrower by consolidation or merger or as a transferee of its assets, any earnings of such successor prior to
such consolidation, merger or transfer of assets; (8) any deferred credit representing the excess of equity in any Subsidiary at the date of acquisition of such Subsidiary over the cost to the Borrower or any of its Subsidiaries of the
investment in such Subsidiary; and (9) any foreign currency translation gains or losses (including gains or losses related to currency remeasurements of Indebtedness). 

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

  
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 “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 Assignee” shall mean (a) a commercial bank having total assets in excess of $1,000,000,000, (b) a finance
company, insurance company or other financial institution or fund, in each case reasonably acceptable to the Administrative Agent, which in the ordinary course of business extends credit of the type contemplated herein or invests therein and has
total assets in excess of $200,000,000 and whose becoming an assignee would not constitute a prohibited transaction under Section 4975 of the Code or Section 406 of ERISA, (c) any Arranger, Lender or any Affiliate of any Arranger or
Lender, (d) any Approved Fund, (e) any other financial institution reasonably satisfactory to the Administrative Agent and (f) solely with respect to assignments of Term Loans and solely to the extent permitted pursuant to
Section 10.02(g), the Borrower; provided that “Eligible Assignee” shall not include any Disqualified Institution, any natural person or any Affiliate of the Borrower. 

“Environmental Laws” shall mean all applicable laws (including common law), statutes, rules, regulations, codes, ordinances,
orders, decrees, judgments, injunctions or legally binding requirements or agreements issued, promulgated or entered into by or with any Governmental Authority, relating to the protection of environment, preservation or reclamation of natural
resources, the handling, treatment, storage, disposal, Release into the environment or threatened Release into the environment of, or human exposure to, any pollutants, contaminants or any toxic, radioactive or otherwise hazardous materials. 

“Environmental Liability” shall mean any liability, contingent or otherwise, (including any liability for damages, natural
resource damage, costs of environmental investigation, remediation or monitoring or costs, fines or penalties) resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage,
treatment, disposal or the arrangement for disposal of any Hazardous Materials, (c) human exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the environment or (e) any contract,
agreement, lease or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests” shall mean shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity ownership interests in a Person (whether direct or indirect), and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated thereunder. 
 “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that, together
with the Borrower, is treated as (i) a single employer under Section 414(b) or (c) of the Code, or (ii) solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code, or that is under common control with the Borrower within the meaning of Section 4001 of ERISA. 

  
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 “Escrow Accounts” shall mean (1) accounts of the Borrower or any
Subsidiary, solely to the extent any such accounts hold funds set aside by the Borrower or any Subsidiary (plus accrued interest thereon) to manage the collection and payment of amounts collected, withheld or incurred by the Borrower or such
Subsidiary for the benefit of third parties relating to: (a) federal income tax withholding and backup withholding tax, employment taxes, transportation excise taxes and security related charges, (b) any and all state and local income tax
withholding, employment taxes and related charges and fees and similar taxes, charges and fees, including, but not limited to, state and local payroll withholding taxes, unemployment and supplemental unemployment taxes, disability taxes,
workman’s or workers’ compensation charges and related charges and fees, (c) state and local taxes imposed on overall gross receipts, sales and use taxes, fuel excise taxes and hotel occupancy taxes, (d) passenger facility fees
and charges collected on behalf of and owed to various administrators, institutions, authorities, agencies and entities, (e) other similar federal, state or local taxes, charges and fees (including without limitation any amount required to be
withheld or collected under applicable law) and (f) other funds held in trust for, or otherwise segregated for the benefit of, an identified beneficiary; in each case, held in escrow accounts, agent accounts, trust funds or other segregated
accounts; or (2) accounts, capitalized interest accounts, debt service reserve accounts, escrow accounts and other similar accounts or funds established in connection with the ARB Indebtedness. 

“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”, when used in reference to any Term Loan or Borrowing, refers to whether such Term Loan, or the Term Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBO Rate. 
 “Eurodollar Rate”
means for any Interest Period as to any Eurodollar Borrowing, (i) the rate per annum determined by the Administrative Agent to be the offered rate which appears on the page of the Reuters Screen which displays the London interbank offered rate
administered by ICE Benchmark Administration Limited (such page currently being the LIBOR01 page) (the “LIBO Rate”) for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period
in Dollars, determined as of approximately 11:00 a.m. (London, England time), two (2) Business Days prior to the commencement of such Interest Period, or (ii) in the event the rate referenced in the preceding clause (i) does not
appear on such page or service or if such page or service shall cease to be available, the rate determined by the Administrative Agent to be the offered rate on such other page or other service which displays the LIBO Rate for deposits (for delivery
on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time) two (2) Business Days prior to the commencement of such Interest Period;
provided that if LIBO Rates are quoted under either of the preceding clauses (i) or (ii), but there is no such quotation for the Interest Period elected (an “Impacted Interest Period”), the LIBO Rate shall be equal to the
Interpolated Rate; and provided, further, that if any such rate determined pursuant to the preceding clauses (i) or (ii) is less than 1.00%, the Eurodollar Rate will be deemed to be 1.00%. 

“Eurodollar Tranche” shall mean the collective reference to Eurodollar Term Loans under a particular facility the then
current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Term Loans shall originally have been made on the same day). 

“Europe Gates” shall have the meaning given to such term in the Security Agreement. 

“Europe Routes” shall have the meaning given to such term in the Security Agreement. 

“Europe Slots” shall have the meaning given to such term in the Security Agreement. 

  
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 “Event of Default” shall have the meaning given to such term in
Section 7. 
 “Excess Proceeds” shall have the meaning given to such term in Section 2.12(b). 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be
made by or on account of any Obligation of the Borrower hereunder or under any Loan Document, (a) income or franchise Taxes imposed on (or measured by) its net income however denominated by the United States of America or any political
subdivision thereof or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or any political subdivision
thereof, (b) any Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such taxes (other than a connection arising solely from such recipient’s having executed, delivered,
enforced, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to, or enforced, this Agreement or any Loan Document), (c) any
branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which such recipient is located, (d) in the case of a Foreign Lender, any withholding tax that is imposed on amounts payable to
such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, immediately before designation of a new
lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.16(a), (e) in the case of a Lender, any withholding tax that is attributable to such Lender’s
failure to comply with Section 2.16(f) or 2.16(g) and (f) any withholding tax that is imposed by reason of FATCA. 

“FAA” shall mean the Federal Aviation Administration of the United States of America and any successor thereto. 

“FAA Slot” shall mean, in the case of airports in the United States, at any time, the right and operational authority
to conduct one Instrument Flight Rule (as defined in Title 14) scheduled landing or take-off operation at a specific time or during a specific time period at any airport at which landings or take-offs are
restricted, including, without limitation, slots and operating authorizations, whether pursuant to FAA or DOT regulations or orders pursuant to Title 14, Title 49 or other federal statutes now or hereinafter in effect. 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement, any amended or successor
provisions that are substantively similar thereto, any regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b) of the Code, and any intergovernmental agreements with the United States with
respect thereto and any laws or regulations implementing such intergovernmental agreement. 
 “Federal Funds Effective
Rate” shall mean, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to
time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the
purposes of this Agreement. 
 “Fees” shall collectively mean the fees referred to in Section 2.19. 

  
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 “Fifth-Freedom Rights” shall mean the operational right to enplane
passenger traffic and cargo in a foreign country and deplane it in another foreign country, including any such right pursuant to a bilateral treaty between the United States and a foreign country. 

“Finance Lease Obligation” shall mean, as applied to any Person, an obligation that is required to be accounted for as a
finance or capital lease (and not an operating lease) on both the balance sheet and income statement for financial reporting purposes in accordance with GAAP. At the time any determination thereof is to be made, the amount of the liability in
respect of a finance or capital lease would be the amount required to be reflected as a liability on such balance sheet (excluding the footnotes thereto) in accordance with GAAP. 

“Fitch” means Fitch, Inc., also known as Fitch Ratings, and its successors. 

“Foreign Aviation Authorities” shall mean any foreign governmental, quasi-governmental, regulatory or other agency, public
corporation or private entity that exercises jurisdiction over the authorization (a) to serve any foreign point on each of the Routes and/or to conduct operations related to the Routes and Supporting Route Facilities and/or (b) to hold and
operate any Foreign Slots. 
 “Foreign Lender” shall mean any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“Foreign Slot” shall mean all of the rights and operational authority, now held or hereafter acquired, of the Borrower to
conduct one (1) landing or takeoff operation during a specific hour or other period at each non-United States airport served in conjunction with the Borrower’s operations over a Route, other than
“slots” which have been permanently allocated to another air carrier and in which the Borrower holds temporary use rights. 

“GAAP” shall mean generally accepted accounting principles set forth in the statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time, in each case applied in accordance with
Section 1.03. 
 “Gate Interests” shall mean all of the right, title, privilege, interest, and authority now or
hereafter acquired or held by the Borrower in connection with the right to use or occupy holdroom and passenger boarding and deplaning space in any airport terminal at which the Borrower conducts scheduled operations. 

“Governmental Authority” shall mean the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank organization, or other entity exercising executive, legislative, judicial, taxing or regulatory powers or functions of or
pertaining to government. Governmental Authority shall not include any Person in its capacity as an Airport Authority. 

“Guarantee” of or by any Person (the “guarantor”) shall mean any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
payment thereof, 

  
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(b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of
credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include (i) endorsements for collection or deposits or (ii) customary contractual indemnities in commercial
agreements, in each case in the ordinary course of business and consistent with past practice. The amount of any obligation relating to a Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation
in respect of which such Guarantee is made (or, if less, the maximum reasonably anticipated liability for which such Person may be liable pursuant to the terms of the instrument evidencing such Guarantee) or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform) as determined by the guarantor in good faith. 

“Hazardous Materials” shall mean 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, and radon gas, and all other substances that are regulated as hazardous pursuant to, or, due to their
hazardous qualities, could reasonably be expected to give rise to liability under any Environmental Law. 
 “Hedging
Agreement” shall mean any agreement evidencing Hedging Obligations. 
 “Hedging Obligations” shall mean, with
respect to any Person, all obligations and liabilities of such Person under (1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements;
(2) other swap or derivative agreements or arrangements designed to manage interest rates or interest rate risk; and (3) other swap or derivative agreements or arrangements designed to protect such Person against fluctuations in currency
exchange rates, fuel prices or other commodity prices. 
 “Impacted Interest Period” shall have the meaning given to such
term in the definition of “LIBO Rate”. 
 “Increase Effective Date” shall have the meaning given to such term in
Section 2.23(a). 
 “Increase Joinder” shall have the meaning given to such term in Section 2.23(c). 

“Incremental Commitments” shall have the meaning given to such term in Section 2.23(a). 

“Incremental Lender” shall have the meaning given to such term in Section 2.23(a). 

“Incremental Term Loans” shall have the meaning given to such term in Section 2.23(a). 

“Indebtedness” of any Person shall mean, without duplication, (a) all obligations of such Person for borrowed money
(including in connection with deposits or advances), (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements
relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accrued expenses incurred and current accounts payable, in each case in the
ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned

  
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or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) Finance Lease Obligations,
(h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Taxes” shall mean Taxes (other than Excluded Taxes) imposed on or with respect to any payments made by the
Borrower under this Agreement or any other Loan Document. 
 “Indemnitee” shall have the meaning given to such term in
Section 10.04(b). 
 “Indenture” shall mean the Indenture as of the date hereof, among the Borrower and U.S. Bank
National Association, as trustee and as collateral trustee. 
 “Initial Appraisal Report” shall mean the initial appraisal
report delivered in respect of the Collateral in accordance with Section 4.01(k). 
 “Installment” shall have the
meaning given to such term in Section 2.10(a). 
 “Interest Election Request” shall mean a request by the Borrower to
convert or continue a Borrowing in accordance with Section 2.05 and in substantially the form of Exhibit F. 
 “Interest
Expense” shall mean, for any period, the gross cash interest expense (including the interest component of Finance Lease Obligations), of the Borrower and its Subsidiaries on a consolidated basis for such period, all as determined in
accordance with GAAP. 
 “Interest Payment Date” shall mean (a) as to any Eurodollar Term Loan having an Interest
Period of one (1), two (2) or three (3) months, the last day of such Interest Period, (b) as to any Eurodollar Term Loan having an Interest Period of more than three (3) months, each day that is three (3) months, or a whole
multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (c) with respect to ABR Term Loans, the last Business Day of each March, June, September and December. 

“Interest Period” shall mean, as to any Borrowing of Eurodollar Term Loans, the period commencing on the date of such
Borrowing (including as a result of a conversion from ABR Term Loans) or on the last day of the preceding Interest Period applicable to such Borrowing and ending on the numerically corresponding day (or if there is no corresponding day, the last
day) in the calendar month that is one (1), two (2), three (3) or six (6) months (or, if available to all applicable Lenders, twelve (12) months) thereafter, as the Borrower may elect in the related notice delivered pursuant to
Section 2.03 or 2.05; provided that (i) if any Interest Period would end on a day which shall not be a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day
would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (ii) no Interest Period shall end later than the applicable Termination Date. 

“Interpolated Rate” shall mean, in relation to the LIBO Rate, the rate which results from interpolating on a linear basis
between: (a) the LIBO Rate for the longest period (for which the LIBO Rate is available) that is shorter than the Impacted Interest Period; and (b) the LIBO Rate for the shortest period (for which that LIBO Rate is available) that exceeds
the Impacted Interest Period, in each case, each as of approximately 11:00 a.m. (London, England time) two (2) Business Days prior to the commencement of such Interest Period of that Loan. 

  
 18 

 “Investment Grade” means a rating of
BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch); a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); and
a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P). 

“JFK” shall mean New York’s John F. Kennedy (JFK) International Airport. 

“Junior Lien Obligations” shall have the meaning given to such term in the Collateral Trust Agreement. 

“Junior Secured Debt” shall mean (i) Indebtedness secured by a Lien on Collateral under Section 6.01(b) and
(ii) any Refinancing Debt secured by a Lien on the Collateral that is junior to the Liens securing the Obligations and the other Pari Passu Senior Secured Debt pursuant to the Collateral Trust Agreement, so long as (1) such Refinancing
Debt is permitted to be incurred and so secured under all applicable Secured Debt Documents and (2) such Refinancing Debt constitutes “Junior Lien Debt” as defined under, and in accordance with the terms of, the Collateral Trust
Agreement; provided that, after giving effect to the incurrence of any such Indebtedness described in clause (i) or (ii), the Borrower shall be in compliance with Section 6.03. 

“Latin American Gates” shall have the meaning given to such term in the Security Agreement. 

“Latin American Routes” shall have the meaning given to such term in the Security Agreement. 

“Latin American Slots” shall have the meaning given to such term in the Security Agreement. 

“Latest Maturity Date” shall mean, at any date of determination, the latest maturity date applicable to any Term Loan
hereunder at such time. 
 “Lenders” shall have the meaning set forth in the first paragraph of this Agreement. For the
avoidance of doubt, references herein to Lenders shall include Incremental Lenders, if any. 
 “LIBO Rate” shall mean, with
respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate
shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate. 

“LIBO Screen Rate” shall mean, for any day and time, with respect to any Eurodollar Borrowing for any Interest Period, the
London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars for a period equal in length to such Interest Period as displayed on such day and
time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate
page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less than zero, such rate
shall be deemed to be zero for the purposes of this Agreement. 

  
 19 

 “Lien” shall mean (a) any mortgage, deed of trust, pledge, deed to
secure debt, hypothecation, security interest, easement (including, without limitation, reciprocal easement agreements and utility agreements), rights-of-ways,
reservations, encroachments, zoning and other land use restrictions, claim or any other title defect, lease, encumbrance, restriction, lien or charge of any kind whatsoever and (b) the interest of a vendor or a lessor under any conditional
sale, capital lease or other title retention agreement (or any Finance Lease Obligations having substantially the same economic effect as any of the foregoing, but in any event not in respect of any
Non-Finance Lease Obligations). 
 “Loan Documents” shall mean this Agreement, each
Collateral Document and any other instrument or agreement (which is designated as a Loan Document therein) executed and delivered by the Borrower to the Administrative Agent, the Collateral Trustee or any Lender, in each case, as the same may be
amended, restated, modified, supplemented, extended or amended and restated from time to time in accordance with the terms hereof. 

“Material Adverse Change” shall mean any event, development or circumstance that has had or would reasonably be expected to
have a Material Adverse Effect. 
 “Material Adverse Effect” shall mean a material adverse effect on (a) the business,
operations or financial condition of the Borrower and its Subsidiaries, taken as a whole, (b) the validity or enforceability of the Loan Documents or the rights or remedies of the Administrative Agent, the Collateral Trustee and the Lenders
thereunder, or (c) the ability of the Borrower to pay the obligations under the Loan Documents. 
 “Material
Indebtedness” shall mean Indebtedness (other than the Term Loans) of the Borrower in an aggregate principal amount exceeding $200,000,000. 

“Material Subsidiary” means, at any time, any Subsidiary of the Borrower having at such time (i) total assets, as of the
last day of the most recently ended fiscal quarter for which the Borrower’s annual or quarterly financial statements have been most recently required to have been delivered pursuant to Section 5.01, having a net book value greater than or
equal to 10% of the total assets of the Borrower and all of its Subsidiaries on a consolidated basis (as shown on the most recent balance sheet of the Borrower delivered pursuant to Section 5.01 or, if available earlier and delivered to the
Administrative Agent, the balance sheet that is internally available for the then most recently ended fiscal quarter or fiscal year, as applicable), (ii) total revenue, as of the last day of the most recently ended fiscal quarter for which the
Borrower’s annual or quarterly financial statements have been most recently required to have been delivered pursuant to Section 5.01, greater than or equal to 10% of the total revenue of the Borrower and all of its Subsidiaries on a
consolidated basis (as shown on the most recent income statement of the Borrower delivered pursuant to Section 5.01 or, if available earlier and delivered to the Administrative Agent, the income statement that is internally available for the
then most recently ended fiscal quarter or fiscal year, as applicable) or (iii) any Collateral. 
 “Milbank UK
Opinion” shall have the meaning set forth in Section 4.01(d). 
 “Moody’s” shall mean Moody’s
Investors Service, Inc. (or any successor thereto). 

  
 20 

 “Multiemployer Plan” shall mean a “multiemployer plan” as defined
in Section 4001(a)(3) of ERISA, which is maintained or contributed to by (or to which there is an obligation to contribute of) the Borrower or a Subsidiary of the Borrower or an ERISA Affiliate, and each such plan for the five-year period
immediately following the latest date on which the Borrower, or a Subsidiary of the Borrower or an ERISA Affiliate maintained, contributed to or had an obligation to contribute to such plan. 

“Multiple Employer Plan” shall mean a Single Employer Plan, which is maintained for employees of the Borrower or an ERISA
Affiliate and at least one (1) person (as defined in Section 3(9) of ERISA) other than the Borrower and its ERISA Affiliates and in respect of which the Borrower or an ERISA Affiliate could have liability, contingent or otherwise, under
ERISA. 
 “Net Proceeds” means the aggregate cash proceeds and Cash Equivalents received by the Borrower in respect of any
Disposition, net of the direct costs relating to such Disposition, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Disposition, taxes paid
or payable as a result of the Disposition, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and any reserve for adjustment or indemnification obligations in respect of the sale price
of such asset or assets established in accordance with GAAP. 
 “Non-Finance Lease
Obligations” shall mean a lease obligation that is not required to be accounted for as a finance or capital lease on both the balance sheet and the income statement for financial reporting purposes in accordance with GAAP. An operating
lease shall be considered a Non-Finance Lease Obligation. 
 “NYFRB” shall mean the
Federal Reserve Bank of New York. 
 “NYFRB Rate” shall mean, for any day, the greater of (a) the Federal Funds
Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published
for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by
it; provided, further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Obligations” shall mean the unpaid principal of and interest on (including interest, reasonable fees and reasonable out-of-pocket costs accruing after the maturity of the Term Loans and interest, reasonable fees and reasonable
out-of-pocket costs accruing after the filing of any petition of bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the
Borrower, whether or not a claim for post-filing or post-petition interest, fees or costs is allowed in such proceeding) the Term Loans and all other obligations and liabilities of the Borrower to the Administrative Agent or any Lender (or
(i) in the case of Designated Hedging Obligations, any Person who was an Arranger, a Lender or an Affiliate of an Arranger or a Lender when the related Designated Hedging Agreement was entered into, or (ii) in the case of Designated
Banking Product Obligations, any Person who was an Arranger or a Lender or a banking Affiliate of any Arranger or Lender at the time the related Designated Banking Product Agreement was entered into), whether direct or indirect, absolute or
contingent, due or to become due, or now existing or hereafter incurred, which arise under, out of, or in connection with, this Agreement, any other Loan Document, any Designated Hedging Agreement, any Designated Banking Product Agreement, or any
other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, reasonable fees, indemnities, reasonable out-of-pocket costs, reasonable and documented out-of-pocket expenses (including all reasonable fees, charges and disbursements
of counsel to any Agent or any Arranger or 

  
 21 

 
Lender that are required to be paid by the Borrower pursuant hereto) or otherwise; provided, however, that the aggregate amount of all Designated Hedging Obligations and Designated
Banking Product Obligations (in each case valued in accordance with the definitions thereof) at any time outstanding that shall be included as “Obligations” shall not exceed $250,000,000. 

“Officer’s Certificate” shall mean a certificate executed by a Responsible Officer of the Borrower in his/her capacity
as such. 
 “Other Taxes” shall mean any and all present or future stamp, mortgage, intangible, documentary, recording or
filing taxes or any other similar taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, except any such
Taxes that are imposed with respect to an assignment (other than an assignment made pursuant to Section 2.18(b)). 
 “Overnight
Bank Funding Rate” shall mean, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the
NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate. 

“Parent Company” shall mean, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board
Regulation Y), if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. 

“Pari Passu Notes” shall mean Indebtedness of the Borrower in the form of senior secured notes; provided that
(i) immediately after giving pro forma effect thereto and the use of proceeds therefrom (A) no Default or Event of Default shall have occurred and be continuing or would result therefrom, (B) the Collateral Coverage Ratio shall be no
less than 2.00 to 1.00 and (C) the aggregate outstanding principal amount of all Priority Lien Debt shall not exceed $5,000,000,000; (ii) such Indebtedness does not mature prior to the date that is
ninety-one (91) days after the Latest Maturity Date at the time such Indebtedness is incurred; (iii) such Indebtedness is secured by the Collateral on a pari passu basis with the Term Loan Facility
pursuant to the Collateral Trust Agreement; (iv) such Indebtedness is permitted to be incurred and so secured under all applicable Secured Debt Documents (as defined in the Collateral Trust Agreement); (v) such Indebtedness shall have terms and
conditions (other than pricing, rate floors, discounts, fees, premiums and optional prepayment or redemption provisions) that are customary market terms for indebtedness of such type; (vi) there shall be no additional direct or contingent
obligors with respect to such Indebtedness; and (vii) such Indebtedness constitutes “Priority Lien Debt” as defined under, and in accordance with the terms of, the Collateral Trust Agreement. 

“Pari Passu Senior Secured Debt” shall mean (i) the Secured Notes, any other Pari Passu Notes and any other Priority
Lien Debt; (ii) any refinancing, refunding, renewal or extension of any such Indebtedness specified in clause (i) hereof; provided that, in the case of Indebtedness under this clause (ii), (1) immediately after giving pro forma
effect thereto and the use of proceeds therefrom, (a) the Collateral Coverage Ratio shall be no less than 2.00 to 1.00 and (b) the aggregate outstanding principal amount of all Priority Lien Debt shall not exceed $5,000,000,000, (2) there
shall be no additional direct or contingent obligors with respect to such Indebtedness, (3) such Indebtedness shall have a Weighted Average Life to Maturity that is greater than or equal to that of the Indebtedness being so refinanced,
refunded, renewed or extended, and (4) such Indebtedness constitutes “Priority Lien Debt” as defined under, and in accordance with the terms of, the Collateral Trust Agreement; and (iii) any Refinancing Debt secured by the
Collateral on a pari passu basis with the Obligations pursuant to the Collateral Trust Agreement so long as (1) such Refinancing Debt is permitted to be incurred and so secured under all applicable Secured Debt Documents (as defined in
the Collateral Trust Agreement) and (2) such Refinancing Debt constitutes “Priority Lien Debt” as defined under, and in accordance with the terms of, the Collateral Trust Agreement. 

  
 22 

 “Participant” shall have the meaning given to such term in
Section 10.02(d). 
 “Participant Register” shall have the meaning given to such term in Section 10.02(d). 

“Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act (USA PATRIOT Act) of 2001, Title III of Pub. L. 107-56, signed into law on October 26, 2001 or any subsequent legislation that amends, supplements or supersedes such Act. 

“Payroll Accounts” shall mean depository accounts used only for payroll. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation, or any successor agency or entity performing substantially the
same functions. 
 “Permitted Disposition” shall mean: 

(a) abandonment of Slots or Routes; provided that such abandonment is (A) in connection with the downsizing of any
hub or facility which does not materially and adversely affect the business of the Borrower and its Subsidiaries, taken as a whole, (B) in the ordinary course of business consistent with past practices and does not materially and adversely
affect the business of the Borrower and its Subsidiaries, taken as a whole, or (C) reasonably determined by the Borrower to be of de minimis value; provided further that (x) after giving effect to such abandonment, the
Appraised Value of the remaining Collateral shall satisfy the Collateral Coverage Test, and (y) prior to effecting the removal, the Borrower shall have delivered an officer’s certificate to the Administrative Agent certifying that, after
giving effect to such removal, the Appraised Value of the Collateral shall satisfy the Collateral Coverage Test (it being understood that such Appraised Value shall be based on the most recent Appraisal delivered under Section 5.09(a) or,
solely in the case of an abandonment pursuant to clause (B), if the Collateral being removed constitutes at least 10% of (i) the Europe Routes, Europe Slots and Europe Gates, (ii) the Latin American Routes, Latin American Slots and Latin
American Gates or (iii) Specified Slots, based on an Appraisal of all such category of Collateral performed at (or within 60 days before) the time of such abandonment); 

(b) exchange of Primary FAA Slots in the ordinary course of business (including seasonal adjustments to Primary FAA Slots
consistent with past practice) that in the Borrower’s reasonable judgment are of reasonably equivalent value (so long as the FAA Slots received in such exchange constitute Primary FAA Slots and are pledged as ”Collateral” for the
Obligations); 
 (c) the termination of leases or airport use agreements in the ordinary course of business to the extent
such terminations do not have a Material Adverse Effect or a Collateral Material Adverse Effect; 

  
 23 

 (d) any other lease or sublease of, or use agreements with respect to,
assets and properties that constitute Slots, Gate Interests or Routes in the ordinary course of business and swap agreements with respect to Slots in the ordinary course of business and which lease, sublease, use agreement or swap agreement
(A) has a term of less than one year or (B) has a term of one year or longer; provided that if the aggregate Appraised Value of the Collateral leased or subleased pursuant to this subclause (B) is equal to or greater than 10%
of the Appraised Value of all Slots, Gate Interests and Routes constituting Collateral in the most recent Appraisal Report delivered by the Borrower pursuant to Section 5.09, the Appraised Value of all Slots, Gate Interests and Routes
constituting Collateral, after giving pro forma effect to all outstanding leases, subleases, use agreements and swap agreements pursuant to this subclause (B), would be not materially less than the Appraised Value of all Slots, Gate Interests and
Routes constituting Collateral in the most recent Appraisal Report delivered by the Borrower pursuant to Section 5.09, all as determined in good faith by the Borrower and reflected in an Officers’ Certificate that is delivered to the
Administrative Agent prior to entering into any such lease or sublease, demonstrating, with reasonably detailed calculations, compliance with the provisions of this subclause (B) and detailing the arrangements pursuant to which the Collateral
Trustee’s Liens on all Slots, Gate Interests and Routes constituting Collateral subject to such lease or sublease are not materially adversely affected in the good faith determination of the Borrower; provided that the aggregate
Appraised Value of the Primary FAA Slots or Primary Foreign Slots so leased is less than 10% of the Appraised Value of the Collateral; 

(e) any single transaction or series of related transactions that involves assets having a fair market value of less than
$50,000,000; provided that the Appraised Value of the remaining Collateral shall satisfy the Collateral Coverage Test based on the most recently available Appraisals; and 

(f) any Permitted Lien. 

“Permitted Liens” shall have the meaning given to such term in Section 6.01. 

“Person” shall mean any natural person, corporation, division of a corporation, partnership, limited liability company,
trust, joint venture, association, company, estate, unincorporated organization, Airport Authority or Governmental Authority or any agency or political subdivision thereof. 

“Plan” shall mean a Single Employer Plan or a Multiple Employer Plan that is a pension plan subject to the provisions of
Title IV of ERISA, Sections 412 or 430 of the Code or Section 302 of ERISA. 
 “Plan Asset Regulations” means of 29
CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time. 

“Primary FAA Slots” shall have the meaning given to such term in the Security Agreement. 

“Primary Foreign Slots” shall have the meaning given to such term in the Security Agreement. 

“Primary Routes” shall have the meaning given to such term in the Security Agreement. 

“Prime Rate” shall mean the rate of interest 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 Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate
shall be effective from and including the date such change is publicly announced or quoted as being effective. 

  
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 “Priority Lien Debt” shall have the meaning given to such term in the
Collateral Trust Agreement. 
 “Priority Lien Obligations” shall have the meaning given to such term in the Collateral
Trust Agreement. 
 “Qualified Replacement Assets” means Europe Routes, Europe Slots, Europe Gates, Latin American Routes,
Latin American Slots, Latin American Gates and Primary FAA Slots that are acquired by the Borrower and (1) are pledged as Collateral under the Collateral Documents to secure Priority Lien Obligations and Junior Lien Obligations and (2) are
perfected by a first priority Lien and/or mortgage (or comparable Lien) in favor of the Collateral Trustee for the benefit of the holders of the Priority Lien Obligations and Junior Lien Obligations subject only to Permitted Liens. 

“Rating Agency” means (1) each of Fitch, Moody’s, and S&P, and (2) if any of Fitch, Moody’s, or
S&P ceases to rate the Term Loans or fails to make a rating of the Term Loans publicly available for reasons outside of the Borrower’s control, a “nationally recognized statistical rating organization” as defined in Section 3
(a)(62) of the Exchange Act, selected by the Borrower (as certified by a resolution of the Borrower’s board of directors) as a replacement agency for Fitch, Moody’s, or S&P, or all of them, as the case may be. 

“Rating Decline” with respect to the Term Loans shall be deemed to occur if, within 60 days after public notice of the
occurrence of a Change of Control (which period shall be extended so long as the rating of the Term Loans is under publicly announced consideration for possible downgrade by any Rating Agency), the rating of the Term Loans by each Rating Agency
shall be decreased by one or more gradations and in each case below Investment Grade; provided that each Rating Agency indicates that such downgrade is as a result of such Change of Control. 

“Recipient” means (a) the Administrative Agent, (b) any Lender or (c) any other recipient of any payment to be
made by or on account of any Obligation of the Borrower hereunder or under any Loan Document, as applicable. 
 “Refinanced Term
Loans” shall have the meaning given to such term in Section 10.08(e). 
 “Refinancing Amendment” shall have
the meaning given to such term in Section 10.08(e). 
 “Refinancing Debt” shall mean Indebtedness (or commitments in
respect thereof) incurred to refinance (whether concurrently or after any repayment or prepayment of any such Indebtedness being refinanced) (a) the Term Loans or (b) Indebtedness (or commitments in respect thereof) incurred pursuant to
the preceding clause (a), in each case, from time to time, in whole or part, in the form of (i) one or more new term facilities (each, a “Refinancing Term Facility”) made available under this Agreement with the consent (which
consent shall not be unreasonably withheld or delayed) of the Borrower and the Administrative Agent (to the extent such consent would be required under Section 10.02(b) for an assignment of Term Loans to the applicable lender) and the lenders
providing such financing (and no other lenders) or (ii) one or more series of term facilities outside of this Agreement; provided that (A) any Refinancing Debt shall not mature prior to the maturity date of, or have a shorter
Weighted Average Life to Maturity than, the Term Loans (or any refinancing thereof incurred pursuant to 

  
 25 

 
the preceding clause (b)) being refinanced, (B) the other terms and conditions of such Refinancing Debt (excluding pricing, premium, maturity, scheduled amortization and optional prepayment
or redemption provisions) shall be customary market terms for indebtedness of such type, (C) after giving pro forma effect to the incurrence of Refinancing Debt and the application of the net proceeds therefrom, the Borrower shall be in pro
forma compliance with the Collateral Coverage Test, (D) there shall be no additional direct or contingent obligors with respect to such Refinancing Debt, (E) the aggregate principal amount of such Refinancing Debt shall not exceed the
aggregate principal amount of the Indebtedness being refinanced plus accrued interest, fees and premiums (if any) thereon and reasonable fees and expenses associated with the refinancing, (F) no Lender shall be obligated to provide any such
Refinancing Debt and (G) such Indebtedness shall (i) rank pari passu in right of payment with the Obligations and be secured by the Collateral on a pari passu basis with the Obligations, (ii) rank junior in right of payment with the
Obligations and be secured by the Collateral on a junior basis to the Obligations or (iii) be unsecured or secured by assets other than Collateral. 

“Refinancing Term Facility” shall have the meaning given to such term in the definition of “Refinancing Debt”. 

“Register” shall have the meaning given to such term in Section 10.02(b)(iv). 

“Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, partners, members, employees, agents, advisors, trustees, managers and representatives of such Person and such Person’s Affiliates. 

“Release” shall mean any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, or disposing into the environment. 
 “Relevant Governmental Body” means the Federal Reserve Board and/or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Replacement Term Loan” shall have the meaning given to such term in Section 10.08(e). 

“Required Lenders” shall mean, at any time, Lenders (excluding any Defaulting Lenders) holding more than 50% of the aggregate
principal amount of all Term Loans outstanding (excluding the outstanding Term Loans of any Defaulting Lender). 
 “Resignation
Effective Date” shall have the meaning given to such term in Section 8.05. 
 “Resolution Authority” means an
EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 
 “Responsible
Officer” shall mean the chief executive officer, president, chief financial officer, treasurer, assistant treasurer, vice president, controller, chief accounting officer, secretary or assistant secretary of the Borrower, but in any event,
with respect to financial matters, the chief financial officer, treasurer, assistant treasurer, controller or chief accounting officer of the Borrower. 

“Routes” shall mean the routes for which the Borrower holds or hereafter acquires the requisite authority to operate foreign
air transportation pursuant to Title 49 including, without limitation, applicable frequencies, exemption and certificate authorities, Fifth-Freedom Rights and “behind/beyond rights”, whether or not utilized by the Borrower. 

  
 26 

 “S&P” shall mean Standard & Poor’s Ratings Services. 

“Sanctions” shall have the meaning given to such term in Section 3.11(a). 

“SEC” shall mean the United States Securities and Exchange Commission. 

“Security Agreement” shall have meaning set forth in Section 4.01(c). 

“Secured Notes” shall mean means the senior secured notes due 2025 issued by the Borrower pursuant to the terms of the
Indenture. 
 “Secured Parties” shall mean, collectively, (i) Administrative Agent, (ii) each Lender and
(iii) each other Indemnitee. 
 “Single Employer Plan” shall mean a single employer plan, as defined in
Section 4001(a)(15) of ERISA, that is maintained for current or former employees of the Borrower or an ERISA Affiliate and in respect of which the Borrower or any ERISA Affiliate could reasonably be expected to have liability under Title IV of
ERISA. 
 “Slot” shall mean each FAA Slot and each Foreign Slot. 

“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank
of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

“SOFR-Based Rate” means SOFR, Compounded SOFR or Term SOFR. 

“Specified Person” shall have the meaning given to such term in Section 3.11(a). 

“Specified Primary FAA Slot” shall have the meaning given such term in the Security Agreement. 

“Stated Maturity Date” shall mean April 29, 2023. 

“Statutory Reserve Rate” shall mean a fraction (expressed as a decimal), the numerator of which is the number one
(1) and the denominator of which is the number one (1) minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which
the Administrative Agent is subject with respect to the LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed
pursuant to such Regulation D. Eurodollar Term Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from
time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subsidiary” shall mean, with respect to any Person (in this definition referred to as the “parent”), any
corporation, association or other business entity (whether now existing or hereafter organized) of which at least a majority of the securities or other ownership or membership interests having ordinary voting power for the election of directors (or
equivalent governing body) is, at the time as of which any determination is being made, owned or controlled by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 

  
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 “Successor Company” shall have the meaning given to such term in
Section 6.02(a)(ii). 
 “Supporting Route Facilities” shall mean Gate Interests, ticket counters and other facilities
assigned, allocated, leased, or made available to the Borrower at airports used in the operation of scheduled service over a Route. 

“Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed
by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Term Loan”
shall have the meaning given to such term in Section 2.01(a); provided, for the avoidance of doubt, that for all purposes of this Agreement and the other Loan Documents, the term “Term Loans” shall include any Term Loan made
pursuant to an Incremental Commitment. 
 “Term Loan Commitment” shall mean the commitment of each Lender to make Term
Loans on the Closing Date hereunder in an aggregate principal amount not to exceed the amount set forth under the heading “Term Loan Commitment” opposite its name in Schedule 2.01 hereto. The aggregate amount of the Term Loan Commitments
as of the Closing Date is $1,500,000,000. 
 “Term Loan Facility” shall mean the Term Loan Commitments and the Term Loans.

 “Term Loan Maturity Date” shall mean, with respect to (a) Term Loans made hereunder, the Stated Maturity Date and
(b) with respect to any Refinancing Term Facility, the final maturity date therefor as specified in the applicable Refinancing Amendment. 

“Term SOFR” means the forward looking term rate based on SOFR that has been selected or recommended by the Relevant
Governmental Body. 
 “Termination Date” shall mean the earlier to occur of (a) the Term Loan Maturity Date and
(b) the acceleration of the Term Loans in accordance with the terms hereof. 
 “Termination Event” shall mean
(a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the thirty (30) day notice period is waived) as in effect on the
Closing Date (no matter how such notice requirement may be changed in the future), (b) an event described in Section 4068 of ERISA, (c) the withdrawal of the Borrower or any ERISA Affiliate from a Multiple Employer Plan during a plan year
in which it was a “substantial employer,” as such term is defined in Section 4001(a)(2) of ERISA, (d) the incurrence of liability by the Borrower or any ERISA Affiliate under Section 4064 of ERISA upon the termination of a
Multiple Employer Plan, (e) the imposition of Withdrawal Liability or receipt of notice from a Multiemployer Plan that such liability may be imposed, (f) a determination that a Multiemployer Plan is, or is expected to be, insolvent within
the meaning of Title IV of ERISA, (g) providing notice of intent to terminate a Plan pursuant to Section 4041(c) of ERISA or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, if such amendment
requires the provision of security, (h) the institution of proceedings to terminate a Plan by the PBGC under Section 4042 of ERISA, (i) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Sections
412 or 430 of the Code or Sections 302 or 303 of ERISA) applicable to such Plan, whether or not waived, (j) any failure by any Plan to satisfy the special funding rules for plans maintained by commercial airlines contained in

  
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Section 402 of the Pension Protection Act of 2006, (k) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan, or (l) any other event or condition which would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Plan, or the imposition of any liability under Title IV of ERISA (other than for the payment of premiums to the PBGC in the ordinary course). 

“Title 14” means Title 14 of the U.S. Code of Federal Regulations, including Part 93, Subparts K and S thereof, as amended
from time to time or any successor or recodified regulation. 
 “Title 49” shall mean Title 49 of the United States Code,
which, among other things, recodified and replaced the U.S. Federal Aviation Act of 1958, and the rules and regulations promulgated pursuant thereto or any subsequent legislation that amends, supplements or supersedes such provisions. 

“Transactions” shall mean the execution, delivery and performance by the Borrower of this Agreement and the other Loan
Documents, the creation of the Liens over the Collateral in favor of the Collateral Trustee for the benefit of the Secured Parties and the borrowing of the Term Loans. 

“Type”, when used in reference to any Term Loan or Borrowing, refers to whether the rate of interest on such Term Loan, or on
the Term Loans comprising such Borrowing, is determined by reference to the LIBO Rate or the Alternate Base Rate. 
 “UCC”
shall mean the Uniform Commercial Code as in effect in the State of New York from time to time. 
 “UK Collateral” mean the
“Collateral” as defined in the UK Debenture. 
 “UK Collateral Qualifications” means, with respect to the UK
Collateral and the UK Debenture, the legal qualifications and reservations (however described) set out in the Milbank UK Opinion. 

“UK Debenture” shall have meaning set forth in Section 4.01(c). 

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form 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 Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

“United States Citizen” shall have the meaning given to such term in Section 3.02. 

“Unrestricted Cash” means cash and Cash Equivalents of the Borrower that (i) may be classified, in accordance with GAAP,
as “unrestricted” on the consolidated balance sheets of the Borrower or (ii) may be classified, in accordance with GAAP, as “restricted” on the consolidated balance sheets of the Borrower solely in favor of the Collateral
Trustee and the Secured Parties (as defined in the Collateral Trust Agreement). 

  
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 “U.S. Collateral” means the “Collateral” as defined in the
Security Agreement. 
 “U.S. Tax Compliance Certificate” shall have the meaning given to such term in
Section 2.16(g)(1)(ii)(3). 
 “Voting Stock” of any specified person as of any date means the capital stock of such
person that is at the time entitled to vote generally in the election of the board of directors of such person. 
 “Weighted Average
Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking
fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse
between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness. 

“Withdrawal Liability” shall have the meaning given to such term under Part I of Subtitle E of Title IV of
ERISA and shall include liability that results from either a complete or partial withdrawal. 
 “Withholding Agent” shall
mean the Borrower and the Administrative Agent. 
 “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 write-down and
conversion 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 that 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 powers. 

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”. 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, restated, supplemented, extended, amended and restated 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 permitted 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, rule or regulation herein shall, unless otherwise specified, refer to such law, rule or regulation
as amended, modified or supplemented from time to time, (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 and (g) “knowledge” or “aware” or words of similar import shall mean, when used in reference to the Borrower, the actual knowledge of any Responsible Officer. 

  
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 SECTION 1.03. Accounting Terms; GAAP. Except as otherwise expressly provided
herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent 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 or such provision amended in accordance herewith. Upon any such request for an amendment, the Borrower, the Required Lenders and the
Administrative Agent agree to consider in good faith any such amendment in order to amend the provisions of this Agreement so as to reflect equitably such accounting changes so that the criteria for evaluating the Borrower’s financial condition
shall be the same after such accounting changes as if such accounting changes had not occurred. 
 SECTION 1.04. Interest 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, or replacement rate therefor, provided that the foregoing shall not apply to any liability arising out of the bad faith, willful misconduct or negligence of the Administrative Agent. 

SECTION 1.05. Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a
guarantee or otherwise, for Designated Hedging Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and
agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact
be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 
 (a) In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit
Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as
the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the
United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or
any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan
Documents were governed by the laws of the United States or a state of the United States. 

  
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 (b) As used in this Section 1.05, the following terms have the following meanings: 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Covered Entity” means any of the following: (i) a “covered
entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in
accordance with, 12 U.S.C. 5390(c)(8)(D). 
 SECTION 2. 

AMOUNT AND TERMS OF CREDIT 

SECTION 2.01. Term Loans. 

(a) Term Loan Commitments. Each Lender severally, and not jointly with the other Lenders, agrees, upon the terms
and subject to the conditions herein set forth, to make a term loan denominated in Dollars (each, a “Term Loan” and collectively, the “Term Loans”) to the Borrower on the Closing Date in an aggregate
principal amount not to exceed the Term Loan Commitment of such Lender, which Term Loans shall be repaid in accordance with the provisions of this Agreement. Any amount borrowed under this Section 2.01(a) and subsequently repaid or prepaid may
not be reborrowed. Each Lender’s Term Loan Commitment shall terminate immediately and without further action on the Closing Date after giving effect to the funding by such Lender of the Term Loans to be made by it on such date. 

(b) Type of Borrowing. Each Borrowing shall be comprised entirely of ABR Term Loans or Eurodollar Term Loans as the
Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Term Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Term Loan; provided that any exercise of such option
shall not affect the obligation of the Borrower to repay such Term Loan in accordance with the terms of this Agreement. 

(c) Amount of Borrowing. At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall
be in an aggregate amount that is in an integral multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less
than $1,000,000. Borrowings of more than one (1) Type may be outstanding at the same time. 
 (d) Limitation on
Interest Period. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing of a Term Loan if the Interest Period requested with respect thereto would
end after the applicable Term Loan Maturity Date. 

  
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 SECTION 2.02. [Reserved]. 

SECTION 2.03. Requests for Borrowings. To request Term Loans on the Closing Date, the Borrower shall notify the Administrative
Agent of such request by irrevocable written notice (i) in the case of a Eurodollar Borrowing, not later than 12:00 p.m., New York City time, two (2) Business Days prior to the Closing Date and (ii) in the case of an ABR
Borrowing, not later than 5:00 p.m., New York City time, one (1) Business Day prior to the Closing Date. Each such written Borrowing Request shall specify the following information in compliance with Section 2.01(a): (i) the aggregate
amount of the requested Borrowing (which shall comply with Section 2.01(c)); (ii) the date of such Borrowing, which shall be a Business Day; (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and (iv) in
the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”. 

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with
respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the
Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Term Loan to be made as part of the requested Borrowing. 

SECTION 2.04. Funding of Borrowings. (a) Each Lender shall make each applicable Term Loan to be made by it hereunder on the
Closing Date by wire transfer of immediately available funds by 12:00 noon, New York City time, or such earlier time as may be reasonably practicable, to the account of the Administrative Agent most recently designated by it for such purpose by
notice to the Lenders. Upon satisfaction or waiver of the applicable conditions precedent specified herein, the Administrative Agent will make the applicable Term Loans available to the Borrower by promptly crediting the amounts so received, in like
funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request. 
 (b) Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section 2.04 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a
Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith upon written demand such corresponding
amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate otherwise applicable to such Borrowing. If such Lender pays such
amount to the Administrative Agent, then such amount shall constitute such Lender’s Term Loan included in such Borrowing. 

SECTION 2.05. Interest Elections. (a) The Borrower may elect from time to time to (i) convert ABR Term Loans to
Eurodollar Term Loans, (ii) convert Eurodollar Term Loans to ABR Term Loans, provided that any such conversion of Eurodollar Term Loans may only be made on the last day of an Interest Period with respect thereto or (iii) continue any
Eurodollar Term Loan as such upon the expiration of the then current Interest Period with respect thereto. 

  
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 (b) To make an Interest Election Request pursuant to this Section 2.05,
the Borrower shall notify the Administrative Agent of such election in writing (i) in the case of a conversion of ABR Term Loans to Eurodollar Term Loans under Section 2.05(a)(i), not later than 12:00 p.m., New York City time, three
(3) Business Days (or, with respect to the initial Borrowing of Term Loans, two (2) Business Days) prior to the date of the requested conversion, (ii) in the case of a continuation of Eurodollar Term Loans under
Section 2.05(a)(iii), not later than 12:00 p.m., New York City time, three (3) Business Days prior to the expiration of the then current Interest Period with respect thereto and (iii) in the case of a conversion of Eurodollar Term
Loans to ABR Term Loans under Section 2.05(a)(ii), not later than 10:00 a.m., New York City time, on the expiration date of the then current Interest Period with respect thereto. 

(c) Each written Interest Election Request shall specify the following information in compliance with Section 2.01: 

(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to
different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

(iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to
such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request
requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the
details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a
timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be
converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing, and upon the request of the Required Lenders, (i) no outstanding Borrowing may be converted to or continued as
a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 

SECTION 2.06. Limitation on Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings,
conversions and continuations of Eurodollar Term Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the
Eurodollar Term Loans comprising each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than six (6) Eurodollar Tranches shall be outstanding at any one time. 

  
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 SECTION 2.07. Interest on Term Loans. 

(a) Subject to the provisions of Section 2.08, each ABR Term Loan shall bear interest (computed on the basis of the actual
number of days elapsed over a year of three hundred sixty (360) days or, when the Alternate Base Rate is based on the Prime Rate, a year with three hundred sixty-five (365) days or three hundred
sixty-six (366) days in a leap year) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin. 

(b) Subject to the provisions of Section 2.08, each Eurodollar Term Loan shall bear interest (computed on the basis of the
actual number of days elapsed over a year of three hundred sixty (360) days) at a rate per annum equal, during each Interest Period applicable thereto, to the LIBO Rate for such Interest Period in effect for such Borrowing plus the Applicable
Margin. 
 (c) Accrued interest on all Term Loans shall be payable in arrears on each Interest Payment Date applicable
thereto, on the Termination Date with respect to such Term Loans and thereafter on written demand and (with respect to Eurodollar Term Loans) upon any repayment or prepayment thereof (on the amount repaid or prepaid); provided that in the
event of any conversion of any Eurodollar Term Loan to an ABR Term Loan, accrued interest on such Term Loan shall be payable on the effective date of such conversion. 

SECTION 2.08. Default Interest. If the Borrower shall default in the payment of the principal of or interest on any Term Loan or
in the payment of any fee becoming due hereunder, whether at stated maturity, by acceleration or otherwise, the Borrower shall on written demand of the Administrative Agent (which written demand shall be given at the request of the Required Lenders)
from time to time pay interest, to the extent permitted by law, on all overdue amounts up to (but not including) the date of actual payment (after as well as before judgment) at a rate per annum (computed on the basis of the actual number of days
elapsed over a year of three hundred sixty (360) days or, when the Alternate Base Rate is applicable and is based on the Prime Rate, a year of three hundred sixty-five (365) days or three hundred
sixty-six (366) days in a leap year) equal to (a) with respect to the principal amount of any Term Loan, the rate then applicable for such Borrowings plus 2.0%, and (b) with respect to
interest and fees, the rate applicable for ABR Term Loans plus 2.0%. 
 SECTION 2.09. Effect of Benchmark Transition
Event. 
 (a) Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a
Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace LIBO Rate with a Benchmark Replacement. Any such amendment
with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has
not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders; provided that, with respect to any proposed amendment containing any SOFR-Based Rate, the Lenders shall be entitled to object
only to the Benchmark Replacement Adjustment contained therein. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have
delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of LIBO Rate with a Benchmark Replacement pursuant to this Section 2.09 will occur prior to the applicable Benchmark
Transition Start Date. 

  
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 (b) In connection with the implementation of a Benchmark Replacement, the
Administrative Agent, with the written consent of the Borrower, 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. 

(c) The Administrative Agent will 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 and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement,
(iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or
Required Lenders, as applicable, in each case with consent of the Borrower, pursuant to this Section 2.09, 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, 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 hereto, except, in each case, as expressly required pursuant to this Section 2.09. 

(d) Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may
revoke any request for a Eurodollar Borrowing of, conversion to or continuation of Eurodollar Term Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted
any such request into a request for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period, the component of ABR based upon LIBO Rate will not be used in any determination of ABR. 

SECTION 2.10. Repayment of Term Loans; Evidence of Debt. 

(a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the ratable account of each Lender the
then unpaid principal amount of each Term Loan then outstanding on the Termination Date. The principal amounts of the initial Term Loans funded on the Closing Date shall be repaid in consecutive quarterly installments (each, an
“Installment”) of 0.25% of the original aggregate principal amount thereof, on the last Business Day of each March, June, September and December prior to the Stated Maturity Date, commencing on the last Business Day of September,
2020. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrower to such Lender resulting from each Term Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Term Loan made
hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum
received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. The Borrower shall have the right, upon reasonable notice, to request information regarding the accounts referred to in the preceding
sentence. 

  
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 (d) The entries made in the accounts maintained pursuant to paragraph
(b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any
error therein shall not in any manner affect the obligation of the Borrower to repay the Term Loans in accordance with the terms of this Agreement. In the event of any conflict between the records maintained by any Lender and the records maintained
by the Administrative Agent in such matters, the records of the Administrative Agent shall control in the absence of manifest error. 

(e) Any Lender may request that Term Loans made by it be evidenced by a promissory note. In such event, the Borrower shall
promptly execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) in a form furnished by the Administrative Agent and reasonably acceptable to the
Borrower. Thereafter, the Term Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.02) be represented by one or more promissory notes in such form payable to the
order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

SECTION 2.11. [Reserved]. 

SECTION 2.12. Mandatory Prepayment of Term Loans. 

(a) Within 365 days after the receipt of any Net Proceeds from a Disposition of Collateral pursuant to Section 6.05(a),
the Borrower may apply such Net Proceeds: 
 (i) to purchase or replace other Qualified Replacement Assets; 

(ii) to repay Priority Lien Debt; or 

(iii) to make a capital expenditure with respect to assets that constitute Collateral; 

provided that the Borrower will be deemed to have complied with the provision described in clauses (i) and (iii) of
this paragraph if and to the extent that, within 365 days after the sale or other Disposition that generated the Net Proceeds, the Borrower has entered into and not abandoned or rejected a binding agreement to acquire the assets that would
constitute Collateral or make a capital expenditure in compliance with the provision described in clauses (i) and (iii) of this paragraph, and that acquisition, purchase or capital expenditure is thereafter completed within 90 days after the
end of such 365-day period. 
 (b) Any Net Proceeds from the such Disposition that
are not applied or invested as provided in Section 2.12(a), together with any Net Proceeds that are earlier designated as “Excess Proceeds” by the Borrower, will constitute “Excess Proceeds.” Within five days of the date on
which the aggregate amount of Excess Proceeds exceeds $100,000,000 (or earlier if the Borrower so elects), the Borrower shall prepay the Term Loans and will make 

  
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an offer to purchase and/or repay, prepay or redeem, as applicable, to holders of notes and all holders of other Priority Lien Debt containing provisions similar to those set forth in the Credit
Agreement and the Indenture with respect to offers to purchase or prepay any other Priority Lien Debt requiring repayment or prepayment (collectively, whether through an offer or a required prepayment, a “Collateral Disposition Offer”);
provided that the percentage of such Excess Proceeds applied to prepay the Lenders in such Collateral Disposition Offer shall equal the percentage of the aggregate principal amount of all Priority Lien Debt represented at such time by the Term
Loans. The prepayment amount in such Collateral Disposition Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest to the date of purchase, prepayment or redemption, subject to the rights of holders of notes on the
relevant record date to receive interest due on the relevant interest payment date, and will be payable in cash. If any Excess Proceeds remain after consummation of an Collateral Disposition Offer, the Borrower may use such Excess Proceeds for any
purpose not otherwise prohibited by the Credit Agreement. Upon completion of each Collateral Disposition Offer, the amount of Excess Proceeds will be reset at zero. 

(c) Within 30 days following the date upon which a Change of Control Triggering Event has occurred, the Borrower shall prepay
the Term Loans in full. 
 (d) All prepayments under this Section 2.12(a) and (b) shall be accompanied by the
Applicable Premium (to the extent such prepayments occur during the first year following the Closing Date) and all prepayments under this Section 2.12 shall be accompanied by accrued but unpaid interest on the principal amount being prepaid to
(but not including) the date of prepayment, plus Fees and any losses, costs and expenses, as more fully described in Sections 2.15 and 2.19 hereof. 

SECTION 2.13. Optional Prepayment of Term Loans. 

(a) The Borrower shall have the right, at any time and from time to time, to prepay any Term Loans, in whole or in part,
(i) with respect to Eurodollar Term Loans, upon written or facsimile notice in the form of Exhibit D received by 1:00 p.m., New York City time, three (3) Business Days prior to the proposed date of prepayment and (ii) with
respect to ABR Term Loans, upon written or facsimile notice in the form of Exhibit D received by 1:00 p.m., New York City time, one (1) Business Day prior to the proposed date of prepayment; provided that ABR Term Loans may be
prepaid on the same day notice is given if such notice is received by the Administrative Agent by 12:00 noon, New York City time; provided further, however, that (A) each such partial prepayment shall be in an amount not less than
$5,000,000 and in integral multiples of $1,000,000, (B) no prepayment of Eurodollar Term Loans shall be permitted pursuant to Section 2.13(a) other than on the last day of an Interest Period applicable thereto unless such prepayment is
accompanied by the payment of the amounts described in Section 2.15, and (C) no partial prepayment of a Borrowing of Eurodollar Term Loans shall result in the aggregate principal amount of the Eurodollar Term Loans remaining outstanding
pursuant to such Borrowing being less than $5,000,000. 
 (b) Notwithstanding anything herein to the contrary, prior to the
first anniversary of the Closing Date, in the event of any optional prepayments of the Term Loans incurred on the Closing Date made pursuant to Section 2.13(a), the Borrower shall pay to the applicable Lenders with respect to such Term Loans
the Applicable Premium with respect to the Term Loans so prepaid. 

  
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 (c) All prepayments under Section 2.13(a) shall be accompanied by
accrued but unpaid interest on the principal amount being prepaid to (but not including) the date of prepayment, plus any Fees and any losses, costs and expenses, as more fully described in Sections 2.15 and 2.19 hereof. 

(d) Each notice of prepayment shall specify the prepayment date, the principal amount of the Term Loans to be prepaid and, in
the case of Eurodollar Term Loans, the Borrowing or Borrowings pursuant to which made, shall be irrevocable and shall commit the Borrower to prepay such Term Loan by the amount and on the date stated therein; provided that the Borrower may
revoke any notice of prepayment under this Section 2.13 if such prepayment would have resulted from a refinancing of any or all of the Obligations hereunder, which refinancing shall not be consummated or shall otherwise be delayed. The
Administrative Agent shall, promptly after receiving notice from the Borrower hereunder, notify each Lender of the principal amount of the Term Loans held by such Lender which are to be prepaid, the prepayment date and the manner of application of
the prepayment. 
 SECTION 2.14. Increased Costs. (a) If any Change in Law shall: 

(i) subject any Lender to any Taxes (other than (A) Indemnified Taxes or (B) Excluded Taxes) on its loans, loan
principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(ii) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or
for the account of, or credit extended by, any Lender (except any such reserve requirement subject to Section 2.14(c)); or 

(iii) impose on any Lender or the London interbank market any other condition (other than Taxes) affecting this Agreement or
Eurodollar Term Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of converting any ABR Term
Loan to a Eurodollar Term Loan or making, maintaining or continuing any Eurodollar Term Loan (or of maintaining its obligation to make any such Term Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of
principal, interest or otherwise), then the Borrower will pay to such Lender, such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b) If any Lender reasonably determines in good faith that any Change in Law regarding capital or liquidity requirements has or
would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Term Loans made by such Lender to a level below that which
such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy or
liquidity), then from time to time the Borrower will pay to such Lender such additional amount or amounts, in each case as documented by such Lender to the Borrower as will compensate such Lender or such Lender’s holding company for any such
reduction suffered; it being understood that to the extent duplicative of the provisions in Section 2.16, this Section 2.14(b) shall not apply to Taxes. 

  
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 (c) The Borrower shall pay to each Lender (i) as long as such Lender
shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar funds or deposits, additional interest on the unpaid principal amount of each Eurodollar Term Loan equal to the actual costs of such
reserves allocated to such Term Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive in the absence of manifest error) and (ii) as long as such Lender shall be required to comply with any
reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the funding of the Eurodollar Term Loans, such additional costs (expressed as a percentage per annum and rounded
upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Term Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error) which in each
case shall be due and payable on each date on which interest is payable on such Term Loan, provided the Borrower shall have received at least fifteen (15) days’ prior notice (with a copy to the Administrative Agent, and which notice shall
specify the Statutory Reserve Rate, if any, applicable to such Lender) of such additional interest or cost from such Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional
interest or cost shall be due and payable fifteen (15) days from receipt of such notice. 
 (d) 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), (b) or (c) of this Section 2.14 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 within fifteen (15) days after receipt thereof. 

(e) Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.14 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 2.14 for any increased costs or reductions incurred more than one hundred
eighty (180) days 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; provided further
that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the one hundred eighty (180) day period referred to above shall be extended to include the period of retroactive effect thereof. The protection of
this Section 2.14 shall be available to each Lender regardless of any possible contention as to the invalidity or inapplicability of the law, rule, regulation, guideline or other change or condition which shall have occurred or been imposed.

 (f) Any determination by a Lender of amounts owed pursuant to this Section 2.14 to such Lender due to any Change in
Law, pursuant to the proviso in the definition thereof shall be made in good faith in a manner generally consistent with such Lender’s standard practice. 

SECTION 2.15. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Term Loan other than
on the last day of an Interest Period applicable thereto (including as a result of the occurrence and continuance of an Event of Default), (b) the failure to borrow, convert, continue or prepay any Eurodollar Term Loan on the date specified in any
notice delivered pursuant hereto, or (c) the assignment of any Eurodollar Term Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.18 or
Section 10.08(d), then, in any such event, at the request of such Lender, the Borrower shall compensate 

  
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such 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 reasonably determined in good faith by such
Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Term Loan had such event not occurred, at the applicable rate of interest for such Term Loan (excluding, however the
Applicable Margin included therein, if any), 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, convert or continue, for the period that would have been
the Interest Period for such Term Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which 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 eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.15 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 within fifteen (15) days after receipt thereof. 

SECTION 2.16. Taxes. (a) Any and all payments by or on account of any Obligation of the Borrower hereunder or under any other
Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if any Indemnified Tax or Other Taxes are required to be withheld from any amounts payable to a Recipient, as
determined in good faith by the applicable Withholding Agent, then (i) the sum payable by the Borrower shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable
under this Section 2.16), such Recipient receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable Withholding Agent shall make such deductions and (iii) the applicable
Withholding Agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) In addition (and without duplication of any payments with respect to Other Taxes pursuant to Section 2.16(a)), the
Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) The
Borrower shall indemnify each Recipient within thirty (30) days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by or on behalf of such Recipient on or with respect to any payment by or on account
of any obligation of the Borrower hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.16) and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. After a Recipient learns of the imposition of
Indemnified Taxes or Other Taxes, such party will act in good faith to notify the Borrower promptly of its obligations thereunder. 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), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority
pursuant to this Section 2.16, 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 to the extent available, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

  
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 (e) Each Lender shall severally indemnify the Administrative Agent, within
ten (10) days after demand therefor, for (i) any Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Taxes and without limiting the obligation of the
Borrower to do so) and (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.02(d) relating to the maintenance of a Participant Register, in either 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 Lender by the Administrative Agent shall be conclusive absent manifest error. Each 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 the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e). 

(f) Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments under this
Agreement or any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or as reasonably requested by the Borrower, such properly completed and executed
documentation prescribed by applicable law or requested by the Borrower as will (i) enable the Borrower to determine whether such Lender is subject to backup withholding or information reporting requirements, and (ii) permit such payments
to be made without withholding or at a reduced rate; provided that a Foreign Lender shall not be required to deliver any documentation pursuant to this Section 2.16(f) that such Foreign Lender is not legally able to deliver. 

(g) (1) Without limiting the generality of Section 2.16(f), 

(i) any Lender that is a U.S. Person (as such term is defined in Section 7701(a)(30) of the Code) shall deliver to the Administrative
Agent (and the Borrower at its request) on or prior to the date on which such Lender becomes a party under this Agreement (and from time to time thereafter when the previously delivered certificates and/or forms expire, or upon the reasonable
request of the Borrower or the Administrative Agent), executed copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding
tax; 
 (ii) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Administrative Agent (in such number of
copies as shall be requested by the recipient) (and the Borrower at its request) on or prior to the date on which such Foreign Lender becomes a party under this Agreement (and from time to time thereafter when the previously delivered certificates
and/or forms expire, or 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, executed copies of
Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable; 

(2) executed copies of Internal Revenue Service Form W-8ECI; 

  
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 (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 C-1 to the effect that (i) such Foreign Lender is not (A) a “bank” within the
meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, and (C) a “controlled foreign corporation” described in section
881(c)(3)(C) of the Code, and (ii) the interest payments in question are not effectively connected with the United States trade or business conducted by such Lender (a “U.S. Tax Compliance Certificate”) and (y) duly
completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable; 

(4) to the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or participating bank
granting a typical participation), an Internal Revenue Service Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or C-3 (as
applicable), Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that, if the Foreign Lender is a partnership (and not a participating bank) and one or more
beneficial owners 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 C-4 on behalf of
each such beneficial owner; or 
 (5) 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 to determine the withholding or deduction required to be made. 

If the Administrative Agent is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
Document, the Administrative Agent shall deliver to the Borrower, on or prior to the date on which it becomes the Administrative Agent (and from time to time thereafter when the previously delivered forms expire, or upon the reasonable request of
the Borrower), such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. 

The Administrative Agent and 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. 

(2) If a payment made to a Lender under this Agreement or 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 or the Administrative Agent to comply with its obligations under FATCA, to determine that such Lender
has or has not complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (2), “FATCA” shall include any amendments made to FATCA after
the date of this Agreement. 

  
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 (h) If the Administrative Agent or a Lender 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 by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.16, it shall pay
over an amount equal to such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.16 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender incurred in obtaining such refund (including Taxes imposed with respect to such refund) and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the Administrative Agent or any Lender be required to pay any amount to the Borrower pursuant to this paragraph (h) if, and then only to the extent, the
payment of such amount would place the Administrative Agent or Lender in a less favorable net after-Tax position than the Administrative Agent or Lender would have been in if the indemnification payments or
additional amounts giving rise to such refund had never been paid. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems
confidential) to the Borrower or any other Person. 
 SECTION 2.17. Payments Generally; Pro Rata Treatment. 

(a) The Borrower shall make each payment or prepayment required to be made by it hereunder (whether of principal, interest, or
fees or of amounts payable under Section 2.14 or 2.15, or otherwise) prior to 1:00 p.m., New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any
amounts received after such time on any date may, in the reasonable discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be
made to the Administrative Agent at its offices at Barclays Bank PLC, 745 7th Avenue, New York, NY 10019, Telephone No.: (214) 209-0529; Attention: Manish Suresh, pursuant to wire instructions to be provided
by the Administrative Agent, except that payments pursuant to Sections 2.14, 2.15 and 10.04 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any
other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of
any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in the applicable currency. 

(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all Obligations
then due hereunder, such funds shall be applied (i) first, towards payment of Fees and expenses then due under Sections 2.19 and 10.04 payable to the Administrative Agent and the Collateral Trustee, in their respective capacities as
such, (ii) second, towards payment of Fees and expenses then due under Sections 2.19 and 10.04 payable to the Arrangers and the Lenders and towards payment of interest then due on account of the Term Loans, ratably among the parties
entitled thereto in accordance with the amounts of such Fees and expenses and interest then due to such parties and (iii) third, towards payment of (A) principal of the Term Loans then due hereunder, (B) any

  
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Designated Banking Product Obligations then due, to the extent such Designated Banking Product Obligations constitute “Obligations” hereunder, and (C) any Designated Hedging
Obligations then due, to the extent such Designated Hedging Obligations constitute Obligations hereunder (pro rata among the holders of all such Indebtedness), ratably among the parties entitled thereto in accordance with the amounts
of principal, Designated Banking Product Obligations and Designated Hedging Obligations then due to such parties. 
 (c)
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, 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 NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(d) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(a), 8.04 or 10.04(c),
then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under
such Sections until all such unsatisfied obligations are fully paid. 
 (e) Pro Rata Treatment. (i) Each payment by the
Borrower of interest in respect of the Term Loans shall be applied to the amounts of such obligations owing to the Lenders pro rata according to the respective amounts then due and owing to the Lenders. 

(ii) Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Term Loans shall
be made pro rata according to the respective outstanding principal amounts of the Term Loans then held by the Lenders (except that any prepayment of Term Loans with the proceeds of Refinancing Debt shall be applied solely to each applicable tranche
of the Indebtedness being refinanced). Amounts prepaid on account of the Term Loans may not be reborrowed. 
 SECTION 2.18.
Mitigation Obligations; Replacement of Lenders. (a) If the Borrower is required to pay any additional amount or indemnification payment to any Lender under Section 2.14 or to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Term Loans hereunder, to assign its rights and obligations hereunder to another of its
offices, branches or affiliates or to file any certificate or document reasonably requested by the Borrower, if, in the judgment of such Lender, such designation, assignment or filing (i) would eliminate or reduce amounts payable pursuant to
Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense (other than immaterial costs and expenses) and would not otherwise be materially 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. 

  
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 (b) If, after the date hereof, any Lender requests compensation under
Section 2.14 or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, or becomes a Defaulting 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 Section 10.02), all its interests, rights
(other than its existing rights to payment pursuant to Section 2.14 or Section 2.16) and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); provided that (i) such Lender shall have received payment of an amount equal to the outstanding principal of its Term Loans, accrued interest thereon, accrued fees and all other amounts due, owing and payable to it hereunder
at such time, 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) and (ii) in the case of payments required to be made pursuant to Section 2.16,
such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and 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. 
 (c) Each party hereto agrees that
(a) an assignment required pursuant to this Section 2.18 may be effected pursuant to an Assignment and Acceptance executed by the Borrower, the Administrative Agent and the assignee and (b) the Lender required to make such assignment
need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such
assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender; provided, further that any such documents shall be without recourse to or warranty by the
parties thereto. 
 SECTION 2.19. Certain Fees. 

(a) The Borrower shall pay (i) to the Administrative Agent the fee set forth in that certain Administrative Agent Fee
Letter dated as of the Closing Date between the Administrative Agent and the Borrower and (ii) to the Collateral Trustee the fees set forth in that certain Collateral Trustee Fee Letter dated as of the Closing Date between the Collateral
Trustee and the Borrower, in each case at the times set forth therein in immediately available funds. 
 (b) All Fees shall
be paid on the dates due, in immediately available funds, to the Administrative Agent as provided herein and in the Administrative Agent Fee Letter. Once paid, none of the Fees shall be refundable under any circumstances. 

SECTION 2.20. Right of Set-Off. Upon the occurrence and during the continuance of any
Event of Default pursuant to Section 7.01(b), the Administrative Agent and each Lender (and their respective banking Affiliates) is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and
apply any and all deposits (general or special, time or demand, provisional or final but excluding deposits in the Escrow Accounts, Payroll Accounts and other accounts, in each case, held in trust for an identified beneficiary) at any time held and
other indebtedness at any time owing by the Administrative Agent and each such Lender (or any of such banking Affiliates) to or for the credit or the account of the Borrower against any and all of any such overdue amounts owing to such Lender (or
any of such banking Affiliates) or the Administrative Agent under the Loan Documents, irrespective of whether or not the Administrative Agent or such Lender shall have made any demand under any Loan Document; provided that each Lender agrees
promptly to notify the Administrative Agent 

  
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after any such set off and application made by such Lender; provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each
Lender and the Administrative Agent under this Section 2.20 are in addition to other rights and remedies which such Lender and the Administrative Agent may have upon the occurrence and during the continuance of any Event of Default. 

SECTION 2.21. Payment of Obligations. Subject to the provisions of Section 7.01, upon the maturity (whether by acceleration
or otherwise) of any of the Obligations under this Agreement or any of the other Loan Documents of the Borrower, the Lenders shall be entitled to immediate payment of such Obligations. 

SECTION 2.22. [Reserved]. 

SECTION 2.23. Incremental Term Loans. 

(a) Borrower Request. The Borrower may, by written notice to the Administrative Agent from time to time, request
an increase to the existing Term Loan Facility (the commitments thereunder, the “Incremental Commitments” and the Term Loans thereunder, the “Incremental Term Loans”) in an amount not less than $50,000,000
individually from one or more Incremental Lenders (which may include any existing Lender) willing to provide such Incremental Commitments in their sole discretion; provided that each Incremental Lender (which is not an existing Lender) shall
be subject to the approval requirements of Section 10.02. Each such notice shall specify (i) the date (each, an “Increase Effective Date”) on which the Borrower proposes that the proposed Incremental Commitments shall be
effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Administrative Agent and (ii) the identity of each Eligible Assignee to whom the Borrower proposes any portion of
such Incremental Commitments be allocated and the amounts of such allocations (each provider of the Incremental Commitments referred to herein as an “Incremental Lender”); provided that any existing Lender approached to
provide all or a portion of the proposed Incremental Commitments may elect or decline, in its sole discretion, to provide such Incremental Commitment. 

(b) Conditions. Any Incremental Commitments shall become effective as of the applicable Increase Effective Date;
provided that: 
 (i) no Lender shall be required to participate in any such new incremental facility; 

(ii) all representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in
all material respects on and as of such Increase Effective Date (both before and after giving effect thereto and, in the case of each Borrowing of Term Loans pursuant to Incremental Commitments, the application of proceeds therefrom) with the same
effect as if made on and as of such date except to the extent such representations and warranties expressly relate to an earlier date and in such case, such representations and warranties shall be true and correct in all material respects as of such
date; provided that any representation or warranty that is qualified by materiality, “Material Adverse Change” or “Material Adverse Effect” shall be true and correct in all respects, as though made on and as of the
applicable date, before and after giving effect to such Borrowing of Term Loans; 

  
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 (iii) no Default or Event of Default shall have occurred and be continuing
or would result from the Borrowings to be made on such Increase Effective Date; provided, for the avoidance of doubt, that no Default or Event of Default in respect of Section 6.03 shall have occurred and be continuing nor result from
the making of such Borrowing on and as of the applicable Increase Effective Date, without giving effect to any Collateral Coverage Ratio Cure Period; and 

(iv) after giving pro forma effect to the Borrowings to be made on the Increase Effective Date, (A) the Collateral
Coverage Ratio shall not be less than 2.00 to 1.00 and (B) the aggregate outstanding amount of all Priority Lien Debt is no greater than $5,000,000,000. 

(c) Terms of Incremental Commitments. The terms and provisions of Term Loans made pursuant to the Incremental
Commitments shall be as follows: 
 (i) terms and provisions with respect to interest rates and amortization schedule of
Incremental Term Loans shall be as agreed upon between the Borrower and the Incremental Lenders; 
 (ii) the final maturity
date of any Incremental Term Loan shall be no earlier than the Term Loan Maturity Date of the existing Term Loans; 
 (iii)
the Weighted Average Life to Maturity of any Incremental Term Loans shall be no shorter than the shortest remaining average life to maturity of any of the existing Term Loans; 

(iv) the interest rate margins for the new Incremental Term Loans shall be determined by the Borrower and the Incremental
Lenders; provided, however, that the interest rate margins for such Incremental Term Loans shall be no greater than the highest interest rate margins that may, under any circumstances, be payable with respect to any existing Term Loans plus
50 basis points unless the interest rate margins of the applicable existing Term Loans are increased by an amount equal to (x) the excess of the interest rate margins of the Incremental Term Loans over the corresponding interest rate margins of
the respective existing Term Loans minus (y) 50 basis points; and 
 (v) to the extent that the terms and provisions of the
Incremental Loans are not identical to the existing Term Loans (except to the extent permitted by clauses (i), (ii), (iii) and (iv) above), such terms and conditions shall be satisfactory to the Administrative Agent, acting reasonably. 

(d) The Incremental Commitments shall be effected by a joinder agreement (the “Increase Joinder”) executed by
the Borrower, the Administrative Agent and each Incremental Lender making such Incremental Commitment, in form and substance reasonably satisfactory to each of them. The Increase Joinder may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 2.23. In addition, unless otherwise specifically provided herein,
all references in Loan Documents to Term Loans shall be deemed, unless the context otherwise requires, to include references to Term Loans made pursuant to Incremental Commitments made pursuant to this Agreement. 

  
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 (e) Equal and Ratable Benefit. The Term Loans and Incremental
Commitments established pursuant to this Section 2.23 shall constitute Term Loans and Incremental Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents and shall, without limiting
the foregoing, benefit equally and ratably from the security interests created by the applicable Collateral Documents. The Borrower shall take any actions reasonably required by the Administrative Agent to ensure that the Lien and security interests
granted by the Collateral Documents continue to be perfected after giving effect to the establishment of any such Incremental Commitments. 

SECTION 3. 

REPRESENTATIONS AND WARRANTIES 

In order to induce the Lenders to make Term Loans hereunder, the Borrower represents and warrants as follows: 

SECTION 3.01. Organization and Authority. (a) The Borrower and each of its Material Subsidiaries are duly organized, validly
existing and in good standing under the laws of the jurisdiction of their organization and are duly qualified and in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect, (b) the Borrower
has the requisite corporate or limited liability company power and authority to effect the Transactions, and (c) the Borrower and each of its Material Subsidiaries have all requisite power and authority and the legal right to own or lease and
operate their properties, pledge the Collateral and to conduct their business as now or currently proposed to be conducted. On the Closing Date, the Borrower has no Material Subsidiaries. 

SECTION 3.02. Air Carrier Status. The Borrower is an “air carrier” within the meaning of Section 40102 of Title 49
and holds a certificate under Section 41102 of Title 49. The Borrower holds an air carrier operating certificate issued pursuant to Chapter 447 of Title 49. 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 (a “United States Citizen”). 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 so
possess would not, in the aggregate, have a Material Adverse Effect. 
 SECTION 3.03. Due Execution. The execution, delivery and
performance by the Borrower of each of the Loan Documents to which it is a party (a) are within its corporate powers, have been duly authorized by all necessary corporate action, including the consent of shareholders where required, and do not
(i) contravene the charter or by-laws of the Borrower, (ii) violate any applicable law (including, without limitation, the Exchange Act) or regulation (including, without limitation, Regulations T, U
or X of the Board), or any order or decree of any court or Governmental Authority, other than violations by the Borrower which would not reasonably be expected to have a Material Adverse Effect or (iii) conflict with or result in a breach of,
constitute a default under, or create an adverse liability or rights under, any material indenture, mortgage or deed of trust or any material lease, agreement or other instrument binding on the Borrower or any of its properties, which, in the
aggregate, would reasonably be expected to have a Material Adverse Effect; and (b) do not require the consent, authorization by or approval of or notice to or filing or registration with any Governmental Authority or any other Person, subject
to, in the case of the UK Debenture, the UK Collateral Qualifications, and other than (i) approvals, consents and exemptions that have been obtained on or prior to the Closing Date and remain in full force and effect and (ii) consents,
approvals and exemptions that the failure to obtain in the aggregate would not be reasonably expected to result in a Material Adverse Effect. Each Loan Document has been 

  
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duly executed and delivered by the Borrower. This Agreement is, and each of the other Loan Documents to which the Borrower is or will be a party, when delivered hereunder or thereunder, will be,
a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to (A) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’
rights generally, (B) general principles of equity, regardless of whether considered in a proceeding in equity or at law and (C) in the case of the UK Debenture, the UK Collateral Qualifications. 

SECTION 3.04. Financial Statements; Material Adverse Change. 

(a) The Borrower has furnished to the Administrative Agent on behalf of the Lenders copies of the audited consolidated
financial statements of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2019, reported on by Ernst & Young LLP. Such financial statements present fairly, in all material respects, in accordance with GAAP, the
financial condition, results of operations and cash flows of the Borrower and its Subsidiaries on a consolidated basis as of the date thereof and for the period covered thereby (subject to normal year-end
audit adjustments and the absence of footnotes in the case of the unaudited financial statements). Documents required to be delivered pursuant to this Section 3.04(a) which are made available via EDGAR, or any successor system of the SEC, in
the Borrower’s Annual Report on Form 10-K, shall be deemed delivered to the Administrative Agent and the Lenders on the date such documents are made so available. 

(b) Except as disclosed in (i) the Borrower’s current report on Form 8-K,
dated March 10, 2020, (ii) the Borrower’s current report on Form 8-K, dated March 13, 2020, (iii) the Borrower’s current report on Form 8-K, dated
March 18, 2020, (iv) the Borrower’s current report on Form 8-K, dated March 20, 2020, (v) the Borrower’s current report on Form 8-K, dated
April 3, 2020, (vi) the Borrower’s current report on Form 8-K, dated April 15, 2020 and (vii) the Borrower’s quarterly report on Form 10-Q,
dated April 22, 2020, since December 31, 2019, there has been no Material Adverse Change. 
 SECTION 3.05. Use of
Proceeds. The proceeds of the Term Loans shall be used for working capital and other general corporate purposes of the Borrower and its Subsidiaries (including the repayment of Indebtedness and the payment of fees and transaction costs as
contemplated hereby and as referred to in Section 2.19), and no part of the proceeds of any Term Loan will be used for any purpose which would violate, or be inconsistent with, any of the margin regulations of the Board. 

SECTION 3.06. Litigation and Compliance with Laws. 

(a) There are no actions, suits, proceedings or investigations pending or, to the knowledge of the Borrower, threatened against
or affecting the Borrower or any of its properties (including any Collateral), before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (i) that are likely to have a Material
Adverse Effect or (ii) that purport to, or could reasonably be expected to, affect the legality, validity, binding effect or enforceability of the Loan Documents or, in any material respect, the rights and remedies of the Administrative Agent,
the Collateral Trustee or the Lenders thereunder or in connection with the Transactions. 

  
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 (b) Except with respect to any matters that, individually or in the
aggregate, would not reasonably be expected to result in a Material Adverse Effect, (i) the Borrower and each of its Material Subsidiaries are currently in compliance with all applicable statutes, regulations and orders of, and all applicable
restrictions imposed by, all Governmental Authorities in respect of the conduct of their business and ownership of their property (including compliance with all applicable Environmental Laws governing their business), and (ii) none of the
Borrower or its Subsidiaries has (x) become subject to any Environmental Liability, or (y) received written notice of any pending or, to the knowledge of the Borrower, threatened claim with respect to any Environmental Liability. 

SECTION 3.07. Investment Company Act. The Borrower is not, and is not required to be, registered as an “investment
company” under the 40 Act, as amended. 
 SECTION 3.08. ERISA. No Termination Event has occurred or is reasonably expected
to occur that would reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.09. [Reserved] . 

SECTION 3.10. Payment of Taxes. Each of the Borrower and its Material Subsidiaries has timely filed or caused to be filed all Tax
returns and reports required to have been filed and has paid or caused to be paid when due all Taxes required to have been paid by it, except and solely to the extent that, in each case (a) such Taxes are being contested in good faith by
appropriate proceedings and the Borrower or such Material Subsidiary, as applicable, has set aside on its books adequate reserves therefor in accordance with GAAP or (b) the failure to do so would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.11. Economic Sanctions. 

(a) Neither the Borrower nor any of its Subsidiaries nor, to the knowledge of the Borrower, any director, officer or employee
of the Borrower or such Subsidiary (each, a “Specified Person”) is an individual or entity currently the subject of any sanctions administered or enforced by the United States (including but not limited to OFAC or the U.S.
Department of State), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”), nor is the Borrower or any of its Subsidiaries located,
organized or resident in a country or territory that is the subject of Sanctions. 
 (b) No Specified Person will use any
proceeds of the Term Loans or lend, contribute or otherwise make available such proceeds to any Person for the purpose of funding, financing or facilitating the activities of or with any Person or in any country or territory that, at the time of
such financing, is the subject of Sanctions, except to the extent licensed by OFAC or otherwise authorized under U.S. law. 

(c) The Borrower, its Subsidiaries, and to the knowledge of the Borrower, the respective officers and directors of the Borrower
and such Subsidiary are in compliance in all material respects with applicable Sanctions and will maintain in effect and enforce policies and procedures reasonably designed to promote and achieve compliance with such laws. 

SECTION 3.12. Anti-Corruption Laws. The Borrower and its Subsidiaries and, to the knowledge of the Borrower, the directors,
officers, agents, and employees of the Borrower and its Subsidiaries are in compliance in all material respects with all applicable anti-corruption laws. The Borrower and its Subsidiaries will maintain in effect and enforce policies and procedures
reasonably designed to promote and achieve compliance with such laws and with the representation and warranty contained herein. 

  
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 SECTION 3.13. Perfected Security Interests; Priority Lien Obligations.
The Collateral Documents, taken as a whole, are effective to create in favor of the Collateral Trustee for the benefit of the Secured Parties, a legal, valid and enforceable security interest in all of the Collateral, subject as to enforceability to
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to (A) general principles of equity, regardless of whether considered in a proceeding in equity or at law
and (B) in the case of the UK Debenture, the UK Collateral Qualifications. At such time as financing statements in appropriate form are filed in the appropriate offices (and the appropriate fees are paid), subject in each case only to Liens
permitted by Section 6.01, such security interest (i) is continuing, valid and enforceable and (ii) is entitled to the benefits, rights and protections afforded under the Collateral Documents (subject to the qualification set forth in
the first sentence of this Section 3.13). 
 SECTION 3.14. Primary FAA Slot Utilization 

(a) As of the Closing Date, Schedule 3.14 identifies all of the Primary FAA Slots (other than Specified Primary FAA Slots) held
by the Borrower constituting Collateral, and the Appraised Value of all such Primary FAA Slots (if any) is reflected in the Initial Appraisal Report delivered to the Administrative Agent and the Lenders prior to the Closing Date. 

(b) Except for matters which would not reasonably be expected to have a Material Adverse Effect or a Collateral Material
Adverse Effect, the Borrower is utilizing, or causing to be utilized, its Primary FAA Slots (except Primary FAA Slots which are reasonably determined by the Borrower (in the case of Primary FAA Slots, on the basis of the most recent Appraisal
Report) to be of de minimis value) in a manner consistent in all material respects with applicable rules, regulations, laws and contracts in order to preserve both its right to hold and operate the Primary FAA Slots, taking into account any
waivers or other relief granted to the Borrower by the FAA, other applicable U.S. Governmental Authorities or U.S. Airport Authorities. The Borrower has not received any written notice from the FAA, other applicable U.S. Governmental Authorities or
U.S. Airport Authorities, and is not otherwise aware of any other event or circumstance, that would be reasonably likely to impair in any material respect its right to hold and operate any Primary FAA Slot, except for any such impairment that,
either individually or in the aggregate, would not reasonably be expected to have a Collateral Material Adverse Effect. 

SECTION 3.15. Primary Foreign Slot Utilization. 

(a) Except for matters which would not reasonably be expected to have a Material Adverse Effect or a Collateral Material
Adverse Effect, the Borrower is utilizing, or causing to be utilized, its Primary Foreign Slots (except Primary Foreign Slots which are reasonably determined by the Borrower to be of de minimis value) in a manner consistent in all material
respects with applicable rules, regulations, foreign laws and contracts in order to preserve both its right to hold and operate the Primary Foreign Slots, taking into account any waivers of other relief granted to the Borrower by Foreign Aviation
Authorities. The Borrower has not received any written notice from any applicable Foreign Aviation Authorities, and is not otherwise aware of any other event or circumstance, that would be reasonably likely to impair in any material respect its
right to hold and operate any such Primary Foreign Slot, except for any such impairment that, individually or in the aggregate, would not reasonably be expected to have a Collateral Material Adverse Effect. 

  
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 SECTION 3.16. Primary Routes. 

(a) As of the Closing Date, Schedule 3.16 identifies all of the Primary Routes held by the Borrower constituting Collateral,
and the Appraised Value of all such Primary Routes (if any) is reflected in the Initial Appraisal Report delivered to the Administrative Agent and the Lenders prior to the Closing Date. 

(b) The Borrower holds the requisite authority to operate each of its Primary Routes pursuant to Title 49, applicable foreign
law, and the applicable rules and regulations of the FAA, DOT and any applicable Foreign Aviation Authorities, and, except as would not reasonably be expected to have a Material Adverse Effect or a Collateral Material Adverse Effect, has, at all
times after being awarded each such Primary Route, complied in all material respects with all of the terms, conditions and limitations of each such certificate or order issued by the DOT and the applicable Foreign Aviation Authorities regarding such
Primary Route and with all applicable provisions of Title 49, applicable foreign law, and the applicable rules and regulations of the FAA, DOT and any Foreign Aviation Authorities regarding such Primary Route. There exists no failure of the Borrower
to comply with such terms, conditions or limitations that gives the FAA, DOT or any applicable Foreign Aviation Authorities the right to terminate, cancel, suspend, withdraw or modify in any materially adverse respect the rights of the Borrower in
any such Primary Route, except to the extent that such failure would not reasonably be expected to have a Collateral Material Adverse Effect. 

SECTION 4. 

CONDITIONS OF LENDING 

SECTION 4.01. Conditions Precedent to Effectiveness and Funding of the Term Loans. The effectiveness
of this Agreement and the obligation of the Lenders to make the Term Loans are subject to the satisfaction (or waiver in accordance with Section 10.08) of the following conditions precedent: 

(a) Supporting Documents. The Administrative Agent shall have received with respect to the Borrower: 

(i) a copy of the Borrower’s certificate of incorporation, as amended, certified as of a recent date by the Secretary of
State of the state of its incorporation or formation; 
 (ii) a certificate of the Secretary of State of the state of the
Borrower’s incorporation, dated as of a recent date, as to the good standing of the Borrower (to the extent available in the applicable jurisdiction) and as to the charter documents on file in the office of such Secretary of State; 

(iii) a certificate of the Secretary or an Assistant Secretary of the Borrower dated the Closing Date and certifying
(A) that attached thereto is a true and complete copy of the by-laws of the Borrower as in effect on the date of such certification, (B) that attached thereto is a true and complete copy of
resolutions adopted by the board of directors of the Borrower or an authorized committee thereof authorizing the Borrowings hereunder and the execution, delivery and performance in accordance with their respective terms of this Agreement, the other
Loan Documents and any other documents required or contemplated hereunder or thereunder, (C) that the certificate of incorporation of the Borrower has not been amended since the date of the last amendment thereto indicated on the certificate of
the Secretary of State 

  
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furnished pursuant to clause (i) above, and (D) as to the incumbency and specimen signature of each officer of that entity executing this Agreement and the Loan Documents or any other
document delivered by it in connection herewith or therewith (such certificate to contain a certification by another officer of the Borrower as to the incumbency and signature of the officer signing the certificate referred to in this clause (iii));
and 
 (iv) an Officer’s Certificate from the Borrower certifying (A) as to the accuracy in all material respects
of the representations and warranties contained in the Loan Documents as though made on and as of the Closing Date, except to the extent that any such representation or warranty by its terms is made as of a different specified date, in which case
such representation or warranty shall be or was true and correct in all material respects as of such date (provided that any representation or warranty that is qualified by materiality, “Material Adverse Change” or “Material
Adverse Effect” shall be true and correct in all respects as of the applicable date), in each case before and after giving effect to the Transactions, (B) as to the absence of any Default or Event of Default occurring and continuing on the
Closing Date before and after giving effect to the Transactions and (C) that the Borrower is in compliance, giving pro forma effect to the borrowing of the Term Loans, with the Collateral Coverage Test. 

(b) Credit Agreement. The Borrower shall have duly executed and delivered to the Administrative Agent this Agreement.

 (c) Security Agreements. The Borrower shall have duly executed and delivered to the Collateral Trustee: 

(i) a New York State law governed slot, gate and route security and pledge agreement in a form reasonably acceptable to the
Administrative Agent (as the same may be amended, restated, modified, supplemented, extended or amended and restated from time to time, the “Security Agreement”), together with, in respect of each of the FAA Slots, undated slot
transfer documents, executed in blank to be held in escrow by the Collateral Trustee, and financing statements, as may be required to grant, continue and maintain an enforceable security interest in the Collateral (subject to the terms hereof and of
the other Loan Documents) in accordance with the UCC as enacted in all relevant jurisdictions; and 
 (ii) an English law
debenture in a form reasonably acceptable to the Administrative Agent (as the same may be amended, restated, modified, supplemented, extended or amended and restated from time to time, the “UK Debenture”). 

(d) Opinions of Counsel. The Administrative Agent, and the Lenders shall have received: 

(i) a written opinion of David S. Cartee, Associate General Counsel for the Borrower, in a form reasonably satisfactory to the
Administrative Agent; 

  
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 (ii) a written opinion of Davis Polk & Wardwell LLP, special New
York counsel to the Borrower, in a form reasonably satisfactory to the Administrative Agent; 
 (iii) a written opinion of
Dorsey & Whitney LLP, special Delaware counsel to the Borrower, in a form reasonably satisfactory to the Administrative Agent; and 

(iv) a written opinion of Milbank LLP, special English counsel to the Administrative Agent (the “Milbank UK
Opinion”). 
 (e) Payment of Fees and Expenses. The Borrower shall have paid to the Administrative Agent, the
Collateral Trustee and the Lenders, as applicable, the Fees as referred to in Section 2.19, and all reasonable and documented out-of-pocket expenses of the
Administrative Agent and the Collateral Trustee (including reasonable attorneys’ fees of Milbank LLP) for which invoices have been presented at least one (1) Business Day prior to the Closing Date, or the Borrower shall have authorized
that such Fees and expenses be deducted from the proceeds of the initial funding under the Term Loans. 
 (f)
Representations and Warranties. All representations and warranties of the Borrower contained in this Agreement and the other Loan Documents executed and delivered on the Closing Date shall be true and correct in all material respects on and
as of the Closing Date, before and after giving effect to the Transactions, as though made on and as of such date (except to the extent any such representation or warranty by its terms is made as of a different specified date, in which case such
representation or warranty shall be true and correct in all material respects as of such specified date); provided that any representation or warranty that is qualified by materiality, “Material Adverse Change” or “Material
Adverse Effect” shall be true and correct in all respects, as though made on and as of the applicable date, before and after giving effect to the Transactions. 

(g) No Default. Before and after giving effect to the Transactions, no Default or Event of Default shall have occurred
and be continuing on the Closing Date. 
 (h) Collateral Trust Agreement. The Borrower, the Administrative Agent and
the Collateral Trustee shall have executed the Collateral Trust Agreement. 
 (i) Patriot Act. The Lenders shall have
received at least three (3) days prior to the Closing Date all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations,
including the Patriot Act, that such Lenders shall have requested at least ten (10) days prior to the Closing Date. 

(j) Notice. The Administrative Agent shall have received a Borrowing Request pursuant to Section 2.03 with respect
to the Borrowing of Term Loans. 
 (k) Appraisals. The Administrative Agent shall have received the Initial Appraisal
Report, and such Appraisal Report shall demonstrate that, at the time the Lenders make the initial Term Loans and after giving effect thereto, the Borrower shall be in compliance on a pro forma basis with the Collateral Coverage Test. 

  
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 The request by the Borrower for, and the acceptance by the Borrower of, each of the Term Loans hereunder
shall be deemed to be a representation and warranty by the Borrower that the conditions specified in this Section 4.01 have been satisfied at that time. The execution by each Lender of this Agreement shall be deemed to be confirmation by such
Lender that any condition relating to such Lender’s satisfaction or reasonable satisfaction with any documentation set forth in this Section 4.01 has been satisfied as to such Lender. 

SECTION 5. 

AFFIRMATIVE COVENANTS 

From the date hereof and for so long as any Term Loan remains outstanding, the Borrower agrees to: 

SECTION 5.01. Financial Statements, Reports, etc. Deliver to the Administrative Agent on behalf of the Lenders: 

(a) Within ninety (90) days after the end of each fiscal year, the Borrower’s consolidated balance sheet and related
statement of income and cash flows, showing the financial condition of the Borrower and its Subsidiaries on a consolidated basis as of the close of such fiscal year and the results of their respective operations during such year, the consolidated
statement of the Borrower to be audited for the Borrower by Ernst & Young LLP or other independent public accountants of recognized national standing and accompanied by an opinion of such accountants (without a “going concern” or
like qualification or exception and without any more qualification or exception as to the scope of such audit, except for any such qualification solely as a result of (x) an impending debt maturity within twelve (12) months of the Term
Loan Facility under this Agreement or (y) a potential inability to satisfy any financial covenant) and to be certified by a Responsible Officer of the Borrower to the effect that such consolidated financial statements fairly present in all
material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP. Documents required to be delivered pursuant to this clause (a) which are made publicly
available via EDGAR, or any successor system of the SEC, in the Borrower’s Annual Report on Form 10-K, shall be deemed delivered to the Lenders on the date such documents are made so available; 

(b) Within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year, the
Borrower’s consolidated balance sheets and related statements of income and cash flows, showing the financial condition of the Borrower and its Subsidiaries on a consolidated basis as of the close of such fiscal quarter and the results of their
operations during such fiscal quarter and the then elapsed portion of the fiscal year, each certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition and results of operations of the
Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes. Documents required to be delivered pursuant to this
clause (b) which are made publicly available via EDGAR, or any successor system of the SEC, in the Borrower’s Quarterly Report on Form 10-Q, shall be deemed delivered to the Lenders on the date such
documents are made so available; 

  
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 (c) concurrently with any delivery of financial statements under
(a) and (b) above, a certificate of a Responsible Officer of the Borrower (in substantially the form of Exhibit A) (i) certifying that, to the knowledge of such Responsible Officer, no Event of Default has occurred, or, if, to the
knowledge of such Responsible Officer, such an Event of Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, and (ii) setting forth computations in
reasonable detail satisfactory to the Administrative Agent demonstrating compliance with the provisions of Section 6.03 at such times as specified therein; 

(d) prompt written notice of any Termination Event that has occurred, or is reasonably expected to occur, to the extent such
Termination Event would constitute an Event of Default under Section 7.01(l); 
 (e) promptly after a Responsible
Officer of the Borrower obtains knowledge of the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Subsidiary that could reasonably be expected to
result in a Material Adverse Effect, notification thereof; 
 (f) [reserved]; 

(g) promptly after a Responsible Officer obtains knowledge thereof, notice that, with respect to any Primary Routes, the
authority granted to the Borrower by the DOT, any Governmental Authority or any applicable Foreign Aviation Authority relating to such Primary Routes, to the extent necessary to operate the scheduled air carrier services being operated by the
Borrower, will not be renewed, other than in cases where such failure of renewal would not reasonably be expected to result in a Material Adverse Effect; 

(h) (I) concurrently with any delivery of financial statements under clauses (a) and (b) above solely in respect of
(i) the end of each fiscal year of the Borrower (commencing with the fiscal year ending December 31, 2020) and (ii) the end of each second fiscal quarter of each fiscal year of the Borrower (commencing with the fiscal quarter ending
June 30, 2021), (II) as required by Section 6.05 and (III) to the extent required in connection with any Permitted Disposition, an updated calculation of the Collateral Coverage Ratio, reflecting the most recent Appraisal Reports
delivered to the Administrative Agent in respect of the Collateral pursuant to the terms hereof; and 
 (i) if an Event of
Default has occurred and is continuing, any subsequent Appraisal Report reasonably requested by the Administrative Agent or the Required Lenders, in each case as soon as reasonably practicable after receipt by the Borrower of such request. 

Subject to the next succeeding sentence, information delivered pursuant to this Section 5.01 to the Administrative Agent may be made
available by the Administrative Agent to the Lenders by posting such information on the Intralinks website on the Internet at http://www.intralinks.com. Information delivered pursuant to this Section 5.01 may also be delivered by electronic
communication pursuant to procedures approved by the Administrative Agent pursuant to Section 10.01 hereto. Information required to be delivered pursuant to this Section 5.01 (to the extent not made available as set forth above) shall be
deemed to have been delivered to the Administrative Agent on the date on which the Borrower provides written notice to the Administrative Agent that such information has been posted on the Borrower’s website on the Internet at
http://www.delta.com (to the extent such information has been posted or is available as described in such notice). Information required to be delivered pursuant to this Section 5.01 shall be in a format which is suitable for
transmission. 

  
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 Any notice or other communication delivered pursuant to this Section 5.01, or otherwise
pursuant to this Agreement, shall be deemed to contain material non-public information unless (i) expressly marked by the Borrower as “PUBLIC”, (ii) such notice or communication consists of copies of
the Borrower’s public filings with the SEC or (iii) such notice or communication has been posted on the Borrower’s website on the Internet at http://www.delta.com. 

SECTION 5.02. Existence. Preserve and maintain, and cause each of its Material Subsidiaries to preserve and maintain in full force
and effect all governmental rights, privileges, qualifications, permits, licenses and franchises necessary in the normal conduct of its business except (a) if such failure to preserve the same could not, in the aggregate, reasonably be expected
to have a Material Adverse Effect, and (b) as otherwise permitted in connection with (i) sales of assets not restricted by Section 6.05 or (ii) mergers, liquidations and dissolutions permitted by Section 6.02. 

SECTION 5.03. Insurance. Maintain with financially sound and reputable insurance companies, insurance of such types and in such
amounts (after giving effect to any self-insurance) as is customary in the United States domestic airline industry for major United States air carriers having both substantial domestic and international operations or otherwise in the Borrower’s
ordinary course of business and consistent with past practice, except to the extent that the failure to maintain such insurance could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.04. Maintenance of Properties. Except to the extent otherwise permitted hereunder, in its reasonable business judgment,
keep and maintain, and cause each of its Material Subsidiaries to keep and maintain, all property material to the conduct of its business in good working order and condition (ordinary wear and tear and damage by casualty and condemnation excepted),
except where the failure to keep such property in good working order and condition would not have a Material Adverse Effect. 

SECTION 5.05. Obligations and Taxes. Pay, and cause each of its Material Subsidiaries to pay, all its and their material
obligations promptly and in accordance with their terms, and pay and discharge promptly all taxes, assessments, governmental charges, levies or claims imposed upon it or upon its income or profits or in respect of its property, before the same shall
become more than ninety (90) days delinquent, except in each case where the failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; provided, however, that the
Borrower and each of its Material Subsidiaries shall not be required to pay and discharge or to cause to be paid and discharged any such obligation, tax, assessment, charge, levy or claim so long as (i) the validity or amount thereof shall be
contested in good faith by appropriate proceedings and (ii) the Borrower and its Material Subsidiaries shall have set aside on their books adequate reserves therefor in accordance with GAAP. 

SECTION 5.06. Notice of Event of Default, etc. Promptly upon knowledge thereof by a Responsible Officer of the Borrower,
give to the Administrative Agent notice in writing of any Default or Event of Default. 
 SECTION 5.07. Access to Books and
Records. Maintain or cause to be maintained at all times true and complete books and records in all material respects in a manner consistent with GAAP in all material respects of the financial operations of the Borrower and provide the
Administrative Agent, the Collateral Trustee and their respective representatives and advisors reasonable access to all such books and records (subject to requirements under any confidentiality agreements, if applicable), as well as any appraisals
of the Collateral, during regular business hours, in order that the Administrative Agent and the Collateral Trustee may upon reasonable prior notice and with reasonable frequency, but in any event, so long as no Event of Default has occurred and is
continuing, no more than one (1) time per year, examine and make abstracts from such books, accounts, records, appraisals and other papers, and permit the Administrative Agent, the Collateral Trustee and their respective representatives and
advisors to 

  
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confer with the officers of the Borrower and representatives (provided that the Borrower shall be given the right to participate in such discussions with such representatives) of the
Borrower, all for the purpose of verifying the accuracy of the various reports delivered by the Borrower to the Administrative Agent or the Lenders pursuant to this Agreement or for otherwise ascertaining compliance with this Agreement. 

SECTION 5.08. Compliance with Laws. Comply, and cause each of its Material Subsidiaries to comply, with all applicable laws,
rules, regulations and orders of any Governmental Authority applicable to it or its property (including Environmental Laws), except where such noncompliance, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures reasonably designed to promote and achieve compliance with anti-corruption laws and Sanctions. 

SECTION 5.09. Appraisal Reports. Furnish or cause to be furnished to the Administrative Agent and Collateral Trustee one or more
Appraisal Reports establishing the Appraised Value of the Collateral, in each case at the expense of the Borrower, (a) on each date on which the Borrower must deliver a Collateral Coverage Ratio calculation pursuant to Section 5.01(h)(I),
(b) on the date upon which any additional property or asset (including, without limitation, applicable Cure Collateral) is pledged as Collateral to the Collateral Trustee to secure the Obligations, the Pari Passu Senior Secured Debt or the Junior
Secured Debt, but only with respect to such additional property or asset, (c) with respect to any voluntary Disposition of Collateral in accordance with Section 6.05 and the definition of Permitted Disposition, (d) no later than
forty-five (45) days (or such longer time as the Administrative Agent may reasonably consent to) following any involuntary Disposition of Collateral (including any casualty event relating thereto or condemnation thereof) having a fair market
value (as determined in good faith by the Borrower on the basis of the most recently delivered Appraisal Report) of at least $75,000,000, (e) on the date that any Appraisal Report shall otherwise be delivered to the Collateral Trustee or any holders
of the Obligations, Pari Passu Senior Secured Debt or Junior Secured Debt (including any agent or trustee on behalf thereof), (f) promptly (but in any event within 45 days or such longer time as the Administrative Agent may reasonably consent to) at
the request of the Administrative Agent upon the occurrence and during the continuation of an Event of Default, (d) promptly after any Appraisal Report shall otherwise be delivered to the holders of any Pari Passu Senior Secured Debt or Junior
Secured Debt or any agent or trustee with respect to the foregoing and (g) no later than forty-five (45) days (or such longer time as the Administrative Agent may reasonably consent to) following any Change in Law with respect to any
Collateral, which change could reasonably be expected to result in the Borrower’s failure to maintain the Collateral Coverage Test. The Borrower may from time to time cause to be delivered subsequent Appraisal Reports if it believes that any
affected item of Collateral has a higher Appraised Value than that reflected in the most recent Appraisal Report delivered. 

SECTION 5.10. FAA and DOT Matters; Citizenship. (a) Maintain at all times its status as an “air carrier” within the
meaning of Section 40102(a)(2) of Title 49, and hold a certificate under Section 41102(a)(1) of Title 49; (b) at all times hereunder be a United States Citizen; and (c) maintain at all times its status at the FAA as an air carrier and
hold an air carrier operating certificate and other operating authorizations issued by the FAA pursuant to 14 C.F.R. Parts 119 and 121 as currently in effect or as may be amended or recodified from time to time. Except as specifically permitted
herein or in the Security Agreement, possess and maintain all necessary certificates, exemptions, franchises, licenses, permits, designations, rights, concessions, Gate Interests, authorizations, frequencies and consents which are material to the
operation of the Primary FAA Slots, the Primary Routes and the Primary Foreign Slots utilized by it and the conduct of its business and operations as currently conducted, of any Collateral, except where the failure to do so, either individually or
in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

  
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 SECTION 5.11. Regulatory Cooperation. In connection with any foreclosure,
collection, sale or other enforcement of Liens granted to the Collateral Trustee in the Collateral Documents, the Borrower will reasonably cooperate in good faith with the Collateral Trustee or its designee in obtaining all regulatory licenses,
consents and other governmental approvals necessary or (in the reasonable opinion of the Collateral Trustee or its designee) reasonably advisable to conduct all aviation operations with respect to the Collateral and will, at the reasonable request
of the Collateral Trustee and in good faith, continue to operate and manage the Collateral and maintain all applicable regulatory licenses with respect to the Collateral until such time as the Collateral Trustee or its designee obtain such licenses,
consents and approvals, and at such time the Borrower will cooperate in good faith with the transition of the aviation operations with respect to the Collateral to any new aviation operator (including, without limitation, the Collateral Trustee or
its designee). 
 SECTION 5.12. Further Assurances. Execute any and all further documents and instruments, and take all further
actions, that may be required or advisable under applicable law or by the FAA, or that the Collateral Trustee may reasonably request, in order to create, grant, establish, preserve and perfect the validity, perfection and priority of the Liens and
security interests created or intended to be created by the Collateral Documents, to the extent required under this Agreement or the Collateral Documents, including, without limitation, amending, amending and restating, supplementing, assigning or
otherwise modifying, renewing or replacing a Collateral Document or other agreements, instruments or documents relating thereto, in each case as may be reasonably requested by the Administrative Agent, in order to create, grant, establish, preserve
and perfect the Liens in favor of the Collateral Trustee for the benefit of the Secured Parties to the fullest extent possible, including, where necessary, the subordination of other rights or interests. Notwithstanding anything to the contrary in
this Agreement or the Collateral Documents, no perfection actions or steps will be required to be taken (i) in any jurisdiction other than the United States (or any state thereof) or (ii) under or in connection with any Collateral Document
governed by the laws of a jurisdiction other than the United States (or any state thereof). 
 SECTION 5.13. Primary FAA Slot
Utilization. 
 Subject to Dispositions permitted by this Agreement and the Security Agreement and except as would not reasonably be
expected to have a Material Adverse Effect or a Collateral Material Adverse Effect, utilize (or arrange for utilization by exchanging Primary FAA Slots with other air carriers) the Primary FAA Slots (except Primary FAA Slots which are reasonably
determined by the Borrower (in the case of Primary FAA Slots, on the basis of the most recent Appraisal Report) to be of de minimis value), in a manner consistent in all material respects with applicable regulations, rules, laws and contracts
in order to preserve its right to hold and operate the Primary FAA Slots, taking into account any waivers or other relief granted to the Borrower by the FAA, any applicable Foreign Aviation Authority, any other applicable Governmental Authority or
any Airport Authority. 
 SECTION 5.14. Primary Foreign Slot Utilization. 

Subject to Dispositions permitted by this Agreement, the Security Agreement and the UK Debenture except as would not reasonably be expected to
have a Material Adverse Effect or a Collateral Material Adverse Effect, utilize (or arrange for utilization by exchanging Primary Foreign Slots with other air carriers) the Primary Foreign Slots (except Primary Foreign Slots which are reasonably
determined by the Borrower to be of de minimis value) in a manner consistent in all material respects with applicable regulations, rules, foreign law and contracts in order to preserve its right to hold and operate the Primary Foreign Slots,
taking into account any waivers or other relief granted to the Borrower by any applicable Foreign Aviation Authorities. 

  
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 SECTION 5.15. Primary Route Utilization. 

(a) Subject to Dispositions permitted by this Agreement and the Security Agreement and except as would not reasonably be
expected to have a Material Adverse Effect or a Collateral Material Adverse Effect, utilize the Primary Routes in a manner consistent in all material respects with Title 49, rules and regulations promulgated thereunder, and applicable foreign law,
and the applicable rules and regulations of the FAA, DOT and any applicable Foreign Aviation Authorities, including, without limitation, any operating authorizations, certificates, bilateral authorizations and bilateral agreements with any
applicable Foreign Aviation Authorities and contracts with respect to such Primary Routes. 
 (b) Subject to
Section 5.14(c) and except as would not reasonably be expected to have a Material Adverse Effect or a Collateral Material Adverse Effect, maintain access to Supporting Route Facilities sufficient to ensure its ability to retain its rights in
and to the Primary Routes, taking into account any waivers or other relief granted to the Borrower by the FAA, any other applicable Governmental Authority, any Airport Authority or any applicable Foreign Aviation Authorities. 

(c) Notwithstanding the foregoing, it is understood and agreed that the Borrower may cease using its rights in and/or use of
any such Supporting Route Facilities in the event that the preservation of such rights in and/or use of such Supporting Route Facilities is no longer advantageous to the Borrower in connection with the conduct of its operations utilizing the Primary
Routes. 
 SECTION 5.16. Minimum Liquidity. The Borrower shall not, at the close of any Business Day, permit the sum of
(i) the aggregate amount of Unrestricted Cash and (ii) the aggregate principal amount committed and available to be drawn by Borrower under all revolving credit facilities of the Borrower to be less than $2,000,000,000. 

SECTION 6. 

NEGATIVE COVENANTS 
 From
the date hereof and for so long as any principal of or interest on any Term Loan remain outstanding, the Borrower will not: 

SECTION 6.01. Liens on the Collateral. Incur, create, assume or suffer to exist any Lien upon or with respect
to the Collateral, other than (the “Permitted Liens”): 
 (a) Liens held by the Collateral Trustee securing
Priority Lien Debt and all other Priority Lien Obligations in an aggregate principal amount that as of the date of incurrence of any Priority Lien Debt (and after giving pro forma effect to the application of the net proceeds therefrom) the
aggregate principal amount of all Priority Lien Debt does not exceed $5,000,000,000 and the Collateral Coverage Ratio will not be less than 2.00 to 1.00, which, for the avoidance of doubt, include the Liens on the Collateral in favor of the
Collateral Trustee securing the Obligations. 
 (b) Liens held by the Collateral Trustee securing Junior Secured Debt and all
other Junior Lien Obligations; provided that all such junior Liens contemplated by this clause (ii) are made junior to the Priority Lien Obligations pursuant to the Collateral Trust Agreement; 

  
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 (c) leases, subleases, use agreements and swap agreements leases, subleases,
use agreements and swap agreements constituting “Permitted Dispositions” pursuant to clause (d) of such definition; 

(d) a banker’s lien or right of offset of the holder of such Indebtedness in favor of any lender of moneys or holder of
commercial paper of the Borrower or any subsidiary in the ordinary course of business on moneys of the Borrower such subsidiary deposited with such lender or holder in the ordinary course of business; 

(e) Liens in favor of depositary banks arising as a matter of law encumbering deposits (including the right of setoff) and that
are within the general parameters customary in the banking industry; 
 (f) 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; 
 (g) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s
and mechanics’ Liens, in each case, incurred in the ordinary course of business; 
 (h) in the case of any Gate
Interests, any interest or title of a licensor, sublicensor, lessor, sublessor or airport operator under any lease, license or use agreement; 

(i) Liens arising by operation of law in connection with judgments, attachments or awards which do not constitute an Event of
Default hereunder; and 
 (j) any extension, modification, renewal or replacement of the Liens described in clauses
(a) through (i) above, provided that such extension, modification, renewal or replacement does not increase the principal amount of Indebtedness associated therewith. 

SECTION 6.02. Merger, etc. 

(a) Merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell,
transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its assets (in each case, whether now owned or hereafter acquired) unless: 

(i) immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing; 

(ii) the Borrower is the surviving corporation or, if otherwise, (x) such other Person or continuing corporation (the
“Successor Company”) shall (A) be an “air carrier” within the meaning of Section 40102(a)(2) of Title 49, and hold a certificate under Section 41102(a)(1) of Title 49; (B) be a United States Citizen;
(C) be an air carrier and hold an air carrier operating certificate and other operating authorizations issued by the FAA pursuant to 14 C.F.R. Parts 119 and 121 as currently in effect or as may be amended or recodified from time to time; and
(D) except as specifically permitted herein or in the Security Agreement, possess all necessary certificates, exemptions, franchises, licenses, permits, designations, rights, concessions, authorizations, frequencies and consents which are
material to the operation of the Primary FAA Slots, the Primary Routes and the Primary Foreign Slots utilized by the Borrower and the conduct of its business and operations as currently conducted, of any Collateral, except where the failure to do
so, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; and 

  
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 (iii) in the case of a Successor Company, the Successor Company shall
(A) execute, prior to or contemporaneously with the consummation of such transaction, such agreements, if any, as are in the reasonable opinion of the Administrative Agent, necessary to evidence the assumption by the Successor Company of
liability for all of the obligations of the Borrower hereunder and the other Loan Documents and (B) cause to be delivered to the Administrative Agent and the Lenders such legal opinions (which may be from
in-house counsel) as any of them may reasonably request in connection with the matters specified in the preceding clause (A) and (C) provide such information as each Lender or the Administrative Agent
reasonably requests in order to perform its “know your customer” due diligence with respect to the Successor Company. 
 Upon any
consolidation or merger in accordance with this Section 6.02(a) in any case in which the Borrower is not the surviving corporation, the Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the
Borrower under this Agreement with the same effect as if such Successor Company had been named as the Borrower herein. No such consolidation or merger shall have the effect of releasing the Borrower or any Successor Company which theretofore shall
have become a successor to the Borrower in the manner prescribed in this Section 6.02(a) from its liability with respect to any Loan Document to which it is a party. 

(b) Liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution). 

SECTION 6.03. Collateral Coverage Ratio. Permit as of the Closing Date and at the time of the delivery of the Appraisal
Report pursuant to Section 5.01(h)(I) the ratio (the “Collateral Coverage Ratio”) of (i) the Appraised Value of the Collateral to (ii) the aggregate principal amount of all Priority Lien Debt, plus (d) the
aggregate amount of all Designated Hedging Obligations that constitute Obligations then outstanding to be less than 1.60 to 1.00 (the “Collateral Coverage Test”), provided that if, (A) upon delivery of an Appraisal
Report pursuant to this Agreement and (B) solely with respect to determining compliance with this Section 6.03 and Section 6.05 as a result thereof, it is determined that the Borrower shall not be in compliance with this
Section 6.03, the Borrower shall, within sixty (60) days of the date of such Appraisal Report (an “Collateral Coverage Ratio Cure Period”), (1) designate Cure Collateral as Cure Collateral in accordance with
Section 6.05(a) (including the modification of the applicable schedules to reflect such designation) to the extent that, after giving effect to such designation, the Appraised Value of the Collateral, based on the most recently delivered
Appraisal Report with respect to assets already constituting Collateral and based on an Appraisal Report performed at (or relatively contemporaneously with) the time of such addition with respect to assets being added to Collateral, shall satisfy
the Collateral Coverage Test or (2) prepay Priority Lien Debt (as selected by the Borrower in its sole discretion) in an amount sufficient to enable the Borrower to comply with this Section 6.03. 

SECTION 6.04. [Reserved]. 

SECTION 6.05. Disposition of Collateral. Dispose of, whether voluntarily or involuntarily (it being understood that loss of
property due to theft, destruction, confiscation, prohibition on use or similar event shall constitute a Disposition for purposes of this covenant), or agree to do any of the foregoing in respect of the Collateral at any future time, except that the
Permitted Dispositions will be permitted at any time and: 

  
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 (a) so long as no Event of Default exists or would result therefrom, the
Borrower may Dispose of an asset from the Collateral to a Person that is not the Borrower or a Subsidiary of the Borrower (and the applicable schedule shall be modified to reflect such Disposition), provided that (x) after giving effect
to such Disposition, the Appraised Value of the remaining Collateral (as determined by an Appraisal Report of all Collateral performed at the time of (or within 60 days before) such Disposition shall satisfy the Collateral Coverage Test, and
(y) prior to effecting the Disposition, the Borrower shall have delivered an Officer’s Certificate to the Administrative Agent certifying that, and providing calculations demonstrating that, after giving effect to such Disposition, the
Appraised Value of the Collateral shall satisfy the Collateral Coverage Test, and otherwise certifying compliance with this Section 6.05 and attaching to such certificate Appraisal Report of all Collateral used in connection with such
Disposition. 
 (b) At the Borrower’s request, the Lien on any asset or type or category of asset (including
after-acquired assets of that type or category) that (i) has been Disposed in accordance with this Agreement to a Person other than the Borrower or a Subsidiary of the Borrower who has pledged such asset as Collateral, (ii) is or has
become Excluded Property (as defined in the Security Agreement) or (iii) constitutes Cure Collateral, will, in each case, be promptly 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 Appraised Value of the Collateral shall satisfy the Collateral Coverage Test, (y) the Borrower shall prepay Priority Lien Debt in an
amount required to comply with the Collateral Coverage Test, or (z) the Borrower shall deliver to the Administrative Agent Cure Collateral in an amount required to comply with the Collateral Coverage Test (in each case without, for the
avoidance of doubt, giving effect to any Collateral Coverage Ratio Cure Period), and (C) the Borrower shall deliver to the Administrative Agent an Officer’s Certificate demonstrating compliance with the Collateral Coverage Test after
giving effect to such release. The Administrative Agent agrees to promptly provide any documents or releases reasonably requested by the Borrower to evidence any such release. 

(c) To the extent that the Borrower receives any Net Proceeds from a Disposition, such Net Proceeds shall be applied as
provided under Section 2.12(b). 
 Notwithstanding anything else to the contrary contained herein or in the other Loan Documents, (x) if the
Appraised Value of the Collateral being Disposed of would constitute at least 10% of the Appraised Value of (i) the Europe Routes, Europe Slots and Europe Gates, (ii) the Latin American Routes, Latin American Slots and Latin American Gates
or (iii) Primary FAA Slots (in each case, to the extent constituting Collateral and as determined by an Appraisal of such category of Collateral), then such Appraisal shall be performed within 60 days prior to the time of such removal, and
(y) for all other Dispositions, any determination of the Appraised Value of the Collateral shall be based on the most recently available Appraisal Reports. 

  
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 SECTION 7. 

EVENTS OF DEFAULT 

SECTION 7.01. Events of Default. In the case of the happening of any of the following events and the continuance thereof beyond
the applicable grace period if any (each, an “Event of Default”): 
 (a) any representation or warranty made
by the Borrower in this Agreement or in any other Loan Document shall prove to have been false or misleading in any material respect when made and such representation, to the extent capable of being corrected, is not corrected within thirty
(30) days after the earlier of (A) a Responsible Officer of the Borrower obtaining knowledge of such default or (B) receipt by the Borrower of notice from the Administrative Agent of such default; or 

(b) default shall be made in the payment of (i) any Installment, Fees or interest on the Term Loans and such default shall
continue unremedied for more than five (5) Business Days, (ii) any other amounts payable hereunder when due (other than amounts set forth in clauses (i) and (iii) hereof), and such default shall continue unremedied for more than ten
(10) Business Days, or (iii) any principal of the Term Loans, 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 by acceleration thereof or otherwise; or 

(c) default shall be made by the Borrower in the due observance or performance of any covenant, condition or agreement
contained in Section 6 hereof (subject to the Borrower’s right to cure non-compliance with the covenant contained in Section 6.03 as described therein); or 

(d) default shall be made by the Borrower in the due observance or performance of any other covenant, condition or agreement to
be observed or performed pursuant to the terms of this Agreement or any of the other Loan Documents and such default shall continue unremedied for more than thirty (30) days from the earlier of (i) a Responsible Officer having knowledge of
such default and (ii) written notice to the Borrower from the Administrative Agent of such default; or 
 (e) (i)
failure by the Borrower or any Material Subsidiary to pay any principal of or interest on any Material Indebtedness when due (or, where permitted, within any applicable grace period), whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise and such default continues unremedied for five (5) Business Days after such due date or applicable grace period or (ii) any event or condition occurs that results in any Material Indebtedness becoming due prior to its
scheduled maturity; provided, however, that if any such failure, breach or default shall be waived or cured (as evidenced by a writing from such holder or trustee) then, to the extent of such waiver or cure, the Event of Default
hereunder by reason of such failure, breach or default shall be deemed likewise to have been thereupon waived or cured; or 

(f) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary for a substantial part of its assets, and, in any such case, such proceeding or petition
shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; or 

  
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 (g) the Borrower or any Material Subsidiary shall (i) voluntarily
commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar 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 (f) of this Section 7.01, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Borrower or any Material Subsidiary 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; or 

(h) the Borrower or any Material Subsidiary admits in writing its inability to pay its debts; or 

(i) the Lien on any material portion of the Collateral having an Appraised Value in excess of $100,000,000 intended to be
created by the Collateral Documents shall cease to be or shall not be a valid and perfected (to the extent required hereunder or under such Collateral Documents) Lien having the priorities contemplated hereby or thereby (subject to Permitted Liens
and except as permitted by the terms of this Agreement or the Collateral Documents) for a period of sixty (60) consecutive days after the Borrower receives written notice thereof from the Administrative Agent; or 

(j) any material provision of any Loan Document shall, for any reason, cease to be valid and binding on the Borrower, or the
Borrower shall so assert in any pleading filed in any court; or 
 (k) any final judgment in excess of $200,000,000
(exclusive of any judgment or order the amounts of which are fully covered by insurance less any applicable deductible and as to which the insurer has been notified of such judgment and has not denied coverage) shall be rendered against the Borrower
or any of its Material Subsidiaries and the enforcement thereof shall not have been stayed, vacated, satisfied, discharged or bonded pending appeal within sixty (60) consecutive days; or 

(l) any Termination Event that could reasonably be expected to result in a Material Adverse Effect shall have occurred; 

then, and in every such event and at any time thereafter during the continuance of such event, the Administrative Agent may
(with the consent of the Required Lenders), and at the request of the Required Lenders, the Administrative Agent shall, by written notice to the Borrower, take one or more of the following actions, at the same or different times: (i) declare
the Term Loans or any portion thereof then outstanding to be forthwith due and payable, whereupon the principal of the Term Loans and other Obligations together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of
the Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything
contained herein or in any other Loan Document to the contrary notwithstanding; and 

  
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(ii) exercise any and all remedies under the Loan Documents and under applicable law available to the Administrative Agent, the Collateral Trustee and the Lenders. In case of any event with
respect to the Borrower described in clause (f) or (g) of this Section 7.01, the actions and events described in (i) and (ii) above shall be required or taken automatically, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrower. Any payment received as a result of the exercise of remedies hereunder shall be applied in accordance with Section 2.17(b) 

SECTION 8. 
 THE
AGENTS 
 SECTION 8.01. Administration by Agents. (a) Each of the Lenders hereby irrevocably appoints Barclays to act
on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably incidental thereto. Each of the Lenders hereby irrevocably appoints U.S. Bank National Association to act on its behalf as the Collateral Trustee hereunder and under the
Collateral Documents and authorizes the Collateral Trustee to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Trustee by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. 
 (b) Each of the Lenders hereby authorizes each of the Administrative Agent and the
Collateral Trustee, as applicable, and in their sole discretion: 
 (i) in connection with (x) the sale or other
disposition of any Collateral or (y) any release of a Lien, in each case, to the extent permitted by the express terms of this Agreement and the Collateral Trust Agreement, to release a Lien granted to the Collateral Trustee, for the benefit of
the Secured Parties, on such asset; 
 (ii) with respect to the Administrative Agent only, to determine that the cost to the
Borrower is disproportionate to the benefit to be realized by the Secured Parties by perfecting a Lien in a given asset or group of assets included in the Collateral and that should not be required to perfect such Lien in favor of the Collateral
Trustee, for the benefit of the Secured Parties; 
 (iii) to enter into the other Loan Documents (including the Collateral
Trust Agreement) on terms acceptable to the Administrative Agent and to perform its respective obligations thereunder; 

(iv) and to enter into intercreditor and/or subordination agreements in accordance with Section 6.01 and the Collateral
Trust Agreement on terms reasonably acceptable to the Administrative Agent and to perform its obligations thereunder and to take such action and to exercise the powers, rights and remedies granted to it thereunder and with respect thereto 

(v) to enter into any other agreements reasonably satisfactory to the Administrative Agent granting Liens to the Collateral
Trustee, for the benefit of the Secured Parties, on any assets of the Borrower to secure the Obligations; and. 

  
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 (c) Each of the parties hereto agrees that at such time as the Obligations
(other than (x) contingent indemnification obligations not due and payable and (y) obligations and liabilities under any Designated Banking Product Agreement or Designated Hedging Agreement) shall have been paid in full, each of the Liens
granted to the Collateral Trustee, for the benefit of the Secured Parties, hereunder shall automatically be discharged and released without any further action by any Person. 

(d) It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other
similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom,
and is intended to create or reflect only an administrative relationship between contracting parties. 
 (e) Each Lender
irrevocably authorizes the Collateral Trustee to execute and deliver the Collateral Trust Agreement, and to take such action and to exercise the powers, rights and remedies granted to the Collateral Trustee thereunder and with respect thereto. In
addition, each Lender hereby agrees to be bound by, and consents to, the terms and provisions of the Collateral Trust Agreement. 

SECTION 8.02. Rights of Administrative Agent and Collateral Trustee. Any institution serving as the Administrative
Agent or the Collateral Trustee hereunder shall have the same rights and powers in their respective capacities as a Lender as any other Lender and may exercise the same as though it were not an Administrative Agent or Collateral Trustee and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the institution serving as the Administrative Agent or Collateral Trustee hereunder in its individual capacity.
Such institution and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or
other Affiliate thereof as if such institution were not the Administrative Agent or Collateral Trustee hereunder and without any duty to account therefor to the Lenders. 

SECTION 8.03. Liability of Agents. 

(a) Each of the Administrative Agent and the Collateral Trustee shall not have any duties or obligations except those expressly
set forth herein and in the other Loan Documents, and its duties hereunder and thereunder shall be administrative in nature. Without limiting the generality of the foregoing, (i) the Administrative Agent and the Collateral Trustee shall not be
subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing, (ii) the Administrative Agent and the Collateral Trustee shall not 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 each 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 necessary under the circumstances as provided in Section 10.08 or in the other Loan Documents) and (iii) except as expressly set forth herein and in the other Loan Documents, the Administrative
Agent and the Collateral Trustee shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries or Affiliates that is communicated to or obtained by the
institution serving as the Administrative Agent or Collateral Trustee or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be 

  
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necessary, or as the Administrative Agent will believe in good faith shall be necessary, under the circumstances as provided in Section 10.08 and the final paragraph of Article 7) or
(ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Event of Default
unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for, or have any duty to ascertain or inquire into, (A) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (B) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (C) 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 Event of Default, (D) the validity, enforceability, effectiveness or genuineness of this Agreement,
any other Loan Document or any other agreement, instrument or document, or (E) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent, and (iv) each of the Administrative Agent and the Collateral Trustee will not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent, or the Collateral
Trustee, as applicable, to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt, any action that may be in violation of the automatic stay under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Federal, state or foreign bankruptcy, insolvency, or similar law
now or hereafter in effect. 
 (b) The Administrative Agent and the Collateral Trustee 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 (including any electronic message, internet or intranet website posting or other distribution) believed by it
to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent and the Collateral Trustee also may rely upon any statement made to it orally or by telephone and believed by it to have been made
by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent and the Collateral Trustee 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. 

(c) Each of the Administrative Agent and the Collateral Trustee may perform any and all of its respective duties and exercise
its respective rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such agent. The Administrative Agent and the Collateral Trustee and any such sub-agent may perform any and all of its duties and exercise its rights and powers through its Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and the Collateral Trustee and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent and Collateral Trustee. Each of the Administrative Agent and Collateral Trustee shall not be responsible for the negligence or
misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful
misconduct in the selection of such sub-agents. 

  
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 SECTION 8.04. Reimbursement and Indemnification. Each Lender agrees (a) to
reimburse on demand the Administrative Agent (and the Collateral Trustee) for such Lender’s Aggregate Exposure Percentage of any expenses and fees incurred for the benefit of the Lenders under this Agreement and any of the Loan Documents,
including, without limitation, counsel fees and compensation of agents and employees paid for services rendered on behalf of the Lenders, and any other expense incurred in connection with the operations or enforcement thereof, not reimbursed by the
Borrower and (b) to indemnify and hold harmless the Administrative Agent and the Collateral Trustee and any of their Related Parties, on demand, in the amount equal to such Lender’s Aggregate Exposure Percentage, from and against any and
all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against it or any of them in any way relating
to or arising out of this Agreement or any of the Loan Documents or any action taken or omitted by it or any of them under this Agreement or any of the Loan Documents to the extent not reimbursed by the Borrower (except such as shall result from its
gross negligence or willful misconduct). 
 SECTION 8.05. Successor Agents. The Administrative Agent may at any time give notice
of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent (provided no Event of Default has occurred and is continuing) of the Borrower (such
consent not to be unreasonably withheld or delayed), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so
appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders with the
consent of the Borrower (such consent not to be unreasonably withheld or delayed)) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), in consultation with the Borrower, on
behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. For the avoidance of doubt, whether or not a successor Administrative Agent has been appointed, the retiring Administrative Agent’s
resignation shall nonetheless become effective in accordance with such notice of resignation on the Resignation Effective Date. With effect from the Resignation Effective Date, (a) the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents and (b) except for any indemnity payments owed to the retiring Administrative Agent, all payments, communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Administrative Agent (other than any rights to indemnity payments owed to the retiring
Administrative Agent), and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower to a successor Administrative Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and
Section 10.04 shall continue in effect for the benefit of such retiring Administrative 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 the retiring Administrative Agent was acting as the Administrative Agent. The Collateral Trustee may resign, and in any such event shall be replaced, in accordance with the terms of the Collateral Trust Agreement. 

SECTION 8.06. Independent Lenders. Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or the Collateral Trustee or any other Lender or any of their Related Parties and based on such documents and information as it has deemed 

  
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appropriate, made its own credit analysis and decision to enter into this Agreement. Each 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. 
 SECTION 8.07. Advances and
Payments. 
 (a) On the date of each Term Loan, the Administrative Agent shall be authorized (but not obligated) to
advance, for the account of each of the Lenders, the amount of the Term Loan to be made by it in accordance with its Term Loan Commitment hereunder. Should the Administrative Agent do so, each of the Lenders agrees forthwith to reimburse the
Administrative Agent in immediately available funds for the amount so advanced on its behalf by the Administrative Agent, together with interest at the NYFRB Rate if not so reimbursed on the date due from and including such date but not including
the date of reimbursement. 
 (b) Any amounts received by the Administrative Agent in connection with this Agreement (other
than amounts to which the Administrative Agent is entitled pursuant to Sections 2.18, 2.19, 8.04 and 10.04), the application of which is not otherwise provided for in this Agreement, shall be applied in accordance with Section 2.17(b). All
amounts to be paid to a Lender by the Administrative Agent shall be credited to that Lender, after collection by the Administrative Agent, in immediately available funds either by wire transfer or deposit in that Lender’s correspondent account
with the Administrative Agent, as such Lender and the Administrative Agent shall from time to time agree. 
 SECTION 8.08. Sharing
of Setoffs. Each Lender agrees that, except to the extent this Agreement expressly provides for payments to be allocated to a particular Lender or to the Lenders under the Term Loan Facility, if it shall, through the exercise either by it or any
of its banking Affiliates of a right of banker’s lien, setoff or counterclaim against the Borrower, including, but not limited to, a secured claim under Section 506 of the Bankruptcy Code or other security or interest arising from, or in
lieu of, such secured claim and received by such Lender (or any of its banking Affiliates) under any applicable bankruptcy, insolvency or other similar law, or otherwise, obtain payment in respect of its Term Loans as a result of which the unpaid
portion of its Term Loans is proportionately less than the unpaid portion of the Term Loans of any other Lender (a) it shall promptly purchase at par (and shall be deemed to have thereupon purchased) from such other Lender a participation in
the Term Loans of such other Lender, so that the aggregate unpaid principal amount of each Lender’s Term Loans and its participation in Term Loans of the other Lenders shall be in the same proportion to the aggregate unpaid principal amount of
all Term Loans then outstanding, as the principal amount of its Term Loans prior to the obtaining of such payment was to the principal amount of all Term Loans outstanding, prior to the obtaining of such payment and (b) such other adjustments
shall be made from time to time as shall be equitable to ensure that the Lenders under the Term Loan Facility share such payment pro-rata, provided that if any such non-pro-rata payment is thereafter recovered or otherwise set aside, such purchase of participations shall be rescinded (without interest). The Borrower expressly consents to the foregoing arrangements and
agrees, to the fullest extent permitted by law, that any Lender holding (or deemed to be holding) a participation in a Term Loan acquired pursuant to this Section or any of its banking Affiliates may exercise any and all rights of banker’s
lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower to such Lender as fully as if such Lender was the original obligee thereon, in the amount of such participation. 

  
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 SECTION 8.09. Other Agents. No Agent (other than the Administrative Agent and
the Collateral Trustee) shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, no such Agent shall have or be deemed to have
any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any such Agent in deciding to enter into this Agreement or in taking or not taking action hereunder. 

SECTION 8.10. Withholding Taxes. To the extent required by any applicable law, the Administrative Agent may withhold from any
payment to any Lender an amount equivalent to any withholding tax applicable to such payment. If the Internal Revenue Service or any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold tax from
amounts paid to or for the account of any Lender for any reason, or the Administrative Agent has paid over to the Internal Revenue Service applicable withholding tax relating to a payment to a Lender but no deduction has been made from such payment,
without duplication of any indemnification obligations set forth in Section 8.04, such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise,
including any penalties or interest and together with any expenses incurred. 
 SECTION 8.11. Appointment by Secured Parties.
Each existing and future Secured Party shall be deemed to have appointed the Administrative Agent as its agent and the Collateral Trustee as its collateral agent under the Loan Documents in accordance with the terms of this Section 8 and to
have acknowledged that the provisions of this Section 8 apply to such Secured Party mutatis mutandis as though it were a party hereto (and any acceptance by such Secured Party of the benefits of this Agreement or any other Loan
Document shall be deemed an acknowledgment of the foregoing). 
 SECTION 8.12. Certain ERISA Matters. (a) Each Lender
(x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Term Loans and this Agreement, 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for
certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank
collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such
Lender’s entrance into, participation in, administration of and performance of the Term Loans and this Agreement, 
 (iii) (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment
decision on behalf of such Lender to enter into, participate in, administer and perform the Term Loans and this Agreement, (C) the entrance into, participation in, administration of and performance of the Term Loans and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84- 14 and (D) to the best knowledge of such Lender, the requirements of subsection
(a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Term Loans and this Agreement, or 

  
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 (iv) such other representation, warranty and covenant as may be agreed in writing between
the Administrative Agent, in its sole discretion, and such Lender. 
 (b) In addition, unless either
(1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative
Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Term Loans and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

SECTION 9. 

[RESERVED] 

SECTION 10. 

MISCELLANEOUS 

SECTION 10.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by
telephone (and subject to paragraph (b) below), all notices and other communications provided for herein or under any other Loan Document shall be in writing (including by facsimile or electronic mail (other than to the Borrower, unless agreed
by the Borrower in its sole discretion) pursuant to procedures approved by the Administrative Agent), and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or electronic mail (other
than to the Borrower, unless agreed by the Borrower in its sole discretion), as follows: 
 (i) if to the Borrower, to it at
Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, GA 30354, Attention of: (x) Treasurer, Dept. 856, Telecopier No.: (404) 715-3110, Telephone No.: (404) 715-5993 and (y) Chief Legal Officer,
Dept. 971, Telecopier No.: (404) 715-2233, Telephone No.: (404) 715-2191; 

(ii) if to Barclays as Administrative Agent, to it at Barclays Bank PLC, 745 7th Avenue, New York, NY 10019, Telephone No.:
(214) 209-0529; Attention: Manish Suresh; 
 (iii) if to any Lender, to it at its
address (or telecopy number) set forth in its administrative questionnaire in a form as the Administrative Agent may require; and 

(iv) if to the Collateral Trustee, to it at U.S. Bank National Association, 1349 W Peachtree Street NW, Suite 1050, Atlanta, GA
30309, Attention of: J. David Dever, Vice President and Corporate Municipal Trust Manager, Telephone No.: (404) 965-7280. 

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative
Agent or the Borrower may, in its reasonable 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. 

  
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 (c) Any party hereto may change its address or telecopy number for notices
and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.

 SECTION 10.02. Successors and Assigns. (a) 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 (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder (other than as permitted by Section 6.02(a))
without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder
except in accordance with this Section 10.02. 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 10.02) and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may
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 its Term Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably
withheld or delayed) of: 
 (A) the Administrative Agent; provided that no consent of the Administrative Agent shall
be required if the assignee is a Lender or an Affiliate of a Lender; and no consent of the Administrative Agent shall be required for an assignment of Term Loans to the Borrower in accordance with Section 10.02(g) 

(B) the Borrower; provided that no consent of the Borrower shall be required for an assignment (i) if an Event of
Default under Section 7.01(b), Section 7.01(f) or Section 7.01(g) has occurred and is continuing, (ii) if the assignee is a Lender, an Affiliate of a Lender or an Approved Fund of a Lender or (iii) the assignment is made by
an Arranger or any of their affiliates as part of the primary syndication of the Loans (as determined by the Arrangers and as previously consented to in writing (including by email) by the Borrower); provided further, that the Borrower
will be deemed to have consented to any assignment of Term Loans unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received written notice thereof; 

(ii) Assignments shall be subject to the following additional conditions: 

(A) any assignment of any portion of the Term Loans shall be made to an Eligible Assignee; 

(B) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount
of the assigning Lender’s Term Loans, the amount of such Term Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the

  
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Administrative Agent) shall not be less than $1,000,000, and after giving effect to such assignment, the portion of the Term Loans held by the assigning Lender shall not be less than $1,000,000,
in each case unless the Borrower and the Administrative Agent otherwise consent, provided that any such assignment shall be in increments of $500,000 in excess of the minimum amount described above; 

(C) 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; 
 (D) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500 for the account of the Administrative Agent (unless otherwise agreed); and 

(E) the assignee, if it was not a Lender immediately prior to such assignment, shall deliver to the Administrative Agent an
administrative questionnaire in a form as the Administrative Agent may require. 
 (F) notwithstanding anything to the
contrary herein, any assignment of any Term Loans to the Borrower shall be subject to the requirements of Section 10.02(g). 
 The
Administrative Agent shall not be responsible for monitoring the Disqualified Institutions list and shall have no liability for non-compliance by any Lender. The Disqualified Institutions list shall be made
available to any Lender upon request to the Administrative Agent. 
 (iii) Subject to acceptance and recording thereof
pursuant to paragraph (b)(iv) of this Section 10.02, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Acceptance, 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 Acceptance, be released from its obligations under
this Agreement (and, in the case of an Assignment and Acceptance 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 Sections 2.14, 2.16 and 10.04). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.02 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. 
 (iv) The
Administrative Agent shall maintain at its offices a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the principal amount (and stated interest) of the Term
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 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, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower
and any Lender (only with respect to such Lender’s Term Loans), at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (v) Notwithstanding anything to the contrary contained herein, no
assignment may be made hereunder to any Defaulting Lender or any of its subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (v). 

(c) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the
assignee’s completed administrative questionnaire in a form as the Administrative Agent may require (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section
and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register; provided that if
either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.04(a), 8.04 or 10.04(c), the Administrative Agent shall have no obligation to accept such Assignment and
Acceptance and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph. 
 (d) (i) Any Lender may, without the consent of the Borrower
or the Administrative Agent, sell participations to one or more banks or other entities (other than a Disqualified Institution to the extent the Disqualified Institutions list is made available to any Lender upon request to the Administrative Agent)
(a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Term Loans); provided that (A) such Lender’s obligations under this
Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 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 the first proviso to Section 10.08(a) that affects such Participant. Subject to paragraph (d)(ii) of this Section, the Borrower agrees that each Participant shall
be entitled to the benefits of Sections 2.14 and 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section 8.08 as though it were a Lender, provided such Participant agrees to be subject to the requirements of Section 8.08 as though it were a Lender. Each Lender that sells a participation, acting solely
for this purpose as a non-fiduciary agent of the Borrower, shall 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 Term Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Term Loans or its other obligations under this Agreement or any Loan Document) except to the extent that such
disclosure is necessary to establish that such Term 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, the Borrower and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation
for all purposes of this Agreement, notwithstanding notice to the contrary. 

  
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 (ii) A Participant shall not be entitled to receive any greater payment under
Section 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of
Section 2.16 unless such Participant agrees, for the benefit of the Borrower, to comply with Sections 2.16(f), 2.16(g), 2.16(h) and 2.18 as though it were a Lender. 

(e) 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 without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank having jurisdiction over such Lender, and this Section 10.02 shall not apply to any
such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto. 
 (f) Any Lender may, in connection with any assignment or participation or proposed assignment or
participation pursuant to this Section 10.02, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower; provided that
prior to any such disclosure, each such assignee or participant or proposed assignee or participant are advised of and agree to be bound by either the provisions of Section 10.03 or other provisions at least as restrictive as
Section 10.03. 
 (g) Notwithstanding anything else to the contrary contained in this Agreement, any Lender may assign
all or a portion of its Term Loans to the Borrower in accordance with Section 10.02(b); provided that 
 (i) the
assigning Lender and the Borrower purchasing such Lender’s Term Loans, as applicable, shall execute and deliver to the Administrative Agent an Assignment and Acceptance; 

(ii) such assignment shall be made pursuant to (x) a Dutch Auction open to all Lenders of the applicable class on a pro
rata basis and/or (y) open market purchases; 
 (iii) any Term Loans assigned to the Borrower shall be automatically
and permanently cancelled upon the effectiveness of such assignment and will thereafter no longer be outstanding for any purpose hereunder; 

(iv) no Event of Default has occurred or is continuing; 

(v) any non-cash gain in respect of “cancellation of indebtedness” resulting
from the cancellation of any Term Loans purchased by the Borrower shall not increase EBITDAR; and 
 (vi) the assignment to
the Borrower and cancellation of Term Loans in connection with a Dutch Auction or open market purchases shall not constitute a mandatory or voluntary payment for purposes of Section 2.12 or 2.13,

  
 77 

 
and shall not be subject to Section 8.08, but the aggregate outstanding principal amount of the Term Loans shall be deemed reduced by the full par value of the aggregate principal amount of
the Term Loans purchased pursuant to this Section 10.02(g) and each principal repayment installment with respect to the Term Loans shall be reduced pro rata by the aggregate principal amount of Term Loans purchased. 

SECTION 10.03. Confidentiality. Each Lender and each Agent agrees to keep any information delivered or made available by or on
behalf of the Borrower to it confidential, in accordance with its customary procedures, from anyone other than persons employed or retained by such Lender or Agent who are or are expected to become engaged in evaluating, approving, structuring or
administering the Term Loans, and who are advised by such Lender or Agent of the confidential nature of such information; provided that nothing herein shall prevent any Lender or Agent from disclosing such information (a) to any of its
Related Parties and their respective agents, legal counsel, auditors and other advisors (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, and the applicable Lender or Agent shall be responsible for compliance by such Persons with such obligation) or to any other Lender, (b) upon the order of any court or administrative agency, (c) upon the request
or demand of any regulatory agency or authority (including in connection with any audit or examination by a bank examiner exercising examination or regulatory authority over such Lender or Agent), (d) which has been publicly disclosed other than as
a result of a disclosure by any Lender or Agent which is not permitted by this Agreement, (e) in connection with any litigation to which any Lender or Agent, or their respective Affiliates may be a party to the extent reasonably required,
(f) to the extent reasonably required in connection with the exercise of any remedy hereunder, (g) with the Borrower’s consent, (h) to any nationally recognized rating agency that requires access to information about a Lender or
Agent’s investment portfolio in connection with ratings issued with respect to such Lender or Agent and (i) to any actual or proposed participant or assignee of all or part of its rights hereunder or to any direct or indirect contractual
counterparty (or the professional advisors thereto) to any swap or derivative transaction relating to the Borrower and its obligations, in each case, subject to the proviso in Section 10.02(f) (with any reference to any assignee or participant
set forth in such proviso being deemed to include a reference to such contractual counterparty for purposes of this Section 10.03(i)). If any Lender or Agent is in any manner requested or required to disclose any of the information delivered or
made available to it by the Borrower under clauses (b) or (e) of this Section, such Lender or Agent will, to the extent permitted by law, provide the Borrower with prompt notice, to the extent reasonable, so that the Borrower may seek, at its
sole expense, a protective order or other appropriate remedy or may waive compliance with this Section. In addition, any Lender or Agent may disclose information pertaining to this Agreement routinely provided by arrangers to data service providers,
including league table providers, that serve the lending industry. 
 SECTION 10.04. Expenses; Indemnity; Damage Waiver. (a) (i)
The Borrower shall pay or reimburse: (A) all reasonable fees and reasonable out-of-pocket expenses of the Administrative Agent and the Arrangers (limited in the
case of legal fees and expenses, to the reasonable fees, disbursements and other charges of Milbank LLP, as counsel to the Administrative Agent) associated with the syndication of the credit facility provided for herein, and the preparation,
execution, delivery and administration of the Loan Documents and (in the case of the Administrative Agent) any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be
consummated); and (B) all fees and out-of-pocket expenses of the Administrative Agent and the Lenders (limited in the case of legal fees and expenses, to one
(1) outside counsel to the Administrative Agent and the Lenders, taken as a whole (and, in the case of an actual or perceived conflict of interest, an additional counsel to all such similarly situated affected parties)) in connection with the
enforcement of the Loan Documents. 

  
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 (ii) The Borrower shall pay or reimburse all reasonable fees and reasonable
expenses of the Administrative Agent and the Appraisers incurred in connection with the Administrative Agent’s (x) periodic appraisals and (y) other monitoring of Collateral as allowed hereunder. 

(iii) All payments or reimbursements pursuant to the foregoing clauses (a)(i) and (ii) shall be paid within thirty
(30) days of written demand together with back-up documentation supporting such reimbursement request. 

(b) The Borrower shall indemnify each Agent 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 and related expenses (limited in the case of legal fees and expenses, to one (1) outside
counsel to all Indemnitees, taken as a whole (and, in the case of an actual or perceived conflict of interest, an additional counsel to all such similarly situated affected Indemnitees)) incurred by or asserted against any Indemnitee arising out of,
in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the
Transactions or any other transactions contemplated hereby, (ii) any Term Loan or the use of the proceeds therefrom, (iii) in connection with clauses (i) and (ii) above, any Release of Hazardous Materials on or from any property owned
or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related to or asserted against the Borrower 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 and regardless of whether any Indemnitee is a party thereto and whether or not the same are brought by the Borrower, its equity holders, affiliates or creditors or
any other Person; provided that such indemnity shall not, as to any Indemnitee, 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 (x) have resulted from the material breach of the obligations of such Indemnitee under the Loan Documents or the gross negligence or willful misconduct of such Indemnitee or (y) arise from disputes solely among
the Indemnitees (other than any dispute involving claims against any Person in its capacity as an Agent or similar role hereunder) that do not involve an act or omission by the Borrower or any of its Subsidiaries. For the avoidance of doubt, no
Indemnitee shall be liable for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent any such damages are found by
a final non-appealable judgment of a court of competent jurisdiction to arise from the gross negligence or willful misconduct of such Indemnitee. This Section 10.04(b) shall not apply with respect to
Taxes other than Taxes that represent losses or damages arising from any non-Tax claim. 

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under
paragraph (a) or (b) of this Section 10.04, each Lender severally agrees to pay to the Administrative Agent such portion of the unpaid amount equal to such Lender’s Aggregate Exposure Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought); 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 in its capacity as such. 

  
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 (d) To the extent permitted by applicable law, neither the Borrower nor any
Indemnitee shall have any 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 or any agreement or instrument contemplated
hereby, the Transactions, any Term Loan or the use of the proceeds thereof (other than in respect of such damages incurred or paid by an Indemnitee to a third party). 

SECTION 10.05. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in
accordance with and governed by the law of the State of New York. 
 (b) Each party hereto hereby irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York sitting in New
York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in
any such action or proceeding shall, to the extent permitted by law, be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section 10.05. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 10.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 10.06. No Waiver. No failure on the part of the Administrative Agent or the Collateral Trustee or any of the Lenders to
exercise, and no delay in exercising, any right, power or remedy hereunder or any of the other Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or
further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. 

SECTION 10.07. Extension of Maturity. Should any payment of principal of or interest or any other amount due hereunder become due
and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, in the case of principal, interest shall be payable thereon at the rate herein specified during such extension. 

SECTION 10.08. Amendments, etc. 

(a) Except as set forth in Sections 2.09 and Section 2.23 or as otherwise set forth in this Agreement, no modification,
amendment or waiver of any provision of this Agreement or any Collateral Document (other than the Collateral Trust Agreement, the 

  
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Security Agreement and the UK Debenture, each of which may be amended in accordance with its terms), and no consent to any departure by the Borrower therefrom, shall in any event be effective
unless the same shall be in writing and signed by the Required Lenders (or signed by the Administrative Agent with the consent of the Required Lenders), and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given; provided, however, that no such modification or amendment shall without the prior written consent of: 

(i) each Lender directly and adversely affected thereby (A) reduce the principal amount of any Term Loan or the rate of
interest payable thereon (provided that only the consent of the Required Lenders shall be necessary for a waiver of default interest referred to in Section 2.08), or extend any date for the payment of principal, interest or Fees hereunder or
reduce any Fees payable hereunder or extend the final maturity of the Borrower’s obligations hereunder or (B) amend, modify or waive any provision of Sections 2.17(b) or (e); and 

(ii) all of the Lenders (A) amend or modify any provision of this Agreement which provides for the unanimous consent or
approval of the Lenders or (B) amend this Section 10.08 that has the effect of changing the number or percentage of Lenders that must approve any modification, amendment, waiver or consent or modify the percentage of the Lenders required
in the definition of Required Lenders or (C) release all or substantially all of the Liens granted to the Collateral Trustee for the benefit of the Secured Parties hereunder or under any other Loan Document (except to the extent contemplated by
Section 6.05 on the date hereof or the Collateral Trust Agreement). 
 provided further, that any Collateral Document may be amended,
supplemented or otherwise modified with the consent of the Borrower and the Collateral Trustee (i) to add assets (or categories of assets) to the Collateral covered by such Loan Document or (ii) to remove any asset or type or category of
asset (including after-acquired assets of that type or category) from the Collateral covered by such Loan Document to the extent the release thereof is permitted by the Loan Documents. 

(b) No such amendment or modification shall adversely affect the rights and obligations of the Administrative Agent or the
Collateral Trustee hereunder without its prior written consent. 
 (c) No notice to or demand on the Borrower shall entitle
the Borrower to any other or further notice or demand in the same, similar or other circumstances. Each assignee under Section 10.02(b) shall be bound by any amendment, modification, waiver, or consent authorized as provided herein, and any
consent by a Lender shall bind any Person subsequently acquiring an interest on the Term Loans held by such Lender. No amendment to this Agreement shall be effective against the Borrower unless signed by the Borrower. 

(d) Notwithstanding anything to the contrary contained in Section 10.08(a), (i) in the event that the Borrower
requests that this Agreement be modified or amended in a manner which would require the unanimous consent of all of the Lenders or the consent of all Lenders directly and adversely affected thereby and, in each case, such modification or amendment
is agreed to by the Required Lenders, then the Borrower may replace any non-consenting Lender in accordance with Section 10.02; provided that such amendment or modification can be effected as a
result of the assignment contemplated by such Section (together with all other such assignments required by the Borrower to be made 

  
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pursuant to this clause (i)); (ii) [reserved], (iii) [reserved] and (iv) if the Administrative Agent and the Borrower shall have jointly identified any ambiguity, mistake, typographical
error or other obvious error or any error or omission of a technical or immaterial nature in any provision of the Loan Documents (including the exhibits and schedules thereto), then the Administrative Agent and the Borrower shall be permitted to
amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document. 

(e) In addition, notwithstanding anything to the contrary contained in Section 10.08(a), this Agreement and, as
appropriate, the other Loan Documents, may be amended with the written consent of the Administrative Agent (not to be unreasonably withheld or delayed), the Borrower and the lenders providing the relevant Replacement Term Loans (as defined below) as
may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower (x) to permit the refinancing, replacement or modification of all outstanding Term Loans (“Refinanced Term Loans”) with a
replacement term loan tranche (“Replacement Term Loans”) hereunder (any such amendment, a “Refinancing Amendment”) and (y) to include appropriately the Lenders holding such credit facilities in any
determination of Required Lenders; provided that (i) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (ii) the Applicable Margins for such
Replacement Term Loans shall not be higher than the Applicable Margins for such Refinanced Term Loans, (iii) the Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of
such Refinanced Term Loans at the time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the applicable Term Loans) and (iv) all other terms
applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loans than those applicable to such Refinanced Term Loans, except to the extent necessary to provide for
covenants and other terms applicable to any period after the latest Term Loan Maturity Date in effect immediately prior to such refinancing. The effectiveness of (and the borrowing under) any Refinancing Amendment shall be subject to the
satisfaction on the date thereof of each of the conditions set forth in Section 4.01(f) (other than the representations and warranties set forth in Sections 3.04(b) and 3.06(a)) and 4.01(g) (it being understood that all references to the making
or borrowing of Term Loans or similar language in such Section 4.01 shall be deemed to refer to the effective date of such Refinancing Amendment) and such other conditions as the parties thereto shall agree. 

(f) In addition, notwithstanding anything to the contrary contained in Section 10.08, the Borrower may from time to time
deliver to the Administrative Agent an updated Collateral schedule to replace the then-existing Collateral schedule in connection with (x) any Disposition by the Borrower of Collateral pursuant to Section 6.05 or (y) any designation
of Cure Collateral as Collateral. 
 SECTION 10.09. Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 10.10. Headings. Section headings used herein are for convenience only and are not to affect the construction of or be
taken into consideration in interpreting this Agreement. 

  
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 SECTION 10.11. Survival. All covenants, agreements, representations and
warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution
and delivery of this Agreement and the making of any Term Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any
Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Term Loan or any other amount payable under
this Agreement is outstanding. The provisions of Sections 2.14, 2.15, 2.16 and 10.04 and Section 8 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the
Term Loans or the termination of this Agreement or any provision hereof. 
 SECTION 10.12. Execution in Counterparts; Integration;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Agreement constitutes the entire contract among the parties relating to the subject matter hereof and supersedes 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 which, when taken together, bear the signatures of each
of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or
electronic .pdf copy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 10.13. USA
PATRIOT Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the
Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 

SECTION 10.14. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 10.15. No Fiduciary Duty. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this
paragraph, the “Lenders”), may have economic interests that conflict with those of the Borrower, its stockholders and/or its affiliates. The Borrower agrees that nothing in the Loan Documents or otherwise related to the Transactions
will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and the Borrower, its stockholders or its affiliates, on the other hand. The parties hereto

  
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acknowledge and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are
arm’s-length commercial transactions between the Lenders, on the one hand, and the Borrower and its Subsidiaries, on the other hand, and (ii) in connection therewith and with the process leading
thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect
thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower, its stockholders or its affiliates on other matters) or any other obligation to the Borrower except the
obligations expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of the Borrower, its management, stockholders, affiliates, creditors or any other Person. The Borrower
acknowledges and agrees that the Borrower has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process
leading thereto. The Borrower agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower, in connection with such transaction or the process leading
thereto. 
 SECTION 10.16. Acknowledgement and Consent to Bail-In of Affected Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution
arising under any Loan Document, 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 hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 
 (b) the
effects of any Bail-In Action on any such liability, including, if applicable: 
 (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 this Agreement or any other 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. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as of the day and the year first written. 
  

			
	BORROWER:
	
	DELTA AIR LINES, INC., a Delaware corporation
		
	By:	 	 /s/ Kenneth W. Morge II

	Name: Kenneth W. Morge II
	Title: Vice President and Treasurer

 [Signature Page to Delta Credit Agreement – Term Loan Facility] 

 
			
	 BARCLAYS BANK PLC
 as Administrative
Agent and as a Lender

		
	By:	 	 /s/ Tom Blouin

	Name: Tom Blouin
	Title: Managing Director

 [Signature Page to Delta Credit Agreement – Term Loan Facility] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Collateral Trustee
		
	By:	 	 /s/ J. David Dever

	Name: J. David Dever
	Title: Vice President

 [Signature Page to Delta Credit Agreement – Term Loan Facility]

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