Document:

EX-4.2

 Exhibit 4.2 

Execution Version 
 TRUST
SUPPLEMENT No. 2020-1B 
 Dated as of August 5, 2020 

between 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION 
 as Trustee, 

and 
 HAWAIIAN AIRLINES, INC. 

to 
 PASS THROUGH TRUST AGREEMENT

 Dated as of August 5, 2020 

$45,010,000 
 Hawaiian Airlines
Pass Through Trust 2020-1B 
 11.250% Hawaiian Airlines 

Pass Through Certificates, 
 Series 2020-1B 

 TABLE OF CONTENTS 
  

							
	 	  	Page	 
			
	 ARTICLE I
  
	 	 THE CERTIFICATES
	  	 	2	 
	 Section 1.01.
	 	 The Certificates.
	  	 	2	 
			
	 ARTICLE II
  
	 	 DEFINITIONS
	  	 	3	 
	 Section 2.01.
	 	 Definitions
	  	 	3	 
			
	 ARTICLE III
  
	 	 DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS
	  	 	8	 
	 Section 3.01.
	 	 Statements to Applicable Certificateholders
	  	 	8	 
	 Section 3.02.
	 	 Special Payments Account.
	  	 	9	 
	 Section 3.03.
	 	 Distributions from Special Payments Account.
	  	 	9	 
	 Section 3.04.
	 	 Limitation of Liability for Payments
	  	 	10	 
			
	 ARTICLE IV
  
	 	 ISSUANCE AND TRANSFER OF THE APPLICABLE CERTIFICATES
	  	 	11	 
	 Section 4.02.
	 	 Legends
	  	 	11	 
	 Section 4.03.
	 	 Book-Entry Provisions for Global Certificates
	  	 	14	 
	 Section 4.04.
	 	 Special Transfer Provisions.
	  	 	15	 
	 Section 4.05.
	 	 Transfer and Exchange
	  	 	17	 
			
	 ARTICLE V
  
	 	 DEFAULT
	  	 	18	 
	 Section 5.01.
	 	 Purchase Rights of Certificateholders
	  	 	18	 
	 Section 5.02.
	 	 Amendment of Section 6.05 of the Basic Agreement.
	  	 	20	 
			
	 ARTICLE VI
  
	 	 THE TRUSTEE
	  	 	20	 
	 Section 6.01.
	 	 Delivery of Documents; Delivery Dates
	  	 	20	 
	 Section 6.02.
	 	 [Reserved].
	  	 	21	 
	 Section 6.03.
	 	 The Trustee.
	  	 	21	 
	 Section 6.04.
	 	 Representations and Warranties of the Trustee
	  	 	22	 
	 Section 6.05.
	 	 Trustee Liens
	  	 	22	 
			
	 ARTICLE VII
  
	 	 ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS
	  	 	23	 
	 Section 7.01.
	 	 Amendment of Section 5.02 of the Basic Agreement
	  	 	23	 
	 Section 7.02.
	 	 Supplemental Agreements Without Consent of Applicable Certificateholders
	  	 	23	 

  
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	 Section 7.03.
	 	 Supplemental Agreements with Consent of Applicable Certificateholders.
	  	 	23	 
	 Section 7.04.
	 	 Consent of Holders of Certificates Issued under Other Trusts.
	  	 	24	 
	 Section 7.05.
	 	 Amendment of Section 3.04 of the Basic Agreement
	  	 	24	 
			
	 ARTICLE VIII

 
	 	 TERMINATION OF TRUST
	  	 	24	 
	 Section 8.01.
	 	 Termination of the Applicable Trust
	  	 	24	 
			
	 ARTICLE IX
  
	 	 MISCELLANEOUS PROVISIONS
	  	 	25	 
	 Section 9.01.
	 	 Basic Agreement Ratified
	  	 	25	 
	 Section 9.02.
	 	 GOVERNING LAW
	  	 	25	 
	 Section 9.03.
	 	 Execution in Counterparts
	  	 	25	 
	 Section 9.04.
	 	 Intention of Parties
	  	 	25	 

  

					
	 Exhibit A
	 	 —
	  	 Form of Certificate

	 Exhibit B
	 	 —
	  	 DTC Letter of Representations

			
	 Schedule I
	 	 —
	  	 Applicable Aircraft

 TRUST SUPPLEMENT NO. 2020-1B 

This Trust Supplement No. 2020-1B, dated as of August 5, 2020 (herein called the “Trust
Supplement”), between Hawaiian Airlines, Inc., a Delaware corporation (the “Company”), and Wilmington Trust, National Association (the “Trustee”), to the Pass Through Trust Agreement, dated as of
May 29, 2013, between the Company and the Trustee (the “Basic Agreement”). 
 W I T N E S S E T H: 

WHEREAS, the Basic Agreement, unlimited as to the aggregate face amount of Certificates (unless otherwise specified herein, capitalized terms
used herein without definition having the respective meanings specified in the Basic Agreement) which may be issued thereunder, has heretofore been executed and delivered; 

WHEREAS, the Company is the owner of the six Airbus A321neo aircraft and two Airbus A330 aircraft described in Schedule I (collectively, the
“Applicable Aircraft”); 
 WHEREAS, with respect to each Applicable Aircraft, the Company will issue pursuant to an
Indenture relating to such Applicable Aircraft, on a recourse basis, two series of Equipment Notes and may issue one or more series of Additional Equipment Notes and one or more series of Refinancing Equipment Notes; 

WHEREAS, the Trustee hereby declares the creation of the Hawaiian Airlines Pass Through Trust 2020-1B
(the “Applicable Trust”) for the benefit of the Applicable Certificateholders, and the initial Applicable Certificateholders as the grantors of the Applicable Trust, by their respective acceptances of the Applicable Certificates,
join in the creation of the Applicable Trust with the Trustee; 
 WHEREAS, all Certificates to be issued by the Applicable Trust will
evidence fractional undivided interests in the Applicable Trust and will convey no rights, benefits or interests in respect of any property other than the Trust Property; 

WHEREAS, pursuant to the terms and conditions of the Basic Agreement as supplemented by this Trust Supplement (the
“Agreement”) and the NPA, the Trustee on behalf of the Applicable Trust shall on the date hereof purchase the Equipment Notes issued by the Company pursuant to the Indenture relating to the Applicable Aircraft having the identical
interest rate as, and final maturity dates not later than the final expected Regular Distribution Date of, the Applicable Certificates issued hereunder and shall hold such Equipment Notes in trust for the benefit of the Applicable
Certificateholders; 
 WHEREAS, pursuant to the terms and conditions of the Guarantees (as defined below), Hawaiian Holdings is providing a
guarantee for the benefit of the Trustee, the Subordination Agent and the Loan Trustee in respect to certain obligations under the Indentures, the NPA, the Participation Agreements and the Equipment Notes; 

WHEREAS, all of the conditions and requirements necessary to make this Trust Supplement, when duly executed and delivered, a valid, binding
and legal instrument in accordance with its terms and for the purposes herein expressed, have been done, performed and fulfilled, and the execution and delivery of this Trust Supplement in the form and with the terms hereof have been in all respects
duly authorized; and 

  
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 WHEREAS, the Basic Agreement is subject to the provisions of the Trust Indenture Act of 1939, as
amended, and shall, to the extent applicable, be governed by such provisions; 
 NOW THEREFORE, in consideration of the premises herein, it
is agreed between the Company and the Trustee as follows: 
 ARTICLE I 

THE CERTIFICATES 

Section 1.01. The Certificates. There is hereby created a series of Certificates to be issued under the Agreement to be
distinguished and known as “Hawaiian Airlines Pass Through Certificates, Series 2020-1B” (hereinafter defined as the “Applicable Certificates”). Each Applicable Certificate
represents a fractional undivided interest in the Applicable Trust created hereby. The Applicable Certificates shall be the only instruments evidencing a fractional undivided interest in the Applicable Trust. 

The terms and conditions applicable to the Applicable Certificates are as follows: 

(a) The aggregate face amount of the Applicable Certificates that shall be authenticated under the Agreement (except for Applicable
Certificates authenticated and delivered under Sections 3.03, 3.04, 3.05 and 3.06 of the Basic Agreement and Article IV hereof) is $45,010,000. 

(b) The Regular Distribution Dates with respect to any distribution of Scheduled Payments means March 15 and September 15 of each
year, commencing on March 15, 2021, until distribution of all of the Scheduled Payments to be made under the Equipment Notes has been made. 

(c) The Special Distribution Dates with respect to the Applicable Certificates means any Business Day on which a Special Payment is to be
distributed pursuant to the Agreement. 
 (d) [Reserved]. 

(e) (i) The Applicable Certificates shall be in the form attached hereto as Exhibit A. Any Person acquiring or accepting an Applicable
Certificate or an interest therein will, by such acquisition or acceptance, be deemed to have (1) represented and warranted to and for the benefit of the Company that either (i) no assets of an employee benefit plan subject to Title I of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental, church or foreign plan
subject to a law that is similar to Title I of ERISA or 

  
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 Section 4975 of the Code (a “Similar Law Plan”) have been used to purchase or hold such
Applicable Certificate or an interest therein or (ii) the purchase and holding of such Applicable Certificate or an interest therein either (a) in the case of assets of an employee benefit plan subject to Title I of ERISA or a plan subject
to Section 4975 of the Code, are exempt from the prohibited transaction restrictions of ERISA and the Code pursuant to one or more prohibited transaction statutory or administrative exemptions or (b) in the case of assets of a Similar Law
Plan, will not violate any similar state, local or foreign law; and (2) directed the Trustee to invest in the assets held in the Applicable Trust pursuant to, and take all other actions contemplated by, the terms and conditions described in the
Offering Memorandum. 
 (ii) The Applicable Certificates shall be Book-Entry Certificates and shall be subject to the
conditions set forth in the Letter of Representations between the Applicable Trust and the Clearing Agency attached hereto as Exhibit B. 

(f) The “Participation Agreements” as defined in this Trust Supplement are the “Note Purchase Agreements” referred to in
the Basic Agreement. 
 (g) The Applicable Certificates are subject to the Intercreditor Agreement. 

(h) The Responsible Party is the Company. 

(i) The date referred to in clause (i) of the definition of the term “PTC Event of Default” in the Basic Agreement is the Final
Maturity Date. 
 (j) The “particular sections of the Note Purchase Agreement”, for purposes of clause (3) of
Section 7.07 of the Basic Agreement, are Section 8.1 of each Participation Agreement. 
 (k) The Equipment Notes to be acquired
and held in the Applicable Trust, and the related Aircraft and Note Documents, are described in the NPA. 
 ARTICLE II 

DEFINITIONS 
 Section 2.01.
Definitions. For all purposes of the Basic Agreement as supplemented by this Trust Supplement, the following capitalized terms have the following meanings (any term used herein which is defined in both this Trust Supplement and the Basic
Agreement shall have the meaning assigned thereto in this Trust Supplement for purposes of the Basic Agreement as supplemented by this Trust Supplement):  

Agreement: Has the meaning specified in the recitals hereto. 

Airbus: Means Airbus S.A.S., a société par actions simplifiée organized and existing under the laws of the
Republic of France. 

  
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 Aircraft: Means each of the Applicable Aircraft in respect of which a Participation
Agreement is to be or is, as the case may be, entered into in accordance with the NPA (including engines therefor, owned by the Company and securing one or more Equipment Notes). 

Aircraft Purchase Agreement: Has the meaning specified in the NPA. 

Applicable Aircraft: Has the meaning specified in the recitals hereto. 

Applicable Certificate: Has the meaning specified in Section 1.01 of this Trust Supplement. 

Applicable Certificateholder: Means the Person in whose name an Applicable Certificate is registered on the Register for the Applicable
Certificates. 
 Applicable Trust: Has the meaning specified in the recitals hereto. 

Basic Agreement: Has the meaning specified in the first paragraph of this Trust Supplement. 

Business Day: Means any day other than a Saturday, a Sunday or a day on which commercial banks are required or authorized to close in
New York, New York, Honolulu, Hawaii, or, so long as any Applicable Certificate is Outstanding, the city and state in which the Trustee, the Subordination Agent or any Loan Trustee maintains its Corporate Trust Office or receives and disburses
funds. 
 Certificate: Has the meaning specified in the Intercreditor Agreement. 

Certificate Buyout Event: Means that a Hawaiian Bankruptcy Event has occurred and is continuing and the following events have occurred:
(A) (i) the 60-day period specified in Section 1110(a)(2)(A) of the U.S. Bankruptcy Code (the “60-Day Period”) has expired and
(ii) Hawaiian has not entered into one or more agreements under Section 1110(a)(2)(A) of the U.S. Bankruptcy Code to perform all of its obligations under all of the Indentures or, if it has entered into such agreements, has at any time
thereafter failed to cure any default under any of the Indentures in accordance with Section 1110(a)(2)(B) of the Bankruptcy Code; or (B) if prior to the expiry of the 60-Day Period, Hawaiian shall
have abandoned any Aircraft. 
 Certificate Purchase Agreement: Means the Certificate Purchase Agreement dated July 29, 2020
among the Representative(s) (as defined in the Certificate Purchase Agreement) of the Initial Purchasers, the Company and Hawaiian Holdings, Inc., as the same may be amended, supplemented or otherwise modified from time to time in accordance with
its terms. 
 Class: Has the meaning specified in the Intercreditor Agreement. 

Company: Has the meaning specified in the first paragraph of this Trust Supplement. 

  
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 Controlling Party: Has the meaning specified in the Intercreditor Agreement. 

Distribution Date: Means any Regular Distribution Date or Special Distribution Date as the context requires. 

Final Maturity Date: Means March 15, 2027. 

Global Certificate Legend: Has the meaning specified in Section 4.02(b) of this Trust Supplement. 

Guarantee: Means the Guarantee dated as of August 5, 2020 of Hawaiian Holdings, Inc. covering the Guaranteed Obligations referred
to therein, including the Equipment Notes. 
 Hawaiian Bankruptcy Event: Has the meaning specified in the Intercreditor Agreement.

 Indenture: Means each of the separate trust indentures and mortgages relating to the Aircraft, each as delivered pursuant to the
NPA or the related Participation Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

Initial Purchasers: Means, collectively, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Goldman Sachs &
Co. LLC. 
 Intercreditor Agreement: Means the Intercreditor Agreement dated as of August 5, 2020 among the Trustee, the Other
Trustee and Wilmington Trust, National Association, as Subordination Agent and as trustee thereunder, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 

Investors: Means the Initial Purchasers, together with all subsequent beneficial owners of the Applicable Certificates. 

Issuance Date: Has the meaning specified in the NPA. 

Make-Whole Amount: Has the meaning specified in any Indenture. 

Note Documents: Means the Equipment Notes with respect to the Applicable Certificates and, with respect to any such Equipment Note, the
Indenture, the Guarantee and the Participation Agreement relating to such Equipment Note. 
 NPA: Means the Note Purchase Agreement
dated as of August 5, 2020 among the Trustee, the Other Trustees, the Company and the Subordination Agent, providing for, among other things, the purchase of Equipment Notes by the Trustee on behalf of the Applicable Trust, as the same may be
amended, supplemented or otherwise modified from time to time, in accordance with its terms. 

  
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 Offering Memorandum: Means the final offering memorandum, dated July 29, 2020,
relating to the offering of the Applicable Certificates. 
 Other Agreements: Means (i) the Basic Agreement as supplemented by
Trust Supplement No. 2020-1A dated as of the date hereof relating to Hawaiian Airlines Pass Through Trust 2020-1A, (ii) the Basic Agreement as supplemented by a
Trust Supplement relating to any Additional Trust and (iii) the Basic Agreement as supplemented by a Trust Supplement relating to any Refinancing Trust. 

Other Trustees: Means the trustees under the Other Agreements, and any successor or other trustee appointed as provided therein. 

Other Trusts: Means the Hawaiian Airlines Pass Through Trust 2020-1A, an Additional Trust, if
any, and a Refinancing Trust or Trusts, if any, created by the Other Agreements. 
 Participation Agreement: Means each Participation
Agreement to be entered into, or entered into (as the case may be), by the Trustee pursuant to the NPA, as the same may be amended, supplemented or otherwise modified in accordance with its terms. 

PIK Amounts: Means, with respect to the Applicable Certificates, as of any date of determination, any interest on the Pool Balance of
the Certificates of such Class that was scheduled for distribution on any applicable Regular Distribution Date and was not paid on such Regular Distribution Date (and remains unpaid as of such date of determination) together with any interest
accrued thereon at the Stated Interest Rate for the applicable Class. 
 Pool Balance: Means, as of any date, (i) the original
aggregate face amount of the Applicable Certificates less (ii) the aggregate amount of all payments made as of such date in respect of such Applicable Certificates other than payments made in respect of interest (including any PIK Amount) or
premium (including Make-Whole Amount) thereon or reimbursement of any costs or expenses incurred in connection therewith. The Pool Balance as of any date shall be computed after giving effect to payment of principal of the Equipment Notes or payment
with respect to other Trust Property and the distribution thereof to be made on that date. 
 Pool Factor: Means, as of any
Distribution Date, the quotient (rounded to the seventh decimal place) computed by dividing (i) the Pool Balance by (ii) the original aggregate face amount of the Applicable Certificates. The Pool Factor as of any Distribution Date shall
be computed after giving effect to payment of principal of the Equipment Notes or payment with respect to other Trust Property and the distribution thereof to be made on that date. 

Ratings Confirmation: Has the meaning specified in the Intercreditor Agreement. 

Register: Has the meaning specified in Section 4.05 of this Trust Supplement. 

Registrar: Has the meaning specified in Section 4.05 of this Trust Supplement. 

  
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 Regulation S: Has the meaning specified in Section 4.01(b) of this Trust Supplement.

 Restricted Legend: Has the meaning specified in Section 4.02 of this Trust Supplement. 

Rule 144A: Has the meaning specified in Section 4.01(b) of this Trust Supplement. 

Scheduled Payment: Means, with respect to any Equipment Note, any payment of principal or interest on such Equipment Note (other than
any such payment which is not in fact received by the Trustee or the Subordination Agent within five days of the date on which such payment is scheduled to be made), which payment in any such case represents the installment of principal on such
Equipment Note at the stated maturity of such installment, the payment of regularly scheduled interest accrued on the unpaid principal amount of such Equipment Note, or both; provided, however, that any payment of principal, premium
(including Make-Whole Amount), if any, or interest resulting from the redemption or purchase of any Equipment Note shall not constitute a Scheduled Payment. 

Securities Act: Means the Securities Act of 1933, as amended. 

Special Payment: Means any payment (other than a Scheduled Payment) in respect of, or any proceeds of, any Equipment Note or Collateral
(as defined in each Indenture). 
 transfer: Has the meaning specified in Section 4.04 of this Trust Supplement. 

Triggering Event: Has the meaning assigned to such term in the Intercreditor Agreement. 

Trust Property: Means (i) subject to the Intercreditor Agreement, the Equipment Notes held as the property of the Applicable
Trust, the Guarantee with respect to such Equipment Notes, all monies at any time paid thereon and all monies due and to become due thereunder, (ii) funds from time to time deposited in the Certificate Account and the Special Payments Account
and, subject to the Intercreditor Agreement, any proceeds from the sale by the Trustee pursuant to Article VI of the Basic Agreement of any Equipment Note and (iii) all rights of the Applicable Trust and the Trustee, on behalf of the
Applicable Trust, under the Intercreditor Agreement and the NPA, including, without limitation, all rights to receive certain payments thereunder, and all monies paid to the Trustee on behalf of the Applicable Trust pursuant to the Intercreditor
Agreement. 
 Trust Supplement: Has the meaning specified in the first paragraph of this trust supplement. 

Trustee: Has the meaning specified in the first paragraph of this Trust Supplement. 

  
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 ARTICLE III 

DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS 

Section 3.01. Statements to Applicable Certificateholders. 

(a) On each Distribution Date, the Trustee will include with each distribution to Applicable Certificateholders of a Scheduled Payment or
Special Payment, as the case may be, a statement setting forth the information provided below. Such statement shall set forth (per $1,000 face amount Applicable Certificate as to (ii) and (iii) below) the following information: 

(i) the aggregate amount of funds distributed on such Distribution Date under the Agreement, indicating the amount allocable to
each source; 
 (ii) the amount of such distribution under the Agreement allocable to principal and the amount allocable to
premium (including Make-Whole Amount), if any; 
 (iii) the amount of such distribution under the Agreement allocable to
interest (including any PIK Amount); and 
 (iv) the Pool Balance and the Pool Factor. 

With respect to the Applicable Certificates registered in the name of a Clearing Agency or its nominee, on the Record Date prior to each Distribution Date,
the Trustee will request that such Clearing Agency post on its Internet bulletin board a securities position listing setting forth the names of all Clearing Agency Participants reflected on such Clearing Agency’s books as holding interests in
the Applicable Certificates on such Record Date. On each Distribution Date, the Trustee will mail to each such Clearing Agency Participant the statement described above and will make available additional copies as requested by such Clearing Agency
Participant for forwarding to holders of interests in the Applicable Certificates. 
 (b) Within a reasonable period of time after the end
of each calendar year but not later than the latest date permitted by law, the Trustee shall furnish to each Person who at any time during such calendar year was an Applicable Certificateholder of record a statement containing the sum of the amounts
determined pursuant to clauses (a)(i), (a)(ii) and (a)(iii) above for such calendar year or, in the event such Person was an Applicable Certificateholder of record during a portion of such calendar year, for such portion of such year, and such other
items as are readily available to the Trustee and which an Applicable Certificateholder shall reasonably request as necessary for the purpose of such Applicable Certificateholder’s preparation of its U.S. federal income tax returns. Such
statement and such other items shall be prepared on the basis of information supplied to the Trustee by the Clearing Agency Participants and shall be delivered by the Trustee to such Clearing Agency Participants to be available for forwarding by
such Clearing Agency Participants to the holders of interests in the Applicable Certificates in the manner described in Section 3.01(a) of this Trust Supplement. 

(c) [Reserved]. 

  
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 (d) Promptly following the date of any early redemption of, or any default in the payment of
principal or interest in respect of, any of the Equipment Notes held in the Applicable Trust, the Trustee shall furnish to Applicable Certificateholders of record on such date a statement setting forth (x) the expected Pool Balances for each
subsequent Regular Distribution Date, (y) the related Pool Factors for such Regular Distribution Dates and (z) the expected principal payment schedule of the Equipment Notes, in the aggregate, held as Trust Property at the date of such
notice. With respect to the Applicable Certificates registered in the name of a Clearing Agency, on the date of any such redemption or default, the Trustee will request from such Clearing Agency a securities position listing setting forth the names
of all Clearing Agency Participants reflected on such Clearing Agency’s books as holding interests in the Applicable Certificates on such date. The Trustee will mail to each such Clearing Agency Participant the statement described above and
will make available additional copies as requested by such Clearing Agency Participant for forwarding to holders of interests in the Applicable Certificates. 

(e) The Trustee shall provide promptly to the Applicable Certificateholders all material
non-confidential information received by the Trustee from the Company. 
 (f) This Section 3.01
supersedes and replaces Section 4.03 of the Basic Agreement, with respect to the Applicable Trust. 
 Section 3.02. Special
Payments Account. 
 (a) The Trustee shall establish and maintain on behalf of the Applicable Certificateholders a Special Payments
Account as one or more accounts, which shall be non-interest bearing except as provided in Section 4.04 of the Basic Agreement. The Trustee shall hold the Special Payments Account in trust for the benefit
of the Applicable Certificateholders and shall make or permit withdrawals therefrom only as provided in the Agreement. On each day when one or more Special Payments are made to the Trustee under the Intercreditor Agreement, the Trustee, upon receipt
thereof, shall immediately deposit the aggregate amount of such Special Payments in the Special Payments Account. 
 (b) This
Section 3.02 supersedes and replaces Section 4.01(b) of the Basic Agreement in its entirety, with respect to the Applicable Trust. 

Section 3.03. Distributions from Special Payments Account. 

(a) On each Special Distribution Date with respect to any Special Payment or as soon thereafter as the Trustee has confirmed receipt of any
Special Payments due on the Equipment Notes held (subject to the Intercreditor Agreement) in the Applicable Trust or realized upon the sale of such Equipment Notes, the Trustee shall distribute out of the Special Payments Account the entire amount
of such Special Payment deposited therein pursuant to Section 3.02(a) of this Trust Supplement. There shall be so distributed to each Applicable Certificateholder of record on the Record Date with respect to such Special Distribution Date
(other than as provided in Section 8.01 of this Trust Supplement concerning the final distribution) by check mailed to such Applicable Certificateholder, at the address appearing in the Register, such Applicable Certificateholder’s pro
rata share (based on the Fractional 

  
 10 

 

 Undivided Interest in the Applicable Trust held by such Applicable Certificateholder) of the total amount in the
Special Payments Account on account of such Special Payment, except that, with respect to Applicable Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distribution shall be made by wire transfer in
immediately available funds to the account designated by such Clearing Agency (or such nominee). 
 (b) The Trustee shall, at the expense of
the Company, cause notice of each Special Payment to be mailed to each Applicable Certificateholder at his address as it appears in the Register. In the event of redemption or purchase of Equipment Notes held in the Applicable Trust, such notice
shall be mailed not less than 15 days prior to the Special Distribution Date for the Special Payment resulting from such redemption or purchase, which Special Distribution Date shall be the date of such redemption or purchase. In the case of any
other Special Payments, such notice shall be mailed as soon as practicable after the Trustee has confirmed that it has received funds for such Special Payment, stating the Special Distribution Date for such Special Payment which shall occur not less
than 15 days after the date of such notice and as soon as practicable thereafter. Notices with respect to a Special Payment mailed by the Trustee shall set forth: 

(i) the Special Distribution Date and the Record Date therefor (except as otherwise provided in Section 8.01 of this Trust
Supplement), 
 (ii) the amount of the Special Payment for each $1,000 face amount Applicable Certificate and the amount
thereof constituting principal, premium (including Make-Whole Amount), if any, and interest and any PIK Amounts, 
 (iii) the
reason for the Special Payment, and 
 (iv) if the Special Distribution Date is the same date as a Regular Distribution Date,
the total amount to be received on such date for each $1,000 face amount Applicable Certificate. 
 If the amount of premium (including
Make-Whole Amount), if any, payable upon the redemption or purchase of an Equipment Note has not been calculated at the time that the Trustee mails notice of a Special Payment, it shall be sufficient if the notice sets forth the other amounts to be
distributed and states that any premium (including Make-Whole Amount) received will also be distributed. 
 If any redemption of the
Equipment Notes held in the Trust is canceled, the Trustee, as soon as possible after learning thereof, shall cause notice thereof to be mailed to each Applicable Certificateholder at its address as it appears on the Register. 

(c) This Section 3.03 supersedes and replaces Section 4.02(b) and Section 4.02(c) of the Basic Agreement in their entirety,
with respect to the Applicable Trust. 
 Section 3.04. Limitation of Liability for Payments. Section 3.09 of the Basic
Agreement shall be amended, with respect to the Applicable Trust, by deleting the phrase “the Owner Trustees or the Owner Participants” in the second sentence thereof. 

  
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 ARTICLE IV 

ISSUANCE AND TRANSFER OF THE APPLICABLE CERTIFICATES 

Section 4.01. Issuance of Applicable Certificates. 

(a) The Applicable Certificates will be issued in minimum denominations of $2,000 (or such other denomination that is the lowest integral
multiple of $1,000 that is, at the time of issuance, equal to at least 1,000 euros) and integral multiples of $1,000 in excess thereof, except that one Certificate may be issued in a different denomination. Each Applicable Certificate shall be dated
the date of its authentication. 
 (b) The Applicable Certificates offered and sold in reliance on Rule 144A under the Securities Act, or
any successor regulation thereto (“Rule 144A”) or Regulation S under the Securities Act, or any successor regulation thereto (“Regulation S”), shall be issued initially in the form of one or more global Certificates
in definitive, fully registered form without interest coupons, substantially in the form of Exhibit A hereto (each, a “Global Certificate”), duly executed and authenticated by the Trustee as hereinafter provided. Each Global
Certificate will be registered in the name of a nominee for DTC for credit to the account of members of, or participants in, DTC (“DTC Participants”) or to the account of indirect participants that clear through or maintain a
custodial relationship with a DTC Participant, either directly or indirectly (“Indirect Participants”), and will be deposited with the Trustee, at its Corporate Trust Office, as custodian for DTC. The aggregate face amount of a
Global Certificate may from time to time be increased or decreased by adjustments made on the records of DTC or its nominee, or of the Trustee, as custodian for DTC or its nominee for such Global Certificate, which adjustments shall be conclusive as
to the aggregate face amount of any such Global Certificate. 
 (c) Certificated Certificates in registered form shall be issued in
substantially the form set forth as Exhibit A hereto (the “Definitive Certificates”) and shall be issued in fully physical, registered form and shall be typed, printed, lithographed or engraved or produced by any combination
of these methods or may be produced in any other manner, all as determined by the officers of the Trustee executing such Definitive Certificates, as evidenced by their execution of such Definitive Certificates. 

Section 4.02. Legends. 

(a) Subject to Sections 4.03, 4.04 and 4.05, each Global Certificate and each Definitive Certificate shall bear, for as
long as so required, a legend to the following effect (the “Restricted Legend”) on the face thereof: 
 THIS CERTIFICATE IS SUBJECT TO
TRANSFER RESTRICTIONS. THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA OR ANY OTHER
JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED, PLEDGED, SOLD OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING

  
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 SENTENCE. BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS [IN THE CASE OF RULE
144A CERTIFICATES: A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT(“RULE 144A”))] [IN THE CASE OF REGULATION S CERTIFICATES: NOT A “U.S. PERSON” (AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”) NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS CERTIFICATE IN AN “OFFSHORE TRANSACTION” (AS DEFINED IN REGULATION S) IN ACCORDANCE WITH REGULATION S]; (2) AGREES THAT
IT WILL NOT, PRIOR TO THE DATE THAT IS [IN THE CASE OF RULE 144A CERTIFICATES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH EITHER OF THE ISSUERS OR ANY AFFILIATE OF EITHER ISSUER WAS THE OWNER OF THIS
CERTIFICATE (OR ANY PREDECESSOR OF SUCH CERTIFICATE)] [IN THE CASE OF REGULATION S CERTIFICATES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS CERTIFICATE (OR ANY PREDECESSOR OF SUCH CERTIFICATE) WAS FIRST
OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S) IN RELIANCE ON REGULATION S] OFFER, PLEDGE, RESELL OR OTHERWISE TRANSFER THIS CERTIFICATE EXCEPT (I)(A) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT, (B) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE); (C) PURSUANT TO OFFERS AND SALES TO PERSONS OTHER THAN U.S. PERSONS (AS DEFINED IN REGULATION S) THAT OCCUR OUTSIDE
THE UNITED STATES WITHIN THE MEANING OF REGULATION S; (D) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND WHICH CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER) OR (E) TO THE
COMPANY OR ANY AFFILIATE THEREOF; AND (II) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES OF AMERICA AND OTHER APPLICABLE JURISDICTIONS; (3) AGREES THAT PRIOR TO SUCH TRANSFER (OTHER THAN A TRANSFER
PURSUANT TO CLAUSES 2(I)(A), (C) OR (D) ABOVE), IT WILL FURNISH TO THE TRUSTEE AND THE COMPANY. SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE IN
COMPLIANCE WITH THE FOREGOING CLAUSE (2) AND PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (4) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS CERTIFICATE
IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS CERTIFICATE PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THE CERTIFICATES UNDER [RULE 144] [REGULATION S] (OR ANY
SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER UPON THE
EARLIER OF THE TRANSFER OF THE CERTIFICATE PURSUANT TO CLAUSE 2(I)(C) ABOVE OR UPON 

  
 13 

 

 ANY TRANSFER OF THE CERTIFICATES UNDER [RULE 144][REGULATION S] (OR ANY SUCCESSOR PROVISION). TRUST SUPPLEMENT
NO. 2020-1B TO THE PASS THROUGH TRUST AGREEMENT CONTAINS A PROVISION REQUIRING THE REGISTRAR TO REFUSE TO REGISTER ANY TRANSFER OF THIS CERTIFICATE IN VIOLATION OF THE FOREGOING RESTRICTIONS. INVESTORS SHOULD
BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 
 (b) Each Global Certificate
shall bear the following legend (the “Global Certificate Legend”) on the face thereof: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS 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. 

(c) Each Applicable Certificate shall bear the following legend on the face thereof: 

BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (1) REPRESENTS AND WARRANTS TO AND FOR THE BENEFIT OF THE COMPANY THAT EITHER (I) NO ASSETS OF
AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL, CHURCH OR FOREIGN PLAN SUBJECT TO A LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (A “SIMILAR LAW PLAN”) HAVE BEEN USED TO PURCHASE OR HOLD THIS CERTIFICATE OR AN INTEREST HEREIN OR
(II) THE PURCHASE AND HOLDING OF THIS CERTIFICATE OR INTEREST HEREIN BY SUCH PERSON EITHER (A) IN THE CASE OF ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF ERISA OR A PLAN SUBJECT TO SECTION 4975 OF THE CODE, ARE EXEMPT FROM THE
PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE PURSUANT TO ONE OR MORE PROHIBITED TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR (B) IN THE CASE OF ASSETS OF A SIMILAR LAW PLAN, WILL NOT VIOLATE ANY SIMILAR STATE, LOCAL OR
FOREIGN LAW, AND (2) DIRECTS THE TRUSTEE TO INVEST IN THE ASSETS HELD IN THE APPLICABLE TRUST PURSUANT TO, AND TAKE ALL OTHER ACTIONS CONTEMPLATED BY, THE TERMS AND CONDITIONS DESCRIBED IN THE OFFERING MEMORANDUM. 

  
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 FURTHER, BY ITS ACQUISITION OR ACCEPTANCE HEREOF, A HOLDER WHO IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF
ERISA OR A PLAN SUBJECT TO SECTION 4975 OF THE CODE (A “BENEFIT PLAN INVESTOR”) REPRESENTS AND WARRANTS (I) NONE OF THE COMPANY OR ANY OF ITS AFFLIATES, THE UNDERWRITERS, THE LOAN TRUSTEE OR THE TRUSTEE HAS PROVIDED INVESTMENT ADVICE
ON WHICH IT, OR ANY FIDUCIARY OR OTHER PERSON INVESTING THE ASSETS OF THE BENEFIT PLAN INVESTOR (“PLAN FIDUCIARY”), HAS RELIED IN CONNECTION WITH ITS DECISION TO INVEST IN THIS CERTIFICATE, AND THEY ARE NOT OTHERWISE ACTING AS A FIDUCIARY,
AS DEFINED IN SECTION 3(21) OF ERISA OR SECTION 4975(E)(3) OF THE CODE, TO THE BENEFIT PLAN INVESTOR OR THE PLAN FIDUCIARY IN CONNECTION WITH THE BENEFIT PLAN INVESTOR’S ACQUISITION OF THIS CERTIFICATE; AND (II) THE PLAN FIDUCIARY IS
EXERCISING ITS OWN INDEPENDENT JUDGMENT IN EVALUATING THE INVESTMENT IN THIS CERTIFICATE. 
 CERTAIN TERMS USED IN THE FOREGOING PARAGRAPHS SHALL HAVE THE
MEANINGS SPECIFIED IN THE AGREEMENT. 
 Section 4.03. Book-Entry Provisions for Global Certificates. 

(a) DTC Participants shall have no rights under this Agreement with respect to any Global Certificate held on their behalf by DTC, or the
Trustee as its custodian, and DTC may be treated by the Trustee and any agent of the Trustee as the absolute owner of such Global Certificate for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Trustee or any
agent of the Trustee from giving effect to any written certification, proxy or other authorization furnished by DTC or shall impair, as between DTC and its DTC Participants, the operation of customary practices governing the exercise of the rights
of a holder of any Applicable Certificate. Upon the issuance of any Global Certificate, the Registrar or its duly appointed agent shall record Cede & Co. or another nominee of DTC as the registered holder of such Global Certificate. 

(b) Transfers of any Global Certificate shall be limited to transfers of such Global Certificate in whole, but not in part, to nominees of
DTC, DTC’s successor or such successor’s nominees. Beneficial interests in Global Certificates may be transferred in accordance with the rules and procedures of DTC and the provisions of this Article IV. Definitive Certificates
shall be delivered to all beneficial owners of beneficial interests in Global Certificates, only if (i) DTC notifies the Trustee in writing that it is no longer willing or able to discharge properly its responsibilities as depositary for the
Global Certificates, and a successor depositary is not appointed by the Trustee within 90 days of such notice, (ii) the Company, at its option, advises the Trustee in writing that it elects to terminate the book-entry system through DTC or
(iii) after the occurrence and during the continuance of an Event of Default, Applicable Certificateholders with Fractional Undivided Interests aggregating not less than a majority in interest in the Applicable Trust advise the Trustee, the
Company and DTC through DTC Participants in writing that the continuation of a book-entry system through DTC (or a successor thereto) is no longer in the Applicable Certificateholders’ best interests. Neither the Company nor the Trustee shall
be liable if any such Person is unable to locate a qualified successor clearing system. 

  
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 (c) [Reserved] 

(d) In connection with the transfer of the entire amount of a Global Certificate to the beneficial owners thereof pursuant to
Section 4.03(b) hereof, such Global Certificate shall be deemed to be surrendered to the Trustee for cancellation, and the Trustee shall execute, authenticate and deliver to each beneficial owner, in exchange for the
beneficial interest thereof in such Global Certificate, an equal aggregate face amount of Definitive Certificates of authorized denominations, in each case as such beneficial owner and related aggregate face amount shall have been identified and
otherwise set forth (together with such other information as may be required for the registration of such Definitive Certificates) in registration instructions that shall have been delivered by or on behalf of DTC to the Trustee. None of the
Company, the Registrar, the Paying Agent nor the Trustee shall be liable for any delay in delivery of such registration instructions and each such Person may conclusively rely on, and shall be protected in relying on, such registration instructions.
Upon the issuance of any Definitive Certificate, the Trustee shall recognize the Person in whose name such Definitive Certificate is registered in the Register as a Certificateholder hereunder. 

(e) Any Definitive Certificate delivered in exchange for an interest in a Global Certificate pursuant to Section 4.03(b) hereof shall,
except as otherwise provided by paragraph (c) of Section 4.04 hereto, bear the Restricted Legend. 
 (f) The
registered holder of a Global Certificate may grant proxies and otherwise authorize any Person, including DTC Participants and Persons that may hold interests through DTC Participants, to take any action which a holder is entitled to take under this
Agreement or the Applicable Certificates. 
 (g) None of the Company, the Trustee, nor the Registrar, nor the Paying Agent shall have any
responsibility or liability for: (i) any aspect of the records relating to or payments made on account of beneficial ownership interests in the Global Certificates, (ii) maintaining, supervising or reviewing any records relating to such
beneficial ownership interests or (iii) the performance by DTC, any DTC Participant or any Indirect Participant of their respective obligations under the rules, regulations and procedures creating and affecting DTC and its operation or any
other statutory, regulatory, contractual or customary procedures governing their obligations. 
 Section 4.04. Special Transfer
Provisions. 
 (a) With respect to any proposed offer, pledge, resale or other transfer (each a “transfer”) of (A) a
beneficial interest in any Global Certificate bearing a Restricted Legend to a Definitive Certificate bearing a Restricted Legend or (B) a beneficial interest in any Definitive Certificate bearing a Restricted Legend to a Global Certificate
bearing a Restricted Legend, the Registrar shall receive the following: 
 (i) if the transferee will take delivery in the
form of a beneficial interest in a Global Certificate or Definitive Certificate offered and sold in reliance on Rule 144A, then the transferor must deliver the form of transfer notice attached to the Applicable Certificate, including the
certifications in item (1) thereof; 

  
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 (ii) if the transferee will take delivery in the form of a beneficial interest in
a Global Certificate or a Definitive Certificate offered and sold in reliance on Regulation S, then the transferor must deliver the form of transfer notice attached to the Applicable Certificate, including the certifications in item
(2) thereof; or 
 (iii) if the transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act or is being transferred to the Company or an affiliate thereof, the transferor must deliver the form of transfer notice attached to the Applicable Certificate, including the certifications in item (3) thereof. 

(b) If the proposed transferee is a DTC Participant and the Applicable Certificate to be transferred consists of Definitive Certificates, upon
receipt by the Registrar of the documents referred to in clause (a) above and instructions given in accordance with DTC’s and the Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date of such
transfer and an increase in the principal amount of Global Certificates in an amount equal to the principal amount of the Definitive Certificates being transferred, and the Trustee shall cancel such Definitive Certificates so transferred. 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 Applicable Certificates offered and sold in reliance on Regulation S that are held by participants through Euroclear or Clearstream. 

(c) Restricted Legend. Upon the transfer, exchange or replacement of Applicable Certificates not bearing the Restricted Legend, the
Registrar shall deliver Applicable Certificates that do not bear the Restricted Legend. Upon the transfer, exchange or replacement of Applicable Certificates bearing the Restricted Legend, the Registrar shall deliver only Applicable Certificates
that bear the Restricted Legend, unless there is delivered to the Registrar and the Company an Opinion of Counsel to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the
provisions of the Securities Act. 
 (d) General. The Registrar shall not register a transfer of any Applicable Certificate unless
such transfer complies with the restrictions on transfer of such Applicable Certificate set forth in this Trust Supplement. In connection with any transfer of Applicable Certificates, each Applicable Certificateholder agrees by its acceptance of the
Applicable Certificates to furnish the Registrar or the Trustee and Company such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from,
or a transaction not subject to, the registration requirements of the Securities Act and in accordance with the terms and provisions of this Article IV; provided that the Registrar and the Trustee shall not be required to determine the
sufficiency of any such certifications, legal opinions or other information and shall be fully protected in relying thereon. 
 Until such time as no
Applicable Certificates remain outstanding, the Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 4.04. The Trustee, if not the Registrar at such time,
shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar. 

  
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 Section 4.05. Transfer and Exchange. The Registrar shall cause to be kept at the
office or agency to be maintained by it in accordance with the provisions of Section 7.12 of the Basic Agreement a register (the “Register”) of the Applicable Certificates in which, subject to such reasonable regulations as it may
prescribe, the Registrar shall provide for the registration of such Applicable Certificates and of transfers and exchanges of such Applicable Certificates as herein provided. The Trustee shall initially be the registrar (the “Registrar”)
for the purpose of registering such Applicable Certificates and transfers and exchanges of such Applicable Certificates as herein provided. Promptly upon the Trustee’s request therefor, (a) the Registrar shall provide to the Trustee a true
and complete copy of the Register, and (b) the Registrar shall provide to the Trustee such information regarding the Applicable Certificates and the Applicable Certificateholders as is reasonably available to the Registrar. 

All Applicable Certificates issued upon any registration of transfer or exchange of Applicable Certificates shall be valid obligations of the
Applicable Trust, evidencing the same interest therein, and entitled to the same benefits under this Agreement, as the Applicable Certificates surrendered upon such registration of transfer or exchange. 

Upon surrender for registration of transfer of any Applicable Certificate at the Corporate Trust Office or such other office or agency
designated by the Registrar with the form of transfer notice thereon duly completed and executed, and otherwise complying with the terms of this Agreement, including providing evidence of compliance with any restrictions on transfer, in form
satisfactory to the Trustee, the Registrar and the Company, the Trustee shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Applicable Certificates, in authorized denominations of a like
aggregate Fractional Undivided Interest. Whenever any Applicable Certificates are surrendered for exchange, the Trustee shall execute, authenticate and deliver the Applicable Certificates that the Applicable Certificateholder making the exchange is
entitled to receive. Every Applicable Certificate presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee and the Registrar duly
executed by the Applicable Certificateholder thereof or its attorney duly authorized in writing. The Registrar and/or the Trustee may request and shall be entitled to receive as a prerequisite to the registration of transfer of any Applicable
Certificate signature guarantees or corporate signing authorities and incumbency certificates, each authenticated by an appropriate officer of the transferor satisfactory to it in its reasonable discretion. 

The Registrar shall not register the transfer or exchange of any Applicable Certificate in the name of any Person unless and until evidence
satisfactory to the Company and the Trustee that the conditions to any such transfer or exchange set forth in Sections 4.02 through 4.04 shall have been satisfied is submitted to them and the Company has so notified the Trustee and the
Registrar in writing of such satisfaction. The Registrar and the Trustee shall not be liable to any Person for registering any transfer or exchange, or for executing, authenticating or delivering any Applicable Certificate based on such
certification. The Registrar and the Trustee may treat the Person in whose name any Applicable Certificate is registered as the sole owner of the beneficial interest in the Applicable Trust evidenced by such Applicable Certificate. 

  
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 To permit registrations of transfers and exchanges in accordance with the terms, conditions and
restrictions hereof, the Trustee shall execute and authenticate Applicable Certificates at the Registrar’s request. No service charge shall be made to an Applicable Certificateholder for any registration of transfer or exchange of Applicable
Certificates, but the Trustee and the Registrar shall require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Applicable Certificates. All Applicable Certificates
surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Trustee. Notwithstanding anything contained herein or elsewhere to the contrary, neither the Registrar nor the Trustee shall have any duty or
obligation with respect to any transfer, exchange or other disposition of an economic interest in an Applicable Certificate (other than a transfer of an Applicable Certificate itself) or any personal liability to any Person in connection with the
same. 
 ARTICLE V 
 DEFAULT

 Section 5.01. Purchase Rights of Certificateholders. 

(a) By acceptance of its Applicable Certificate, each Applicable Certificateholder agrees that at any time after the occurrence and during the
continuation of a Certificate Buyout Event: 
 (i) So long as no Additional Certificateholder has elected to exercise its
rights to purchase Certificates pursuant to, and given notice of such election in accordance with, this Section 5.01(a) (upon such election and notification thereof, the right specified in this Section 5.01(a)(i) shall be suspended and
(x) upon consummation of such purchase pursuant to such election, be terminated with respect to such Certificate Buyout Event, or (y) upon failure to consummate such purchase on the proposed purchase date, such right shall be reinstated),
each Applicable Certificateholder (other than the Company or any of its Affiliates) shall have the right to purchase, for the purchase price set forth in the Class A Trust Agreement, all, but not less than all, of the Class A Certificates
upon 15 days’ written notice to the Class A Trustee and each other Applicable Certificateholder, on the third Business Day next following the expiry of such 15-day notice period, provided that
(A) if prior to the end of such 15-day period any other Applicable Certificateholder (other than the Company or any of its Affiliates) notifies such purchasing Applicable Certificateholder that such other
Applicable Certificateholder wants to participate in such purchase, then such other Applicable Certificateholder (other than the Company or any of its Affiliates) may join with the purchasing Applicable Certificateholder to purchase all, but not
less than all, of the Class A Certificates pro rata based on the Fractional Undivided Interest in the Applicable Trust held by each such Applicable Certificateholder and (B) if prior to the end of such
15-day period any other Applicable Certificateholder fails to notify the purchasing Applicable Certificateholder of such other Applicable Certificateholder’s desire to participate in such a purchase, then
such other Applicable Certificateholder shall lose its right to purchase the Class A Certificates pursuant to this Section 5.01(a)(i); 

  
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 (ii) if any Additional Certificates are issued pursuant to any Additional Trust,
each Additional Certificateholder (other than the Company or any of its Affiliates) shall have the right (which shall not expire upon any purchase of the Class A Certificates pursuant to clause (i) above) to purchase all, but not less than
all, of the Class A Certificates, the Applicable Certificates, and any Additional Certificates ranked senior to the Additional Certificates held by the purchasing Additional Certificateholders upon 15 days’ written notice to the Trustee,
the Class A Trustee, any Additional Trustee with respect to Additional Certificates that rank senior to the Additional Certificates held by the purchasing Additional Certificateholders and each other Additional Certificateholder of the same
class, on the third Business Day next following the expiry of such 15-day notice period, provided that (A) if prior to the end of such 15-day period any other
Additional Certificateholder of such class (other than the Company or any of its Affiliates) notifies such purchasing Additional Certificateholder that such other Additional Certificateholder wants to participate in such purchase, then such other
Additional Certificateholder (other than the Company or any of its Affiliates) may join with the purchasing Additional Certificateholder to purchase all, but not less than all, of the Class A Certificates, the Applicable Certificates and such
senior Additional Certificates pro rata based on the Fractional Undivided Interest in the applicable Additional Trust held by each such Additional Certificateholder and (B) if prior to the end of such
15-day period any other Additional Certificateholder of such class fails to notify the purchasing Additional Certificateholder of such other Additional Certificateholder’s desire to participate in such a
purchase, then such other Additional Certificateholder shall lose its right to purchase the Class A Certificates, the Applicable Certificates and such senior Additional Certificates pursuant to this Section 5.01(a)(ii); and 

(iii) if any Refinancing Certificates are issued, each Refinancing Certificateholder shall have the same right (subject to the
same terms and conditions) to purchase Certificates pursuant to this Section 5.01(a) (and to receive notice in connection therewith) as the Certificateholders of the Class that such Refinancing Certificates refinanced. 

The purchase price with respect to the Applicable Certificates shall be equal to the Pool Balance of the Applicable Certificates, together
with accrued and unpaid interest and PIK Amounts thereon to the date of such purchase, without premium (including Make-Whole Amount), but including any other amounts then due and payable to the Applicable Certificateholders under the Agreement, the
Intercreditor Agreement or any Note Document or on or in respect of the Applicable Certificates; provided, however, that no such purchase of Applicable Certificates shall be effective unless the purchaser(s) shall certify to the
Trustee that contemporaneously with such purchase, such purchaser(s) is (are) purchasing, pursuant to the terms of the Agreement and the Other Agreements, (A) in the case of any purchase of the Applicable Certificates pursuant to clause
(i) above, all of the Applicable Certificates or (B) in the case of any purchase of Applicable Certificates and Class A Certificates pursuant to clause (ii) above, all of the Applicable Certificates and the Class A
Certificates and, if applicable, the Additional Certificates that rank senior to the Additional Certificates held by the purchasing Additional Certificateholder(s). Each payment of the purchase price of the Applicable Certificates referred to in the
first sentence hereof shall be made to an account or accounts 

  
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 designated by the Trustee and each such purchase shall be subject to the terms of this Section 5.01. Each
Applicable Certificateholder agrees by its acceptance of its Applicable Certificate that (at any time after the occurrence of a Certificate Buyout Event) it will, upon payment from such Class A Certificateholder(s), Additional
Certificateholder(s) or Refinancing Certificateholder(s), as the case may be, of the purchase price set forth in the first sentence of this paragraph, (i) forthwith sell, assign, transfer and convey to the purchaser(s) thereof (without
recourse, representation or warranty of any kind except for its own acts), all of the right, title, interest and obligation of such Applicable Certificateholder in the Agreement, the Intercreditor Agreement, the NPA, the Note Documents and all
Applicable Certificates held by such Applicable Certificateholder (excluding all right, title and interest under any of the foregoing to the extent such right, title or interest is with respect to an obligation not then due and payable as respects
any action or inaction or state of affairs occurring prior to such sale) (and the purchaser shall assume all of such Applicable Certificateholder’s obligations under the Agreement, the Intercreditor Agreement, the NPA, the Note Documents and
all such Applicable Certificates), (ii) and if such purchase occurs after a Record Date relating to any distribution and prior to or on the related Distribution Date, forthwith turn over to the purchaser(s) of its Applicable Certificate all
amounts, if any, received by it on account of such distribution. The Applicable Certificates will be deemed to be purchased on the date payment of the purchase price is made notwithstanding the failure of the Applicable Certificateholders to deliver
any Applicable Certificates and, upon such a purchase, (I) the only rights of the Applicable Certificateholders will be to deliver the Applicable Certificates to the purchaser(s) and receive the purchase price for such Applicable Certificates
and (II) if the purchaser(s) shall so request, such Applicable Certificateholder will comply with all the provisions of Section 3.04 of the Basic Agreement to enable new Applicable Certificates to be issued to the purchaser in such
denominations as it shall request. All charges and expenses in connection with the issuance of any such new Applicable Certificates shall be borne by the purchaser thereof. 

As used in this Section 5.01 and elsewhere in this Trust Supplement, the terms “Additional Certificate”, “Additional
Certificateholder”, “Additional Equipment Notes”, “Additional Trust”, “Class A Certificate”, “Class A Certificateholder”, “Class A Trust”, “Class A Trustee”,
“Refinancing Certificates”, “Refinancing Certificateholder”, “Refinancing Equipment Notes” and “Refinancing Trust” shall have the respective meanings assigned to such terms in the Intercreditor Agreement. 

(b) This Section 5.01 supersedes and replaces Section 6.01(b) of the Basic Agreement, with respect to the Applicable Trust. 

Section 5.02. Amendment of Section 6.05 of the Basic Agreement. Section 6.05 of the Basic Agreement shall
be amended, with respect to the Applicable Trust, by deleting the phrase “and thereby annul any Direction given by such Certificateholders or the Trustee to such Loan Trustee with respect thereto,” set forth in the first sentence thereof.

  
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 ARTICLE VI 

THE TRUSTEE 
 Section 6.01.
Delivery of Documents; Delivery Dates. 
 (a) The Trustee is hereby directed (i) to execute and deliver the Intercreditor
Agreement and the NPA on or prior to the Issuance Date, each in the form delivered to the Trustee by the Company, and (ii) subject to the respective terms thereof, to perform its obligations thereunder. Upon request of the Company and the
satisfaction or waiver of the closing conditions specified in the Certificate Purchase Agreement, the Trustee shall execute, deliver, authenticate, issue and sell Applicable Certificates in authorized denominations equaling in the aggregate the
amount set forth, with respect to the Applicable Trust, in Schedule I to the Certificate Purchase Agreement evidencing the entire ownership interest in the Applicable Trust, which amount equals the maximum aggregate principal amount of Equipment
Notes which may be purchased by the Trustee pursuant to the NPA. Except as provided in Sections 3.03, 3.04, 3.05 and 3.06 of the Basic Agreement, the Trustee shall not execute, authenticate or deliver Applicable Certificates in excess of the
aggregate amount specified in this paragraph. The provisions of this Section 6.01(a) supersede and replace the first sentence of Section 3.02(a) of the Basic Agreement, with respect to the Applicable Trust. 

(b) On the Issuance Date, the Trustee shall enter into and perform its obligations under the NPA and the Participation Agreement (the
“Applicable Participation Agreement”) with respect to each Aircraft and cause such certificates, documents and legal opinions relating to the Trustee to be duly delivered as required by the Applicable Participation Agreement. Upon
satisfaction of the conditions specified in the Applicable Participation Agreement, the Trustee shall purchase the Equipment Notes with the proceeds of Applicable Certificates on the Issuance Date. The purchase price of such Equipment Notes shall
equal the principal amount of such Equipment Notes. The provisions of this Section 7.01(b) supersede and replace the provisions of Section 2.02 of the Basic Agreement with respect to the Applicable Trust, and no provisions of the Basic
Agreement relating to Postponed Notes in Section 2.02 of the Basic Agreement shall apply to the Applicable Trust. 
 (c) The Trustee
acknowledges its acceptance of all right, title and interest in and to the Trust Property to be acquired pursuant to Section 6.01(b) of this Trust Supplement, the NPA and the related Participation Agreement, and declares that it holds and will
hold such right, title and interest for the benefit of all present and future Applicable Certificateholders, upon the trusts set forth in the Agreement. By its acceptance of an Applicable Certificate, each initial Applicable Certificateholder, as a
grantor of the Applicable Trust, joins with the Trustee in the creation of the Applicable Trust. The provisions of this Section 6.01(b) supersede and replace the provisions of Section 2.03 of the Basic Agreement, with respect to the
Applicable Trust. 
 Section 6.02. [Reserved]. 

Section 6.03. The Trustee. 

  
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 (a) Subject to Section 6.04 of this Trust Supplement and Section 7.15 of the Basic
Agreement, the Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Trust Supplement, any Participation Agreement or the NPA or the due execution hereof or thereof by the Company or the
other parties thereto (other than the Trustee), or for or in respect of the recitals and statements contained herein or therein, all of which recitals and statements are made solely by the Company, except that the Trustee hereby represents and
warrants that each of this Trust Supplement, the Basic Agreement, each Applicable Certificate, the Intercreditor Agreement, any Participation Agreement and the NPA has been executed and delivered by one of its officers who is duly authorized to
execute and deliver such document on its behalf. 
 (b) Except as herein otherwise provided and except during the continuation of an Event
of Default in respect of the Applicable Trust created hereby, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Trust Supplement other than as set forth in the Agreement,
and this Trust Supplement is executed and accepted on behalf of the Trustee, subject to all the terms and conditions set forth in the Agreement, as fully to all intents as if the same were herein set forth at length. 

Section 6.04. Representations and Warranties of the Trustee. The Trustee hereby represents and warrants that: 

(a) the Trustee has full power, authority and legal right to execute, deliver and perform this Trust Supplement, the Intercreditor Agreement,
any Participation Agreement, the NPA and the Note Documents to which it is or is to become a party and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Supplement, the Intercreditor Agreement,
the NPA and the Note Documents to which it is or is to become a party; 
 (b) the execution, delivery and performance by the Trustee of this
Trust Supplement, the Intercreditor Agreement, any Participation Agreement, the NPA and the Note Documents to which it is or is to become a party (i) will not violate any provision of any United States federal law or the law of the state of the
United States where it is located governing the banking and trust powers of the Trustee or any order, writ, judgment, or decree of any court, arbitrator or governmental authority applicable to the Trustee or any of its assets, (ii) will not
violate any provision of the articles of association or by-laws of the Trustee, and (iii) will not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or
result in the creation or imposition of any lien on any properties included in the Trust Property pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or
lien could reasonably be expected to have an adverse effect on the Trustee’s performance or ability to perform its duties hereunder or thereunder or on the transactions contemplated herein or therein; 

(c) the execution, delivery and performance by the Trustee of this Trust Supplement, the Intercreditor Agreement, any Participation Agreement,
the NPA and the Note Documents to which it is or is to become a party will not require the authorization, consent, or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any
governmental authority or agency of the United States or the state of the United States where it is located regulating the banking and corporate trust activities of the Trustee; and 

  
 23 

 

 (d) this Trust Supplement, the Intercreditor Agreement, the NPA, any Participation Agreement and
the Note Documents to which it is or is to become a party have been, or will be, as applicable, duly executed and delivered by the Trustee and constitute, or will constitute, as applicable, the legal, valid and binding agreements of the Trustee,
enforceable against it in accordance with their respective terms; provided, however, that enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of
creditors generally and (ii) general principles of equity. 
 Section 6.05. Trustee Liens. The Trustee in its individual
capacity agrees, in addition to the agreements contained in Section 7.17 of the Basic Agreement, that it will at its own cost and expense promptly take any action as may be necessary to duly discharge and satisfy in full any Trustee’s
Liens on or with respect to the Trust Property which is attributable to the Trustee in its individual capacity and which is unrelated to the transactions contemplated by the Intercreditor Agreement, any Participation Agreement or the NPA. 

ARTICLE VII 
 ADDITIONAL
AMENDMENT; SUPPLEMENTAL AGREEMENTS 
 Section 7.01. Amendment of Section 5.02 of the Basic Agreement.
Section 5.02 of the Basic Agreement shall be amended, with respect to the Applicable Trust, by (i) replacing the phrase “of the Note Documents and of this Agreement” set forth in paragraph (b) thereof with the phrase
“of the Note Documents, of the NPA and of this Agreement” and (ii) replacing the phrase “of this Agreement and any Note Document” set forth in the last paragraph of Section 5.02 with the phrase “of this Agreement,
the NPA and any Note Document”. 
 Section 7.02. Supplemental Agreements Without Consent of Applicable Certificateholders.
Without limitation of Section 9.01 of the Basic Agreement, under the terms of, and subject to the limitations contained in, Section 9.01 of the Basic Agreement, the Company may (but will not be required to), and the Trustee (subject to
Section 9.03 of the Basic Agreement) shall, at the Company’s request, at any time and from time to time: 
 (i)
enter into one or more agreements supplemental to the NPA, for any of the purposes set forth in clauses (1) through (9) of such Section 9.01, and (without limitation of the foregoing or Section 9.01 of the Basic Agreement) (a)
clauses (2) and (3) of such Section 9.01 shall also be deemed to include the Company’s obligations under (in the case of clause (2)), and the Company’s rights and powers conferred by (in the case of clause (3)), the NPA, and
(b) references in clauses (4), (6) and (7) of such Section 9.01 to “any Intercreditor Agreement or any Guarantee” shall also be deemed to refer to “the Intercreditor Agreement, the NPA or the Guarantee”, 

(ii) enter into one or more agreements supplemental to the Agreement, the Intercreditor Agreement or the NPA to provide for the
formation of a single Additional Trust, the issuance of Additional Certificates, the purchase by the Additional 

  
 24 

 

 Trust (if any) of applicable Additional Equipment Notes and other matters incidental thereto or
otherwise contemplated by Section 2.01(b) of the Basic Agreement, subject to the provisions of Section 4(a)(v) of the NPA and Section 9.1(d) of the Intercreditor Agreement, and 

(iii) enter into one or more agreements supplemental to the Agreement to provide for the formation of one or more Refinancing
Trusts, the issuance of Refinancing Certificates, the purchase by any Refinancing Trust of applicable Refinancing Equipment Notes and other matters incidental thereto or as otherwise contemplated by Section 2.01(b) of the Basic Agreement,
subject to the provisions of Section 4(a)(v) of the NPA and Section 9.1(c) of the Intercreditor Agreement. 
 Section 7.03.
Supplemental Agreements with Consent of Applicable Certificateholders. Without limitation of Section 9.02 of the Basic Agreement, the provisions of Section 9.02 of the Basic Agreement shall apply to agreements or amendments for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Guarantee or the NPA or modifying in any manner the rights and obligations of the Applicable Certificateholders, the Guarantee or the NPA. 

Section 7.04. Consent of Holders of Certificates Issued under Other Trusts. Notwithstanding any provision in Section 7.02 or
Section 7.03 of this Trust Supplement to the contrary, no amendment or modification of Section 5.01 of this Trust Supplement shall be effective unless the trustee for each Class of Certificates affected by such amendment or
modification shall have consented thereto. 
 Section 7.05. Amendment of Section 3.04 of the Basic Agreement.
Sections 4.04 and 4.05 of this Trust Supplement supersede and replace Sections 3.04 and 3.05 of the Basic Trust Agreement with respect to the Applicable Trust. 

ARTICLE VIII 
 TERMINATION OF
TRUST 
 Section 8.01. Termination of the Applicable Trust 

(a) The respective obligations and responsibilities of the Company and the Trustee with respect to the Applicable Trust shall terminate upon
the distribution to all Applicable Certificateholders and the Trustee of all amounts required to be distributed to them pursuant to the Agreement and the disposition of all property held as part of the Trust Property; provided, however, that in no
event shall the Applicable Trust continue beyond one hundred ten (110) years following the date of the execution of this Trust Supplement. 

Notice of any termination, specifying the Distribution Date upon which the Applicable Certificateholders may surrender their Applicable
Certificates to the Trustee for payment of the final distribution and cancellation, shall be mailed promptly by the Trustee to Applicable Certificateholders not earlier than the 60th day and not later than the 15th day next preceding such final
Distribution Date specifying (A) the Distribution Date upon which the 

  
 25 

 

 proposed final payment of the Applicable Certificates will be made upon presentation and surrender of Applicable
Certificates at the office or agency of the Trustee therein specified, (B) the amount of any such proposed final payment, and (C) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made
only upon presentation and surrender of the Applicable Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Registrar at the time such notice is given to Applicable Certificateholders. Upon
presentation and surrender of the Applicable Certificates in accordance with such notice, the Trustee shall cause to be distributed to Applicable Certificateholders such final payments. 

In the event that all of the Applicable Certificateholders shall not surrender their Applicable Certificates for cancellation within six
months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Applicable Certificateholders to surrender their Applicable Certificates for cancellation and receive the final
distribution with respect thereto. No additional interest shall accrue on the Applicable Certificates after the Distribution Date specified in the first written notice. In the event that any money held by the Trustee for the payment of distributions
on the Applicable Certificates shall remain unclaimed for two years (or such lesser time as the Trustee shall be satisfied, after sixty days’ notice from the Company, is one month prior to the escheat period provided under applicable law) after
the final distribution date with respect thereto, the Trustee shall pay to each Loan Trustee the appropriate amount of money relating to such Loan Trustee and shall give written notice thereof to the Company. 

(b) The provisions of this Section 8.01 supersede and replace the provisions of Section 11.01 of the Basic Agreement in its
entirety, with respect to the Applicable Trust. 
 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01. Basic Agreement Ratified Except and so far as herein expressly provided, all of the provisions, terms and conditions
of the Basic Agreement are in all respects ratified and confirmed; and the Basic Agreement and this Trust Supplement shall be taken, read and construed as one and the same instrument. All replacements of provisions of, and other modifications of the
Basic Agreement set forth in this Trust Supplement are solely with respect to the Applicable Trust. 
 Section 9.02. GOVERNING
LAW. THE AGREEMENT AND THE APPLICABLE CERTIFICATES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THIS SECTION 9.02 SUPERSEDES AND REPLACES SECTION 12.05 OF THE BASIC AGREEMENT, WITH
RESPECT TO THE APPLICABLE TRUST. 
 Section 9.03. Execution in Counterparts. This Trust Supplement may be executed in
any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

  
 26 

 

 Section 9.04. Intention of Parties. The parties hereto intend that the Applicable
Trust be classified for U.S. federal income tax purposes as a grantor trust under Subpart E, Part I of Subchapter J of the Internal Revenue Code of 1986, as amended, and not as a trust or association taxable as a corporation or as a partnership.
Each Applicable Certificateholder and Investor, by its acceptance of its Applicable Certificate or a beneficial interest therein, agrees to treat the Applicable Trust as a grantor trust for all U.S. federal, state and local income tax purposes. The
powers granted and obligations undertaken pursuant to the Agreement shall be so construed so as to further such intent. 

  
 27 

 

 IN WITNESS WHEREOF, the Company and the Trustee have caused this Trust Supplement to be duly
executed by their respective officers thereto duly authorized, as of the day and year first written above. 
  

			
	 HAWAIIAN AIRLINES, INC.

		
	By:	 	/s/ John F. (“Jay”) Schaefer, Jr.
		 	Name: John F. (“Jay”) Schaefer, Jr.
		 	Title: Vice President and Treasurer

  

			
	 WILMINGTON TRUST, NATIONAL
ASSOCIATION,
as Trustee

		
	    By:	 	/s/ Jacqueline Solone
		 	 Name: Jacqueline Solone

		 	 Title: Vice President

 EXHIBIT A 

FORM OF CERTIFICATE 
 [THIS CERTIFICATE IS
SUBJECT TO TRANSFER RESTRICTIONS. THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA OR ANY OTHER
JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED, PLEDGED, SOLD OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION OR ACCEPTANCE
HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS [IN THE CASE OF RULE 144A CERTIFICATES: A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT(“RULE 144A”))] [IN THE CASE OF REGULATION S
CERTIFICATES: NOT A “U.S. PERSON” (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS CERTIFICATE IN AN “OFFSHORE
TRANSACTION” (AS DEFINED IN REGULATION S) IN ACCORDANCE WITH REGULATION S]; (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE THAT IS [IN THE CASE OF RULE 144A CERTIFICATES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST
DATE ON WHICH EITHER OF THE ISSUERS OR ANY AFFILIATE OF EITHER ISSUER WAS THE OWNER OF THIS CERTIFICATE (OR ANY PREDECESSOR OF SUCH CERTIFICATE)] [IN THE CASE OF REGULATION S CERTIFICATES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF
AND THE DATE ON WHICH THIS CERTIFICATE (OR ANY PREDECESSOR OF SUCH CERTIFICATE) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S) IN RELIANCE ON REGULATION S] OFFER, PLEDGE, RESELL OR OTHERWISE TRANSFER THIS
CERTIFICATE EXCEPT (I)(A) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (B) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE); (C) PURSUANT TO
OFFERS AND SALES TO PERSONS OTHER THAN U.S. PERSONS (AS DEFINED IN REGULATION S) THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S; (D) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT (AND WHICH CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER) OR (E) TO THE COMPANY OR ANY AFFILIATE THEREOF; AND (II) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES OF AMERICA AND
OTHER APPLICABLE JURISDICTIONS; (3) AGREES THAT PRIOR TO SUCH TRANSFER (OTHER THAN A TRANSFER PURSUANT TO CLAUSES 2(I)(A), (C) OR (D) ABOVE), IT WILL FURNISH TO THE TRUSTEE AND THE COMPANY. SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER
INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE IN COMPLIANCE WITH THE FOREGOING CLAUSE (2) AND PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE 

  
 A-2 

 

 SECURITIES ACT AND (4) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS CERTIFICATE IS TRANSFERRED A
NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS CERTIFICATE PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THE CERTIFICATES UNDER [RULE 144] [REGULATION S] (OR ANY SUCCESSOR
PROVISION), THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER UPON THE EARLIER OF
THE TRANSFER OF THE CERTIFICATE PURSUANT TO CLAUSE 2(I)(C) ABOVE OR UPON ANY TRANSFER OF THE CERTIFICATES UNDER [RULE 144][REGULATION S] (OR ANY SUCCESSOR PROVISION). TRUST SUPPLEMENT NO. 2020-1B TO THE PASS
THROUGH TRUST AGREEMENT CONTAINS A PROVISION REQUIRING THE REGISTRAR TO REFUSE TO REGISTER ANY TRANSFER OF THIS CERTIFICATE IN VIOLATION OF THE FOREGOING RESTRICTIONS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE RISKS OF THIS
INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.]1 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS 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.]*

 BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (1) REPRESENTS AND WARRANTS TO AND FOR THE BENEFIT OF THE COMPANY THAT EITHER (I) NO ASSETS
OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR A GOVERNMENTAL, CHURCH OR FOREIGN PLAN SUBJECT TO A LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (A “SIMILAR LAW PLAN”) HAVE BEEN USED TO PURCHASE OR HOLD THIS CERTIFICATE OR AN
INTEREST HEREIN OR (II) THE PURCHASE AND HOLDING OF THIS CERTIFICATE OR INTEREST HEREIN BY SUCH PERSON EITHER (A) IN THE CASE OF ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF ERISA OR A PLAN SUBJECT TO SECTION 4975 OF THE 

 

	1 	 To be included on the face of each Global Certificate and each Definitive Certificate issued in exchange for
beneficial interests in a Global Certificate that is required to bear pursuant to this Trust Supplement a Restricted Legend. 

  
 A-3 

 

 CODE, ARE EXEMPT FROM THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE PURSUANT TO ONE OR MORE
PROHIBITED TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR (B) IN THE CASE OF ASSETS OF A SIMILAR LAW PLAN, WILL NOT VIOLATE ANY SIMILAR STATE, LOCAL OR FOREIGN LAW, AND (2) DIRECTS THE TRUSTEE TO INVEST IN THE ASSETS HELD IN THE
APPLICABLE TRUST PURSUANT TO, AND TAKE ALL OTHER ACTIONS CONTEMPLATED BY, THE TERMS AND CONDITIONS DESCRIBED IN THE OFFERING MEMORANDUM. 
 FURTHER, BY ITS
ACQUISITION OR ACCEPTANCE HEREOF, A HOLDER WHO IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF ERISA OR A PLAN SUBJECT TO SECTION 4975 OF THE CODE (A “BENEFIT PLAN INVESTOR”) REPRESENTS AND WARRANTS (I) NONE OF THE COMPANY OR ANY OF
ITS AFFLIATES, THE UNDERWRITERS, THE LOAN TRUSTEE OR THE TRUSTEE HAS PROVIDED INVESTMENT ADVICE ON WHICH IT, OR ANY FIDUCIARY OR OTHER PERSON INVESTING THE ASSETS OF THE BENEFIT PLAN INVESTOR (“PLAN FIDUCIARY”), HAS RELIED IN CONNECTION
WITH ITS DECISION TO INVEST IN THIS CERTIFICATE, AND THEY ARE NOT OTHERWISE ACTING AS A FIDUCIARY, AS DEFINED IN SECTION 3(21) OF ERISA OR SECTION 4975(E)(3) OF THE CODE, TO THE BENEFIT PLAN INVESTOR OR THE PLAN FIDUCIARY IN CONNECTION WITH THE
BENEFIT PLAN INVESTOR’S ACQUISITION OF THIS CERTIFICATE; AND (II) THE PLAN FIDUCIARY IS EXERCISING ITS OWN INDEPENDENT JUDGMENT IN EVALUATING THE INVESTMENT IN THIS CERTIFICATE. 

CERTAIN TERMS USED IN THE FOREGOING PARAGRAPHS SHALL HAVE THE MEANINGS SPECIFIED IN THE AGREEMENT. 

Certificate 

No.          

HAWAIIAN AIRLINES PASS THROUGH TRUST 2020-1B 

Hawaiian Airlines Pass Through Certificate, Series 2020-1B 

Issuance Date: August 5, 2020 

Final Maturity Date: March 15, 2027 

Evidencing A Fractional Undivided Interest In The Hawaiian Airlines 

Pass Through Trust 2020-1B, The Property Of Which Shall Include 

Certain Equipment Notes Each Secured By An Aircraft Owned By 

Hawaiian Airlines, Inc. 

$[_____________] Fractional Undivided Interest 

representing [•]% of the Trust per $1,000 face amount 

  
 A-4 

 

 THIS CERTIFIES THAT __________, for value received, is the registered owner of a $___________
(___________________________________________________ DOLLARS) Fractional Undivided Interest in the Hawaiian Airlines Pass Through Trust 2020-1B (the “Trust”) created by Wilmington Trust,
National Association, as trustee (the “Trustee”), pursuant to a Pass Through Trust Agreement, dated as of May 29, 2013, 2020 (the “Basic Agreement”), between the Trustee and Hawaiian Airlines, Inc., a Delaware
corporation (the “Company”), as supplemented by Trust Supplement No. 2020-1B thereto, dated as of August 5, 2020 (the “Trust Supplement” and, together with the Basic
Agreement, the “Agreement”), between the Trustee and the Company, a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Agreement. This Certificate is one of the duly authorized Certificates designated as “Hawaiian Airlines Pass Through Certificates, Series 2020-1B” (herein called
the “Certificates”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement. By virtue of its acceptance hereof, the holder of this Certificate (the
“Certificateholder” and, together with all other holders of Certificates issued by the Trust, the “Certificateholders”) assents to and agrees to be bound by the provisions of the Agreement and the Intercreditor
Agreement. The property of the Trust includes certain Equipment Notes, the Guarantee with respect to such Equipment Notes and all rights of the Trust to receive payments under the Intercreditor Agreement (the “Trust Property”). Each
issue of the Equipment Notes is secured by, among other things, a security interest in an Aircraft owned by the Company. 
 The Certificates
represent Fractional Undivided Interests in the Trust and the Trust Property and have no rights, benefits or interest in respect of any other separate trust established pursuant to the terms of the Basic Agreement for any other series of
certificates issued pursuant thereto. 
 Subject to and in accordance with the terms of the Agreement and the Intercreditor Agreement, from
funds then available to the Trustee, there will be distributed on March 15and September 15 of each year (a “Regular Distribution Date”) commencing March 15, 2021, to the Person in whose name this Certificate is registered
at the close of business on the 15th day preceding the Regular Distribution Date, an amount in respect of the Scheduled Payments on the Equipment Notes due on such Regular Distribution Date, the receipt of which has been confirmed by the Trustee,
equal to the product of the percentage interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Scheduled Payments. Subject to and in accordance with the terms of the Agreement and the Intercreditor Agreement, in
the event that Special Payments on the Equipment Notes are received by the Trustee, from funds then available to the Trustee, there shall be distributed on the applicable Special Distribution Date, to the Person in whose name this Certificate is
registered at the close of business on the 15th day preceding the Special Distribution Date, an amount in respect of such Special Payments on the Equipment Notes, the receipt of which has been confirmed by the Trustee, equal to the product of
the percentage interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Special Payments so received. If a Regular Distribution Date or Special Distribution Date is not a Business Day, distribution shall be made on
the immediately following Business Day with the same force and effect as if made on such Regular Distribution Date or Special Distribution Date and no interest shall accrue during the intervening period. The Trustee shall mail notice of each Special
Payment and the Special Distribution Date therefor to the Certificateholder of this Certificate. 

  
 A-5 

 

 Distributions on this Certificate will be made by the Trustee by check mailed to the Person
entitled thereto, without presentation or surrender of this Certificate or the making of any notation hereon, except that with respect to Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distribution
shall be made by wire transfer. Except as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will be made after notice mailed by the Trustee of the pendency of such distribution and only
upon presentation and surrender of this Certificate at the office or agency of the Trustee specified in such notice. 
 The Certificates do
not represent a direct obligation of, or an obligation guaranteed by, or an interest in, the Company or the Trustee or any affiliate thereof. The Certificates are limited in right of payment, all as more specifically set forth on the face hereof and
in the Agreement. All payments or distributions made to Certificateholders under the Agreement shall be made only from the Trust Property and only to the extent that the Trustee shall have sufficient income or proceeds from the Trust Property to
make such payments in accordance with the terms of the Agreement. Each Certificateholder of this Certificate, by its acceptance hereof, agrees that it will look solely to the income and proceeds from the Trust Property to the extent available for
distribution to such Certificateholder as provided in the Agreement. This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for information with respect to the interests, rights, benefits, obligations,
privileges, and duties evidenced hereby. A copy of the Agreement may be examined during normal business hours at the principal office of the Trustee, and at such other places, if any, designated by the Trustee, by any Certificateholder upon request.

 The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Certificateholders under the Agreement at any time by the Company and the Trustee with the consent of the Certificateholders holding Certificates evidencing Fractional Undivided Interests aggregating not less
than a majority in interest in the Trust. Any such consent by the Certificateholder of this Certificate shall be conclusive and binding on such Certificateholder and upon all future Certificateholders of this Certificate and of any Certificate
issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of
the Certificateholders of any of the Certificates. 
 As provided in the Agreement and subject to certain limitations set forth therein, the
transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee in its capacity as Registrar, or by any successor Registrar, duly
endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee and the Registrar, duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one
or more new Certificates of authorized denominations evidencing the same aggregate Fractional Undivided Interest in the Trust will be issued to the designated transferee or transferees. 

  
 A-6 

 

 The Certificates are issuable only as registered Certificates without coupons in minimum
denominations of $1,000 Fractional Undivided Interest and integral multiples thereof, except that one Certificate may be issued in a different denomination. As provided in the Agreement and subject to certain limitations therein set forth, the
Certificates are exchangeable for new Certificates of authorized denominations evidencing the same aggregate Fractional Undivided Interest in the Trust, as requested by the Certificateholder surrendering the same. 

No service charge will be made for any such registration of transfer or exchange, but the Trustee shall require payment of a sum sufficient to
cover any tax or governmental charge payable in connection therewith. 
 Each Certificateholder and Investor, by its acceptance of this
Certificate or a beneficial interest herein, agrees to treat the Trust as a grantor trust for all U.S. federal, state and local income tax purposes. 

The Trustee, the Registrar, and any agent of the Trustee or the Registrar may treat the person in whose name this Certificate is registered as
the owner hereof for all purposes, and neither the Trustee, the Registrar, nor any such agent shall be affected by any notice to the contrary. 

The obligations and responsibilities created by the Agreement and the Trust created thereby shall terminate upon the distribution to
Certificateholders of all amounts required to be distributed to them pursuant to the Agreement and the disposition of all property held as part of the Trust Property. 

Any Person acquiring or accepting this Certificate or an interest herein will, by such acquisition or acceptance, be deemed to have
(1) represented and warranted to and for the benefit of the Company that either: (i) no assets of an employee benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a
plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental, church or foreign plan subject to a law that is similar to Title I of ERISA or Section 4975 of the Code (a
“Similar Law Plan”) have been used to purchase or hold this Certificate or an interest herein or (ii) the purchase and holding of this Certificate or an interest herein either (a) in the case of assets of an employee
benefit plan subject to Title I of ERISA or a plan subject to Section 4975 of the Code, are exempt from the prohibited transaction restrictions of ERISA and the Code pursuant to one or more prohibited transaction statutory or administrative
exemptions or (b) in the case of assets of a Similar Law Plan, will not violate any similar state, local or foreign law; and (2) directed the Trustee to invest in the assets held in the Applicable Trust pursuant to, and take all other
actions contemplated by, the terms and conditions described in the Offering Memorandum. 
 THE AGREEMENT AND THIS CERTIFICATE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW 

  
 A-7 

 

 YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS. THIS CERTIFICATE SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Unless the certificate of authentication hereon has been executed by the Trustee, by manual signature, this Certificate shall not be entitled
to any benefit under the Agreement or be valid for any purpose. 
 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed. 
  

			
	HAWAIIAN AIRLINES PASS THROUGH
TRUST 2020-1B
		
	By:	 	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 
		 	Name:
		 	Title:

 FORM OF THE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Certificates referred to in the within-mentioned Agreement. 

 

					
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 
		 	Name:	 	
		 		 	 Title:

  
 9 

 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto _____________ (the “Transferee”) 

Insert Taxpayer Identification No.  
  

Please print or typewrite name and address including zip code of assignee 
  

the within Certificate and all rights thereunder, hereby irrevocably constituting and appointing _______________________ attorney to transfer said Certificate
on the books of the Trustee with full power of substitution in the premises (the “Transfer”). 
 In accordance with Section 4.04(a) of the
Agreement, in connection with any transfer of this Certificate occurring prior to the date that is the end of the restricted period referred to in Rule 144 under the Securities Act of 1933 as amended (“the Securities Act”) or Regulation S
under the Securities Act, as applicable, the undersigned transferor (the “Transferor”) confirms that without utilizing any general solicitation or general advertising that: 

[Check One] 
 [ ] Item 1. Check if Transferee
will take delivery of a beneficial interest in the Global Certificate or a Definitive Certificate pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act, and, accordingly, the
Transferor hereby further certifies that the beneficial interest or the Certificate is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Certificate 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 Trust Supplement, the transferred beneficial
interest or Certificate will be subject to the restrictions on transfer enumerated in the Restricted Legend printed on the Global Certificate and/or the Definitive Certificate and in the Trust Supplement and the Securities Act. 

[ ] Item 2. Check if Transferee will take delivery of a beneficial interest in the Global Certificate or a Definitive Certificate 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 

  
 10 

 

 such Transferor nor any Person acting on its behalf 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 the Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Trust Supplement, the transferred beneficial interest or Definitive Certificate will be subject to the restrictions on Transfer
enumerated in the Restricted Legend printed on the Global Certificate or the Definitive Certificate and in the Trust Supplement and the Securities Act. 

[ ] Item 3. Check and complete if Transferee will take delivery of a beneficial interest in the Global Certificate or Definitive
Certificate 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 the Global Certificate and
Definitive Certificate 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): 

[ ] such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 [ ] such Transfer is being
effected to the Company or an affiliate thereof. 
 If none of the foregoing boxes is checked, the Trustee or other Registrar shall not be
obligated to register this Certificate in the name of any Person other than the Transferor unless and until the conditions to any such transfer of registration set forth herein and in Section 4.04 of the Trust Supplement shall have been
satisfied. 
  

			
	 Date: _____________
	 	 
		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.
		
		 	 SIGNATURE GUARANTEE:
                                         
       

  
 11 

 

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 EXHIBIT B 

[DTC Letter of Representations] 

 SCHEDULE I 
  

									
	 Aircraft Type
	  	Registration
Number	 	  	Manufacturer’s
Serial Number	  	Appraised
Value(1)
	 Airbus A321-200neo
	  	 	N205HA	 	  	8092	  	$50,183,776
	 Airbus A321-200neo
	  	 	N214HA	 	  	8157	  	50,652,297
	 Airbus A321-200neo
	  	 	N216HA	 	  	8471	  	50,946,890
	 Airbus A321-200neo
	  	 	N208HA	 	  	8123	  	51,223,822
	 Airbus A321-200neo
	  	 	N217HA	 	  	8578	  	51,901,467
	 Airbus A321-200neo
	  	 	N226HA	 	  	9127	  	54,035,271
	 Airbus A330-243
	  	 	N391HA	 	  	1399	  	46,660,000
	 Airbus A330-243
	  	 	N393HA	 	  	1422	  	47,454,340EX-4.3

 Exhibit 4.3 

Execution Version 
  

 
 INTERCREDITOR AGREEMENT 

(2020-1) 

Dated as of 
 August 5, 2020

 AMONG 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION 
 not in its individual capacity 

but solely as Trustee under the 

Hawaiian Airlines Pass Through Trust 2020-1A 

and 
 Hawaiian Airlines Pass Through
Trust 2020-1B, 
 AND 

WILMINGTON TRUST, NATIONAL ASSOCIATION 

not in its individual capacity except 

as expressly set forth herein but 

solely as Subordination Agent and Trustee 
  

 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	 
		
	 SECTION 1.1. Definitions
	  	 	2	 
		
	 ARTICLE II TRUST ACCOUNTS; CONTROLLING PARTY
	  	 	14	 
		
	 SECTION 2.1. Agreement to Terms of Subordination; Payments from Monies Received Only
	  	 	14	 
	 SECTION 2.2. Trust Accounts
	  	 	15	 
	 SECTION 2.3. Deposits to the Collection Account and Special Payments Account
	  	 	16	 
	 SECTION 2.4. Distributions of Special Payments
	  	 	16	 
	 SECTION 2.5. Designated Representatives
	  	 	17	 
	 SECTION 2.6. Controlling Party
	  	 	18	 
		
	 ARTICLE III RECEIPT, DISTRIBUTION AND APPLICATION OF AMOUNTS RECEIVED
	  	 	19	 
		
	 SECTION 3.1. Written Notice of Distribution
	  	 	19	 
	 SECTION 3.2. Distribution of Amounts on Deposit in the Collection Account
	  	 	20	 
	 SECTION 3.3. Other Payments
	  	 	22	 
	 SECTION 3.4. Payments to the Trustees
	  	 	22	 
		
	 ARTICLE IV EXERCISE OF REMEDIES
	  	 	22	 
		
	 SECTION 4.1. Directions from the Controlling Party
	  	 	22	 
	 SECTION 4.2. Remedies Cumulative
	  	 	24	 
	 SECTION 4.3. Discontinuance of Proceedings
	  	 	24	 
	 SECTION 4.4. Right of Certificateholders to Receive Payments Not to Be Impaired
	  	 	25	 
	 SECTION 4.5. Undertaking for Costs
	  	 	25	 
		
	 ARTICLE V DUTIES OF THE SUBORDINATION AGENT; AGREEMENTS OF TRUSTEES, ETC.
	  	 	25	 
		
	 SECTION 5.1. Notice of Indenture Default or Triggering Event
	  	 	25	 
	 SECTION 5.2. Indemnification
	  	 	26	 
	 SECTION 5.3. No Duties Except as Specified in this Intercreditor Agreement
	  	 	27	 
	 SECTION 5.4. Notice from the Trustees
	  	 	27	 
		
	 ARTICLE VI THE SUBORDINATION AGENT
	  	 	27	 
		
	 SECTION 6.1. Authorization; Acceptance of Trusts and Duties
	  	 	27	 
	 SECTION 6.2. Absence of Duties
	  	 	28	 
	 SECTION 6.3. No Representations or Warranties as to Documents
	  	 	28	 
	 SECTION 6.4. No Segregation of Monies; No Interest
	  	 	28	 
	 SECTION 6.5. Reliance; Agents; Advice of Counsel
	  	 	28	 

  
 i 

					
	 SECTION 6.6. Capacity in Which Acting
	  	 	29	 
	 SECTION 6.7. Compensation
	  	 	29	 
	 SECTION 6.8. May Become Certificateholder
	  	 	29	 
	 SECTION 6.9. Subordination Agent Required; Eligibility
	  	 	29	 
	 SECTION 6.10. Money to Be Held in Trust
	  	 	29	 
		
	 ARTICLE VII INDEMNIFICATION OF SUBORDINATION AGENT
	  	 	30	 
		
	 ARTICLE VIII SUCCESSOR SUBORDINATION AGENT
	  	 	30	 
		
	 SECTION 8.1. Replacement of Subordination Agent; Appointment of Successor
	  	 	30	 
		
	 ARTICLE IX SUPPLEMENTS AND AMENDMENTS
	  	 	31	 
		
	 SECTION 9.1. Amendments, Waivers, Possible Future Issuance of an Additional Class of
Certificates, etc
	  	 	31	 
	 SECTION 9.2. Subordination Agent Protected
	  	 	34	 
	 SECTION 9.3. Effect of Supplemental Agreements
	  	 	34	 
	 SECTION 9.4. Notice to Rating Agencies
	  	 	35	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	35	 
		
	 SECTION 10.1. Termination of Intercreditor Agreement
	  	 	35	 
	 SECTION 10.2. Intercreditor Agreement for Benefit of the Trustees and the Subordination
Agent
	  	 	35	 
	 SECTION 10.3. Notices
	  	 	35	 
	 SECTION 10.4. Severability
	  	 	36	 
	 SECTION 10.5. No Oral Modifications or Continuing Waivers
	  	 	36	 
	 SECTION 10.6. Successors and Assigns
	  	 	36	 
	 SECTION 10.7. Headings
	  	 	36	 
	 SECTION 10.8. Counterpart Form
	  	 	36	 
	 SECTION 10.9. Subordination
	  	 	36	 
	 SECTION 10.10. Governing Law
	  	 	37	 
	 SECTION 10.11. Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity
	  	 	37	 

  
 ii 

 INTERCREDITOR AGREEMENT 

INTERCREDITOR AGREEMENT (this “Agreement”) dated as of August 5, 2020, among WILMINGTON TRUST, NATIONAL ASSOCIATION, a
national banking association (“WTNA”), not in its individual capacity but solely as Trustee of each Trust (each as defined below); and WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity except as expressly set
forth herein, but solely as Subordination Agent and trustee hereunder (in such capacity, together with any successor appointed pursuant to Article VIII hereof, the “Subordination Agent”). 

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

WHEREAS, pursuant to each Indenture, Hawaiian will issue on a recourse basis up to (and including) two series of Equipment Notes to finance
the related Aircraft; 
 WHEREAS, pursuant to the Financing Agreements, each Trust will acquire Equipment Notes having an interest rate
equal to the Stated Interest Rate applicable to the Certificates to be issued by such Trust; 
 WHEREAS, pursuant to each Trust Agreement,
the Trust created thereby proposes to issue a single class of Certificates (a “Class”) having the interest rate and the final distribution date described in such Trust Agreement on the terms and subject to the conditions set forth
therein; 
 WHEREAS, pursuant to the Certificate Purchase Agreement, the Purchasers propose to purchase the Class A Certificates issued
by the Class A Trust and the Class B Certificates issued by the Class B Trust in the aggregate face amount set forth opposite the name of such Trust on Schedule I thereto on the terms and subject to the conditions set forth therein;
and 
 WHEREAS, it is a condition precedent to the obligations of the Purchasers under the Certificate Purchase Agreement that the
Subordination Agent and the Trustees agree to the terms of subordination set forth in this Agreement in respect of each Class of Certificates, and the Subordination Agent and the Trustees, by entering into this Agreement, hereby acknowledge and
agree to such terms of subordination and the other provisions of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual
agreements herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

  
 1 

 ARTICLE I 

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

(1) the terms used herein that are defined in this Article have the meanings assigned to them in this Article, and include the
plural as well as the singular; 
 (2) all references in this Agreement to designated “Articles”,
“Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Agreement; 

(3) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Article, Section or other subdivision; and 
 (4) the term
“including” means “including without limitation”. 
 “Acceleration” means, with respect to the amounts
payable in respect of the Equipment Notes issued under any Indenture, such amounts becoming immediately due and payable by declaration or otherwise. “Accelerate”, “Accelerated” and “Accelerating”
have meanings correlative to the foregoing. 
 “Actual Disposition Event” means, in respect of any Equipment Note:
(i) the disposition of the Aircraft securing such Equipment Note, (ii) the occurrence of the mandatory redemption date for such Equipment Note following an Event of Loss (as defined in such Indenture) with respect to the Aircraft which
secured such Equipment Note or (iii) the sale of such Equipment Note. 
 “Additional Certificateholders” has the
meaning specified in Section 9.1(d). 
 “Additional Certificates” has the meaning specified in Section 9.1(d).

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

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

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

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

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

  
 2 

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

“Aircraft” means, with respect to each Indenture, the “Aircraft” referred to therein. 

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

“Appraised Current Market Value” of any Aircraft means the lower of the average and the median of the three most recent
Post-Default Appraisals of such Aircraft. 
 “Appraisers” means Aircraft Information Services, Inc., Avitas, Inc. and
Morten Beyer & Agnew, Inc. or, so long as the Person entitled or required hereunder to select such Appraiser acts reasonably, any other nationally recognized appraiser reasonably satisfactory to the Subordination Agent and the Controlling
Party. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Sections 101 et seq. 

“Basic Agreement” means the Pass Through Trust Agreement dated as of May 29, 2013 between Hawaiian and WTNA, not in its
individual capacity, except as otherwise expressly provided therein, but solely as trustee. 
 “Business Day” means any day
other than a Saturday or Sunday or a day on which commercial banks are required or authorized to close in Honolulu, Hawaii, New York, New York, or, so long as any Certificate is outstanding, the city and state in which any Trustee, the Subordination
Agent or any Loan Trustee maintains its Corporate Trust Office. 
 “Certificate” means a Class A Certificate or a
Class B Certificate, as applicable. 
 “Certificate Purchase Agreement” means the Certificate Purchase Agreement dated
July 29, 2020 among the Purchasers, each Trustee, WTNA and Hawaiian, relating to the purchase of the Certificates by the Purchasers, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 “Class” has the meaning assigned to such term in the preliminary statements to this Agreement. 

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

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

  
 3 

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

“Class A Trust Agreement” means the Basic Agreement, as supplemented by the Supplement No. 2020-1A thereto, governing the creation and administration of the Hawaiian Airlines Pass Through Trust 2020-1A and the issuance of the Class A Certificates, as the same
may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Class A
Trustee” means WTNA, not in its individual capacity except as expressly set forth in the Class A Trust Agreement, but solely as trustee under the Class A Trust Agreement, together with any successor trustee appointed pursuant
thereto. 
 “Class B Adjusted Interest” means, as of any Current Distribution Date: (I) any
interest described in clause (II) of this definition accruing prior to the immediately preceding Distribution Date which remains unpaid and (II) interest at the Stated Interest Rate for the Class B Certificates (A) for the number
of days during the period commencing on, and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the Closing Date) and ending on, but excluding the Current Distribution Date,
on the Preferred B Pool Balance on such Current Distribution Date and (B) on the principal amount calculated pursuant to clauses (B)(i), (ii), (iii) and (iv) of the definition of Preferred B Pool Balance for each Series B Equipment
Note with respect to which a disposition, distribution, sale or Deemed Disposition Event has occurred since the immediately preceding Distribution Date (but only if no such event has previously occurred with respect to such Series B Equipment Note),
for each day during the period, for each such Series B Equipment Note, commencing on, and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the Closing Date) and ending on,
but excluding the date of disposition, distribution, sale or Deemed Disposition Event with respect to such Series B Equipment Note, Aircraft or Collateral, as the case may be. 

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

“Class B Certificates” means the certificates issued by the Class B Trust, substantially in the form
of Exhibit A to the Class B Trust Agreement, and authenticated by the Class B Trustee, representing fractional undivided interests in the Class B Trust, and any certificates issued in exchange therefor or replacement thereof pursuant
to the terms of the Class B Trust Agreement. 
 “Class B Trust” means the Hawaiian Airlines Pass
Through Trust 2020-1B created and administered pursuant to the Class B Trust Agreement. 

  
 4 

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

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

“Closing Date” means August 5, 2020. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated
thereunder. 
 “Collateral” has the meaning specified in the Indentures. 

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

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

“Corporate Trust Office” means, with respect to any Trustee, the Subordination Agent or any Loan Trustee, the office of such
Person in the city at which, at any particular time, its corporate trust business shall be principally administered. 
 “Current
Distribution Date” means a Distribution Date specified as a reference date for calculating the Expected Distributions with respect to the Certificates of any Trust as of such Distribution Date. 

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

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

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

“DTC” means The Depository Trust Company 

“Eligible Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated
trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states 

  
 5 

 
thereof or the District of Columbia (or any U.S. branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the
securities of such depository institution a long-term issuer credit rating of at least A or its equivalent from Fitch and KBRA, respectively. 

“Eligible Institution” means (a) the corporate trust department of the Subordination Agent or any Trustee, as
applicable, or (b) a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), which has a long-term unsecured debt
rating or issuer credit rating, as the case may be, from each Rating Agency of at least A or its equivalent. 
 “Eligible
Investments” means (a) investments in obligations of, or guaranteed by, the United States government having maturities no later than 90 days following the date of such investment, (b) investments in open market commercial paper of
any corporation incorporated under the laws of the United States of America or any state thereof with a short-term unsecured debt rating issued by Fitch of at least A and a short-term issuer credit rating issued by Fitch of at least F1, having
maturities no later than 90 days following the date of such investment or (c) investments in negotiable certificates of deposit, time deposits, banker’s acceptances, commercial paper or other direct obligations of, or obligations
guaranteed by, commercial banks organized under the laws of the United States or of any political subdivision thereof (or any U.S. branch of a foreign bank) with a short-term unsecured debt rating by Fitch of at least A and a short-term issuer
credit rating by Fitch of at least F1, having maturities no later than 90 days following the date of such investment; provided, however, that (x) all Eligible Investments that are bank obligations shall be denominated in Dollars;
and (y) the aggregate amount of Eligible Investments at any one time that are bank obligations issued by any one bank shall not be in excess of 5% of such bank’s capital surplus; provided further that any investment of the
types described in clauses (a), (b) and (c) above may be made through a repurchase agreement in commercially reasonable form with a bank or other financial institution qualifying as an Eligible Institution so long as such investment is held by
a third party custodian also qualifying as an Eligible Institution; provided further, however, that in the case of any Eligible Investment issued by a domestic branch of a foreign bank, the income from such investment shall be
from sources within the United States for purposes of the Code. Notwithstanding the foregoing, no investment of the types described in clause (b) above which is issued or guaranteed by Hawaiian or any of its Affiliates, and no investment in the
obligations of any one bank in excess of $10,000,000, shall be an Eligible Investment unless a Ratings Confirmation shall have been received with respect to the making of such investment. 

“Equipment Note Special Payment” means a Special Payment on account of the redemption, purchase or prepayment of all of the
Equipment Notes issued pursuant to an Indenture. 
 “Equipment Notes” means, at any time, the Series A Equipment Notes and
the Series B Equipment Notes, collectively, and in each case, any Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of the Indentures. 

  
 6 

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

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

“Final Legal Distribution Date” means (i) with respect to the Class A Certificates, September 15, 2027, and
(ii) with respect to the Class B Certificates, September 15, 2025. 
 “Financing Agreement” means each of
the Participation Agreements, the Indentures and the Note Purchase Agreement. 
 “Fitch” means Fitch Ratings Inc. 

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

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

(a) Hawaiian shall consent to the appointment of or the taking of possession by a receiver, trustee or liquidator of itself or
of a substantial part of its property, or Hawaiian shall admit in writing its inability to pay its debts generally as they come due, 

  
 7 

 
or does not pay its debts generally as they become due or shall make a general assignment for the benefit of creditors, or Hawaiian shall file a voluntary petition in bankruptcy or a voluntary
petition or an answer seeking reorganization, liquidation or other relief in a case under any bankruptcy laws or other insolvency laws (as in effect at such time) or an answer admitting the material allegations of a petition filed against Hawaiian
in any such case, or Hawaiian shall seek relief by voluntary petition, answer or consent, under the provisions of any other bankruptcy or other similar law providing for the reorganization or winding-up of
corporations (as in effect at such time) or Hawaiian shall seek an agreement, composition, extension or adjustment with its creditors under such laws, or Hawaiian’s board of directors shall adopt a resolution authorizing corporate action in
furtherance of any of the foregoing; or 
 (b) an order, judgment or decree shall be entered by any court of competent
jurisdiction appointing, without the consent of Hawaiian, a receiver, trustee or liquidator of Hawaiian or of any substantial part of its property, or any substantial part of the property of Hawaiian shall be sequestered, or granting any other
relief in respect of Hawaiian as a debtor under any bankruptcy laws or other insolvency laws (as in effect at such time), and any such order, judgment or decree of appointment or sequestration shall remain in force undismissed, unstayed and
unvacated for a period of 60 days after the date of entry thereof; or 
 (c) a petition against Hawaiian in a case under any
bankruptcy laws or other insolvency laws (as in effect at such time) is filed and not withdrawn or dismissed within 60 days thereafter, or if, under the provisions of any law providing for reorganization or
winding-up of corporations which may apply to Hawaiian, any court of competent jurisdiction assumes jurisdiction, custody or control of Hawaiian or of any substantial part of its property and such
jurisdiction, custody or control remains in force unrelinquished, unstayed and unterminated for a period of 60 days. 
 “Hawaiian
Provisions” has the meaning specified in Section 9.1(a). 
 “Indenture” means each of the Trust Indentures
entered into by the Loan Trustee and Hawaiian, pursuant to the Note Purchase Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Indenture Default” means, with respect to any Indenture, any Event of Default (as such term is defined in such Indenture)
thereunder. 
 “Interest Period” has the meaning specified in the Indentures. 

“Investment Earnings” means investment earnings on funds on deposit in the Trust Accounts net of losses and investment
expenses of the Subordination Agent in making such investments. 
 “Issuance Date” has the meaning set forth in the Note
Purchase Agreement. 
 “KBRA” means Kroll Bond Ratings Agency. 

  
 8 

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

“Loan Trustee” means, with respect to any Indenture, the mortgagee thereunder. 

“Minimum Sale Price” means, with respect to any Aircraft or the Equipment Notes issued in respect of such Aircraft, at any
time, in the case of the sale of an Aircraft, 75%, or in the case of the sale of related Equipment Notes, 85%, of the Appraised Current Market Value of such Aircraft. 

“Non-Controlling Party” means, at any time, any Trustee or other Person which is not
the Controlling Party at such time. 
 “Non-Performing Equipment Note” means an
Equipment Note issued pursuant to an Indenture that is not a Performing Equipment Note. 
 “Note Purchase Agreement” means
the Note Purchase Agreement, dated as of the date hereof, among Hawaiian, each Trustee and the Subordination Agent, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Operative Agreements” means this Agreement, the Trust Agreements, the Certificate Purchase Agreement, the Financing
Agreements, the Fee Letters, the Equipment Notes and the Certificates, together with all exhibits and schedules included with any of the foregoing. 

“Outstanding” means, when used with respect to each Class of Certificates, as of the date of determination, all
Certificates of such Class theretofore authenticated and delivered under the related Trust Agreement, except: 
 (i)
Certificates of such Class theretofore canceled by the Registrar (as defined in such Trust Agreement) or delivered to the Trustee thereunder or such Registrar for cancellation; 

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

provided, however, that in determining whether the holders of the requisite Outstanding amount of such Certificates have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, any Certificates owned by Hawaiian or any of its Affiliates shall be 

  
 9 

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

“Overdue Scheduled Payment” means any Scheduled Payment which is not in fact received by the Subordination Agent within five
days after the Scheduled Payment Date relating thereto. 
 “Participation Agreement” means, with respect to each Indenture,
the “Participation Agreement” referred to therein. 
 “Performing Equipment Note” means an Equipment Note with
respect to which no payment default has occurred and is continuing (without giving effect to any Acceleration); provided that in the event of a bankruptcy proceeding under the Bankruptcy Code in which Hawaiian is a debtor any payment default
existing during the 60-Day Period (or such longer period as may apply under Section 1110(b) of the Bankruptcy Code or as may apply for the cure of such payment default under Section 1110(a)(2)(B) of
the Bankruptcy Code) shall not be taken into consideration until the expiration of the applicable period. 
 “Performing Note
Deficiency” means any time that less than 65% of the then aggregate outstanding principal amount of all Equipment Notes (other than any Additional Equipment Notes issued under any Indenture) are Performing Equipment Notes. 

“Person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock
company, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof. 
 “PIK
Amounts” means, with respect to Class A Certificates and the Class B Certificates, as of any date of determination, any interest on the Pool Balance of the Certificates of such Class that was scheduled for distribution on any
applicable Regular Distribution Date and was not paid on such Regular Distribution Date (and remains unpaid as of such date of determination) together with any interest accrued thereon at the Stated Interest Rate for the applicable Class. 

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

  
 10 

 “Post-Default Appraisals” has the meaning specified in
Section 4.1(a)(iv). 
 “Preferred B Pool Balance” means, as of any date, the excess of (A) the Pool
Balance of the Class B Certificates as of the immediately preceding Distribution Date (or, if such date is on or before the first Distribution Date, the original aggregate face amount of the Class B Certificates) (after giving effect to
distributions made on such date) over (B) the sum of (i) the outstanding principal amount of each Series B Equipment Note that remains unpaid as of such date subsequent to the disposition of the Collateral under the Indenture pursuant to
which such Series B Equipment Note was issued and after giving effect to any distributions of the proceeds of such disposition applied under such Indenture to the payment of each such Series B Equipment Note, (ii) the outstanding principal
amount of each Series B Equipment Note that remains unpaid as of such date subsequent to the scheduled date of mandatory redemption of such Series B Equipment Note following an Event of Loss (as defined in such Indenture) with respect to the
Aircraft which secured such Series B Equipment Note and after giving effect to the distributions of any proceeds in respect of such Event of Loss applied under such Indenture to the payment of each such Series B Equipment Note, (iii) the
excess, if any, of (x) the outstanding amount of principal and interest as of the date of sale of each Series B Equipment Note previously sold over (y) the purchase price received with respect to the sale of such Series B Equipment Note
(net of any applicable costs and expenses of sale) and (iv) the outstanding principal amount of any Series B Equipment Note with respect to which a Deemed Disposition Event has occurred; provided, however, that if more than one of
the clauses (i), (ii), (iii) and (iv) is applicable to any one Series B Equipment Note, only the amount determined pursuant to the clause that first became applicable shall be counted with respect to such Series B Equipment Note. 

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

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

“PTC Event of Default” means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due
date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) any PIK Amount on the earlier of (A) the Regular Distribution Date that is
the third Regular Distribution Date following the Regular Distribution Date on which the interest represented by such PIK Amount was originally scheduled to be distributed and (B) the date that is 18 months prior to the Final Legal Distribution
Date. 
 “Purchaser” has the meaning assigned to such term in the Certificate Purchase Agreement. 

“Rating Agencies” means, collectively, at any time, each nationally recognized rating agency which shall have been requested
to rate the Certificates and which shall then be rating the Certificates. The initial Rating Agencies will be Fitch and KBRA. 

  
 11 

 “Ratings Confirmation” means, with respect to any action proposed to be
taken, a written confirmation from each of the Rating Agencies that such action would not result in (i) a reduction of the rating for any Class of Certificates below the then current rating for such Class of Certificates or
(ii) a withdrawal or suspension of the rating of any Class of Certificates. 
 “Refinancing Certificateholders”
has the meaning specified in Section 9.1(c). 
 “Refinancing Certificates” has the meaning specified in
Section 9.1(c). 
 “Refinancing Equipment Notes” has the meaning specified in Section 9.1(c). 

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

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

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

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

“Responsible Officer” means, with respect to the Subordination Agent and each of the Trustees, any officer in the corporate
trust administration department of the Subordination Agent or such Trustee or any other officer customarily performing functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of his knowledge of and familiarity with a particular subject. 
 “Scheduled Payment”
means, with respect to any Equipment Note, any payment of principal or interest on such Equipment Note (other than an Overdue Scheduled Payment) due from the obligor thereon, which payment represents the installment of principal at the stated
maturity of such installment of principal on such Equipment Note, the payment of regularly scheduled interest accrued on the unpaid principal amount of such Equipment Note, or both; provided that any payment of principal of, Premium, if any,
or interest resulting from the redemption or purchase of any Equipment Note shall not constitute a Scheduled Payment. 
 “Scheduled
Payment Date” means, with respect to any Scheduled Payment, the date on which such Scheduled Payment is scheduled to be made. 

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

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

  
 12 

 “60-Day Period” means the 60-day period specified in Section 1110(a)(2)(A) of the Bankruptcy Code. 
 “Special
Distribution Date” means, with respect to any Special Payment, the date chosen by the Subordination Agent pursuant to Section 2.4(a) for the distribution of such Special Payment in accordance with this Agreement, whether distributed
pursuant to Section 2.4 or Section 3.2 hereof. 
 “Special Payment” means any payment (other than a Scheduled
Payment) in respect of, or any proceeds of, any Equipment Note or Collateral. 
 “Stated Interest Rate” means (i) with
respect to the Class A Certificates, 7.375% per annum and (ii) with respect to the Class B Certificates, 11.250% per annum. 

“Subordination Agent” has the meaning specified in the recital of parties to this Agreement. 

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

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

“Substitute Airframe” has the meaning set forth in the Indenture. 

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

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

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

  
 13 

 “Trust” means either of the Class A Trust or the Class B Trust.

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

“Trust Agreement” means either of the Class A Trust Agreement or the Class B Trust Agreement. 

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

“Trustee” means either of the Class A Trustee or the Class B Trustee. 

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

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

“Written Notice” means, from the Subordination Agent or any Trustee, a written instrument executed by the Designated
Representative of such Person. 
 “WTNA” has the meaning specified in the recital of parties to this Agreement. 

ARTICLE II 
 TRUST ACCOUNTS;
CONTROLLING PARTY 
 SECTION 2.1. Agreement to Terms of Subordination; Payments from Monies Received Only. 

(a) Each Trustee hereby acknowledges and agrees to the terms of subordination and distribution set forth in this Agreement in respect of each
Class of Certificates and agrees to enforce such provisions and cause all payments in respect of the Equipment Notes held by the Subordination Agent to be applied in accordance with the terms of this Agreement. In addition, each Trustee hereby
agrees to cause the Equipment Notes purchased by the related Trust to be registered in the name of the Subordination Agent or its nominee, as agent and trustee for such Trustee, to be held in trust by the Subordination Agent solely for the purpose
of facilitating the enforcement of the subordination and other provisions of this Agreement. 
 (b) Except as otherwise expressly provided
in the next succeeding sentence of this Section 2.1(b), all payments to be made by the Subordination Agent hereunder shall be made only from amounts received by it that constitute Scheduled Payments, Special Payments, payments under
Section 8.1 of the Participation Agreements, or payments under Section 6 of the Note Purchase Agreement, and only to the extent that the Subordination Agent shall have received sufficient income or proceeds therefrom to enable it to make
such payments in 

  
 14 

 
accordance with the terms hereof. Each of the Trustees and the Subordination Agent hereby agrees and, as provided in each Trust Agreement, each Certificateholder, by its acceptance of a
Certificate, has agreed to look solely to such amounts to the extent available for distribution to it as provided in this Agreement and that none of the Trustees, the Loan Trustees nor the Subordination Agent is personally liable to any of them for
any amounts payable or any liability under this Agreement, any Trust Agreement, or such Certificate, except (in the case of the Subordination Agent) as expressly provided herein or (in the case of the Trustees) as expressly provided in each Trust
Agreement or (in the case of the Loan Trustees) as expressly provided in any Operative Agreement. 
 SECTION 2.2. Trust
Accounts. 
 (a) Upon the execution of this Agreement, the Subordination Agent shall establish and maintain in its name (i) the
Collection Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Trustees and the Certificateholders and (ii) as a sub-account in the Collection Account, the Special Payments Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the
Trustees and the Certificateholders. The Special Payments Account and the Collection Account constitute the “Trust Accounts” hereunder. Without limiting the foregoing, all monies credited to the Trust Accounts shall be, and shall remain,
the property of the relevant Trust(s). 
 (b) Funds on deposit in the Trust Accounts shall be invested and reinvested by the Subordination
Agent in Eligible Investments selected by the Subordination Agent if such investments are reasonably available and have maturities no later than the earlier of (i) 90 days following the date of such investment and (ii) the Business Day
immediately preceding the Regular Distribution Date or the date of the related distribution pursuant to Section 2.4 hereof, as the case may be, next following the date of such investment; provided, however, that upon the
occurrence and during the continuation of a Triggering Event, the Subordination Agent shall invest and reinvest such amounts in Eligible Investments in accordance with the written instructions of the Controlling Party. Unless otherwise expressly
provided in this Agreement, any Investment Earnings shall be deposited in the Collection Account when received by the Subordination Agent and shall be applied by the Subordination Agent in the same manner as the other amounts on deposit in the
Collection Account are to be applied and any losses shall be charged against the principal amount invested, in each case net of the Subordination Agent’s reasonable fees and expenses in making such investments. The Subordination Agent shall not
be liable for any loss resulting from any investment, reinvestment or liquidation required to be made under this Agreement other than by reason of its willful misconduct or gross negligence (or, with respect to the handling or transfer of funds, its
own negligence). Eligible Investments and any other investment required to be made hereunder shall be held to their maturities except that any such investment may be sold (without regard to its maturity) by the Subordination Agent without
instructions whenever such sale is necessary to make a distribution required under this Agreement. Uninvested funds held hereunder shall not earn or accrue interest. 

(c) The Subordination Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in
all proceeds thereof (including 

  
 15 

 
all income thereon, except as otherwise expressly provided in Section 3.3(b) with respect to Investment Earnings). The Trust Accounts shall be held in trust by the Subordination Agent under
the sole dominion and control of the Subordination Agent for the benefit of the Trustees or the Certificateholders, as the case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Subordination Agent
shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, for which a Ratings Confirmation for each Class of Certificates shall have been obtained) establish a new Collection Account or Special Payments Account, as
the case may be, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Collection Account or Special Payments Account, as the case may be. So long as WTNA is an Eligible Institution, the Trust Accounts shall
be maintained with it as Eligible Deposit Accounts. 
 SECTION 2.3. Deposits to the Collection Account and Special Payments
Account. 
 (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received
by it. 
 (b) The Subordination Agent shall, on each date when one or more Special Payments are made to the Subordination Agent as holder of
the Equipment Notes, deposit in the Special Payments Account the aggregate amount of such Special Payments. 
 SECTION 2.4.
Distributions of Special Payments. 
 (a) Notice of Special Payment. Except as provided in Section 2.4(c) below,
upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or, in the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent
shall promptly give notice thereof to each Trustee. The Subordination Agent shall promptly calculate the amount of the redemption or purchase of Equipment Notes, the amount of any Overdue Scheduled Payment or the proceeds of Equipment Notes or
Collateral, as the case may be, comprising such Special Payment under the applicable Indenture or Indentures and shall promptly send to each Trustee a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice shall
also set the distribution date for such Special Payment (a “Special Distribution Date”), which shall be the Business Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice and
(y) the date the Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account shall be distributed in accordance with Sections 2.4(b) and 2.4(c) and Article III hereof, as
applicable. 
 For the purposes of the application of any Equipment Note Special Payment distributed on a Special Distribution Date in
accordance with Section 3.2 hereof, so long as no Indenture Default shall have occurred and be continuing under any Indenture: 

(i) clause “third” thereof shall be deemed to read as follows: “third, any accrued and unpaid PIK Amounts
(applied first to interest and then principal) in 

  
 16 

 
respect of the Class A Certificates and then accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class A Certificates, together with
(without duplication) accrued and unpaid interest at the Stated Interest Rate on the outstanding principal amount of (and determined for such purposes based only on) the Series A Equipment Notes held in the Class A Trust being redeemed,
purchased or prepaid, shall be distributed to the Class A Trustee”; 
 (ii) clause “fourth” thereof shall
be deemed to read as follows: “fourth, such amount as shall be required to pay any accrued and unpaid PIK Amounts (applied first to interest and then principal) in respect of the Class B Certificates and then accrued, due and unpaid
Class B Adjusted Interest, shall be distributed to the Class B Trustee”; and 
 (iii) clause “sixth”
thereof shall be deemed to read as follows: “sixth, such amount as shall be required to pay in full accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class B Certificates (including
any unpaid PIK Amount) which was not previously paid pursuant to clause “fourth” above to the holders of the Class B Certificates, together with (without duplication) any other accrued and unpaid interest at the Stated Interest Rate
on the outstanding principal amount of the Series B Equipment Notes held in the Class B Trust and being redeemed, purchased or prepaid shall be paid to the Class B Trustee”. 

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

(c) Certain Payments. The Subordination Agent will distribute promptly upon receipt thereof (i) any indemnity payment or expense
reimbursement received by it from Hawaiian in respect of any Trustee and (ii) any compensation received by it from Hawaiian under any Operative Agreement in respect of any Trustee, directly to the Trustee entitled thereto. 

SECTION 2.5. Designated Representatives. 

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

  
 17 

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

SECTION 2.6. Controlling Party. 

(a) The Trustees hereby agree that, with respect to any Indenture at any given time, the Loan Trustee thereunder will be directed in taking,
or refraining from taking, any action under such Indenture or with respect to the Equipment Notes issued thereunder (i) so long as no Indenture Default has occurred and is continuing thereunder, by the holders of at least a majority of the
outstanding principal amount of such Equipment Notes (provided that, for so long as the Subordination Agent is the registered holder of the Equipment Notes, the Subordination Agent shall act with respect to this clause (i) in accordance with
the directions of the Trustees (in the case of each such Trustee, with respect to the Equipment Notes issued under such Indenture and held as Trust Property of such Trust) constituting, in the aggregate, directions with respect to at least a
majority of outstanding principal amount of Equipment Notes except as provided in Section 9.1(b)), and (ii) after the occurrence and during the continuance of an Indenture Default thereunder, in taking, or refraining from taking, any
action under such Indenture or with respect to such Equipment Notes, including exercising remedies thereunder (including Accelerating the Equipment Notes issued thereunder or foreclosing the Lien on the Aircraft securing such Equipment Notes), by
the Controlling Party. 
 (b) The “Controlling Party” shall be (x) the Class A Trustee and (y) upon payment of
Final Distributions to the holders of Class A Certificates, the Class B Trustee. For purposes of giving effect to the provisions of Section 2.6(a) and this Section 2.6(b), the Trustees (other than the Controlling Party)
irrevocably agree (and the Certificateholders (other than the Certificateholders represented by the Controlling Party) shall be deemed to agree by virtue of their purchase of Certificates) that the Subordination Agent, as record holder of the
Equipment Notes, shall exercise its voting rights in respect of the Equipment Notes so held by the Subordination Agent as directed by the Controlling Party and any vote so exercised shall be binding upon the Trustees and all Certificateholders. 

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

  
 18 

 (c) The exercise of remedies by the Controlling Party under this Agreement shall be
expressly limited by Sections 4.1(a)(ii) and 4.1(a)(iii) hereof. 
 (d) The Controlling Party shall not be entitled to require or obligate
any Non-Controlling Party to provide funds necessary to exercise any right or remedy hereunder. 

ARTICLE III 
 RECEIPT,
DISTRIBUTION AND APPLICATION 
 OF AMOUNTS RECEIVED 

SECTION 3.1. Written Notice of Distribution. 

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

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

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

(iii) each Trustee shall set forth the amounts to be paid in accordance with clause “second” of Section 3.2
hereof. 
 (b) At such time as a Trustee shall have received all amounts owing to it (and, in the case of a Trustee, the Certificateholders
for which it is acting) pursuant to Section 3.2 hereof, as applicable, such Person shall, by a Written Notice, so inform the Subordination Agent and each other party to this Agreement. 

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

  
 19 

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

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

(f) The notices required under this Section 3.1(a) may be in the form of a schedule or similar document provided to the Subordination
Agent by the parties referenced therein or by any one of them, which schedule or similar document may state that, unless there has been a prepayment of the Certificates, such schedule or similar document is to remain in effect until any substitute
notice or amendment shall be given to the Subordination Agent by the party providing such notice. 
 SECTION 3.2. Distribution of Amounts
on Deposit in the Collection Account. Except as otherwise provided in Sections 2.4, 3.1(e) and 3.3, amounts on deposit in the Collection Account (including amounts on deposit in the Special Payments Account) shall be promptly distributed on each
Regular Distribution Date (or, in the case of any amount described in Section 2.4(a), on the Special Distribution Date thereof) in the following order of priority and in accordance with the information provided to the Subordination Agent
pursuant to Section 3.1(a) hereof: 
 first, such amount as shall be required to reimburse (i) the
Subordination Agent for any reasonable out-of-pocket costs and expenses actually incurred by it (to the extent not previously reimbursed) or reasonably expected to be
incurred by it for the period ending on the next succeeding Regular Distribution Date (which shall not exceed $150,000 unless approved in writing by the Controlling Party) in the protection of, or the realization of the value of, the Equipment Notes
or any Collateral, shall be applied by the Subordination Agent in reimbursement of such costs and expenses, (ii) any Trustee for any amounts of the nature described in clause (i) above actually incurred by it under the applicable Trust
Agreement (to the extent not previously reimbursed), shall be distributed to such Trustee, and (iii) any Certificateholder for payments, if any, made by it to the Subordination Agent or any Trustee in respect of amounts described in
clause (i) above 

  
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actually incurred by it (to the extent not previously reimbursed) (collectively, the “Administration Expenses”), shall be distributed to the applicable Trustee for the account of
such Certificateholder, in each such case, pro rata on the basis of all amounts described in clauses (i) and (ii) above; 

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

 third, such amount as shall be required to pay in full (i) first, unpaid PIK Amounts (applied first to
interest than to principal) in respect of the Class A Certificates, and (ii) second, accrued and unpaid interest at the Stated Interest Rate on the Pool Balance of the Class A Certificates shall be distributed to the Class A
Trustee; 
 fourth, such amount as shall be required to pay (i) first, unpaid PIK Amounts (applied first to
interest than to principal) in respect of the Class B Certificates, and (ii) second, unpaid Class B Adjusted Interest shall be distributed to the Class B Trustee; 

fifth, such amount as shall be required to pay in full Expected Distributions to the holders of the Class A
Certificates on such Distribution Date shall be distributed to the Class A Trustee; 
 sixth, such amount as
shall be required to pay in full accrued and unpaid interest at the Stated Interest Rate on the Pool Balance of the Class B Certificates which was not previously paid pursuant to clause “fourth” above shall be distributed to the
Class B Trustee; 
 seventh, such amount as shall be required to pay in full Expected Distributions to the
holders of the Class B Certificates on such Distribution Date shall be distributed to the Class B Trustee; and 

eighth, the balance, if any, of any such amount remaining thereafter shall be held in the Collection Account for later
distribution in accordance with this Article III. 
 With respect to clauses “first” and “second” above, no amounts
shall be reimbursable to the Subordination Agent, any Trustee or any Certificateholder for any payments made by any such Person in connection with any Equipment Note that is no longer held by the Subordination Agent (to the extent that such payments
relate to periods after such Equipment Note ceases to be held by the Subordination Agent). 

  
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 SECTION 3.3. Other Payments. 

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

(c) If the Subordination Agent receives any Scheduled Payment after the Scheduled Payment Date relating thereto, but prior to such payment
becoming an Overdue Scheduled Payment, then the Subordination Agent shall deposit such Scheduled Payment in the Collection Account and promptly distribute such Scheduled Payment in accordance with the priority of distributions set forth in
Section 3.2 hereof; provided that, for the purposes of this Section 3.3(c) only, each reference in clause “fifth” or “seventh” of Section 3.2 to “Distribution Date” shall be deemed to refer to such
Scheduled Payment Date. 
 SECTION 3.4. Payments to the Trustees. Any amounts distributed hereunder by the Subordination Agent to any
Trustee which shall not be the same institution as the Subordination Agent shall be paid to such Trustee by wire transfer to the account such Trustee shall provide to the Subordination Agent. 

ARTICLE IV 
 EXERCISE OF REMEDIES

 SECTION 4.1. Directions from the Controlling Party. 

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

  
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 (ii) Following the occurrence and during the continuation of an Indenture Default under any
Indenture, in the exercise of remedies pursuant to such Indenture, the Loan Trustee under such Indenture may be directed to lease the related Aircraft to any Person (including Hawaiian) so long as the Loan Trustee in doing so acts in a
“commercially reasonable” manner within the meaning of Article 9 of the Uniform Commercial Code as in effect in any applicable jurisdiction (including Sections 9-610 and 9-627 thereof). 
 (iii) Notwithstanding the foregoing, so long as any Certificates remain Outstanding,
during the period ending on the date which is nine months after the earlier of (x) the Acceleration of the Equipment Notes issued pursuant to any Indenture and (y) the occurrence of a Hawaiian Bankruptcy Event, without the consent of each
Trustee, no Aircraft subject to the Lien of such Indenture or such Equipment Notes may be sold if the net proceeds from such sale would be less than the Minimum Sale Price for such Aircraft or such Equipment Notes. 

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

(b) Following the occurrence and during the continuance of an Indenture Default under any Indenture, the Controlling Party shall take such
actions as it may reasonably deem most effectual to complete the sale or other disposition of the relevant Aircraft or Equipment Notes. In addition, in lieu of any sale, assignment, contract to sell or other disposition, the Controlling Party may
maintain or cause the Subordination Agent to maintain possession of such Equipment Notes and continue to apply monies received in respect of such Equipment Notes in accordance with Article III hereof. In addition, in lieu of such sale, assignment,
contract to sell or other disposition, or in lieu of such maintenance of possession, the Controlling Party may, subject to the terms and conditions of the related Indenture, instruct the Loan Trustee under such Indenture to foreclose on the Lien on
the related Aircraft or to take any other remedial action permitted under such Indenture or under any applicable law. 
 (c) If following a
Hawaiian Bankruptcy Event and during the pendency thereof, the Controlling Party receives a proposal from or on behalf of Hawaiian to restructure the financing of any one or more of the Aircraft, the Controlling Party shall promptly thereafter give
the Subordination Agent and each Trustee notice of the material economic terms and conditions of such restructuring proposal whereupon the Subordination Agent acting on behalf of each Trustee shall endeavor using reasonable commercial efforts to
make such terms and conditions of such restructuring proposal available to all Certificateholders. Thereafter, neither 

  
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the Subordination Agent nor any Trustee, whether acting on instructions of the Controlling Party or otherwise, may, without the consent of each Trustee, enter into any term sheet, stipulation or
other agreement (whether in the form of an adequate protection stipulation, an extension under Section 1110(b) of the Bankruptcy Code or otherwise) to effect any such restructuring proposal with or on behalf of Hawaiian unless and until the
material economic terms and conditions of such restructuring shall have been made available to all Certificateholders for a period of not less than 15 calendar days (except that such requirement shall not apply to any such term sheet, stipulation or
other agreement that is entered into on or prior to the expiry of the 60-Day Period and that is effective for a period not longer than three months from the expiry of the
60-Day Period). In the event that any Class B Certificateholder or Additional Certificateholder gives irrevocable notice of the exercise of its right to purchase all (but not less than all) of the
Class of Certificates represented by the then Controlling Party pursuant to the applicable Trust Agreement prior to the expiry of the 15-day notice period specified above, such Controlling Party may not
direct the Subordination Agent or any Trustee to enter into any such restructuring proposal with respect to any of the Aircraft unless and until such Certificateholder shall fail to purchase such Class of Certificates on the date that it is
required to make such purchase. 
 SECTION 4.2. Remedies Cumulative. Each and every right, power and remedy given to the Trustees,
the Controlling Party or the Subordination Agent specifically or otherwise in this Agreement shall be cumulative and shall be in addition to every other right, power and remedy herein specifically given or now or hereafter existing at law, in equity
or by statute, and each and every right, power and remedy whether specifically herein given or otherwise existing may, subject always to the terms and conditions hereof, be exercised from time to time and as often and in such order as may be deemed
expedient by any Trustee, the Controlling Party or the Subordination Agent, as appropriate, and the exercise or the beginning of the exercise of any power or remedy shall not be construed to be a waiver of the right to exercise at the same time or
thereafter any other right, power or remedy. No delay or omission by any Trustee, the Controlling Party or the Subordination Agent in the exercise of any right, remedy or power or in the pursuit of any remedy shall impair any such right, power or
remedy or be construed to be a waiver of any default or to be an acquiescence therein. 
 SECTION 4.3. Discontinuance of
Proceedings. In case any party to this Agreement (including the Controlling Party in such capacity) shall have instituted any Proceeding to enforce any right, power or remedy under this Agreement by foreclosure, entry or otherwise, and such
Proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Person instituting such Proceeding, then and in every such case each such party shall, subject to any determination in such
Proceeding, be restored to its former position and rights hereunder, and all rights, remedies and powers of such party shall continue as if no such Proceeding had been instituted. 

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

  
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 SECTION 4.5. Undertaking for Costs. In any Proceeding for the enforcement of
any right or remedy under this Agreement or in any Proceeding against any Controlling Party or the Subordination Agent for any action taken or omitted by it as Controlling Party or Subordination Agent, as the case may be, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant
in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. The provisions of this Section do not apply to a suit instituted by the Subordination Agent or a Trustee, or a suit by
Certificateholders holding more than 10% of the original principal amount of any Class of Certificates. 
 ARTICLE V 

DUTIES OF THE SUBORDINATION AGENT; 

AGREEMENTS OF TRUSTEES, ETC. 

SECTION 5.1. Notice of Indenture Default or Triggering Event. 

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

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

(c) Securities Position. Upon the occurrence of an Indenture Default, the Subordination Agent shall instruct the Trustees to, and the
Trustees shall, make available to all Certificateholders a securities position listing setting forth the names of all the parties reflected in its records as holding interests in the Certificates. 

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

  
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 (i) after a Hawaiian Bankruptcy Event, with respect to each Aircraft, whether such Aircraft
is (A) subject to the 60-Day Period of Section 1110(a)(2)(A) of the Bankruptcy Code, (B) subject to an election by Hawaiian under Section 1110(a) of the Bankruptcy Code, (C) covered by
an agreement contemplated by Section 1110(b) of the Bankruptcy Code or (D) not subject to any of (A), (B) or (C); 
 (ii) to
the best of the Subordination Agent’s knowledge, after requesting such information from Hawaiian, (A) whether the Aircraft are currently in service or parked in storage, (B) the maintenance status of the Aircraft and (C) the
location of the Engines (as defined in the Indentures); 
 (iii) the current Pool Balance of the Certificates, the Preferred A Pool
Balance, the Preferred B Pool Balance and the outstanding principal amount of all Equipment Notes; 
 (iv) the expected amount of interest
which will have accrued on the Equipment Notes and on the Certificates as of the next Regular Distribution Date, and, as to the Certificates, the applicable PIK Amounts (including current principal amount and expected amount of interest which will
have accrued thereon as of the next Regular Distribution Date); 
 (v) the amounts paid to each Person on such Distribution Date pursuant
to this Agreement; 
 (vi) details of the amounts paid on such Distribution Date identified by reference to the relevant provision of this
Agreement and the source of payment (by Aircraft and party); and 
 (vii) after a Hawaiian Bankruptcy Event, any operational reports filed
by Hawaiian with the bankruptcy court which are available to the Subordination Agent on a non-confidential basis. 

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

  
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 SECTION 5.3. No Duties Except as Specified in this Intercreditor Agreement.
The Subordination Agent shall not have any duty or obligation to take or refrain from taking any action under, or in connection with, this Agreement, except as expressly provided by the terms of this Agreement; and no implied duties or obligations
shall be read into this Agreement against the Subordination Agent. The Subordination Agent agrees that it will, in its individual capacity and at its own cost and expense (but without any right of indemnity in respect of any such cost or expense
under Section 5.2 or 7.1 hereof) promptly take such action as may be necessary to duly discharge all Liens on any of the Trust Accounts or any monies deposited therein which result from claims against it in its individual capacity not related
to its activities hereunder or any other Operative Agreement. 
 SECTION 5.4. Notice from the Trustees. If any Trustee has
notice of an Indenture Default or a Triggering Event, such Person shall promptly give notice thereof to each other party hereto, provided, however, that no such Person shall have any liability hereunder as a result of its failure to
deliver any such notice. 
 ARTICLE VI 

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

SECTION 6.2. Absence of Duties. The Subordination Agent shall have no duty to see to any recording or filing of this Agreement or any
other document, or to see to the maintenance of any such recording or filing. 
 SECTION 6.3. No Representations or Warranties as to
Documents. The Subordination Agent in its individual capacity does not make nor shall be deemed to have made any representation or warranty as to the validity, legality or enforceability of this Agreement or any other Operative Agreement or as
to the correctness of any statement contained in any thereof, except for the representations and warranties of the Subordination Agent, made in its individual capacity, under any Operative Agreement to which it is a party. The Certificateholders and
the Trustees make no representation or warranty hereunder whatsoever. 

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

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

SECTION 6.6. Capacity in Which Acting. The Subordination Agent acts hereunder solely as agent and trustee herein and not in its
individual capacity, except as otherwise expressly provided in the Operative Agreements. 
 SECTION 6.7. Compensation. The
Subordination Agent shall be entitled to reasonable compensation, including expenses and disbursements, for all services rendered hereunder and shall have a priority claim to the extent set forth in Article III hereof on all monies collected
hereunder for the payment of such compensation, to the extent that such compensation shall not be paid by others. The Subordination Agent agrees that it shall have no right against any Trustee for any fee as compensation for its services as agent
under this Agreement. The provisions of this Section 6.7 shall survive the termination of this Agreement. 

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

SECTION 6.9. Subordination Agent Required; Eligibility. There shall at all times be a Subordination Agent hereunder which shall be a
corporation or national banking association organized and doing business under the laws of the United States of America or of any State or the District of Columbia having a combined capital and surplus of at least $100,000,000 (or the obligations of
which, whether now in existence or hereafter incurred, are fully and unconditionally guaranteed by a corporation or national banking association organized and doing business under the laws of the United States of America, any State thereof or of the
District of Columbia and having a combined capital and surplus of at least $100,000,000), if there is such an institution willing and able to perform the duties of the Subordination Agent hereunder upon reasonable or customary terms. Such
corporation or national banking association shall be a citizen of the United States and shall be authorized under the laws of the United States or any State thereof or of the District of Columbia to exercise corporate trust powers and shall be
subject to supervision or examination by federal, state or District of Columbia authorities. If such corporation or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of any of the
aforesaid supervising or examining authorities, then, for the purposes of this Section 6.9, the combined capital and surplus of such corporation or national banking association shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. 
 In case at any time the Subordination Agent shall cases to be eligible in accordance
with the provisions of this Section 6.9, the Subordination Agent shall resign immediately in the manner and with the effect specified in Section 8.1. 

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

INDEMNIFICATION OF SUBORDINATION AGENT 
 Scope
of Indemnification. The Subordination Agent shall be indemnified hereunder to the extent and in the manner described in Section 8.1 of the Participation Agreements and Section 6 of the Note Purchase Agreement. The indemnities contained
in such Sections of such agreements shall survive the termination of this Agreement. 

  
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 ARTICLE VIII 

SUCCESSOR SUBORDINATION AGENT 

SECTION 8.1. Replacement of Subordination Agent; Appointment of Successor. The Subordination Agent may resign at any time by so
notifying each other party hereto. The Controlling Party may remove the Subordination Agent for cause by so notifying the Subordination Agent and may appoint a successor Subordination Agent. The Controlling Party shall remove the Subordination Agent
if: 
 (1) the Subordination Agent fails to comply with Section 6.9 hereof; 

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

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

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

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

A successor Subordination Agent shall deliver (x) a written acceptance of its appointment as Subordination Agent hereunder to the
retiring Subordination Agent and (y) a written assumption of its obligations hereunder to each party hereto, upon which the resignation or removal of the retiring Subordination Agent shall become effective, and the successor Subordination Agent
shall have all the rights, powers and duties of the Subordination Agent under this Agreement. The successor Subordination Agent shall mail a notice of its succession to each other party hereto. The retiring Subordination Agent shall promptly
transfer its rights to all of the property held by it as Subordination Agent to the successor Subordination Agent. 
 If a successor
Subordination Agent does not take office within 60 days after the retiring Subordination Agent resigns or is removed, the retiring Subordination Agent or one or more of the Trustees may petition any court of competent jurisdiction for the
appointment of a successor Subordination Agent. 
 If the Subordination Agent fails to comply with Section 6.9 hereof (to the extent
applicable), one or more of the Trustees may petition any court of competent jurisdiction for the removal of the Subordination Agent and the appointment of a successor Subordination Agent. 

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

  
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 ARTICLE IX 

SUPPLEMENTS AND AMENDMENTS 

SECTION 9.1. Amendments, Waivers, Possible Future Issuance of an Additional Class of Certificates, etc. 

(a) This Agreement may not be supplemented, amended or modified without the consent of each Trustee (acting, except in the case any amendment
contemplated by the last sentence of this Section 9.1(a), with the consent of holders of Certificates of the related Class evidencing interests in the related Trust aggregating not less than a majority in interest in such Trust or as
otherwise authorized pursuant to the relevant Trust Agreement) and the Subordination Agent; provided, however, that this Agreement may be supplemented, amended or modified without the consent of any Trustee if such supplement,
amendment or modification (i) is in accordance with Section 9.1(c) or Section 9.1(d) hereof or (ii) cures an ambiguity or inconsistency or does not materially adversely affect such Trustee or the holders of the related
Class of Certificates; provided further, however, that, if such supplement, amendment or modification (A) would (x) directly or indirectly modify or supersede, or otherwise conflict with, Section 2.2(b), the last
sentence of this Section 9.1(a), Section 9.1(c), Section 9.1(d), the second sentence of Section 10.6 or this proviso (collectively, the “Hawaiian Provisions”) or (y) otherwise adversely affect the interests
of Hawaiian with respect to its payment obligations under any Operative Agreement or (B) is made pursuant to the last sentence of this Section 9.1(a) or pursuant to Section 9.1(c) or Section 9.1(d), then such supplement,
amendment or modification shall not be effective without the additional written consent of Hawaiian. Notwithstanding the foregoing, without the consent of each Certificateholder, no supplement, amendment or modification of this Agreement may
(i) reduce the percentage of the interest in any Trust evidenced by the Certificates issued by such Trust necessary to consent to modify or amend any provision of this Agreement or to waive compliance therewith or (ii) except as provided
in this Section 9.1(a), Section 9.1(c) or Section 9.1(d), modify Section 2.4 or 3.2 hereof, relating to the distribution of monies received by the Subordination Agent hereunder from the Equipment. Nothing contained in this
Section shall require the consent of a Trustee at any time following the payment of Final Distributions with respect to the related Class of Certificates. 

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

  
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 (c) If Series A Equipment Notes or Series B Equipment Notes issued with respect to all of
the Aircraft are repaid and re-issued in accordance with the terms of Section 4(a)(vi) of the Note Purchase Agreement, or any series of Additional Equipment Notes issued pursuant to Section 9.1(d)
are repaid and re-issued in accordance with Section 4(a)(vi) of the Note Purchase Agreement, such series of re-issued Equipment Notes (the “Refinancing
Equipment Notes”) shall be issued to a new pass through trust (a “Refinancing Trust”) that issues a class of pass through certificates (the “Refinancing Certificates”) to certificateholders (the
“Refinancing Certificateholders”) pursuant to a pass through trust agreement (a “Refinancing Trust Agreement”) with a trustee (a “Refinancing Trustee”). A Refinancing Trust, a Refinancing Trustee
and the Refinancing Certificates shall be subject to all of the provisions of this Agreement in the same manner as the Class A Trust, the Class B Trust or the applicable Additional Trust, the Class A Trustee, the Class B Trustee
or the applicable Additional Trustee and the Class A Certificates, the Class B Certificates or the applicable Additional Certificates, whichever corresponds to the series of the refinanced Equipment Notes, including the subordination of
the Refinancing Certificates to the Administration Expenses and the Class A Certificates and, if applicable, the Class B Certificates and, if applicable any previously issued class of Additional Certificates. Such issuance of Refinancing
Equipment Notes and Refinancing Certificates and the amendment of this Agreement as provided below shall require Ratings Confirmation and shall not materially adversely affect any of the Trustees. This Agreement shall be amended by written agreement
of Hawaiian and the Subordination Agent to give effect to the issuance of any Refinancing Certificates subject to the following terms and conditions: 

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

(ii) the definitions of “Certificate”, “Class”, “Class B Certificates” (if applicable),
“Final Legal Distribution Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable definitions) shall be revised, as appropriate, to reflect such issuance (and the subordination of
the Refinancing Certificates and the Refinancing Equipment Notes); 
 (iii) the Refinancing Certificates may be rated by one
or more Rating Agencies and may have the benefit of credit support so long as a Rating Agency Confirmation is obtained or may allow for payment in kind of interest in a manner similar to the PIK Amounts; 

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

  
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 (v) the scheduled payment dates on the Refinancing Equipment Notes shall be
on the Regular Distribution Dates. 
 The issuance of the Refinancing Certificates in compliance with all of the foregoing terms of this
Section 9.1(c) shall not require the consent of any of the Trustees or the holders of any Class of Certificates. 
 (d) Pursuant
to the terms of Section 2.02 of each Indenture and Section 4(a)(v) of the Note Purchase Agreement, one or more additional series of Equipment Notes (the “Additional Equipment Notes”), which shall be subordinated in right
of payment to the Series A Equipment Notes and the Series B Equipment Notes under such Indenture, may be issued at any time after the Issuance Date. If Additional Equipment Notes are issued under one or more of the Indentures, such Additional
Equipment Notes shall be issued to a new pass through trust (an “Additional Trust”) that issues a class of pass through certificates (the “Additional Certificates”) to certificateholders (the “Additional
Certificateholders”) pursuant to a pass through trust agreement (an “Additional Trust Agreement”) with a trustee (an “Additional Trustee”). In such case, this Agreement shall be amended by written agreement
of Hawaiian and the Subordination Agent to provide for the subordination of the Additional Certificates to the Administration Expenses, the Class A Certificates and the Class B Certificates (subject to clause (iii) below). Such
issuance and the amendment of this Agreement as provided below shall require Ratings Confirmation and shall not materially adversely affect any of the Trustees. This Agreement shall be amended by written agreement of Hawaiian and the Subordination
Agent to give effect to the issuance of any Additional Certificates subject to the following terms and conditions: 
 (i) the Additional
Trustee shall be added as a party to this Agreement; 
 (ii) the definitions of “Certificate”, “Class”, “Equipment
Notes”, “Final Legal Distribution Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable definitions) shall be revised, as appropriate, to reflect the issuance of the
Additional Certificates (and the subordination thereof); 
 (iii) Section 3.2 may be revised to provide for the distribution of “PIK
Amounts” (calculated in a manner substantially similar to the calculation of Class B Adjusted Interest) and “Adjusted Interest” for the Additional Certificates (calculated in a manner substantially similar to the calculation of
Class B Adjusted Interest) after the Class B Adjusted Interest but before Expected Distributions on the Class A Certificates; 

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

(v) the Additional Certificates may have the benefit of credit support or may allow for payment in kind of interest as “PIK Amounts”
in a manner similar to the PIK Amounts in respect of the Class A Certificate and Class B Certificates, so long as, in either case, Ratings Confirmation with respect to each such Class of Certificates then rated by the Rating Agencies
shall have been obtained from each such Rating Agency; 

  
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 (vi) the Additional Certificates cannot be issued to Hawaiian but may be issued to any of
Hawaiian’s Affiliates so long as such Affiliate shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents and any subsequent transfer of the Additional Certificates to any
Affiliate of Hawaiian shall be similarly restricted; 
 (vii) the provisions of this Agreement governing payments with respect to
Certificates and related notices, including Sections 2.4, 3.1 and 3.2, shall be revised to provide for distributions on the Additional Certificates after payment of Administration Expenses, the Class A Certificates and the Class B
Certificates (and, if applicable, any previously issued class of Additional Certificates) subject to clause (iii) above; and 
 (viii)
the scheduled payment dates on such series of Additional Equipment Notes shall be on the Regular Distribution Dates. 
 The issuance of the
Additional Certificates in compliance with all of the foregoing terms of this Section 9.1(d) shall not require the consent of any of the Trustees or the holders of any Class of Certificates. 

SECTION 9.2. Subordination Agent Protected. If, in the reasonable opinion of the institution acting as the Subordination Agent
hereunder, any document required to be executed pursuant to the terms of Section 9.1 affects any right, duty, immunity or indemnity with respect to it under this Agreement, the Subordination Agent may in its discretion decline to execute such
document. 
 SECTION 9.3. Effect of Supplemental Agreements. Upon the execution of any amendment, consent or supplement hereto
pursuant to the provisions hereof, this Agreement shall be and be deemed to be and shall be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Agreement of the
parties hereto and beneficiaries hereof shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such amendment, consent or supplement
shall be and be deemed to be and shall be part of the terms and conditions of this Agreement for any and all purposes. In executing or accepting any amendment, consent or supplement permitted by this Article IX, the Subordination Agent shall be
entitled to receive, and shall be fully protected in relying upon, an opinion of counsel stating that the execution of such amendment, consent or supplement is authorized or permitted by this Agreement. 

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

  
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 ARTICLE X 

MISCELLANEOUS 
 SECTION 10.1.
Termination of Intercreditor Agreement. Following payment of Final Distributions with respect to each Class of Certificates and provided that there shall then be no other amounts due to the Certificateholders, the Trustees and the
Subordination Agent hereunder or under the Trust Agreements, this Agreement and the trusts created hereby shall terminate and this Agreement shall be of no further force or effect. Except as aforesaid or otherwise provided, this Agreement and the
trusts created hereby shall continue in full force and effect in accordance with the terms hereof. 
 SECTION 10.2. Intercreditor
Agreement for Benefit of the Trustees and the Subordination Agent. Subject to the second sentence of Section 10.6 and the provisions of Sections 4.4 and 9.1, nothing in this Agreement, whether express or implied, shall be construed to
give to any Person other than the Trustees and the Subordination Agent any legal or equitable right, remedy or claim under or in respect of this Agreement. 

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

 

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

Wilmington Trust, National Association 

1100 N. Market Street 

Wilmington, DE 19890-1605 

Attention: Corporate Trust Administration 

Telecopy: (302) 636-4140 
  

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

Wilmington Trust, National Association 

1100 N. Market Street 

Wilmington, DE 19890-1605 

Attention: Corporate Trust Administration 

Telecopy: (302) 636-4140 

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

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

  
 35 

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

SECTION 10.6. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of,
each of the parties hereto and the successors and assigns of each, all as herein provided. In addition, the Hawaiian Provisions shall inure to the benefit of Hawaiian and its successors and assigns, and (without limitation of the foregoing) Hawaiian
is hereby constituted, and agreed to be, an express third party beneficiary of the Hawaiian Provisions. 
 SECTION 10.7. Headings.
The headings of the various Articles and Sections herein and in the table of contents hereto are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

SECTION 10.8. Counterpart Form. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same agreement. 
 SECTION
10.9. Subordination. 
 (a) If any Trustee or the Subordination Agent receives any payment in respect of any obligations owing
hereunder, which is subsequently invalidated, declared preferential, set aside and/or required to be repaid to a trustee, receiver or other party, then, to the extent of such payment, such obligations intended to be satisfied shall be revived and
continue in full force and effect as if such payment had not been received. 
 (b) Each of the Trustees (on behalf of themselves and the
holders of the Certificates) and the Subordination Agent may take any of the following actions without impairing its rights under this Agreement: 

(i) obtain a Lien on any property to secure any amounts owing to it hereunder; 

(ii) obtain the primary or secondary obligation of any other obligor with respect to any amounts owing to it hereunder; 

(iii) renew, extend, increase, alter or exchange any amounts owing to it hereunder; 

  
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 (iv) refrain from exercising any right or remedy, or delay in exercising
such right or remedy, which it may have; or 
 (v) take any other action which might discharge a subordinated party or a
surety under applicable law; 
 provided, however, that the taking of any such actions by any of the Trustees or the Subordination Agent shall
not prejudice the rights or adversely affect the obligations of any other party under this Agreement. 
 SECTION 10.10. Governing
Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 

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

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

(i) submits for itself and its property in any legal action or proceeding relating to this Agreement or any other Operative
Agreement, or for recognition and enforcement of any judgment in respect hereof or thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New
York, and the appellate courts from any thereof; 
 (ii) consents that any such action or proceeding may be brought in such
courts, and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to each party hereto at its address set forth in Section 10.3 hereof, or at such other address of which the other parties shall have been notified pursuant thereto;
and 
 (iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by
law or shall limit the right to sue in any other jurisdiction. 
 (b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS BEING ESTABLISHED, including, without
limitation, contract claims, tort claims, breach of duty claims and all other common law and statutory 

  
 37 

 
claims. Each of the parties warrants and represents that it has reviewed this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following
consultation with such legal counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 

[Signature page follows.] 

  
 38 

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

							
		 		 	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Trustee for each of the Trusts

				
		 		 	By:	 	/s/ Jacqueline Solone
		 		 	Name:	 	Jacqueline Solone
		 		 	Title:	 	Vice President

  
 Signature Page to
Intercreditor Agreement 

							
		 		 	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
  

not in its individual capacity except as expressly set forth herein but solely as Subordination Agent and trustee

				
		 		 	By:	 	/s/ Jacqueline Solone
		 		 	Name:	 	Jacqueline Solone
		 		 	Title:	 	Vice President

  
 Signature Page to
Intercreditor Agreement

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