Document:

Exhibit 4.1

 

EXECUTION VERSION

 

TRUST SUPPLEMENT No. 2020-1A

 

Dated as of October 28, 2020

 

between

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee,

 

and

 

UNITED AIRLINES, INC.

 

to

 

PASS THROUGH TRUST AGREEMENT

Dated as of October 3, 2012

 

$3,000,000,000

 

United Airlines Pass Through Trust 2020-1A

5.875% United Airlines Pass Through Certificates,
Series 2020-1A

 

     

     

    

 

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 DEFAULT	11
	Section 4.01. Purchase Rights of Certificateholders	11
	Section 4.02. Amendment of Section 6.05 of the Basic Agreement	12
	 	 
	ARTICLE V THE TRUSTEE	13
	Section 5.01. Delivery of Documents; Delivery Dates	13
	Section 5.02. [Reserved]	13
	Section 5.03. The Trustee	13
	Section 5.04. Representations and Warranties of the Trustee	14
	Section 5.05. Trustee Liens	15
	 	 
	ARTICLE VI ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS	15
	Section 6.01. Amendment of Section 5.02 of the Basic Agreement	15
	Section 6.02. Supplemental Agreements Without Consent of Applicable Certificateholders	15
	Section 6.03. Supplemental Agreements with Consent of Applicable Certificateholders	16
	Section 6.04. Consent of Holders of Certificates Issued under Other Trusts	16
	 	 
	ARTICLE VII TERMINATION OF TRUST	16
	Section 7.01. Termination of the Applicable Trust	16
	 	 
	ARTICLE VIII MISCELLANEOUS PROVISIONS	17
	Section 8.01. Basic Agreement Ratified	17
	Section 8.02. Governing Law	17
	Section 8.03. Execution in Counterparts	17
	Section 8.04. Intention of Parties	17

 

	Exhibit A	-	Form of Certificate
	Exhibit B	-	DTC Letter of Representations

 

     

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This Trust Supplement
No. 2020-1A, dated as of October 28, 2020 (herein called the “Trust Supplement”), between United Airlines, Inc.,
a Delaware corporation (the “Company”), and Wilmington Trust, National Association (the “Trustee”),
to the Pass Through Trust Agreement, dated as of October 3, 2012, between the Company (formerly known as Continental Airlines,
Inc.) 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 Collateral, comprised of the Aircraft Collateral, the Spare Engine Collateral and the Spare Parts Collateral;

 

WHEREAS, the Company
will issue pursuant to an Indenture, on a recourse basis, the Equipment Note, and may issue one or more series of Additional Equipment
Notes and/or one or more series of Refinancing Equipment Notes;

WHEREAS, the Equipment
Note will initially be secured by the Collateral;

 

WHEREAS, the Trustee
hereby declares the creation of the United Airlines Pass Through Trust 2020-1A (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 (as defined below), 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, using funds obtained from the sale of the Applicable Certificates, shall
purchase an Equipment Note having the same interest rate as, and final maturity date not later than the final Regular Distribution
Date of, the Applicable Certificates issued hereunder and shall hold such Equipment Note in trust for the benefit of the Applicable
Certificateholders;

 

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, this Trust Supplement
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 “United Airlines Pass Through Certificates, Series 2020-1A” (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) is $3,000,000,000.

 

(b)       The
Regular Distribution Dates with respect to any distribution of Scheduled Payments means January 15, April 15, July 15 and October
15 of each year, commencing on January 15, 2021 until distribution of all of the Scheduled Payments to be made under the Equipment
Note 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 represented and warranted to and for the benefit
of the Company that either (x) 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 such Applicable
Certificate or an interest therein or (y) the purchase and holding of such Applicable Certificate or an interest therein either
(A) in the

 

     

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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.

 

(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 as Exhibit B.

 

(f)       If
the purchaser or transferee of an Applicable Certificate or an interest therein is an employee benefit plan subject to Title I
of ERISA or a plan subject to Section 4975 of the Code, it will be deemed to represent, warrant and agree that (i) none of United
Airlines Holdings, Inc., the Company, or the Underwriters, nor any of their affiliates, has provided any investment recommendation
or investment advice on which it, or any fiduciary or other person investing the assets of such plan (“Plan Fiduciary”),
has relied in connection with its decision to invest in the Applicable Certificates, 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 such plan or the Plan Fiduciary in connection with such
plan’s acquisition of the Applicable Certificates; and (ii) the Plan Fiduciary is exercising its own independent judgment
in evaluating the transaction.

 

(g)       The
 “NPA” as defined in this Trust Supplement is the “Note Purchase Agreements” referred to in the Basic Agreement.

 

(h)       The
Applicable Certificates are subject to the Intercreditor Agreement.

 

(i)       The
Applicable Certificates are entitled to the benefits of the Liquidity Facilities.

 

(j)       The
Responsible Party is the Company.

 

(k)       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.

 

(l)       [Reserved].

 

(m)       The
Equipment Note to be acquired and held in the Applicable Trust, and the related Collateral 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

 

     

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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.

 

Aircraft
Collateral: Means, at any given time, each of the aircraft that is owned by the Company and secures the Equipment Note pursuant
to the Security Documents.

 

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, Chicago, Illinois, or, so long as any Applicable Certificate is Outstanding, the city and state in which the
Trustee, the Subordination Agent or the 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 United Bankruptcy Event has occurred and is continuing and either of the following events has occurred:
(A) both (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) the Company 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 the Indenture and other Security Documents or, if it has entered into such agreements,
has at any time thereafter failed to cure any default under the Indenture or any of the other Security Documents in accordance
with Section 1110(a)(2)(B) of the U.S. Bankruptcy Code; or (B) prior to the expiry of the 60-Day Period, the Company shall have
abandoned any Collateral.

 

Class:
Has the meaning specified in the Intercreditor Agreement.

 

Collateral:
Means, collectively, the Aircraft Collateral, the Spare Engine Collateral and the Spare Parts Collateral.

 

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.

 

ERISA:
Has the meaning specified in Section 1.01(e) of this Trust Supplement.

 

Final
Maturity Date: Means April 15, 2029.

 

Indenture:
Means the trust indenture and mortgage dated as of October 28, 2020, between the Company, as owner, and the Loan Trustee, pursuant
to which the Equipment Note has been issued, as the same may be amended, supplemented or otherwise modified from time to time in
accordance with its terms.

 

Intercreditor
Agreement: Means the Intercreditor Agreement dated as of October 28, 2020 among the Trustee, the Liquidity Providers and Wilmington
Trust, National Association, as Subordination Agent and as trustee thereunder, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.

 

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

 

Issuance
Date: Means October 28, 2020.

 

Liquidity
Facility: Means, initially, any Revolving Credit Agreement dated as of October 28, 2020 relating to the Applicable Certificates,
between a Liquidity Provider and Wilmington Trust, National Association, as Subordination Agent, as agent and trustee for the Applicable
Trust, and, from and after the replacement of such agreement pursuant to the Intercreditor Agreement, any replacement liquidity
facility therefor, in each case as amended, supplemented or otherwise modified from time to time in accordance with their respective
terms.

 

Liquidity
Providers: Means, initially, Goldman Sachs Bank USA, Barclays Bank PLC and Morgan Stanley Bank, N.A. and any replacements or
successors therefor appointed in accordance with the Intercreditor Agreement.

 

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

 

Note Documents:
Means the Equipment Note with respect to the Applicable Certificates, the NPA and the Security Documents.

 

NPA:
Means the Note Purchase Agreement, dated as of the date hereof among the Trustee, the Loan Trustee, the Company and the Subordination
Agent, providing for, among other things, the purchase of the Equipment Note by the Trustee on behalf of the

  

     

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Applicable Trust,
as the same may be amended, supplemented or otherwise modified from time to time, in accordance with its terms.

 

Other
Agreements: Means the Basic Agreement, as supplemented by a Trust Supplement relating to any Additional Trust or 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 United Airlines Pass Through Trust 2020-1B, an Additional Trust or Trusts, if any, and a Refinancing Trust
or Trusts, if any, created by the Other Agreements.

 

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 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 any payment of principal of the Equipment Note 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 any special distribution with respect to any payment of principal of the Equipment Note or payment
with respect to other Trust Property and the distribution thereof to be made on that date.

 

Scheduled
Payment: Means, with respect to the Equipment Note, (i) 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) or (ii) any payment of interest on the Applicable Certificates with funds drawn under any
Liquidity Facility, 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 the purchase (in whole or in part) of the Equipment Note shall not constitute a Scheduled
Payment.

 

Security
Documents: Means (i) the security agreement relating to the Spare Parts Collateral between the Company and the Loan Trustee,
as secured party, to be entered into on the Issuance Date, (ii) the security agreement relating to the Spare Engine Collateral
between the Company and the Loan Trustee, as secured party, to be entered into on the Issuance Date and (iii) the Indenture.

 

     

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Spare
Engine Collateral: Means, at any given time, each of the spare engines that is owned by the Company and secures the Equipment
Note pursuant to the Security Documents.

 

Spare
Parts Collateral: Means, at any given time, each of the aircraft spare parts that is owned by the Company and secures the Equipment
Note pursuant to the Security Documents.

 

Special
Payment: Means any payment (other than a Scheduled Payment) in respect of, or any proceeds of, the Equipment Note or Collateral.

 

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

 

Trust
Property: Means (i) subject to the Intercreditor Agreement, the Equipment Note held as the property of the Applicable Trust,
all monies at any time paid thereon or in respect thereof 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 the Equipment Note and (iii) all rights
of the Applicable Trust and the Trustee, on behalf of the Applicable Trust, under the Intercreditor Agreement, the NPA and the
Liquidity Facilities, 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 or any Liquidity Facility.

 

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.

 

Underwriters:
Means, collectively, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Barclays Capital Inc., J.P. Morgan Securities
LLC, Morgan Stanley & Co. LLC and BofA Securities, Inc.

 

Underwriting
Agreement: Means the Underwriting Agreement related to the Applicable Certificates dated October 20, 2020 by Goldman Sachs
 & Co. LLC, as representative of the several Underwriters and the Company, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.

 

United
Bankruptcy Event: Has the meaning specified in the Intercreditor Agreement.

 

     

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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,
including any portion thereof paid by the Liquidity Providers;

 

(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; 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 in part of, or any default in the payment of principal or interest in respect of, the
Equipment Note 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 following the date of such
redemption or default, (y) the related Pool Factors for such Regular Distribution Dates and (z) the expected principal payment
schedule of the Equipment Note held as Trust Property at the date of such notice. With respect to the Applicable Certificates registered
in the name of a Clearing Agency, promptly after 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 Note held (subject to the Intercreditor Agreement)
in the Applicable Trust or realized upon the sale of such Equipment Note, 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 7.01 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 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

 

     

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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 (in whole or in part) of the Equipment Note
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 7.01 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,

 

(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 the 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 Note held in the Applicable 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 and adding in lieu thereof
 “the Liquidity Providers”.

 

     

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ARTICLE IV

DEFAULT

 

Section 4.01. 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)        [Reserved]

 

(ii)       [Reserved];

 

(iii)       If
any Additional Certificates are issued pursuant to one or more Additional Trusts, each Additional Certificateholder (other than
the Company or any of its Affiliates) shall have the right to purchase all, but not less than all, of 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, 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 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 Applicable Certificates and
such senior Additional Certificates pursuant to this Section 4.01(a)(iii); and

 

(iv)        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 4.01(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 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

 

     

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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, all of the Applicable 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 designated by the Trustee and each such purchase shall be subject to the terms of this
Section 4.01. 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 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 Liquidity Facilities, 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 Liquidity Facilities, the NPA, the Note Documents and all such Applicable Certificates) and (ii) 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
4.01 and elsewhere in this Trust Supplement, the terms “Additional Certificate”, “Additional Certificateholder”,
 “Additional Equipment Notes”, “Additional Trust”, “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 4.01 supersedes and replaces Section 6.01(b) of the Basic Agreement, with respect to the Applicable Trust.

 

Section 4.02. 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.

 

     

    13

    

 

ARTICLE V

THE TRUSTEE

 

Section 5.01. 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 Underwriting 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 Underwriting Agreement evidencing the entire ownership interest in the Applicable Trust, which amount equals
the aggregate principal amount of the Equipment Note 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 5.01(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 cause such certificates, documents
and legal opinions relating to the Trustee to be duly delivered as required by the NPA. Upon satisfaction of the conditions specified
in the NPA, the Trustee shall purchase the Equipment Note for the Applicable Trust with the proceeds of the Applicable Certificates
on the Issuance Date. The purchase price of such Equipment Note shall equal the principal amount of such Equipment Note. The provisions
of this Section 5.01(b) supersede and replace the provisions of Section 2.02 of the Basic Agreement with respect to the Applicable
Trust, and all provisions of the Basic Agreement relating to Postponed Notes and Section 2.02 of the Basic Agreement shall not
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
5.01(b) of this Trust Supplement and the NPA, 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 5.01(c) supersede and replace the provisions of Section 2.03 of the Basic
Agreement, with respect to the Applicable Trust.

 

Section 5.02. [Reserved].

 

Section 5.03. The
Trustee. (a) Subject to Section 5.04 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 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,

 

     

    14

    

 

the Intercreditor 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 5.04. 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,
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, 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, 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

 

(d)       This
Trust Supplement, the Intercreditor Agreement, the NPA 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)

 

     

    15

    

 

applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the rights of creditors generally and (ii) general principles of equity.

 

Section 5.05. 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 or the NPA.

 

ARTICLE VI

ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS

 

Section 6.01. 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 6.02. 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 Liquidity Facility” shall also be deemed to refer to “the
Intercreditor Agreement, the Liquidity Facility or the NPA”,

 

(ii)       Enter
into one or more agreements supplemental to the Agreement, the Intercreditor Agreement or the NPA to provide for the formation
of one or more Additional Trusts, the issuance of Additional Certificates, the purchase by an Additional 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 6.1.5 of the NPA and Section 9.1(d) of the Intercreditor Agreement,

 

(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

 

     

    16

    

 

and other matters
incidental thereto or as otherwise contemplated by Section 2.01(b) of the Basic Agreement, subject to the provisions of Section
6.1.5 of the NPA and Section 9.1(c) of the Intercreditor Agreement, and

 

(iv)        Enter
into one or more agreements supplemental to the Agreement, the Intercreditor Agreement, the NPA or any Liquidity Facility to provide
for the replacement of one or more airframes or engines by one or more substitute airframes or substitute engines, subject to the
provisions of Section 4.04(f) of the Indenture, and other matters incidental thereto.

 

Section 6.03. Supplemental
Agreements with Consent of Applicable Certificateholders. Without limitation of Section
9.02 of the Basic Agreement (but, for avoidance of doubt without limitation, as to any Liquidity Facility, of (a) the provisions
of Section 2.11 thereof (as to establishing and replacing a “Benchmark”), and (b) the implementation of a Replacement
Liquidity Facility (as defined in the Intercreditor Agreement) in accordance with Sections 3.5(l) and 9.1(a) of the Intercreditor
Agreement and Section 7.08 of any applicable Liquidity Facility), 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 any Liquidity Facility or the NPA or modifying in any manner the rights and obligations of the Applicable Certificateholders
under the Liquidity Facilities or the NPA.

 

Section 6.04. Consent
of Holders of Certificates Issued under Other Trusts. Notwithstanding any provision in Section 6.02 or Section 6.03 of this
Trust Supplement to the contrary, no amendment or modification of Section 4.01 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.

 

ARTICLE VII

TERMINATION OF TRUST

 

Section 7.01. 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 such 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 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)

 

     

    17

    

 

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 such money to the Loan Trustee and shall give written notice thereof to the Company.

 

(b)        The
provisions of this Section 7.01 supersede and replace the provisions of Section 11.01 of the Basic Agreement in its entirety, with
respect to the Applicable Trust.

 

ARTICLE VIII

MISCELLANEOUS PROVISIONS

 

Section 8.01. 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 8.02. 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 8.02 SUPERSEDES AND REPLACES SECTION 12.05 OF THE BASIC AGREEMENT,
with respect to the Applicable Trust.

 

Section 8.03. 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.

 

Section 8.04. 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

 

     

    18 

    

 

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.

 

    

     

    

 

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.

 

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

 

[Signature Page
to Trust Supplement (Class A)]

 

    

     

    

 

	 	WILMINGTON TRUST, NATIONAL
    ASSOCIATION,
	 	as Trustee
	 	 
	 	By: 	/s/ Chad May
	 	 	Name: 	Chad May
	 	 	Title: 	Vice President

 

[Signature Page
to Trust Supplement (Class A)]

 

     

    A-1

    

 

EXHIBIT A

 

FORM OF CERTIFICATE

 

Certificate

No.       

 

[Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued 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 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 the registered owner hereof, Cede & Co., has an interest herein.]*

 

UNITED AIRLINES PASS THROUGH TRUST 2020-1A

 

United Airlines Pass Through Certificate,
Series 2020-1A

Issuance Date: October 28, 2020

 

Final Maturity Date: April 15, 2029

 

Evidencing A Fractional Undivided
Interest In The United Airlines Pass Through Trust 2020-1A The Property Of Which Shall Include An Equipment Note Secured By Collateral
Owned By United Airlines, Inc.

 

 

$[_____________] Fractional Undivided Interest

representing 0.[__] % of the Trust per $1,000
face amount

 

THIS CERTIFIES THAT __________,
for value received, is the registered owner of a $___________ (_____________________________ DOLLARS) Fractional Undivided Interest
in the United Airlines Pass Through Trust 2020-1A (the “Trust”) created by Wilmington Trust, National Association,
as trustee (the “Trustee”), pursuant to a Pass Through Trust Agreement, dated as of October 3, 2012 (the “Basic
Agreement”), between the Trustee and United Airlines, Inc. (formerly known as Continental Airlines, Inc.), a Delaware
corporation (the “Company”), as supplemented by Trust Supplement No. 2020-1A thereto, dated as of October 28,
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

 

 

*            This legend to appear on Book-Entry Certificates to be deposited with the Depository Trust Company.

 

     

    A-2

    

 

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 “United Airlines Pass Through Certificates, Series 2020-1A”
(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
an Equipment Note and all rights of the Trust to receive payments under the Intercreditor Agreement and the Liquidity Facilities
(the “Trust Property”). The Equipment Note is secured by, among other things, a security interest in the Collateral.

 

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 January 15, April 15, July 15 and October 15 of each year (a “Regular Distribution Date”) commencing January
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 Note 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 Note 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 Note, 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.

 

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.

 

     

    A-3

    

 

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.

 

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.

 

     

    A-4

    

 

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 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.

 

If the purchaser or transferee
of this Certificate or an interest herein is an employee benefit plan subject to Title I of ERISA or a plan subject to Section
4975 of the Code, it will be deemed to represent, warrant and agree that (i) none of United Airlines Holdings, Inc., the Company,
or the Underwriters, nor any of their affiliates, has provided any investment recommendation or investment advice on which it,
or any fiduciary or other person investing the assets of such plan (“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 such plan or the Plan Fiduciary in connection with such plan’s acquisition
of this Certificate; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the transaction.

 

THE
AGREEMENT AND THIS CERTIFICATE SHALL BE GOVERNED BY 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.

 

    

    A-5

    

 

IN WITNESS WHEREOF, the Trustee has caused
this Certificate to be duly executed.

 

	 	UNITED AIRLINES PASS THROUGH TRUST 2020-1A
	 	 	 
		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:

 

     

     

    

 

EXHIBIT B

 

DTC Letter of RepresentationsExhibit 4.2

 

EXECUTION VERSION

 

 

 

REVOLVING
CREDIT AGREEMENT

(2020-1A)

 

dated as of October 28, 2020

 

between

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Subordination Agent,

as Agent and Trustee for the

United Airlines Pass Through Trust 2020-1A,

as Borrower

 

and

 

GOLDMAN SACHS BANK USA

as Liquidity Provider

 

 

 

Relating to United Airlines

Pass Through Trust 2020-1A 5.875% United
Airlines

Pass Through Certificates, Series 2020-1A

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

	 	 	 
	article I DEFINITIONS 	1
	 	 	 
	Section 1.01	Certain Defined Terms	1
	 	 	 
	article II AMOUNT AND TERMS OF THE COMMITMENT 	13
	 	 	 
	Section 2.01	The Advances	13
	Section 2.02	Making the Advances	14
	Section 2.03	Fees	16
	Section 2.04	Reductions or Termination of the Maximum Commitment	16
	Section 2.05	Repayments of Interest Advances, the Special Termination Advance or the Final Advance	16
	Section 2.06	Repayments of Provider Advances	17
	Section 2.07	Payments to the Liquidity Provider Under the Intercreditor Agreement	18
	Section 2.08	Book Entries	19
	Section 2.09	Payments from Available Funds Only	19
	Section 2.10	Non-Extension of the Expiry Date; Non-Extension Advance	19
	Section 2.11	LIBOR Replacement	19
	 	 	 
	article III OBLIGATIONS OF THE BORROWER 	21
	 	 	 
	Section 3.01	Increased Costs	21
	Section 3.02	Capital Adequacy and Liquidity Coverage	22
	Section 3.03	Payments Free of Deductions	23
	Section 3.04	Payments	25
	Section 3.05	Computations	25
	Section 3.06	Payment on Non-Business Days	25
	Section 3.07	Interest	26
	Section 3.08	Replacement of Borrower	27
	Section 3.09	Funding Loss Indemnification	27
	Section 3.10	Illegality	28
	 	 	 
	article IV CONDITIONS PRECEDENT 	28
	 	 	 
	Section 4.01	Conditions Precedent to Effectiveness of Section 2.01	28
	Section 4.02	Conditions Precedent to Borrowing	30
	Section 4.03	Representations and Warranties	30
	 	 	 
	article V COVENANTS	31
	 	 	 
	Section 5.01	Affirmative Covenants of the Borrower	31

 

    i

    

    

 

TABLE OF CONTENTS

(continued)

 

Page

 

	Section 5.02	Negative Covenants of the Borrower	31
	 	 	 
	article VI LIQUIDITY EVENTS OF DEFAULT AND SPECIAL
TERMINATION	31
	 	 	 
	Section 6.01	Liquidity Events of Default	31
	Section 6.02	Special Termination	32
	 	 	 
	article VII MISCELLANEOUS 	32
	 	 	 
	Section 7.01	Amendments, Etc	32
	Section 7.02	Notices, Etc	32
	Section 7.03	No Waiver; Remedies	33
	Section 7.04	Further Assurances	33
	Section 7.05	Indemnification; Survival of Certain Provisions	33
	Section 7.06	Liability of the Liquidity Provider	33
	Section 7.07	Costs, Expenses and Taxes	34
	Section 7.08	Binding Effect; Participations; Assignments	35
	Section 7.09	Severability	37
	Section 7.10	GOVERNING LAW	37
	Section 7.11	Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity	37
	Section 7.12	Execution in Counterparts	38
	Section 7.13	Entirety	38
	Section 7.14	Headings	39
	Section 7.15	[Reserved]	39
	Section 7.16	LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES	39
	Section 7.17	Patriot Act	39
	Section 7.18	[Reserved]	39
	Section 7.19	Acknowledgement and Consent to Bail-In of Affected Institutions	39

 

	Schedule A	-	Certain Economic Terms
	Schedule B	-	Administration Details
	Annex I	-	Interest Advance Notice of Borrowing
	Annex II	-	Non-Extension Advance Notice of Borrowing
	Annex III	-	Downgrade Advance Notice of Borrowing
	Annex IV	-	Final Advance Notice of Borrowing
	Annex V	-	Notice of Termination
	Annex VI	-	Notice of Replacement Subordination Agent
	Annex VII	-	Special Termination Advance Notice of Borrowing
	Annex VIII	-	Notice of Special Termination

 

    ii

    

    

 

REVOLVING
CREDIT AGREEMENT (2020-1A)

 

THIS REVOLVING CREDIT AGREEMENT (2020-1A)
dated as of October 28, 2020 (this “Agreement”), between WILMINGTON TRUST, NATIONAL ASSOCIATION,
a national banking association, not in its individual capacity but solely as Subordination Agent under the Intercreditor Agreement
(each as defined below), as agent and trustee for the Class A Trust (as defined below) (the “Borrower”),
and GOLDMAN SACHS BANK USA (the “Liquidity Provider”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Class A
Trust Agreement (such term and all other capitalized terms used in these recitals having the meanings set forth or referred to
in Section 1.01), the Class A Trust is issuing the Class A Certificates; and

 

WHEREAS, the Borrower, in order to
support the timely payment of a portion of the interest on the Class A Certificates in accordance with their terms, has requested
the Liquidity Provider to enter into this Agreement, providing in part for the Borrower to request in specified circumstances that
Advances be made hereunder.

 

NOW, THEREFORE, in consideration
of the premises, the parties hereto agree as follows:

 

article I

DEFINITIONS

 

Section 1.01       
Certain Defined Terms. (a) Definitions. As used in this Agreement and unless otherwise expressly indicated,
or unless the context clearly requires otherwise, the following capitalized terms shall have the following respective meanings
for all purposes of this Agreement:

 

“Additional Costs”
has the meaning assigned to such term in Section 3.01.

 

“Advance” means
an Interest Advance, a Final Advance, a Provider Advance, a Special Termination Advance, an Applied Special Termination Advance,
or an Applied Provider Advance, as the case may be.

 

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

 

“Applicable Liquidity Rate”
has the meaning assigned to such term in Section 3.07(h).

 

“Applicable Margin”
means (x) with respect to any Unpaid Advance (including, without limitation, any Applied Special Termination Advance but excluding
any Unapplied Special Termination Advance) or Applied Provider Advance, the margin per annum specified in item 1 of Schedule A,
or (y) with respect to any Unapplied Provider Advance or any Unapplied Special

  

    	 	1	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Termination Advance, the margin per annum specified
in the Fee Letter applicable to this Agreement.

 

“Applied Downgrade Advance”
has the meaning assigned to such term in Section 2.06(a).

 

“Applied Non-Extension Advance”
has the meaning assigned to such term in Section 2.06(a).

 

“Applied Provider Advance”
has the meaning assigned to such term in Section 2.06(a).

 

“Applied Special Termination
Advance” has the meaning assigned to such term in Section 2.05.

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark
or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining
the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any
tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (d) of Section
2.11.

 

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

 

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

 

“Base Rate” means,
for any given day, a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be
equal to (a) the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding
Business Day) by the Federal Reserve Bank of New York, or if such rate is not so published for any day that is a Business Day,
the average of the quotations for such day for such transactions received by the Liquidity Provider from three Federal funds brokers
of recognized standing selected by it, plus (b) one-quarter of one percent (1⁄4 of 1%).

 

“Base Rate Advance”
means an Advance that bears interest at a rate based upon the Base Rate.

 

“Benchmark” means,
initially, the LIBOR Rate; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and
its related Benchmark Replacement Date have

 

    	 	2	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

occurred with respect to the LIBOR Rate or the then-current Benchmark, then “Benchmark”
shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark
rate pursuant to clause (a) of Section 2.11.

 

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

 

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

 

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

 

(3)              
the sum of: (a) the alternate benchmark rate that has been selected by the Designated Party as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated
syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the case of clause
(1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from
time to time as selected by the Designated Party in its reasonable discretion. If the Benchmark Replacement as determined pursuant
to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the
purposes of this Agreement.

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

cessation event with respect to such Benchmark for the applicable Corresponding
Tenor; and

 

(2)              
for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for
calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by
the Designated Party for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of
a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with
the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date
or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
syndicated credit facilities; provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other
information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Designated Party
in its reasonable discretion.

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

(3)              
in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election
is provided to the Borrower or the Liquidity Provider, as applicable.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	5	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

“Benchmark Unavailability
Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses
(1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for
all purposes hereunder in accordance with Section 2.11 and (y) ending at the time that a Benchmark Replacement has replaced the
then-current Benchmark for all purposes hereunder in accordance with Section 2.11.

 

“Basel III” has
the meaning assigned to such term in Section 3.01.

 

“Borrower” has
the meaning assigned to such term in the recital of parties to this Agreement.

 

“Borrowing” means
the making of Advances requested by delivery of a Notice of Borrowing.

 

“Business Day”
means any day other than a Saturday or Sunday or a day on which commercial banks are required or authorized to close in Chicago,
Illinois, New York, New York or, so long as any Class A Certificate is outstanding, the city and state in which the Class A Trustee,
the Borrower or any Loan Trustee maintains its Corporate Trust Office or receives or disburses funds, and, if the applicable Business
Day relates to any Advance or other amount bearing interest based on the LIBOR Rate, on which dealings in dollars are carried on
in the London interbank market.

 

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

 

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

 

“Designated Party”
means the Subordination Agent, in such case acting for the benefit of both the Borrower and the Liquidity Provider, and in so acting,
also taking into account any similar determinations (including in its individual capacity or as an applicable agent) under other
credit facilities to which it is a party (in any such capacity); provided, that (a) applicable determinations as Designated Party
shall be made in consultation with, and shall be subject to any joint written instructions delivered by, United and the Liquidity
Provider (and absent such instructions, with the Subordination Agent having no obligation to obtain any consent from any Person
in respect of its determinations as Designated Party, unless otherwise expressly set forth herein), and (b) to the extent mutually
agreed by United and the Liquidity Provider (with notice to the Subordination Agent), the Designated Party shall be, or any specified
determinations thereof may be made by, as applicable, the Liquidity Provider.

 

“Downgrade Advance”
means an Advance made pursuant to Section 2.02(c).

 

    	 	6	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

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

 

(1)              
a notification by the Liquidity Provider to the Borrower or a notification from the Borrower to the Liquidity Provider that
at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment
or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate
(and such syndicated credit facilities are identified in such notice and are publicly available for review), and

 

(2)              
the joint election by the Liquidity Provider and the Borrower to trigger a fallback from the LIBOR Rate.

 

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

 

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

 

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

 

“Effective Date”
has the meaning assigned to such term in Section 4.01. The delivery of the certificate of the Liquidity Provider contemplated
by Section 4.01(e) shall be conclusive evidence that the Effective Date has occurred.

 

“Excluded Taxes”
means (i) taxes imposed on the overall net income of the Liquidity Provider or of its Facility Office by the jurisdiction
where such Liquidity Provider’s principal office or such Facility Office is located, and (ii) Excluded Withholding Taxes.

 

“Excluded Withholding Taxes”
means (i) withholding Taxes imposed by the United States except to the extent that such United States withholding Taxes are
imposed or increased as a result of any change in applicable law (excluding from change in applicable law for this purpose a change
in an applicable treaty or other change in law affecting the applicability of a treaty) after the date hereof, or in the case of
a successor Liquidity Provider (including a transferee of an Advance) or Facility Office, after the date on which such successor
Liquidity Provider obtains its interest or on which the Facility Office is changed, (ii) any withholding Taxes imposed by
the United States which are imposed or increased as a result of the Liquidity Provider failing to deliver to the Borrower any certificate
or document (which certificate or document in the good faith judgment of the Liquidity Provider it is legally entitled to provide)
which is reasonably requested by the Borrower to establish that payments under this Agreement are exempt from (or entitled to a
reduced rate of) withholding Tax and (iii) Taxes imposed under FATCA.

 

    	 	7	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

“Expenses” means
liabilities, obligations, damages, settlements, penalties, claims, actions, suits, costs, expenses, and disbursements (including,
without limitation, reasonable fees and disbursements of legal counsel and costs of investigation), provided that Expenses shall
not include any Taxes.

 

“Expiry Date”
means the “Initial Expiry Date” specified in item 2 of Schedule A, initially, or any subsequent anniversary date of
the Closing Date to which the Expiry Date is automatically extended pursuant to Section 2.10 if the Liquidity Provider has not
provided notice in accordance with Section 2.10 that its obligation to make Advances shall not be extended beyond such anniversary
date.

 

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

 

“Final Advance”
means an Advance made pursuant to Section 2.02(d).

 

“Floor” means
the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the LIBOR Rate.

 

“GAAP” means generally
accepted accounting principles as set forth in the statements of financial accounting standards issued by the Financial Accounting
Standards Board of the American Institute of Certified Public Accountants, as such principles may at any time or from time to time
be varied by any applicable financial accounting rules or regulations issued by the Securities and Exchange Commission and, with
respect to any person, shall mean such principles applied on a basis consistent with prior periods except as may be disclosed in
such person’s financial statements.

 

“Initial Liquidity Provider”
means Goldman Sachs Bank USA, but not any transferee or assignee thereof.

 

“Intercreditor Agreement”
means the Intercreditor Agreement dated as of the date hereof among the Trustees, the Liquidity Provider, each liquidity provider
under the other Liquidity Facilities and the Subordination Agent, as the same may be amended, supplemented or otherwise modified
from time to time in accordance with its terms.

 

“Interest Advance”
means an Advance made pursuant to Section 2.02(a).

 

“Interest Period”
means, with respect to any LIBOR Advance, each of the following periods:

 

(i)       the
period beginning on the third LIBOR Business Day following either (x) the date of the Liquidity Provider’s receipt
of the Notice of Borrowing for such LIBOR Advance or (y) the date of the withdrawal of funds from the Class A Cash

 

    	 	8	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Collateral
Account relating to this Liquidity Facility for the purpose of paying interest on the Class A Certificates as contemplated by Section 2.06(a)
hereof and, in either case, ending on the next Regular Distribution Date (or, if such day is not a Business Day, the next succeeding
Business Day); and

 

(ii)       each
subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the next Regular Distribution
Date (or, if such day is not a Business Day, the next succeeding Business Day);

 

provided, however, that if (x) the Final
Advance shall have been made, or (y) other outstanding Advances shall have been converted into the Final Advance, then the
Interest Periods shall be successive periods of one month beginning on the third LIBOR Business Day following the Liquidity Provider’s
receipt of the Notice of Borrowing for such Final Advance (in the case of clause (x) above) or the Regular Distribution Date
(or, if such day is not a Business Day, the next succeeding Business Day) following such conversion (in the case of clause (y)
above).

 

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

 

“LIBOR Advance”
means an Advance bearing interest at a rate based upon the LIBOR Rate.

 

“LIBOR Business Day”
means any day on which dealings in dollars are carried on in the London interbank market.

 

“LIBOR Rate” means,
with respect to any Interest Period,

 

(i)       the
rate per annum equal to the London Interbank Offered Rate per annum administered by ICE Benchmark Administration Limited (or any
other successor person which takes over administration of that rate) appearing on display page Reuters Screen LIBOR01 Page (or
any successor or substitute therefor) at approximately 11:00 a.m. (London time) two LIBOR Business Days before the first day
of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period, or

 

(ii)       if
the rate calculated pursuant to clause (i) above is not available, the average (rounded upwards, if necessary, to the next
1/16 of 1%) of the rates per annum at which deposits in dollars are offered for the relevant Interest Period by three banks of
recognized standing selected by the Liquidity Provider in the London interbank market at approximately 11:00 a.m. (London
time) two LIBOR Business Days before the first day of such Interest Period in an amount approximately equal to the principal amount
of the LIBOR Advance to which such Interest Period is to apply and for a period comparable to such Interest Period; or

 

(iii)       if
both the rate calculated pursuant to clause (i) is not available and the Liquidity Provider is unable, using customary reasonable
means of determination, to

 

    	 	9	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

determine a rate pursuant to clause (ii), or Benchmark Unavailability Period shall then be in effect,
the Base Rate; provided that if a Benchmark Replacement Date has occurred resulting in a new Benchmark pursuant to Section 2.11,
subject to the applicable Benchmark Replacement Conforming Changes, the LIBOR Rate shall be deemed to be the lower of (A) the Base
Rate and (B) the applicable Benchmark.

 

Notwithstanding the foregoing, if the LIBOR
Rate determined as provided above with respect to any Interest Period would be less than 0% per annum, then the LIBOR Rate for
such Interest Period shall be deemed to be 0%.

 

“Liquidity Event of Default”
means the occurrence of either (a) the Acceleration of the Equipment Note or (b) a United Bankruptcy Event.

 

“Liquidity Indemnitee”
means (i) the Liquidity Provider, (ii) the directors, officers, employees and agents of the Liquidity Provider, and (iii) the
successors and permitted assigns of the persons described in clauses (i) and (ii) inclusive.

 

“Liquidity Provider”
has the meaning assigned to such term in the recital of parties to this Agreement.

 

“Maximum Available Commitment”
means, subject to the proviso contained in the third sentence of Section 2.02(a), at any time of determination, (a) the
Maximum Commitment at such time less (b) the aggregate amount of each Interest Advance outstanding at such time; provided
that following a Downgrade Advance (subject to any reinstatement of the obligations of the Liquidity Provider pursuant to Section
2.06(d)), a Non-Extension Advance, a Special Termination Advance or a Final Advance, the Maximum Available Commitment shall be
zero.

 

“Maximum Commitment”
means initially the amount specified in item 3 on Schedule A as the Initial Maximum Commitment, as such amount may be reduced from
time to time in accordance with Section 2.04(a).

 

“Non-Excluded Tax”
has the meaning assigned to such term in Section 3.03(a).

 

“Non-Extension Advance”
means an Advance made pursuant to Section 2.02(b).

 

“Notice Date”
has the meaning assigned to such term in Section 2.10.

 

“Notice of Borrowing”
has the meaning assigned to such term in Section 2.02(e).

 

“Notice of Replacement Subordination
Agent” has the meaning assigned to such term in Section 3.08.

 

“Performing Note Deficiency”
means any time that one or more Equipment Notes (other than any Additional Equipment Notes issued under the Indenture) are not
then Performing Equipment Notes.

 

    	 	10	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

“Prospectus Supplement”
means the final Prospectus Supplement dated the date specified in item 4 on Schedule A relating to the Class A Certificates, as
such Prospectus Supplement may be amended or supplemented.

 

“Provider Advance”
means a Downgrade Advance or a Non-Extension Advance.

 

“Rate Determination Notice”
has the meaning assigned to such term in Section 3.07(g).

 

“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the LIBOR Rate, 11:00 a.m. (London time)
on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not the LIBOR Rate,
the time determined by the Designated Party in its reasonable discretion.

 

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

 

“Regulatory Change”
has the meaning assigned to such term in Section 3.01.

 

“Replenishment Amount”
has the meaning assigned to such term in Section 2.06(b).

 

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

 

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

 

“SOFR” means,
with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

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

 

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

 

“Special Termination Advance”
means an Advance made pursuant to Section 2.02(g).

 

    	 	11	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

“Special Termination Notice”
means the Notice of Special Termination substantially in the form of Annex VIII to this Agreement.

 

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

 

“Termination Date”
means the earliest to occur of the following: (i) the Expiry Date; (ii) the date on which the Borrower delivers to the
Liquidity Provider a certificate, signed by a Responsible Officer of the Borrower, certifying that all of the Class A Certificates
have been paid in full (or provision has been made for such payment in accordance with the Intercreditor Agreement and the Class
A Trust Agreement) or are otherwise no longer entitled to the benefits of this Agreement; (iii) the date on which the Borrower
delivers to the Liquidity Provider a certificate, signed by a Responsible Officer of the Borrower, certifying that a Replacement
Liquidity Facility has been substituted for this Agreement in full pursuant to Section 3.5(e) of the Intercreditor Agreement;
(iv) the fifth Business Day following the receipt by the Borrower of a Termination Notice or Special Termination Notice from
the Liquidity Provider pursuant to Section 6.01 or 6.02 hereof, respectively; and (v) the date on which no Advance is
or may (including by reason of reinstatement as herein provided) become available for a Borrowing hereunder.

 

“Termination Notice”
means the Notice of Termination substantially in the form of Annex V to this Agreement.

 

“Transferee” has
the meaning assigned to such term in Section 7.08(b).

 

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

 

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

 

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

 

“Unapplied Downgrade Advance”
means any Downgrade Advance other than an Applied Downgrade Advance.

 

“Unapplied Non-Extension Advance”
means any Non-Extension Advance other than an Applied Non-Extension Advance.

 

“Unapplied Provider Advance”
means any Provider Advance other than an Applied Provider Advance.

 

    	 	12	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

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

 

“Unpaid Advance”
has the meaning assigned to such term in Section 2.05.

 

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

 

(b)          
Terms Defined in the Intercreditor Agreement. For all purposes of this Agreement, the following terms shall have the respective
meanings assigned to such terms in the Intercreditor Agreement:

 

“Acceleration”,
 “Additional Certificates”, “Additional Equipment Notes”, “Bankruptcy
Code”, “Certificate”, “Class”, “Class A Certificates”,
 “Class A Cash Collateral Account”, “Class A Trust”, “Class A Trust
Agreement”, “Class A Trustee”, “Closing Date”, “Controlling
Party”, “Corporate Trust Office”, “Downgraded Facility”, “Downgrade
Event”, “Equipment Notes”, “Fee Letter”, “Final Legal
Distribution Date”, “Financing Agreement”, “Investment Earnings”,
 “Liquidity Facility”, “Liquidity Obligations”, “Loan Trustee”,
 “Non-Extended Facility”, “Note Purchase Agreement”, “Operative
Agreements”, “Performing Equipment Note”, “Person”, “Pool
Balance”, “Proportionate Share”, “Rating Agencies”, “Regular
Distribution Date”, “Replacement Liquidity Facility”, “Replacement Liquidity
Provider”, “Responsible Officer”, “Scheduled Payment”, “Series
A Equipment Note”, “Special Payment”, “Stated Interest Rate”,
 “Subordination Agent”, “Taxes”, “Threshold Rating”,
 “Transfer”, “Trust Agreement”, “Trustee”, “Underwriters”,
 “Underwriting Agreement”, “United”, and “United Bankruptcy Event”.

 

article II

AMOUNT AND TERMS OF THE COMMITMENT

 

Section 2.01       
The Advances. The Liquidity Provider hereby irrevocably agrees, on the terms and conditions hereinafter set forth,
to make Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until 1:00 p.m.
(New York City time) on the Expiry Date (unless the obligations of the Liquidity Provider shall be earlier terminated in accordance
with the terms of Section 2.04(b)) in an aggregate amount at any time outstanding not to exceed the Maximum Commitment.

 

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[Revolving Credit Agreement (2020-1A)]

 

Section 2.02       
Making the Advances. (a)  Interest Advances shall be made in one or more Borrowings by delivery to the
Liquidity Provider of one or more written and completed Notices of Borrowing in substantially the form of Annex I attached
hereto, signed by a Responsible Officer of the Borrower, in an amount not exceeding the Maximum Available Commitment at such time
and shall be used solely for the payment when due of interest on the Class A Certificates at the Stated Interest Rate therefor
in accordance with Section 3.5(a) of the Intercreditor Agreement. Each Interest Advance made hereunder shall automatically
reduce the Maximum Available Commitment and the amount available to be borrowed hereunder by subsequent Advances by the amount
of such Interest Advance (subject to reinstatement as provided in the next sentence). Upon repayment to the Liquidity Provider
in full or in part of the amount of any Interest Advance made pursuant to this Section 2.02(a), together with accrued interest
thereon (as provided herein), the Maximum Available Commitment shall be reinstated by the amount of such repaid Interest Advance
but not to exceed the Maximum Commitment; provided, however, that, subject to Section 2.06(d), the Maximum Available
Commitment shall not be so reinstated at any time if (x) (i) a Liquidity Event of Default shall have occurred and be continuing
and (ii) there is a Performing Note Deficiency or (y) a Final Advance, a Special Termination Advance, a Downgrade Advance
or a Non-Extension Advance shall have been made or an Interest Advance shall have been converted into a Final Advance.

 

(b)              
A Non-Extension Advance shall be made in a single Borrowing if this Agreement is not extended in accordance with Section 3.5(d)
of the Intercreditor Agreement (unless a Replacement Liquidity Facility to replace this Agreement shall have been delivered to
the Borrower as contemplated by said Section 3.5(d) within the time period specified in such Section) by delivery to the Liquidity
Provider of a written and completed Notice of Borrowing in substantially the form of Annex II attached hereto, signed by a
Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be used to
fund the Class A Cash Collateral Account relating to this Liquidity Facility in accordance with said Section 3.5(d) and Section 3.5(f)
of the Intercreditor Agreement.

 

(c)              
A Downgrade Advance shall be made in a single Borrowing upon the occurrence of a Downgrade Event (as provided for in Section 3.5(c)
of the Intercreditor Agreement), unless (i) a Replacement Liquidity Facility to replace this Agreement shall have been previously
delivered to the Borrower within thirty-five (35) days after the Downgrade Event or (ii) the relevant Rating Agency shall have
provided confirmation within thirty (30) days after the Downgrade Event that such Downgrade Event will not result in a downgrading,
withdrawal or suspension by such Rating Agency of the rating then in effect for the related Class of Certificates, in each case
of clause (i) and (ii), in accordance with said Section 3.5(c), by delivery to the Liquidity Provider of a written and completed
Notice of Borrowing in substantially the form of Annex III attached hereto, signed by a Responsible Officer of the Borrower,
in an amount equal to the Maximum Available Commitment at such time, and shall be used to fund the Class A Cash Collateral Account
relating to this Liquidity Facility in accordance with said Section 3.5(c) and Section 3.5(f) of the Intercreditor Agreement.
Upon the occurrence of a Downgrade Event, the Liquidity Provider shall promptly deliver notice thereof to the Borrower, the Class
A Trustee and United.

 

(d)              
A Final Advance shall be made in a single Borrowing upon the receipt by the Borrower of a Termination Notice from the Liquidity
Provider pursuant to Section 6.01 hereof

 

    	 	14	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

by delivery to the Liquidity Provider of a written and completed Notice of Borrowing
in substantially the form of Annex IV attached hereto, signed by a Responsible Officer of the Borrower, in an amount equal
to the Maximum Available Commitment at such time, and shall be used to fund the Class A Cash Collateral Account relating to this
Liquidity Facility (in accordance with Sections 3.5(f) and 3.5(i) of the Intercreditor Agreement).

 

(e)              
Each Borrowing shall be made on notice in writing (a “Notice of Borrowing”) in substantially the
form required by Section 2.02(a), 2.02(b), 2.02(c), 2.02(d) or 2.02(g), as the case may be, given by the Borrower to the Liquidity
Provider. If a Notice of Borrowing is delivered by the Borrower in respect of any Borrowing no later than 1:00 p.m. (New York
City time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to a requested
Borrowing, the Liquidity Provider shall make available to the Borrower, in accordance with its payment instructions, the amount
of such Borrowing in U.S. dollars and immediately available funds, before 4:00 p.m. (New York City time) on such Business
Day. If a Notice of Borrowing is delivered by the Borrower in respect of any Borrowing on a day that is not a Business Day or after
1:00 p.m. (New York City time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02
with respect to a requested Borrowing, the Liquidity Provider shall make available to the Borrower, in accordance with its payment
instructions, the amount of such Borrowing in U.S. dollars and in immediately available funds, before 12:00 Noon (New York City
time) on the first Business Day next following the day of receipt of such Notice of Borrowing. Payments of proceeds of a Borrowing
shall be made by wire transfer of immediately available funds to the Borrower in accordance with such wire transfer instructions
as the Borrower shall furnish from time to time to the Liquidity Provider for such purpose. Each Notice of Borrowing shall be irrevocable
and binding on the Borrower. Each Notice of Borrowing shall be effective upon receipt of a copy thereof by the Liquidity Provider
at the address specified pursuant to Section 7.02.

 

(f)              
Upon the making of any Advance requested pursuant to a Notice of Borrowing, in accordance with the Borrower’s payment
instructions, the Liquidity Provider shall be fully discharged of its obligation hereunder with respect to such Notice of Borrowing,
and the Liquidity Provider shall not thereafter be obligated to make any further Advances hereunder in respect of such Notice
of Borrowing to the Borrower or to any other Person. If the Liquidity Provider makes an Advance requested pursuant to a Notice
of Borrowing before 12:00 Noon (New York City time) on the second Business Day after the date of payment specified in Section
2.02(e), the Liquidity Provider shall have fully discharged its obligations hereunder with respect to such Advance and an event
of default shall not have occurred hereunder. Following the making of any Advance pursuant to Section 2.02(b), (c), (d) or
(g) hereof to fund the Class A Cash Collateral Account relating to this Liquidity Facility, the Liquidity Provider shall have
no interest in or rights to such Class A Cash Collateral Account, the funds constituting such Advance or any other amounts from
time to time on deposit in such Class A Cash Collateral Account; provided that the foregoing shall not affect or impair
the obligations of the Subordination Agent to make the distributions contemplated by Section 3.5(e) or (f) of the Intercreditor
Agreement, and provided, further, that the foregoing shall not affect or impair the rights of the Liquidity Provider
to provide written instructions with respect to the investment and reinvestment of amounts in such Class A Cash Collateral Account
to the extent provided in Section 2.2(b) of the Intercreditor Agreement. By paying to the Borrower proceeds of Advances requested
by the Borrower in accordance with the provisions of this Agreement, the Liquidity

 

    	 	15	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Provider makes no representation as to, and
assumes no responsibility for, the correctness or sufficiency for any purpose of the amount of the Advances so made and requested.

 

(g)               
A Special Termination Advance shall be made in a single Borrowing upon the receipt by the Borrower of a Special Termination
Notice from the Liquidity Provider pursuant to Section 6.02, by delivery to the Liquidity Provider of a written and completed Notice
of Borrowing in substantially the form of Annex VII, signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to fund the Class A Cash Collateral Account relating to this Liquidity
Facility (in accordance with Section 3.5(f) and Section 3.5(m) of the Intercreditor Agreement).

 

Section 2.03       
Fees. The Borrower agrees to pay to the Liquidity Provider the fees set forth in the Fee Letter applicable to this
Agreement, to the extent payable to the Liquidity Provider pursuant to such Fee Letter.

 

Section 2.04       
Reductions or Termination of the Maximum Commitment.

 

(a)              
Automatic Reduction. Promptly following each date on which the Required Amount is reduced as a result of a reduction
in the Pool Balance of the Class A Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount
equal to such reduced Required Amount (as calculated by the Borrower); provided that on (or, as applicable, immediately following)
the first Regular Distribution Date, the Maximum Commitment shall automatically be reduced to the then Required Amount. The Borrower
shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days
thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.

 

(b)              
Termination. Upon the making of any Provider Advance or Special Termination Advance or the making of or conversion
to a Final Advance hereunder or the occurrence of the Termination Date, the obligation of the Liquidity Provider to make further
Advances hereunder shall automatically and irrevocably terminate, and the Borrower shall not be entitled to request any further
Borrowing hereunder, except in the case of a Downgrade Advance, as provided in Section 2.06(d).

 

Section 2.05       
Repayments of Interest Advances, the Special Termination Advance or the Final Advance. Subject to Sections 2.06,
2.07 and 2.09 hereof, the Borrower hereby agrees, without notice of an Advance or demand for repayment from the Liquidity Provider
(which notice and demand are hereby waived by the Borrower), to pay, or to cause to be paid, to the Liquidity Provider on each
date on which the Liquidity Provider shall make an Interest Advance, the Special Termination Advance or the Final Advance, an
amount equal to (a) the amount of such Advance (any such Advance, until repaid, is referred to herein as an “Unpaid
Advance”) (if multiple Interest Advances are outstanding any such repayment to be applied in the order in which
such Interest Advances have been made, starting with the earliest), plus (b) interest on the amount of each such Unpaid Advance
as provided in Section 3.07 hereof; provided that if (i) the Liquidity Provider shall make a Provider Advance
at any time after making one or more Interest Advances which shall not have been repaid in accordance with this Section 2.05
or (ii) this Liquidity Facility shall become a Downgraded Facility or Non-Extended Facility at any time

 

    	 	16	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

when unreimbursed Interest Advances have reduced the Maximum
Available Commitment to zero, then such Interest Advances shall cease to constitute Unpaid Advances and shall be deemed to have
been changed into an Applied Downgrade Advance or an Applied Non-Extension Advance, as the case may be, for all purposes of this
Agreement (including, without limitation, for the purpose of determining when such Interest Advance is required to be repaid to
the Liquidity Provider in accordance with Section 2.06 and for the purposes of Section 2.06(b)); provided, further,
that amounts in respect of a Special Termination Advance withdrawn from the Class A Cash Collateral Account relating to this Liquidity
Facility for the purpose of paying interest on the Class A Certificates in accordance with Section 3.5(f) of the Intercreditor
Agreement (the amount of any such withdrawal being an “Applied Special Termination Advance”) shall thereafter
(subject to Section 2.06(b)) be treated as an Interest Advance under this Agreement for purposes of determining the Applicable
Liquidity Rate for interest payable thereon; provided, further, that if, following the making of a Special Termination
Advance, the Liquidity Provider delivers a Termination Notice to the Borrower pursuant to Section 6.01, such Special Termination
Advance shall thereafter be converted to and treated as a Final Advance under this Agreement for purposes of determining the Applicable
Liquidity Rate for interest payable thereon and the obligation for repayment thereof and treated as an Applied Special Termination
Advance for purposes of Section 2.6(c) of the Intercreditor Agreement, and, provided, further, that if, after making
a Provider Advance, the Liquidity Provider delivers a Special Termination Notice to the Borrower pursuant to Section 6.02, any
Unapplied Provider Advance shall be converted to and treated as a Special Termination Advance under this Agreement for purposes
of determining the Applicable Liquidity Rate for interest payable thereon and the obligation for repayment thereof under the Intercreditor
Agreement. The Borrower and the Liquidity Provider agree that the repayment in full of each Interest Advance, the Special Termination
Advance and the Final Advance on the date such Advance is made is intended to be a contemporaneous exchange for new value given
to the Borrower by the Liquidity Provider.

 

Section 2.06       
Repayments of Provider Advances.

 

(a)              
Amounts advanced hereunder in respect of a Provider Advance shall be deposited in the Class A Cash Collateral Account relating
to this Liquidity Facility, invested and withdrawn from such Class A Cash Collateral Account as set forth in Sections 3.5(c),
(d), (e) and (f) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09, the Borrower agrees to pay to the Liquidity
Provider, on each Regular Distribution Date, commencing on the first Regular Distribution Date after the making of a Provider
Advance, interest on the principal amount of any such Provider Advance as provided in Section 3.07; provided, however,
that amounts in respect of a Provider Advance withdrawn from the Class A Cash Collateral Account relating to this Liquidity Facility
for the purpose of paying interest on the Class A Certificates in accordance with Section 3.5(f) of the Intercreditor Agreement
(the amount of any such withdrawal being (y) in the case of a Downgrade Advance, an “Applied Downgrade Advance”
and (z) in the case of a Non-Extension Advance, an “Applied Non-Extension Advance” and, together
with an Applied Downgrade Advance, an “Applied Provider Advance”) shall thereafter (subject to Section 2.06(b))
be treated as an Interest Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest
payable thereon and the dates on which such interest is payable; provided, further, however, that if, following
the making of a Provider Advance, the Liquidity Provider delivers a Termination Notice to the Borrower

 

    	 	17	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

pursuant
to Section 6.01 hereof, such Provider Advance shall thereafter be converted to and treated as a Final Advance under this
Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the obligation for repayment
thereof and treated as an Applied Downgrade Advance or Applied Non-Extension Advance, as the case may be, for the purposes of
Section 2.6(c) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09 hereof, immediately upon the withdrawal
of any amounts from the Class A Cash Collateral Account relating to this Liquidity Facility on account of a reduction in the Required
Amount, the Borrower shall repay to the Liquidity Provider a portion of the Provider Advances in a principal amount equal to the
amount of such reduction, plus interest on the principal amount prepaid as provided in Section 3.07 hereof.

 

(b)             At any time when an Applied Provider Advance or an Applied Special Termination Advance (or any portion thereof) is outstanding,
upon the deposit in the Class A Cash Collateral Account relating to this Liquidity Facility of any amount pursuant to clause “fourth”
of Section 3.2 of the Intercreditor Agreement (any such amount being a “Replenishment Amount”) for
the purpose of replenishing or increasing the balance thereof up to the amount of the Required Amount at such time, (i) the
aggregate outstanding principal amount of all Applied Provider Advances or the Applied Special Termination Advance (and of Provider
Advances treated as an Interest Advance for purposes of determining the Applicable Liquidity Rate for interest payable thereon)
shall be automatically reduced by the amount of such Replenishment Amount (if multiple Applied Provider Advances are outstanding,
such Replenishment Amount to be applied in the order in which such Applied Provider Advances have been made, starting with the
earliest) and (ii) the aggregate outstanding principal amount of all Unapplied Provider Advances or of the Unapplied Special
Termination Advance shall be automatically increased by the amount of such Replenishment Amount.

 

(c)             Upon the provision of a Replacement Liquidity Facility in replacement of this Agreement in accordance with Section 3.5(e)
of the Intercreditor Agreement, amounts remaining on deposit in the Class A Cash Collateral Account relating to this Liquidity
Facility after giving effect to any Applied Provider Advance or Applied Special Termination Advance on the date of such replacement
shall be reimbursed to the replaced Liquidity Provider, but only to the extent such amounts are necessary to repay in full to the
replaced Liquidity Provider all amounts owing to it hereunder.

 

(d)             If, at any time after making a Downgrade Advance, the Liquidity Provider satisfies the Threshold Rating and delivers a written
notice to that effect to the Borrower and United, as of the second Business Day following receipt of such notice, (i) the Unapplied
Downgrade Advance shall be withdrawn from the Class A Cash Collateral Account relating to this Liquidity Facility and reimbursed
to the Liquidity Provider, (ii) the Maximum Commitment shall be reinstated by an amount equal to the amount of such Unapplied Downgrade
Advance so reimbursed, but not to exceed the Maximum Commitment and the obligation of the Liquidity Provider to make Advances shall
be reinstated in an equal amount, and (iii) the proviso in the definition of Maximum Available Commitment shall no longer apply
to such Downgrade Advance.

 

Section 2.07      Payments to the Liquidity Provider Under the Intercreditor Agreement. In order to provide for payment or repayment
to the Liquidity Provider of any amounts hereunder,

 

    	 	18	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

the Intercreditor Agreement provides that amounts available and referred to
in Articles II and III of the Intercreditor Agreement, to the extent payable to the Liquidity Provider pursuant to the
terms of the Intercreditor Agreement (including, without limitation, Section 3.5(f) of the Intercreditor Agreement), shall
be paid to the Liquidity Provider in accordance with the terms thereof. Amounts so paid to, and not required to be returned by,
the Liquidity Provider shall be applied by the Liquidity Provider to Liquidity Obligations then due and payable to it in accordance
with the Intercreditor Agreement and shall discharge in full the corresponding obligations of the Borrower hereunder (or, if not
provided for in the Intercreditor Agreement, then in such manner as the Liquidity Provider shall deem appropriate).

 

Section 2.08      Book Entries. The Liquidity Provider shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower resulting from Advances made from time to time and the amounts of principal and interest
payable hereunder and paid from time to time in respect thereof; provided, however, that the failure by the Liquidity
Provider to maintain such account or accounts shall not affect the obligations of the Borrower in respect of Advances.

 

Section 2.09      Payments from Available Funds Only. All payments to be made by the Borrower under this Agreement, including, without
limitation, Sections 7.05 and 7.07, shall be made only from the amounts that constitute Scheduled Payments, Special Payments or
payments under Section 8.1 of the Note Purchase Agreement and payments under the Fee Letter applicable to this Agreement and
Section 6 of the Note Purchase Agreement and only to the extent that the Borrower shall have sufficient income or proceeds
therefrom to enable the Borrower to make payments in accordance with the terms hereof after giving effect to the priority of payments
provisions set forth in the Intercreditor Agreement. The Liquidity Provider agrees that it will look solely to such amounts in
respect of payments to be made by the Borrower hereunder to the extent available for distribution to it as provided in the Intercreditor
Agreement and this Agreement and that the Borrower, in its individual capacity, is not personally liable to it for any amounts
payable or liability under this Agreement except as expressly provided in this Agreement, the Intercreditor Agreement or the Note
Purchase Agreement. Amounts on deposit in the Class A Cash Collateral Account relating to this Liquidity Facility shall be available
to the Borrower to make payments under this Agreement only to the extent and for the purposes expressly contemplated in Section 3.5(f)
of the Intercreditor Agreement.

 

Section 2.10      Non-Extension of the Expiry Date; Non-Extension Advance. If in any calendar year the Liquidity Provider advises the
Borrower before the 25th day prior to the anniversary date of the Closing Date in such calendar year (such 25th
day, the “Notice Date”) that the Expiry Date shall not be extended beyond such anniversary date (and
if this Agreement shall not have been replaced in accordance with Section 3.5(e) of the Intercreditor Agreement), the Borrower
shall be entitled on and after such Notice Date (but prior to the then effective Expiry Date) to request a Non-Extension Advance
in accordance with Section 2.02(b) hereof and Section 3.5(d) of the Intercreditor Agreement; provided, however,
that if in any calendar year the Liquidity Provider does not so advise the Borrower before the Notice Date in such calendar year,
the Expiry Date shall be automatically extended to the anniversary date of the Closing Date in the next calendar year.

 

Section 2.11      LIBOR Replacement.

 

    	 	19	 

     

    

 

[Revolving
Credit Agreement (2020-1A)]

 

(a)             Benchmark Replacement. Notwithstanding anything to the contrary herein, if a Benchmark Transition Event or an Early
Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect
of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or
(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will
replace such Benchmark for all purposes hereunder in respect of such Benchmark setting and subsequent Benchmark settings without
any amendment to, or further action or consent of any other party to, this Agreement and (y) if a Benchmark Replacement is determined
in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such
Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of any Benchmark setting at or after 5:00
p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to each
applicable party hereto (that is not then the Designated Party) without any amendment to, or further action or consent of any other
party to, this Agreement.

 

(b)             Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Designated
Party will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the
contrary herein, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further
action or consent of any other party to this Agreement.

 

(c)             Notices; Standards for Decisions and Determinations. The Designated Party will promptly notify each other party hereto
(and each other “Liquidity Provider” under each other Liquidity Facility) of (i) any occurrence of a Benchmark Transition
Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark
Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any
tenor of a Benchmark pursuant to clause (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Designated Party pursuant to this 2.11, including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made
in its or their sole discretion and without consent from any other party to this Agreement except, in each case, as expressly required
pursuant to this Section 2.11 (and the definitions used herein).

 

(d)             Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein, at any time (including in
connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term
SOFR or the LIBOR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that
publishes such rate from time to time as selected by the Designated Party in its reasonable discretion or (B) the regulatory supervisor
for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor
for such Benchmark is or will be no longer representative, then the Designated Party may (and shall, at the request of the Liquidity
Provider) modify (in a manner consistent for all

 

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[Revolving Credit Agreement (2020-1A)]

 

Liquidity Facilities for which it is the “Designated Party”) the definition
of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative
tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information
service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it
is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Designated Party may (and
shall at the request of the Liquidity Provider) modify (in a manner consistent for all Liquidity Facilities for which it is the
 “Designated Party”) the definition of “Interest Period” for all Benchmark settings at or after such time
to reinstate such previously removed tenor.

 

(e)             Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of (or any determination
by the Designated Party as to the existence of) a Benchmark Unavailability Period, the Borrower may revoke any request for a conversion
to or continuation of a LIBOR Advance to be converted or continued during any Benchmark Unavailability Period and, failing that,
the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to a Base Rate Advance.

 

(f)              Cap on Benchmark for any Interest Period. Anything herein to the contrary notwithstanding, in connection with any Benchmark
Replacement and the resulting Benchmark and related Benchmark Replacement Conforming Changes, if for any Interest Period (as such
term may be modified) or Available Tenor, the applicable Benchmark Replacement (as the Benchmark then in effect) would exceed,
as of the applicable date of determination thereof (including any applicable Reference Time) the Base Rate, then the Benchmark
Replacement (and Benchmark) for such Interest Period or Available Tenor, as the case may be, shall be deemed to be the Base Rate.

 

(g)             Consistent Implementation among Liquidity Facilities. In making determinations pursuant to this Section 2.11 (and
implementing any Benchmark Replacement and Benchmark Conforming Changes in connection therewith), it is the intent of the parties
that such determinations (and implementation) occur hereunder on or about the same time and in substantially the same manner as
such determinations (and implementation) pursuant to Section 2.11 of each other Liquidity Facility for which the Designated Party
hereunder is the “Designated Party”, and the parties will reasonably cooperate for achieving such result.

 

article III

OBLIGATIONS OF THE BORROWER

 

Section 3.01      Increased Costs. The Borrower shall pay to the Liquidity Provider from time to time such amounts as may be necessary
to compensate the Liquidity Provider for any increased costs incurred by the Liquidity Provider which are attributable to its making
or maintaining any Advances hereunder or its obligation to make any such Advances hereunder, or any reduction in any amount receivable
by the Liquidity Provider under this Agreement or the Intercreditor Agreement in respect of any such Advances or such obligation
(such increases in costs and reductions in amounts receivable being herein called “Additional Costs”),
resulting from any change after the date of this Agreement in U.S. federal, state, municipal, or foreign

 

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[Revolving Credit Agreement (2020-1A)]

 

laws or regulations (including
Regulation D of the Board of Governors of the Federal Reserve System), or the adoption or making after the date of this Agreement
of any interpretations, directives, or requirements applying to a class of banks including the Liquidity Provider under any U.S.
federal, state, municipal, or any foreign laws or regulations (whether or not having the force of law) by any court, central bank
or monetary authority charged with the interpretation or administration thereof (a “Regulatory Change”),
which: (1) changes the basis of taxation of any amounts payable to the Liquidity Provider under this Agreement in respect
of any such Advances or such obligation (other than Excluded Taxes); or (2) imposes or modifies any reserve, special deposit,
compulsory loan or similar requirements relating to any extensions of credit or other assets of, or any deposits with other liabilities
of, the Liquidity Provider (including any such Advances or such obligation or any deposits referred to in the definition of LIBOR
Rate or related definitions). For the avoidance of doubt, any Regulatory Changes based on the consultative papers of The Basel
Committee on Banking Supervision of December 2009 entitled “Strengthening the resilience of the banking sector” and
 “International framework for liquidity risk measurement, standards and monitoring”, in each case together with any
amendments thereto (collectively, “Basel III”), will not be treated, for purposes of determining whether
the Liquidity Provider is entitled to compensation under this Section 3.01, as having been adopted or having come into effect before
the date hereof, and any such Regulatory Changes based on Basel III shall be determined to be adopted only when the national banking
supervisory authorities, or other relevant administrative or legislative bodies having primary jurisdiction or regulatory authority
over the Liquidity Provider, adopt any such Regulatory Changes based on Basel III in the primary jurisdiction of the Liquidity
Provider. The Liquidity Provider agrees to use reasonable efforts (consistent with applicable legal and regulatory restrictions)
to change the jurisdiction of its Facility Office if making such change would avoid the need for, or reduce the amount of, any
amount payable under this Section that may thereafter accrue and would not, in the reasonable judgment of the Liquidity Provider,
be otherwise disadvantageous to the Liquidity Provider.

 

The Liquidity Provider will notify the Borrower
of any event occurring after the date of this Agreement that will entitle the Liquidity Provider to compensation pursuant to this
Section 3.01 as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, which
notice shall describe in reasonable detail the calculation of the amounts owed under this Section. Determinations by the Liquidity
Provider for purposes of this Section 3.01 of the effect of any Regulatory Change on its costs of making or maintaining Advances
or on amounts receivable by it in respect of Advances, and of the additional amounts required to compensate the Liquidity Provider
in respect of any Additional Costs, shall be prima facie evidence of the amount owed under this Section.

 

Notwithstanding the preceding two paragraphs,
the Liquidity Provider and the Subordination Agent agree that any Liquidity Provider, or permitted assignee or participant thereof,
which is not a bank shall not be entitled to the benefits of the preceding two paragraphs (but without limiting the provisions
of Section 7.08 hereof).

 

Section 3.02      Capital Adequacy and Liquidity Coverage. If (1) the adoption, after the date hereof, of any applicable governmental
law, rule or regulation regarding capital adequacy or liquidity coverage, (2) any change, after the date hereof, in the interpretation
or administration of any such law, rule or regulation by any central bank or other governmental authority charged

 

    	 	22	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

with the interpretation
or administration thereof or (3) compliance by the Liquidity Provider or any corporation or bank controlling the Liquidity
Provider with any applicable guideline or request of general applicability, issued after the date hereof, by any central bank or
other governmental authority (whether or not having the force of law) that constitutes a change of the nature described in clause (2),
has the effect of (x) requiring an increase in the amount of capital or liquid assets required to be maintained by the Liquidity
Provider or any corporation or bank controlling the Liquidity Provider, or (y) reducing the rate of return on assets or capital
of the Liquidity Provider (or such corporation or bank) and such adoption, change or compliance, as the case may be, relates to
a category of claims or assets that includes the Liquidity Provider’s obligations hereunder (including funded obligations)
and other similar obligations, the Borrower shall, subject to the provisions of the next paragraph, pay to the Liquidity Provider
from time to time such additional amount or amounts as are necessary to compensate the Liquidity Provider for such portion of such
increase or reduction as shall be reasonably allocable to the Liquidity Provider’s obligations to the Borrower hereunder.
For the avoidance of doubt, the adoption of any law, rule or regulation described in clause (1) of the first sentence of this Section
3.02, and the taking of any action described in clauses (2) and (3) of such sentence, that in each case is based on Basel III,
will not be treated, for purposes of determining whether the Liquidity Provider (or any corporation or bank controlling the Liquidity
Provider) is entitled to compensation under this Section 3.02, as having been adopted, come into effect, been issued or been taken
before the date hereof, and any such law, rule or regulation and any of the actions described in clauses (2) and (3) of such sentence
that is based on Basel III shall be determined to have been adopted, come into effect, been issued or been taken only when the
central bank or other legislative or administrative governmental authorities in the primary jurisdiction of the Liquidity Provider
(or any corporation or bank controlling the Liquidity Provider) adopt any such law, rule or regulation or take any such actions.
The Liquidity Provider agrees to use reasonable efforts (consistent with applicable legal and regulatory restrictions) to change
the jurisdiction of its Facility Office if making such change would avoid the need for, or reduce the amount of, any amount payable
under this Section that may thereafter accrue and would not, in the reasonable judgment of the Liquidity Provider, be otherwise
materially disadvantageous to the Liquidity Provider.

 

The Liquidity Provider will notify the Borrower
of any event occurring after the date of this Agreement that will entitle the Liquidity Provider to compensation pursuant to this
Section 3.02 as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, which
notice shall describe in reasonable detail the calculation of the amounts owed under this Section. Determinations by the Liquidity
Provider for purposes of this Section 3.02 of the effect of any increase in the amount of capital or liquid assets required
to be maintained by the Liquidity Provider and of the amount allocable to the Liquidity Provider’s obligations to the Borrower
hereunder shall be conclusive evidence of the amounts owed under this Section, absent manifest error.

 

Notwithstanding the preceding two paragraphs,
the Liquidity Provider and the Subordination Agent agree that any Liquidity Provider, or permitted assignee or participant thereof,
which is not a bank shall not be entitled to the benefits of the preceding two paragraphs (but without limiting the provisions
of Section 7.08 hereof).

 

Section 3.03      Payments Free of Deductions.

 

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[Revolving Credit Agreement (2020-1A)]

 

(a)             Unless required by applicable law, all payments made by the Borrower under this Agreement shall be made free and clear of,
and without reduction for or on account of, any present or future stamp or other taxes, levies, imposts, duties, charges, fees,
deductions, withholdings, restrictions or conditions of any nature whatsoever now or hereafter imposed on, levied, collected, withheld
or assessed, excluding Excluded Taxes (such non-excluded taxes being referred to herein, collectively, as “Non-Excluded
Taxes” and each, individually, as a “Non-Excluded Tax”). If any Non-Excluded Taxes are
required to be withheld from any amounts payable to the Liquidity Provider under this Agreement, (i) the Borrower shall within
the time prescribed therefor by applicable law pay to the appropriate governmental or taxing authority the full amount of any such
Non-Excluded Taxes (and any additional Non-Excluded Taxes in respect of the additional amounts payable under clause (ii) hereof)
and make such reports or returns in connection therewith at the time or times and in the manner prescribed by applicable law, and
(ii) the amounts so payable to the Liquidity Provider shall be increased to the extent necessary to yield to the Liquidity
Provider (after payment of all Non-Excluded Taxes) interest or any other such amounts payable under this Agreement at the rates
or in the amounts specified in this Agreement. The Liquidity Provider agrees to use reasonable efforts (consistent with its internal
policy and legal and regulatory restrictions) to change the jurisdiction of its Facility Office if making such change would avoid
the need for, or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable
judgment of the Liquidity Provider, be otherwise disadvantageous to the Liquidity Provider. From time to time upon the reasonable
request of the Borrower, the Liquidity Provider agrees to provide to the Borrower two original Internal Revenue Service Forms W-8BEN-E,
W-8ECI or W-9, as appropriate, or any successor or other form prescribed by the Internal Revenue Service, certifying that the Liquidity
Provider is exempt from or entitled to a reduced rate of United States withholding tax on payments pursuant to this Agreement.
Within 30 days after the date of each payment hereunder, the Borrower shall furnish to the Liquidity Provider the original or a
certified copy of (or other documentary evidence of) the payment of the Non-Excluded Taxes applicable to such payment.

 

(b)             Unless required by applicable law, all payments (including, without limitation, Advances) made by the Liquidity Provider
under this Agreement shall be made free and clear of, and without reduction for or on account of, any Taxes. If any Taxes are required
to be withheld or deducted from any amounts payable to the Borrower under this Agreement, the Liquidity Provider shall (i) within
the time prescribed therefor by applicable law pay to the appropriate governmental or taxing authority the full amount of any such
Taxes (and any additional Taxes in respect of the additional amounts payable under clause (ii) hereof) and make such reports
or returns in connection therewith at the time or times and in the manner prescribed by applicable law, and (ii) pay to the
Borrower an additional amount which (after deduction of all such Taxes) will be sufficient to yield to the Borrower the full amount
which would have been received by it had no such withholding or deduction been made. Within 30 days after the date of each payment
hereunder, the Liquidity Provider shall furnish to the Borrower the original or a certified copy of (or other documentary evidence
of) the payment of the Taxes applicable to such payment.

 

(c)            On or before the Closing Date, the Borrower shall provide the Liquidity Provider with a fully executed Internal Revenue
Service Form W-9, showing a complete exemption from U.S federal backup withholding tax. If any other exemption from, or reduction
in the rate of, any Taxes required to be borne by the Liquidity Provider under Section 3.03(b) is reasonably

 

    	 	24	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

available to the Borrower
without providing any information regarding the holders or beneficial owners of the Certificates, the Borrower shall deliver to
the Liquidity Provider such form or forms and such other evidence of the eligibility of the Borrower for such exemption or reductions
(but without any requirement to provide any information regarding the holders or beneficial owners of the Certificates) as the
Liquidity Provider may reasonably identify to the Borrower as being required as a condition to exemption from, or reduction in
the rate of, such Taxes.

 

(d)            If a payment made to the Liquidity Provider or Borrower hereunder would be subject to U.S. federal withholding Tax imposed
by FATCA if the Borrower or Liquidity Provider, as applicable, were to fail to comply with the applicable reporting requirements
of FATCA (including those contained in Section 1471 (b) or 1472 (b) of the U.S. Internal Revenue Code, as applicable), it shall
deliver to the Borrower or the Liquidity Provider, as applicable, at the time or times prescribed by law and at such time or times
reasonably requested by the Borrower or Liquidity Provider, as applicable, such documentation prescribed by applicable law (including
as prescribed by Section 1471 (b)(3)(C)(i) of the U.S. Internal Revenue Code) and such additional documentation reasonably requested
by the Borrower or Liquidity Provider, as applicable, as may be necessary for the Borrower or Liquidity Provider, as applicable,
to comply with its obligations under FATCA and to determine that the Liquidity Provider or Borrower has complied with the Liquidity
Provider’s or Borrower’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this paragraph, “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

Section 3.04      Payments. The Borrower shall make or cause to be made each payment to the Liquidity Provider under this Agreement
so as to cause the same to be received by the Liquidity Provider not later than 1:00 p.m. (New York City time) on the day
when due. The Borrower shall make all such payments in lawful money of the United States of America, to the Liquidity Provider
in immediately available funds, by wire transfer to the account specified for the Liquidity Provider in Schedule B or to such other
U.S. bank account as the Liquidity Provider may from time to time direct the Borrower in writing.

 

Section 3.05      Computations. All computations of interest based on the Base Rate shall be made on the basis of a year of 365 or
366 days, as the case may be, and all computations of interest based on the LIBOR Rate (other than where the LIBOR Rate is determined
based on the Base Rate or any Benchmark Replacement with determinations based on a year of 365 or 366 days, as the case may be)
shall be made on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding
the last day) occurring in the period for which such interest is payable.

 

Section 3.06      Payment on Non-Business Days. Whenever any payment to be made hereunder to the Liquidity Provider shall be stated
to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and no additional
interest shall be due as a result. If any payment in respect of interest on an Advance is so deferred to the next succeeding Business
Day, such deferral shall not delay the commencement of the next Interest Period for such Advance (if such Advance is a LIBOR Advance)
or reduce the number of days for which interest will be payable on such Advance on the next interest payment date for such Advance.

 

    	 	25	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Section 3.07      Interest.

 

(a)             Subject to Section 2.09, the Borrower shall pay, or shall cause to be paid, without duplication, interest on (i) the
unpaid principal amount of each Advance from and including the date of such Advance (or, in the case of an Applied Provider Advance
or Applied Special Termination Advance, from and including the date on which the amount thereof was withdrawn from the Class A
Cash Collateral Account relating to this Liquidity Facility to pay interest on the Class A Certificates) to but excluding the date
such principal amount shall be paid in full (or, in the case of an Applied Provider Advance or Applied Special Termination Advance,
the date on which the Class A Cash Collateral Account relating to this Liquidity Facility is fully replenished in respect of such
Advance) and (ii) any other amount due hereunder (whether fees, commissions, expenses or other amounts or, to the extent permitted
by law, installments of interest on Advances or any such other amount) which is not paid when due (whether at stated maturity,
by acceleration or otherwise) from and including the due date thereof to but excluding the date such amount is paid in full, in
each such case, at a fluctuating interest rate per annum for each day equal to the Applicable Liquidity Rate (as defined below)
for such Advance or such other amount, as the case may be, as in effect for such day, but in no event at a rate per annum greater
than the maximum rate permitted by applicable law; provided, however, that, if at any time the otherwise applicable
interest rate as set forth in this Section 3.07 shall exceed the maximum rate permitted by applicable law, then any subsequent
reduction in such interest rate will not reduce the rate of interest payable pursuant to this Section 3.07 below the maximum
rate permitted by applicable law until the total amount of interest accrued equals the amount of interest that would have accrued
if such otherwise applicable interest rate as set forth in this Section 3.07 had at all times been in effect.

 

(b)             Except as provided in clause (e) below, each Advance will be either a Base Rate Advance or a LIBOR Advance as provided
in this Section. Each such Advance will be a Base Rate Advance for the period from the date of its Borrowing to (but excluding)
the third LIBOR Business Day following the Liquidity Provider’s receipt of the Notice of Borrowing for such Advance. Thereafter,
such Advance shall be a LIBOR Advance.

 

(c)             Each LIBOR Advance shall bear interest during each Interest Period at a rate per annum equal to the LIBOR Rate for such
Interest Period plus the Applicable Margin for such LIBOR Advance, payable in arrears on the last day of such Interest Period and,
in the event of the payment of principal of such LIBOR Advance on a day other than such last day, on the date of such payment (to
the extent of interest accrued on the amount of principal repaid).

 

(d)             Each Base Rate Advance shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin for such
Base Rate Advance, payable in arrears on each Regular Distribution Date and, in the event of the payment of principal of such Base
Rate Advance on a day other than a Regular Distribution Date, on the date of such payment (to the extent of interest accrued on
the amount of principal repaid).

 

(e)             Each
outstanding Unapplied Non-Extension Advance, Unapplied Downgrade Advance and Unapplied Special Termination Advance shall bear
interest in an amount equal to the Investment Earnings on amounts on deposit in the Class A Cash Collateral Account relating to
this Liquidity Facility plus the Applicable Margin for such Unapplied Non-Extension

 

    	 	26	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Advance, Unapplied Downgrade Advance
or Unapplied Special Termination Advance, as applicable, on the amount of such Unapplied Non-Extension Advance, Unapplied Downgrade
Advance or Unapplied Special Termination Advance, as applicable, from time to time, payable in arrears on each Regular Distribution
Date.

 

(f)          Each amount not paid when due hereunder (whether fees, commissions, expenses or other amounts or, to the extent permitted
by applicable law, installments of interest on Advances but excluding Advances) shall bear interest at a rate per annum equal to
the Base Rate plus 2.00% per annum until paid.

 

(g)         If at any time, the Liquidity Provider shall have determined (which determination shall be conclusive and binding upon the
Borrower, absent manifest error) that, by reason of circumstances affecting the relevant interbank lending market generally (other
than a Benchmark Transition Event), the LIBOR Rate determined or to be determined for the current or the immediately succeeding
Interest Period will not adequately and fairly reflect the cost to the Liquidity Provider (as conclusively certified by the Liquidity
Provider, absent manifest error) of making or maintaining LIBOR Advances, the Liquidity Provider shall give facsimile or telephonic
notice thereof (a “Rate Determination Notice”) to the Borrower (any such telephonic notice to be promptly
confirmed in writing and transmitted by telecopier to the Borrower in accordance with Section 7.02). If such notice is given, then
the outstanding principal amount of the LIBOR Advances shall be converted to Base Rate Advances effective from the date of the
Rate Determination Notice; provided that the Applicable Liquidity Rate in respect of such Base Rate Advances shall be increased
by one percent (1.00%). The Liquidity Provider shall withdraw a Rate Determination Notice given hereunder when the Liquidity Provider
determines that the circumstances giving rise to such Rate Determination Notice no longer apply to the Liquidity Provider, and
the Base Rate Advances shall be converted to LIBOR Advances effective as of the first day of the next succeeding Interest Period
after the date of such withdrawal.

 

(h)         Each change in the Base Rate shall become effective immediately. The rates of interest specified in this Section 3.07
with respect to any Advance or other amount shall be referred to as the “Applicable Liquidity Rate”.

 

Section 3.08      Replacement of Borrower. From time to time and subject to the successor Borrower’s meeting the eligibility
requirements set forth in Section 6.9 of the Intercreditor Agreement applicable to the Subordination Agent, upon the effective
date and time specified in a written and completed Notice of Replacement Subordination Agent in substantially the form of Annex
VI attached hereto (a “Notice of Replacement Subordination Agent”) delivered to the Liquidity Provider
by the then Borrower, the successor Borrower designated therein shall be substituted for the Borrower for all purposes hereunder.

 

Section 3.09      Funding
Loss Indemnification. The Borrower shall pay to the Liquidity Provider, upon the request of the Liquidity Provider, such amount
or amounts as shall be sufficient (in the reasonable opinion of the Liquidity Provider) to compensate it for any loss, cost, or
expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by the Liquidity Provider to
fund or maintain any LIBOR Advance (but excluding loss of anticipated profits) incurred as a result of:

  

    	 	27	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

(1)      Any repayment of a LIBOR Advance on
a date other than the last day of the Interest Period for such Advance; or

 

(2)      Any
failure by the Borrower to borrow a LIBOR Advance on the date for borrowing specified in the relevant notice under Section 2.02.

 

Calculation of all amounts payable to the
Liquidity Provider under this Section 3.09 shall be made as though the Liquidity Provider had actually funded the related LIBOR
Advance through the purchase of a LIBOR deposit bearing interest at the LIBOR Rate in an amount equal to its LIBOR Advance and
having a maturity comparable to the relevant Interest Period; provided, however, that the Liquidity Provider may
fund any LIBOR Advance in any manner it sees fit and the foregoing assumptions shall be utilized only for the purposes of calculating
amounts payable under this Section 3.09.

 

Section 3.10     Illegality. Notwithstanding any other provision in this Agreement, if any change in any applicable law, rule or regulation,
or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency
charged with the interpretation or administration thereof, or compliance by the Liquidity Provider (or its Facility Office) with
any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall
make it unlawful or impossible for the Liquidity Provider (or its Facility Office) to maintain or fund its LIBOR Advances, then
upon notice to the Borrower by the Liquidity Provider, the outstanding principal amount of the LIBOR Advances shall be converted
to Base Rate Advances (a) immediately upon demand of the Liquidity Provider, if such change or compliance with such request,
in the judgment of the Liquidity Provider, requires immediate repayment; or (b) at the expiration of the last Interest Period
to expire before the effective date of any such change or request. The Liquidity Provider agrees to use reasonable efforts (consistent
with applicable legal and regulatory restrictions) to change the jurisdiction of its Facility Office if making such change would
avoid or cure the aforesaid illegality and would not, in the reasonable judgment of the Liquidity Provider, be otherwise disadvantageous
to the Liquidity Provider.

 

article IV

CONDITIONS PRECEDENT

 

Section 4.01     Conditions Precedent to Effectiveness of Section 2.01. Section 2.01 of this Agreement shall become effective
on and as of the first date (the “Effective Date”) on which the following conditions precedent have been
satisfied or waived:

 

(a)          The Liquidity Provider shall have received each of the following, and in the case of each document delivered pursuant to
paragraphs (i), (ii) and (iii), each in form and substance satisfactory to the Liquidity Provider:

 

(i)       This Agreement duly executed on behalf of the Borrower and the Fee Letter applicable to this Agreement duly executed on
behalf of the Borrower and United;

 

(ii)      The Intercreditor Agreement duly executed on behalf of each of the parties thereto (other than the Liquidity Provider);

 

    	 	28	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

(iii)     Fully executed copies of each of the Operative Agreements executed and delivered on or before the Closing Date (other than
this Agreement, the Fee Letter applicable to this Agreement and the Intercreditor Agreement);

 

(iv)     A copy of the Prospectus Supplement and specimen copies of the Class A Certificates;

 

(v)      An executed copy of each document, instrument, certificate and opinion delivered on or before the Closing Date pursuant
to the Class A Trust Agreement, the Note Purchase Agreement, the Intercreditor Agreement and the other Operative Agreements (in
the case of each such opinion delivered in connection with the issuance and sale of the Class A Certificates, other than the opinion
of counsel for the Underwriters, either addressed to the Liquidity Provider or accompanied by a letter from the counsel rendering
such opinion to the effect that the Liquidity Provider is entitled to rely on such opinion as of its date as if it were addressed
to the Liquidity Provider);

 

(vi)     Evidence that there shall have been made and shall be in full force and effect, all filings, recordings and/or registrations,
and there shall have been given or taken any notice or other similar action as may be reasonably necessary or, to the extent reasonably
requested by the Liquidity Provider, reasonably advisable, in order to establish, perfect, protect and preserve the right, title
and interest, remedies, powers, privileges, liens and security interests of, or for the benefit of, the Trustees, the Borrower
and the Liquidity Provider created by the Operative Agreements executed and delivered on or before the Closing Date;

 

(vii)    An
agreement from United, pursuant to which (i) United agrees to provide to the Liquidity Provider (A) within 90 days after
the end of each of the first three fiscal quarters in each fiscal year of United, a consolidated balance sheet of United as of
the end of such quarter and related statements of income and cash flows for the period commencing at the end of the previous fiscal
year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding figures for the
corresponding period in the preceding fiscal year, prepared in accordance with GAAP; provided, that so long as United is subject
to the reporting requirements of the Securities Exchange Act of 1934, as amended, a copy of United’s report on Form 10-Q
for such fiscal quarter (excluding exhibits) or a written notice of United that such report has been filed with the Securities
and Exchange Commission, providing a website address at which such report may be accessed and confirming that the report accessible
at such website address conforms to the original report filed with the Securities and Exchange Commission will satisfy this subclause (A),
and (B) within 120 days after the end of each fiscal year of United, a consolidated balance sheet of United as of the end
of such fiscal year and related statements of income and cash flows of United for such fiscal year, in comparative form with the
preceding fiscal year, prepared in accordance with GAAP, together with a report of United’s independent certified public
accountants with respect to their audit of such financial statements; provided, that so long as United is subject to the reporting
requirements of the Securities Exchange Act of 1934, as amended, a copy of United’s report on Form 10-K for such fiscal
year (excluding exhibits) or a written notice of United that such report has been filed with the Securities and Exchange Commission,
providing a website address at which such report may be accessed and confirming that the report accessible at such website address
conforms to the original report filed with the Securities and Exchange Commission will satisfy this

 

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subclause (B), and (ii) United agrees to allow the Liquidity Provider to inspect United’s books and records
regarding such transactions, and to discuss such transactions with officers and employees of United;

 

(viii)   Legal opinions from (a) Morris James LLP, special counsel to the Borrower, and (b) Hughes Hubbard & Reed LLP, special
counsel to United, each in form and substance reasonably satisfactory to the Liquidity Provider; and

 

(ix)      Such other documents, instruments, opinions and approvals pertaining to the transactions contemplated hereby or by the other
Operative Agreements as the Liquidity Provider shall have reasonably requested, including, without limitation, such documentation
as the Liquidity Provider may require to satisfy its “know your customer” policies.

 

(b)          The following statement shall be true on and as of the Effective Date: no event has occurred and is continuing, or would
result from the entering into of this Agreement or the making of any Advance, which constitutes a Liquidity Event of Default.

 

(c)          The Liquidity Provider shall have received payment in full of all fees and other sums required to be paid to or for the
account of the Liquidity Provider on or prior to the Effective Date.

 

(d)          All conditions precedent to the issuance of the Class A Certificates under the Class A Trust Agreement shall have been satisfied
or waived, all conditions precedent to the effectiveness of each other Liquidity Facility in respect of the Class A Certificates
shall have been concurrently satisfied or waived and all conditions precedent to the purchase of the Class A Certificates by the
Underwriters under Underwriting Agreement shall have been satisfied or waived.

 

(e)          The Borrower shall have received a certificate, dated the date hereof, signed by a duly authorized representative of the
Liquidity Provider, certifying that all conditions precedent to the effectiveness of Section 2.01 have been satisfied or waived.

 

Section 4.02      Conditions Precedent to Borrowing. The obligation of the Liquidity Provider to make an Advance on the occasion of
each Borrowing shall be subject to the conditions precedent that the Effective Date shall have occurred and, on or prior to the
date of such Borrowing, the Borrower shall have delivered a Notice of Borrowing which conforms to the terms and conditions of this
Agreement and has been completed as may be required by the relevant form of the Notice of Borrowing for the type of Advance requested.

 

Section 4.03      Representations and Warranties. The representations and warranties of the Borrower as Subordination Agent in Section
5.2 of the Note Purchase Agreement shall be deemed to be incorporated into this Agreement as if set out in full herein and as if
such representations and warranties were made by the Borrower to the Liquidity Provider.

 

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article V

COVENANTS

 

Section 5.01      Affirmative Covenants of the Borrower. So long as any Advance shall remain unpaid or the Liquidity Provider shall
have any Maximum Commitment hereunder or the Borrower shall have any obligation to pay any amount to the Liquidity Provider hereunder,
the Borrower will, unless the Liquidity Provider shall otherwise consent in writing:

 

(a)          Performance of this and Other Agreements. Punctually pay or cause to be paid all amounts payable by it under this
Agreement and the other Operative Agreements and observe and perform in all material respects the conditions, covenants and requirements
applicable to it contained in this Agreement and the other Operative Agreements.

 

(b)          Reporting Requirements. Furnish to the Liquidity Provider with reasonable promptness, such information and data with
respect to the transactions contemplated by the Operative Agreements as from time to time may be reasonably requested by the Liquidity
Provider; and permit the Liquidity Provider, upon reasonable notice, to inspect the Borrower’s books and records with respect
to such transactions and to meet with officers and employees of the Borrower to discuss such transactions.

 

(c)          Certain Operative Agreements. Furnish to the Liquidity Provider with reasonable promptness, such Operative Agreements
entered into after the date hereof as from time to time may be reasonably requested by the Liquidity Provider.

 

Section 5.02      Negative Covenants of the Borrower. So long as any Advance shall remain unpaid or the Liquidity Provider shall have
any Maximum Commitment hereunder or the Borrower shall have any obligation to pay any amount to the Liquidity Provider hereunder,
the Borrower will not appoint or permit or suffer to be appointed any successor Borrower without the prior written consent of the
Liquidity Provider, which consent shall not be unreasonably withheld or delayed.

 

article VI

LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION

 

Section 6.01      Liquidity
Events of Default. If (a) any Liquidity Event of Default has occurred and is continuing and (b) there is a Performing
Note Deficiency, the Liquidity Provider may, in its discretion, deliver to the Borrower a Termination Notice, the effect of which
shall be to cause (i) the obligation of the Liquidity Provider to make Advances hereunder to expire on the fifth Business
Day after the date on which such Termination Notice is received by the Borrower, (ii) the Borrower to promptly request, and
the Liquidity Provider to promptly make, a Final Advance in accordance with Section 2.02(d) hereof and Section 3.5(i)
of the Intercreditor Agreement, (iii) all other outstanding Advances to be automatically converted into Final Advances for
purposes of determining the Applicable Liquidity Rate for interest payable thereon, and (iv) subject to Sections 2.07
and 2.09 hereof, all Advances (including, without limitation, any Provider Advance and Applied Provider Advance), any accrued
interest thereon and any

 

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other amounts outstanding hereunder to become immediately due and payable to the Liquidity Provider.

 

Section 6.02      Special Termination. If the aggregate Pool Balance of the Class A Certificates is greater than the aggregate outstanding
principal amount of the Series A Equipment Note (other than any portion of the Series A Equipment Note previously sold or with
respect to which the collateral securing the Series A Equipment Note has been disposed of) at any time during the 18 month period
prior to October 15, 2027, the Liquidity Provider may, in its discretion, deliver to the Borrower a Special Termination Notice,
the effect of which shall be to cause (i) the obligation of the Liquidity Provider to make Advances hereunder to expire on the
fifth Business Day after the date on which such Special Termination Notice is received by the Borrower, (ii) the Borrower to promptly
request, and the Liquidity Provider to promptly make, a Special Termination Advance in accordance with Section 2.02(g) and Section
3.5(m) of the Intercreditor Agreement, and (iii) subject to Sections 2.07 and 2.09, all Advances (including, without limitation,
any Provider Advance and Applied Provider Advance), any accrued interest thereon and any other amounts outstanding hereunder to
become immediately due and payable to the Liquidity Provider.

 

article VII

MISCELLANEOUS

 

Section 7.01      Amendments, Etc. No amendment or waiver of any provision of this Agreement, nor consent to any departure by the Borrower
therefrom, shall in any event be effective unless the same shall be in writing and signed by the Liquidity Provider, and, in the
case of an amendment or of a waiver by the Borrower, the Borrower, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

 

Section 7.02      Notices, Etc. Except as otherwise expressly provided herein, all notices and other communications provided for hereunder
shall be in writing (including telecopier and mailed or delivered or sent by telecopier) addressed to the applicable party at its
address specified on Schedule B or to such other address as shall be designated by such Person in a written notice to the others.
The Borrower shall give all Notices of Borrowing via telecopier; provided, that, in the event of a transmission failure,
the Borrower shall use reasonable efforts to deliver the applicable Notice of Borrowing to the Liquidity Provider on the same Business
Day using such other means as may be reasonably deemed necessary by the Borrower. All such notices and communications shall be
effective (i) if given by telecopier, when transmitted to the telecopier number specified above, (ii) if given by mail,
five Business Days after being deposited in the mails addressed as specified above, and (iii) if given by other means, when
delivered at the address specified above, except that written notices to the Liquidity Provider pursuant to the provisions of Article II
and Article III hereof shall not be effective until received by the Liquidity Provider. A copy of all notices delivered hereunder
to either party shall in addition be delivered to each of the parties to the Note Purchase Agreement at their respective addresses
set forth therein.

 

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Section 7.03      No Waiver; Remedies. No failure on the part of the Liquidity Provider to exercise, and no delay in exercising, any
right under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this
Agreement preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law.

 

Section 7.04      Further Assurances. The Borrower agrees to do such further acts and things and to execute and deliver to the Liquidity
Provider such additional assignments, agreements, powers and instruments as the Liquidity Provider may reasonably require or deem
advisable to carry into effect the purposes of this Agreement and the other Operative Agreements or to better assure and confirm
unto the Liquidity Provider its rights, powers and remedies hereunder and under the other Operative Agreements.

 

Section 7.05      Indemnification; Survival of Certain Provisions. The Liquidity Provider shall be indemnified hereunder to the extent
and in the manner described in Section 8.1 of the Note Purchase Agreement. In addition, the Borrower agrees to indemnify, protect,
defend and hold harmless the Liquidity Provider from, against and in respect of, and shall pay on demand, all Expenses of any kind
or nature whatsoever (other than any Expenses of the nature described in Section 3.01, 3.02 or 7.07 hereof or in the Fee Letter
applicable to this Agreement (regardless of whether indemnified against pursuant to said Sections or in such Fee Letter)), that
may be imposed, incurred by or asserted against any Liquidity Indemnitee, in any way relating to, resulting from, or arising out
of or in connection with any action, suit or proceeding by any third party against such Liquidity Indemnitee and relating to this
Agreement, the Fee Letter applicable to this Agreement, the Intercreditor Agreement or any Financing Agreement; provided,
however, that the Borrower shall not be required to indemnify, protect, defend and hold harmless any Liquidity Indemnitee
in respect of any Expense of such Liquidity Indemnitee to the extent such Expense is (i) attributable to the gross negligence
or willful misconduct of such Liquidity Indemnitee or any other Liquidity Indemnitee, (ii) ordinary and usual operating overhead
expense, or (iii) attributable to the failure by such Liquidity Indemnitee or any other Liquidity Indemnitee to perform or
observe any agreement, covenant or condition on its part to be performed or observed in this Agreement, the Intercreditor Agreement,
the Fee Letter applicable to this Agreement or any other Operative Agreement to which it is a party. The indemnities contained
in Section 8.1 of the Note Purchase Agreement, and the provisions of Sections 3.01, 3.02, 3.03, 3.09, 7.05 and 7.07 hereof,
shall survive the termination of this Agreement.

 

Section 7.06      Liability of the Liquidity Provider.

 

(a)          Neither
the Liquidity Provider nor any of its officers, employees, directors or Affiliates shall be liable or responsible for: (i) the
use which may be made of the Advances or any acts or omissions of the Borrower or any beneficiary or transferee in connection
therewith; (ii) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents
should prove to be in any or all respects invalid, insufficient, fraudulent or forged; or (iii) the making of Advances by
the Liquidity Provider against delivery of a Notice of Borrowing and other documents which do not comply with the terms hereof;
provided, however, that the Borrower shall have a claim against the Liquidity Provider, and the Liquidity Provider
shall be liable to the Borrower, to the extent of any damages suffered by the Borrower which were the result of (A) the Liquidity
Provider’s willful misconduct or negligence in determining

 

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whether documents presented hereunder comply with the
terms hereof, or (B) any breach by the Liquidity Provider of any of the terms of this Agreement, including, but not limited
to, the Liquidity Provider’s failure to make lawful payment hereunder after the delivery to it by the Borrower of a Notice
of Borrowing strictly complying with the terms and conditions hereof. In no event, however, shall the Liquidity Provider be liable
on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss
of profits, business or anticipated savings).

 

(b)          Neither the Liquidity Provider nor any of its officers, employees, directors or Affiliates shall be liable or responsible
in any respect for (i) any error, omission, interruption or delay in transmission, dispatch or delivery of any message or
advice, however transmitted, in connection with this Agreement or any Notice of Borrowing delivered hereunder, or (ii) any
action, inaction or omission which may be taken by it in good faith, absent willful misconduct or gross negligence (in which event
the extent of the Liquidity Provider’s potential liability to the Borrower shall be limited as set forth in the immediately
preceding paragraph), in connection with this Agreement or any Notice of Borrowing.

 

Section 7.07      Costs,
Expenses and Taxes. The Borrower agrees, subject to Section 7.08(d) below and the Fee Letter to the extent applicable, to
pay, or cause to be paid (A) on the Effective Date and on such later date or dates on which the Liquidity Provider shall
make demand, all reasonable out-of-pocket costs and expenses (including, without limitation, the reasonable fees and expenses
of outside counsel for the Liquidity Provider) of the Liquidity Provider in connection with the preparation, negotiation, execution,
delivery, filing and recording of this Agreement, any other Operative Agreement and any other documents which may be delivered
in connection with this Agreement and (B) on demand, all reasonable costs and expenses (including reasonable counsel fees
and expenses) of the Liquidity Provider in connection with (i) the enforcement of this Agreement or any other Operative Agreement,
(ii) the modification or amendment of, or supplement to, this Agreement or any other Operative Agreement or such other documents
which may be delivered in connection herewith or therewith (whether or not the same shall become effective) or any waiver or consent
thereunder (whether or not the same shall be effective), (iii) the replacement of this Agreement by a Replacement Liquidity Facility
pursuant to Section 3.5(e)(i) of the Intercreditor Agreement or (iv) any action or proceeding relating to any order, injunction,
or other process or decree restraining or seeking to restrain the Liquidity Provider from paying any amount under this Agreement,
the Intercreditor Agreement or any other Operative Agreement or otherwise affecting the application of funds in the Class A Cash
Collateral Account relating to this Liquidity Facility. In addition, subject to Section 7.08(d) below and the Fee Letter to the
extent applicable, the Borrower shall pay any and all recording, stamp and other similar taxes and fees payable or determined
to be payable in connection with the execution, delivery, filing and recording of this Agreement, any other Operative Agreement
and such other documents, and agrees to hold the Liquidity Provider harmless from and against any and all liabilities with respect
to or resulting from any delay in paying or omission to pay such taxes or fees. Notwithstanding the foregoing, any obligation
of the Borrower (or United) to reimburse or pay fees of counsel for the Liquidity Provider (pursuant to this Section 7.07 or any
other applicable provision of the Operative Agreements) shall be based on (and limited to) one counsel for all “Liquidity
Providers” for the Class A Certificates (and, (i) in the case of any conflict of interest (excluding for avoidance of doubt
any conflicts, and any reimbursement for legal fees, attributable to transfers between, or separate agreements or

 

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[Revolving Credit Agreement (2020-1A)]

 

claims between or among, any
such “Liquidity Providers”), up to one additional counsel for all affected “Liquidity Providers”, and (ii)
one Federal Aviation Administration counsel and/or local counsel in any relevant jurisdiction), as selected by the applicable such
 “Liquidity Provider” (as among the relevant such “Liquidity Providers” so having the right to select such
counsel) having the highest outstanding aggregate amount of Liquidity Obligations (taking into account all Liquidity Facilities
for Class A Certificates) or as may otherwise be agreed as among such “Liquidity Providers” in respect of such selection.

 

Section 7.08      Binding Effect; Participations; Assignments.

 

(a)          This Agreement shall be binding upon and inure to the benefit of the Borrower and the Liquidity Provider and their respective
successors and assigns, except that neither the Liquidity Provider (except as otherwise provided in this Section 7.08 and
in Section 3.5(l) of the Intercreditor Agreement) nor (except as contemplated by Section 3.08) the Borrower shall have the
right to assign its rights or obligations hereunder or any interest herein without the prior written consent of the other party,
subject to the requirements of Section 7.08(b). The Liquidity Provider may grant participations herein or in any of its rights
hereunder (including, without limitation, funded participations and participations in rights to receive interest payments hereunder)
and under the other Operative Agreements to such Persons (other than United and its Affiliates) as the Liquidity Provider may in
its sole discretion select, subject to the requirements of Section 7.08(b). No such granting of participations by the Liquidity
Provider, however, will relieve the Liquidity Provider of its obligations hereunder. In connection with any participation or any
proposed participation, the Liquidity Provider may disclose to the participant or the proposed participant any information that
the Borrower is required to deliver or to disclose to the Liquidity Provider pursuant to this Agreement. The Borrower acknowledges
and agrees that the Liquidity Provider’s source of funds may derive in part from its participants. Accordingly, references
in this Agreement and the other Operative Agreements to determinations, reserve, capital adequacy and liquidity coverage requirements,
increased costs, reduced receipts, additional amounts due pursuant to Section 3.03 and the like as they pertain to the Liquidity
Provider shall be deemed also to include those of each of its participants that are banks (subject, in each case, to the maximum
amount that would have been incurred by or attributable to the Liquidity Provider directly if the Liquidity Provider, rather than
the participant, had held the interest participated).

 

(b)          If
the Liquidity Provider sells any participation in this Agreement pursuant to subsection (a) above or transfers all or any portion
of its rights and obligations pursuant to subsection (d) below (and Section 3.5(l) of the Intercreditor Agreement), to any bank
or other entity (each, a “Transferee”), then, concurrently with the effectiveness of such participation
or other transfer, the Transferee shall (i) represent to the Liquidity Provider (for the benefit of the Liquidity Provider and
the Borrower) either (A) that it is incorporated under the laws of the United States or a state thereof or (B) that under applicable
law and treaties, no taxes will be required to be withheld with respect to any payments to be made to such Transferee in respect
of this Agreement and, as applicable, the Replacement Liquidity Facility to which it is a party, (ii) furnish to the Liquidity
Provider and the Borrower either (x) if it is incorporated under the laws of the United States or a state thereof, a Form W-9
or (y) if it is not so incorporated, two copies of a properly completed United States Internal Revenue Service Form W-8ECI, or
Form W-8BEN-E, as appropriate, or other applicable form, certificate or document prescribed by the

 

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[Revolving Credit Agreement (2020-1A)]

 

Internal Revenue Service
certifying, in each case, such Transferee’s entitlement to a complete exemption from United States federal withholding tax
in respect to any and all payments to be made hereunder, and (iii) agree (for the benefit of the Liquidity Provider and the Borrower)
to provide the Liquidity Provider and the Borrower a new Form W-8ECI, Form W-8BEN-E or Form W-9, as appropriate, (A) on or before
the date that any such form expires or becomes obsolete or (B) after the occurrence of any event requiring a change in the most
recent form previously delivered by it and prior to the immediately following due date of any payment by the Borrower hereunder,
certifying in the case of a Form W-8ECI, Form W-8BEN-E or Form W-9 that such Transferee is entitled to a complete exemption from
United States federal withholding tax on payments under this Agreement. Unless the Borrower has received forms or other documents
reasonably satisfactory to it (and required by applicable law) indicating that payments hereunder are not subject to United States
federal withholding tax, the Borrower will withhold taxes as required by law from such payments at the applicable statutory rate.

 

(c)           Notwithstanding the other provisions of this Section 7.08, the Liquidity Provider may assign and pledge all or any
portion of the Advances owing to it to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to
Regulation A of the Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve
Bank, provided that any payment in respect of such assigned Advances made by the Borrower to the Liquidity Provider in accordance
with the terms of this Agreement shall satisfy the Borrower’s obligations hereunder in respect of such assigned Advance to
the extent of such payment. No such assignment shall release the Liquidity Provider from its obligations hereunder.

 

(d)           The
Liquidity Provider may, subject to the terms in the Fee Letter (and United’s consent, to the extent not otherwise provided
or deemed provided pursuant to the Fee Letter), transfer any or all of its rights and obligations hereunder in accordance with
Section 3.5(l) of the Intercreditor Agreement (with any transfer right pursuant to the second sentence of such Section 3.5(l)
being exclusive to the Initial Liquidity Provider) to one or more Replacement Liquidity Providers and with any such transferee
entering into its own separate Replacement Liquidity Facility; provided that (i) each such partial transfer by the Liquidity
Provider shall be in a Maximum Commitment of (A) not less than $25,000,000 at any time that the aggregate Maximum Commitment under
the Liquidity Facilities held by the Initial Liquidity Provider is equal to or greater than $150,000,000 and (B) not less than
$50,000,000 at any time that the aggregate Maximum Commitment under the Liquidity Facilities held by the Initial Liquidity Provider
is less than $150,000,000, or, in each case, such lesser amount as United may approve in writing; (ii) the Replacement Liquidity
Provider shall not be entitled to any amount under Sections 3.01, 3.02 and 3.03 in excess of the amount which would be payable
to the Liquidity Provider had such transfer not been made, based on the circumstances existing at the time of such transfer; (iii)
the Replacement Liquidity Provider shall be bound by the obligations in Sections 3.01, 3.02 and 3.03 as a Liquidity Provider (including,
as applicable, pursuant to its Replacement Liquidity Facility); (iv) after the date that is the earlier of (A) the date that is
thirty (30) days after the Closing Date and (B) the first day on which the aggregate Maximum Commitment under the Liquidity Facilities
held by the Initial Liquidity Provider is less than $200,000,000, the Liquidity Provider shall bear all of its own costs and expenses
incurred after such date (and with any reimbursement rights of the Liquidity Provider prior to such date being only as expressly
provided in the Fee Letter), and shall, as an obligation surviving such transfer,

 

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pay (and promptly reimburse on demand) all reasonable
out-of-pocket costs and expenses (including reasonable attorneys’ fees) of the Borrower, United and each other party to the
Operative Agreements incurred by such parties after such date in connection with such transfer and any related implementation of
amendments and related actions contemplated in Section 3.5(l) of the Intercreditor Agreement; and (v) United shall have no liability
under Section 8.3.1 of the Note Purchase Agreement for Expenses (as defined the Note Purchase Agreement) to the extent attributable
to such transfer (with the foregoing being deemed an additional exception set forth in Section 8.1.2 of the Note Purchase Agreement).
At the time of each assignment pursuant to this Section 7.08(d), the Replacement Liquidity Provider shall comply with its
obligations pursuant to subsection (b) above in its capacity as a “Transferee” under this Agreement. In connection
with any such partial transfer, the Maximum Commitment under this Liquidity Facility shall be reduced by the amount of, and to
the extent of, the “Maximum Commitment” under the applicable Replacement Liquidity Facility upon the effectiveness
thereof.

 

(e)          In connection with any transfer pursuant to subsection (d) above, if any Replacement Liquidity Provider having a head office
(or otherwise incorporated or organized) outside the U.S. acts through (and executes its Replacement Liquidity Facility using)
a U.S. branch that does not itself separately meet the applicable Threshold Rating, the applicable Replacement Liquidity Facility
shall provide that, notwithstanding such Person’s place of booking or its jurisdiction of incorporation or organization,
its obligations as a Liquidity Provider thereunder will also be the obligations of its head office, and, accordingly, that any
beneficiary of such Replacement Liquidity Facility will be able to proceed against such head office, if such Liquidity Provider
defaults in its obligations to any beneficiary under such Replacement Liquidity Facility.

 

Section 7.09      Severability. Any provision of this Agreement which is prohibited, unenforceable or not authorized in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non-authorization without
invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in any other
jurisdiction.

 

Section 7.10      GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

 

Section 7.11      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

 

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[Revolving Credit Agreement (2020-1A)]

 

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 7.02 hereof, or at such other address of which the Liquidity Provider 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)              
THE BORROWER AND THE LIQUIDITY PROVIDER EACH HEREBY AGREE TO WAIVE THEIR 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 claims. The Borrower and the Liquidity Provider each warrant and represent that
it has reviewed this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following
consultation with such legal counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

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

 

Section 7.12       
Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties
hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original
and all of which counterparts, taken together, shall constitute but one and the same Agreement.

 

Section 7.13       
Entirety. This Agreement, the Intercreditor Agreement and the other Operative Agreements to which the Liquidity Provider
is a party constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior
understandings and agreements of such parties.

 

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[Revolving Credit Agreement (2020-1A)]

 

Section 7.14       
Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose.

 

Section 7.15       
[Reserved].

 

Section 7.16       
LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS
OF THE LIQUIDITY PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE BORROWER’S RIGHTS TO DELIVER NOTICES OF BORROWING REQUESTING
THE MAKING OF ADVANCES HEREUNDER, SHALL BE UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH CASE STRICTLY
IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.

 

Section 7.17       
Patriot Act. In compliance with the USA Patriot Act and 31 CFR Part 103.121 and, in the case of a non-U.S. entity,
any other similar requirements of the relevant foreign jurisdiction, when requested the Borrower shall provide to the Liquidity
Provider certain information relating to the Borrower that the Liquidity Provider may be required to obtain and keep on file, including
the Borrower’s name, address and various identifying documents.

 

Section 7.18       
[Reserved].

 

Section 7.19       
Acknowledgement and Consent to Bail-In of Affected Institutions. Notwithstanding anything to the contrary in this
Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any
liability of any Affected Financial Institution arising under this Agreement, to the extent such liability is unsecured, may be
subject to Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

 

(a)              
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)              
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)                
a reduction, in full or in part, of any such liability;

 

(ii)             
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement; or

 

(iii)           
the variation of the terms of such liability in connection with the exercise of Write-Down and Conversion Powers of any
applicable Resolution Authority.

 

    	 	39	 

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

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

 

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

 

[Signature Page to RCA (Class A)]

 

    

     

    

 

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

 

[Signature Page to RCA (Class A)]

 

    

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

SCHEDULE A

to

Revolving
Credit Agreement

 

CERTAIN
ECONOMIC TERMS

 

 

1.       Applicable
Margin (Unpaid Advance (including, without limitation, any Applied Special Termination Advance but excluding any Unapplied Special
Termination Advance)/Applied Provider Advance): 3.75% per annum.

 

2.       Initial
Expiry Date: October 28, 2021.

 

3.       Initial
Maximum Commitment: $164,188,446.97.

 

4.       Prospectus
Supplement date: October 20, 2020.

 

    SCHEDULE A
 Page 1

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

SCHEDULE B

to

Revolving
Credit Agreement

 

ADMINISTRATION
DETAILS

  

	 	Borrower:	WILMINGTON TRUST, NATIONAL ASSOCIATION

 

	 	Address:	
        1100 North Market Square

        Wilmington, Delaware 19890-1605

        Attention: Corporate Capital Market Services

        Telephone: (302) 636-6296

        Telecopy: (302) 636-4140

 

	 	Liquidity Provider:	GOLDMAN SACHS BANK USA
	 	 	 
	 	Address:	200 West Street

New York, NY 10282

Attention: Jordan Travis

Telephone: 972-368-8076

Fax: 917-977-3966

Email: gs-pfi-servicing@ny.email.gs.com
	 	 	 
	 	Account Details:	USD Swift Code: CITIUS33
	 	 	ABA: 021000089

Bank Name: Citibank N.A.

City: New York

Account Number: 30627664

Entity Name: Goldman Sachs Bank USA

Reference: United 2020-1 EETC

  

    SCHEDULE B
 Page 1

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Annex I

to

Revolving
Credit Agreement

 

INTEREST
ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to Goldman Sachs Bank USA (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2020-1A) dated as of October 28, 2020, between the
Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not otherwise
defined herein being used herein as therein defined or referenced), that:

 

(1)       The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)       The
Borrower is delivering this Notice of Borrowing for the making of an Interest Advance by the Liquidity Provider to be used, subject
to clause (3)(v) below, for the payment of interest on the Class A Certificates which was payable on ____________, ____ (the
 “Distribution Date”) in accordance with the terms and provisions of the Class A Trust Agreement and the
Class A Certificates, which Advance is requested to be made on [____________, ____]1.
The Interest Advance should be transferred to [name of bank/wire instructions/ABA number] in favor of account number [        ],
reference [        ].

 

(3)       The
amount of the Interest Advance requested hereby (i) is $[_____________], to be applied in respect of the payment of the interest
which was due and payable on the Class A Certificates on the Distribution Date, (ii) does not include any amount with respect
to the payment of principal of, or premium on, the Class A Certificates, or principal of, or interest or premium on, any Additional
Certificates, (iii) was computed in accordance with the provisions of the Class A Certificates, the Liquidity Agreement, the
Class A Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), (iv) does
not exceed the Maximum Available Commitment on the date hereof and (v) has not been and is not the subject of a prior or contemporaneous
Notice of Borrowing.

 

(4)       Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will apply the same in accordance
with the terms of Section 3.5(b) of the Intercreditor Agreement, (b) no portion of such amount shall be applied
by the Borrower for any other purpose and (c) no portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

  

 

1 If a Notice of Borrowing will
be delivered prior to 1:00 p.m. (New York City time) on a Business Day, insert the date of the Notice of Borrowing. If a Notice
of Borrowing will be delivered after 1:00 p.m. (New York City time) on a Business Day or on a day that is not a Business Day,
insert the first Business Day after the date of the Notice of Borrowing.

  

    ANNEX I
 Page 1

     

    

  

[Revolving Credit Agreement (2020-1A)]

 

The Borrower hereby acknowledges that, pursuant
to the Liquidity Agreement, the making of the Interest Advance as requested by this Notice of Borrowing shall automatically reduce,
subject to reinstatement in accordance with the terms of the Liquidity Agreement, the Maximum Available Commitment by an amount
equal to the amount of the Interest Advance requested to be made hereby as set forth in clause (i) of paragraph (3) of
this Notice of Borrowing and such reduction shall automatically result in corresponding reductions in the amounts available to
be borrowed pursuant to a subsequent Advance.

 

    ANNEX I
 Page 2

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

IN WITNESS WHEREOF, the Borrower
has executed and delivered this Notice of Borrowing as of the ____ day of _________, ____.

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    ANNEX I
 Page 3

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

SCHEDULE I

TO

INTEREST
ADVANCE NOTICE OF BORROWING

 

[Insert copy of computations in accordance
with Interest Advance Notice of Borrowing]

 

    ANNEX I
 Page 4

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Annex II

to

Revolving
Credit Agreement

 

NON-EXTENSION
ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to [___] (the “Liquidity Provider”),
with reference to the Revolving Credit Agreement (2020-1A) dated as of October [__], 2020, between the Borrower and the Liquidity
Provider (the “Liquidity Agreement”; the terms defined therein and not otherwise defined herein being
used herein as therein defined or referenced), that:

 

(1)       The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)       The
Borrower is delivering this Notice of Borrowing for the making of the Non-Extension Advance by the Liquidity Provider to be used
for the funding of the Class A Cash Collateral Account relating to this Liquidity Facility in accordance with Section 3.5(d)
of the Intercreditor Agreement, which Advance is requested to be made on [__________, ____]2.
The Non-Extension Advance should be transferred to [name of bank/wire instructions/ABA number] in favor of account number
[        ], reference [        ].

 

(3)       The
amount of the Non-Extension Advance requested hereby (i) is $_______________.__, which equals the Maximum Available Commitment
on the date hereof and is to be applied in respect of the funding of the Class A Cash Collateral Account relating to this Liquidity
Facility in accordance with Section 3.5(d) of the Intercreditor Agreement, (ii) does not include any amount with respect
to the payment of the principal of, or premium on, the Class A Certificates, or principal of, or interest or premium on, any Additional
Certificates, (iii) was computed in accordance with the provisions of the Class A Certificates, the Liquidity Agreement, the
Class A Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), and
(iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement.

 

(4)       Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will deposit such amount in the Class
A Cash Collateral Account relating to this Liquidity Facility and apply the same in accordance with the terms of Section 3.5(d)
of the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

 

2 If a Notice of Borrowing will be delivered prior
to 1:00 p.m. (New York City time) on a Business Day, insert the date of the Notice of Borrowing. If a Notice of Borrowing will
be delivered after 1:00 p.m. (New York City time) on a Business Day or on a day that is not a Business Day, insert the first Business
Day after the date of the Notice of Borrowing.

 

    ANNEX II
 Page 1

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

The Borrower hereby acknowledges that, pursuant
to the Liquidity Agreement, (A) the making of the Non-Extension Advance as requested by this Notice of Borrowing shall automatically
and irrevocably terminate the obligation of the Liquidity Provider to make further Advances under the Liquidity Agreement; and
(B) following the making by the Liquidity Provider of the Non-Extension Advance requested by this Notice of Borrowing, the
Borrower shall not be entitled to request any further Advances under the Liquidity Agreement.

 

    ANNEX II
 Page 2

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

IN WITNESS WHEREOF, the Borrower
has executed and delivered this Notice of Borrowing as of the ____ day of _________, ____.

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

    ANNEX II
 Page 3

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

SCHEDULE I

TO

NON-EXTENSION
ADVANCE NOTICE OF BORROWING

 

[Insert copy of computations in accordance
with Non-Extension Advance Notice of Borrowing]

 

    ANNEX II
 Page 4

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Annex III

to

Revolving
Credit Agreement

 

DOWNGRADE
ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to Goldman Sachs Bank USA (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2020-1A) dated as of October 28, 2020, between the
Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not otherwise
defined herein being used herein as therein defined or referenced), that:

 

(1)       The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)       The
Borrower is delivering this Notice of Borrowing for the making of the Downgrade Advance by the Liquidity Provider to be used for
the funding of the Class A Cash Collateral Account relating to this Liquidity Facility in accordance with Section 3.5(c) of
the Intercreditor Agreement by reason of the occurrence of a Downgrade Event, which Advance is requested to be made on [__________,
____]3. The Downgrade Advance should
be transferred to [name of bank/wire instructions/ABA number] in favor of account number [        ], reference [        ].

 

(3)       The
amount of the Downgrade Advance requested hereby (i) is $_______________.__, which equals the Maximum Available Commitment
on the date hereof and is to be applied in respect of the funding of the Class A Cash Collateral Account relating to this Liquidity
Facility in accordance with Section 3.5(c) of the Intercreditor Agreement, (ii) does not include any amount with respect
to the payment of the principal of, or premium on, the Class A Certificates, or principal of, or interest or premium on, any Additional
Certificates, (iii) was computed in accordance with the provisions of the Class A Certificates, the Liquidity Agreement, the
Class A Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), and
(iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement.

 

(4)       Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will deposit such amount in the Class
A Cash Collateral Account relating to this Liquidity Facility and apply the same in accordance with the terms of Section 3.5(c)
of the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

 

 

3 If a Notice of Borrowing will be delivered prior
to 1:00 p.m. (New York City time) on a Business Day, insert the date of the Notice of Borrowing. If a Notice of Borrowing will
be delivered after 1:00 p.m. (New York City time) on a Business Day or on a day that is not a Business Day, insert the first Business
Day after the date of the Notice of Borrowing.

   

    ANNEX III
 Page 1

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

The Borrower hereby acknowledges that, pursuant
to the Liquidity Agreement, (A) the making of the Downgrade Advance as requested by this Notice of Borrowing shall automatically
and irrevocably terminate the obligation of the Liquidity Provider to make further Advances under the Liquidity Agreement; and
(B) following the making by the Liquidity Provider of the Downgrade Advance requested by this Notice of Borrowing, the Borrower
shall not be entitled to request any further Advances under the Liquidity Agreement, except in each case to the extent that the
Maximum Commitment is reinstated pursuant to Section 2.06(d) of the Liquidity Agreement.

 

    ANNEX III
 Page 2

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

IN WITNESS WHEREOF, the Borrower
has executed and delivered this Notice of Borrowing as of the ____ day of _________, ____.

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    ANNEX III
 Page 3

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

SCHEDULE I

TO

DOWNGRADE
ADVANCE NOTICE OF BORROWING

 

[Insert copy of computations in accordance
with Downgrade Advance Notice of Borrowing]

 

    ANNEX III
 Page 4

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Annex IV

to

Revolving
Credit Agreement

 

FINAL ADVANCE
NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to Goldman Sachs Bank USA (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2020-1A) dated as of October 28, 2020, between the
Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not otherwise
defined herein being used herein as therein defined or referenced), that:

 

(1)       The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)       The
Borrower is delivering this Notice of Borrowing for the making of the Final Advance by the Liquidity Provider to be used for the
funding of the Class A Cash Collateral Account relating to this Liquidity Facility in accordance with Section 3.5(i) of the
Intercreditor Agreement by reason of the receipt by the Borrower of a Termination Notice from the Liquidity Provider with respect
to the Liquidity Agreement, which Advance is requested to be made on [____________, ____]4.
The Final Advance should be transferred to [name of bank/wire instructions/ABA number] in favor of account number [      ], reference
[      ].

 

(3)       The
amount of the Final Advance requested hereby (i) is $_________________.__, which equals the Maximum Available Commitment on
the date hereof and is to be applied in respect of the funding of the Class A Cash Collateral Account relating to this Liquidity
Facility in accordance with Section 3.5(i) of the Intercreditor Agreement, (ii) does not include any amount with respect
to the payment of principal of, or premium on, the Class A Certificates, or principal of, or interest or premium on, any Additional
Certificates, (iii) was computed in accordance with the provisions of the Class A Certificates, the Liquidity Agreement, the
Class A Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), and
(iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing.

 

(4)       Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will deposit such amount in the Class
A Cash Collateral Account relating to this Liquidity Facility and apply the same in accordance with the terms of Section 3.5(i)
of the Intercreditor Agreement, (b) no portion of such amount 

 

 

4 If a Notice of Borrowing will be delivered prior
to 1:00 p.m. (New York City time) on a Business Day, insert the date of the Notice of Borrowing. If a Notice of Borrowing will
be delivered after 1:00 p.m. (New York City time) on a Business Day or on a day that is not a Business Day, insert the first Business
Day after the date of the Notice of Borrowing.

  

    ANNEX IV
 Page 1

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

(5)       The
Borrower hereby requests that the Advance requested hereby be a Base Rate Advance and that such Base Rate Advance be converted
into a LIBOR Advance on the third Business Day following your receipt of this notice.

 

The Borrower hereby acknowledges that, pursuant
to the Liquidity Agreement, (A) the making of the Final Advance as requested by this Notice of Borrowing shall automatically
and irrevocably terminate the obligation of the Liquidity Provider to make further Advances under the Liquidity Agreement; and
(B) following the making by the Liquidity Provider of the Final Advance requested by this Notice of Borrowing, the Borrower
shall not be entitled to request any further Advances under the Liquidity Agreement.

 

    ANNEX IV
 Page 2

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

IN WITNESS WHEREOF, the Borrower
has executed and delivered this Notice of Borrowing as of the ____ day of _________, ____.

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

   

    ANNEX IV
 Page 3

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

SCHEDULE I

TO

FINAL ADVANCE
NOTICE OF BORROWING

 

[Insert copy of computations in accordance
with Final Advance Notice of Borrowing]

 

    ANNEX IV
 Page 4

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Annex V

to

Revolving
Credit Agreement

 

NOTICE OF
TERMINATION

 

[Date]

 

Wilmington Trust, National Association,

as Subordination Agent, as Borrower

1100 North Market Square

Wilmington, DE 19890-1605

 

Attention: Corporate Trust Administration

 

Revolving Credit Agreement
dated as of October 28, 2020 between Wilmington Trust, National Association, as Subordination Agent, as agent and trustee for the
United Airlines Pass Through Trust, 2020-1A, as Borrower, and Goldman Sachs Bank USA (the “Liquidity Agreement”)

 

Ladies and Gentlemen:

 

You are hereby notified that pursuant to
Section 6.01 of the Liquidity Agreement, by reason of the occurrence of a Liquidity Event of Default and the existence of
a Performing Note Deficiency, we are giving this notice to you in order to cause (i) our obligations to make Advances under
such Liquidity Agreement to terminate on the fifth Business Day after the date on which you receive this notice, (ii) you
to request a Final Advance under the Liquidity Agreement pursuant to Section 3.5(i) of the Intercreditor Agreement as a consequence
of your receipt of this notice and (iii) all other outstanding Advances to be automatically converted into Final Advances for purposes
of determining the Applicable Liquidity Rate for interest payable thereon.

 

Terms used but not defined herein shall
have the respective meanings ascribed thereto in or pursuant to the Liquidity Agreement.

 

    ANNEX V
 Page 1

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

THIS NOTICE IS THE “NOTICE OF TERMINATION”
PROVIDED FOR UNDER THE LIQUIDITY AGREEMENT. OUR OBLIGATIONS TO MAKE ADVANCES UNDER THE LIQUIDITY AGREEMENT WILL TERMINATE ON THE
FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE THIS NOTICE.

 

	 	
        Very truly yours,

         

        GOLDMAN SACHS BANK USA

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 
	cc: Wilmington Trust, National Association,

       as Class A Trustee	 

 

    ANNEX V
 Page 2

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Annex VI

to

Revolving
Credit Agreement

 

NOTICE OF
REPLACEMENT SUBORDINATION AGENT

 

[Date]

Attention:

 

Revolving Credit Agreement dated
as of October 28, 2020, between Wilmington Trust, National Association, as Subordination Agent, as agent and trustee for the United
Airlines Pass Through Trust, 2020-1A, as Borrower, and Goldman Sachs Bank USA (the “Liquidity Agreement”)

 

Ladies and Gentlemen:

 

For value received, the undersigned beneficiary
hereby irrevocably transfers to:

 

______________________________

[Name of Transferee]

 

______________________________

[Address of Transferee]

 

all rights and obligations of the undersigned as Borrower under
the Liquidity Agreement referred to above. The transferee has succeeded the undersigned as Subordination Agent under the Intercreditor
Agreement referred to in the first paragraph of the Liquidity Agreement, pursuant to the terms of Section 8.1 of the Intercreditor
Agreement.

 

By this transfer, all rights of the undersigned
as Borrower under the Liquidity Agreement are transferred to the transferee and the transferee shall hereafter have the sole rights
and obligations as Borrower thereunder. The undersigned shall pay any costs and expenses of such transfer, including, but not limited
to, transfer taxes or governmental charges.

 

We ask that this transfer be effective as
of _______________, ____.

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    ANNEX VI
 Page 1

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

Annex VII

to

Revolving
Credit Agreement

 

SPECIAL
TERMINATION ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to Goldman Sachs Bank USA (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2020-1A) dated as of October 28, 2020, between the
Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not otherwise
defined herein being used herein as therein defined or referenced), that:

 

(1)       The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)       The
Borrower is delivering this Notice of Borrowing for the making of the Special Termination Advance by the Liquidity Provider to
be used for the funding of the Class A Cash Collateral Account relating to this Liquidity Facility in accordance with Section 3.5(m)
of the Intercreditor Agreement by reason of the receipt by the Borrower of a Special Termination Notice from the Liquidity Provider
with respect to the Liquidity Agreement, which Advance is requested to be made on [____________, ____]5.
The Special Termination Advance should be transferred to [name of bank/wire instructions/ABA number] in favor of account
number [      ], reference [      ].

 

(3)       The
amount of the Special Termination Advance requested hereby (i) is $_________________.__, which equals the Maximum Available
Commitment on the date hereof and is to be applied in respect of the funding of the Class A Cash Collateral Account relating to
this Liquidity Facility in accordance with Section 3.5(m) of the Intercreditor Agreement, (ii) does not include any amount
with respect to the payment of principal of, or premium on, the Class A Certificates, or principal of, or interest or premium on,
any Additional Certificates, (iii) was computed in accordance with the provisions of the Class A Certificates, the Liquidity
Agreement, the Class A Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I),
and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing.

 

(4)       Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will deposit such amount in the
Class A Cash Collateral Account relating to this Liquidity Facility and apply the same in accordance with the terms of Section 3.5(m)
of the Intercreditor Agreement, (b) no portion of such amount

  

 

5 If a Notice of Borrowing will be delivered prior
to 1:00 p.m. (New York City time) on a Business Day, insert the date of the Notice of Borrowing. If a Notice of Borrowing will
be delivered after 1:00 p.m. (New York City time) on a Business Day or on a day that is not a Business Day, insert the first Business
Day after the date of the Notice of Borrowing.

  

    ANNEX VII
 Page 1

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

The Borrower hereby acknowledges that, pursuant
to the Liquidity Agreement, (A) the making of the Special Termination Advance as requested by this Notice of Borrowing shall
automatically and irrevocably terminate the obligation of the Liquidity Provider to make further Advances under the Liquidity Agreement;
and (B) following the making by the Liquidity Provider of the Special Termination Advance requested by this Notice of Borrowing,
the Borrower shall not be entitled to request any further Advances under the Liquidity Agreement.

 

    ANNEX VII
 Page 2

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

IN WITNESS WHEREOF, the Borrower
has executed and delivered this Notice of Borrowing as of the ____ day of _________, ____.

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    ANNEX VII
 Page 3

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

SCHEDULE I

TO

SPECIAL
TERMINATION ADVANCE NOTICE OF BORROWING

 

[Insert copy of computations in accordance with Special Termination
Advance Notice of Borrowing]

 

    ANNEX VII
 Page 4

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

ANNEX VIII

TO

REVOLVING CREDIT AGREEMENT

 

NOTICE OF
SPECIAL TERMINATION

 

[Date]

 

Wilmington Trust, National Association,

as Subordination Agent, as Borrower

1100 North Market Square

Wilmington, DE 19890-1605

 

Attention: Corporate Trust Administration

 

Revolving Credit Agreement
dated as of October 28, 2020 between Wilmington Trust, National Association, as Subordination Agent, as agent and trustee for the
United Airlines Pass Through Trust, 2020-1A, as Borrower, and Goldman Sachs Bank USA (the “Liquidity Agreement”)

 

Ladies and Gentlemen:

 

You are hereby notified that pursuant to
Section 6.02 of the Liquidity Agreement, by reason of the aggregate Pool Balance of the Class A Certificates exceeding the
aggregate outstanding principal amount of the Series A Equipment Note (other than any portion of the Series A Equipment Note previously
sold or with respect to which the collateral securing the Series A Equipment Note has been disposed of) during the 18 month period
prior to October 15, 2027, we are giving this notice to you in order to cause (i) our obligations to make Advances under the Liquidity
Agreement to terminate on the fifth Business Day after the date on which you receive this notice and (ii) you to request a Special
Termination Advance under the Liquidity Agreement pursuant to Section 3.5(m) of the Intercreditor Agreement as a consequence of
your receipt of this notice. Terms used but not defined herein shall have the respective meanings ascribed thereto in or pursuant
to the Liquidity Agreement.

 

    ANNEX VIII
 Page 1

     

    

 

[Revolving Credit Agreement (2020-1A)]

 

THIS NOTICE IS THE “NOTICE OF SPECIAL
TERMINATION” PROVIDED FOR UNDER THE LIQUIDITY AGREEMENT. OUR OBLIGATIONS TO MAKE ADVANCES UNDER THE LIQUIDITY AGREEMENT WILL
TERMINATE ON THE FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE THIS NOTICE.

 

	 	
        Very truly yours,

         

        GOLDMAN SACHS BANK USA

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	cc: Wilmington Trust, National Association,

       as Class A Trustee	 

 

    ANNEX VIII
 Page 2

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