Document:

exv4w4

Exhibit 4.4

Execution Version

UNITED AIR LINES, INC.

and

EACH OF THE GUARANTORS PARTY HERETO

12.000% SENIOR SECOND LIEN NOTES DUE 2013

 

INDENTURE

Dated as of January 15, 2010

 

The Bank of New York Mellon Trust Company, N.A.

as Trustee

and

Wilmington Trust FSB

as Collateral Trustee

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE 1

	DEFINITIONS AND INCORPORATION

	BY REFERENCE

	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Other Definitions
	 	 	36	 
	Section 1.03 Rules of Construction
	 	 	37	 
	 
	 	 	 	 
	ARTICLE 2

	THE NOTES

	 
	 	 	 	 
	Section 2.01 Form and Dating
	 	 	37	 
	Section 2.02 Execution and Authentication
	 	 	38	 
	Section 2.03 Registrar and Paying Agent
	 	 	39	 
	Section 2.04 Paying Agent to Hold Money in Trust
	 	 	39	 
	Section 2.05 Holder Lists
	 	 	39	 
	Section 2.06 Transfer and Exchange
	 	 	40	 
	Section 2.07 Replacement Notes
	 	 	49	 
	Section 2.08 Outstanding Notes
	 	 	50	 
	Section 2.09 Treasury Notes
	 	 	50	 
	Section 2.10 Temporary Notes
	 	 	50	 
	Section 2.11 Cancellation
	 	 	50	 
	Section 2.12 Defaulted Interest
	 	 	51	 
	Section 2.13 CUSIP Numbers
	 	 	51	 
	Section 2.14 Issuance of Additional Notes
	 	 	51	 
	 
	 	 	 	 
	ARTICLE 3

	REDEMPTION AND PREPAYMENT

	 
	 	 	 	 
	Section 3.01 Notices to Trustee
	 	 	52	 
	Section 3.02 Selection of Notes to Be Redeemed or Purchased
	 	 	52	 
	Section 3.03 Notice of Redemption
	 	 	52	 
	Section 3.04 Effect of Notice of Redemption
	 	 	53	 
	Section 3.05 Deposit of Redemption or Purchase Price
	 	 	53	 
	Section 3.06 Notes Redeemed or Purchased in Part
	 	 	54	 
	Section 3.07 Optional Redemption
	 	 	54	 
	Section 3.08 Mandatory Redemption
	 	 	55	 
	Section 3.09 Special Scheduled Maturity Date
	 	 	55	 
	Section 3.10 Offer to Purchase by Application of Excess Proceeds or Sale of
Collateral Consideration
	 	 	55	 
	 
	 	 	 	 
	ARTICLE 4

	COVENANTS

	 
	 	 	 	 
	Section 4.01 Payment of Notes
	 	 	57	 
	Section 4.02 Maintenance of Office or Agency
	 	 	58	 
	Section 4.03 Reports
	 	 	58	 
	Section 4.04 Compliance Certificate
	 	 	59	 
	Section 4.05 Taxes
	 	 	60	 
	Section 4.06 Stay, Extension and Usury Laws
	 	 	60	 

 

 

	 	 	 	 	 
	 	 	Page
	 
	Section 4.07 Restricted Payments
	 	 	60	 
	Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries
	 	 	64	 
	Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock
	 	 	66	 
	Section 4.10 Asset Sales
	 	 	71	 
	Section 4.11 Transactions with Affiliates
	 	 	76	 
	Section 4.12 Liens
	 	 	78	 
	Section 4.13 Business Activities
	 	 	78	 
	Section 4.14 Corporate Existence
	 	 	78	 
	Section 4.15 Offer to Repurchase Upon Change of Control
	 	 	79	 
	Section 4.16 Payments for Consent
	 	 	80	 
	Section 4.17 Additional Note Guarantees
	 	 	80	 
	Section 4.18 Designation of Restricted and Unrestricted Subsidiaries
	 	 	81	 
	Section 4.19 Delivery of Appraisals
	 	 	81	 
	Section 4.20 Secured Debt Value Ratio
	 	 	82	 
	Section 4.21 Secured Debt Value Ratio Maintenance
	 	 	83	 
	Section 4.22 Regulatory Cooperation
	 	 	84	 
	Section 4.23 Regulatory Matters; Citizenship; Utilization; Reporting
	 	 	84	 
	Section 4.24 Collateral Ownership
	 	 	86	 
	Section 4.25 Insurance
	 	 	86	 
	Section 4.26 Note Calculations
	 	 	86	 
	 
	 	 	 	 
	ARTICLE 5

	SUCCESSORS

	 
	 	 	 	 
	Section 5.01 Merger, Consolidation, or Sale of Assets
	 	 	86	 
	Section 5.02 Successor Corporation Substituted
	 	 	87	 
	 
	 	 	 	 
	ARTICLE 6

	DEFAULTS AND REMEDIES

	 
	 	 	 	 
	Section 6.01 Events of Default
	 	 	88	 
	Section 6.02 Acceleration
	 	 	90	 
	Section 6.03 Other Remedies
	 	 	90	 
	Section 6.04 Waiver of Past Defaults
	 	 	90	 
	Section 6.05 Control by Majority
	 	 	90	 
	Section 6.06 Limitation on Suits
	 	 	91	 
	Section 6.07 Rights of Holders of Notes to Receive Payment
	 	 	91	 
	Section 6.08 Collection Suit by Trustee
	 	 	91	 
	Section 6.09 Trustee May File Proofs of Claim
	 	 	91	 
	Section 6.10 Priorities
	 	 	92	 
	Section 6.11 Undertaking for Costs
	 	 	92	 
	 
	 	 	 	 
	ARTICLE 7

	TRUSTEE

	 
	 	 	 	 
	Section 7.01 Duties of Trustee
	 	 	93	 
	Section 7.02 Rights of Trustee
	 	 	94	 
	Section 7.03 Individual Rights of Trustee
	 	 	94	 
	Section 7.04 Trustee’s Disclaimer
	 	 	94	 
	Section 7.05 Notice of Defaults
	 	 	95	 
	Section 7.06 Compensation and Indemnity
	 	 	95	 
	Section 7.07 Replacement of Trustee
	 	 	96	 
	Section 7.08 Successor Trustee by Merger, etc.
	 	 	97	 
	Section 7.09 Eligibility; Disqualification
	 	 	97	 

ii 

 

	 	 	 	 	 
	 	 	Page
	ARTICLE 8

	LEGAL DEFEASANCE AND COVENANT DEFEASANCE

	 
	 	 	 	 
	Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	97	 
	Section 8.02 Legal Defeasance and Discharge
	 	 	97	 
	Section 8.03 Covenant Defeasance
	 	 	98	 
	Section 8.04 Conditions to Legal or Covenant Defeasance
	 	 	98	 
	Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions
	 	 	99	 
	Section 8.06 Repayment to Company
	 	 	100	 
	Section 8.07 Reinstatement
	 	 	100	 
	 
	 	 	 	 
	ARTICLE 9

	AMENDMENT, SUPPLEMENT AND WAIVER

	 
	 	 	 	 
	Section 9.01 Without Consent of Holders of Notes
	 	 	100	 
	Section 9.02 With Consent of Holders of Notes
	 	 	101	 
	Section 9.03 Revocation and Effect of Consents
	 	 	103	 
	Section 9.04 Notation on or Exchange of Notes
	 	 	103	 
	Section 9.05 Trustee to Sign Amendments, etc
	 	 	103	 
	 
	 	 	 	 
	ARTICLE 10

	NOTE GUARANTEES

	 
	 	 	 	 
	Section 10.01 Guarantee
	 	 	103	 
	Section 10.02 Limitation on Guarantor Liability
	 	 	104	 
	Section 10.03 Execution and Delivery of Note Guarantee
	 	 	105	 
	Section 10.04 Guarantors May Consolidate, etc., on Certain Terms
	 	 	105	 
	Section 10.05 Releases
	 	 	106	 
	 
	 	 	 	 
	ARTICLE 11

	SATISFACTION AND DISCHARGE

	 
	 	 	 	 
	Section 11.01 Satisfaction and Discharge
	 	 	107	 
	Section 11.02 Application of Trust Money
	 	 	108	 
	 
	 	 	 	 
	ARTICLE 12

	COLLATERAL AND SECURITY

	 
	 	 	 	 
	Section 12.01 Security Interest
	 	 	108	 
	Section 12.02 Collateral Trust Agreement
	 	 	109	 
	Section 12.03 Release of Liens in Respect of the Notes
	 	 	109	 
	Section 12.04 Collateral Trustee
	 	 	109	 
	 
	 	 	 	 
	ARTICLE 13

	MISCELLANEOUS

	 
	 	 	 	 
	Section 13.01 Notices
	 	 	110	 
	Section 13.02 Certificate and Opinion as to Conditions Precedent
	 	 	112	 
	Section 13.03 Statements Required in Certificate or Opinion
	 	 	112	 
	Section 13.04 Rules by Trustee and Agents
	 	 	112	 
	Section 13.05 No Personal Liability of Directors, Officers, Employees and
Stockholders
	 	 	112	 
	Section 13.06 Governing Law
	 	 	113	 
	Section 13.07 No Adverse Interpretation of Other Agreements
	 	 	113	 
	Section 13.08 Successors
	 	 	113	 
	Section 13.09 Severability
	 	 	113	 

iii 

 

	 	 	 	 	 
	 	 	Page
	 
	Section 13.10 Counterpart Originals
	 	 	113	 
	Section 13.11 Table of Contents, Headings, etc.
	 	 	113	 

iv 

 

EXHIBITS

	 	 	 
	Exhibit A

	 	FORM OF NOTE
	Exhibit B

	 	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C

	 	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D

	 	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit E

	 	FORM OF NOTATION OF GUARANTEE
	Exhibit F

	 	FORM OF SUPPLEMENTAL INDENTURE

 

 

     INDENTURE dated as of January 15, 2010 among United Air Lines, Inc., a Delaware corporation,
the Guarantors (as defined), The Bank of New York Mellon Trust Company, N.A., as trustee and
Wilmington Trust FSB, as collateral trustee.

     The Company, the Guarantors, the Trustee (as defined) and the Collateral Trustee (as defined)
agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders
(as defined) of the 12.000% Senior Second Lien Notes due 2013 (the “Notes”):

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

Section 1.01 Definitions.

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

     “Acquired Debt” means, with respect to any specified Person:

     (1) Indebtedness, Disqualified Stock or preferred stock of any other Person existing at
the time such other Person is merged, consolidated or amalgamated with or into such
specified Person, or became a Subsidiary of such specified Person, whether or not such
Indebtedness is incurred in connection with, or in contemplation of, such other Person
merging, consolidating or amalgamating with or into, or becoming a Subsidiary of, such
specified Person; and

     (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified
Person.

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

     (1) prior to the Discharge of Priority Lien Obligations, a direction in writing
delivered to the Collateral Trustee by or with the written consent of the holders of more
than 50% of the sum of:

     (A) the aggregate outstanding principal amount of Priority Lien Debt (including
the face amount of outstanding letters of credit whether or not then available or
drawn); and

     (B) the aggregate unfunded commitments to extend credit which, when funded,
would constitute Priority Lien Debt;

provided, however, that after (i) the termination or expiration of all commitments to extend
credit that would constitute Priority Lien Debt, (ii) the payment in full in cash of the
principal of and interest and premium (if any) on all Priority Lien Debt (other than any
undrawn letters of credit), (iii) the discharge or cash collateralization (at the lower of
(x) 105% of the aggregate undrawn amount or (y) the percentage of the aggregate undrawn
amount required for release of Liens under the terms of the applicable Priority Lien
Document) of all outstanding letters of credit constituting Priority Lien Debt and (iv) the
payment in full in cash of all other Priority Lien Obligations other than any Priority Lien
Obligations consisting of Banking Product Obligations

1

 

and Hedging Obligations, the term “Act of Required Debtholders” will mean the holders of
more than 50% of the sum of the aggregate “settlement amount” (or similar term) (as defined
in the applicable Hedge Agreement relating to Priority Lien Obligations consisting of a
Hedging Obligation) or, with respect to any such Hedge Agreement that has been terminated in
accordance with its terms, the amount then due and payable (including any termination
payments then due) under such Hedge Agreement, under all Hedge Agreements relating to
Priority Lien Obligations consisting of Hedging Obligations; provided that the “settlement
amount” (or similar term) as of the last Business Day of the month preceding any date of
determination shall be calculated by the appropriate swap counterparties and reported to the
Collateral Trustee upon request; provided further, that any Hedging Obligation with a
“settlement amount” (or similar term) that is a negative number shall be disregarded for
purposes of all calculations required by the term “Act of Required Debtholders;” and

     (2) at any time after the Discharge of Priority Lien Obligations, a direction in
writing delivered to the Collateral Trustee by or with the written consent of the holders of
more than 50% of the sum of:

     (A) the aggregate outstanding principal amount of Junior Lien Debt (including
the face amount of outstanding letters of credit whether or not then available or
drawn); and

     (B) the aggregate unfunded commitments to extend credit which, when funded,
would constitute Junior Lien Debt;

provided, however, that after (i) the termination or expiration of all commitments to extend
credit that would constitute Junior Lien Debt, (ii) the payment in full in cash of the
principal of and interest and premium (if any) on all Junior Lien Debt (other than any
undrawn letters of credit), (iii) the discharge or cash collateralization (at the lower of
(x) 105% of the aggregate undrawn amount or (y) the percentage of the aggregate undrawn
amount required for release of Liens under the terms of the applicable Junior Lien Document)
of all outstanding letters of credit constituting Junior Lien Debt and (iv) the payment in
full in cash of all other Junior Lien Obligations other than any Junior Lien Obligations
consisting of Hedging Obligations, the term “Act of Required Debtholders” will mean the
holders of more than 50% of the sum of the aggregate “settlement amount” (or similar term)
(as defined in the applicable Hedge Agreement relating to Junior Lien Obligations consisting
of a Hedging Obligation) or, with respect to any such Hedge Agreement that has been
terminated in accordance with its terms, the amount then due and payable (including any
termination payments then due) under such Hedge Agreement, under all Hedge Agreements
relating to Junior Lien Obligations consisting of Hedging Obligations; provided that the
“settlement amount” (or similar term) as of the last Business Day of the month preceding any
date of determination shall be calculated by the appropriate swap counterparties and
reported to the Collateral Trustee upon request; provided further, that any Hedging
Obligation with a “settlement amount” (or similar term) that is a negative number shall be
disregarded for purposes of all calculations required by the term “Act of the Required
Debtholders.”

     For purposes of this definition, (a) Secured Debt registered in the name of, or beneficially
owned by, the Company or any Affiliate of the Company will not be deemed outstanding, and (b) votes
will be determined in accordance with Section 7.2 of the Collateral Trust Agreement.

     “Additional Notes” means an unlimited aggregate principal amount of Notes (other than the
Initial Notes) issued on or after the Release Date under this Indenture in accordance with Sections
2.02,

2

 

4.09 and 4.12 hereof which shall have identical terms as the Initial Notes, other than with
respect to the date of issuance and issue price.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control,” as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise. For
purposes of this definition, the terms “controlling,” “controlled by” and “under common control
with” have correlative meanings. No Person (other than Parent or any Subsidiary of Parent) in whom
a Receivables Subsidiary makes an Investment in connection with a Qualified Receivables Transaction
will be deemed to be an Affiliate of Parent or any of its Subsidiaries solely by reason of such
Investment.

     “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent.

     “Aircraft Mortgage” means an aircraft mortgage in form and substance reasonably acceptable to
the Collateral Trustee and the Company.

     “Airport Authority” means any city or any public or private board or other body or
organization chartered or otherwise established for the purpose of administering, operating or
managing airports or related facilities.

     “Applicable Premium” means, with respect to any Note on any redemption date, the greater of:

     (1) 1.0% of the principal amount of the Note; and

     (2) the excess of: (A) the present value at such redemption date of (i) the redemption
price of such Note at February 1, 2012, (such redemption price being set forth in Section
3.07(d) hereof), plus (ii) all required interest payments due on the Note through February
1, 2012, (excluding accrued and unpaid interest to the redemption date), computed using a
discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points;
over (B) the principal amount of such Note.

     “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial
interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream
that apply to such transfer or exchange.

     “Appraisal” means an appraisal, dated the date of delivery thereof, prepared by SH&E, Inc. or
another independent appraisal firm appointed by the Company and reasonably satisfactory to the
Trustee, which certifies, at the time of determination, in reasonable detail the Appraised Value of
the Collateral and, except in the case of Cure Collateral or Qualified Replacement Assets not
constituting Japan Routes, Japan Slots or Japan Gate Leaseholds, is consistent in all material
respects with the Appraisal delivered to the Trustee on the date of the Indenture and described in
the Offering Memorandum under the caption “Description of the collateral—Appraisal.”

     “Appraised Value” means, as of any date of determination, the sum of (a) the aggregate fair
market value of all Collateral (other than cash and Cash Equivalents pledged as Cure Collateral or
maintained in the Collateral Proceeds Account) owned by the Company as of that date, as reflected
in the most recent Appraisal delivered to the Trustee as of that date plus (b) 150% of the amount
of cash and Cash Equivalents pledged at such time as Cure Collateral or maintained in the
Collateral Proceeds Account.

3

 

     “Asset Sale” means:

     (1) the sale, lease, conveyance, transfer or other disposition of any assets or rights
(whether voluntarily, or in an involuntary transaction that generates Net Proceeds) by
Parent or any of its Restricted Subsidiaries (any of the foregoing, a “disposition”);
provided that the sale, lease, conveyance or other disposition of all or substantially all
of the assets of Parent and its Restricted Subsidiaries taken as a whole will be governed by
Sections 4.15 and/or 5.01 hereof and not by Section 4.10; and

     (2) the issuance or sale of Equity Interests (other than directors’ qualifying shares
and shares issued to foreign nationals or other third parties to the extent required by
applicable law) of any of Parent’s Restricted Subsidiaries, including any sale for cash.

Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale:

     (1) any single transaction or series of related transactions that involves assets
having a Fair Market Value of less than $10.0 million;

     (2) dispositions between or among Parent and its Restricted Subsidiaries;

     (3) an issuance or sale of Equity Interests by a Restricted Subsidiary of Parent to
Parent or to a Restricted Subsidiary of Parent;

     (4) the disposition of products, services or accounts receivable and other properties
or assets that do not constitute the Japan Routes, Japan Slots, Japan Gate Leaseholds or any
property or asset that constitutes Collateral in the ordinary course of business and any
other disposition of damaged, worn-out, uneconomical or obsolete properties or assets that
do not constitute the Japan Routes, Japan Slots, Japan Gate Leaseholds or any property or
asset that constitutes Collateral in the ordinary course of business;

     (5) licenses, sublicenses, leases and subleases by Parent or any of its Restricted
Subsidiaries of software or intellectual property in the ordinary course of business;

     (6) any surrender or waiver of contract rights or settlement, release, recovery on or
surrender of contract, tort or other claims in the ordinary course of business;

     (7) the granting of Liens not prohibited by Section 4.12 hereof;

     (8) the sale or other disposition of cash or Cash Equivalents that do not constitute
Collateral;

     (9) a Restricted Payment that does not violate Section 4.07 hereof or a Permitted
Investment, in each case other than a Restricted Payment or a Permitted Investment involving
the Japan Routes, Japan Slots, Japan Gate Leaseholds or any property or asset that
constitutes Collateral;

     (10) the abandonment of assets no longer useful or used in the business; provided, that
such abandonment is (A) in the ordinary course of business consistent with past practices
and (B) with respect to assets that are not material to the business of Parent and its
Restricted Subsidiaries;

4

 

     (11) the sale or discount of accounts to a collection agency in connection with
collections of delinquent receivables, or in a bankruptcy or similar proceeding;

     (12) any disposition of Margin Stock for fair value as determined in good faith by
Parent;

     (13) the lease or sublease of, or use or license agreements with respect to, assets and
properties in the ordinary course of business and swap or similar arrangements with respect
to Slots or Gate Leaseholds in the ordinary course of business (A) that do not constitute
Collateral, (B) that constitute Collateral so long as the lease, sublease, use or license
agreement pursuant to this clause (13)(B) has a term of one year or less, or in the case of
swaps or similar arrangements relating to Slots, does not extend beyond two comparable IATA
traffic seasons or (C) that constitute Collateral and the term of such lease, sublease, use
or license agreement or swap or similar arrangement pursuant to this clause (13)(C) is
longer than provided for in clause (13)(B); provided, however, that in the case of each
transaction pursuant to this clause (C), an officer of the Company determines in good faith
and certifies in an Officers’ Certificate delivered to the Trustee and the Collateral
Trustee prior to entering into any such transaction that (i) immediately after giving effect
to such transaction the Priority Lien Debt Value Ratio (excluding, for purposes of
calculating the Priority Lien Debt Value Ratio, the proceeds of such transaction and the
intended use there of) would be at least 1.5 to 1.0, (ii) the Collateral Trustee’s Liens on
Collateral subject to such lease, sublease, use, license agreement or swap or similar
arrangement are not materially adversely affected and (iii) no Event of Default exists at
the time of such transaction;

     (14) the lease or sublease, in the ordinary course of business, of up to five pairs of
Slots at Tokyo’s Narita Airport to All Nippon Airways;

     (15) sales of accounts receivables and related assets of the type specified in the
definition of “Qualified Receivables Transaction” to a Receivables Subsidiary;

     (16) transfers of accounts receivables and related assets of the type specified in the
definition of “Qualified Receivables Transaction” (or a fractional undivided interest
therein) to a Receivables Subsidiary or to any other Person in connection with a Qualified
Receivables Transaction or the creation of a Lien on any such accounts receivables or
related assets in connection with a Qualified Receivables Transaction;

     (17) sales of jet fuel and related property pursuant to the Jet Fuel Supply Agreement;

     (18) sales or dispositions of aircraft, aircraft engines and spare parts that do not
constitute Collateral in the ordinary course of business; and

     (19) any issuance or sale of Equity Interests in, or Indebtedness or other securities
of, an Unrestricted Subsidiary, including in connection with any merger, consolidation or
amalgamation.

     “Banking Product Obligations” means, as applied to any Person, any direct or indirect
liability, contingent or otherwise, of such Person in respect of any treasury, depository and cash
management services, netting services and automated clearing house transfers of funds services,
including obligations for the payment of fees, interest, charges, expenses, attorneys’ fees and
disbursements in connection therewith.

5

 

     “Bankruptcy Law” means Title 11 of the U.S. Code or any similar federal or state law for the
relief of debtors.

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

     “Board of Directors” means:

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

     (2) with respect to a partnership, the Board of Directors of the general partner of the
partnership;

     (3) with respect to a limited liability company, the managing member or members,
manager or managers or any controlling committee of managing members thereof; and

     (4) with respect to any other Person, the board or committee of such Person serving a
similar function.

     “Business Day” means any day other than a Legal Holiday.

     “Capital Lease Obligation” means, at the time any determination is to be made, the amount of
the liability in respect of a capital lease that would at that time be required to be capitalized
and reflected as a liability on a balance sheet prepared in accordance with GAAP, and the Stated
Maturity thereof shall be the date of the last payment of rent or any other amount due under such
lease prior to the first date upon which such lease may be prepaid by the lessee without payment of
a penalty.

     “Capital Stock” means:

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

     (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock;

     (3) in the case of a partnership or limited liability company, partnership interests
(whether general or limited) or membership interests; and

     (4) any other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing Person,

but excluding from all of the foregoing any debt securities convertible into Capital Stock,
whether or not such debt securities include any right of participation with Capital Stock.

     “Cash Equivalents” means:

     (1) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States (or by any agency thereof to the extent
such

6

 

obligations are backed by the full faith and credit of the United States), in each case
maturing within one year from the date of acquisition thereof;

     (2) direct obligations of state and local government entities, in each case maturing
within one year from the date of acquisition thereof, which have a rating of at least A- (or
the equivalent thereof) from S&P or A-3 (or the equivalent thereof) from Moody’s;

     (3) obligations of domestic or foreign companies and their subsidiaries (including,
without limitation, agencies, sponsored enterprises or instrumentalities chartered by an Act
of Congress, which are not backed by the full faith and credit of the United States),
including, without limitation, bills, notes, bonds, debentures, and mortgage-backed
securities, in each case maturing within one year from the date of acquisition thereof;

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

     (5) Investments in certificates of deposit, banker’s acceptances, time deposits,
eurodollar time deposits or overnight bank deposits maturing within one year from the date
of acquisition thereof issued or guaranteed by or placed with, and money market deposit
accounts issued or offered by, any domestic office of any other commercial bank of
recognized standing organized under the laws of the United States or any State thereof that
has a combined capital and surplus and undivided profits of not less than $250.0 million;

     (6) fully collateralized repurchase agreements with a term of not more than six months
for underlying securities that would otherwise be eligible for investment;

     (7) Investments in money in an investment company organized under the Investment
Company Act of 1940, as amended, or in pooled accounts or funds offered through mutual
funds, investment advisors, banks and brokerage houses which invest its assets in
obligations of the type described in clauses (1) through (6) above. This could include, but
not be limited to, money market funds or short-term and intermediate bonds funds;

     (8) money market funds that (A) comply with the criteria set forth in SEC Rule 2a-7
under the Investment Company Act of 1940, as amended, (B) are rated AAA (or the equivalent
thereof) by S&P and Aaa (or the equivalent thereof) by Moody’s and (C) have portfolio assets
of at least $5.0 billion;

     (9) deposits available for withdrawal on demand with commercial banks organized in the
United States having capital and surplus in excess of $100.0 million; and

     (10) securities with maturities of one year or less from the date of acquisition issued
or fully guaranteed by any state, commonwealth or territory of the United States, by any
political subdivision or taxing authority of any such state, commonwealth or territory or by
any foreign government, the securities of which state, commonwealth, territory, political
subdivision, taxing authority or foreign government (as the case may be) are rated at least
A by S&P or A2 by Moody’s.

7

 

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

     (1) the sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or
substantially all of the properties or assets of Parent and its Subsidiaries taken as a
whole to any Person (including any “person” (as that term is used in Section 13(d)(3) of the
Exchange Act));

     (2) the consummation of any transaction (including, without limitation, any merger or
consolidation), the result of which is that any Person (including any “person” (as defined
above)) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting
Stock of Parent (measured by voting power rather than number of shares), other than (A) any
such transaction where the Voting Stock of Parent (measured by voting power rather than
number of shares) outstanding immediately prior to such transaction constitutes or is
converted into or exchanged for a majority of the outstanding shares of the Voting Stock of
such Beneficial Owner (measured by voting power rather than number of shares) or (B) any
merger or consolidation of Parent with or into any Person (including any “person” (as
defined above)) which owns a Permitted Business (a “Permitted Person”) or a Subsidiary of a
Permitted Person, in each case, if immediately after such transaction no Person (including
any “person” (as defined above)) is the Beneficial Owner, directly or indirectly, of more
than 50% of the total Voting Stock of such Permitted Person (measured by voting power rather
than number of shares);

     (3) the first day on which Parent ceases to own 100% of the outstanding Equity
Interests of the Company; or

     (4) during any period of up to 24 consecutive months, a majority of the Board of
Directors (excluding vacant seats) of Parent shall cease to consist of Continuing Directors.

     “Class” means (a) in the case of Junior Lien Debt, every Series of Junior Lien Debt, taken
together and (b) in the case of Priority Lien Debt, every Series of Priority Lien Debt, taken
together.

     “Clearstream” means Clearstream Banking, S.A.

     “Co-Branded Agreement” means that certain Amended and Restated Co-Branded Card Marketing
Services Agreement, effective September 15, 2008, among the Company, Parent, UAL Loyalty Services,
LLC and Chase Bank USA, N.A., as heretofore amended and as may be further amended, amended and
restated, modified, supplemented, replaced or extended from time to time.

     “Collateral” means (a) the Japan Routes, the Japan Slots and the Japan Gate Leaseholds upon
which Secured Debt Liens have been granted to the Collateral Trustee to secure the Secured Debt
Obligations, (b) Qualified Replacement Assets, (c) all Cure Collateral upon which Secured Debt
Liens have been granted to the Collateral Trustee to secure the Secured Debt Obligations under the
circumstances contemplated by the provisions of Sections 4.20 and 4.21 hereof and (d) all proceeds
of the foregoing (including, without limitation, proceeds from dispositions of the foregoing
deposited into the Collateral Proceeds Account held by the Collateral Trustee). For the avoidance
of doubt, the term “Collateral” does not include the Escrow Account or other Escrow Property.

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

     “Collateral Trustee” means Wilmington Trust FSB, in its capacity as Collateral Trustee under
the Collateral Trust Agreement, together with its successors in such capacity.

8

 

     “Company” means United Air Lines, Inc., a Delaware corporation, and any and all successors
pursuant to Section 5.02 hereof.

     “Consolidated EBITDAR” means, with respect to any specified Person for any period, the
Consolidated Net Income of such Person for such period plus, without duplication:

     (1) an amount equal to any extraordinary loss plus any net loss realized by such Person
or any of its Restricted Subsidiaries in connection with an asset sale, to the extent such
losses were deducted in computing such Consolidated Net Income; plus

     (2) provision for taxes based on income or profits of such Person and its Restricted
Subsidiaries for such period, to the extent that such provision for taxes was deducted in
computing such Consolidated Net Income; plus

     (3) the Fixed Charges of such Person and its Restricted Subsidiaries for such period,
to the extent that such Fixed Charges were deducted in computing such Consolidated Net
Income; plus

     (4) any foreign currency translation losses (including losses related to currency
remeasurements of Indebtedness) of such Person and its Restricted Subsidiaries for such
period, to the extent that such losses were taken into account in computing such
Consolidated Net Income; plus

     (5) depreciation, amortization (including amortization of intangibles but excluding
amortization of prepaid cash expenses that were paid in a prior period) and other non-cash
charges and expenses (excluding any such non-cash charge or expense to the extent that it
represents an accrual of or reserve for cash charges or expenses in any future period or
amortization of a prepaid cash charge or expense that was paid in a prior period) of such
Person and its Restricted Subsidiaries for such period to the extent that such depreciation,
amortization and other non-cash charges or expenses were deducted in computing such
Consolidated Net Income; plus

     (6) aircraft rent expense of such Person and its Restricted Subsidiaries for such
period to the extent that such aircraft rent expense is payable in cash and was deducted in
computing such Consolidated Net Income; plus

     (7) to the extent deducted in computing such Consolidated Net Income, extraordinary,
nonrecurring or unusual losses for such period; plus

     (8) to the extent deducted in computing such Consolidated Net Income, the amortization
of debt discount for such period; plus

     (9) an amount equal to any deduction to Consolidated Net Income as a result of any
grant to any employee of Parent or its Restricted Subsidiaries of any Equity Interests
during such period; plus

     (10) to the extent deducted in computing such Consolidated Net Income, any net loss
incurred during such period arising from the sale, exchange or other disposition of capital
assets by Parent or its Restricted Subsidiaries (including any fixed assets, whether
tangible or intangible, all inventory sold in conjunction with the disposition of fixed
assets and all securities); plus

9

 

     (11) to the extent deducted in computing such Consolidated Net Income, any losses
arising under fuel hedging arrangements incurred prior to the date of this Indenture; plus

     (12) to the extent deducted in computing such Consolidated Net Income, cash
restructuring charges in an aggregate amount not to exceed $15.0 million in any fiscal year;
plus

     (13) to the extent deducted in computing such Consolidated Net Income, all
cost-savings, integration costs, transactional costs, expenses and charges incurred in
connection with the consummation of any transaction related to any permitted acquisition,
merger, disposition, issuance of Indebtedness, issuance of Equity Interests, or any
Investment, in each case, to the extent permitted under this Indenture; plus

     (14) proceeds from business interruption insurance, to the extent not already included
calculating such Consolidated Net Income; plus

     (15) to the extent deducted in computing such Consolidated Net Income, any expenses and
charges that are covered by indemnification or reimbursement provisions in connection with
any permitted acquisition, merger, disposition, incurrence of Indebtedness, issuance of
Equity Interests or any investment to the extent actually indemnified or reimbursed; plus

     (16) proceeds from sales of miles to third party business partners to the extent not
already included in calculating Consolidated Net Income; plus

     (17) to the extent deducted in computing such Consolidated Net Income, costs and
expenses, including fees, incurred directly in connection with the consummation of the
offering of the Notes as described in the Offering Memorandum; minus

     (18) non-cash items increasing such Consolidated Net Income for such period, other than
the accrual of revenue in the ordinary course of business; minus

     (19) the sum of (A) income tax credits, (B) interest income and (C) extraordinary,
non-recurring or unusual gains included in calculating Consolidated Net Income for such
period; minus

     (20) any amount included in the calculation of Consolidated EBITDAR in a prior period
under clause (16) of this definition to the extent that such amount is recognized as revenue
in such current period,

in each case, on a consolidated basis and determined in accordance with GAAP.

     “Consolidated Net Income” means, with respect to any specified Person for any period, the
aggregate of the net income (loss) of such Person and its Restricted Subsidiaries for such period,
on a consolidated basis (excluding the net income (loss) of any Unrestricted Subsidiary of such
Person), determined in accordance with GAAP and without any reduction in respect of preferred stock
dividends; provided that:

     (1) all net after tax extraordinary, non-recurring or unusual gains or losses and all
gains or losses realized in connection with any Asset Sale (without giving effect to the
exclusions listed in the definition of “Asset Sale”) or the disposition of securities or the
early extinguishment of Indebtedness, together with any related provision for taxes on any
such gain, will be excluded;

10

 

     (2) the net income (but not loss) of any Person that is not a Restricted Subsidiary or
that is accounted for by the equity method of accounting will be included only to the extent
of the amount of dividends or similar distributions paid in cash to the specified Person or
a Restricted Subsidiary of the Person;

     (3) the net income (but not loss) of any Restricted Subsidiary will be excluded to the
extent that the declaration or payment of dividends or similar distributions by that
Restricted Subsidiary of that net income is not at the date of determination permitted
without any prior governmental approval (that has not been obtained) or, directly or
indirectly, by operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulation applicable to that Restricted
Subsidiary or its stockholders;

     (4) the cumulative effect of a change in accounting principles will be excluded;

     (5) the effect of non-cash gains and losses resulting from Hedging Obligations,
including attributable to movement in the mark-to-market valuation of Hedging Obligations
pursuant to Financial Accounting Standards Board Statement No. 133, will be excluded;

     (6) any non-cash compensation expense recorded from grants of stock appreciation or
similar rights, stock options or other rights to officers, directors or employees, will be
excluded;

     (7) the effect of any non-cash items resulting from any amortization, write-up,
write-down or write-off of assets (including intangible assets, goodwill and deferred
financing costs) in connection with any acquisition, disposition, merger, consolidation or
similar transaction or any other non-cash impairment charges incurred subsequent to the date
of this Indenture resulting from the application at SFAS Nos. 141, 142 or 144 (excluding any
such non-cash item to the extent that it represents and accrual of or reserve for cash
expenditures in any future period except to the extent such item is subsequently reversed),
will be excluded;

     (8) non-cash charges of the type described under the section titled “Fresh-Start
Reporting” in Parent’s financial statements included in its Form 10-K for the year ended
December 31, 2006, will be excluded; and

     (9) any provision for income tax reflected on such Person’s financial statements for
such period will be excluded to the extent such provision exceeds the actual amount of taxes
paid in cash during such period by such Person and its consolidated Subsidiaries.

     “continuing” means, with respect to any Default or Event of Default, that such Default or
Event of Default has not been cured or waived.

     “Continuing Directors” means, as of any date or for any period of determination, any member of
the Board of Directors of Parent who:

     (1) was a member of such Board of Directors on the first day of such period; or

     (2) was nominated for election or elected to such Board of Directors with the approval
of a majority of the Continuing Directors who were members of such Board of Directors at the
time of such nomination or election.

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     “Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in
Section 13.01 hereof and for purposes of Sections 2.03 and 4.02 hereof, such office shall also mean
the office or agency of the Trustee located at 101 Barclay Street, New York, NY 10286, Attention:
Bond Operations-7E, or such other address as to which the Trustee may give notice to the Company.

     “Credit Agreement” means that certain Amended and Restated Revolving Credit, Term Loan and
Guaranty Agreement, dated as of February 2, 2007, by and among the Company, as borrower, Parent,
the subsidiaries of the Company and Parent named therein, as guarantors, the lenders party thereto,
JPMorgan Chase Bank, N.A., as co-administrative agent, co-collateral agent and paying agent,
Citicorp USA, Inc., as co-administrative agent and co-collateral agent, J.P. Morgan Securities
Inc., as joint lead arranger and joint bookrunner, Citigroup Global Markets Inc., as joint lead
arranger and joint bookrunner and Credit Suisse Securities (USA) LLC, as syndication agent, as
amended, restated, modified, supplemented, renewed, refunded, replaced in any manner (whether upon
or after termination or otherwise, and whether or not the amount of Indebtedness thereunder is
increased) or refinanced (including by means of sales of debt securities) in whole or in part from
time to time.

     “Credit Facilities” means, one or more debt facilities (including, without limitation, the
Credit Agreement) or commercial paper facilities, in each case with banks or other lenders
providing for revolving credit loans, term loans, receivables financing (including through the sale
of receivables to such lenders or to special purpose entities formed to borrow from such lenders
against such receivables) or letters of credit, in each case, as amended, restated, modified,
renewed, extended, refunded, replaced in any manner (whether upon or after termination or
otherwise) or refinanced (including by means of sales of debt securities) in whole or in part from
time to time.

     “Cure Collateral” means (a) cash and Permitted Investments contemplated by clauses (2) and
(14) of the definition thereof, pledged to the Collateral Trustee (and subject to an account
control agreement in form and substance reasonably satisfactory to the Collateral Trustee) and (b)
additional Routes, Slots, Gates Leaseholds, ground support equipment, airframes, engines, spare
parts, Real Property Assets, flight simulators, QEC Kits or other assets of the Company designated
as “Cure Collateral” in an Officers’ Certificate delivered by the Company to the Collateral Trustee
and pledged on a Secured Debt Lien basis to the Collateral Trustee pursuant to arrangements
reasonably satisfactory to the Collateral Trustee.

     “Custodian” means the Trustee, as custodian for the Depositary with respect to the Global
Notes, or any successor entity thereto.

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

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

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

     “Designated Noncash Consideration” means any non-cash consideration received by Parent or a
Restricted Subsidiary in connection with an Asset Sale that is designated as Designated Noncash

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Consideration pursuant to an Officers’ Certificate delivered to the Trustee, which Officers’
Certificate shall set forth the Fair Market Value of such Designated Noncash Consideration and the
basis for determining Fair Market Value.

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

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

     (2) payment in full in cash of the principal of and interest and premium (if any) on
all Priority Lien Debt (other than any undrawn letters of credit);

     (3) discharge or cash collateralization (at the lower of (A) 105% of the aggregate
undrawn amount and (B) the percentage of the aggregate undrawn amount required for release
of liens under the terms of the applicable Priority Lien Document) of all outstanding
letters of credit constituting Priority Lien Debt; and

     (4) payment in full in cash of all other Priority Lien Obligations that are outstanding
and unpaid at the time the Priority Lien Debt is paid in full in cash (other than any
obligations for taxes, costs, indemnifications, reimbursements, damages and other
liabilities in respect of which no claim or demand for payment has been made at such time).

     “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case at the option
of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a change
of control or asset sale), is convertible or exchangeable for Indebtedness or Disqualified Stock,
or is redeemable at the option of the holder of the Capital Stock, in whole or in part (other than
as a result of a change of control or asset sale), on or prior to the date that is 91 days after
the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that
would constitute Disqualified Stock solely because the holders of the Capital Stock have the right
to require the Company to repurchase such Capital Stock upon the occurrence of a change of control
or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide
that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions
unless such repurchase or redemption complies with Section 4.07 hereof. The amount of Disqualified
Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum
amount that Parent and its Restricted Subsidiaries may become obligated to pay upon the maturity
of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of
accrued dividends.

     “DOT” means the U.S. Department of Transportation and any successor thereto.

     “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

     “Equity Offering” means any public or private sale either: (a) of Qualifying Equity Interests
by Parent (other than to a Subsidiary of Parent or pursuant to a registration statement on Form S-8
or otherwise relating to equity securities issuable under any employee benefit plan of Parent) or
(b) of Equity Interests of a direct or indirect parent entity of Parent (other than to Parent or a
Subsidiary of Parent) to the extent that the net proceeds therefrom are contributed to the common
equity capital of Parent.

13

 

     “Escrow Account” has the meaning set forth in the Escrow and Security Agreement.

     “Escrow and Security Agreement” means the Escrow and Security Agreement, dated as of the date
of this Indenture, among the Company, the Trustee and The Bank of New York Mellon Trust Company,
N.A., as escrow agent, for the sole benefit of the Holders of Notes, as such agreement may be
amended, amended and restated, adjusted, supplemented or otherwise modified from time to time.

     “Escrow Conditions” has the meaning set forth in the Collateral Trust Agreement.

     “Escrow Property” has the meaning set forth in the Escrow and Security Agreement.

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

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

     “Excluded Contributions” means net cash proceeds received by Parent after the date of this
Indenture from:

     (1) contributions to its common equity capital (other than from any Subsidiary); or

     (2) the sale (other than to a Subsidiary or to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement of Parent or any
Subsidiary) of Qualifying Equity Interests,

in each case designated as Excluded Contributions pursuant to an Officers’ Certificate executed on
the date such capital contributions are made or the date such Equity Interests are sold, as the
case may be. Excluded Contributions will not be considered to be net proceeds of Qualifying Equity
Interests for purposes of clause (a)(3)(B) of Section 4.07 hereof.

     “Existing Indebtedness” means all Indebtedness of Parent and its Subsidiaries (other than
Indebtedness incurred under clauses (1) or (3) of the definition of “Permitted Debt”) in existence
on the date of this Indenture (including under the Credit Agreement), until such amounts are
repaid.

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

     “Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated
willing seller in a transaction not involving distress or necessity of either party, determined in
good faith by the Board of Directors of Parent (unless otherwise provided in this Indenture);
provided that the Board of Directors shall be permitted to consider the circumstances existing at
such time (including, without limitation, any relevant legal compulsion, judicial proceeding or
administrative order or the possibility thereof) in determining such Fair Market Value in
connection with such transaction.

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

     “Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the
ratio of the Consolidated EBITDAR of such Person for such period to the Fixed Charges of such
Person for such period. In the event that the specified Person or any of its Restricted
Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise
discharges any Indebtedness

14

 

(other than ordinary working capital borrowings) or issues, repurchases or redeems
Disqualified Stock or preferred stock subsequent to the commencement of the period for which the
Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for
which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the
Fixed Charge Coverage Ratio will be calculated giving pro forma effect (as determined in good faith
by a responsible financial or accounting officer of Parent and certified in an Officers’
Certificate delivered to the Trustee) to such incurrence, assumption, Guarantee, repayment,
repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase
or redemption of Disqualified Stock or preferred stock, and the use of the proceeds therefrom, as
if the same had occurred at the beginning of the applicable four-quarter reference period.

     In addition, for purposes of calculating the Fixed Charge Coverage Ratio:

     (1) acquisitions that have been made by the specified Person or any of its Restricted
Subsidiaries, including through mergers or consolidations, or any Person or any of its
Restricted Subsidiaries acquired by the specified Person or any of its Restricted
Subsidiaries, and including all related financing transactions and including increases in
ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent
to such reference period and on or prior to the Calculation Date, or that are to be made on
the Calculation Date, will be given pro forma effect (as determined in good faith by a
responsible financial or accounting officer of Parent and certified in an Officers’
Certificate delivered to the Trustee, and including any operating expense reductions for
such period resulting from such acquisition that have been realized or for which all of the
material steps necessary for realization have been taken) as if they had occurred on the
first day of the four-quarter reference period;

     (2) the Consolidated EBITDAR attributable to discontinued operations, as determined in
accordance with GAAP, and operations or businesses (and ownership interests therein)
disposed of prior to the Calculation Date, will be excluded;

     (3) the Fixed Charges attributable to discontinued operations, as determined in
accordance with GAAP, and operations or businesses (and ownership interests therein)
disposed of prior to the Calculation Date, will be excluded, but only to the extent that the
obligations giving rise to such Fixed Charges will not be obligations of the specified
Person or any of its Restricted Subsidiaries following the Calculation Date;

     (4) any Person that is a Restricted Subsidiary on the Calculation Date will be deemed
to have been a Restricted Subsidiary at all times during such four-quarter period;

     (5) any Person that is not a Restricted Subsidiary on the Calculation Date will be
deemed not to have been a Restricted Subsidiary at any time during such four-quarter period;
and

     (6) if any Indebtedness bears a floating rate of interest, the interest expense on such
Indebtedness will be calculated as if the rate in effect on the Calculation Date had been
the applicable rate for the entire period (taking into account any Hedging Obligation
applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the
Calculation Date in excess of 12 months).

15

 

     “Fixed Charges” means, with respect to any specified Person for any period, the sum, without
duplication, of:

     (1) the consolidated gross cash interest expense of such Person and its Restricted
Subsidiaries for such period; plus

     (2) the cash interest component of leases that are capitalized in accordance with GAAP
of such Person and its Restricted Subsidiaries for such period; plus

     (3) any cash interest expense actually paid on Indebtedness of another Person that is
guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on
assets of such Person or one of its Restricted Subsidiaries; plus

     (4) the product of (A) all cash dividends accrued on any series of preferred stock of
such Person or any of its Restricted Subsidiaries, other than to Parent or a Restricted
Subsidiary of Parent, times (B) a fraction, the numerator of which is one and the
denominator of which is one minus the then current combined federal, state and local
statutory tax rate of such Person, expressed as a decimal, in each case, determined on a
consolidated basis in accordance with GAAP; plus

     (5) the aggregate aircraft rental expense of such Person and its Restricted
Subsidiaries for such period to the extent such rental expense is payable in cash,

all as determined on a consolidated basis in accordance with GAAP.

     “Foreign Aviation Authorities” means any foreign governmental, quasi-governmental, regulatory
or other agencies, public corporations or private entities that exercise jurisdiction over the
issuance or authorization (a) to serve any foreign point on the Japan Routes that the Company is
serving at any time (other than points in China, including Hong Kong) and/or to conduct operations
related to the Japan Routes and Japan Gate Leaseholds and/or (b) to hold and operate any Japan
Route Foreign Slots.

     “GAAP” means generally accepted accounting principles in the United States of America, which
are in effect from time to time, including those set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants,
statements and pronouncements of the Financial Accounting Standards Board, such other statements by
such other entity as have been approved by a significant segment of the accounting profession; and
the rules and regulations of the SEC governing the inclusion of financial statements in periodic
reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and
pronouncements in staff accounting bulletins and similar written statements from the accounting
staff of the SEC.

     “Gate Leasehold” means, at any time, all of the right, title, privilege, interest and
authority, now held or hereafter acquired by the Company in connection with the right to use,
operate or occupy space in an airport terminal at an airport where the Company conducts scheduled
nonstop service utilizing the Japan Routes to the extent such right, title, privilege, interest or
authority is actually used in conjunction with the operation of such nonstop service.

     “Global Note Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is
required to be placed on all Global Notes issued under this Indenture.

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

16

 

     “Government Securities” means direct obligations of, or obligations guaranteed by, the United
States of America (including any agency or instrumentality thereof) for the payment of which
obligations or guarantees the full faith and credit of the United States of America is pledged and
which are not callable or redeemable at the issuer’s option.

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

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

     “Guarantors” means Parent and any domestic Restricted Subsidiary of Parent that guarantees the
Notes in accordance with the provisions of this Indenture, and their respective successors and
assigns, in each case, until the Note Guarantee of such Person has been released in accordance with
the provisions of this Indenture.

     “Hedge Agreement” means any agreement evidencing Hedging Obligations.

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

     (1) interest rate swap agreements (whether from fixed to floating or from floating to
fixed), interest rate cap agreements and interest rate collar agreements;

     (2) other agreements or arrangements designed to manage interest rates or interest rate
risk; and

     (3) other agreements or arrangements designed to protect such Person against
fluctuations in currency exchange rates, fuel prices or other commodity prices.

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

     “IATA” means the International Air Transport Association and any successor thereto.

     “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person
(excluding accrued expenses and trade payables), whether or not contingent:

     (1) in respect of borrowed money;

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

     (3) in respect of banker’s acceptances;

17

 

     (4) representing Capital Lease Obligations;

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

     (6) representing any Hedging Obligations,

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

     For the avoidance of doubt, Banking Product Obligations do not constitute Indebtedness.

     “Indenture” means this Indenture, as amended, amended and restated, adjusted, supplemented or
otherwise modified from time to time.

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

     “Initial Notes” means the first $200.0 million aggregate principal amount of Notes issued
under this Indenture on the date of this Indenture.

     “Initial Purchasers” means J.P. Morgan Securities Inc., Goldman, Sachs & Co. and Morgan
Stanley & Co. Incorporated.

     “insolvency or liquidation proceeding” means:

     (1) any case commenced by or against the Company under Bankruptcy Law, any other
proceeding for the reorganization, recapitalization or adjustment or marshalling of the
assets or liabilities of the Company, any receivership or assignment for the benefit of
creditors relating to the Company or any similar case or proceeding relative to the Company
or its creditors, as such, in each case whether or not voluntary;

     (2) any liquidation, dissolution, marshalling of assets or liabilities or other winding
up of or relating to the Company, in each case whether or not voluntary and whether or not
involving bankruptcy or insolvency; or

     (3) any other proceeding of any type or nature in which substantially all claims of
creditors of the Company are determined and any payment or distribution is or may be made on
account of such claims.

     “Institutional Accredited Investor” means an institution that is an “accredited investor” as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs.

18

 

     “Investments” means, with respect to any Person, all direct or indirect investments by such
Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other
obligations), advances or capital contributions (excluding commission, travel and similar advances
to officers, employees and consultants made in the ordinary course of business), purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other securities of other
Persons, together with all items that are or would be classified as investments on a balance sheet
prepared in accordance with GAAP. If Parent or any Restricted Subsidiary of Parent sells or
otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of
Parent such that, after giving effect to any such sale or disposition, such Person is no longer a
Restricted Subsidiary of Parent, Parent will be deemed to have made an Investment on the date of
any such sale or disposition equal to the Fair Market Value of Parent’s Investments in such
Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.07
hereof. Notwithstanding the foregoing, any Equity Interests retained by Parent or any of its
Subsidiaries after a disposition or dividend of assets or Capital Stock of any Person in connection
with any partial “spin-off” of a Subsidiary or similar transactions shall not be deemed to be an
Investment. The acquisition by Parent or any Restricted Subsidiary of Parent of a Person that
holds an Investment in a third Person will be deemed to be an Investment by Parent or such
Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the
Investments held by the acquired Person in such third Person in an amount determined as provided in
Section 4.07 hereof. Except as otherwise provided in this Indenture, the amount of an Investment
will be determined at the time the Investment is made and without giving effect to subsequent
changes in value.

     “Japan Gate Leaseholds” means the right, title, privilege, interest and authority, now held or
hereafter acquired by the Company in connection with the right to use, operate or occupy space in
an airport terminal at an airport where the Company conducts scheduled nonstop service utilizing
the Japan Routes to the extent such right, title, privilege, interest or authority is actually used
in conjunction with the operation of such nonstop service (other than (a) at airports in China,
including Hong Kong or (b) at LaGuardia Airport, Reagan National Airport or London Heathrow Airport
in the case of this clause (b), to the extent otherwise pledged by the Company to other Persons).

     “Japan Route FAA Slot” means, at any time, any Slot of the Company, now held or hereafter
acquired, at an airport in the United States that serves as an origin or destination point for
nonstop flights that the Company operates from time to time utilizing the Japan Routes to the
extent such Slot is actually used in conjunction with the operation of such nonstop service (other
than at LaGuardia Airport or Reagan National Airport to the extent otherwise pledged by the Company
to other Persons).

     “Japan Route Foreign Slot” means, at any time, any Slot of the Company, now held or hereafter
acquired, at an airport outside the United States that serves as an origin or destination point for
nonstop flights that the Company operates from time to time utilizing the Japan Routes to the
extent such Slot is actually used in conjunction with the operation of such nonstop service (other
than (a) at airports in China, including Hong Kong or (b) London Heathrow Airport in the case of
this clause (b), to the extent otherwise pledged by the Company to other Persons).

     “Japan Routes” means the authority the Company now holds, or hereafter acquires from the DOT
pursuant to Title 49 or other applicable law, to operate scheduled foreign air transportation of
persons, property and mail between a point or points in the United States and a point or points in
Japan, and beyond between a point or points in Japan and a point or points in other countries,
including applicable designations, frequencies, exemptions, certificates, Fifth-Freedom Rights and
“behind and beyond rights,” in each case whether or not utilized by the Company, except to the
extent such route authority relates to all-cargo operations.

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     “Japan Slots” means the Company’s Slots, now held or hereafter acquired, at airports that
serve as an origin or destination point for nonstop flights the Company operates from time to time
utilizing the Japan Routes to the extent such Slots are actually used in conjunction with the
operation of such nonstop service (other than (a) at airports in China, including Hong Kong or (b)
at LaGuardia Airport, Reagan National Airport or London Heathrow Airport in the case of this clause
(b), to the extent otherwise pledged by the Company to other Persons).

     “Jet Fuel Supply Agreement” means the Jet Fuel Supply Agreement, dated as of October 21, 2003,
by and among the Company, United Aviation Fuels Corporation and Morgan Stanley Capital Group Inc.,
as heretofore amended or modified, and as may be further amended, amended and restated, modified,
supplemented, replaced or extended from time to time.

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

     “Junior Lien Cap” means $300.0 million (plus the aggregate amount of accrued interest and the
amount of all fees and expenses, including premiums, paid or incurred in connection with any
refunding, replacement or other refinancing of Junior Lien Debt with the proceeds of other Junior
Lien Debt that was permitted to be incurred under this Indenture), minus the aggregate amount of
all Net Proceeds of any Sale of Collateral applied by United since the date of this Indenture to
repay or redeem the Notes or any Junior Lien Debt under a Credit Facility that is term Indebtedness
or to repay other Junior Lien Debt or to repay Junior Lien Debt under a Credit Facility that is
revolving credit Indebtedness and effect a corresponding commitment reduction thereunder pursuant
to Section 4.10 hereof, and minus the principal amount of any Permitted Refinancing Indebtedness
not constituting Junior Lien Debt the proceeds of which are applied to refinance, refund, repay,
redeem, defease or otherwise acquire or retire for value any Junior Lien Debt.

     “Junior Lien Debt” means (a) the Initial Notes and (b) any Indebtedness (including letters of
credit and reimbursement obligations with respect thereto) of the Company that is secured by a
Junior Lien and that was permitted to be incurred and so secured under each applicable Secured Debt
Document (including any Permitted Refinancing Indebtedness incurred to renew, refund, refinance,
replace or defease other Junior Lien Debt); provided that:

     (1) on or before the date on which any such Indebtedness contemplated by clause (b)
above is incurred by the Company, such Indebtedness is designated by the Company, in an
Officers’ Certificate delivered to each Junior Lien Representative, each Priority Lien
Representative and the Collateral Trustee, as “Junior Lien Debt” for the purposes of this
Indenture and the Collateral Trust Agreement; provided that no Series of Secured Debt may be
designated as both Junior Lien Debt and Priority Lien Debt;

     (2) any such Indebtedness contemplated by clause (b) above is governed by an indenture,
credit agreement or other agreement that includes a Lien Sharing and Priority Confirmation;
and

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

20

 

     “Junior Lien Documents” means, collectively, this Indenture and any indenture, credit
agreement or other agreement governing each Series of Junior Lien Debt and the security documents
related thereto.

     “Junior Lien Obligations” means Junior Lien Debt and all other Obligations in respect thereof,
together with Hedging Obligations that are secured, or intended to be secured, under the Junior
Lien Documents if the provider of such Hedging Obligations has agreed to be bound by the terms of
the Collateral Trust Agreement as a holder of Junior Lien Obligations or such provider’s interest
in the Collateral is subject to the terms of the Collateral Trust Agreement as a holder of Junior
Lien Obligations and if such Hedging Obligations are permitted to be incurred and so secured under
each applicable Secured Debt Document.

     “Junior Lien Representative” means the trustee, agent or representative of the holder of any
Series of Junior Lien Debt who maintains the transfer register for such Series of Junior Lien Debt
and (a) is appointed as a Junior Lien Representative (for purposes related to the administration of
the security documents) pursuant to the indenture, credit agreement or other agreement governing
such Series of Junior Lien Debt, together with its successors in such capacity and (b) has become a
party to the Collateral Trust Agreement by executing a joinder in the form required under the
Collateral Trust Agreement.

     “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City
of New York or at a place of payment are authorized by law, regulation or executive order to remain
closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such
payment for the intervening period.

     “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or similar encumbrance of any kind in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law (but excluding any lease or sublease pursuant to clauses
(13) or (14) of the definition of “Asset Sale”), including any conditional sale or other title
retention agreement, any option or other agreement to sell or give a security interest in and,
except in connection with any Qualified Receivables Transaction, any agreement to give any
financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

     “Lien Sharing and Priority Confirmation” means:

     (1) as to any future Series of Priority Lien Debt, the written agreement of the holders
of such Series of Priority Lien Debt, as set forth in the indenture, credit agreement or
other agreement governing such Series of Priority Lien Debt, for the benefit of all holders
of Secured Debt and each future Secured Debt Representative:

     (A) that all Priority Lien Obligations will be and are secured equally and
ratably by all Priority Liens at any time granted by the Company to secure any
Obligations in respect of such Series of Priority Lien Debt, whether or not upon
property otherwise constituting Collateral, and that all such Priority Liens will be
enforceable by the Collateral Trustee for the benefit of all holders of Priority
Lien Obligations;

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

21

 

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

     (2) as to any Series of Junior Lien Debt, the written agreement of the holders of such
Series of Junior Lien Debt, as set forth in the indenture, credit agreement or other
agreement governing such Series of Junior Lien Debt, for the benefit of all holders of
Secured Debt and each Secured Debt Representative:

     (A) that all Junior Lien Obligations will be and are secured equally and
ratably by all Junior Liens at any time granted by the Company to secure any
Obligations in respect of such Series of Junior Lien Debt, whether or not upon
property otherwise constituting collateral for such Series of Junior Lien Debt, and
that all such Junior Liens will be enforceable by the Collateral Trustee for the
benefit of all holders of Junior Lien Obligations;

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

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

     “Margin Stock” means as defined within Regulation U of the Board of Governors of the Federal
Reserve System of the United States.

     “Material Adverse Effect” means a material adverse effect on (a) the Collateral, taken as a
whole or (b) the Japan Routes.

     “Net Proceeds” means the aggregate cash proceeds and Cash Equivalents received by Parent or
any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any
cash or Cash Equivalents received in respect of or upon the sale or other disposition of any
Designated Noncash Consideration or other non-cash consideration received in any Asset Sale), net
of: (a) the direct costs and expenses relating to such Asset Sale and the sale or disposition of
such Designated Noncash Consideration, including, without limitation, legal, accounting and
investment banking fees, and sales commissions, and any relocation expenses incurred as a result of
the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case, after taking
into account any available tax credits or deductions and any tax sharing arrangements; (b) any
reserve for adjustment or indemnification obligations in respect of the sale price of such asset or
assets established in accordance with GAAP; (c) all payments made on any Indebtedness (other than
Secured Debt) that is secured by a Permitted Lien on the assets subject to such Asset Sale, in
accordance with the terms of any Lien upon such assets, or that must by its terms, or in order to
obtain a necessary consent to such Asset Sale, or by applicable law be repaid out of the proceeds
from such Asset Sale; (d) all distributions and other payments required to be made to minority
interest holders in Subsidiaries or joint ventures as a result of such Asset Sale; and (e) any
portion of the purchase price from an Asset Sale placed in escrow pursuant to the terms of such
Asset Sale (either as a reserve for adjustment of the purchase price, or for satisfaction of
indemnities in respect of such Asset Sale) until the termination of such escrow.

22

 

     “Non-Recourse Debt” means Indebtedness:

     (1) as to which neither Parent nor any of its Restricted Subsidiaries (A) provides
credit support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness) or (B) is directly or indirectly liable as a guarantor or
otherwise; and

     (2) as to which the holders of such Indebtedness do not otherwise have recourse to the
stock or assets of Parent or any of its Restricted Subsidiaries (other than the Equity
Interests of an Unrestricted Subsidiary).

     “Non-U.S. Person” means a Person who is not a U.S. Person.

     “Note Documents” means this Indenture, the Notes, the Note Guarantees, the Security Documents
and the Escrow and Security Agreement.

     “Note Guarantee” means the Guarantee by each Guarantor of the Company’s obligations under this
Indenture and the Notes, executed pursuant to the provisions of this Indenture.

     “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes
and the Additional Notes shall be treated as a single class for all purposes under this Indenture,
and unless the context otherwise requires, all references to the Notes shall include the Initial
Notes and any Additional Notes.

     “Obligations” means any principal (including reimbursement obligations with respect to letters
of credit whether or not drawn), interest (including all interest accrued thereon after the
commencement of any insolvency or liquidation proceeding at the rate, including any applicable
post-default rate, specified in the Secured Debt Documents, even if such interest is not
enforceable, allowable or allowed as a claim in such proceeding), premium (if any), fees,
indemnifications, reimbursements, expenses and other liabilities payable under the documentation
governing any Indebtedness.

     “Offering Memorandum” means the offering memorandum, dated as of January 11, 2010, prepared in
connection with the sale and distribution of the Notes.

     “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer,
any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person.

     “Officers’ Certificate” means a certificate signed on behalf of the Company or Parent by two
Officers of the Company or Parent, as applicable, that meets the requirements of Section 13.03
hereof.

     “OID Legend” means the legend set forth in Section 2.06(f)(3) hereof.

     “Opinion of Counsel” means a written opinion from legal counsel that meets the requirements of
Section 13.03 hereof. The counsel may be an employee of or counsel to Parent, any Subsidiary of
Parent or the Trustee.

     “Parent” means UAL Corporation, a Delaware corporation, and any and all successors pursuant to
Section 5.02 hereof.

     “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who
has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to
DTC, shall include Euroclear and Clearstream).

23

 

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

     “Permitted Investments” means:

     (1) any Investment in Parent or in a Restricted Subsidiary of Parent;

     (2) any Investment in cash, Cash Equivalents and any foreign equivalents;

     (3) any Investment by Parent or any Restricted Subsidiary of Parent in a Person, if as
a result of such Investment:

     (A) such Person becomes a Restricted Subsidiary of Parent; or

     (B) such Person, in one transaction or a series of related and substantially
concurrent transactions, is merged, consolidated or amalgamated with or into, or
transfers or conveys substantially all of its assets to, or is liquidated into,
Parent or a Restricted Subsidiary of Parent;

     (4) any Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with Section 4.10 hereof;

     (5) any acquisition of assets or Capital Stock in exchange for the issuance of
Qualifying Equity Interests;

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

     (7) Investments represented by Hedging Obligations;

     (8) loans or advances to officers, directors or employees made in the ordinary course
of business of Parent or any Restricted Subsidiary of Parent in an aggregate principal
amount not to exceed $7.0 million at any one time outstanding;

     (9) repurchases of the Notes;

     (10) any guarantee of Indebtedness permitted to be incurred pursuant to Section 4.09
hereof other than a guarantee of Indebtedness of an Affiliate of Parent that is not a
Restricted Subsidiary of Parent;

     (11) any Investment existing on, or made pursuant to binding commitments existing on,
the date of this Indenture and any Investment consisting of an extension, modification or
renewal of any Investment existing on, or made pursuant to a binding commitment existing on,
the date of this Indenture; provided that the amount of any such Investment may be increased
(A) as required by the terms of such Investment as in existence on the date of this
Indenture or (B) as otherwise permitted under this Indenture;

24

 

     (12) Investments acquired after the date of this Indenture as a result of the
acquisition by Parent or any Restricted Subsidiary of Parent of another Person, including by
way of a merger, amalgamation or consolidation with or into Parent or any of its Restricted
Subsidiaries in a transaction that is not prohibited by Section 5.01 hereof after the date
of this Indenture to the extent that such Investments were not made in contemplation of such
acquisition, merger, amalgamation or consolidation and were in existence on the date of such
acquisition, merger, amalgamation or consolidation;

     (13) the acquisition by a Receivables Subsidiary in connection with a Qualified
Receivables Transaction of Equity Interests of a trust or other Person established by such
Receivables Subsidiary to effect such Qualified Receivables Transaction and any other
Investment by Parent or a Subsidiary of Parent in a Receivables Subsidiary or any Investment
by a Receivables Subsidiary in any other Person in connection with a Qualified Receivables
Transaction;

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

     (15) Investments in connection with outsourcing initiatives in the ordinary course of
business;

     (16) Investments having an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value other than a
reduction for all returns of principal in cash and capital dividends in cash), when taken
together with all Investments made pursuant to this clause (16) that are at the time
outstanding, not to exceed $750.0 million at any one time outstanding in connection with (A)
travel or airline related businesses made in connection with marketing and promotion
agreements, alliance agreements, distribution agreements, agreements with respect to fuel
consortiums, agreements relating to flight training, agreements relating to insurance
arrangements, agreements relating to parts management systems and other similar agreements
or (B) joint ventures in existence on the date of this Indenture or formed thereafter; and

     (17) other Investments in any Person that do not involve properties or assets that
constitute Collateral, having an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value), when taken
together with all other Investments made pursuant to this clause (17) that are at the time
outstanding, not to exceed 3.0% of the total consolidated tangible assets of Parent and its
Restricted Subsidiaries at the time of such Investment.

     “Permitted Liens” means:

     (1) Priority Liens held by the Collateral Trustee securing (A) Priority Lien Debt in an
aggregate principal amount (as of the date of incurrence of any Priority Lien Debt and after
giving pro forma effect to the application of the net proceeds therefrom), not exceeding the
Priority Lien Cap and (B) all other Priority Lien Obligations;

     (2) Junior Liens held by the Collateral Trustee securing (A)(i) Junior Lien Debt
(including all Permitted Refinancing Indebtedness secured by a Junior Lien permitted by
clause (A)(ii) below and together with all Third Lien Debt at the time outstanding) in an
aggregate principal amount (as of the date of incurrence of any such Junior Lien Debt and
after giving pro forma effect to the application of the net proceeds therefrom), not
exceeding $300.0 million at any one time outstanding; provided that in no event may the
aggregate principal amount of Junior

25

 

Lien Debt secured by Junior Liens at any one time outstanding exceed the Junior Lien
Cap; and (ii) Permitted Refinancing Indebtedness the proceeds of which are applied to renew,
refund, extend, refinance, replace, defease or discharge any Junior Lien Debt or other
Junior Lien Obligations and (B) all other Junior Lien Obligations; provided, that all such
Junior Liens contemplated by this clause (2) are made junior to the Priority Lien
Obligations pursuant to the Collateral Trust Agreement;

     (3) Liens on Collateral securing (A)(i) Third Lien Debt (including all Permitted
Refinancing Indebtedness secured by a Lien permitted by clause (A)(ii) below and together
with all Junior Lien Debt at the time outstanding) in an aggregate principal amount (as of
the date of incurrence of any such Third Lien Debt and after giving pro forma effect to the
application of the net proceeds therefrom), not exceeding the Subordinated Lien Cap and (ii)
Permitted Refinancing Indebtedness the proceeds of which are applied to renew, refund,
refinance, extend, replace, defease or discharge any Third Lien Debt or other Third Lien
Obligations and (B) all other Third Lien Obligations;

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

     (5) Liens imposed by law, including carrier’s, warehousemen’s, landlord’s and
mechanics’ Liens, in each case, incurred in the ordinary course of business;

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

     (7) Liens created for the benefit of (or to secure) the Notes (or the Note Guarantees);

     (8) Liens on accounts receivables and related assets of the type specified in the
definition of “Qualified Receivables Transaction,” incurred in connection with a Qualified
Receivables Transaction;

     (9) (A) any overdrafts and related liabilities arising from treasury, netting,
depository and cash management services or in connection with any automated clearing house
transfers of funds, in each case as it relates to Cure Collateral, if any and (B) Liens
arising by operation of law or that are contractual rights of set-off in favor of the
depository bank or securities intermediary in respect of the Collateral Proceeds Account;

     (10) licenses, sublicenses, leases and subleases by the Company as they relate to Cure
Collateral and to the extent (A) such licenses, sublicenses, leases or subleases do not
interfere in any material respect with the business of Parent and its Restricted
Subsidiaries, taken as a whole, and in each case, such license, sublicense, lease or
sublease is to be subject to the Liens granted to the Collateral Trustee pursuant to the
Security Documents or (B) otherwise expressly permitted by the Security Documents;

     (11) easements (including, without limitation, reciprocal easement agreements and
utility agreements), rights-of-way, covenants, reservations, encroachments, land use
restrictions, encumbrances or other similar matters and title defects, in each case as they
relate to Real Property Assets, which (A) do not interfere materially with the ordinary
conduct of the business of the Company or its utilization of such property, (B) do not
materially detract from the value of

26

 

the property to which they attach or materially impair the use thereof to the Company
and (C) do not materially adversely affect the marketability of the applicable property;

     (12) salvage or similar rights of insurers, in each case as it relates to Cure
Collateral, if any;

     (13) Liens pursuant to the Credit Agreement and the Co-Branded Agreement that are
required to be released pursuant to the Escrow Conditions; provided that upon the Release
Date this clause (13) will no longer be applicable to the Notes and have no force and
effect; and

     (14) Liens incurred in the ordinary course of business of Parent or any Restricted
Subsidiary of Parent with respect to obligations that do not exceed $7.0 million at any one
time outstanding.

     “Permitted Refinancing Indebtedness” means any Indebtedness of Parent or any of its Restricted
Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund,
extend, refinance, replace, defease or discharge other Indebtedness of Parent or any of its
Restricted Subsidiaries (other than intercompany Indebtedness); provided that:

     (1) the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the original principal amount (or accreted value,
if applicable) of the Indebtedness renewed, refunded, extended, refinanced, replaced,
defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all
fees and expenses, including premiums, incurred in connection therewith);

     (2) if such Permitted Refinancing Indebtedness has a maturity date that is after the
maturity date of the Notes (with any amortization payment comprising such Permitted
Refinancing Indebtedness being treated as maturing on its amortization date), such Permitted
Refinancing Indebtedness has a Weighted Average Life to Maturity that is (A) equal to or
greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed,
refunded, extended, refinanced, replaced, defeased or discharged or (B) more than 90 days
after the final maturity date of the Notes;

     (3) if the Indebtedness being renewed, refunded, extended, refinanced, replaced,
defeased or discharged is subordinated in right of payment to the Notes, such Permitted
Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least
as favorable to the Holders of Notes as those contained in the documentation governing the
Indebtedness being renewed, refunded, extended, refinanced, replaced, defeased or
discharged;

     (4) no Restricted Subsidiary that is not a Guarantor shall be an obligor with respect
to such Permitted Refinancing Indebtedness unless such non-Guarantor Restricted Subsidiary
was an obligor with respect to the Indebtedness being renewed, refunded, extended,
refinanced, replaced, defeased or discharged; and

     (5) notwithstanding that the Indebtedness being renewed, refunded, refinanced,
extended, replaced, defeased or discharged may have been repaid or discharged by Parent or
any of its Restricted Subsidiaries prior to the date on which the new Indebtedness is
incurred, Indebtedness that otherwise satisfies the requirements of this definition may be
designated as Permitted Refinancing Indebtedness so long as such renewal, refunding,
refinancing, extension, replacement, defeasance or discharge occurred not more than 36
months prior to the date of such incurrence of Permitted Refinancing Indebtedness.

27

 

     “Person” means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or
other entity.

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

     “Priority Lien Cap” means $500.0 million (plus the aggregate amount of accrued interest and
the amount of all fees and expenses, including premiums, paid or incurred in connection with any
refunding, replacement or other refinancing of Priority Lien Debt with the proceeds of other
Priority Lien Debt that was permitted to be incurred under the Senior Secured Indenture), minus the
aggregate amount of all Net Proceeds of any Sale of Collateral applied by the Company since the
date of the Senior Secured Indenture to repay or redeem the Senior Secured Notes due 2013 or any
Priority Lien Debt under a Credit Facility that is term Indebtedness or to repay other Priority
Lien Debt or to repay Priority Lien Debt under a Credit Facility that is revolving credit
Indebtedness and effect a corresponding commitment reduction thereunder pursuant to Section 4.10
hereof, and minus the principal amount of any Permitted Refinancing Indebtedness not constituting
Priority Lien Debt the proceeds of which are applied to refinance, refund, repay, redeem, defease
or otherwise acquire or retire for value any Priority Lien Debt.

     “Priority Lien Debt” means:

     (1) the Senior Secured Notes due 2013; and

     (2) additional notes issued under any indenture (including the Senior Secured
Indenture) or other Indebtedness (including letters of credit and reimbursement obligations
with respect thereto but excluding Hedging Obligations) of the Company that is secured
equally and ratably with the Senior Secured Notes due 2013 on a priority basis by a Priority
Lien that is permitted to be incurred and so secured under each applicable Secured Debt
Document; provided, in the case of any Indebtedness referred to in this clause (2), that:

     (A) on or before the date on which such future Indebtedness is incurred by the
Company, such Indebtedness is designated by the Company, in an Officers’ Certificate
delivered to each Priority Lien Representative and the Collateral Trustee, as
“Priority Lien Debt” for purposes of the Secured Debt Documents; provided that no
Series of Secured Debt may be designated as both Junior Lien Debt and Priority Lien
Debt;

     (B) the Priority Lien Representative for such Indebtedness executes a joinder
in the form required under the Collateral Trust Agreement and such Indebtedness is
governed by a credit agreement or other agreement that includes a Lien Sharing and
Priority Confirmation;

     (C) all requirements set forth in the Collateral Trust Agreement as to the
confirmation, grant or perfection of the Collateral Trustee’s Priority Lien to
secure such Indebtedness or Obligations in respect thereof are satisfied (and the
satisfaction of such requirements and the other provisions of this clause (C) will
be conclusively established if the Company delivers to the Collateral Trustee an
Officers’ Certificate stating that such requirements and other provisions have been
satisfied and that such Indebtedness is “Priority Lien Debt”); and

28

 

     (D) such Indebtedness (i) matures after the final maturity date of the Senior
Secured Notes due 2013 and (ii) has a Weighted Average Life to Maturity greater than
the Weighted Average Life to Maturity of the Senior Secured Notes due 2013.

     For the avoidance of doubt, Banking Product Obligations and Hedging Obligations do not
constitute Priority Lien Debt, but may constitute Priority Lien Obligations.

     “Priority Lien Debt Value Ratio” means, as of any date of determination, the ratio of (a) the
Appraised Value of the Collateral as of that date to (b) the aggregate principal amount of Priority
Lien Debt outstanding as of that date (with letters of credit being deemed to have a principal
amount equal to the maximum potential liability of Parent and its Restricted Subsidiaries
thereunder). In the case of an Asset Sale after the Release Date that constitutes a Sale of
Collateral (as described in Section 4.10 hereof), the pro forma Priority Lien Debt Value Ratio, as
calculated under Section 4.10 hereof will be deemed solely for purposes of the provisions described
in Section 4.10 hereof) to be greater than 1.5 to 1.0 in the event that there is no Priority Lien
Debt outstanding at the time of such Asset Sale.

     “Priority Lien Documents” means the Senior Secured Indenture, any other Credit Facility
pursuant to which any Priority Lien Debt is incurred, any Hedge Agreement pursuant to which any
Hedging Obligations constituting Priority Lien Obligations are incurred, any agreement pursuant to
which any Banking Product Obligations constituting Priority Lien Obligations are incurred and the
Security Documents.

     “Priority Lien Obligations” means the Priority Lien Debt and all other Obligations in respect
of Priority Lien Debt, together with the sum of (a) Hedging Obligations evidenced by a Hedge
Agreement that includes a Lien Sharing and Priority Confirmation and meets all of the other
requirements of the Collateral Trust Agreement to be Priority Lien Obligations and that have been
designated as “Priority Lien Obligations” in an Officers’ Certificate delivered to the Collateral
Trustee on the date on which the Hedge Agreement relating to such Hedging Obligation was entered
into (1) having an aggregate “settlement amount” (or similar term) (as defined in the applicable
Hedge Agreement relating to Priority Lien Obligations consisting of a Hedging Obligation) or (2),
with respect to any such Hedge Agreement that has been terminated in accordance with its terms, the
amount then due and payable (exclusive of expenses and similar payments but including any
termination payments then due) under such Hedge Agreement, under all Hedge Agreements relating to
Priority Lien Obligations consisting of Hedging Obligations, minus the aggregate amount of all Net
Proceeds of any Sale of Collateral applied by the Company since the date of the Senior Secured
Indenture to repay any Hedging Obligations pursuant to the terms of the Priority Lien Documents
under which such Hedging Obligations are secured or intended to be secured; provided that the
“settlement amount” (or similar term) as of the last Business Day of the month preceding any date
of determination shall be calculated by the appropriate swap counterparties and reported to the
Collateral Trustee upon request plus (b) Banking Product Obligations of the Company that are
evidenced by an agreement that includes a Lien Sharing and Priority Confirmation and meets all of
the other requirements of the Collateral Trust Agreement to be Priority Lien Obligations and that
have been designated as “Priority Lien Obligations” in an Officers’ Certificate delivered to the
Collateral Trustee on the date on which the agreement relating to such Banking Product Obligation
was entered into, in an aggregate amount not to exceed, together with the amounts referred to in
clause (a) above, $15.0 million.

     “Priority Lien Representative” means (a) in the case of the Senior Secured Notes due 2013, the
trustee under the Senior Secured Indenture or (b) in the case of any other Series of Priority Lien
Debt, the trustee, agent or representative of the Holders of such Series of Priority Lien Debt who
maintains the transfer register for such Series of Priority Lien Debt and is appointed as a
representative of the Priority

29

 

Lien Debt (for purposes related to the administration of the security documents) pursuant to
the credit agreement or other agreement governing such Series of Priority Lien Debt.

     “Private Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to be
placed on all Notes issued under this Indenture except where otherwise permitted by the provisions
of this Indenture.

     “QEC Kits” means the quick engine change kits of the Company.

     “QIB” means a “qualified institutional buyer” as defined in Rule 144A.

     “Qualified Receivables Transaction” means any transaction or series of transactions entered
into by Parent or any of its Subsidiaries pursuant to which Parent or any of its Subsidiaries
sells, conveys or otherwise transfers to (a) a Receivables Subsidiary or any other Person (in the
case of a transfer by Parent or any of its Subsidiaries) and (b) any other Person (in the case of a
transfer by a Receivables Subsidiary), or grants a security interest in, any accounts receivable
(whether now existing or arising in the future) of Parent or any of its Subsidiaries, and any
assets related thereto including, without limitation, all Equity Interests and other investments in
the Receivables Subsidiary, all collateral securing such accounts receivable, all contracts and all
guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts
receivable and other assets which are customarily transferred or in respect of which security
interests are customarily granted in connection with asset securitization transactions involving
accounts receivable, other than assets that constitute Collateral or proceeds of Collateral.

     “Qualified Replacement Assets” means any aircraft, spare engines, Asian Pacific Routes, Asian
Pacific Slots or Asian Pacific Gate Leaseholds (a) which the Company owns or in which the Company
has any rights or the power to transfer rights, (b) in which the Company pledges such ownership
interests or rights as Collateral under the Security Documents to secure Secured Debt Obligations
and (c) which are subject to a perfected Secured Debt Lien in favor of the Collateral Trustee for
the benefit of the holders of the Secured Debt Obligations subject only to Permitted Liens,
pursuant to arrangements reasonably satisfactory to the Collateral Trustee.

     “Qualifying Equity Interests” means Equity Interests of Parent other than Disqualified Stock.

     “Real Estate Mortgages” means, collectively, each mortgage granted pursuant to the terms of
this Indenture, as the same may be amended, restated, modified, supplemented, extended or amended
and restated from time to time.

     “Real Property Assets” means those certain parcels of real property owned in fee by the
Company and located at (a) 1200 Algonquin Road, Elk Grove Village, Illinois 60007 and (b) the
Denver Training Facility and together with, in each case, all buildings, improvements, facilities,
appurtenant fixtures and equipment, easements and other property and rights incidental or
appurtenant to the ownership of such parcel of real property (as each such real property is more
particularly described in the applicable Real Estate Mortgage) (including, without limitation, all
collateral described in the applicable Real Estate Mortgage) and, from time to time, all collateral
identified in a Real Estate Mortgage granted pursuant to the terms of this Indenture and designated
as Cure Collateral in accordance with Sections 4.20 and 4.21 hereof.

     “Receivables Subsidiary” means a Subsidiary of Parent which engages in no activities other
than in connection with the financing of accounts receivable and which is designated by the Board
of Directors of Parent (as provided below) as a Receivables Subsidiary (a) no portion of the
Indebtedness or any other Obligations (contingent or otherwise) of which (1) is guaranteed by
Parent or any Restricted Subsidiary of

30

 

Parent (other than comprising a pledge of the Capital Stock or other interests in such
Receivables Subsidiary (an “incidental pledge”), and excluding any guarantees of Obligations (other
than the principal of, and interest on, Indebtedness) pursuant to representations, warranties,
covenants and indemnities entered into in the ordinary course of business in connection with a
Qualified Receivables Transaction), (2) is recourse to or obligates Parent or any Restricted
Subsidiary of Parent in any way other than through an incidental pledge pursuant to
representations, warranties, covenants and indemnities entered into in the ordinary course of
business in connection with a Qualified Receivables Transaction or (3) subjects any property or
asset of Parent or any Subsidiary of Parent (other than accounts receivable and related assets as
provided in the definition of “Qualified Receivables Transaction”), directly or indirectly,
contingently or otherwise, to the satisfaction thereof, other than pursuant to representations,
warranties, covenants and indemnities entered into in the ordinary course of business in connection
with a Qualified Receivables Transaction, (b) with which neither Parent nor any Subsidiary of
Parent has any material contract, agreement, arrangement or understanding (other than pursuant to
the Qualified Receivables Transaction) other than on terms no less favorable to Parent or such
Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of
Parent, other than fees payable in the ordinary course of business in connection with servicing
accounts receivable and (c) with which neither Parent nor any Subsidiary of Parent has any
obligation to maintain or preserve such Subsidiary’s financial condition, other than a minimum
capitalization in customary amounts, or cause such Subsidiary to achieve certain levels of
operating results. Any such designation by the Board of Directors of Parent will be evidenced to
the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors
of Parent giving effect to such designation and an Officers’ Certificate certifying that such
designation complied with the foregoing conditions.

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

     “Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of
and registered in the name of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation S.

     “Release Date” has the meaning set forth in the Collateral Trust Agreement.

     “Responsible Officer” when used with respect to the Trustee, means any officer within the
Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer
of the Trustee customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject.

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

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

     “Restricted Investment” means an Investment other than a Permitted Investment.

     “Restricted Period” means the 40-day distribution compliance period as defined in Regulation
S.

     “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary.

31

 

     “Route” means the authority the Company now holds, or hereafter acquires from the DOT pursuant
to Title 49 or other applicable law, to operate scheduled foreign air transportation of persons,
property and mail, including applicable designations, frequencies, certificates, Fifth-Freedom
Rights and “behind and beyond rights,” in each case whether or not utilized by the Company.

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

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

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

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

     “SEC” means the Securities and Exchange Commission.

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

     “Sale of Collateral” means any Asset Sale to the extent involving a sale, lease or other
disposition of Japan Slots or Japan Gate Leaseholds or any property or asset that constitutes
Collateral. For the avoidance of doubt, the Company will not sell, lease, convey, transfer or
otherwise dispose of the Japan Routes.

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

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

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

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

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

     “Secured Debt Value Ratio” means, as of any date of determination, the ratio of (1) the
Appraised Value of the Collateral as of that date to (2) the aggregate principal amount of Secured
Debt outstanding as of that date (with letters of credit being deemed to have a principal amount
equal to the maximum potential liability of Parent and its Restricted Subsidiaries thereunder).

     “Secured Parties” means the holders of Secured Debt Obligations and the Secured Debt
Representatives.

     “Security Documents” means the Collateral Trust Agreement, each Lien Sharing and Priority
Confirmation, and all security agreements, pledge agreements, collateral assignments, mortgages,
deeds of trust, collateral agency agreements, control agreements or other grants or transfers for
security executed and delivered by the Company creating (or purporting to create) a Lien upon
Collateral in favor of the Collateral Trustee, for the benefit of the Secured Parties, in each
case, as amended, amended and restated, modified, renewed, restated or replaced, in whole or in
part, from time to time, in accordance with its terms and Section 7.1 of the Collateral Trust
Agreement; provided, that the Escrow and Security Agreement shall not be deemed a “Security
Document.”

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     “Senior Secured Indenture” means the indenture, dated as of the date of this Indenture, among
United, the Guarantors, The Bank of New York Mellon Trust Company, N.A., as trustee, and Wilmington
Trust FSB, as collateral trustee, governing the Senior Secured Notes due 2013, as amended, amended
and restated, modified, renewed, restated or replaced, in whole or in part.

     “Senior Secured Notes due 2013” means $500.0 million in aggregate principal amount of United’s
9.875% Senior Secured Notes due 2013.

     “Senior Secured Notes Escrow and Security Agreement” means that certain escrow and security
agreement, dated as of the date of the Senior Secured Indenture, among United, The Bank of New York
Mellon Trust Company, N.A., as trustee, and The Bank of New York Mellon Trust Company, N.A., as
escrow agent, for the sole benefit of the holders of the Senior Secured Notes due 2013, as such
agreement may be amended, amended and restated, adjusted, supplemented or otherwise modified from
time to time.

     “Series of Junior Lien Debt” means, severally, the Notes and each issue or series of Junior
Lien Debt for which a single transfer register is maintained and any other Indebtedness under any
other indenture or Credit Facility that constitutes Junior Lien Obligations.

     “Series of Priority Lien Debt” means, severally, the Senior Secured Notes due 2013, any
additional notes or other indebtedness under any other indenture or Credit Facility that
constitutes Priority Lien Obligations.

     “Series of Secured Debt” means, severally, each Series of Junior Lien Debt and each Series of
Priority Lien Debt.

     “Significant Subsidiary” means any Restricted Subsidiary that would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such Regulation is in effect on the date of this Indenture.

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

     “Special Interest” means additional interest on all outstanding Notes in an amount equal to
2.0% per annum of the principal amount of such Notes, payable as described (a) in clause (4)(B)(i)
of Section 4.10(a) hereof and (b) in Section 4.20 hereof; provided that in no event will the
aggregate amount of Special Interest payable at any one time pursuant to clauses (a) and (b) above
together exceed 2.0% per annum of the principal amount of such Notes. For the avoidance of doubt,
Special Interest payable pursuant to clauses (a) and (b) above are independent obligations governed
by separate provisions of this Indenture and the termination of the obligation to pay Special
Interest under one such provision does not automatically terminate the obligation to pay Special
Interest under the other provision. Special Interest payable pursuant to clauses (a) or (b) above
will be calculated and paid in the same manner as regular interest is calculated and paid under
this Indenture and all references to payments of interest will be deemed to include Special
Interest, if applicable.

33

 

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

     “Stated Maturity” means, with respect to any installment of interest or principal on any
series of Indebtedness, the date on which the payment of interest or principal was scheduled to be
paid in the documentation governing such Indebtedness as of the date of this Indenture, and will
not include any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.

     “Subordinated Lien Cap” means as of any date of determination, the aggregate amount of Junior
Lien Debt and/or Third Lien Debt that may be incurred by the Company such that, after giving pro
forma effect to such incurrence and the application of the net proceeds therefrom the Total
Appraised Value Ratio would be no less than 1.0 to 1.0.

     “Subsidiary” means, with respect to any specified Person:

     (1) any corporation, association or other business entity (other than a partnership,
joint venture or limited liability company) of which more than 50% of the total voting power
of shares of Capital Stock entitled (without regard to the occurrence of any contingency and
after giving effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) to vote in the election of directors, managers or trustees of the
corporation, association or other business entity is at the time of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries
of that Person (or a combination thereof); and

     (2) any partnership, joint venture or limited liability company of which (A) more than
50% of the capital accounts, distribution rights, total equity and voting interests or
general and limited partnership interests, as applicable, are owned or controlled, directly
or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a
combination thereof, whether in the form of membership, general, special or limited
partnership interests or otherwise and (B) such Person or any Subsidiary of such Person is a
controlling general partner or otherwise controls such entity.

     “Third Lien Debt” means Indebtedness secured by Liens on Collateral that are subordinated to
Priority Lien Obligations and Junior Lien Obligations on terms that are substantially identical (as
conclusively determined in good faith by an Officer of the Company and evidenced in an Officers’
Certificate delivered to the Trustee) to the subordination provisions applicable to Junior Lien
Obligations set forth in the Collateral Trust Agreement as of the date of this Indenture that
subordinate the Junior Lien Obligations to the Priority Lien Obligations.

     “Third Lien Obligations” means all Obligations in respect of Third Lien Debt, including
Hedging Obligations that are secured, or intended by the Company to be secured, by a Lien on
Collateral that is pari passu with the Lien securing Third Lien Debt, including subordination to
Priority Lien Obligations and Junior Lien Obligations on terms that are substantially identical (as
conclusively determined in good faith by an officer of the Company and evidenced in an Officers’
Certificate delivered to the Trustee) to the subordination provisions applicable to Junior Lien
Obligations set forth in the Collateral Trust Agreement as of the date of this Indenture.

34

 

     “Title 14” means Title 14 of the U.S. Code of Federal Regulations, including Part 93, Subparts
K and S thereof, as amended from time to time or any successor or recodified regulation.

     “Title 49” means Title 49 of the U.S. Code, which, among other things, recodified and replaced
the U.S. Federal Aviation Act of 1958, and the rules and regulations promulgated pursuant thereto
or any subsequent legislation that amends, supplements or supersedes such provisions.

     “Total Appraised Value Ratio” means, as of any date of determination, the ratio of (a) the
Appraised Value of the Collateral as of that date to (b) the aggregate principal amount of Secured
Debt and Third Lien Debt outstanding as of that date (with letters of credit being deemed to have a
principal amount equal to the maximum potential liability of Parent and its Restricted Subsidiaries
thereunder), excluding Hedging Obligations.

     “Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption
date of U.S. Treasury securities with a constant maturity (as compiled and published in the most
recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least
two Business Days prior to the redemption date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly equal to the period
from the redemption date to February 1, 2012; provided, however, that if the period from the
redemption date to February 1, 2012 is less than one year, the weekly average yield on actually
traded U.S. Treasury securities adjusted to a constant maturity of one year will be used.

     “Trustee” means The Bank of New York Mellon Trust Company, N.A. until a successor replaces it
in accordance with the applicable provisions of this Indenture and thereafter means the successor
serving hereunder.

     “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in
any applicable jurisdiction.

     “United States Citizen” means a Person meeting the definition set forth in Section
40102(a)(15) of Title 49, as such term has been interpreted by the DOT.

     “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required
to bear the Private Placement Legend.

     “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear
the Private Placement Legend.

     “Unrestricted Subsidiary” means any Subsidiary of Parent (except the Company) that is
designated by the Board of Directors of Parent as an Unrestricted Subsidiary in compliance with
Section 4.18 hereof pursuant to a resolution of the Board of Directors, but only to the extent that
such Subsidiary:

     (1) has no Indebtedness other than Non-Recourse Debt;

     (2) except as permitted by Section 4.11 hereof, is not party to any agreement,
contract, arrangement or understanding with Parent or any Restricted Subsidiary of Parent
unless the terms of any such agreement, contract, arrangement or understanding are no less
favorable to Parent or such Restricted Subsidiary than those that might be obtained at the
time from Persons who are not Affiliates of Parent;

35

 

     (3) is a Person with respect to which neither Parent nor any of its Restricted
Subsidiaries has any direct or indirect obligation (A) to subscribe for additional Equity
Interests or (B) to maintain or preserve such Person’s financial condition or to cause such
Person to achieve any specified levels of operating results; and

     (4) has not guaranteed or otherwise directly or indirectly provided credit support for
any Indebtedness of Parent or any of its Restricted Subsidiaries.

     “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities
Act.

     “Use or Lose Rule” means, with respect to Slots, any applicable utilization requirements
issued by the FAA, other Governmental Authorities, any Foreign Aviation Authorities or any Airport
Authorities, including the terms of Section 93.227 of Title 14 to the extent applicable.

     “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person
that is at the time entitled to vote in the election of the Board of Directors of such Person.

     “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the
number of years obtained by dividing:

     (1) the sum of the products obtained by multiplying (A) the amount of each then
remaining installment, sinking fund, serial maturity or other required payments of
principal, including payment at final maturity, in respect of the Indebtedness, by (B) the
number of years (calculated to the nearest one-twelfth) that will elapse between such date
and the making of such payment; by

     (2) the then outstanding principal amount of such Indebtedness.

Section 1.02 Other Definitions.

	 	 	 	 	 
	 	 	Defined in
	Term	 	Section
	“Affiliate Transaction”
	 	 	4.11	 
	“Asset Sale Offer”
	 	 	4.10	 
	“Authentication Order”
	 	 	2.02	 
	“Calculation Date”
	 	 	1.01	 
	“Change of Control Offer”
	 	 	4.15	 
	“Change of Control Payment”
	 	 	4.15	 
	“Change of Control Payment Date”
	 	 	4.15	 
	“Collateral Proceeds Account”
	 	 	4.10	 
	“Consideration Remainder”
	 	 	4.10	 
	“Covenant Defeasance”
	 	 	8.03	 
	“disposition”
	 	 	1.01	 
	“DTC”
	 	 	2.03	 
	“Event of Default”
	 	 	6.01	 
	“Excess Proceeds”
	 	 	4.10	 
	“incur”
	 	 	4.09	 
	“Legal Defeasance”
	 	 	8.02	 
	“Offer Amount”
	 	 	3.10	 
	“Offer Period”
	 	 	3.10	 

36

 

	 	 	 	 	 
	 	 	Defined in
	Term	 	Section
	“Other Offer Notes”
	 	 	4.10	 
	“Paying Agent”
	 	 	2.03	 
	“Permitted Debt”
	 	 	4.09	 
	“Permitted Person”
	 	 	1.01	 
	“Priority Lien Debt Officers’ Certificate”
	 	 	4.20	 
	“Purchase Date”
	 	 	3.10	 
	“Reference Date”
	 	 	4.20	 
	“Registrar”
	 	 	2.03	 
	“Restricted Payments”
	 	 	4.07	 
	“Sale of Collateral Consideration”
	 	 	4.10	 
	“Sale of Collateral Offer”
	 	 	4.10	 
	“Secured Debt Officers’ Certificate”
	 	 	4.20	 
	“Special Scheduled Maturity Date”
	 	 	3.09	 
	“Special Scheduled Maturity Date Price”
	 	 	3.09	 

Section 1.03 Rules of Construction.

     Unless the context otherwise requires:

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

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

     (3) “or” is not exclusive;

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

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

     (6) provisions apply to successive events and transactions;

     (7) “including” means including without limitation; and

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

ARTICLE 2

THE NOTES

Section 2.01 Form and Dating.

     (a) General. The Notes and the Trustee’s certificate of authentication will be substantially
in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by
law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The
Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

37

 

     The terms and provisions contained in the Notes will constitute, and are hereby expressly
made, a part of this Indenture and the Company, the Guarantors, the Trustee and the Collateral
Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any provision of any Note conflicts
with the express provisions of this Indenture, the provisions of this Indenture shall govern and be
controlling.

     (b) Global Notes. Global Notes will be substantially in the form of Exhibit A hereto
(including the Global Note Legend set forth in Section 2.06(f) hereof and the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). Definitive Notes will be
substantially in the form of Exhibit A hereto (but without the Global Note Legend and without the
“Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will
represent such of the outstanding Notes as will be specified therein and each shall provide that it
represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon
and that the aggregate principal amount of outstanding Notes represented thereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby will be made by the Trustee or the
Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder
thereof as required by Section 2.06 hereof.

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

Section 2.02 Execution and Authentication.

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

     If an Officer whose signature is on a Note no longer holds that office at the time a Note is
authenticated, the Note will nevertheless be valid.

     A Note will not be valid until authenticated by the manual signature of the Trustee. The
signature will be conclusive evidence that the Note has been authenticated under this Indenture.

     The Trustee will, upon receipt of a written order of the Company signed by an Officer (an
“Authentication Order”), authenticate Notes for original issue that may be validly issued under
this Indenture, including any Additional Notes issued on or after the Release Date pursuant to
Section 2.14 hereof. The aggregate principal amount of Notes outstanding at any time may not
exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to
one or more Authentication Orders, except as provided in Section 2.07 hereof.

     In authenticating the Notes, the Trustee shall receive, and subject to Section 7.01 hereof
will be fully protected in relying upon, an Opinion of Counsel stating that this Indenture and such
Notes and Note Guarantees, when authenticated and delivered by the Trustee and issued by the
Company and the Guarantors in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and binding obligations of the Company and the Guarantors
enforceable in accordance with their terms (except as the enforceability thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium, or other laws relating to or affecting
creditors’ rights and by general principles of equity, and subject to customary assumptions).

38

 

     The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Notes. Unless otherwise provided in the appointment, an authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent has the same rights as an
Agent to deal with Holders of Notes or an Affiliate of the Company.

Section 2.03 Registrar and Paying Agent.

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

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

     The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act
as Custodian with respect to the Global Notes.

Section 2.04 Paying Agent to Hold Money in Trust.

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

Section 2.05 Holder Lists.

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

39

 

Section 2.06 Transfer and Exchange.

     (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a
whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the
Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. All Global Notes may be exchanged
by the Company for Definitive Notes if:

     (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it is no longer a clearing agency
registered under the Exchange Act and, in either case, a successor Depositary is not
appointed by the Company within 120 days after the date of such notice from the Depositary;

     (2) the Company in its sole discretion determines that the Global Notes (in whole but
not in part) should be exchanged for Definitive Notes and delivers a written notice to such
effect to the Trustee; or

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

     Upon the occurrence of any of the preceding events in clauses (1), (2) or (3) of this Section
2.06(a), Definitive Notes may be issued in such names as the Depositary shall instruct the Trustee.
Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07
and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global
Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be
authenticated and delivered in the form of, and shall be, a Global Note.

     (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes will be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers of beneficial
interests in the Global Notes also will require compliance with either subparagraph (1) or (2)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

     (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in
any Restricted Global Note may be transferred to Persons who take delivery thereof in the
form of a beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend; provided, however, that
prior to the expiration of the Restricted Period, transfers of beneficial interests in the
Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a
U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted
Global Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note.

     (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to
Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the
Registrar either:

40

 

     (A) both:

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

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

     (B) upon the occurrence of any of the events in clauses (1), (2) or (3) of
Section 2.06(a) hereof, both:

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

     (ii) instructions given by the Depositary to the Registrar containing
information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in clause (1)
above;

     Upon satisfaction of all of the requirements for transfer or exchange of beneficial
interests in Global Notes contained in this Indenture and the Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of the relevant
Global Note(s) pursuant to Section 2.06(g) hereof.

     (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes delivery
thereof in the form of a beneficial interest in another Restricted Global Note if the
transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar
receives the following:

     (A) if the transferee will take delivery in the form of a beneficial interest
in the 144A Global Note, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (1) thereof; and

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

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

     (A) the Registrar receives the following:

     (i) if the holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a beneficial interest
in an

41

 

Unrestricted Global Note, a certificate from such holder in the form of
Exhibit C hereto, including the certifications in item (1)(a) thereof; or

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

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

     If any such transfer is effected pursuant to subparagraph (A) above at a time when an
Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to subparagraph (A) above.

     Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to
Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global
Note.

     (c) Transfer or Exchange of Beneficial Interests for Definitive Notes.

     (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes.
Upon the occurrence of any of the events in clauses (1), (2) or (3) of Section 2.06(a)
hereof, then, upon receipt by the Registrar of the following documentation:

     (A) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note, a
certificate from such holder in the form of Exhibit C hereto, including the
certifications in item (2)(a) thereof;

     (B) if such beneficial interest is being transferred to a QIB in accordance
with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (1) thereof;

     (C) if such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (2)
thereof;

     (D) if such beneficial interest is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule
144, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(a) thereof;

     (E) if such beneficial interest is being transferred to an Institutional
Accredited Investor in reliance on an exemption from the registration requirements
of the

42

 

Securities Act other than those listed in subparagraphs (B) through (D) above,
a certificate to the effect set forth in Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if
applicable; or

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

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

     (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.
Upon the occurrence of any of the events in clauses (1), (2) or (3) of Section 2.06(a)
hereof, a holder of a beneficial interest in a Restricted Global Note may exchange such
beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive
Note only if:

     (A) the Registrar receives the following:

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

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

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

     (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.
Upon the occurrence of any of the events in clauses (1), (2) or (3) of Section 2.06(a)
hereof, if any holder of a beneficial interest in an Unrestricted Global Note proposes to
exchange such beneficial interest for a Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon
satisfaction of the

43

 

conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section
2.06(g) hereof, and the Company will execute and the Trustee will authenticate and deliver
to the Person designated in the instructions a Definitive Note in the appropriate principal
amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(3) will be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest requests through
instructions to the Registrar from or through the Depositary and the Participant or Indirect
Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names
such Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend.

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

     (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If
any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial
interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a
Person who takes delivery thereof in the form of a beneficial interest in a Restricted
Global Note, then, upon receipt by the Registrar of the following documentation:

     (A) if the Holder of such Restricted Definitive Note proposes to exchange such
Note for a beneficial interest in a Restricted Global Note, a certificate from such
Holder in the form of Exhibit C hereto, including the certifications in item (2)(b)
thereof;

     (B) if such Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (1) thereof;

     (C) if such Restricted Definitive Note is being transferred to a Non-U.S.
Person in an offshore transaction in accordance with Rule 903 or Rule 904, a
certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (2) thereof;

     (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance
with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in
item 

(3)(a) thereof;

     (E) if such Restricted Definitive Note is being transferred to an Institutional
Accredited Investor in reliance on an exemption from the registration requirements
of the Securities Act other than those listed in subparagraphs (B) through (D)
above, a certificate to the effect set forth in Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if
applicable; or

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

the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased
the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the 144A Global Note and in the
case of clause (C) above, the Regulation S Global Note.

44

 

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

     (A) the Registrar receives the following:

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

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

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

     Upon satisfaction of the conditions of any of the subparagraphs in this Section
2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Note.

     (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.
A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial
interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will
cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the
aggregate principal amount of one of the Unrestricted Global Notes.

     If any such exchange or transfer from a Definitive Note to a beneficial interest is
effected pursuant to subparagraphs (2)(A) or (3) above at a time when an Unrestricted Global
Note has not yet been issued, the Company will issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred.

     (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon the occurrence of
any of the events in clauses (1), (2) or (3) of Section 2.06(a) hereof, then, upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section
2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such
registration of transfer or exchange, the requesting Holder must present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in
form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized
in writing. In addition, the requesting Holder

45

 

must provide any additional certifications, documents and information, as applicable, required
pursuant to the following provisions of this Section 2.06(e).

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

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

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

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

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

     (A) the Registrar receives the following:

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

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

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

     (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of
Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof
in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such
a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof.

46

 

     (f) Legends. The following legends will appear on the face of all Global Notes and Definitive
Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions
of this Indenture.

     (1) Private Placement Legend.

     (A) Each Global Note and each Definitive Note (and all Notes issued in exchange
therefor or substitution thereof) shall bear the legend in substantially the
following form:

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS
ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE
“RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: SIX MONTHS] [IN THE
CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST
DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY), ONLY(A) TO THE ISSUER, (B) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT
PURCHASES FOR ITS ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO OFFERS AND SALES
THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
(D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (C) OR (D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST
OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.”

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

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR
ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO
ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4)

47

 

THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

     (3) Original Issue Discount Legend. Each Note will bear a legend in substantially the
following form:

“THIS SECURITY HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX
PURPOSES (“OID”). THE ISSUE PRICE, THE AMOUNT OF OID, THE ISSUE DATE AND THE YIELD TO MATURITY MAY
BE OBTAINED BY CONTACTING THE VICE PRESIDENT AND TREASURER, UNITED AIR LINES, INC., 77 WEST WACKER
DRIVE, CHICAGO, ILLINOIS 60601, TELEPHONE (312) 997-8000.”

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

     (h) General Provisions Relating to Transfers and Exchanges.

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

     (2) No service charge will be made to a Holder of a beneficial interest in a Global
Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any transfer tax or similar

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governmental charge payable in connection therewith (other than any such transfer taxes
or similar governmental charge or notation payable upon exchange, transfer or notation
pursuant to Sections 2.10, 3.06, 3.10, 4.10, 4.15 and 9.04 hereof).

     (3) The Registrar will not be required to register the transfer of or exchange of any
Note selected for redemption in whole or in part, except the unredeemed portion of any Note
being redeemed in part.

     (4) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes will be the valid obligations of the Company
and the Guarantors, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of
transfer or exchange.

     (5) Neither the Registrar nor the Company will be required:

     (A) to issue, to register the transfer of or to exchange any Notes during a
period beginning at the opening of business 15 days before the day of any selection
of Notes for redemption under Section 3.02 hereof and ending at the close of
business on the day of selection;

     (B) to register the transfer of or to exchange any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in
part; or

     (C) to register the transfer of or to exchange a Note between a record date and
the next succeeding interest payment date.

     (6) Prior to due presentment for the registration of a transfer of any Note, the
Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and interest on such Notes and for all other purposes, and none of the Trustee,
any Agent or the Company shall be affected by notice to the contrary.

     (7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with
the provisions of Section 2.02 hereof.

     (8) All certifications, certificates and Opinions of Counsel required to be submitted
to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or
exchange may be submitted by facsimile.

Section 2.07 Replacement Notes.

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

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

Section 2.08 Outstanding Notes.

     The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation, those reductions in the interest in a
Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does
not cease to be outstanding because the Company or an Affiliate of the Company holds the Note;
however, Notes held by Parent or a Subsidiary of Parent shall not be deemed to be outstanding for
purposes of Section 3.07(b) hereof.

     If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser.

     If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to
be outstanding and interest on it ceases to accrue.

     If the Paying Agent (other than Parent, a Subsidiary or an Affiliate of any thereof) holds, on
a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and
after that date such Notes will be deemed to be no longer outstanding and will cease to accrue
interest.

Section 2.09 Treasury Notes.

     In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company, any Guarantor or any Affiliate of the
Company or any Guarantor will be disregarded, except that for the purposes of determining whether
the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that
the Trustee actually knows are so owned will be so disregarded.

Section 2.10 Temporary Notes.

     Until certificates representing Notes are ready for delivery, the Company may prepare and the
Trustee will authenticate temporary Notes. Temporary Notes will be substantially in the form of
certificated Notes but may have variations that the Company considers appropriate for temporary
Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company
will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes.

     Until such exchange, Holders of temporary Notes will be entitled to all of the rights,
benefits and privileges of this Indenture.

Section 2.11 Cancellation.

     The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and
Paying Agent will forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or
the Paying Agent, and no one else, will cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and at the written direction of the Company will
dispose of canceled Notes in accordance with its then existing procedures therefor (subject to the
record retention requirement of the Exchange Act). Certification of such disposal of all canceled
Notes will be delivered to the Company

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upon request. The Company may not issue new Notes to replace Notes that it has paid or that
have been delivered to the Trustee for cancellation.

Section 2.12 Defaulted Interest.

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

Section 2.13 CUSIP Numbers.

     The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if
so, the Trustee shall use “CUSIP” numbers in notice issued under this Indenture, including but not
limited to notices of redemption, as a convenience to Holders; provided that any such notice may
state that no representation is made as to the correctness of such numbers either as printed on the
Notes or as contained in any notice of redemption or other notice and that reliance may be placed
only on the other elements of identification printed on the Notes, and any such redemption or
effect of other such notice shall not be affected by any defect in or omission of such numbers.

Section 2.14 Issuance of Additional Notes.

     After the date of this Indenture, the Company shall be entitled to issue Additional Notes
under this Indenture. All the Notes issued under this Indenture shall be treated as a single class
for all purposes of this Indenture including waivers, amendments, redemptions and offers to
purchase.

     With respect to any Additional Notes, the Company shall set forth in a resolution of the Board
of Directors and an Officers’ Certificate, a copy of each which shall be delivered to the Trustee,
the following information:

     (a) the aggregate principal amount of such Additional Notes to be authenticated and
delivered pursuant to this Indenture; and

     (b) the issue price, the issue date and the CUSIP number of such Additional Notes;
provided, however, that no Additional Notes may be issued at a price that would cause such
Additional Notes to have “original issue discount” within the meaning of Section 1273 of the
Internal Revenue Code of 1986, as amended.

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ARTICLE 3

REDEMPTION AND PREPAYMENT

Section 3.01 Notices to Trustee.

     If the Company elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.07 hereof, it must furnish to the Trustee, at least 30 days but not more than 60 days
before a redemption date, an Officers’ Certificate setting forth:

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

     (2) the redemption date;

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

     (4) the redemption price.

     If the redemption price is not known at the time such notice is to be given, the actual
redemption price, calculated as described in the terms of the Notes to be redeemed, will be set
forth in an Officers’ Certificate of the Company delivered to the Trustee no later than two
Business Days prior to the redemption date.

Section 3.02 Selection of Notes to Be Redeemed or Purchased.

     If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any
time, and the Notes are not Global Notes, the Trustee will select Notes for redemption or purchase
on a pro rata basis (or, in the case of Global Notes, the Trustee will select Notes for redemption
based on DTC’s method that most nearly approximates a pro rata selection), unless otherwise
required by law or applicable stock exchange or depositary requirements.

     In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or
purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60
days prior to the redemption or purchase date by the Trustee from the outstanding Notes not
previously called for redemption or purchase.

     The Trustee will promptly notify the Company in writing of the Notes selected for redemption
or purchase and, in the case of any Note selected for partial redemption or purchase, the principal
amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in
amounts of $2,000 or integral multiples of $1,000 in excess thereof; except that if all of the
Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by
such Holder, even if not $2,000 or a multiple of $1,000 in excess thereof, shall be redeemed or
purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply
to Notes called for redemption or purchase also apply to portions of Notes called for redemption or
purchase.

Section 3.03 Notice of Redemption.

     Subject to the provisions of Section 3.10 hereof, at least 30 days but not more than 60 days
before a redemption date, the Company will mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Notes are to be redeemed at its registered address,
except that redemption notices may be mailed more than 60 days prior to a redemption date if the
notice is issued in

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connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture
pursuant to Articles 8 or 11 hereof.

     The notice will identify the Notes to be redeemed and will state:

     (1) the redemption date;

     (2) the redemption price;

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

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

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

     (6) that, unless the Company defaults in making such redemption payment, interest on
Notes called for redemption ceases to accrue on and after the redemption date;

     (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and

     (8) that no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Notes.

     At the Company’s request, the Trustee will give the notice of redemption in the Company’s name
and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45
days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided in the preceding
paragraph.

Section 3.04 Effect of Notice of Redemption.

     Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for
redemption become irrevocably due and payable on the redemption date at the redemption price. A
notice of redemption may not be conditional.

Section 3.05 Deposit of Redemption or Purchase Price.

     On or prior to 11:00 a.m. Eastern Time on the redemption or purchase date, the Company will
deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or
purchase price of and accrued interest and Special Interest, if any, on all Notes to be redeemed or
purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any
money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts
necessary to pay the redemption or purchase price of, and accrued interest and Special Interest, if
any, on, all Notes to be redeemed or purchased.

     If the Company complies with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes
called for

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redemption or purchase. If a Note is redeemed or purchased on or after an interest record
date but on or prior to the related interest payment date, then any accrued and unpaid interest
shall be paid to the Person in whose name such Note was registered at the close of business on such
record date. If any Note called for redemption or purchase is not so paid upon surrender for
redemption or purchase because of the failure of the Company to comply with the preceding
paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date
until such principal is paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.

Section 3.06 Notes Redeemed or Purchased in Part.

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

Section 3.07 Optional Redemption.

     (a) Except as described in this Section 3.07, the Notes will not be redeemable at the
Company’s option prior to February 1, 2012.

     (b) At any time prior to February 1, 2012, the Company may on any one or more occasions redeem
up to 35% of the aggregate principal amount of Notes issued under this Indenture, subject to the
provisions of Section 3.03 hereof, at a redemption price equal to 112.000% of the aggregate
principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, to the
date of redemption (subject to the rights of the Holders of Notes on the relevant record date to
receive interest on the relevant interest payment date), with the net cash proceeds of an Equity
Offering by the Company; provided that:

     (1) at least 50% of the aggregate principal amount of Notes originally issued under
this Indenture (excluding Notes held by Parent and its Subsidiaries) remains outstanding
immediately after the occurrence of such redemption; and

     (2) the redemption occurs within 90 days of the closing of such Equity Offering.

     (c) At any time prior to February 1, 2012, the Company may on any one or more occasions redeem
all or a part of the Notes, subject to the provisions of Section 3.03 hereof, at a redemption price
equal to 100% of the principal amount of Notes redeemed, plus the Applicable Premium as of, and
accrued and unpaid interest and Special Interest, if any, to the date of redemption, subject to the
rights of Holders of Notes on the relevant record date to receive interest due on the relevant
interest payment date.

     (d) On or after February 1, 2012, the Company may on any one or more occasions redeem all or a
part of the Notes, subject to the provisions of Section 3.03 hereof, at the redemption prices
(expressed as percentages of principal amount on the date of redemption), plus accrued and unpaid
interest and Special Interest, if any, on the Notes redeemed to the applicable date of redemption,
if redeemed during the 12-month period beginning on February 1 of the years set forth below,
subject to the rights of Holders of Notes on the relevant record date to receive interest on the
relevant interest payment date:

	 	 	 	 	 
	Period	 	Percentage
	2012
	 	 	109.000	%
	2013 and thereafter
	 	 	100.000	%

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     Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date.

     (e) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof.

Section 3.08 Mandatory Redemption.

     Except as described in Section 3.09 hereof, the Company is not required to make mandatory
redemption, sinking fund or other scheduled payments of principal with respect to the Notes.
However, the Company may be required to offer to purchase the Notes as described in Sections 4.10
and 4.15 hereof. The Company or its Affiliates may at any time and from time to time purchase
Notes in the open market or otherwise.

Section 3.09 Special Scheduled Maturity Date.

     (a) The Escrow Property, in an aggregate amount of $209,000,000, representing the net proceeds
from the issuance and sale of the Notes of $185,986,000 together with $23,014,000 contributed by
the Company, will be held by the Trustee, in its capacity as Escrow Agent, in the Escrow Account
pursuant to the Escrow and Security Agreement. The Escrow Property will be invested as provided in
the Escrow and Security Agreement.

     (b) In addition to any payments required by Sections 4.10 and 4.15 hereof, if the Escrow
Conditions have not been satisfied on or prior to the 120th day following the date of this
Indenture, the Company will repurchase all of the outstanding Notes on or prior to the 135th day
following the date of this Indenture (the “Special Scheduled Maturity Date”), upon not less than 10
days’ notice and pursuant to the terms of the Escrow and Security Agreement, at a price equal to
100% of the aggregate principal amount of the Notes, plus accrued and unpaid interest to, but not
including, the Special Scheduled Maturity Date (the “Special Scheduled Maturity Date Price”).

     (c) Immediately upon receipt by the Paying Agent of the Escrow Property, the Trustee will
notify the Holders of the date fixed for the Special Scheduled Maturity Date pursuant to this
Section 3.09.

     (d) Other than as specifically provided in this Section 3.09 (including, without limitation,
the requirement to provide not less than 10 days’ prior notice), any Special Scheduled Maturity
Date repurchase pursuant to this Section 3.09 will be made pursuant to the provisions of Section
3.01 through 3.05 hereof.

Section 3.10 Offer to Purchase by Application of Excess Proceeds or Sale of Collateral
Consideration.

     In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an
Asset Sale Offer or a Sale of Collateral Offer, it will follow the procedures specified below.

     The Asset Sale Offer or Sale of Collateral Offer shall be made to all Holders of Notes and, in
the case of an Asset Sale Offer, all holders of Other Offer Notes; provided that, in the case of an
Asset Sale Offer, the percentage of such Excess Proceeds allocated and offered to the Notes in such
Asset Sale Offer is at least equal to the percentage of the aggregate principal amount of all
Priority Lien Debt represented at such time by the Notes.

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     The Asset Sale Offer or Sale of Collateral Offer will remain open for a period of at least 20
Business Days following its commencement and not more than 30 Business Days, except to the extent
that a longer period is required by applicable law (the “Offer Period”). No later than five
Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will
apply all Excess Proceeds (in the case of an Asset Sale) or Sale of Collateral Consideration (in
the case of a Sale of Collateral) (in each case, the “Offer Amount”) to the purchase of Notes and
Other Offer Notes (in the case of an Asset Sale) (on a pro rata basis, if applicable) or, if less
than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to
the Asset Sale Offer or all Notes tendered in response to the Sale of Collateral Offer. Payment
for any Notes so purchased will be made in the same manner as interest payments are made.

     If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, any accrued and unpaid interest and Special Interest, if any, will be paid
to the Person in whose name a Note is registered at the close of business on such record date, and
no additional interest will be payable to Holders of Notes who tender Notes pursuant to the Asset
Sale Offer or Sale of Collateral Offer, as applicable.

     Upon the commencement of an Asset Sale Offer or Sale of Collateral Offer, the Company will
send, by first class mail, a notice to the Trustee and each of the Holders of Notes, with a copy to
the Trustee. The notice will contain all instructions and materials necessary to enable such
Holders to tender Notes pursuant to the Asset Sale Offer or Sale of Collateral Offer, as
applicable. The notice, which will govern the terms of the Asset Sale Offer or Sale of Collateral
Offer, as applicable, will state:

     (1) that the Asset Sale Offer or Sale of Collateral Offer, as applicable, is being made
pursuant to this Section 3.10 and Section 4.10 hereof and the length of time the Asset Sale
Offer or Sale of Collateral Offer, as applicable, will remain open;

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

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

     (4) that, unless the Company defaults in making such payment, any Note accepted for
payment pursuant to the Asset Sale Offer or Sale of Collateral Offer, as applicable, will
cease to accrue interest and Special Interest, if any, after the Purchase Date;

     (5) that Holders of Notes electing to have a Note purchased pursuant to an Asset Sale
Offer or Sale of Collateral Offer, as applicable, may elect to have Notes purchased in
denominations of $2,000, or an integral multiple of $1,000 in excess thereof only;

     (6) that Holders of Notes electing to have Notes purchased pursuant to any Asset Sale
Offer or Sale of Collateral Offer, as applicable, will be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed,
or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the
Company, or a Paying Agent at the address specified in the notice at least three days before
the Purchase Date;

     (7) that Holders of Notes will be entitled to withdraw their election if the Company,
the Depositary or the Paying Agent, as the case may be, receives, not later than the
expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting
forth the name of the Holder, the principal amount of the Note the Holder delivered for
purchase and a statement that such Holder is withdrawing his election to have such Note
purchased;

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     (8) that, if the aggregate principal amount of Notes and other pari passu Indebtedness
(in the case of an Asset Sale Offer) surrendered by holders thereof exceeds the Offer
Amount, the Trustee will select the Notes and other pari passu Indebtedness (in the case of
an Asset Sale Offer) to be purchased on a pro rata basis based on the principal amount of
Notes and such other pari passu Indebtedness (in the case of an Asset Sale Offer)
surrendered (with such adjustments as may be deemed appropriate by the Company so that only
Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will
be purchased); and

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

     On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on
a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered
pursuant to the Asset Sale Offer or Sale of Collateral Offer, as applicable, or if less than the
Offer Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered to
the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such
Notes or portions thereof were accepted for payment by the Company in accordance with the terms of
this Section 3.10. The Company, the Depositary or the Paying Agent, as the case may be, will
promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and
accepted by the Company for purchase, and the Company will promptly issue a new Note, and the
Trustee, upon written request from the Company, will authenticate and mail or deliver (or cause to
be transferred by book entry) such new Note to such Holder, in a principal amount equal to any
unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or
delivered by the Company to the Holder thereof. The Company will publicly announce the results of
the Asset Sale Offer or Sale of Collateral Offer, as applicable, on the Purchase Date.

     Other than as specifically provided in this Section 3.10, any purchase pursuant to this
Section 3.10 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

ARTICLE 4

COVENANTS

Section 4.01 Payment of Notes.

     The Company will pay or cause to be paid the principal of, premium, if any, and interest and
Special Interest, if any, on, the Notes on the dates and in the manner provided in the Notes and in
this Indenture. Principal, premium, if any, and interest and Special Interest, if any, will be
considered paid on the date due if the Paying Agent, if other than Parent or a Subsidiary thereof,
holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Company in immediately
available funds and designated for and sufficient to pay all principal, premium, if any, and
interest and Special Interest, if any, then due.

     The Company will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then
applicable interest rate on the Notes to the extent lawful; it will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Special Interest, if any, (without regard to any applicable grace period) at the same
rate to the extent lawful.

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Section 4.02 Maintenance of Office or Agency.

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

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

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

Section 4.03 Reports.

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

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

     (2) quarterly reports of Parent containing substantially all of the information that
would have been required to be contained in a Quarterly Report on Form 10-Q under the
Exchange Act if Parent had been a reporting company under the Exchange Act (but only to the
extent similar information is included in the Offering Memorandum), including
(A) “Management’s discussion and analysis of financial condition and results of operations”
and (B) the unaudited quarterly financial statements prepared in accordance with GAAP and
reviewed pursuant to Statement on Auditing Standards No. 100 (or any successor provision);
and

     (3) current reports containing substantially all of the information that would have
been required to be contained in a Current Report on Form 8-K under the Exchange Act if
Parent had been a reporting company under the Exchange Act; provided, however, that no such
current report will be required to be furnished if (A) Parent determines in its good faith
judgment that such event is not material to Holders of Notes or the business, assets,
operations, financial positions or prospects of Parent and its Restricted Subsidiaries,
taken as a whole or (B) a failure to furnish such current report would not result in Parent
losing its Form S-3 filing eligibility.

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     Notwithstanding the foregoing, in no event will Parent be required by this Section 4.03 to
(i) comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307
and 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to
any non-GAAP financial measures contained therein) or Regulation G, (ii) include the separate
financial information for Guarantors contemplated by Rule 3-10 of Regulation S-X promulgated by the
SEC or (iii) provide any additional information in respect of Item 402 of Regulation S-K beyond
information of the type included in the Offering Memorandum.

     Parent’s reporting obligations under the first paragraph of subparagraph (a) of this Section
4.03 will be satisfied if Parent timely files such reports with the SEC on EDGAR.

     (b) Within 10 Business Days after any Appraisal is required to be delivered pursuant to
Section 4.19 hereof, the Company will furnish to the Trustee a summary of each such Appraisal
(which summary will be made publicly available) and will post the complete Appraisal on a private,
restricted website to which Holders of Notes, prospective investors, broker-dealers and securities
analysts are given access, subject to such individuals agreeing to confidentiality obligations
reasonably acceptable to the Company for securities law purposes.

     (c) So long as any Notes are outstanding, if at any time Parent is not required to file with
the SEC the reports required by the preceding subparagraph (a) of this Section 4.03, Parent will
also:

     (1) issue a press release to an internationally recognized wire service no fewer than
three Business Days prior to the first public disclosure of the reports required by the
preceding subparagraphs (a) and (b) of this Section 4.03 announcing the date on which such
reports will become publicly available and directing Holders of Notes, prospective
investors, broker-dealers and securities analysts to contact the investor relations office
of Parent to obtain copies of such reports; and

     (2) maintain a website to which Holders of Notes, prospective investors, broker-dealers
and securities analysts are given access and to which all of the reports and press releases
required by this Section 4.03 are posted.

     (d) The Company will furnish to Holders of Notes, prospective investors, broker-dealers and
securities analysts, upon their request, any information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act so long as the Notes constitute “restricted securities” under
Rule 144.

     (e) Delivery of reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including
compliance by the Company or any Guarantor with any of their covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates).

Section 4.04 Compliance Certificate.

     (a) The Company will deliver to the Trustee, within 90 days after the end of each fiscal year,
an Officers’ Certificate stating that a review of the activities of Parent and its Subsidiaries
during the preceding fiscal year has been made under the supervision of the signing Officers with a
view to determining whether the Company and the Guarantors have kept, observed, performed and
fulfilled their obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to his or her knowledge, the Company and the Guarantors are not in
default in the performance or observance of any of the terms, provisions and conditions of this
Indenture (or, if a Default or Event of

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Default has occurred, describing all such Defaults or Events of Default of which he or she may
have knowledge and what action the Company and the Guarantors are taking or propose to take with
respect thereto) and that to his or her knowledge no event has occurred and remains in existence by
reason of which payments on account of the principal of, and premium, if any, or interest and
Special Interest, if any, on the Notes is prohibited or if such event has occurred, a description
of the event and what action the Company and the Guarantors are taking or propose to take with
respect thereto.

     (b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee,
within 10 Business Days of any Officer becoming aware of any Default or Event of Default, an
Officers’ Certificate specifying such Default or Event of Default and what action Parent and its
Subsidiaries are taking or propose to take with respect thereto.

Section 4.05 Taxes.

     Parent will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all
material taxes, assessments, and governmental levies before the same shall become more than 90 days
delinquent except such as are contested in good faith and by appropriate proceedings or where the
failure to effect such payment would not reasonably be expected to have a material adverse effect
on Parent.

Section 4.06 Stay, Extension and Usury Laws.

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

Section 4.07 Restricted Payments.

     (a) Parent will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly:

     (1) declare or pay any dividend or make any other payment or distribution on account of
Parent’s or any of its Restricted Subsidiaries’ Equity Interests (including, without
limitation, any payment in connection with any merger or consolidation involving Parent or
any of its Restricted Subsidiaries) or to the direct or indirect holders of Parent’s or any
of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than
(A) dividends, distributions or payments payable in Qualifying Equity Interests or in the
case of preferred stock of Parent, an increase in the liquidation value thereof and
(B) dividends, distributions or payments payable to Parent or a Restricted Subsidiary of
Parent);

     (2) purchase, redeem or otherwise acquire or retire for value (including, without
limitation, in connection with any merger or consolidation involving Parent) any Equity
Interests of Parent or any direct or indirect parent of Parent;

     (3) make any payment on or with respect to, or purchase, redeem, defease or otherwise
acquire or retire for value (collectively for purposes of this clause (3), a “purchase”) any
Indebtedness of the Company or any Guarantor that is contractually subordinated to the

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Notes or to any Note Guarantee (excluding any intercompany Indebtedness between or
among Parent and any of its Restricted Subsidiaries), except any scheduled payment of
interest and any purchase within one year of the Stated Maturity thereof; or

     (4) make any Restricted Investment,

(all such payments and other actions set forth in these clauses (1) through (4) above being
collectively referred to as “Restricted Payments”),

unless, at the time of and after giving effect to such Restricted Payment:

     (1) no Default or Event of Default has occurred and is continuing;

     (2) Parent would, at the time of such Restricted Payment and after giving pro forma
effect thereto as if such Restricted Payment had been made at the beginning of the
applicable four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a)
hereof; and

     (3) such Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by Parent and its Restricted Subsidiaries since the date of this Indenture
(excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (8), (9),
(10), (11), (12), (13), (14) and (15) of Section 4.07(b) hereof), is less than the sum,
without duplication, of:

     (A) 50% of the Consolidated Net Income of Parent for the period (taken as one
accounting period) from the beginning of the first fiscal quarter commencing prior
to the date of this Indenture to the end of Parent’s most recently ended fiscal
quarter for which internal financial statements are available at the time of such
Restricted Payment (or, if such Consolidated Net Income for such period is a
deficit, less 100% of such deficit); plus

     (B) 100% of the aggregate net cash proceeds and the Fair Market Value of
non-cash consideration received by Parent since the date of this Indenture as a
contribution to its common equity capital or from the issue or sale of Qualifying
Equity Interests or from the issue or sale of convertible or exchangeable
Disqualified Stock of Parent or convertible or exchangeable debt securities of
Parent, in each case that have been converted into or exchanged for Qualifying
Equity Interests (other than Qualifying Equity Interests and convertible or
exchangeable Disqualified Stock or debt securities sold to a Subsidiary of Parent
and excluding Excluded Contributions); plus

     (C) to the extent that any Restricted Investment that was made after the date
of this Indenture is (i) sold for cash or otherwise cancelled, liquidated or repaid
for cash or (ii) made in an entity that subsequently becomes a Restricted Subsidiary
of Parent, the initial amount of such Restricted Investment (or, if less, the amount
of cash received upon repayment or sale); plus

     (D) to the extent that any Unrestricted Subsidiary of Parent designated as such
after the date of this Indenture is redesignated as a Restricted Subsidiary after
the date of the Indenture, the lesser of (i) the Fair Market Value of Parent’s
Restricted Investment in such Subsidiary as of the date of such redesignation or
(ii) such Fair

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Market Value as of the date on which such Subsidiary was originally designated
as an Unrestricted Subsidiary after the date of this Indenture; plus

     (E) 100% of any dividends received in cash by Parent or a Restricted Subsidiary
of Parent after the date of this Indenture from an Unrestricted Subsidiary of
Parent, to the extent that such dividends were not otherwise included in the
Consolidated Net Income of Parent for such period.

     (b) The provisions of Section 4.07(a) hereof will not prohibit:

     (1) the payment of any dividend or distribution or the consummation of any irrevocable
redemption within 60 days after the date of declaration of the dividend or distribution or
giving of the redemption notice, as the case may be, if at the date of declaration or
notice, the dividend or redemption payment would have complied with the provisions of this
Indenture;

     (2) the making of any Restricted Payment in exchange for, or out of or with the net
cash proceeds of the substantially concurrent sale (other than to a Subsidiary of Parent)
of, Qualifying Equity Interests or from the substantially concurrent contribution of common
equity capital to Parent; provided that the amount of any such net cash proceeds that are
utilized for any such Restricted Payment will not be considered to be net proceeds of
Qualifying Equity Interests for purposes of clause (a)(3)(B) of Section 4.07 hereof and will
not be considered to be Excluded Contributions;

     (3) the payment of any dividend (or, in the case of any partnership or limited
liability company, any similar distribution), distribution or payment by a Restricted
Subsidiary of Parent to the holders of its Equity Interests on a pro rata basis;

     (4) the repurchase, redemption, defeasance or other acquisition or retirement for value
of Indebtedness of the Company or any Guarantor that is contractually subordinated to the
Notes or to any Note Guarantee with the net cash proceeds from an incurrence of Permitted
Refinancing Indebtedness;

     (5) the repurchase, redemption, acquisition or retirement for value of any Equity
Interests of Parent or any Restricted Subsidiary of Parent held by any current or former
officer, director, consultant or employee (or their estates or beneficiaries of their
estates) of Parent or any of its Restricted Subsidiaries pursuant to any management equity
plan or equity subscription agreement, stock option agreement, shareholders’ agreement or
similar agreement; provided that the aggregate price paid for all such repurchased,
redeemed, acquired or retired Equity Interests may not exceed $10.0 million in any 12-month
period (except to the extent such repurchase, redemption, acquisition or retirement is in
connection with the acquisition of a Permitted Business or merger, consolidation or
amalgamation otherwise permitted by this Indenture and in such case the aggregate price paid
by Parent and its Restricted Subsidiaries may not exceed $50.0 million in connection with
such acquisition of a Permitted Business or merger, consolidation or amalgamation); provided
further that Parent or any of its Restricted Subsidiaries may carry over and make in
subsequent 12-month periods, in addition to the amounts permitted for such 12-month period,
up to $5.0 million of unutilized capacity under this clause (5) attributable to the
immediately preceding twelve-month period;

     (6) the repurchase of Equity Interests or other securities deemed to occur upon (A) the
exercise of stock options, warrants or other securities convertible or exchangeable into
Equity Interests or any other securities, to the extent such Equity Interests or other
securities

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

     (7) so long as no Default or Event of Default has occurred and is continuing, the
declaration and payment of regularly scheduled or accrued dividends, distributions or
payments to holders of any class or series of Disqualified Stock of Parent or any preferred
stock of any Restricted Subsidiary of Parent issued on or after the date of this Indenture
in accordance with Section 4.09 hereof;

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

     (9) the declaration and payment of dividends to holders of any class or series of
Disqualified Stock of Parent or any Disqualified Stock or preferred stock of any Restricted
Subsidiary to the extent such dividends are included in the definition of “Fixed Charges”
for such Person;

     (10) in the event of a Change of Control, and if no Default shall have occurred and be
continuing, the payment, purchase, redemption, defeasance or other acquisition or retirement
of any subordinated Obligations of the Company or Parent, in each case, at a purchase price
not greater than 101% of the principal amount of such subordinated Obligations, plus any
accrued and unpaid interest thereon; provided, however, that prior to such payment,
purchase, redemption, defeasance or other acquisition or retirement, the Company (or a third
party to the extent permitted by this Indenture) has made a Change of Control Offer with
respect to the Notes as a result of such change of control and has repurchased all Notes
validly tendered and not withdrawn in connection with such Change of Control Offer;

     (11) Restricted Payments made with Excluded Contributions;

     (12) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or
Indebtedness owed to, Parent or any of its Restricted Subsidiaries by any Unrestricted
Subsidiary;

     (13) the distribution or dividend of assets or Capital Stock of any Person in
connection with any full or partial “spin-off” of a Subsidiary or similar transactions;
provided that Parent would, on the date of such distribution after giving pro forma effect
thereto as if the same had occurred at the beginning of the applicable four-quarter period,
be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in Section 4.09(a) hereof; provided further that the assets
distributed or dividended do not include, directly or indirectly, any Japan Routes, Japan
Slots, Japan Gate Leaseholds or any property or asset that constitutes Collateral;

     (14) the distribution or dividend of assets or Capital Stock of any Person in
connection with any full or partial “spin-off” of a Subsidiary or similar transactions
having an aggregate Fair Market Value not to exceed $500.0 million since the date of this
Indenture; provided that the assets distributed or dividended do not include, directly or
indirectly, any Japan

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Routes, Japan Slots, Japan Gate Leaseholds or any property or asset that constitutes
Collateral; and

     (15) so long as no Default or Event of Default has occurred and is continuing, other
Restricted Payments in an aggregate amount not to exceed $250.0 million since the date of
this Indenture.

     The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the
date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued
by Parent or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.
The Fair Market Value of any assets or securities that are required to be valued by this Section
4.07 will be determined by the Board of Directors of Parent whose resolution with respect thereto
will be delivered to the Trustee.

     For purposes of determining compliance with this Section 4.07, in the event that a proposed
Restricted Payment (or portion thereof) meets the criteria of more than one of the categories of
Restricted Payments described in clauses (1) through (15) of subparagraph (b) of this Section 4.07,
or is entitled to be made pursuant to subparagraph (a) of this Section 4.07, Parent will be
entitled to classify or later reclassify such Restricted Payment (or portion thereof) on the date
of its payment in any manner that complies with this Section 4.07.

Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries.

     (a) Parent will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, create or permit to exist or become effective any consensual encumbrance or restriction
on the ability of any Restricted Subsidiary to:

     (1) pay dividends or make any other distributions on its Capital Stock to Parent or any
of its Restricted Subsidiaries or with respect to any other interest or participation in, or
measured by, its profits, or pay any indebtedness owed to Parent or any of its Restricted
Subsidiaries;

     (2) make loans or advances to Parent or any of its Restricted Subsidiaries; or

     (3) sell, lease or transfer any of its properties or assets to Parent or any of its
Restricted Subsidiaries.

     (b) The restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions
existing under or by reason of:

     (1) agreements (A) governing Existing Indebtedness, Credit Facilities, Priority Lien
Obligations and any other Junior Lien Obligations, in each case as in effect on (or required
by agreements in effect on) the date of this Indenture or (B) in effect on the date of this
Indenture;

     (2) this Indenture, the Note Guarantees, the Security Documents, the Escrow and
Security Agreement and the Senior Secured Lien Escrow and Security Agreement;

     (3) agreements governing other Indebtedness or shares of preferred stock permitted to
be incurred or issued under the provisions of Section 4.09 hereof; provided that if such
Restricted Subsidiary incurring or issuing such Indebtedness or shares of preferred stock is
not a Guarantor, the restrictions therein are either (in each case, as determined in good
faith by a senior financial officer of Parent) (A) not materially more restrictive, taken as
a whole, than those

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contained in this Indenture, the Notes and the Note Guarantees or (B)(i) customary for
instruments of such type and (ii) will not materially adversely impact the ability of the
Company to make required principal and interest payments on the Notes;

     (4) applicable law, rule, regulation or order;

     (5) any instrument governing Indebtedness or Capital Stock of a Person acquired by
Parent or any of its Restricted Subsidiaries (including by way of merger, consolidation or
amalgamation of Parent or any of its Restricted Subsidiaries) as in effect at the time of
such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in
connection with or in contemplation of such acquisition), which encumbrance or restriction
is not applicable to any Person, or the properties or assets of any Person, other than the
Person, or the property or assets of the Person, so acquired; provided that, in the case of
Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;

     (6) customary provisions in contracts, licenses, leases and asset sale agreements
entered into in the ordinary course of business;

     (7) purchase money obligations for property acquired in the ordinary course of business
and Capital Lease Obligations that impose restrictions on the property (or proceeds thereof)
purchased or leased of the nature described in clause (3) of Section 4.08(a) hereof;

     (8) any contract or agreement for the sale or other disposition of a Restricted
Subsidiary that restricts distributions, asset sales or loans by that Restricted Subsidiary
pending its sale or other disposition;

     (9) Permitted Refinancing Indebtedness; provided that such amendment, modification,
restatement, renewal, extension, increase, supplement, refunding, replacement or refinancing
is, in the good faith judgment of a senior financial officer of Parent, taken together as a
whole, not materially more restrictive with respect to such dividend and other payment
restrictions than those contained in (A) the dividend or other payment restrictions prior to
such amendment, modification, restatement, renewal, extension, increase, supplement,
refunding, replacement or refinancing or (B) this Indenture;

     (10) Liens permitted to be incurred under the provisions of Section 4.12 hereof that
limit the right of the debtor to dispose of the assets subject to such Liens;

     (11) provisions limiting the disposition or distribution of assets or property or loans
or advances in joint venture agreements, asset sale agreements, sale-leaseback agreements,
stock sale agreements and other similar agreements (including agreements entered into in
connection with a Restricted Investment) entered into with the approval of Parent’s Board of
Directors, which limitation is applicable only to the assets or the joint venture entity, as
applicable, that are the subject of such agreements or otherwise in the ordinary course of
business;

     (12) restrictions on cash or other deposits or net worth imposed by customers under
contracts entered into in the ordinary course of business;

     (13) any instrument or agreement entered into in connection with any full or partial
“spin-off” or similar transactions;

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     (14) any encumbrance or restriction of the type referred to in clauses (1), (2) and (3)
of Section 4.08(a) imposed by any amendments, modifications, restatements, renewals,
extensions, increases, supplements, refundings, replacements or refinancings of the
contracts, instruments or obligations referred to in clauses (1) through (13) of this
Section 4.08(b); provided that such amendment, modification, restatement, renewal,
extension, increase, supplement, refunding, replacement or refinancing is, in the good faith
judgment of a senior financial officer of Parent, taken together as a whole, not materially
more restrictive with respect to such dividend and other payment restrictions than those
contained in (A) the dividend or other payment restrictions prior to such amendment,
modification, restatement, renewal, extension, increase, supplement, refunding, replacement
or refinancing or (B) this Indenture; and

     (15) any encumbrance or restriction existing under or by reason of Indebtedness or
other contractual requirements of a Receivables Subsidiary or any Standard Securitization
Undertaking, in each case, in connection with a Qualified Receivables Transaction; provided
that such restrictions apply only to such Receivables Subsidiary.

Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock.

     (a) Parent will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly
liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness
(including Acquired Debt), and Parent will not issue any Disqualified Stock and will not permit any
of its Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that
Parent’s Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) or issue
preferred stock, and Parent may incur Indebtedness (including Acquired Debt) or issue Disqualified
Stock, if the Fixed Charge Coverage Ratio for Parent’s most recently ended four full fiscal
quarters for which internal financial statements are available immediately preceding the date on
which such additional Indebtedness is incurred or such Disqualified Stock or such preferred stock
is issued, as the case may be, would have been at least 1.2 to 1.0, determined on a pro forma basis
(including a pro forma application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred or the Disqualified Stock or the preferred stock had been issued, as
the case may be, at the beginning of such four-quarter period.

     (b) The provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of the
following items of Indebtedness (collectively, “Permitted Debt”):

     (1) the incurrence by the Company and any Guarantor of Priority Lien Debt (including
the Senior Secured Notes due 2013 issued on the date of this Indenture), and any Permitted
Refinancing Indebtedness that does not constitute Priority Lien Debt and that is incurred to
renew, refund, refinance, replace, defease, extend or discharge any other Indebtedness
incurred pursuant to this clause (1), in an aggregate principal amount at any one time
outstanding under this clause (1) (with letters of credit being deemed to have a principal
amount equal to the maximum potential liability of the Company and any Guarantor thereunder
and including all other Priority Lien Debt that will be outstanding after such incurrence
and the application of the proceeds therefrom), not to exceed the Priority Lien Cap;

     (2) the incurrence by Parent and its Restricted Subsidiaries of the Existing
Indebtedness and any Indebtedness that is incurred pursuant to a commitment in existence as
of date of this Indenture, including notes issuable under the indenture dated as of
February 1, 2006, among Parent, the Company and The Bank of New York Trust Company, N.A.,
providing for the issuance of 8% Contingent Notes;

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     (3) the incurrence by the Company and any Guarantor of (A) Indebtedness and letters of
credit (and reimbursement obligations with respect thereto) under Credit Facilities in an
aggregate principal amount at any one time outstanding under this clause (3) (with letters
of credit being deemed to have a principal amount equal to the maximum potential liability
of Parent and its Restricted Subsidiaries thereunder) not to exceed $1.75 billion and (B)
Indebtedness and letters of credit (and reimbursement obligations with respect thereto)
under Credit Facilities secured on a junior priority basis by some or all of the collateral
securing Indebtedness under Credit Facilities contemplated by clause (A) of this clause (3)
in an aggregate principal amount at any one time outstanding under this clause (3)(B) (with
letters of credit being deemed to have a principal amount equal to the maximum potential
liability of Parent and its Restricted Subsidiaries thereunder) not to exceed $1.5 billion;
provided that no Indebtedness or letters of credit incurred pursuant to this clause (3) is
secured by a Lien on the Japan Routes, Japan Slots, Japan Gate Leaseholds or any property or
asset that constitutes Collateral;

     (4) the incurrence by Parent or any of its Restricted Subsidiaries of Indebtedness
represented by Capital Lease Obligations, mortgage financings or purchase money obligations,
in each case, incurred for the purpose of financing all or any part of the purchase price or
cost of design, construction, installation or improvement of property, plant or equipment
used in the business of Parent or any of its Restricted Subsidiaries, in an aggregate
principal amount (or accreted value, as applicable), including all Permitted Refinancing
Indebtedness incurred to renew, refund, refinance, replace, extend, defease or discharge any
Indebtedness incurred pursuant to this clause (4), not to exceed $500.0 million at any time
outstanding; provided that no Indebtedness incurred pursuant to this clause (4) is secured
by a Lien on the Japan Routes, Japan Slots, Japan Gate Leaseholds or any property or asset
that constitutes Collateral;

     (5) the incurrence by Parent or any of its Restricted Subsidiaries of (A) Permitted
Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew,
refund, refinance, replace, extend, defease or discharge any Indebtedness (other than
intercompany Indebtedness) that was permitted by this Indenture to be incurred under Section
4.09(a) or clauses (2), (4), (5), (6), (13), (20), (21), (24), (25) or (26) of this Section
4.09(b) and (B) Permitted Refinancing Indebtedness secured by aircraft, engines, spare parts
or other assets replacing, renewing, refunding, extending, refinancing, defeasing or
discharging any other Indebtedness of Parent or any of its Restricted Subsidiaries that was
secured by aircraft, engines, spare parts or other assets; provided that notwithstanding
clause (1) of the definition of “Permitted Refinancing Indebtedness,” such Permitted
Refinancing Indebtedness shall be permitted under clauses (A) and (B) so long as the
aggregate principal amount of such Permitted Refinancing Indebtedness, as of the date of its
incurrence, does not cause the loan to value ratio of such Permitted Refinancing
Indebtedness to exceed 80% of the appraised value of the assets securing such Indebtedness;
provided further that if more than one series of Indebtedness is being replaced at any one
time, the loan to value ratio of all such replaced Indebtedness will be calculated based on
the aggregate loan to value ratio of all series of Indebtedness being replaced at that time;

     (6) the incurrence by Parent or any of its Restricted Subsidiaries of Indebtedness
(including Acquired Debt) (A) as part of, or to finance, the acquisition (including by way
of merger) of any Permitted Business or (B) incurred in connection with the acquisition of,
or merger with or into, any Person that owns a Permitted Business;

     (7) the incurrence by Parent or any of its Restricted Subsidiaries of intercompany
Indebtedness between or among Parent and any of its Restricted Subsidiaries; provided,
however, that:

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     (A) if the Company or any Guarantor is the obligor on such Indebtedness and the
payee is not the Company or a Guarantor, such Indebtedness must be unsecured and
expressly subordinated to the prior payment in full in cash of all Obligations then
due with respect to the Notes, in the case of the Company, or the Note Guarantee, in
the case of a Guarantor; and

     (B) (i) any subsequent issuance or transfer of Equity Interests that results in
any such Indebtedness being held by a Person other than Parent or a Restricted
Subsidiary of Parent and (ii) any sale or other transfer of any such Indebtedness to
a Person that is not either Parent or a Restricted Subsidiary of Parent,

will be deemed, in each case under this clause (B), to constitute an incurrence of such
Indebtedness by Parent or such Restricted Subsidiary, as the case may be, that was not
permitted by this clause (7);

     (8) the issuance by any of Parent’s Restricted Subsidiaries to Parent or to any of its
Restricted Subsidiaries of shares of preferred stock; provided, however, that:

     (A) any subsequent issuance or transfer of Equity Interests that results in any
such preferred stock being held by a Person other than Parent or a Restricted
Subsidiary of Parent; and

     (B) any sale or other transfer of any such preferred stock to a Person that is
not either Parent or a Restricted Subsidiary of Parent,

will be deemed, in each case, to constitute an issuance of such preferred stock by such
Restricted Subsidiary that was not permitted by this clause (8);

     (9) the incurrence by Parent or any of its Restricted Subsidiaries of Hedging
Obligations in the ordinary course of business;

     (10) the guarantee by Parent or any Restricted Subsidiary of Parent of Indebtedness of
Parent or a Restricted Subsidiary of Parent to the extent that the guaranteed Indebtedness
was permitted to be incurred by another provision of this Section 4.09; provided that if the
Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the
Guarantee must be subordinated or pari passu, as applicable, to the same extent as the
Indebtedness guaranteed;

     (11) the incurrence by Parent or any of its Restricted Subsidiaries of Indebtedness in
respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptances,
performance and surety bonds in the ordinary course of business;

     (12) the incurrence by Parent or any of its Restricted Subsidiaries of Indebtedness in
respect of any overdrafts and related liabilities arising from treasury, depository and cash
management services or in connection with any automated clearing house transfers of funds;

     (13) Indebtedness (A) constituting credit support or financing from aircraft or engine
manufacturers or their affiliates or (B) incurred to finance the acquisition of aircraft,
engines, spare parts or other operating assets; provided that no Indebtedness may be
incurred in reliance on subsection (B) of this clause (13) more than 12 months after such
acquisition; provided further that no such Indebtedness incurred in reliance on this clause
(13) may be secured by a Lien on the

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Japan Routes, Japan Slots, Japan Gate Leaseholds or any property or assets that
constitute Collateral;

     (14) Indebtedness issued to current or former directors, consultants, managers,
officers and employees and their spouses or estates to purchase or redeem Capital Stock of
Parent issued to such director, consultant, manager, officer or employee in an aggregate
principal amount not to exceed $3.0 million in any 12-month period;

     (15) reimbursement obligations in respect of standby or documentary letters of credit
or banker’s acceptances that are not secured by Liens on the Japan Routes, Japan Slots,
Japan Gate Leaseholds or any property or asset that constitutes Collateral;

     (16) surety and appeal bonds that are not secured by Liens on the Japan Routes, Japan
Slots, Japan Gate Leaseholds or any property or asset that constitutes Collateral and that
do not secure judgments that constitute an Event of Default;

     (17) Indebtedness of Parent or any of its Restricted Subsidiaries to credit card
processors in connection with credit card processing services incurred in the ordinary
course of business of Parent and its Restricted Subsidiaries;

     (18) the incurrence by a Receivables Subsidiary of Indebtedness in a Qualified
Receivables Transaction that is without recourse to Parent or to any other Subsidiary of
Parent or their assets (other than such Receivables Subsidiary and its assets and, as to
Parent or any other Subsidiary of Parent, other than Standard Securitization Undertakings)
and is not guaranteed by any such Person;

     (19) the incurrence of Indebtedness of Parent or any of its Restricted Subsidiaries
owed to one or more Persons in connection with the financing of insurance premiums in the
ordinary course of business;

     (20) the incurrence of obligations under the Co-Branded Agreement to the extent such
obligations may be deemed to constitute Indebtedness of Parent or any of its Restricted
Subsidiaries;

     (21) the incurrence of obligations under the Jet Fuel Supply Agreement to the extent
such obligations may be deemed to constitute Indebtedness of Parent or any of its Restricted
Subsidiaries, including all Permitted Refinancing Indebtedness incurred to renew, refund,
refinance, replace, extend, defease or discharge any Indebtedness incurred pursuant to this
clause (21), not to exceed $50.0 million at any time outstanding;

     (22) Indebtedness arising from agreements of Parent or any of its Restricted
Subsidiaries providing for indemnification, adjustment of purchase price or similar
obligations, in each case, incurred or assumed in connection with the acquisition or
disposition of any business, assets or a Subsidiary; provided that the maximum assumable
liability in respect of all such Indebtedness shall at no time exceed the gross proceeds,
including non-cash proceeds (the Fair Market Value of such non-cash proceeds being measured
at the time received and without giving effect to any subsequent changes in value) actually
received by Parent or any of its Restricted Subsidiaries in connection with such
disposition;

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     (23) Indebtedness of the Company or Parent consisting of take-or-pay obligations
contained in supply agreements entered into in the ordinary course of business and
consistent with past practices of the Company or Parent, as applicable;

     (24) the incurrence by Parent or any of its Restricted Subsidiaries of additional
Indebtedness that is either (A) unsecured and expressly contractually subordinated to the
prior payment in full in cash of all Obligations with respect to the Notes and the Note
Guarantees on terms not materially less favorable to Holders of Notes than those customary
at the time of incurrence (determined in good faith by a senior financial officer of Parent)
for senior subordinated “high yield” debt securities or (B) unsecured, pari passu with all
Obligations with respect to the Notes and the Note Guarantees and convertible into common
stock of Parent; provided that the aggregate principal amount of Indebtedness incurred
pursuant to clauses (A) and (B) together, including all Permitted Refinancing Indebtedness
incurred to renew, refund, refinance, replace, extend, defease or discharge any Indebtedness
incurred pursuant to this clause (24), does not exceed $500.0 million at any time
outstanding;

     (25) the incurrence by Parent or any of its Restricted Subsidiaries of additional
Indebtedness that is not secured by a Lien on the Japan Routes, Japan Slots, Japan Gate
Leaseholds or any property or asset that constitutes Collateral in an aggregate principal
amount (or accreted value, as applicable), including all Permitted Refinancing Indebtedness
incurred to renew, refund, refinance, replace, extend, defease or discharge any Indebtedness
incurred pursuant to this clause (25), not to exceed $500.0 million at any time outstanding;
and

     (26) the incurrence by the Company and any Guarantor of Indebtedness and letters of
credit (and reimbursement obligations with respect thereto) that will constitute Junior Lien
Debt (including the Notes), and any Permitted Refinancing Indebtedness that does not
constitute Junior Lien Debt and that is incurred to renew, refund, refinance, replace,
defease, extend or discharge any other Indebtedness incurred pursuant to this clause (26),
in an aggregate principal amount at any one time outstanding under this clause (26) (with
letters of credit being deemed to have a principal amount equal to the maximum potential
liability of United and any Guarantor thereunder and including all other Junior Lien Debt
that will be outstanding after such incurrence and the application of the proceeds
therefrom), not to exceed the Junior Lien Cap.

     (c) The Company will not incur, and will not permit any Guarantor to incur, any Indebtedness
(including Permitted Debt) that is contractually subordinated in right of payment to any other
Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually
subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially
identical terms; provided, however, that no Indebtedness shall be deemed to be contractually
subordinated in right of payment to any other Indebtedness of the Company or such Guarantor solely
by virtue of being unsecured or by virtue of being secured on a junior priority basis.

     For purposes of determining compliance with this Section 4.09, in the event that an item of
Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in
clauses (1) through (26) of Section 4.09(b) hereof or is entitled to be incurred pursuant to
Section 4.09(a) hereof, Parent will be permitted to classify such item of Indebtedness on the date
of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner
that complies with this Section 4.09; provided that (A) all Priority Lien Debt will at all times be
deemed to have been incurred in reliance on the exception provided by clause (1) of the definition
of “Permitted Debt,” (B) all Junior Lien Debt will at all times be deemed to have been incurred in
reliance on the exception provided by clause (26) of the definition of Permitted Debt and (C) the
term “Existing Indebtedness” will not include any

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Indebtedness that is permitted to be incurred under clauses (1), (3) or (26) of the definition
of “Permitted Debt.”

     The accrual of interest or preferred stock dividends, the accretion or amortization of
original issue discount, the payment of interest on any Indebtedness in the form of additional
Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a
change in accounting principles and the payment of dividends on preferred stock or Disqualified
Stock in the form of additional shares of the same class of preferred stock or Disqualified Stock
will not be deemed to be an incurrence of Indebtedness or an issuance of preferred stock or
Disqualified Stock for purposes of this Section 4.09.

     For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated
in a foreign currency shall be utilized, calculated based on the relevant currency exchange rate in
effect on the date such Indebtedness was incurred. Notwithstanding any other provision of this
Section 4.09, the maximum amount of Indebtedness that Parent or any of its Restricted Subsidiaries
may incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of
fluctuations in exchange rates or currency values.

     The amount of any Indebtedness outstanding as of any date will be:

     (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with
original issue discount;

     (2) the principal amount of the Indebtedness, in the case of any other Indebtedness;
and

     (3) in respect of Indebtedness of another Person secured by a Lien on the assets of the
specified Person, the lesser of:

     (A) the Fair Market Value of such assets at the date of determination; and

     (B) the amount of the Indebtedness of the other Person.

Section 4.10 Asset Sales.

     (a) Parent will not, and will not permit any of its Restricted Subsidiaries to, consummate an
Asset Sale unless:

     (1) Parent (or the Restricted Subsidiary, as the case may be) receives consideration at
the time of the Asset Sale at least equal to the Fair Market Value (measured as of the date
of the definitive agreement with respect to such Asset Sale) of the assets or Equity
Interests issued, sold or otherwise disposed of; provided that this clause (1) will not
apply to (i) any involuntary disposition or (ii) any disposition of Slots or Gate
Leaseholds;

     (2) at least 75% of the consideration received in the Asset Sale by Parent or such
Restricted Subsidiary is in the form of cash or Cash Equivalents, Qualified Replacement
Assets, or a combination thereof; provided that this clause (2) will not apply to (i) any
involuntary disposition or (ii) any disposition of (x) Slots or Gate Leaseholds, (y) assets
used or useful in connection with any loyalty program, maintenance, repair and overhaul
business or flight center training business or (z) Capital Stock of any Person that owns
assets of the kind referred to in

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clauses (x) or (y) of this proviso. For purposes of this clause (2), in the case of any
Asset Sale that is not a Sale of Collateral, each of the following will be deemed to be
cash:

     (A) any liabilities, as shown on the most recent consolidated balance sheet, of
Parent or any Restricted Subsidiary (other than contingent liabilities and
liabilities that are by their terms subordinated to the Notes or any Note Guarantee)
that are assumed by the transferee of any such assets;

     (B) any securities, notes or other obligations received by Parent or any such
Restricted Subsidiary from such transferee that are, within 90 days, converted by
Parent or such Restricted Subsidiary into cash or Cash Equivalents, to the extent of
the cash or Cash Equivalents received in that conversion;

     (C) any stock or assets of the kind referred to in clauses (3) or (5) of
Section 4.10(b) hereof; and

     (D) any Designated Noncash Consideration received by Parent or such Restricted
Subsidiary in such Asset Sale, having an aggregate Fair Market Value, taken together
with all other Designated Noncash Consideration received pursuant to this clause (D)
that is at that time outstanding, not to exceed $400.0 million, with the Fair Market
Value of each item of Designated Noncash Consideration being measured at the time
received and without giving effect to subsequent changes in value;

     (3) in the case of an Asset Sale after the Release Date that constitutes a Sale of
Collateral, the Company deposits the Net Proceeds therefrom within two Business Days, or in
the case of a sale of Cure Collateral, within five Business Days, of receipt thereof as
Collateral in a segregated account or accounts (each, a “Collateral Proceeds Account”) held
by or under the control of (for purposes of the Uniform Commercial Code) the Collateral
Trustee or its agent to secure all Secured Debt Obligations; provided, however, that the
Company will not be required to cause any Net Proceeds from a Sale of Collateral to be held
in the Collateral Proceeds Account except to the extent the aggregate Net Proceeds from all
Sales of Collateral that are not held in the Collateral Proceeds Account would exceed $5.0
million; and

     (4) in the case of an Asset Sale after the Release Date that constitutes a Sale of
Collateral, the Company delivers an Appraisal to the Trustee and the Collateral Trustee
demonstrating, with reasonably detailed calculations, the Priority Lien Debt Value Ratio,
after giving pro forma effect to such Sale of Collateral (excluding, for purposes of
calculating the Priority Lien Debt Value Ratio, the proceeds of such Sale of Collateral and
the intended use thereof); and provided that:

     (A) if the pro forma Priority Lien Debt Value Ratio (calculated as provided in
clause (4) of this Section 4.10(a)) would have been at least 1.5 to 1.0, within
455 days after the receipt of any Net Proceeds from such a Sale of Collateral, the
Company may apply such Net Proceeds:

     (i) to purchase Qualified Replacement Assets;

     (ii) to purchase Cure Collateral, in the case of Net Proceeds received
from any sale of Cure Collateral;

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     (iii) to repay Indebtedness (other than Junior Lien Obligations or
Third Lien Obligations) that is secured by a Permitted Lien on any
Collateral that was sold in such Sale of Collateral; provided that in the
case of the Senior Secured Notes due 2013 and any other Priority Lien Debt
containing similar provisions requiring the Company to make an offer to
repurchase, repay, prepay or redeem Priority Lien Debt in connection with a
Sale of Collateral, the Company may make such offers and (i) the amount of
Net Proceeds deemed “applied” for purposes of this clause 4(A) will be equal
to the amount accepted in such offers or (ii) if the Total Appraised Value
Ratio is at least 1.0 to 1.0 after giving effect to any such repurchase,
repayment, prepayment or redemption, the amount of Net Proceeds deemed
“applied” for purposes of this clause 4(A) will be equal to the amount
offered to be repurchased, repaid, prepaid or redeemed, without regard to
the amount thereof accepted by the holders of such Priority Lien Debt;

     (iv) to optionally redeem all or a part of the Notes pursuant to any of
the provisions of Section 3.07 hereof; or

     (v) to make a capital expenditure to augment, increase, renovate or
renew assets that constitute Collateral;

provided that the Company will be deemed to have complied with the provision
described in clauses (i), (ii) and (v) of this
Section 4.10(a)(4)(A) if and to the
extent that, within 455 days after the Sale of Collateral that generated the Net
Proceeds, the Company has entered into and not abandoned or rejected a binding
agreement to acquire the assets that would constitute Collateral or make a capital
expenditure in compliance with the provision described in clauses (i), (ii) and
(v) of this Section 4.10(a)(4)(A), and that acquisition, purchase or capital
expenditure is thereafter completed within 180 days after the end of such 455-day
period;

     (B) if the pro forma Priority Lien Debt Value Ratio (calculated as provided in
clause (4) of this Section 4.10(a)) would have been less than 1.5 to 1.0 and equal
to or greater than 1.25 to 1.0, the Company will:

     (i) pay Special Interest commencing on the date of such Sale of
Collateral. The Company may, within 45 days after such Sale of Collateral,
grant a Secured Debt Lien on Qualified Replacement Assets to secure all
current and future Secured Debt Obligations, in which event the pro forma
Priority Lien Debt Value Ratio will be recalculated and such Qualified
Replacement Assets will be included in the calculation of the pro forma
Priority Lien Debt Value Ratio (calculated as provided in clause (4) of this
Section 4.10(a)). If, after the pledge of Qualified Replacement Assets
within the 45-day period contemplated by the preceding sentence and the
recalculation of the pro forma Priority Lien Debt Value Ratio pursuant to
the preceding sentence, the Company’s pro forma Priority Lien Debt Value
Ratio (calculated as provided in clause (4) of this Section 4.10(a)) is at
least 1.5 to 1.0, no Special Interest will accrue pursuant to this clause
(i) of this Section 4.10(a)(4)(B);

     (ii) contribute to the Collateral Proceeds Account within two Business
Days of the closing of such Sale of Collateral: (x) 100% of the cash and
Cash Equivalents received in such Sale of Collateral and (y) cash or Cash

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Equivalents in an amount equal to the Fair Market Value of the non-cash
consideration received in such Sale of Collateral (the aggregate amount of
cash and Cash Equivalents contemplated by clauses (x) and (y) is
collectively referred to as the “Sale of Collateral Consideration”);

     (iii) within five Business Days of the date on which the aggregate
amount of Sale of Collateral Consideration from such Sale of Collateral and
all prior Sales of Collateral contemplated by this clause (4)(B) that has
not previously been used to make an offer to repurchase the Senior Secured
Notes due 2013 or Notes pursuant to this clause (iii) exceeds $10.0 million,
(A) make an offer to repurchase, for cash, the Senior Secured Notes due 2013
in an amount equal to the Sale of Collateral Consideration, whereby (x) the
offer price will be equal to 103% of the principal amount, plus accrued and
unpaid interest and Special Interest, if any, to the date of purchase,
subject to the rights of holders of Senior Secured Notes due 2013 on the
relevant record date to receive interest due on the relevant interest
payment date and (y) if the aggregate principal amount of Senior Secured
Notes due 2013 tendered in such offer exceeds the Sale of Collateral
Consideration, the trustee under the Senior Secured Indenture will select
the Senior Secured Notes due 2013 to be purchased pro rata based on the
aggregate principal amounts so tendered (with such adjustments as may be
deemed appropriate by the Company so that only Senior Secured Notes due 2013
in denominations of $2,000, or an integral multiple of $1,000 in excess
thereof, will be purchased) and (B) if the Sale of Collateral Consideration
exceeds the aggregate principal amount of Senior Secured Notes due 2013
tendered in such offer described in clause (A) above (such excess amount,
the “Consideration Remainder”), within five Business Days of the
consummation of such offer described in clause (A) above, make an offer to
repurchase, for cash, the Notes in an amount equal to the Consideration
Remainder, whereby (x) the offer price will be equal to 103% of the
principal amount, plus accrued and unpaid interest and Special Interest, if
any, to the date of purchase, subject to the rights of Holders of Notes on
the relevant record date to receive interest due on the relevant interest
payment date and (y) if the aggregate principal amount of Notes tendered in
such offer exceeds the Consideration Remainder, the Trustee will select the
Notes to be purchased pro rata based on the aggregate principal amounts so
tendered (with such adjustments as may be deemed appropriate by the Company
so that only Notes in denominations of $2,000, or an integral multiple of
$1,000 in excess thereof, will be purchased) (the offers described in
clauses (A) and (B) together, a “Sale of Collateral Offer”); and

     (iv) retain any cash or Cash Equivalents remaining after the
consummation of the Sale of Collateral Offer in the Collateral Proceeds
Account as Collateral, unless the Company, at its option, chooses to use
such funds to (x) purchase Qualified Replacement Assets or (y) optionally
redeem all or a part of the Notes pursuant to any of the provisions of
Section 3.07 hereof; and

     (C) if the pro forma Priority Lien Debt Value Ratio (calculated as provided in
clause (4) of this Section 4.10(a)) would have been less than 1.25 to 1.0, the
Company will, prior to such Sale of Collateral, grant a Secured Debt Lien on such
amount of Qualified Replacement Assets to secure all current and future Secured Debt
Obligations as would be necessary to cause the calculation of the pro forma Priority
Lien Debt Value Ratio as of the date of such Sale of Collateral, calculated as if
such pledge of Qualified

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Replacement Assets had already occurred, to be at least 1.25 to 1.0. If the
recalculated pro forma Priority Lien Debt Value Ratio would have been at least 1.5
to 1.0, the Company will comply with clause (4)(A) of this Section 4.10(a) in
connection with such Sale of Collateral, otherwise, the Company will comply with
clause (4)(B) of this Section 4.10(a); and

     (D) in the case of an Asset Sale after the Release Date that constitutes a Sale
of Collateral and in the event that there is no Priority Lien Debt outstanding at
the time of such proposed Asset Sale, the Company delivers an Appraisal to the
Trustee and the Collateral Trustee demonstrating, with reasonably detailed
calculations, compliance with Section 4.21 hereof, after giving pro forma effect to
such Sale of Collateral (excluding, for purposes of calculating the Secured Debt
Value Ratio, the proceeds of such Sale of Collateral and the intended use thereof).

     For the avoidance of doubt, in no event will the Company (i) consummate any Asset Sale that
constitutes a Sale of Collateral if the Company’s Priority Lien Debt Value Ratio is or would be
less than 1.25 to 1.0 (excluding the proceeds of such Sale of Collateral and the intended use
thereof) or (ii) sell, lease, convey, transfer or otherwise dispose of the Japan Routes.

     Notwithstanding anything to the contrary herein, the Company shall not consummate any Asset
Sale to the extent involving a sale, lease or other disposition of Japan Slots or Japan Gate
Leaseholds until the Release Date. For the avoidance of doubt, the Company will not sell, lease,
convey, transfer or otherwise dispose of the Japan Routes.

     (b) Within 455 days after the receipt of any Net Proceeds from an Asset Sale, other than a
Sale of Collateral, Parent (or the applicable Restricted Subsidiary, as the case may be) may apply
such Net Proceeds:

     (1) to repay the Notes and any other Indebtedness secured by a Lien;

     (2) to repay any other Indebtedness, other than Indebtedness owed to Parent or any of
its Restricted Subsidiaries (subject, in the case of any Indebtedness that is subordinated
to the Notes or any Note Guarantee, to Section 4.07 hereof);

     (3) to acquire all or substantially all of the assets of, or any Capital Stock of,
another Permitted Business, if, after giving effect to any such acquisition of Capital
Stock, the Permitted Business is or becomes a Restricted Subsidiary of Parent or is acquired
by a merger, consolidation or amalgamation with Parent or a Restricted Subsidiary of Parent;

     (4) to make a capital expenditure; or

     (5) to acquire other assets that are used or useful in a Permitted Business;

provided that Parent (or the applicable Restricted Subsidiary, as the case may be) will be deemed
to have complied with the provision described in clauses (3), (4) and (5) of this Section 4.10(b)
if and to the extent that, within 455 days after the Asset Sale that generated the Net Proceeds,
Parent (or the applicable Restricted Subsidiary, as the case may be) has entered into and not
abandoned or rejected a binding agreement to acquire a Permitted Business, make a capital
expenditure or acquire other assets used or useful in a Permitted Business in compliance with the
provision described in clauses (3), (4) and (5) of this Section 4.10(b), and that acquisition,
purchase or capital expenditure is thereafter completed within 180 days after the end of such
455-day period.

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     (c) Pending the final application of any Net Proceeds from an Asset Sale that is not a Sale of
Collateral, Parent (or the applicable Restricted Subsidiary) may temporarily reduce revolving
credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this
Indenture.

     (d) Any Net Proceeds from Asset Sales that are not applied or invested as provided in clause
(a)(4)(A) or clause (b) of this Section 4.10, together with any such Net Proceeds that are earlier
designated as “Excess Proceeds” by the Company, will constitute “Excess Proceeds.” Within five
Business Days of the date on which the aggregate amount of Excess Proceeds (including any Excess
Proceeds held in the Collateral Proceeds Account, other than any Sale of Collateral Consideration)
exceeds $20.0 million (or earlier if the Company so elects), the Company will make an offer and/or
repay, prepay or redeem, as applicable, to all Holders of Notes and all holders of other Junior
Lien Debt containing provisions similar to those set forth in this Indenture with respect to offers
to purchase (“Other Offer Notes”), and prepay any other Junior Lien Debt requiring repayment or
prepayment (collectively, whether through an offer or a required prepayment, an “Asset Sale
Offer”); provided that the percentage of such Excess Proceeds allocated and offered to the Notes in
such Asset Sale Offer is at least equal to the percentage of the aggregate principal amount of all
Junior Lien Debt represented at such time by the Notes. The offer price in any Asset Sale Offer
will be equal to 100% of the principal amount, plus accrued and unpaid interest and Special
Interest, if any, to the date of purchase, prepayment or redemption, subject to the rights of
Holders of Notes on the relevant record date to receive interest due on the relevant interest
payment date, and will be payable in cash. If any Excess Proceeds remain after consummation of an
Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise
prohibited by this Indenture. If the aggregate principal amount of Notes and Other Offer Notes
tendered in such Asset Sale Offer exceeds the amount of Excess Proceeds (including any Excess
Proceeds held in the Collateral Proceeds Account, other than any Sale of Collateral Consideration)
allocated to such Notes and Other Offer Notes in such Asset Sale Offer, the Trustee will select the
Notes and Other Offer Notes to be purchased pro rata based on the aggregate principal amounts so
tendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in
denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will be purchased).
Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

     The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws and regulations are
applicable in connection with each repurchase of Notes pursuant to a Change of Control Offer, an
Asset Sale Offer or a Sale of Collateral Offer. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of Section 3.10 hereof or this Section
4.10, the Company will comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under Section 3.10 hereof or this Section 4.10 by virtue of
such compliance.

     For the avoidance of doubt, the Company’s failure to make an offer for the Notes would
constitute a Default under clause (4) of Section 6.01 hereof and not clause (2).

Section 4.11 Transactions with Affiliates.

     (a) Parent will not, and will not permit any of its Restricted Subsidiaries to, make any
payment to or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or
purchase any property or assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of
Parent (each an “Affiliate Transaction”) involving aggregate payments or consideration in excess of
$15.0 million, unless:

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     (1) the Affiliate Transaction is on terms that are not materially less favorable to
Parent or the relevant Restricted Subsidiary than those that would have been obtained in a
comparable transaction by Parent or such Restricted Subsidiary with an unrelated Person; and

     (2) Parent delivers to the Trustee:

     (A) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $30.0 million, a
resolution of the Board of Directors of Parent set forth in an Officers’ Certificate
certifying that such Affiliate Transaction complies with clause (1) of this Section
4.11(a) and that such Affiliate Transaction has been approved by a majority of the
disinterested members of the Board of Directors of Parent; and

     (B) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $60.0 million, an
opinion as to the fairness to Parent or such Subsidiary of such Affiliate
Transaction from a financial point of view issued by an accounting, appraisal or
investment banking firm of national standing.

     (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will
not be subject to the provisions of Section 4.11(a) hereof:

     (1) any employment agreement, employee benefit plan, officer or director
indemnification agreement or any similar arrangement entered into by Parent or any of its
Restricted Subsidiaries in the ordinary course of business and payments pursuant thereto;

     (2) transactions between or among Parent and/or its Restricted Subsidiaries;

     (3) transactions with a Person (other than an Unrestricted Subsidiary of Parent) that
is an Affiliate of Parent solely because Parent owns, directly or through a Restricted
Subsidiary, an Equity Interest in, or controls, such Person;

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

     (5) any issuance of Qualifying Equity Interests to Affiliates of Parent;

     (6) transactions with customers, clients, suppliers or purchasers or sellers of goods
or services in the ordinary course of business or transactions with joint ventures or
Unrestricted Subsidiaries entered into in the ordinary course of business and consistent
with past practice and industry norms;

     (7) Permitted Investments and Restricted Payments that do not violate Section 4.07
hereof;

     (8) loans or advances to employees in the ordinary course of business not to exceed
$7.0 million in the aggregate at any one time outstanding;

     (9) transactions pursuant to agreements or arrangements in effect on the date of this
Indenture or any amendment, modification or supplement thereto or replacement thereof and
any

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payments made or performance under any agreement as in effect on the date of this
Indenture or any amendment, replacement, extension or renewal thereof (so long as such
agreement as so amended, replaced, extended or renewed is not materially less advantageous,
taken as a whole, to the Holders of Notes than the original agreement as in effect on the
date of this Indenture);

     (10) transactions between or among Parent and/or its Subsidiaries or transactions
between a Receivables Subsidiary and any Person in which the Receivables Subsidiary has an
Investment;

     (11) transactions between or among Parent and/or its Restricted Subsidiaries in
connection with any full or partial “spin-off” or similar transactions;

     (12) any transaction effected as part of a Qualified Receivables Transaction; and

     (13) any purchase by Parent’s Affiliates of Indebtedness of Parent or any of its
Restricted Subsidiaries, the majority of which Indebtedness is offered to Persons who are
not Affiliates of Parent.

Section 4.12 Liens.

     Parent will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly create, incur, assume or suffer to exist any Lien of any kind on (a) the Japan Routes,
Japan Slots, Japan Gate Leaseholds, (b) any property or asset that constitutes Collateral now owned
or hereafter acquired, except in both of the foregoing cases Permitted Liens or (c) the Escrow
Account or other Escrow Property (other than pursuant to the Escrow and Security Agreement).

Section 4.13 Business Activities.

     Parent will not, and will not permit any of its Restricted Subsidiaries to, engage in any
business other than Permitted Businesses, except to such extent as would not be material to Parent
and its Restricted Subsidiaries taken as a whole.

Section 4.14 Corporate Existence.

     Parent shall do or cause to be done all things reasonably necessary to preserve and keep in
full force and effect:

     (1) its corporate existence, and the corporate, partnership or other existence of each
of its Restricted Subsidiaries, in accordance with the respective organizational documents
(as the same may be amended from time to time) of Parent or any such Restricted Subsidiary;
and

     (2) the rights (charter and statutory) and material franchises of Parent and its
Restricted Subsidiaries; provided, however, that Parent shall not be required to preserve
any such right or franchise, or the corporate, partnership or other existence of it or any
of its Restricted Subsidiaries, if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the business of Parent and its
Subsidiaries, taken as a whole, and that the loss thereof would not, individually or in the
aggregate, have a material adverse effect on Parent and the Guarantors, taken as a whole.

     For the avoidance of doubt, this Section 4.14 shall not prohibit any actions permitted by
Article 5 hereof.

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Section 4.15 Offer to Repurchase Upon Change of Control.

     (a) Upon the occurrence of a Change of Control, each Holder of Notes will have the right to
require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof) of that Holder’s Notes pursuant to an offer (a “Change of Control Offer”)
at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased,
plus accrued and unpaid interest and Special Interest, if any, on the Notes repurchased to the date
of purchase, subject to the rights of Holders of Notes on the relevant record date to receive
interest due on the relevant interest payment date (the “Change of Control Payment”). Within 30
days following any Change of Control, the Company will mail a notice to each Holder describing the
transaction or transactions that constitute the Change of Control and stating:

     (1) that the Change of Control Offer is being made pursuant to this Section 4.15 and
that all Notes tendered will be accepted for payment;

     (2) the purchase price and the purchase date, which shall be no earlier than 30 days
and no later than 60 days from the date such notice is mailed (the “Change of Control
Payment Date”);

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

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

     (5) that Holders of Notes electing to have any Notes purchased pursuant to a Change of
Control Offer will be required to surrender the Notes, with the form entitled “Option of
Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry
transfer, to the Paying Agent at the address specified in the notice prior to the close of
business on the third Business Day preceding the Change of Control Payment Date;

     (6) that Holders of Notes will be entitled to withdraw their election if the Paying
Agent receives, not later than the close of business on the second Business Day preceding
the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal amount of Notes delivered for purchase,
and a statement that such Holder is withdrawing his election to have the Notes purchased;
and

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

     The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent those laws and regulations are
applicable in connection with the repurchase of the Notes as a result of a Change of Control. To
the extent that the provisions of any securities laws or regulations conflict with the provisions
of this Section 4.15, the Company will comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under this Section 4.15 by virtue of such
compliance.

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

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

     (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Notes or portions of Notes properly tendered; and

     (3) deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officers’ Certificate stating the aggregate principal amount of Notes or
portions of Notes being purchased by the Company.

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

     (c) Notwithstanding anything to the contrary in this Section 4.15, the Company will not be
required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Section 4.15 hereof and purchases all Notes properly tendered and
not withdrawn under the Change of Control Offer or (2) notice of redemption has been given pursuant
to Section 3.07 hereof, unless and until there is a default in payment of the applicable redemption
price.

     Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be
made in advance of a Change of Control, conditioned upon the consummation of such Change of
Control, if a definitive agreement is in place for the Change of Control at the time the Change of
Control Offer is made.

     For the avoidance of doubt, the Company’s failure to make a Change of Control Offer would
constitute a Default under clause (4) of Section 6.01 hereof and not clause (2).

Section 4.16 Payments for Consent.

     Parent will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes
for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of
this Indenture or the Notes unless such consideration is offered to be paid and is paid to all
Holders of Notes that consent, waive or agree to amend in the time frame set forth in the
solicitation documents relating to such consent, waiver or agreement.

Section 4.17 Additional Note Guarantees.

     If any domestic Restricted Subsidiary of Parent (existing on the date of this Indenture or
acquired or created thereafter) becomes a guarantor or a direct obligor with respect to
Indebtedness under the Credit Agreement, then such domestic Restricted Subsidiary will become a
Guarantor and execute a supplemental indenture and deliver an Opinion of Counsel satisfactory to
the Trustee within 30 Business Days of the date on which it became a guarantor or a direct obligor
with respect to Indebtedness under the Credit Agreement.

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Section 4.18 Designation of Restricted and Unrestricted Subsidiaries.

     The Board of Directors of Parent may designate any Restricted Subsidiary to be an Unrestricted
Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary is designated
as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned
by Parent and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted
Subsidiary will be deemed to be an Investment made as of the time of the designation and will
reduce the amount available for Restricted Payments under Section 4.07 hereof or under one or more
clauses of the definition of “Permitted Investments,” as determined by Parent. That designation
will only be permitted if the Investment would be permitted at that time and if the Restricted
Subsidiary otherwise meets the definition of an “Unrestricted Subsidiary.” The Board of Directors
of Parent may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that
redesignation would not cause a Default.

     Any designation of a Subsidiary of Parent as an Unrestricted Subsidiary will be evidenced to
the Trustee by filing with the Trustee a certified copy of a resolution of the Board of Directors
giving effect to such designation and an Officers’ Certificate certifying that such designation
complied with the preceding conditions and was permitted by Section 4.07 hereof. If, at any time,
any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted
Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this
Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted
Subsidiary of Parent as of such date and, if such Indebtedness is not permitted to be incurred as
of such date under Section 4.09 hereof, Parent will be in default of such covenant. The Board of
Directors of Parent may at any time designate any Unrestricted Subsidiary to be a Restricted
Subsidiary of Parent; provided that such designation will be deemed to be an incurrence of
Indebtedness by a Restricted Subsidiary of Parent of any outstanding Indebtedness of such
Unrestricted Subsidiary and such designation will only be permitted if (a) such Indebtedness is
permitted under Section 4.09 hereof, calculated on a pro forma basis as if such designation had
occurred at the beginning of the applicable reference period and (b) no Default or Event of Default
would be in existence following such designation.

Section 4.19 Delivery of Appraisals.

     On:

     (1) the date that is no later than 30 days prior to each six-month anniversary of the
date of this Indenture;

     (2) the date upon which any Qualified Replacement Assets or Cure Collateral is pledged
as Collateral to the Collateral Trustee to secure Secured Debt Obligations, but only with
respect to such Qualified Replacement Assets or Cure Collateral; and

     (3) promptly (but in any event within 30 days) following a request by the Trustee or
the Collateral Trustee if an Event of Default has occurred and is continuing,

the Company will deliver to the Trustee and the Collateral Trustee one or more Appraisals
establishing the Appraised Value of the Collateral. The Company will make copies of these
Appraisals available on a private, restricted website to which the Trustee, Holders of Notes,
prospective investors, broker-dealers and securities analysts are given access, subject to such
individuals agreeing to confidentiality obligations reasonably acceptable to the Company for
securities law purposes.

     In addition to clauses (1) through (3) above, the Company will deliver to the Trustee and the
Collateral Trustee a copy of any Appraisal that is delivered to any other Secured Debt
Representative or

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other holder of Secured Debt Obligations, but has not been or is not being delivered to the
Trustee in accordance with clauses (1) through (3) above, within 10 Business Days of the date on
which such Appraisal was given to such other Secured Debt Representative or holder of Secured Debt
Obligations.

Section 4.20 Secured Debt Value Ratio.

     Within 10 Business Days after the end of each fiscal quarter of the Company, beginning with
the first fiscal quarter ending after the Release Date, (the last day of each such fiscal quarter
being a “Reference Date”), the Company will deliver Officers’ Certificates to the Trustee and the
Collateral Trustee. Such Officers’ Certificates will demonstrate, with reasonable detail and as of
the applicable Reference Date, the calculation of (a) the Secured Debt Value Ratio (the “Secured
Debt Officers’ Certificate”) and (b) for so long as any Priority Lien Debt remains outstanding, the
Priority Lien Debt Value Ratio (the “Priority Lien Debt Officers’ Certificate”), respectively.

     If:

     (1) the Company fails to deliver either of Officers’ Certificate required by the
preceding paragraph within the time period specified in such paragraph or any required
Appraisal referred to in Section 4.19 hereof,

     (2) any such Appraisal or such Secured Debt Officers’ Certificate demonstrates that the
Secured Debt Value Ratio was less than 1.0 to 1.0 as of the applicable Reference Date, or

     (3) the Company is required to pay Special Interest (as such term is defined in the
Senior Secured Indenture) to the holders of the Senior Secured Notes due 2013,

then the Company will pay Special Interest to the Holders of the Notes. Special Interest will
commence accruing on the earlier of (A) the date the Company delivers an Appraisal or a Secured
Debt Officers’ Certificate demonstrating that its Secured Debt Value Ratio was less than 1.0 to
1.0, (B) the date on which the Company was required to deliver such Appraisal or either of the
Officers’ Certificates required by the preceding paragraph or (C) the date on which Special
Interest (as such term is defined in the Senior Secured Indenture) on the Senior Secured Notes due
2013 begins to accrue. The accrual of Special Interest will continue until the later of the date on
which (x) the Company delivers to the Trustee and the Collateral Trustee an Appraisal and a Secured
Debt Officers’ Certificate demonstrating, with reasonably detailed calculations, that the Company’s
Secured Debt Value Ratio was at least 1.0 to 1.0 as of a date subsequent to the applicable
Reference Date or (y) Special Interest (as such term is defined in the Senior Secured Indenture) on
the Senior Secured Notes due 2013 ceases to accrue.

     If the Company’s Secured Debt Value Ratio is less than 1.0 to 1.0 on any Reference Date, the
Company may, within 45 days after such Reference Date:

     (1) grant a Secured Debt Lien on additional assets pledged as Cure Collateral under the
Security Documents to secure Priority Lien Obligations and Junior Lien Obligations and such
Cure Collateral will be included in the calculation of Appraised Value as of such Reference
Date; and/or

     (2) redeem, repay, prepay, repurchase or otherwise retire Secured Debt, including by
redeeming Notes pursuant to Section 3.07 hereof or by redeeming the Senior Secured Notes due
2013 pursuant to any available optional redemption provisions of the Senior Secured
Indenture, and such redeemed, repaid, prepaid, repurchased or otherwise retired Secured Debt
will not be included in the calculation of the Secured Debt Value Ratio as of such Reference
Date.

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     If, after the pledge of Cure Collateral and/or any redemption, repayment, prepayment,
repurchase or other retirement of Secured Debt contemplated by the preceding paragraph and the
recalculations of the Secured Debt Value Ratio pursuant to the preceding paragraph, the Company’s
Secured Debt Value Ratio as of the applicable Reference Date would have been at least 1.0 to 1.0,
then the Company will be deemed to have a Secured Debt Value Ratio of at least 1.0 to 1.0 as of
such Reference Date, and no Special Interest will accrue with respect to such Reference Date.

     For the avoidance of doubt, the Company’s failure to deliver any Appraisal required by Section
4.19 hereof will be deemed to constitute a default for purposes of clause (4) under Section 6.01
hereof. The Company may not pledge additional assets as Cure Collateral except as provided in this
Section 4.20, in Section 4.21 hereof and pursuant to clauses (7) and (8) under Section 4.1(a) of
the Collateral Trust Agreement.

Section 4.21 Secured Debt Value Ratio Maintenance.

     (a) So long as any Priority Lien Debt remains outstanding, the Company will not permit the
Priority Lien Debt Value Ratio, as calculated in the Priority Lien Debt Officers’ Certificate
delivered to the Trustee and the Collateral Trustee pursuant to the first paragraph of Section 4.20
hereof, to be less than 1.25 to 1.0 on any Reference Date.

     If the Company’s Priority Lien Debt Value Ratio is less than 1.25 to 1.0 on any Reference
Date, the Company may, within 100 days after such Reference Date (a) grant a Secured Debt Lien on
additional assets pledged as Cure Collateral under the Security Documents to secure Priority Lien
Obligations and Junior Lien Obligations and such Cure Collateral will be included in the
calculation of Appraised Value as of such Reference Date and/or (b) redeem, repay, prepay,
repurchase or otherwise retire Priority Lien Debt, including by redeeming such Priority Lien Debt
pursuant to any available optional redemption provisions of the Senior Secured Indenture and such
redeemed, repaid, prepaid, repurchased or otherwise retired Priority Lien Debt will not be included
in the calculation of the Priority Lien Debt Value Ratio as of such Reference Date.

     If, after the pledge of Cure Collateral and/or any redemption, repayment, prepayment,
repurchase or other retirement of Priority Lien Debt contemplated by the preceding paragraph and
the recalculations of the Priority Lien Debt Value Ratio pursuant to the preceding paragraph, the
Company’s Priority Lien Debt Value Ratio as of the applicable Reference Date would have been at
least 1.25 to 1.0, then the Company will be deemed to have a Priority Lien Debt Value Ratio of at
least 1.25 to 1.0 as of such Reference Date.

     (b) In the event that there is no Priority Lien Debt outstanding on any Reference Date, the
Company will not permit the Secured Debt Value Ratio, as calculated in the Secured Debt Officers’
Certificate delivered to the Trustee and the Collateral Trustee pursuant to the first paragraph of
Section 4.20 hereof, to be less than 1.25 to 1.0 on such Reference Date.

     If the Company’s Secured Debt Value Ratio is less than 1.25 to 1.0 on any Reference Date, the
Company may, within 100 days after such Reference Date (a) grant a Secured Debt Lien on additional
assets pledged as Cure Collateral under the Security Documents to secure Secured Debt Obligations
and such Cure Collateral will be included in the calculation of Appraised Value as of such
Reference Date and/or (b) redeem, repay, prepay, repurchase or otherwise retire Junior Lien Debt,
including by redeeming Notes pursuant to Section 3.07 hereof and such redeemed, repaid, prepaid,
repurchased or otherwise retired Junior Lien Debt will not be included in the calculation of
Secured Debt Value Ratio as of such Reference Date.

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     If, after the pledge of Cure Collateral and/or any redemption, repayment, prepayment,
repurchase or other retirement of Junior Lien Debt contemplated by the preceding paragraph and the
recalculations of the Secured Debt Value Ratio pursuant to the preceding paragraph, the Company’s
Secured Debt Value Ratio as of the applicable Reference Date would have been at least 1.25 to 1.0,
then the Company will be deemed to have a Secured Debt Value Ratio of at least 1.25 to 1.0 as of
such Reference Date.

     Notwithstanding anything herein to the contrary, the Company’s failure to maintain a Priority
Lien Debt Value Ratio or Secured Debt Value Ratio, as applicable, equal to or greater than 1.25 to
1.0 (subject to the cure provisions described above) will be deemed to constitute a default for
purposes of clause (4) under Section 6.01 hereof. The Company may not pledge additional assets as
Cure Collateral except as provided in this Section 4.21, in Section 4.20 hereof and pursuant to
clauses (7) and (8) under Section 4.1(a) of the Collateral Trust Agreement.

Section 4.22 Regulatory Cooperation.

     In connection with any foreclosure, collection, sale or other enforcement of Liens granted to
the Collateral Trustee in the Security Documents, Parent will, and will cause its Restricted
Subsidiaries to, reasonably cooperate in good faith with the Collateral Trustee or its designee in
obtaining all regulatory licenses, consents and other governmental approvals necessary or (in the
reasonable opinion of the Collateral Trustee or its designee) reasonably advisable to conduct all
aviation operations with respect to the Collateral and will, at the reasonable request of the
Collateral Trustee and in good faith, continue to operate and manage the Collateral and maintain
all applicable regulatory licenses with respect to the Collateral until such time as the Collateral
Trustee or its designee obtain such licenses, consents and approvals, and at such time Parent will,
and will cause its Restricted Subsidiaries to, cooperate in good faith with the transition of the
aviation operations with respect to the Collateral to any new aviation operator (including, without
limitation, the Collateral Trustee or its designee).

Section 4.23 Regulatory Matters; Citizenship; Utilization; Reporting.

     (a) So long as any of the Notes remain outstanding, the Company will:

     (1) maintain at all times its status as an “air carrier” within the meaning of Section
40102(a)(2) of Title 49, and hold a certificate under Section 41102(a)(1) of Title 49;

     (2) be a United States Citizen;

     (3) maintain at all times its status at the FAA as an “air carrier” and hold an air
carrier operating certificate under Section 44705 of Title 49 and operations specifications
issued by the FAA pursuant to Parts 119 and 121 of Title 14 as currently in effect or as may
be amended or recodified from time to time;

     (4) possess and maintain all necessary certificates, exemptions, franchises, licenses,
permits, designations, rights, concessions, authorizations, frequencies and consents that
are material to the operation of the Japan Routes, the Japan Route FAA Slots and Japan Route
Foreign Slots flown by it, and to the conduct of its business and operations as currently
conducted, except to the extent that any failure to possess or maintain would not reasonably
be expected to result in a Material Adverse Effect;

     (5) maintain Japan Gate Leaseholds sufficient to ensure its ability to retain its right
in and to the Japan Routes and to preserve its right in and to the Japan Route Foreign Slots
and

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the Japan Route FAA Slots, except to the extent that any failure to maintain would not
reasonably be expected to result in a Material Adverse Effect;

     (6) utilize the Japan Route FAA Slots in a manner consistent with applicable
regulations, rules, law and contracts in order to preserve its right to hold and use the
Japan Route FAA Slots, taking into account any waivers or other relief granted to the
Company by the FAA, or other applicable Governmental Authority or Airport Authority, except
to the extent that any failure to utilize would not reasonably be expected to result in a
Material Adverse Effect;

     (7) cause to be done all things reasonably necessary to preserve and keep in full force
and effect its rights in and to use the Japan Route FAA Slots, including, without
limitation, satisfying any applicable Use or Lose Rule, except to the extent that any
failure to do so would not reasonably be expected to result in a Material Adverse Effect;

     (8) utilize the Japan Route Foreign Slots in a manner consistent with applicable
regulations, rules, foreign law and contracts in order to preserve its right to hold and use
the Japan Route Foreign Slots, taking into account any waivers or other relief granted to
the Company by any applicable Foreign Aviation Authorities, except to the extent that any
failure to utilize would not reasonably be expected to result in a Material Adverse Effect;

     (9) cause to be done all things reasonably necessary to preserve and keep in full force
and effect its rights in and to use the Japan Route Foreign Slots, including, without
limitation, satisfying any applicable Use or Lose Rule, except to the extent that any
failure to do so would not reasonably be expected to result in a Material Adverse Effect;

     (10) utilize the Japan Routes in a manner consistent with Title 49, applicable foreign
law, the applicable rules and regulations of the FAA, DOT and any applicable Foreign
Aviation Authorities, and any applicable treaty in order to preserve its rights to hold and
operate the Japan Routes, except to the extent that any failure to utilize would not
reasonably be expected to result in a Material Adverse Effect; and

     (11) cause to be done all things reasonably necessary to preserve and keep in full
force and effect its authority to serve the Japan Routes, except to the extent that any
failure to do so would not reasonably be expected to result in a Material Adverse Effect.

     (b) Without in any way limiting Section 4.23(a) hereof, the Company will promptly take (1) all
such steps as may be reasonably necessary to obtain renewal of its authority to serve the Japan
Routes from the DOT and any applicable Foreign Aviation Authorities within a reasonable time prior
to the expiration of such authority (as prescribed by law or regulation, if any), and notify the
Collateral Trustee of the status of such renewal and (2) all such other steps as may be necessary
to maintain, renew and obtain Japan Gate Leaseholds as needed for the continued and future
operations of the Company over the Japan Routes. The Company will further take all actions
reasonably necessary or, in the reasonable judgment of the Collateral Trustee, advisable in order
to maintain its material rights to use the Japan Routes (including, without limitation, protecting
the Japan Routes from dormancy or withdrawal by the DOT or any applicable Foreign Aviation
Authorities) and to have access to the Japan Gate Leaseholds. The Company will pay any applicable
filing fees and other expenses related to the submission of applications, renewal requests, and
other filings as may be reasonably necessary to maintain or obtain the Company’s rights in the
Japan Routes and have access to the Japan Gate Leaseholds.

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Section 4.24 Collateral Ownership.

     Subject to the provisions described under Sections 4.10 and 5.01 hereof and the definition of
“Asset Sale,” the Company will continue to maintain its interest in and right to use the Japan
Routes, Japan Slots, Japan Gate Leaseholds and all property and assets that constitute Collateral.
Notwithstanding anything herein to the contrary, the Company will not sell, lease, convey, transfer
or otherwise dispose of the Japan Routes.

Section 4.25 Insurance.

     The Company will:

     (1) keep all Collateral insured at all times, against such risks, including fire and
other risks insured against by extended coverage, as is prudent and customary with
U.S.-based companies of the same or similar size in the same or similar businesses;

     (2) maintain in full force and effect public liability insurance against claims for
personal injury or death or property damage occurring upon, in, about or in connection with
the use of the Collateral owned, occupied or controlled by the Company, in such amounts and
with such deductibles as are prudent and customary with U.S.-based companies of the same or
similar size in the same or similar businesses and in the same geographic area;

     (3) maintain such other insurance or self insurance as may be required by law; and

     (4) maintain business interruption insurance in amounts and on terms as are customary
in the U.S. domestic airline industry for major U.S. air carriers having both substantial
domestic and international operations.

Section 4.26 Note Calculations.

     The Company will be responsible for making calculations called for under the terms of the
Notes. These calculations include, but are not limited to, determination of redemption price
(including premiums or Applicable Premium, if any), Special Interest, and original issue discount,
if any. The Company will make the calculations in good faith and, absent manifest error, its
calculations will be final and binding on the Holders of Notes. The Company will provide a
schedule of its calculations to the Trustee when applicable, and the Trustee is entitled to rely
conclusively on the accuracy of the Company’s calculations without independent verification.

ARTICLE 5

SUCCESSORS

Section 5.01 Merger, Consolidation, or Sale of Assets.

     (a) Parent and the Company shall not, directly or indirectly: (i) consolidate or merge with or
into another Person (whether or not Parent or the Company is the surviving corporation) or (ii)
sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties
or assets of either: (x) Parent and its Restricted Subsidiaries taken as a whole or (y) the Company
and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another
Person, unless:

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     (1) either:

     (A) Parent or the Company is the surviving corporation; or

     (B) the Person formed by or surviving any such consolidation or merger (if
other than Parent or the Company) or to which such sale, assignment, transfer,
conveyance or other disposition has been made is an entity organized or existing
under the laws of the United States, any state of the United States or the District
of Columbia; and, if such entity is not a corporation, a co-obligor of the Notes is
a corporation organized or existing under any such laws;

     (2) the Person formed by or surviving any such consolidation or merger (if other than
Parent or the Company) or the Person to which such sale, assignment, transfer, conveyance or
other disposition has been made assumes all the obligations of Parent and the Company under
the Notes, this Indenture, the Security Documents and the Escrow and Security Agreement
pursuant to agreements reasonably satisfactory to the Trustee, the Collateral Trustee and
the Escrow Agent, as applicable;

     (3) immediately after such transaction, no Default or Event of Default exists; and

     (4) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger or transfer and such
supplemental indenture (if any) complies with this Indenture.

     In addition, each of Parent and the Company will not, directly or indirectly, lease all or
substantially all of the properties and assets of (i) Parent and its Restricted Subsidiaries taken
as a whole, or (ii) the Company and its Restricted Subsidiaries taken as a whole, in one or more
related transactions, to any other Person.

     (b) Section 5.01(a) will not apply to any sale, assignment, transfer, conveyance, lease or
other disposition of assets between or among Parent and its Restricted Subsidiaries. Clause (3) of
Section 5.01(a) will not apply to any merger, consolidation or transfer of assets:

     (1) of Parent or the Company with or into one of Parent’s Restricted Subsidiaries for
any purpose;

     (2) among the Guarantors or by a Restricted Subsidiary that is not a Guarantor; or

     (3) with or into an Affiliate solely for the purpose of reincorporating Parent or the
Company in another jurisdiction.

Section 5.02 Successor Corporation Substituted.

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

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

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

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

     (1) default for 30 days in the payment when due of interest (including Special
Interest, if any) on the Notes;

     (2) default in the payment when due (at maturity, upon redemption or otherwise) of the
principal of, or premium, if any, on, the Notes;

     (3) failure by Parent or any of its Restricted Subsidiaries to comply with the
provisions of Section 5.01 hereof;

     (4) failure by Parent or any of its Restricted Subsidiaries for 60 consecutive days
after notice to the Company by the Trustee or the Holders of at least 25% in aggregate
principal amount of the Notes then outstanding voting as a single class to comply with any
of the other agreements in the Note Documents or the Security Documents (including, without
limitation, the provisions described in Section 4.10 hereof);

     (5) any default that results in the acceleration of any Indebtedness under the Credit
Agreement prior to its stated maturity;

     (6) failure by Parent or any of its Restricted Subsidiaries to pay final judgments
entered by a court or courts of competent jurisdiction aggregating in excess of $70.0
million (determined net of amounts covered by insurance policies issued by creditworthy
insurance companies or by third party indemnities or a combination thereof), which judgments
are not paid, discharged or stayed for a period of 60 days;

     (7) at any time prior to the Release Date, the Escrow and Security Agreement or any
Lien purported to be granted thereby on the Escrow Account or the cash, Government
Securities or a mutual fund investing primarily in Government Securities therein is held in
any judicial proceeding to be unenforceable or invalid, in whole or in part, or ceases for
any reason to be fully enforceable and perfected (other than as a result of the action or
inaction of the Escrow Agent or Collateral Trustee);

     (8) at any time following the Release Date: (A) any Security Document ceases to be in
full force and effect (except as permitted by the terms of this Indenture or the Security
Documents or other than as a result of the action or inaction of the Collateral Trustee or
the Secured Party Representatives) for a period of 60 consecutive days after the Company
receives notice thereof or (B) any of the Security Documents ceases to give the Holders of
Notes a valid, perfected (subject to any Permitted Liens) security interest (except as
permitted by the terms of this Indenture or the Security Documents or other than as a result
of the action or inaction of the Collateral Trustee or the Secured Party Representatives)
for a period of 60 consecutive days after

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the Company receives notice thereof, in each case with respect to Collateral having an
Appraised Value in excess of $70.0 million in the aggregate at any time with respect to
clauses (A) and (B) above;

     (9) failure by the Company to comply with any material term of the Escrow and Security
Agreement that is not cured within 10 Business Days from the date of written notice provided
by the Escrow Agent;

     (10) except as permitted by this Indenture, any Note Guarantee of Parent or a
Significant Subsidiary is held in any judicial proceeding to be unenforceable or invalid or
ceases for any reason to be in full force and effect, or Parent or any Significant
Subsidiary that is a Guarantor denies or disaffirms in writing its obligations under its
Note Guarantee;

     (11) Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or
any group of Restricted Subsidiaries of Parent that, taken together, would constitute a
Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law:

     (A) commences a voluntary case,

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

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

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

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

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

     (A) is for relief against Parent or any of its Restricted Subsidiaries that is
a Significant Subsidiary or any group of Restricted Subsidiaries of Parent that,
taken together, would constitute a Significant Subsidiary in an involuntary case;

     (B) appoints a custodian of Parent or any of its Restricted Subsidiaries that
is a Significant Subsidiary or any group of Restricted Subsidiaries of Parent that,
taken together, would constitute a Significant Subsidiary or for all or
substantially all of the property of Parent or any of its Restricted Subsidiaries
that is a Significant Subsidiary or any group of Restricted Subsidiaries of Parent
that, taken together, would constitute a Significant Subsidiary; or

     (C) orders the liquidation of Parent or any of its Restricted Subsidiaries that
is a Significant Subsidiary or any group of Restricted Subsidiaries of Parent that,
taken together, would constitute a Significant Subsidiary;

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

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Section 6.02 Acceleration.

     In the case of an Event of Default specified in clauses (11) or (12) of Section 6.01 hereof,
with respect to Parent or the Company, all outstanding Notes will become due and payable
immediately without further action or notice. If any other Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then
outstanding Notes may declare all the Notes to be due and payable immediately.

     Upon any such declaration, the Notes shall become due and payable immediately.

     Holders of a majority in aggregate principal amount of the then outstanding Notes by written
notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration
and its consequences hereunder, if the rescission would not conflict with any judgment or decree,
except a continuing Default or Event of Default in the payment of principal of, premium on, if any,
or interest (including Special Interest, if any) on, the Notes.

Section 6.03 Other Remedies.

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

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

Section 6.04 Waiver of Past Defaults.

     Holders of not less than a majority in aggregate principal amount of the then outstanding
Notes by written notice to the Trustee may, on behalf of the Holders of all of the Notes, waive an
existing Default or Event of Default and its consequences hereunder, except a continuing Default or
Event of Default in the payment of the principal of, premium on, if any, or interest (including
Special Interest, if any) on, the Notes (including in connection with an offer to purchase);
provided, however, that the Holders of a majority in aggregate principal amount of the then
outstanding Notes may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration, if the rescission would not conflict with any
judgment or decree. Upon any such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereon.

Section 6.05 Control by Majority.

     Holders of a majority in aggregate principal amount of the then outstanding Notes may direct
the time, method and place of conducting any proceeding for exercising any remedy available to the
Trustee. However, the Trustee may withhold from Holders of Notes notice of any continuing Default
or Event of Default if it determines that withholding notice is in their interest, except a Default
or Event of Default relating to the payment of principal of, premium on, if any, and interest
(including Special Interest, if any).

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Section 6.06 Limitation on Suits.

     Except to enforce the right to receive payment of principal, premium, if any, or interest
(including Special Interest, if any) when due, no Holder may pursue any remedy with respect to this
Indenture or the Notes unless:

     (1) such Holder has previously given the Trustee written notice that an Event of
Default is continuing;

     (2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes
make a written request to the Trustee to pursue the remedy;

     (3) such Holder or Holders of Notes offer and, if requested, provide to the Trustee
security or indemnity reasonably satisfactory to the Trustee against any loss, liability or
expense;

     (4) the Trustee does not comply with the request within 60 days after receipt of the
request and the offer of security or indemnity; and

     (5) during such 60-day period, Holders of a majority in aggregate principal amount of
the then outstanding Notes do not give the Trustee a direction inconsistent with such
request.

     A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder.

Section 6.07 Rights of Holders of Notes to Receive Payment.

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

Section 6.08 Collection Suit by Trustee.

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

Section 6.09 Trustee May File Proofs of Claim.

     The Trustee is authorized to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of Notes allowed in any judicial proceedings relative to the Company (or
any other obligor upon

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

Section 6.10 Priorities.

     If the Trustee collects any money pursuant to this Article 6 or any other money or property
distributable in respect of the obligations of the Company or any Guarantor under this Indenture,
it shall pay out the money in the following order:

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

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

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

     The Trustee, upon prior notice to the Company, may fix a record date and payment date for any
payment to Holders of Notes pursuant to this Section 6.10.

Section 6.11 Undertaking for Costs.

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

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ARTICLE 7

TRUSTEE

Section 7.01 Duties of Trustee.

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

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

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

     (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee will examine the certificates and opinions to determine
whether or not they conform to the requirements of this Indenture.

     (c) The Trustee may not be relieved from liabilities for its own gross negligent action, its
own gross negligent failure to act, or its own willful misconduct, except that:

     (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

     (2) the Trustee will not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was grossly negligent in
ascertaining the pertinent facts; and

     (3) the Trustee will not be liable with respect to any action it takes or omits to take
in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof
or in accordance with the direction of a majority in aggregate principal amount of Notes
outstanding relating to the exercise of any right or power of the Trustee under this
Indenture..

     (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01.

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

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

     (g) The Trustee is hereby authorized to execute the Collateral Trust Agreement, the Escrow and
Security Agreement, and any other Security Document to which it may be a party and

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perform its obligations in accordance with their terms, and the rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be compensated, reimbursed and indemnified, are extended to the Trustee’s execution and
performance of each such agreement.

Section 7.02 Rights of Trustee.

     Subject to Section 7.01 hereof:

     (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or
matter stated in the document.

     (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits
to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee
may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be
full and complete authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon.

     (c) The Trustee may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any agent appointed with due care.

     (d) The Trustee will not be liable for any action it takes or omits to take in good faith that
it believes to be authorized or within the rights or powers conferred upon it by this Indenture.

     (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from Parent or the Company will be sufficient if signed by an Officer of Parent or the
Company, as applicable.

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

Section 7.03 Individual Rights of Trustee.

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

Section 7.04 Trustee’s Disclaimer.

     The Trustee will not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Notes, the Note Guarantees, the Security Documents or the
Collateral, it shall not be accountable for the Company’s use of the proceeds from the Notes or any
money paid to the Company or upon the Company’s direction under any provision of this Indenture, it
will not be responsible for the use

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or application of any money received by any Paying Agent other than the Trustee, and it will
not be responsible for any statement or recital herein or any statement in the Offering Memorandum,
the Notes or any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication. The Trustee shall have no responsibility
for any act or omission of the Collateral Trustee.

Section 7.05 Notice of Defaults.

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

Section 7.06 Compensation and Indemnity.

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

     (b) The Company and the Guarantors will indemnify the Trustee against any and all losses,
liabilities or expenses incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, including the costs and expenses of enforcing
this Indenture against the Company and the Guarantors (including this Section 7.06) and defending
itself against any claim (whether asserted by the Company, the Guarantors, any Holder or any other
Person) or liability in connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent any such loss, liability or expense may be attributable to its
gross negligence, bad faith or willful misconduct. The Trustee will notify the Company promptly of
any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will
not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or
such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee
may have separate counsel and the Company will pay the reasonable fees and expenses of such
counsel. Neither the Company nor any Guarantor need pay for any settlement made without its
consent, which consent will not be unreasonably withheld. The Company and the Guarantors need not
reimburse any expense or indemnify against any loss or liability to the extent incurred by the
Trustee through the Trustee’s gross negligence, bad faith or willful misconduct.

     (c) The obligations of the Company and the Guarantors under this Section 7.06 will survive the
satisfaction and discharge of this Indenture and the resignation or removal of the Trustee.

     (d) To secure the Company’s and the Guarantors’ payment obligations in this Section 7.06, the
Trustee will have a Lien prior to the Notes on all money or property held or collected by the
Trustee, except that held in trust to pay principal and interest on particular Notes. For the
avoidance of doubt, the Trustee shall not have any individual Lien on, or claim to, the Escrow
Property with respect to the payment obligations in this Section 7.06. Such Lien will survive the
satisfaction and discharge of this Indenture and the resignation or removal of the Trustee.

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     (e) When the Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(11) or (12) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.

Section 7.07 Replacement of Trustee.

     (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section
7.07.

     (b) The Trustee may resign in writing at any time and be discharged from the trust hereby
created by so notifying the Company. The Holders of a majority in aggregate principal amount of
the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in
writing. The Company may remove the Trustee if:

     (1) the Trustee fails to comply with Section 7.09 hereof;

     (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;

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

     (4) the Trustee becomes incapable of acting.

     (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for
any reason, the Company will promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then
outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

     (d) If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 10% in
aggregate principal amount of the then outstanding Notes may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

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

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

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Section 7.08 Successor Trustee by Merger, etc.

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

Section 7.09 Eligibility; Disqualification.

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

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.

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

Section 8.02 Legal Defeasance and Discharge.

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

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

     (2) the Company’s obligations with respect to such Notes under Article 2 and Section
4.02 hereof;

     (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s and the Guarantors’ obligations in connection therewith; and

     (4) this Article 8.

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

Section 8.03 Covenant Defeasance.

     Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.03, the Company and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be released from each of their obligations under the covenants
contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17,
4.18, 4.19, 4.20, 4.21, 4.22, 4.23, 4.24 and 4.25 hereof with respect to the outstanding Notes on
and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes
of any direction, waiver, consent or declaration or act of Holders of Notes (and the consequences
of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for
all other purposes hereunder (it being understood that such Notes will not be deemed outstanding
for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and
will have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply will not constitute a Default or an Event of Default
under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such
Notes and Note Guarantees will be unaffected thereby. In addition, upon the Company’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(10)
hereof will not constitute Events of Default.

Section 8.04 Conditions to Legal or Covenant Defeasance.

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

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

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

     (3) in the case of Covenant Defeasance, the Company must deliver to the Trustee an
Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of Notes

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will not recognize income, gain or loss for federal income tax purposes as a result of
such Covenant Defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

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

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

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

     (7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the
Covenant Defeasance have been complied with.

     Upon a Legal Defeasance or Covenant Defeasance, the Collateral Trustee will cease to be a
party to the Security Documents on behalf of the Holders of Notes and the Collateral will no longer
secure the Notes. The Collateral will be released from the Liens securing the Notes as provided in
the Collateral Trust Agreement.

Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions.

     Subject to Section 8.06 hereof, all money and non-callable Government Securities (including
the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for
purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the
outstanding Notes will be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders
of such Notes of all sums due and to become due thereon in respect of principal, premium, if any,
and interest (including Special Interest, if any), but such money need not be segregated from other
funds except to the extent required by law.

     The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable Government Securities deposited pursuant to Section
8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the outstanding Notes.

     Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to
the Company from time to time upon the request of the Company any money or non-callable Government
Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee

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(which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or
Covenant Defeasance.

Section 8.06 Repayment to Company.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of, premium, if any, or interest on (including Special
Interest, if any), any Note and remaining unclaimed for two years after such principal, premium, if
any, or interest (including Special Interest, if any) has become due and payable shall be paid to
the Company on its request or (if then held by the Company) will be discharged from such trust; and
the Holder of such Note will thereafter be permitted to look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that
the Trustee or such Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in the New York Times and The Wall Street
Journal (national edition), notice that such money remains unclaimed and that, after a date
specified therein, which will not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid to the Company.

Section 8.07 Reinstatement.

     If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government
Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s and the Guarantors’ obligations under this
Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit
had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case
may be; provided, however, that, if the Company makes any payment of principal of, premium, if any,
or interest (including Special Interest, if any) on, any Note following the reinstatement of its
obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive
such payment from the money held by the Trustee or Paying Agent.

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 Without Consent of Holders of Notes.

     Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors and the Trustee
may amend or supplement this Indenture, the Notes or the Note Guarantees without the consent of any
Holder:

     (1) to cure any ambiguity, defect or inconsistency;

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

     (3) to provide for the assumption of the Company’s or a Guarantor’s obligations to the
Holders of Notes and Note Guarantees in the case of a merger or consolidation or sale of all
or substantially all of the Company’s or such Guarantor’s assets, as applicable;

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     (4) to make any change that would provide any additional rights or benefits to the
Holders of Notes or that does not adversely affect the legal rights hereunder of any Holder;

     (5) to conform the text of any of the Note Documents to any provision of the
“Description of notes” section of the Offering Memorandum, to the extent that such provision
in that “Description of notes” was intended to be a verbatim recitation of a provision of
such Note Documents, as determined in good faith by an officer of Parent and set forth in an
Officers’ Certificate to that effect;

     (6) to enter into additional or supplemental Security Documents or provide for
additional Collateral;

     (7) to make, complete or confirm any grant of Collateral permitted or required by this
Indenture or any of the Security Documents or to release Collateral in accordance with the
terms of this Indenture and the Security Documents;

     (8) to provide for the issuance of Additional Notes in accordance with the limitations
set forth in this Indenture as of the date of this Indenture; or

     (9) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee
with respect to the Notes.

     Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 7.02 hereof, the Trustee and the Collateral Trustee
will join with the Company and the Guarantors in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further
appropriate agreements and stipulations that may be therein contained, but neither the Trustee nor
the Collateral Trustee will be obligated to enter into such amended or supplemental indenture that
affects its own rights, duties or immunities under this Indenture or otherwise.

Section 9.02 With Consent of Holders of Notes.

     Except as provided below in this Section 9.02, the Company, the Trustee and the Collateral
Trustee may amend or supplement this Indenture (including, without limitation, Sections 3.10, 4.10
and 4.15 hereof), the Notes and the Note Guarantees with the consent of the Company and the Holders
of at least a majority in aggregate principal amount of the then outstanding Notes (including,
without limitation, Additional Notes, if any) voting as a single class (including, without
limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase
of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of
Default (other than a Default or Event of Default in the payment of the principal of, premium, if
any, or interest (including Special Interest, if any) on, the Notes, except a payment default
resulting from an acceleration that has been rescinded) or compliance with any provision of this
Indenture, the Notes or the Note Guarantees may be waived with the consent of the Holders of a
majority in aggregate principal amount of the then outstanding Notes (including, without
limitation, Additional Notes, if any) voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the
Notes). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for
purposes of this Section 9.02.

     Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon the filing with
the

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Trustee and the Collateral Trustee of evidence satisfactory to the Trustee of the consent of
the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in
Section 7.02 hereof, each of the Trustee and the Collateral Trustee will join with the Company and
the Guarantors in the execution of such amended or supplemental indenture unless such amended or
supplemental indenture directly affects the Trustee’s and/or the Collateral Trustee’s own rights,
duties or immunities under this Indenture or otherwise, in which case the Trustee and/or the
Collateral Trustee may in its discretion, but will not be obligated to, enter into such amended or
supplemental Indenture.

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

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

     (1) reduce the principal amount of Notes whose Holders must consent to an amendment,
supplement or waiver;

     (2) reduce the principal of or change the fixed maturity of any Note or alter or waive
any of the provisions with respect to the redemption of the Notes (except as provided above
with respect to Sections 3.10, 4.10 and 4.15 hereof), including, without limitation, the
provisions relating to the Company’s Special Scheduled Maturity Date obligation described in
Section 3.09 hereof;

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

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

     (5) make any Note payable in money other than that stated in the Notes;

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

     (7) waive a redemption payment with respect to any Note (other than a payment required
by Sections 3.10, 4.10 or 4.15 hereof);

     (8) release any Guarantor from any of its obligations under its Note Guarantee or this
Indenture, except in accordance with the terms of this Indenture;

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     (9) make any change to any of the Escrow Conditions; or

     (10) make any change in the preceding amendment and waiver provisions.

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

Section 9.03 Revocation and Effect of Consents.

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

Section 9.04 Notation on or Exchange of Notes.

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

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

Section 9.05 Trustee to Sign Amendments, etc.

     Each of the Trustee and the Collateral Trustee will sign any amended or supplemental indenture
authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the
rights, duties, liabilities or immunities of the Trustee and the Collateral Trustee. The Company
may not sign an amended or supplemental indenture until the Board of Directors of the Company
approves it. In executing any amended or supplemental indenture, each of the Trustee and the
Collateral Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully
protected in relying upon, in addition to the documents required by Section 13.02 hereof, an
Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or
supplemental indenture is authorized or permitted by this Indenture.

ARTICLE 10

NOTE GUARANTEES

Section 10.01 Guarantee.

     (a) Subject to the provisions of this Article 10, each of the Guarantors hereby, jointly and
severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the
Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Company hereunder or
thereunder, that:

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     (1) the principal of, premium, if any, and interest on (including Special Interest, if
any), the Notes will be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if
any, and interest (including Special Interest, if any) on the Notes, if any, if lawful, and
all other obligations of the Company to the Holders of Notes or the Trustee hereunder or
thereunder will be promptly paid in full or performed, all in accordance with the terms
hereof and thereof; and

     (2) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at Stated Maturity, by
acceleration or otherwise.

     Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors will be jointly and severally obligated to pay the same
immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of
collection.

     (b) The Guarantors hereby agree that their obligations hereunder are unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder with respect to any
provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand
of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company,
any right to require a proceeding first against the Company, protest, notice and all demands
whatsoever and covenant that this Note Guarantee will not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture.

     (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in
relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such
Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force
and effect.

     (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation
to the Holders of Notes in respect of any obligations guaranteed hereby until payment in full of
all obligations (other than contingent obligations) guaranteed hereby. Each Guarantor further
agrees that, as between the Guarantors, on the one hand, and the Holders of Notes and the Trustee,
on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as
provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith
become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors
will have the right to seek contribution from any non-paying Guarantor so long as the exercise of
such right does not impair the rights of the Holders of Notes under the Note Guarantee.

Section 10.02 Limitation on Guarantor Liability.

     Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the
intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any
Note Guarantee.

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To effectuate the foregoing intention, the Trustee, the Holders of Notes and the Guarantors
hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum
amount that will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in
the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer
or conveyance. Each Guarantor that makes a payment for distribution under its Note Guarantee is
entitled to a contribution from each other Guarantor in a pro rata amount based on the adjusted net
assets of each Guarantor.

Section 10.03 Execution and Delivery of Note Guarantee.

     To evidence its Note Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees
that a notation of such Note Guarantee substantially in the form attached as Exhibit E hereto will
be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee
and that this Indenture will be executed on behalf of such Guarantor by one of its Officers.

     Each Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 hereof will
remain in full force and effect notwithstanding any failure to endorse on each Note a notation of
such Note Guarantee.

     If an Officer whose signature is on this Indenture or on the Note Guarantee no longer holds
that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed,
the Note Guarantee will be valid nevertheless.

     The delivery of any Note by the Trustee, after the authentication thereof hereunder, will
constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the
Guarantors.

     In the event that any domestic Subsidiary of Parent (existing on the date of this Indenture or
acquired or created thereafter) becomes a guarantor or a direct obligor with respect to
Indebtedness under the Credit Agreement, if required by Section 4.17 hereof, Parent will cause such
domestic Subsidiary to comply with the provisions of Section 4.17 hereof and this Article 10, to
the extent applicable.

Section 10.04 Guarantors May Consolidate, etc., on Certain Terms.

     Except as otherwise provided in Section 10.05 hereof, no Subsidiary Guarantor may sell or
otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with
or into (whether or not such Subsidiary Guarantor is the surviving Person) another Person, other
than the Company or another Guarantor, unless either:

     (1) subject to Section 10.05 hereof, the Person acquiring the property in any such sale
or disposition or the Person formed by or surviving any such consolidation or merger
unconditionally assumes all the obligations of that Subsidiary Guarantor under the Note
Guarantees and the Notes Documents on the terms set forth herein or therein, pursuant to a
supplemental indenture in form and substance reasonably satisfactory to the Trustee and the
Collateral Trustee; or

     (2) the Net Proceeds of such sale or other disposition, if any, are applied in
accordance with the applicable provisions of this Indenture, including without limitation,
Section 4.10 hereof.

105

 

     In case of any such consolidation, merger, sale or conveyance and upon the assumption by the
successor Person, by supplemental indenture, executed and delivered to the Trustee and the
Collateral Trustee and satisfactory in form to the Trustee and the Collateral Trustee, of the Note
Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Subsidiary Guarantor, such successor Person
will succeed to and be substituted for the Subsidiary Guarantor with the same effect as if it had
been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or
all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note
Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture
as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this
Indenture as though all of such Note Guarantees had been issued at the date of the execution
hereof.

     Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses (1) and (2) of
this Section 10.04, nothing contained in this Indenture or in any of the Notes will prevent any
consolidation or merger of a Subsidiary Guarantor with or into the Company or another Guarantor, or
will prevent any sale or conveyance of the property of a Subsidiary Guarantor as an entirety or
substantially as an entirety to the Company or another Guarantor.

Section 10.05 Releases.

     (a) In the event that any Subsidiary Guarantor ceases to provide a Guarantee or be a direct
obligor of obligations outstanding under the Credit Agreement, such Subsidiary Guarantor will be
automatically released and relieved of any obligations under its Note Guarantee.

     (b) In the event of any sale or other disposition of all or substantially all of the assets of
any Subsidiary Guarantor, by way of merger, consolidation or otherwise, or a sale or other
disposition of Capital Stock of any Subsidiary Guarantor, in each case to a Person that is not
(either before or after giving effect to such transactions) Parent or a Restricted Subsidiary of
Parent, then such Subsidiary Guarantor (in the event of a sale or other disposition, by way of
merger, consolidation or otherwise, of all of the Capital Stock of such Subsidiary Guarantor) or
the corporation acquiring the property (in the event of a sale or other disposition of all or
substantially all of the assets of such Subsidiary Guarantor) will be automatically released and
relieved of any obligations under its Note Guarantee; provided that the Net Proceeds of such sale
or other disposition are applied in accordance with the applicable provisions of this Indenture,
including without limitation Section 4.10 hereof. Upon delivery by Parent to the Trustee of an
Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition
was made by Parent in accordance with the provisions of this Indenture, including without
limitation Section 4.10 hereof, the Trustee will execute any documents reasonably required in order
to evidence the release of any Subsidiary Guarantor from its obligations under its Note Guarantee.

     (c) Upon designation of any Subsidiary Guarantor as an Unrestricted Subsidiary in accordance
with the terms of this Indenture, such Subsidiary Guarantor will be automatically released and
relieved of any obligations under its Note Guarantee.

     (d) Upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or
satisfaction and discharge of this Indenture in accordance with Article 11 hereof, each Guarantor
will be automatically released and relieved of any obligations under its Note Guarantee.

     Any Subsidiary Guarantor not released from its obligations under its Note Guarantee as
provided in this Section 10.05 will remain liable for the full amount of principal of and interest
(including Special

106

 

Interest, if any) and premium, if any, on the Notes and for the other obligations of any
Guarantor under this Indenture as provided in this Article 10.

ARTICLE 11

SATISFACTION AND DISCHARGE

Section 11.01 Satisfaction and Discharge.

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

     (1) either:

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

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

     (2) in respect of clause (1)(B) of this Section 11.01, no Default or Event of Default
has occurred and is continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit and any similar
deposit relating to other Indebtedness, in each case, the granting of Liens to secure such
borrowings) and the deposit will not result in a breach or violation of, or constitute a
default under, any other instrument to which the Company or any Guarantor is a party or by
which the Company or any Guarantor is bound (other than with respect to the borrowing of
funds to be applied concurrently to make the deposit required to effect such satisfaction
and discharge and any similar concurrent deposit relating to other Indebtedness, and in each
case the granting of Liens to secure such borrowings);

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

     (4) the Company has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of the Notes at maturity or on the
redemption date, as the case may be.

In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the
Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

107

 

     Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited
with the Trustee pursuant to clause (1)(B) of this Section 11.01, the provisions of Sections 11.02
and 8.06 hereof will survive. In addition, nothing in this Section 11.01 will be deemed to
discharge those provisions of Section 7.06 hereof, that, by their terms, survive the satisfaction
and discharge of this Indenture.

Section 11.02 Application of Trust Money.

     Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest (including Special
Interest, if any) for whose payment such money has been deposited with the Trustee; but such money
need not be segregated from other funds except to the extent required by law.

     If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 11.01 hereof by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s and any Guarantor’s obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof;
provided that if the Company has made any payment of principal of, premium, if any, or interest
(including Special Interest, if any) on, any Notes because of the reinstatement of its obligations,
the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment
from the money or Government Securities held by the Trustee or Paying Agent.

ARTICLE 12

COLLATERAL AND SECURITY

Section 12.01 Security Interest.

     The due and punctual payment of the principal of, premium (if any), interest and Special
Interest, if any, on, the Notes when and as the same shall be due and payable, whether on an
interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and
interest on the overdue principal of, premium (if any), interest and Special Interest, if any, on
the Notes and performance of all other obligations of the Company to the Holders of Notes, the
Collateral Trustee or the Trustee and the Notes, according to the terms hereunder or thereunder,
are secured following the Release Date as provided in the Security Documents. Prior to the release
of the Escrow Property on or after the Release Date, pursuant to the Escrow and Security Agreement,
the Notes will be entitled to the benefits of the Escrow Account, including a security interest in
the rights, if any, of the Company therein. Each Holder, by its acceptance thereof, consents and
agrees to the terms of the Security Documents (including, without limitation, the provisions
providing for foreclosure and release of Collateral by the Collateral Trustee, relating to ranking
of Junior Liens and order of application of proceeds from enforcement of Junior Liens) as the same
may be in effect or may be amended, amended and restated, modified, renewed, restated or replaced
from time to time in accordance with their terms and authorizes and appoints The Bank of New York
Mellon Trust Company, N.A. as the Trustee and Wilmington Trust FSB as the Collateral Trustee, the
Trustee hereby authorizes and appoints Wilmington Trust FSB as Collateral Trustee and each Holder
and the Trustee direct the Collateral Trustee to enter into the Security Documents and to perform
its obligations and exercise its rights thereunder in accordance therewith and to exercise such
powers as are delegated to the Trustee and Collateral Trustee by the terms thereof, together with
such actions and powers as are reasonably incidental thereto. Following the Release Date, the
Company consents and agrees to be bound

108

 

by the terms of the Security Documents, as the same may be in effect from time to time, and
agrees to perform its obligations thereunder in accordance therewith. Each Holder agrees that all
Junior Lien Obligations will be and are secured equally and ratably by all Junior Liens at any time
granted by the Company to secure any Obligations in respect of such Series of Junior Lien Debt,
whether or not upon property otherwise constituting Collateral, and that all such Junior Liens will
be enforceable by the Collateral Trustee for the benefit of all holders of Junior Lien Obligations.
Following the Release Date, promptly upon the reasonable request of the Collateral Trustee or any
Secured Debt Representative at any time and from time to time, the Company will execute,
acknowledge and deliver such Security Documents, instruments, certificates, notices and other
documents, and take such other actions as shall be reasonably required under applicable law, or
that the Collateral Trustee may reasonably request, in each case, to create, perfect, protect,
assure or enforce the Liens and benefits intended to be conferred, in each case as contemplated by
the Junior Lien Documents for the benefit of the Holders of Notes.

Section 12.02 Collateral Trust Agreement.

     This Article 12 and the provisions of each other Security Document are subject to the terms,
conditions and benefits set forth in the Collateral Trust Agreement. The Company consents to, and
agrees to be bound by, the terms of the Collateral Trust Agreement, as the same may be in effect
from time to time, and to perform its obligations thereunder in accordance with the terms
therewith.

Section 12.03 Release of Liens in Respect of the Notes.

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

          (1) upon satisfaction and discharge of this Indenture in accordance with Article 11 hereof;

          (2) upon a Legal Defeasance or Covenant Defeasance of the Notes in accordance with Article 8
hereof;

          (3) upon payment in full and discharge of all Notes outstanding under this Indenture and all
Obligations that are outstanding, due and payable under this Indenture at the time the Notes are
paid in full and discharged; or

          (4) in whole or in part, with the consent of the Holders of the requisite percentage of Notes
in accordance with Article 9 hereof.

     In addition, the Collateral Trustee’s Liens on the Collateral will be released upon the terms
and subject to the conditions set forth in Section 4.1 of the Collateral Trust Agreement.

Section 12.04 Collateral Trustee.

     (a) The Collateral Trustee will hold (directly or through co-trustees or agents) and is
directed by each Holder to so hold, and will be entitled to enforce on behalf of the holders of
Priority Lien Obligations and Junior Lien Obligations, all Liens on the Collateral created by the
Security Documents for their benefit, subject to the provisions of the Collateral Trust Agreement.

109

 

     (b) Neither the Company nor any of its Affiliates and no Secured Debt Representative may serve
as Collateral Trustee.

     (c) Except as provided in the Collateral Trust Agreement or as directed by an Act of Required
Debtholders in accordance with the Collateral Trust Agreement, the Collateral Trustee will not be
obligated to:

     (1) act upon directions purported to be delivered to it by any Person;

     (2) foreclose upon or otherwise enforce any Lien; or

     (3) take any other action whatsoever with regard to any or all of the Security
Documents, the Liens created thereby or the Collateral.

     (d) The Company and the Guarantors will indemnify the Collateral Trustee against any and all
losses, liabilities or expenses incurred by it arising out of or in connection with this Indenture,
including defending itself against any claim (whether asserted by the Company, the Guarantors, any
Holder or any other Person) or liability in connection with the exercise or performance of any of
its powers or duties hereunder, except to the extent any such loss, liability or expense may be
attributable to (1) its gross negligence, willful misconduct or bad faith or (2) its breach of this
Indenture or any Security Document. The Collateral Trustee will notify the Company promptly of any
claim for which it may seek indemnity. Failure by the Collateral Trustee to so notify the Company
will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company
or such Guarantor will defend the claim and the Collateral Trustee will cooperate in the defense.
The Collateral Trustee may have separate counsel and the Company will pay the reasonable fees and
out-of-pocket expenses of such counsel. Neither the Company nor any Guarantor need pay for any
settlement made without its consent, which consent will not be unreasonably withheld. The
obligations of the Company and the Guarantors under this Section 12.04(d) will survive the
satisfaction and discharge of this Indenture.

ARTICLE 13

MISCELLANEOUS

Section 13.01 Notices.

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

If to the Company and/or any Guarantor:

UAL Corporation

77 W. Wacker Drive

Chicago, IL 60601

Attention: Stephen R. Lieberman, Vice President and Treasurer

With a copy to:

Cravath, Swaine & Moore LLP

Worldwide Plaza

825 Eighth Avenue

110

 

New York, NY 10019-7475

Facsimile No.: (212) 765-0997

Attention: William Fogg

If to the Trustee:

The Bank of New York Mellon Trust Company, N.A.

2 North LaSalle Street, Suite 1020

Chicago, IL 60602

Facsimile No.: (312) 827-8542

Attention: Corporate Trust

With a copy to:

Drinker Biddle & Reath LLP

191 North Wacker Drive, Suite 3700

Chicago, IL 60606

Facsimile No.: (312) 569-3216

Attention: Steven M. Wagner

If to the Collateral Trustee:

Wilmington Trust FSB

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Facsimile No.: (612) 217-5651

Attention: Corporate Client Services

With a copy to:

Morris James LLP

500 Delaware Avenue, Suite 1500

Wilmington, DE 19801-1494

Facsimile No.: (302) 888-6989

Attention: Lewis C. Ledyard, III

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

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

     Any notice or communication to a Holder will be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to
its address shown on the register kept by the Registrar. Failure to mail a notice or communication
to a Holder or any defect in it will not affect its sufficiency with respect to other Holders of
Notes.

111

 

     If a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it.

     If the Company mails a notice or communication to Holders of Notes, it will mail a copy to the
Trustee and each Agent at the same time.

Section 13.02 Certificate and Opinion as to Conditions Precedent.

     Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:

     (1) an Officers’ Certificate in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 13.03 hereof) stating that,
in the opinion of the signers, all conditions precedent and covenants, if any, provided for
in this Indenture relating to the proposed action have been satisfied; and

     (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which must include the statements set forth in Section 13.03 hereof) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been satisfied.

Section 13.03 Statements Required in Certificate or Opinion.

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

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

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been complied with; and

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

Section 13.04 Rules by Trustee and Agents.

     The Trustee may make reasonable rules for action by or at a meeting of Holders of Notes. The
Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its
functions.

Section 13.05 No Personal Liability of Directors, Officers, Employees and Stockholders.

     No director, officer, employee, incorporator or stockholder of the Company or any Guarantor,
as such, will have any liability for any obligations of the Company or the Guarantors under the
Note Documents or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. The waiver may not be effective
to waive liabilities under the federal securities laws.

112

 

Section 13.06 Governing Law.

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

Section 13.07 No Adverse Interpretation of Other Agreements.

     This Indenture may not be used to interpret any other indenture, loan or debt agreement of
Parent or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may
not be used to interpret this Indenture.

Section 13.08 Successors.

     All agreements of the Company in this Indenture and the Notes will bind its successors. All
agreements of the Trustee in this Indenture will bind its successors. All agreements of each
Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05
hereof.

Section 13.09 Severability.

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

Section 13.10 Counterpart Originals.

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

Section 13.11 Table of Contents, Headings, etc.

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

[Signatures on following page]

113

 

SIGNATURES

Dated as of January ___, 2010

	 	 	 	 	 
	 	UNITED AIR LINES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Indenture Signature Page

 

 

	 	 	 	 	 
	 	UAL CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Indenture Signature Page

 

 

	 	 	 	 	 	 	 	 	 	 	 
	MPH I, INC.	 	 	 	MILEAGE PLUS, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Name:	 	 
	 

	 	Title:
	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	MILEAGE PLUS MARKETING, INC.	 	 	 	MILEAGE PLUS HOLDINGS, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Name:	 	 
	 

	 	Title:
	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	UNITED AVIATION FUELS CORPORATION	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 
	 

	 	Title:	 
	 
	 	 	 	 	 	 
	 	 	WILMINGTON TRUST FSB, not in its individual capacity,

but solely as Collateral Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 
	 

	 	Title:	 

Indenture Signature Page

 

 

EXHIBIT A — FORM OF NOTE

[Face of Note]

[Insert Original Issue Discount Legend, pursuant to the provisions of the Indenture]

CUSIP/ISIN                     

12.000% Senior Second Lien Notes due 2013

			
	 	 	 
	No.                     
	 	$                    

UNITED AIR LINES, INC.

promises to pay to                      or registered assigns,

the principal sum of                                                              DOLLARS on November 1, 2013.

Interest Payment Dates: February 1 and August 1

Record Dates: January 15 and July 15

Dated:                                         , 20___

[Signature Page Follows]

A-1

 

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

	 	 	 	 	 
	 	UNITED AIR LINES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-2

 

	 	 	 	 	 
	This is one of the Notes referred to

in the within-mentioned Indenture:	 	 
	 
	 	 	 	 
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

   as Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 

A-3

 

[Back of Note]

12.000% Senior Second Lien Notes due 2013

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

[Insert the Private Placement Legend, if applicable, pursuant to the provisions of the Indenture]

     Capitalized terms used herein have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

     (1) Interest. United Air Lines, Inc., a Delaware corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 12.000% per
annum from                     , 20___until maturity and shall pay the Special Interest, if any,
payable pursuant to Sections 4.10 and 4.20 of the Indenture. The Company will pay interest
semi-annually in arrears on February 1 and August 1 of each year, or if any such day is not
a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”).
Interest on the Notes will accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from the date of issuance; provided that if there is no
existing Default in the payment of interest, and if this Note is authenticated between a
record date referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such next succeeding Interest Payment Date; provided further that
the first Interest Payment Date shall be                     , 20___. The Company will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at a rate that is 1% per annum in
excess of the rate then in effect to the extent lawful; it will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments
of interest and Special Interest, if any, (without regard to any applicable grace periods)
from time to time on demand at the same rate to the extent lawful. Interest will be
computed on the basis of a 360-day year of twelve 30-day months.

     (2) Method of Payment. The Company will pay interest on the Notes
(except defaulted interest) and Special Interest, if any, to the Persons who are registered
Holders of Notes at the close of business on the January 15 or July 15 next preceding the
Interest Payment Date, even if such Notes are canceled after such record date and on or
before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with
respect to defaulted interest. The Notes will be payable as to principal, premium and
Special Interest, if any, and interest at the office or agency of the Company maintained for
such purpose within or without the City and State of New York, or, at the option of the
Company, payment of interest and Special Interest, if any, may be made by check mailed to
the Holders of Notes at their addresses set forth in the register of Holders of Notes;
provided that payment by wire transfer of immediately available funds will be required with
respect to principal of and interest, premium and Special Interest, if any, on, all Global
Notes and all other Notes the Holders of which will have provided wire transfer instructions
to the Company or the Paying Agent. Such payment will be in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and
private debts.

     (3) Paying Agent and Registrar. Initially, The Bank of New York
Mellon Trust Company, N.A., the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice to any
Holder. Parent or any of its Subsidiaries may act in any such capacity.

A-4

 

     (4) Indenture. The Company issued the Notes under an Indenture dated
as of January 15, 2010 (as amended, amended and restated, adjusted, supplemented or
otherwise modified from time to time, the “Indenture”) among the Company, the Guarantors,
the Trustee and the Collateral Trustee. The Notes are subject to all such terms, and
Holders of Notes are referred to the Indenture for a statement of such terms. To the extent
any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. The Notes are secured
obligations of the Company. Prior to the release of the Escrow Property on or after the
Release Date, pursuant to the Escrow and Security Agreement, the Notes will be entitled to
the benefits of the Escrow Account, including a security interest in the rights, if any, of
the Company therein and a security interest in the Company’s rights under the Escrow and
Security Agreement. Following the Release Date, the Notes and all other Junior Lien
Obligations will be secured, equally and ratably, by a Junior Lien on all assets of the
Company that constitute Collateral, subject to Permitted Liens. Following the Release Date,
the Notes are secured by a pledge of Collateral pursuant to the Security Documents referred
to in the Indenture. The Indenture does not limit the aggregate principal amount of Notes
that may be issued thereunder.

     (5) Optional Redemption.

     (b) Except as set forth in subparagraphs (b) and (c) of this Paragraph 5, the Notes will not
be redeemable at the Company’s option prior to February 1, 2012. On or after February 1, 2012, the
Company may on any one or more occasions redeem all or a part of the Notes , subject to the
provisions of Section 3.03 of the Indenture, at the redemption prices (expressed as percentages of
principal amount on the date of redemption), plus accrued and unpaid interest and Special Interest,
if any, on the Notes redeemed to the applicable date of redemption, if redeemed during the 12-month
period beginning on February 1 of the years set forth below, subject to the rights of Holders of
Notes on the relevant record date to receive interest on the relevant interest payment date:

	 	 	 	 	 
	Period	 	Percentage
	2012
	 	 	109.000	%
	2013 and thereafter
	 	 	100.000	%

     Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date.

     (c) At any time prior to February 1, 2012, the Company may on any one or more occasions redeem
up to 35% of the aggregate principal amount of Notes issued under the Indenture, subject to the
provisions of Section 3.03 of the Indenture, at a redemption price equal to 112.000% of the
aggregate principal amount thereof, plus accrued and unpaid interest and Special Interest, if any,
to the date of redemption (subject to the rights of the Holders of Notes on the relevant record
date to receive interest on the relevant interest payment date), with the net cash proceeds of an
Equity Offering by the Company; provided that at least 50% of the aggregate principal amount of
Notes originally issued under the Indenture (excluding Notes held by Parent and its Subsidiaries)
remains outstanding immediately after the occurrence of such redemption and that such redemption
occurs within 90 days of the date of the closing of such Equity Offering.

     (d) At any time prior to February 1, 2012, the Company may on any one or more occasions redeem
all or a part of the Notes, subject to the provisions of Section 3.03 of the Indenture, at a
redemption price equal to 100% of the principal amount of Notes redeemed, plus the Applicable
Premium as of, and accrued and unpaid interest and Special Interest, if any, to the date of
redemption, subject to the

A-5

 

rights of Holders of Notes on the relevant record date to receive interest due on the relevant
interest payment date.

     (6) Special Scheduled Maturity Date.

     Except as described in the next succeeding paragraph, the Company is not required to make
mandatory redemption, sinking fund or other scheduled payments of principal with respect to the
Notes. However, the Company may be required to offer to purchase the notes as described in
Sections 4.10 and 4.15 of the Indenture.

     If the Escrow Conditions have not been satisfied on or prior to the 120th day following the
date of the Indenture, the Company will redeem all of the outstanding Notes on or prior to the
135th day following the date of the Indenture, upon not less than 10 days’ notice and pursuant to
the terms of the Escrow and Security Agreement, at the Special Scheduled Maturity Date Price.
Immediately upon receipt by the Paying Agent of the Escrow Property, the Trustee will notify the
Holders of the date fixed for the Special Scheduled Maturity Date.

     (7) Repurchase at the Option of Holder.

          (a) Upon the occurrence of a Change of Control, each Holder of Notes will have the
right to require the Company to make an offer (a “Change of Control Offer”) to each Holder
to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate
principal amount of Notes repurchased, plus accrued and unpaid interest and Special
Interest, if any, on the Notes repurchased to the date of purchase, subject to the rights of
Holders of Notes on the relevant record date to receive interest due on the relevant
interest payment date (the “Change of Control Payment”). Within 30 days following any
Change of Control, the Company will mail a notice to each Holder setting forth the
procedures governing the Change of Control Offer as required by the Indenture.

          (b) In accordance with Section 4.10 of the Indenture, the Company will be required to
offer to purchase the Notes upon certain Asset Sales.

     (8) Notice of Redemption. Subject to Section 6 above, notice of
redemption will be mailed at least 30 days but not more than 60 days before the redemption
date to each Holder whose Notes are to be redeemed at its registered address, except that
redemption notices may be mailed more than 60 days prior to a redemption date if the notice
is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the
Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in
integral multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are
to be redeemed.

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

A-6

 

to be redeemed or during the period between a record date and the corresponding
Interest Payment Date.

     (10) Persons Deemed Owners. The registered Holder may be treated as
its owner for all purposes.

     (11) Note Guarantees. This Note will be entitled to the benefits of
certain Note Guarantees made for the benefit of the Holders. Reference is hereby made to
the Indenture for a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Guarantors, the Trustee and the Holders.

     (12) Amendment, Supplement and Waiver. The provisions governing
amendment, supplement and waiver of any provision of the Indenture, the Notes or the Note
Guarantees are set forth in Article 9 of the Indenture.

     (13) Defaults and Remedies. The Events of Default relating to the
Notes are defined in Section 6.01 of the Indenture.

     (14) Trustee Dealings with Company. The Trustee, in its individual
or any other capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if
it were not the Trustee.

     (15) No Recourse Against Others. A director, officer, employee,
incorporator or stockholder of the Company or any of the Guarantors, as such, will not have
any liability for any obligations of the Company or the Guarantors under the Note Documents
or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for the issuance of the Notes.

     (16) Authentication. This Note will not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent.

     (17) Abbreviations. Customary abbreviations may be used in the name
of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

     (18) CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP
numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of
redemption as a convenience to Holders of Notes. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of
redemption, and reliance may be placed only on the other identification numbers placed
thereon.

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

A-7

 

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

UAL Corporation

77 W. Wacker Drive

Chicago, IL 60601

Attention: Stephen R. Lieberman, Vice President and Treasurer 

A-8

 

Assignment Form

     To assign this Note, fill in the form below:

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

	 	 
	 

	 	(Insert assignee’s legal name)

 

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

 

 

 

 

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

	 	 	 
	and irrevocably appoint
	 	 
	 

	 	 

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

Date:                     

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

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

Signature Guarantee*:                                         

 

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

A-9

 

Option of Holder to Elect Purchase

     If you want to elect to have this Note purchased by the Company pursuant to Section 4.10
or 4.15 of the Indenture, check the appropriate box below:

	 	 	 
	ŇSection 4.10
	 	ŇSection 4.15

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased:

$                    

Date:                     

	 	 	 	 	 
	 

	 	Your Signature:
 

	 

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

	 
	 	 	 	 
	 

	 	Tax Identification No.:	 	 
	 

	 	 	 	 

Signature Guarantee*:                                         

 

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

A-10

 

Schedule of Exchanges of Interests in the Global Note *

     The following exchanges of a part of this Global Note for an interest in another Global
Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for
an interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount	 	 
	 	 	Amount of decrease in	 	Amount of increase in	 	[at maturity] of this	 	 
	 	 	Principal Amount	 	Principal Amount	 	Global Note following	 	Signature of authorized
	 	 	[at maturity] of	 	[at maturity] of	 	such decrease	 	officer of Trustee or
	Date of Exchange	 	this Global Note	 	this Global Note	 	(or increase)	 	Custodian
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 

 

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

A-11

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

UAL Corporation

77 W. Wacker Drive

Chicago, IL 60601

Attention: Stephen R. Lieberman, Vice President and Treasurer

The Bank of New York Mellon Trust Company, N.A.

2 North LaSalle Street, Suite 1020

Chicago, IL 60602

Facsimile No.: (312) 827-8542

Attention: Corporate Trust

     Re: 12.000% Senior Second Lien Notes due 2013

     Reference is hereby made to the Indenture, dated as of January 15, 2010 (the “Indenture”),
among United Air Lines, Inc., as issuer (the “Company”), the Guarantors party thereto, The Bank of
New York Mellon Trust Company, N.A., as trustee and Wilmington Trust FSB, as collateral trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

                         , (the “Transferor”) owns and proposes to transfer the Note[s] or interest
in such Note[s] specified in Annex A hereto, in the principal amount of $                     in such
Note[s] or interests (the “Transfer”), to                                          (the “Transferee”), as
further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that:

[CHECK ALL THAT APPLY]

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

     2. o Check if Transferee will take delivery of a beneficial interest in the
Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is
not being made to a Person in the United States and (x) at the time the buy order was originated,
the Transferee was outside the United States or such Transferor and any Person acting on its behalf
reasonably believed and believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated offshore securities
market and neither such Transferor nor any Person acting on its behalf knows that the transaction
was prearranged with a buyer in the United States, (ii) no directed selling

B-1

 

efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to
evade the registration requirements of the Securities Act and (iv) if the proposed transfer is
being made prior to the expiration of the Restricted Period, the transfer is not being made to a
U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon
consummation of the proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer
enumerated in the Private Placement Legend printed on the Legended Regulation S Global Note and/or
the Restricted Definitive Note and in the Indenture and the Securities Act.

     3. o Check and complete if Transferee will take delivery of a beneficial interest
in a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule
144A or Regulation S. The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the Transferor hereby
further certifies that (check one):

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

or

     (b) o such Transfer is being effected to the Company or a subsidiary thereof;

or

     (c) o such Transfer is being effected to an Institutional Accredited Investor
and pursuant to an exemption from the registration requirements of the Securities Act
other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further
certifies that it has not engaged in any general solicitation within the meaning of
Regulation D under the Securities Act and the Transfer complies with the transfer
restrictions applicable to beneficial interests in a Restricted Global Note or Restricted
Definitive Notes and the requirements of the exemption claimed, which certification is
supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the
Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a
copy of which the Transferor has attached to this certification), to the effect that such
Transfer is in compliance with the Securities Act. Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Definitive Notes and in the
Indenture and the Securities Act.

     4. o Check if Transferee will take delivery of a beneficial interest in an
Unrestricted Global Note or of an Unrestricted Definitive Note.

     (a) o Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected
pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private

B-2

 

Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in
the Indenture.

     (b) o Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

     (c) o Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being
effected pursuant to and in compliance with an exemption from the registration requirements of the
Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will not be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture.

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

	 	 	 	 	 	 	 
	 
	 	 	 	 	 
	 

	 	 	 	[Insert Name of Transferor]
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

     Dated:                                         

B-3

 

ANNEX A TO CERTIFICATE OF TRANSFER

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

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

	 	(a)	 	o a beneficial interest in the:

	 	(i)	 	o 144A Global Note (CUSIP                     ), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP                     ), or

	 	(b)	 	o a Restricted Definitive Note.

	 	2.	 	After the Transfer the Transferee will hold:

[CHECK ONE]

	 	(a)	 	o a beneficial interest in the:

	 	(i)	 	o 144A Global Note (CUSIP                     ), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP                     ), or
	 
	 	(iii)	 	o Unrestricted Global Note (CUSIP                     ); or

	 	(b)	 	o a Restricted Definitive Note; or
	 
	 	(c)	 	o an Unrestricted Definitive Note,

in accordance with the terms of the Indenture.

B-4

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

UAL Corporation

77 W. Wacker Drive

Chicago, IL 60601

Attention: Stephen R. Lieberman, Vice President and Treasurer

The Bank of New York Mellon Trust Company, N.A.

2 North LaSalle Street, Suite 1020

Chicago, IL 60602

Facsimile No.: (312) 827-8542

Attention: Corporate Trust

     Re: 12.000% Senior Second Lien Notes due 2013

(CUSIP                     )

     Reference is hereby made to the Indenture, dated as of January 15, 2010 (the “Indenture”),
among United Air Lines, Inc., as issuer (the “Company”), the Guarantors party thereto, The Bank of
New York Mellon Trust Company, N.A., as trustee and Wilmington Trust FSB, as collateral trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

                                             , (the “Owner”) owns and proposes to exchange the Note[s] or
interest in such Note[s] specified herein, in the principal amount of $                     in such Note[s]
or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

     1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note

     (a) o Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global
Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in
accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

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

C-1

 

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

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

     2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global
Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes

     (a) o Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in
a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner
hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and
in the Indenture and the Securities Act.

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

C-2

 

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

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	[Insert Name of Transferor]
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

Dated:                                         

C-3

 

EXHIBIT D

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

UAL Corporation

77 W. Wacker Drive

Chicago, IL 60601

Attention: Stephen R. Lieberman, Vice President and Treasurer

The Bank of New York Mellon Trust Company, N.A.

2 North LaSalle Street, Suite 1020

Chicago, IL 60602

Facsimile No.: (312) 827-8542

Attention: Corporate Trust

     Re: 12.000% Senior Second Lien Notes due 2013

     Reference is hereby made to the Indenture, dated as of January 15, 2010 (the “Indenture”),
among United Air Lines, Inc., as issuer (the “Company”), the Guarantors party thereto, The Bank of
New York Mellon Trust Company, N.A., as trustee and Wilmington Trust FSB, as collateral trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

     In connection with our proposed purchase of $                     aggregate principal amount of:

     (a) o a beneficial interest in a Global Note, or

     (b) o a Definitive Note,

     we confirm that:

     1. We understand that any subsequent transfer of the Notes or any interest therein is subject
to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be
bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except
in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).

     2. We understand that the offer and sale of the Notes have not been registered under the
Securities Act, and that the Notes and any interest therein may not be offered or sold except as
permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for
which we are acting as hereinafter stated, that if we should sell the Notes or any interest
therein, we will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with
Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C)
to an institutional “accredited investor” (as defined below) that, prior to such transfer,
furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a
signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably
acceptable to the Company to the effect that such transfer is in compliance with the Securities
Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities
Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree to provide to any
Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a
transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising
such purchaser that resales thereof are restricted as stated herein.

D-1

 

     3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we
will be required to furnish to you and the Company such certifications, legal opinions and other
information as you and the Company may reasonably require to confirm that the proposed sale
complies with the foregoing restrictions. We further understand that the Notes purchased by us
will bear a legend to the foregoing effect.

     4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act) and have such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

     5. We are acquiring the Notes or beneficial interest therein purchased by us for our own
account or for one or more accounts (each of which is an institutional “accredited investor”) as to
each of which we exercise sole investment discretion.

     You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	[Insert Name of Accredited Investor]
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

Dated:                                         

D-2

 

EXHIBIT E

FORM OF NOTATION OF GUARANTEE

     For value received, each of the undersigned (including any successor Person under the
Indenture) hereby, jointly and severally, unconditionally guarantees, to the extent set forth in
the Indenture and subject to the provisions in the Indenture dated as of January 15, 2010 (the
“Indenture”) among United Air Lines, Inc., (the “Company”), the Guarantors party thereto, The Bank
of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) and Wilmington Trust FSB, as
collateral trustee, (a) the due and punctual payment of the principal of, premium, if any, and
interest (including Special Interest, if any) on, the Notes, whether at maturity, by acceleration,
redemption or otherwise, the due and punctual payment of interest on overdue principal of and
interest on the Notes, if any, if lawful, and the due and punctual performance of all other
obligations of the Company to the Holders of Notes or the Trustee all in accordance with the terms
of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any
of such other obligations, that the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise. This Note Guarantee will become effective in accordance with Article 10 of the
Indenture and its terms shall be evidenced therein. Each Holder of a Note, by accepting the same,
(a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact
of such Holder for such purpose.

     Capitalized terms used but not defined herein have the meanings given to them in the
Indenture.

[Signature Page Follows]

E-1

 

     IN WITNESS HEREOF, each Guarantor has caused this Notation of Guarantee to be signed manually
or by facsimile by its duly authorized officer.

	 	 	 	 	 
	 	[Name of Guarantor(s)]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

E-2

 

EXHIBIT F

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

     Supplemental Indenture (this “Supplemental Indenture”), dated as of                     ,
20___, among                      (the “Guaranteeing Subsidiary”), a subsidiary of UAL Corporation (or
its permitted successor), a Delaware corporation (the “Parent”), United Air Lines, Inc. (or its
permitted successor), a Delaware corporation (the “Company”), the other Guarantors (as defined in
the Indenture referred to herein) and The Bank of New York Mellon Trust Company, N.A., as trustee
under the Indenture referred to below (the “Trustee”) and Wilmington Trust FSB, as collateral
trustee under the Indenture referred to below.

W I T N
E S S E T H

     WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of January 15, 2010 providing for the issuance of 12.000% Senior Second
Lien Notes due 2013 (the “Notes”);

     WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of Notes as
follows:

     1. Capitalized Terms. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

     2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee
and in the Indenture including but not limited to Article 10 thereof.

     4. No Recourse Against Others. No past, present or future director, officer,
employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have
any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes,
any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal
securities laws and it is the view of the SEC that such a waiver is against public policy.

     5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS
OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

F-1

 

     6. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

     7. Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof.

     8. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of
the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary
and the Company.

F-2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written.

     Dated:                     , 20___

	 	 	 	 	 
	 	[Guaranteeing Subsidiary]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[Company]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[Existing Guarantors]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[Trustee],

     as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	[Collateral Trustee],

     as Collateral Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

F-3exv4w1

Exhibit 4.1

	 
	By AUTHORIZED SIGNATURE
THIS CERTIFIES THAT is the owner of
CUSIP DATED COUNTERSIGNED AND REGISTERED: COMPUTERSHARE TRUST COMPANY, N.A.
TRANSFER AGENT AND REGISTRAR, FULLY-PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF
Terreno Realty Corporation (hereinafter called the “Company”), transferable on the books of
the Company in
person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. This
Certificate and the shares represented hereby, are issued and shall be held subject to all of the provisions of the
Articles of Incorporation, as amended, and the By-Laws, as amended, of the Company (copies of which are on file
with the Company and with the Transfer Agent), to all of which each holder, by acceptance hereof, assents.
This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.
Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized
officers. COMMON STOCK PAR VALUE $0.01 COMMON STOCK THIS CERTIFICATE IS TRANSFERABLE IN CANTON, MA AND NEW YORK, NY SEE REVERSE FOR CERTAIN DEFINITIONS
Certificate Number Shares. TERRENO REALTY CORPORATION
INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND Chairman and Chief Executive Officer
President and Chief Financial Officer
016570 003590 127C RESTRICTED 4 057-423
88146M 10 1
Month Day, Year
* * X X X X X * * * * * *
* * * X X X X X * * * * *
* * * * X X X X X * * * *
* * * * * X X X X X * * *
* * * * * * X X X X X * *
** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
**** Mr. Alexander David Sample **** Mr. Alexander David Sample
**** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
**** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander
David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
David Sample **** Mr. Alexander David Sample **** Mr.
Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
Alexander David Sample **** Mr. Alexander David Sample
**** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
**** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander
David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
David Sample **** Mr. Alexander David Sample **** Mr.
Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
Alexander David Sample **** Mr. Sample **** Mr. Sample
**600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**
Shares****600620**Shares****600620**Shares***
*600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**S
hares****600620**Shares****600620**Shares****
600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Sh
ares****600620**Shares****600620**Shares****6
00620**Sh
ares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Sha
res****600620**Shares****600620**Shares****60
0620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shar
es****600620**Shares****600620**Shares****600
620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Share
s***600620**Shares****600620**Shares****60062
0**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares*
***600620**Shares****600620**Shares****600620
**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares**
**600620**Shares****600620**Shares****600620*
*Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares***
*600620**Shares****600620**Shares****600620**
Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****
600620**Shares****600620**Shares****600620**S
hares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****600620**Shares****6
00620**Shares****600620**Shares****600620**Sh
* * * SIX HUNDRED THOUSAND SIX HUNDRED AND TWENTY* * * MR. SAMPLE & MRS. SAMPLE & MR. SAMPLE & MRS. SAMPLE 2Q 000000 Certificate Numbers
1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890
Total Transaction Num/No. 123456 Denom. 123456 Total 1234567 MR A SAMPLE DESIGNATION (IF ANY)
ADD 1 ADD 2 ADD 3 ADD 4 PO BOX 43004, Providence, RI 02940-3004 CUSIP XXXXXX XX X Holder ID XXXXXXXXXX Insurance Value 1,000,000.00 Number of Shares 123456
DTC 12345678 123456789012345 1234567

 

	 
	For value received, hereby sell, assign and transfer unto
Shares Attorney Dated: 20 Signature: Signature: Notice: The signature to this assignment must correspond with the name
as written upon the face of the certificate, in every particular,
without alteration or enlargement, or any change whatever.
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)
of the common stock represented by the within Certificate, and do hereby irrevocably constitute
and appoint
to transfer the said stock on the books of the within-named Corporation with full power of
substitution in the premises.
TERRENO REALTY CORPORATION
THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE
POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE,
PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE
QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH
PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR
EACH SERIES, WHICH ARE FIXED BY THE ARTICLES OF
INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE
COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS
TO DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY
OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD
OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL
REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT
AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT
OF THE ALLEGED LOSS OR DESTRUCTION OF ANY
SUCH CERTIFICATE.
THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON BENEFICIAL OWNERSHIP AND
CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE
PURPOSE, AMONG OTHERS, OF THE CORPORATION’S MAINTENANCE OF ITS QUALIFICATION AS A REAL ESTATE
INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”). SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY
PROVIDED IN THE CORPORATION’S CHARTER, (I) DURING THE
PERIOD COMMENCING ON THE LAST DAY OF THE FIRST HALF OF THE SECOND TAXABLE YEAR FOR WHICH THE
CORPORATION HAS ELECTED TO BE CLASSIFIED AS A REIT AND
ENDING ON THE RESTRICTION TERMINATION DATE, NO INDIVIDUAL MAY BENEFICIALLY OWN SHARES OF CAPITAL
STOCK IN EXCESS OF 9.8 PERCENT IN VALUE OF THE TOTAL
OUTSTANDING SHARES OF CAPITAL STOCK OR SHARES OF COMMON STOCK IN EXCESS OF 9.8 PERCENT (IN VALUE OR
NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE)
OF THE TOTAL OUTSTANDING SHARES OF COMMON STOCK; (II) NO PERSON SHALL BENEFICIALLY OWN OR
CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK IN EXCESS OF
EITHER 9.8 PERCENT IN VALUE OF THE TOTAL OUTSTANDING SHARES OF CAPITAL STOCK OR 9.8 PERCENT (IN
VALUE OR NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE)
OF THE TOTAL OUTSTANDING SHARES OF COMMON STOCK, UNLESS SUCH PERSON IS AN EXCEPTED HOLDER (IN WHICH
CASE THE EXCEPTED HOLDER LIMIT SHALL BE
APPLICABLE); (III) NO PERSON MAY BENEFICIALLY OWN OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK
THAT WOULD RESULT IN THE CORPORATION FAILING TO QUALIFY
AS A REIT; AND (IV) ANY TRANSFER OF SHARES OF CAPITAL STOCK THAT, IF EFFECTIVE, WOULD RESULT IN THE
CAPITAL STOCK BEING BENEFICIALLY OWNED BY LESS THAN 100
PERSONS (DETERMINED UNDER THE PRINCIPLES OF SECTION 856(A)(5) OF THE CODE) SHALL BE VOID AB INITIO,
AND THE INTENDED TRANSFEREE SHALL ACQUIRE NO RIGHTS IN
SUCH SHARES OF THE CAPITAL STOCK. ANY PERSON WHO BENEFICIALLY OWNS OR CONSTRUCTIVELY OWNS OR
ATTEMPTS TO BENEFICIALLY OWN OR CONSTRUCTIVELY OWN
SHARES OF CAPITAL STOCK WHICH CAUSES OR WILL CAUSE A PERSON TO BENEFICIALLY OWN OR CONSTRUCTIVELY
OWN SHARES OF CAPITAL STOCK IN EXCESS OR IN VIOLATION
OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE CORPORATION, OR, IN THE CASE OF SUCH A
PROPOSED OR ATTEMPTED TRANSACTION, GIVE AT LEAST 15 DAY
S PRIOR
WRITTEN NOTICE. IF ANY OF THE RESTRICTIONS ON TRANSFER OR OWNERSHIP AS SET FORTH IN (I) THROUGH
(III) ABOVE ARE VIOLATED, THE SHARES OF CAPITAL STOCK IN
EXCESS OR IN VIOLATION OF THE ABOVE LIMITATIONS WILL BE AUTOMATICALLY TRANSFERRED TO A TRUSTEE OF A
TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE
BENEFICIARIES. IN ADDITION, THE CORPORATION MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS
SPECIFIED BY THE BOARD OF DIRECTORS IN ITS SOLE DISCRETION
IF THE BOARD OF DIRECTORS DETERMINES THAT OWNERSHIP OR A TRANSFER OR NON-TRANSFER EVENT OR OTHER
EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE.
FURTHERMORE, UPON THE OCCURRENCE OF CERTAIN EVENTS, ATTEMPTED TRANSFERS IN VIOLATION OF THE
RESTRICTIONS DESCRIBED IN (I) THROUGH (III) ABOVE MAY BE
VOID AB INITIO. ALL CAPITALIZED TERMS IN THIS LEGEND HAVE THE MEANINGS DEFINED IN THE CHARTER OF
THE CORPORATION, AS THE SAME MAY BE AMENDED FROM TIME TO
TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL BE FURNISHED TO
EACH HOLDER OF CAPITAL STOCK ON REQUEST AND WITHOUT
CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE CORPORATION AT ITS
PRINCIPAL OFFICE.
Signature(s) Guaranteed: Medallion Guarantee Stamp
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks,
Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15.
The following abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full
according to applicable laws or regulations:TEN COM — as tenants in common UNIF GIFT MIN ACT — Custodian
(Cust) (Minor)
TEN ENT — as tenants by the entireties under Uniform Gifts to Minors Act.
(State)
JT TEN — as joint tenants with right of survivorship UNIF TRF MIN ACT — Custodian (until age )
(Cust)
        .under Uniform Transfers to Minors Act ...
(Minor) (State)
Additional abbreviations may also be used though not in the above list.
security instruction
this is watermark paper. do not accept without noting watermark hold to light to veryfy watermark

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