Document:

Note Purchase Agreement, dated as of October 13, 2009

 Exhibit 4.5 
  
 NOTE PURCHASE AGREEMENT 
 Dated as of October 13, 2009 
 Among 
 UNITED AIR LINES, INC., 
 WILMINGTON TRUST COMPANY, 
 as Pass Through Trustee under the 
 Pass Through Trust Agreement 
 WILMINGTON TRUST COMPANY, 
 as Escrow Agent 
 WILMINGTON TRUST COMPANY, 
 as Paying Agent 
 and

 WILMINGTON TRUST COMPANY, 
 as Subordination Agent 
 Vedder Price P.C. 
 Chicago, Illinois 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	 SECTION 1.
	  	FINANCING OF AIRCRAFT	  	2
	 SECTION 2.
	  	CONDITIONS PRECEDENT	  	4
	 SECTION 3.
	  	REPRESENTATIONS AND WARRANTIES	  	4
	 SECTION 4.
	  	COVENANTS	  	8
	 SECTION 5.
	  	NOTICES	  	11
	 SECTION 6.
	  	FURTHER ASSURANCES	  	11
	 SECTION 7.
	  	MISCELLANEOUS	  	12
	 SECTION 9.
	  	GOVERNING LAW	  	12
			
	 Schedules
	  		  	
	 Schedule I
	  	Aircraft	  	
	 Schedule II
	  	Trust Supplement	  	
			
	 Annex
	  		  	
	 Annex A
	  	Definitions	  	
			
	 Exhibits
	  		  	
	 Exhibit A
	  	Form of Closing Notice	  	
	 Exhibit B
	  	Form of Participation Agreement	  	
	 Exhibit C
	  	Form of Indenture	  	

  

 i 

 NOTE PURCHASE AGREEMENT 
 This NOTE PURCHASE AGREEMENT, dated as of October 13, 2009 (this “Agreement”), among (i) UNITED AIR
LINES, INC., a Delaware corporation (the “Company”), (ii) WILMINGTON TRUST COMPANY (“WTC”), a Delaware banking corporation, not in its individual capacity except as otherwise expressly provided
herein, but solely as trustee (in such capacity together with its successors in such capacity, the “Pass Through Trustee”) under the Pass Through Trust Agreement (as defined below), (iii) WILMINGTON TRUST COMPANY, a
Delaware banking corporation, as subordination agent and trustee (in such capacity together with its successors in such capacity, the “Subordination Agent”) under the Intercreditor Agreement (as defined below),
(iv) WILMINGTON TRUST COMPANY, a national banking association, as Escrow Agent (in such capacity together with its successors in such capacity, the “Escrow Agent”), under the Escrow and Paying Agent Agreement (as defined
below) and (v) WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Paying Agent (in such capacity together with its successors in such capacity, the “Paying Agent”) under the Escrow and Paying Agent Agreement.

 W I T N E S S E T H: 
 WHEREAS, capitalized terms used but not defined herein shall have the meanings ascribed to such terms in Annex A hereto;

 WHEREAS, the Company is the owner of (i) two (2) unencumbered Boeing 767-300ER aircraft as further
identified on Schedule I hereto (the “Unencumbered Aircraft”) and (ii) ten (10) Airbus A319-131 aircraft, six (6) Airbus A320-232 aircraft, five (5) Boeing 767-300ER aircraft, three (3) Boeing 777-200ER
aircraft and five (5) Boeing 747-400 aircraft as further identified on Schedule I hereto, each of which is subject to an existing securing interest (the “Encumbered Aircraft” and together with the Unencumbered Aircraft,
collectively, the “Aircraft”); 
 WHEREAS, pursuant to this Agreement, the company wishes to refinance
Aircraft prior to the Cut-Off Date; 
 WHEREAS, pursuant to the Pass Through Trust Supplement identified on Schedule II
hereto (the “Trust Supplement”; and together with the Basic Pass Through Trust Agreement, the “Pass Through Trust Agreement”), on the Issuance Date, a grantor trust (the “Pass Through Trust”) will
be created to facilitate certain of the transactions contemplated hereby, including, without limitation, the issuance and sale of enhanced pass through certificates pursuant thereto (collectively, the “Certificates”) to provide the
refinancing of the Aircraft; 
 WHEREAS, concurrently with the execution and delivery of this Agreement, (i) the
Escrow Agent and the Depositary have entered into the Deposit Agreement, dated as of the Issuance Date, relating to the Pass Through Trust (the “Deposit Agreement”) whereby the Escrow Agent agreed to direct the Underwriters to make
certain deposits referred to therein on the Issuance Date (the “Initial Deposits”) and to permit the Pass Through Trustee to make additional deposits from time to time thereafter (the Initial Deposits together with

 [Note Purchase Agreement] 
  

 
such additional deposits are collectively referred to as the “Deposits”) and (ii) the Pass Through Trustee, Underwriters, Paying Agent and Escrow Agent have entered into the
Escrow and Paying Agent Agreement, dated as of the Issuance Date, relating to the Pass Through Trust (the “Escrow and Paying Agent Agreement”), whereby, among other things, (a) the Underwriters agreed, on and subject to the
terms and conditions specified therein, to deliver an amount equal to the amount of the Initial Deposits to the Depositary on behalf of the Escrow Agent and (b) the Escrow Agent, upon the Depositary receiving such amount, agreed to deliver
escrow receipts to be affixed to each Certificate; 
 WHEREAS, upon receipt of a Closing Notice with respect to an
Aircraft, subject to the terms and conditions of this Agreement, the Pass Through Trustee will enter into the applicable Financing Agreements relating to such Aircraft; 
 WHEREAS, upon the refinancing of an Aircraft, the Pass Through Trustee will fund its purchase of Equipment Notes with the proceeds of the Deposits withdrawn by the Escrow Agent under the Deposit
Agreement; 
 WHEREAS, UAL Corporation, a Delaware corporation (“UAL”), will guarantee the payment
obligations of the Company under the Indentures, the Participation Agreements and the Equipment Notes pursuant to a guarantee dated as of the date hereof (the “UAL Guarantee”); 
 WHEREAS, concurrently with the execution and delivery of this Agreement, (i) Morgan Stanley Bank, N.A., a national banking
association organized and existing under the laws of the United States (the “Liquidity Provider”) entered into a revolving credit agreement (the “Liquidity Facility”), for the benefit of the Certificateholders of
the Pass Through Trust, with the Subordination Agent, as agent and trustee for the Pass Through Trustee on behalf of the Pass Through Trust; and (ii) the Pass Through Trustee, the Liquidity Provider and the Subordination Agent have entered into
the Intercreditor Agreement, dated as of the date hereof (the “Intercreditor Agreement”); and 
 WHEREAS, the Company has entered into the Underwriting Agreement dated October 5 2009 (the “Underwriting Agreement”) with the several Underwriters (the “Underwriters”) named therein, which
provides that the Company will cause the Pass Through Trustee to issue and sell the Certificates to the Underwriters. 
 NOW,
THEREFORE, in consideration of the foregoing premises and the mutual agreements herein contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 Section 1.      Financing of Aircraft. (a) The Company agrees to
finance the Aircraft in the manner provided herein, all on and subject to the terms and conditions hereof and of the relevant Financing Agreements. 
   (b)      In furtherance of the foregoing, the Company agrees to give the parties hereto, the Depositary and each of the Rating Agencies not less than two Business
Days’ prior notice substantially in the

  

 2 

 [Note Purchase Agreement] 
  

 
form of Exhibit A hereto (a “Closing Notice”) of the scheduled closing date (the “Scheduled Closing Date”) (or, in the case of a substitute Closing Notice under
Section 1(e) hereof, one Business Days’ prior notice) in respect of the financing of the Aircraft under this Agreement, which notice shall: 
     (i)      specify the Scheduled Closing Date of the Aircraft (which shall be a Business Day before the Cut-off Date and the date (the “Funding
Date”) on which the financing therefor in the manner provided herein shall be consummated); 
     (ii)      instruct the Pass Through Trustee to enter into the Participation Agreements included in the Financing Agreements with respect to each relevant Aircraft at such a time on or
before the Funding Date specified in such Closing Notice and to perform its obligations thereunder; 
     (iii)      instruct the Pass Through Trustee to instruct the Escrow Agent to provide a Notice of Purchase Withdrawal to the Depositary with respect to the Equipment Notes to be issued to
the Pass Through Trustee in connection with the financing of the relevant Aircraft; and 
     (iv)      specify the aggregate principal amount of the Equipment Notes to be issued, and purchased by the Pass Through Trustee, in connection with the financing of the Aircraft
scheduled on such Funding Date. 
   (c)     Upon receipt of a Closing Notice, the Pass
Through Trustee shall, and shall cause the Subordination Agent to, enter into and perform their respective obligations under the Participation Agreements specified in such Closing Notice, provided that such Participation Agreements and the
Indentures to be entered into pursuant to such Participation Agreements shall be in the forms thereof annexed hereto. With respect to each Aircraft to be refinanced on a Closing Date, the Company shall cause WTC (or such other person that meets the
eligibility requirements to act as loan trustee under the relevant Indentures) to execute as Loan Trustee the Financing Agreements relating to such Aircraft to which such Loan Trustee is intended to be a party, and the Company shall concurrently
therewith execute such Financing Agreements to which the Company is intended to be a party and perform its respective obligations thereunder. Upon the request of either Rating Agency, the Company shall deliver or cause to be delivered to such Rating
Agency a true and complete copy of each Financing Agreement relating to the financing of each Aircraft together with a true and complete set of the closing documentation (including legal opinions) delivered to the related Loan Trustee, Subordination
Agent and Pass Through Trustee under the related Participation Agreement. 
   (d)     The
Company agrees that all Equipment Notes issued pursuant to any Indenture shall initially be registered in the name of the Subordination Agent on behalf of the Pass Through Trustee (or, in the case of any Additional Series Equipment Notes, on behalf
of the Additional Pass Through Trustee with respect to the corresponding Additional Certificates). 
   (e)     If after giving any Closing Notice, there shall be a delay in the refinancing of the Encumbered Aircraft, or if on the Scheduled Closing Date of the Encumbered Aircraft or Unencumbered

  

 3 

 [Note Purchase Agreement] 
  

 
Aircraft referred to therein the financing thereof in the manner contemplated hereby shall not be consummated for whatever reason, the Company shall give the parties hereto and the Depositary
prompt notice thereof. Concurrently with the giving of such notice of postponement or subsequently, the Company shall give the parties hereto and the Depositary a substitute Closing Notice specifying the date to which the financing of such Aircraft
shall have been re-scheduled (which shall be a Business Day before the Cut-off Date on which the Escrow Agent shall be entitled to withdraw one or more Deposits under the Deposit Agreement to enable the Pass Through Trustee to fund its purchase of
the Equipment Notes). Upon receipt of any such notice of postponement, the Pass Through Trustee shall comply with its obligations under Section 5.01 of the Trust Supplement and thereafter the financing of such Aircraft, as specified in such
substitute Closing Notice, shall take place on the re-scheduled Closing Date therefor (all on and subject to the terms and conditions of the relevant Financing Agreements) unless further postponed as provided herein. 
   (f)      The Company shall have no liability for the failure of the Pass Through Trustee to
purchase Equipment Notes with respect to any Aircraft it is obligated to purchase hereunder. 
   (g)      Anything herein to the contrary notwithstanding, the Company shall not have the right, and shall not be entitled, at any time to request the issuance of Equipment Notes to the Pass Through
Trustee in an aggregate principal amount in excess of the amount of the Deposits then available for withdrawal by the Escrow Agent under and in accordance with the provisions of the Deposit Agreement. 
 Section 2.      Conditions Precedent. The obligation of the Pass Through Trustee to enter
into, and to cause the Subordination Agent to enter into, any Participation Agreement as directed pursuant to a Closing Notice and to perform its obligations thereunder is subject to no Triggering Event having occurred. Anything herein to the
contrary notwithstanding, the obligation of the Pass Through Trustee to purchase Equipment Notes shall terminate on the Cut-off Date. 
 Section 3.      Representations and Warranties. (a) The Company represents and warrants that: 
     (i)      the Company is duly incorporated, validly existing and in
good standing under the laws of the State of Delaware and is a “citizen of the United States” as defined in Section 40102(a)(15) of the Act, and has the full corporate power, authority and legal right under the laws of the State of
Delaware to execute and deliver this Agreement and each Financing Agreement to which it will be a party and to carry out the obligations of the Company under this Agreement and each Financing Agreement to which it will be a party; 
     (ii)      the execution and delivery by the Company of this Agreement
and the performance by the Company of its obligations under this Agreement have been duly authorized by the Company and will not violate its Restated Certificate of Incorporation or by-laws or (other than any violation that would

  

 4 

 [Note Purchase Agreement] 
  

 
not result in a Material Adverse Change to the Company) the provisions of any indenture, mortgage, contract or other agreement to which it is a party or by which it is bound; and 
     (iii)      assuming the due authorization, execution and delivery
hereof by the other parties hereto, this Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity. 
 (b)      WTC represents and warrants that: 
     (i)      WTC is duly incorporated, validly existing and in good
standing under the laws of the State of Delaware and is a “citizen of the United States” as defined in Section 40102(a)(15) of the Act, and has the full corporate power, authority and legal right under the laws of the State of
Delaware and the United States pertaining to its banking, trust and fiduciary powers to execute and deliver this Agreement and each Financing Agreement to which it will be a party and to carry out the obligations of WTC, in its capacity as
Subordination Agent, Paying Agent, Escrow Agent or Pass Through Trustee, as the case may be, under this Agreement and each Financing Agreement to which it will be a party; 
     (ii)      the execution and delivery by WTC, in its capacity as
Subordination Agent, Paying Agent, Escrow Agent or Pass Through Trustee, as the case may be, of this Agreement and the performance by WTC, in its capacity as Subordination Agent, Paying Agent, Escrow Agent or Pass Through Trustee, as the case may
be, of its obligations under this Agreement have been duly authorized by WTC, in its capacity as Subordination Agent, Paying Agent, Escrow Agent or Pass Through Trustee, as the case may be, and will not violate its articles of association or by-laws
or the provisions of any indenture, mortgage, contract or other agreement to which it is a party or by which it is bound; and 
     (iii)      this Agreement constitutes the legal, valid and binding obligations of WTC, in its capacity as Subordination Agent, Paying Agent, Escrow
Agent or Pass Through Trustee, as the case may be, enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of
creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity. 
 (c)      The Pass Through Trustee hereby confirms to each of the other parties hereto that its representations and warranties set forth in Section 7.15 of the Basic Pass Through Trust Agreement and
Section 4.03 of the Trust Supplement are true and correct as of the date hereof. 
  

 5 

 [Note Purchase Agreement] 
  

 (d)      The Subordination Agent represents and warrants
that: 
     (i)      the Subordination Agent is duly
incorporated, validly existing and in good standing under the laws of the State of Delaware, and has the full corporate power, authority and legal right under the laws of the State of Delaware and the United States pertaining to its banking, trust
and fiduciary powers to execute and deliver this Agreement and each Financing Agreement to which it is or will be a party and to perform its obligations under this Agreement and each Financing Agreement to which it is or will be a party; 

    (ii)      this Agreement has been duly authorized, executed and
delivered by the Subordination Agent; this Agreement constitutes the legal, valid and binding obligations of the Subordination Agent enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity; 
     (iii)      none of the execution, delivery and performance by the
Subordination Agent of this Agreement contravenes any law, rule or regulation of the State of Delaware or any United States governmental authority or agency regulating the Subordination Agent’s banking, trust or fiduciary powers or any judgment
or order applicable to or binding on the Subordination Agent and do not contravene the Subordination Agent’s articles of association or by-laws or result in any breach of, or constitute a default under, any agreement or instrument to which the
Subordination Agent is a party or by which it or any of its properties may be bound; 
     (iv)      neither the execution and delivery by the Subordination Agent of this Agreement nor the consummation by the Subordination Agent of any of the transactions contemplated hereby
requires the consent or approval of, the giving of notice to, the registration with, or the taking of any other action with respect to, any Delaware governmental authority or agency or any federal governmental authority or agency regulating the
Subordination Agent’s banking, trust or fiduciary powers; 
     (v)      there are no Taxes payable by the Subordination Agent imposed by the State of Delaware or any political subdivision or taxing authority thereof in connection with the execution,
delivery and performance by the Subordination Agent of this Agreement (other than franchise or other taxes based on or measured by any fees or compensation received by the Subordination Agent for services rendered in connection with the transactions
contemplated by the Intercreditor Agreement or the Liquidity Facility), and there are no Taxes payable by the Subordination Agent imposed by the State of Delaware or any political subdivision thereof in connection with the acquisition, possession or
ownership by the Subordination Agent of any of the Equipment Notes (other than franchise or other taxes based on or measured by any fees or compensation received by the Subordination Agent for services rendered in connection with the transactions
contemplated by the Intercreditor Agreement or the Liquidity Facility); and 
  

 6 

 [Note Purchase Agreement] 
  

     (vi)      there
are no pending or threatened actions or proceedings against the Subordination Agent before any court or administrative agency which individually or in the aggregate, if determined adversely to it, would materially adversely affect the ability of the
Subordination Agent to perform its obligations under this Agreement. 
 (e)      The Escrow Agent
represents and warrants that: 
     (i)      the Escrow Agent
is duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has the full corporate power, authority and legal right under the laws of the State of Delaware pertaining to its banking, trust and fiduciary
powers to execute and deliver this Agreement, the Deposit Agreement and the Escrow and Paying Agent Agreement (collectively, the “Escrow Agent Agreements”) and to carry out the obligations of the Escrow Agent under each of the
Escrow Agent Agreements; 
     (ii)      the execution and
delivery by the Escrow Agent of each of the Escrow Agent Agreements and the performance by the Escrow Agent of its obligations hereunder and thereunder have been duly authorized by the Escrow Agent and will not violate its articles of association or
by–laws or the provisions of any indenture, mortgage, contract or other agreement to which it is a party or by which it is bound; and 
     (iii)      each of the Escrow Agent Agreements constitutes the legal, valid and binding obligations of the Escrow Agent enforceable against it in
accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by general principles of equity, whether considered in a
proceeding at law or in equity. 
 (f)      The Paying Agent represents and warrants that:

     (i)      the Paying Agent is duly incorporated, validly
existing and in good standing under the laws of the State of Delaware and has the full corporate power, authority and legal right under the laws of the State of Delaware and the United States pertaining to its banking, trust and fiduciary powers to
execute and deliver this Agreement and the Escrow and Paying Agent Agreement (collectively, the “Paying Agent Agreements”) and to carry out the obligations of the Paying Agent under each of the Paying Agent Agreements; 

    (ii)      the execution and delivery by the Paying Agent of each of
the Paying Agent Agreements and the performance by the Paying Agent of its obligations hereunder and thereunder have been duly authorized by the Paying Agent and will not violate its articles of association or by–laws or the provisions of any
indenture, mortgage, contract or other agreement to which it is a party or by which it is bound; and 
     (iii)      each of the Paying Agent Agreements constitutes the legal, valid and binding obligations of the Paying Agent enforceable against it in accordance with its terms, except as the
same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity. 

 

 7 

 [Note Purchase Agreement] 
  

 Section 4.      Covenants. (a) The
Company covenants with each of the other parties hereto that: 
     (i)      the Company shall not issue any Additional Series Equipment Notes pursuant to any Indenture, unless it shall have obtained a Rating Agency Confirmation from each Rating Agency.
Any issuance of Additional Series Equipment Notes shall be subject to the terms of the Indentures and Section 9.1(c) of the Intercreditor Agreement. 
     (ii)      the Company agrees to provide written notice to each of the parties hereto of the occurrence of the Cut-off Date no later than one Business
Day after the date thereof, such notice to refer specifically to the Pass Through Trustee’s obligation to assign, transfer and deliver all of its right, title and interest to the Trust Property (as defined in the Pass Through Trust Agreement)
to the trustee of the Related Trust (as defined in the Pass Through Trust Agreement) in accordance with Section 7.01 of the Trust Supplement; 
     (iii)      If (x) the Depositary’s short-term unsecured debt rating or short-term issuer credit rating, as the case may be, shall at any
time fall below A-1+ from Standard & Poor’s Ratings Services or P-1 from Moody’s Investors Service, Inc. (such minimum ratings, the “Depositary Threshold Ratings”) or (y) the Company or the Depositary, in its
sole discretion, gives written notice to the other of its election that the Depositary be replaced, the Company shall, within 45 days after such event occurring, cause the Depositary to be replaced with a depositary bank (a “Replacement
Depositary”) on the following terms and preconditions: 
   (A)      the Replacement Depositary must meet the Depositary Threshold Ratings and the Company shall have obtained written confirmation from each Rating Agency that such replacement will not cause a
reduction of the rating then in effect for the Certificates by such Rating Agency (without regard to any downgrading of any rating of the Depositary being replaced); 
   (B)      the Company shall pay all fees, expenses and other amounts then owing to
the replaced Depositary and, except as expressly provided in clause (C) below, the Company shall pay any up-front fee of the Replacement Depositary and (without limitation of the foregoing) all out-of-pocket expenses (including reasonable fees
and expenses of legal counsel) of the parties hereto (including without limitation all amounts payable to the Rating Agencies) incurred in connection with such replacement; 
   (C)      solely in the case of the Depositary making an election in its
discretion that it be replaced (and without limitation of clause (A) above), (x) the notice given by the Depositary to the Company shall nominate a Replacement Depositary, which shall satisfy all of terms and

  

 8 

 [Note Purchase Agreement] 
  

 
preconditions of this Section 4(a)(iii) (and the Company shall have the right to utilize such nominee as the Replacement Depositary or to select another Replacement Depositary), (y) the
fees, expenses, indemnities and other amounts payable to the Replacement Depositary upon its execution of the Replacement Deposit Agreement or thereafter shall not to any extent exceed those which would have been payable to the Depositary had such
replacement not occurred (it being specifically understood and agreed that any up-front fee of the Replacement Depositary shall be paid by the replaced Depositary, provided that, if the Company selects a Replacement Depositary other than the nominee
of the replaced Depositary and the upfront fee of such selection exceeds that of such nominee, the Company shall pay such excess), and (without limitation of the foregoing) the Depositary shall pay all out-of-pocket expenses (including reasonable
fees and expenses of legal counsel) of the parties hereto (including without limitation all amounts payable to the Rating Agencies) incurred in connection with such replacement, and (z) the Replacement Depositary shall be willing to enter into
a Replacement Deposit Agreement for the Certificates with the Escrow Agent having the same terms and conditions (including without limitation as to the interest to be paid on the Deposits) as the Deposit Agreement; and 
   (D)      the Company or, in the case of the Depositary making an election that it
be replaced (unless the Company shall have selected such Replacement Depositary), the Depositary, shall cause the Replacement Depositary to enter into a Replacement Deposit Agreement for the Certificates with the Escrow Agent (and, upon request of
the Company the Escrow Agent agrees to enter into any such Replacement Deposit Agreement) and shall cause the Replacement Depositary to deliver to the Company and each Rating Agency legal opinions and other closing documentation substantially
similar in scope and substance as those that were delivered by the Depositary being replaced in connection with the execution and delivery of the Deposit Agreement being replaced. 
 Upon satisfaction of the foregoing conditions, the Company shall instruct the Pass Through Trustee, and the Pass Through Trustee agrees, to
execute and deliver to the Escrow Agent a duly completed Withdrawal Certificate (as defined in the Escrow and Paying Agent Agreement) together with a Notice of Replacement Withdrawal (as defined in the Escrow and Paying Agent Agreement). 

Each of the parties hereto agrees, at the Company’s request and expense, to enter into any amendments to this Agreement, the Escrow
and Paying Agent Agreement and any other Operative Agreements as may be necessary or desirable to give effect to the replacement of the Depositary with the Replacement Depositary and the replacement of the Deposit Agreement with the Replacement
Deposit Agreement. 
  

 9 

 [Note Purchase Agreement] 
  

 Upon the execution and delivery of the Replacement Deposit Agreement, the Replacement
Depositary shall be deemed to be the Depositary with all of the rights and obligations of the Depositary hereunder and under the other Operative Agreements and the Replacement Deposit Agreement shall be deemed to be the Deposit Agreement hereunder
and under the other Operative Agreements, except that the obligations of the replaced Depositary under the Deposit Agreement resulting from the delivery of any Withdrawal Notice delivered thereunder shall remain in full force and effect
notwithstanding the execution and delivery of the Replacement Deposit Agreement. 
     (iv)      Promptly after the occurrence of a Triggering Event or an Indenture Event of Default resulting from the failure of the Company to make payments on any Equipment Note and on
every Regular Distribution Date while the Triggering Event or such Indenture Event of Default shall be continuing, the Company will, at the Subordination Agent’s request from time to time but in any event no more frequently than once every
three months, provide to the Subordination Agent a statement setting forth the following information with respect to each Aircraft then subject to the lien of an Indenture: (A) whether the Aircraft are currently in service or parked in storage,
(B) the maintenance status of the Aircraft and (C) the location of the Engines (as defined in the respective Indentures to which such Aircraft are subject). As used in this sentence, the terms “Triggering Event”, “Indenture
Event of Default”, “Regular Distribution Date” shall have the respective meanings set forth in the Intercreditor Agreement as originally executed. 
     (v)      So long as no Equipment Notes have been issued in respect of
any Aircraft, the Company agrees to pay to the Subordination Agent when due: (i) an amount equal to the fees payable to the Liquidity Provider under Section 2.03 of the Liquidity Facility and the Fee Letter (as defined in the Intercreditor
Agreement); (ii) the amount equal to interest on any Downgrade Advance (other than any Applied Downgrade Advance) payable under Section 3.07 of the Liquidity Facility minus Investment Earnings from such Downgrade Advance; (iii) the
amount equal to interest on any Non-Extension Advance (other than any Applied Non-Extension Advance) payable under Section 3.07 of the Liquidity Facility minus Investment Earnings from such Non-Extension Advance; (iv) the amount equal to
interest on any Special Termination Advance (other than any Applied Special Termination Advance) payable under Section 3.07 of the Liquidity Facility minus Investment Earnings from such Special Termination Advance; (v) any other amounts
owed to the Liquidity Provider by the Subordination Agent as borrower under the Liquidity Facility other than (A) amounts due as repayment of advances thereunder or as interest on such advances, except to the extent payable pursuant to
clause (ii), (iii) or (iv)above and (B) fees payable under Section 2.03 of the Liquidity Facility, (vi) all compensation and reimbursement of expenses, disbursements and advances payable by the Company under the Pass Through
Trust Agreement and (vii) all compensation and reimbursement of expenses, disbursements payable to the Subordination Agent under the Intercreditor Agreement except with respect to any Unindemnified Taxes incurred by the Subordination Agent in
connection with the transactions contemplated by the Intercreditor Agreement and (viii) in the event the Company requests any amendment to any Operative Agreement or Pass Through

  

 10 

 [Note Purchase Agreement] 
  

 
Agreement, all reasonable fees and expenses (including, without limitation, fees and disbursements of counsel) of the Escrow Agent and the Paying Agent in connection therewith payable by the Pass
Through Trustee under the Escrow Agreement. For purposes of this paragraph, the terms “Applied Downgrade Advance”, “Applied Non-Extension Advance”, “Applied Special Termination Advance”,
“Downgrade Advance”, “Investment Earnings”, “Non-Extension Advance” and “Special Termination Advance” shall have the meanings specified in the Liquidity Facility or the
Intercreditor Agreement, as applicable. 
     (b)     WTC, in its individual
capacity, covenants with each of the other parties to this Agreement that it will, immediately upon obtaining knowledge of any facts that would cast doubt upon its continuing status as a “citizen of the United States” as defined in
Section 40102(a)(15) of the Act and promptly upon public disclosure of negotiations in respect of any transaction which would or might adversely affect such status, notify in writing all parties hereto of all relevant matters in connection
therewith. Upon WTC giving any such notice, WTC shall, subject to Section 8.02 of any Indenture then entered into, resign as Loan Trustee in respect of such Indenture. 
     (c)     The Subordination Agent covenants with each of the other parties hereto that it
will not agree or consent to any amendment or modification to the Liquidity Facility or the United Provisions (as defined in the Intercreditor Agreement) of the Intercreditor Agreement without the Company’s consent. 
     (d)     The Escrow Agent covenants with each of the other parties hereto that it will not
agree or consent to any amendment or modification to the Deposit Agreement or Escrow and Paying Agent Agreement without the Company’s consent. 
 Section 5.      Notices. Unless otherwise specifically provided herein, all notices required or permitted by the terms of this Agreement shall be in
English and in writing, and any such notice shall be personally delivered, sent by facsimile or telecommunication transmission (which in either case provides written confirmation to the sender of its delivery), sent by registered mail or certified
mail, return receipt requested, postage prepaid, or sent by overnight courier service, addressed to such party hereto at its address or facsimile number set forth below the signature of such party at the foot of this Agreement or to such other
address or facsimile number as such party may hereafter specify by notice to the other parties. 
 Section 6.      Further Assurances. Each party hereto shall duly execute, acknowledge and deliver, or shall cause to be executed, acknowledged and delivered, all such further agreements,
instruments, certificates or documents, and shall do and cause to be done such further acts and things, in any case, as any other party hereto shall reasonably request in connection with its administration of, or to carry out more effectually the
purposes of, or to better assure and confirm unto it the rights and benefits to be provided under, this Agreement. 
  

 11 

 [Note Purchase Agreement] 
  

 Section 7.      Miscellaneous.
(a) Provided that the transactions contemplated hereby have been consummated, and except as otherwise provided for herein, the representations, warranties and agreements herein of the Company, the Subordination Agent, the Paying Agent, the
Escrow Agreement and the Pass Through Trustee, and the Company’s, the Subordination Agent’s, the Paying Agent’s, the Escrow Agent’s and the Pass Through Trustee’s obligations under any and all thereof, shall survive the
expiration or other termination of this Agreement and the other agreements referred to herein. 
   (b)     This Agreement may be executed in any number of counterparts (and each of the parties hereto shall not be required to execute the same counterpart). Each counterpart of this Agreement, including
a signature page executed by each of the parties hereto, shall be an original counterpart of this Agreement, but all of such counterparts together shall constitute one instrument. Neither this Agreement nor any of the terms hereof may be terminated,
amended, supplemented, waived or modified orally, but only by an instrument in writing signed by the party against which the enforcement of the termination, amendment, supplement, waiver or modification is sought. The index preceding this Agreement
and the headings of the various Sections of this Agreement are for convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions hereof. The terms of this Agreement shall be binding upon, and shall
inure to the benefit of, the Company and its successors and permitted assigns, the Pass Through Trustee and its successors as Pass Through Trustee (and any additional trustee appointed) under any of the Pass Through Trust Agreement, the Paying Agent
and its successors as Paying Agent under the Escrow and Paying Agent Agreement, the Escrow Agent and its successors as Escrow Agent under the Escrow and Paying Agent Agreement, and the Subordination Agent and its successors as Subordination Agent
under the Intercreditor Agreement. 
 Section 8.      This Agreement is not intended
to, and shall not, provide any person not a party hereto (other than the Underwriters and the Depositary as a beneficiary of Section 4(a)(iii)) with any rights of any nature whatsoever against the parties hereto, and no person not a party
hereto (other than the Underwriters and the Depositary as a beneficiary of Section 4(a)(iii)) shall have any right, power or privilege in respect of, or have any benefit or interest arising out of, this Agreement. To the extent that this
Agreement expressly confers upon, gives or grants any right, power, privilege, benefit, interest, remedy or claim to the Depositary with respect to Section 4(a)(iii), the Depositary is hereby recognized as a third party beneficiary hereunder
and may enforce any such right, power, privilege, benefit, interest, remedy or claim. 
 Section 9.      Governing Law. THIS AGREEMENT IS BEING DELIVERED IN THE STATE OF NEW YORK. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS THEREOF (OTHER THAN SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)). 
  

 12 

 [Note Purchase Agreement] 
  

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

					
	UNITED AIR LINES, INC.
		
	By:	 	  

					
	Name:	 	
	Title:	 	
		
	Address:  	 	77 West Wacker Drive
		 	Chicago, Illinois 60601
		 	Attention:	 	Stephen R. Lieberman,
		 		 	 Vice President &
 Treasurer

		 	Facsimile:	 	(312) 997-8333
	
	with a copy to:
		
	Address:	 	77 West Wacker Drive
		 	Chicago, Illinois 60601
		 	Attention:	 	Paul R. Lovejoy,
		 		 	Senior Vice President,
		 		 	General Counsel and
		 		 	Secretary
		 	Facsimile:	 	(312) 997-8333

 [Note Purchase Agreement] 
  

					
	 WILMINGTON TRUST COMPANY, not in
 its individual capacity, except as otherwise
 provided herein, but solely as Pass
Through
 Trustee

		
	By:	 	  

	Name:
	Title:
		
	Address:  	 	 1100 North Market Street
 Wilmington, Delaware 19890
 Attention: Corporate Trust
 Administration
 Facsimile: (302) 636-4140

	
	 WILMINGTON TRUST COMPANY, not in
 its individual capacity, except as otherwise
 provided herein, but solely as
Subordination
 Agent

		
	By:	 	  

	Name:
	Title:
		
	Address:  	 	 1100 North Market Street
 Wilmington, Delaware 19890
 Attention: Corporate Trust
 Administration
 Facsimile: (302) 636-4140

 [Note Purchase Agreement] 
  

			
	 WILMINGTON TRUST COMPANY, as
 Escrow Agent

		
	By:	 	  

			
	Name:
	Title:
		
	Address:	 	 1100 North Market Street
 Wilmington, Delaware 19890
 Attention: Corporate Trust
 Administration
 Facsimile: (302) 636-4140

			
	
	 WILMINGTON TRUST COMPANY, as
 Paying Agent

		
	By:	 	  

			
	Name:
	Title:
		
	Address:	 	 1100 North Market Street
 Wilmington, Delaware 19890
 Attention: Corporate Trust
 Administration
 Facsimile: (302) 636-4140

 [Note Purchase Agreement] 
  

 SCHEDULE I 
 to Note Purchase Agreement 
 ENCUMBERED
AIRCRAFT 
  

									
	 	 	 	 	 
	 U.S.

Registration
 Mark
  
	 	MSN #	 	Aircraft Type	 	Engines	 	Engine
Model Type
	N117UA	 	28810	 	Boeing B747-422	 	 P727856
 P727857
 P727858
 P727859
	 	PW4056
	N118UA	 	28811	 	Boeing B747-422	 	 P727865
 P727866
 P727875
 P727876
	 	PW4056
	N122UA	 	29168	 	Boeing B747-422	 	 P727896
 P727897
 P727898
 P727899
	 	PW4056
	N127UA	 	28813	 	Boeing B747-422	 	 P727905
 P727906
 P727907
 P727929
	 	PW4056
	N128UA	 	30023	 	Boeing B747-422	 	 P727968
 P727969
 P727970
 P727985
	 	PW4056
	N204UA	 	28713	 	Boeing B777-222	 	 P222085
 P222086
	 	PW4090
	N467UA	 	1359	 	Airbus A320-232	 	 V10856
 V10858
	 	V2527-A5
	N468UA	 	1363	 	Airbus A320-232	 	 V10852
 V10853
	 	V2527-A5
	N469UA	 	1409	 	Airbus A320-232	 	 V10899
 V10903
	 	V2527-A5
	N470UA	 	1427	 	Airbus A320-232	 	 V10923
 V10925
	 	V2527-A5
	N471UA	 	1432	 	Airbus A320-232	 	 V10928
 V10927
	 	V2527-A5
	N472UA	 	1435	 	Airbus A320-232	 	 V10929
 V10930
	 	V2527-A5
	N664UA	 	29236	 	Boeing B767-322	 	 P727788
 P727947
	 	PW4056
	N667UA	 	29239	 	Boeing B767-322	 	 P727816
 P727817
	 	PW4056
	N669UA	 	30025	 	Boeing B767-322	 	 P727908
 P727909
	 	PW4056
	N670UA	 	29240	 	Boeing B767-322	 	 P727932
 P727933
	 	PW4056

  

 SCHEDULE I 
 Page 1 

 [Note Purchase Agreement] 
  

									
	 	 	 	 	 
	 U.S.

Registration
 Mark
  
	 	MSN #	 	Aircraft Type	 	Engines	 	Engine
Model Type
	N671UA	 	30026	 	Boeing B767-322	 	 P727916
 P727939
	 	PW4056
	N794UA	 	26953	 	Boeing B777-222	 	 P222045
 P222046
	 	PW4090
	N795UA	 	26927	 	Boeing B777-222	 	 P222050
 P222052
	 	PW4090
	N831UA	 	1291	 	Airbus A319-131	 	 V10785
 V10788
	 	V2522-A5
	N833UA	 	1401	 	Airbus A319-131	 	 V10870
 V10876
	 	V2522-A5
	N834UA	 	1420	 	Airbus A319-131	 	 V10883
 V10822
	 	V2522-A5
	N835UA	 	1426	 	Airbus A319-131	 	 V10895
 V10897
	 	V2522-A5
	N836UA	 	1460	 	Airbus A319-131	 	 V10931
 V10932
	 	V2522-A5
	N837UA	 	1474	 	Airbus A319-131	 	 V10945
 V10948
	 	V2522-A5
	N838UA	 	1477	 	Airbus A319-131	 	 V10947
 V10949
	 	V2522-A5
	N839UA	 	1507	 	Airbus A319-131	 	 V10967
 V10972
	 	V2522-A5
	N840UA	 	1522	 	Airbus A319-131	 	 V10981
 V10989
	 	V2522-A5
	N841UA	 	1545	 	Airbus A319-131	 	 V11015
 V11018
	 	V2522-A5

 UNENCUMBERED AIRCRAFT 
  

									
	 	 	 	 	 
	 U.S.

Registration
 Mark
  
	 	MSN #	 	Aircraft Type	 	Engines	 	Engine
Model Type
	N675UA	 	29243	 	Boeing B767-322ER	 	 727989
 727990
	 	PW4056
	N676UA	 	30028	 	Boeing B767-322ER	 	 729015
 729016
	 	PW4056

  

 SCHEDULE I 
 Page 2 

 [Note Purchase Agreement] 
  

 SCHEDULE II 
 to Note Purchase Agreement 
 Trust Supplement
No. 2009-1A-O dated as of the Issuance Date between the Company and 
 the Pass Through Trustee in respect of the
United Air Lines Pass Through Trust, Series 
 2009-1A-O Trust Supplement 
  

 SCHEDULE II 
 Page 1 

 [Note Purchase Agreement] 
  

 ANNEX A 
 to Note Purchase Agreement 
 DEFINITIONS 

 “Additional Certificates” means the pass through certificates issued pursuant to any Additional
Series Pass Through Trust Agreement. 
 “Additional Pass Through Trust” means a grantor trust created to
facilitate the issuance and sale of pass through certificates in connection with the issuance of any Additional Series Equipment Notes. 
 “Additional Pass Through Trust Agreement” means a Trust Supplement entered into in connection with the creation of an Additional Pass Through Trust, together with the Basic Pass
Through Trust Agreement. 
 “Additional Pass Through Trustee” means Wilmington Trust Company, a Delaware
banking corporation, in its capacity as trustee under an Additional Pass Through Trust Agreement (together with its successors in such capacity). 
 “Act” means 49 U.S.C. §§ 40101-46507. 
 “Additional Series Equipment Notes” means Equipment Notes of a single series issued under an Indenture and designated other than as “Series A” issued thereunder, if any. 
 “Airframe” has the meaning set forth in the Indentures. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq. 
 “Basic Pass Through Trust Agreement” means the Pass Through Trust Agreement, dated June 26, 2007, between the
Company and Pass Through Trustee, as such agreement may be supplemented, amended or modified, but does not include any Trust Supplement. 
 “Business Day” means any day, other than a Saturday, Sunday or other day on which commercial banks are authorized or required by law to close in New York, New York, Chicago,
Illinois or Wilmington, Delaware. 
 “Certificates” has the meaning set forth in the fourth recital to
the Note Purchase Agreement. 
 “Certificateholder” means the Person in whose name a Certificate is
registered in the Register. 
 “Closing Notice” has the meaning set forth in Section 1(b) of the
Note Purchase Agreement. 
  

 EXHIBIT C 
 Page 1 

 [Note Purchase Agreement] 
  

 “Cut-off Date” means the earlier of (a) the day after the
Deposit Period Termination Date and (b) the date on which a Triggering Event occurs. 
 “Deposit Period
Termination Date” means the earlier of (a) the date that is 90 days after the Issuance Date and (b) the date on which Equipment Notes issued with respect to all of the Aircraft have been purchased by the Pass Through Trustee
in accordance with the Note Purchase Agreement and the related Participation Agreement. 
 “Deposits”
has the meaning set forth in the sixth recital to the Note Purchase Agreement. 
 “Deposit Agreement”
has the meaning set forth in the sixth recital to the Note Purchase Agreement. 
 “Depositary” means
JPMorgan Chase Bank, N.A., a national banking association existing under the laws of the United States. 
 “Depositary Threshold Ratings” has the meaning set forth in Section 4(a)(iii) of the Note Purchase Agreement. 
 “Encumbered Aircraft” has the meaning set forth in the second recital to the Note Purchase Agreement. 
 “Engines” has the meaning set forth in the Indentures. 
 “Equipment Notes” means and includes any equipment notes issued under any Indenture in the form specified in Section 2.01 thereof (as such form may be varied pursuant to the terms of such Indenture) and any
Equipment Note issued under any Indenture in exchange for or replacement of any other Equipment Note. 
 “Escrow
Agent” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 
 “Escrow Agent
Agreements” has the meaning set forth in Section 3(e)(i) of the Note Purchase Agreement. 
 “Escrow
and Paying Agent Agreement” has the meaning set forth in the sixth recital to the Note Purchase Agreement. 
 “Event of Loss” has the meaning set forth in the Indentures. 
 “FAA”
means the Federal Aviation Administration of the United States. 
 “Financing Agreements” means,
collectively, the Participation Agreements, the Indentures and the Equipment Notes issued thereunder. 
 “Funding
Date” has the meaning set forth in Section 1(b)(i) of the Note Purchase Agreement. 
  

 EXHIBIT C 
 Page 2 

 [Note Purchase Agreement] 
  

 “Government Entity” means (a) any federal, state,
provincial or similar government, and any body, board, department, commission, court, tribunal, authority, agency or other instrumentality of any such government or otherwise exercising any executive, legislative, judicial, administrative or
regulatory functions of such government or (b) any other government entity having jurisdiction over any matter contemplated by the Operative Agreements or relating to the observance or performance of the obligations of any of the parties to the
Operative Agreements. 
 “Indenture” means a Trust Indenture and Mortgage substantially in the form of
Exhibit C to the Note Purchase Agreement. 
 “Initial Deposits” has the meaning set forth in the sixth
recital to the Note Purchase Agreement. 
 “Intercreditor Agreement” has the meaning set forth in the
ninth recital to the Note Purchase Agreement. 
 “Issuance Date” means the date of the original issuance
of the Certificates. 
 “Law” means (a) any constitution, treaty, statute, law, decree, regulation,
order, rule or directive of any Government Entity, and (b) any judicial or administrative interpretation or application of, or decision under, any of the foregoing. 
 “Liquidity Facility” has the meaning set forth in the ninth recital to the Note Purchase Agreement. 
 “Liquidity Provider” has the meaning set forth in the ninth recital to the Note Purchase Agreement. 
 “Loan Trustee” means the “Mortgagee” as defined in the Financing Agreements. 
 “Material Adverse Change” has the meaning set forth in the Indentures. 
 “Note Purchase Agreement” means the Note Purchase Agreement to which this Annex A is attached. 
 “Operative Agreements” means, collectively, the Pass Through Trust Agreement, the Deposit Agreements, the Escrow and Paying Agent Agreement, the Liquidity Facility, the
Intercreditor Agreement, the Equipment Notes, the Certificates and the Financing Agreements. 
 “Participation
Agreements” means a Participation Agreement substantially in the form of Exhibit B to the Note Purchase Agreement. 
 “Pass Through Trust” has the meaning set forth in the fourth recital to the Note Purchase Agreement. 
  

 EXHIBIT C 
 Page 3 

 [Note Purchase Agreement] 
  

 “Pass Through Trust Agreement” means the Trust Supplement
referred to in the fourth recital to the Note Purchase Agreement, together with the Basic Pass Through Trust Agreement, dated as of the Issuance Date, by and between the Company and Pass Through Trustee. 
 “Pass Through Trustee” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 

“Paying Agent” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 
 “Paying Agent Agreements” has the meaning set forth in Section 3(f)(i) of the Note Purchase Agreement.

 “Person” means any individual, firm, partnership, joint venture, trust, trustee, Government Entity,
organization, association, corporation, limited liability company, government agency, committee, department, authority and other body, corporate or incorporate, whether having distinct legal status or not, or any member of any of the same.

 “Rating Agencies” means, collectively, at any time, each nationally recognized rating agency which
shall have been requested to rate the Certificates and which shall then be rating the Certificates. The initial Rating Agencies will be Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services, a Standard &
Poor’s Financial Services LLC business. 
 “Rating Agency Confirmation” means, with respect to any
action proposed to be taken, a written confirmation from each of the Rating Agencies that such action would not result in (i) a reduction of the rating for any Certificates then rated by the Rating Agencies below the then current rating for
such Certificates or (ii) a withdrawal or suspension of the rating of any Certificates then rated by the Rating Agencies. 
 “Register” means the register maintained pursuant to Sections 3.04 and 7.12 of the Basic Pass Through Trust Agreement with respect to each Pass Through Trust. 
 “Replacement Deposit Agreement” means a deposit agreement substantially in the form of the replaced Deposit
Agreement as shall permit the Rating Agencies to confirm in writing their respective ratings then in effect for the Certificates (before the downgrading of such ratings, if any, as a result of the downgrading of the Depositary, if applicable).

 “Replacement Depositary” has the meaning set forth in Section 4(a)(iii) of the Note Purchase
Agreement. 
 “Scheduled Closing Date” has the meaning set forth in Section 1(b) of the Note
Purchase Agreement. 
 “Section 1110” means 11 U.S.C. § 1110 of the Bankruptcy Code or any
successor or analogous Section of the federal bankruptcy Law in effect from time to time. 
  

 EXHIBIT C 
 Page 4 

 [Note Purchase Agreement] 
  

 “Series A Equipment Notes” means Equipment Notes issued under an
Indenture and designated as “Series A” thereunder. 
 “Stated Interest Rate” has the meaning
set forth in the Intercreditor Agreement. 
 “Taxes” means all license, recording, documentary,
registration and other similar fees and all taxes, levies, imposts, duties, charges, assessments or withholdings of any nature whatsoever imposed by any Taxing Authority, together with any penalties, additions to tax, fines or interest thereon or
additions thereto. 
 “Taxing Authority” means any federal, state or local government or other taxing
authority in the United States, any foreign government or any political subdivision or taxing authority thereof, any international taxing authority or any territory or possession of the United States or any taxing authority thereof. 
 “Triggering Event” has the meaning assigned to such term in the Intercreditor Agreement. 
 “Trust Supplement” means an agreement supplemental to the Basic Pass Through Trust Agreement pursuant to which
(i) a separate trust is created for the benefit of the holders of the pass through certificates of a class, (ii) the issuance of the pass through certificates of such class representing fractional undivided interests in such trust is
authorized and (iii) the terms of the pass through certificates of such Class are established. 
 “Underwriters” has the meaning set forth in the tenth recital to the Note Purchase Agreement. 
 “Underwriting Agreement” has the meaning set forth in the tenth recital to the Note Purchase Agreement. 
  

 EXHIBIT C 
 Page 5 

 [Note Purchase Agreement] 
  

 EXHIBIT A 
 to Note Purchase Agreement 
 FORM OF CLOSING NOTICE

 CLOSING NOTICE 
 Dated as of                          ,
         
 To each of the addressees listed 
   in Schedule A hereto 
 Re:        Closing Notice in accordance with Note Purchase 
 Agreement referred to below

 Ladies and Gentlemen: 
 Reference
is made to the Note Purchase Agreement, dated as of October 13, 2009, among United Air Lines, Inc. (the “Company”), Wilmington Trust Company, as Pass Through Trustee under the Pass Through Trust Agreement (as defined therein) (the
“Pass Through Trustee”), Wilmington Trust Company, as Subordination Agent (the “Subordination Agent”), Wilmington Trust Company, as Escrow Agent (the “Escrow Agent”), and Wilmington Trust Company, as Paying Agent (the
“Paying Agent”) (as in effect from time to time, the “Note Purchase Agreement”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreement or, to the extent
not defined therein, the Intercreditor Agreement. 
 Pursuant to Section 1(b) of the Note Purchase Agreement, the undersigned hereby
notifies you, in respect of the [Boeing] [Airbus] model                      aircraft with manufacturer’s serial number
                     [insert details for additional Aircraft] ([collectively,] the “Aircraft”), of the following: 
 (1)        The Scheduled Closing Date of the Aircraft is
[                    ], 2009; 
 (2)        The Funding Date for the Aircraft shall be [                    ], 2009; and 

(3)        The aggregate amount of the Equipment Notes to be issued, and purchased by the Pass Through Trustee,
on the Funding Date, in connection with the financing of the Aircraft is $[                    ]. 
 The Company hereby instructs the Pass Through Trustee to (i) execute a Withdrawal Certificate in the form of Annex A-1 hereto dated as of
[                    ], 2009 and attach thereto a Notice of Purchase Withdrawal dated such date completed as set forth on Annex A-2 hereto and
(ii) deliver such Withdrawal Certificate and Notice of Purchase Withdrawal to the Escrow Agent. 
  

 EXHIBIT C 
 Page 6 

 [Note Purchase Agreement] 
  

 The Company hereby instructs the Pass Through Trustee to (i) purchase Equipment Notes in an amount
set forth in clause (3) above with a portion of the proceeds of the withdrawals of Deposits referred to in the applicable Notice of Purchase Withdrawal referred to above and (ii) re-deposit with the Depositary the excess, if any, of the
amount so withdrawn over the purchase price of such Equipment Notes. 
 The Company hereby instructs the Pass Through Trustee to (a) enter
into the Participation Agreements for each [Unencumbered] [Encumbered] Aircraft, in each case dated as of [                ], 2009 among the Company, as Owner, and
Wilmington Trust Company, as Mortgagee and Loan Participant, (b) perform its obligations thereunder and (c) deliver such certificates, documents and legal opinions relating to the Pass Through Trustee as required thereby. 
  

			
	Yours faithfully,
	
	United Air Lines, Inc.
		
	By:	 	  

	Name:
	Title:

  

 EXHIBIT C 
 Page 7 

 [Note Purchase Agreement] 
  

 SCHEDULE A 
 Wilmington Trust Company, as 
     Pass Through Trustee, Subordination

     Agent, Escrow Agent and Paying Agent 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust Administration 
 Facsimile: (302) 636-4140 
 JPMorgan Chase Bank, N.A., 
     as Depositary 
 4 New York Plaza, 21st Floor 
 New York, NY 10004 
 Telecopier: (212) 623-6168 
 Attention: Michael Kuzmicz/Andy Jacknick 
 Standard & Poor’s Ratings Services 
 55 Water Street, 39th Floor 
 New York, New York 10041-0003 
 Attention: Philip A.
Baggaley, CFA 
 Facsimile: (212) 438-7820 
 Moody’s Investors Service, Inc. 
 7 World Trade Center at 250 Greenwich Street 
 New York, New York 10007 
 Attention: Michael
Mulvaney 
 Facsimile: 212-553-4661 
  

 EXHIBIT C 
 Page 8 

 [Note Purchase Agreement] 
  

 ANNEX A-1 TO EXHIBIT A 
 WITHDRAWAL CERTIFICATE 
 Wilmington Trust Company, 
 as Escrow Agent 
 Dear Sirs: 
 Reference is made to the Escrow and Paying Agent Agreement, dated as of
October 13, 2009 (the “Agreement”). We hereby certify to you that the conditions to the obligations of the undersigned to execute Participation Agreements pursuant to the Note Purchase Agreement have been satisfied. Pursuant to
Section 1.02(c) of the Agreement, please execute the attached Notice of Purchase Withdrawal and immediately transmit by facsimile to the Depositary, at [Phone], Attention: Michael Kuzmicz/Andy Jacknick. 
  

							
		 		 	Very truly yours,
			
		 		 	 WILMINGTON TRUST COMPANY, not
 in its individual capacity by solely as Pass
 Through Trustee

				
		 		 	By:	 	  

		 		 	Name:
		 		 	Title:
				
	Dated:                          ,
200  	 		 		 	

  

 EXHIBIT C 
 Page 9 

 [Note Purchase Agreement] 
  

 ANNEX A-2 TO EXHIBIT A 
 NOTICE OF PURCHASE WITHDRAWAL 
 JPMorgan Chase Bank, N.A. 
 4 New York Plaza, 21st Floor 
 New
York, NY 10004 
 Telecopier: (212) 623-6168 
 Attention: Michael Kuzmicz/Andy Jacknick 
 Ladies and Gentlemen: 
 Reference is made to the Deposit Agreement dated as of October 13, 2009 (the “Deposit Agreement”) between Wilmington Trust Company, as
Escrow Agent, and JPMorgan Chase Bank, N.A., as Depositary (the “Depositary”). 
 In accordance with Section 2.3(a) of the
Deposit Agreement, the undersigned hereby requests the withdrawal of the entire amount of the Deposit, $                    , Account
No.                                 . 
 The undersigned hereby directs the Depositary to pay the proceeds of the Deposit to
[                                , Account
No.                             , Reference:
                                ] on
                         , 200  , upon the telephonic request of a representative of Wilmington Trust Company, the Pass
Through Trustee. 
  

							
		 		 	 WILMINGTON TRUST COMPANY, as
 Escrow Agent

				
		 		 	By:	 	  

		 		 	Name:
		 		 	Title:
				
	Dated:                          ,
200  	 		 		 	

  

 EXHIBIT C 
 Page 10 

 [Note Purchase Agreement] 
  

 EXHIBIT B TO 
 NOTE PURCHASE AGREEMENT 
 FORM OF PARTICIPATION
AGREEMENT 
  

 EXHIBIT B–1 
 Page 1 

 [Note Purchase Agreement] 
  

 EXHIBIT C TO 
 NOTE PURCHASE AGREEMENT 
 FORM OF INDENTURE 

  

 ANNEX A 
 Page 1Form of Participation Agreement

 Exhibit 4.6 
  
  
 CONFIDENTIAL:  SUBJECT TO RESTRICTIONS ON DISSEMINATION 
 SET FORTH IN SECTION 6 OF THIS AGREEMENT

  
 PARTICIPATION AGREEMENT 
 [NXXXUA] 
 Dated as of October [DATE], 2009 
 among 
 UNITED AIR LINES, INC., 
 Owner, 
 and 
 WILMINGTON
TRUST COMPANY, 
 not in its individual capacity except as expressly provided herein, 
 but solely as Mortgagee, Subordination Agent under the 
 Intercreditor Agreement and Pass Through Trustee under 
 the Pass Through Trust
Agreement 
  
 One [Boeing][Airbus] Model [MODEL #] Aircraft

 Bearing Manufacturer’s Serial No. [MSN] and U.S. Registration No. [NXXXUA] 
  
 Vedder Price P.C. 
 Chicago, Illinois 

 TABLE OF CONTENTS 
  

							
	 	  	 	 	 	  	Page
			
	 SECTION 1.
	  	 DEFINITIONS AND CONSTRUCTION
	  	2
			
	 SECTION 2.
	  	 SECURED LOANS; CLOSING
	  	2
			
	 2.1    
	  	 Making of Loans and Issuance of Equipment Notes
	  	2
			
	 2.2    
	  	 Closing
	  	2
			
	 SECTION 3.
	  	 CONDITIONS PRECEDENT
	  	2
			
	 3.1    
	  	 Conditions Precedent to Obligations of the Pass Through Trustee
	  	2
			
	 3.2    
	  	 Conditions Precedent to the Obligations of Owner
	  	5
			
	 SECTION 4.
	  	 REPRESENTATIONS AND WARRANTIES
	  	6
			
	 4.1    
	  	 Owner’s Representations and Warranties
	  	6
				
		  	4.1.1	 	 Organization; Qualification
	  	6
				
		  	4.1.2	 	 Corporate Authorization
	  	7
				
		  	4.1.3	 	 No Violation
	  	7
				
		  	4.1.4	 	 Approvals
	  	7
				
		  	4.1.5	 	 Valid and Binding Agreements
	  	7
				
		  	4.1.6	 	 Registration and Recordation
	  	8
				
		  	4.1.7	 	 Location
	  	8
				
		  	4.1.8	 	 No Event of Loss
	  	8
				
		  	4.1.9	 	 Compliance With Laws
	  	8
				
		  	4.1.10	 	 Securities Laws
	  	8
				
		  	4.1.11	 	 Broker’s Fees
	  	9
				
		  	4.1.12	 	 Section 1110
	  	9
			
	 4.2    
	  	 WTC’s Representations and Warranties
	  	9
				
		  	4.2.1	 	 Organization, Etc
	  	9
				
		  	4.2.2	 	 Corporate Authorization
	  	9
				
		  	4.2.3	 	 No Violation
	  	9
				
		  	4.2.4	 	 Approvals
	  	10
				
		  	4.2.5	 	 Valid and Binding Agreements
	  	10
				
		  	4.2.6	 	 Citizenship
	  	10
				
		  	4.2.7	 	 No Liens
	  	10
				
		  	4.2.8	 	 Litigation
	  	10

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	 	 	  	Page
				
		  	4.2.9	 	 Securities Laws
	  	10
				
		  	4.2.10	 	 Investment
	  	11
				
		  	4.2.11	 	 Taxes
	  	11
				
		  	4.2.12	 	 Broker’s Fees
	  	11
			
	SECTION 5.	  	COVENANTS, UNDERTAKINGS AND AGREEMENTS	  	11
			
	5.1    	  	Covenants of Owner	  	11
				
		  	5.1.1	 	 Corporate Existence; U.S. Air Carrier
	  	11
				
		  	5.1.2	 	 Notice of Change of Location
	  	11
				
		  	5.1.3	 	 Certain Assurances
	  	11
				
		  	5.1.4	 	 Securities Laws
	  	12
				
		  	5.1.5	 	 Notice of Lease
	  	12
			
	5.2    	  	Covenants of WTC	  	13
				
		  	5.2.1	 	 Liens
	  	13
				
		  	5.2.2	 	 Securities Act
	  	13
				
		  	5.2.3	 	 Performance of Agreements
	  	13
				
		  	5.2.4	 	 Withholding Taxes
	  	13
			
	5.3    	  	Covenants of Note Holders	  	13
				
		  	5.3.1	 	 Withholding Taxes
	  	13
				
		  	5.3.2	 	 Transfer; Compliance
	  	14
				
		  	5.3.3	 	 ERISA
	  	14
			
	5.4    	  	Agreements	  	14
				
		  	5.4.1	 	 Quiet Enjoyment
	  	14
				
		  	5.4.2	 	 Consents
	  	14
				
		  	5.4.3	 	 Insurance
	  	14
				
		  	5.4.4	 	 Extent of Interest of Note Holders
	  	15
				
		  	5.4.5	 	 Foreign Registration
	  	15
				
		  	5.4.6	 	 Interest in Certain Engines
	  	16
				
		  	5.4.7	 	 Registrations with the International Registry
	  	17
			
	SECTION 6.	  	 CONFIDENTIALITY
	  	17
			
	SECTION 7.	  	 INDEMNIFICATION AND EXPENSES
	  	17

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
			
	 7.1    
	  	 General Indemnity
	  	17
				
		  	7.1.1	  	 General
	  	17
				
		  	7.1.2	  	 Exclusions
	  	18
				
		  	7.1.3	  	 After Tax Basis; Etc
	  	19
				
		  	7.1.4	  	 Notice and Contest
	  	19
				
		  	7.1.5	  	 Subrogation; Reimbursement
	  	20
			
	 7.2    
	  	 Transaction Costs
	  	21
				
		  	7.2.1	  	 Invoices and Payment
	  	21
				
		  	7.2.2	  	 Payment of Other Expenses
	  	21
			
	 SECTION 8.
	  	 ASSIGNMENT OR TRANSFER OF INTERESTS
	  	21
			
	 8.1    
	  	 Note Holders
	  	21
			
	 8.2    
	  	 Effect of Transfer
	  	21
			
	 SECTION 9.
	  	 SECTION 1110
	  	22
			
	 SECTION 10.
	  	 CHANGE OF CITIZENSHIP
	  	22
			
	 10.1   
	  	 Generally
	  	22
			
	 10.2   
	  	 Mortgagee
	  	22
			
	 SECTION 11.
	  	 MISCELLANEOUS
	  	22
			
	 11.1   
	  	 Amendments
	  	22
			
	 11.2   
	  	 Severability
	  	22
			
	 11.3   
	  	 Survival
	  	23
			
	 11.4   
	  	 Reproduction of Documents
	  	23
			
	 11.5   
	  	 Counterparts
	  	23
			
	 11.6   
	  	 No Waiver
	  	23
			
	 11.7   
	  	 Notices
	  	23
			
	 11.8   
	  	 Governing Law; Submission to Jurisdiction; Venue
	  	24
			
	 11.9   
	  	 Third Party Beneficiary
	  	25
			
	 11.10 
	  	 Entire Agreement
	  	25
			
	 11.11 
	  	 Further Assurances
	  	25

  

 iii 

 SCHEDULES 
  

					
	SCHEDULE 1	  	-	  	Accounts; Addresses
	SCHEDULE 2	  	-	  	Loan Amounts
	SCHEDULE 3	  	-	  	Certain Terms
	SCHEDULE 4	  	-	  	Permitted Countries
	SCHEDULE 5	  	-	  	Pass Through Trusts
			
	EXHIBIT A	  	-	  	Opinion of Corporate Counsel to Owner
	EXHIBIT B	  	-	  	Opinion of Special Counsel to Owner
	EXHIBIT C	  	-	  	Opinion of Special Counsel in Oklahoma City, Oklahoma
	EXHIBIT D	  	-	  	Opinion of Special Counsel to Mortgagee and Pass Through Trustee
	[EXHIBIT E	  	-	  	Opinion of Special French Counsel]1

  
  
 1 Insert for Airbus Indentures only. 
  

 iv 

 PARTICIPATION AGREEMENT [NXXXUA] 
  
  
 PARTICIPATION AGREEMENT [NXXXUA], dated as of October [DATE], 2009 (this “Agreement”), among (a) UNITED
AIR LINES, INC., a Delaware corporation (“Owner”), (b) WILMINGTON TRUST COMPANY, a Delaware banking corporation, not in its individual capacity, except as expressly provided herein, but solely as Mortgagee (in its
capacity as Mortgagee, “Mortgagee” and in its individual capacity, “WTC”), (c) WILMINGTON TRUST COMPANY, not in its individual capacity, except as expressly provided herein, but solely as Pass Through
Trustee under the Pass Through Trust Agreement (the “Pass Through Trustee”), and (d) WILMINGTON TRUST COMPANY, not in its individual capacity, except as expressly provided herein, but solely as Subordination Agent under
the Intercreditor Agreement (“Subordination Agent”). 
 RECITALS 
 WHEREAS, Owner is the owner of the [Boeing][Airbus] model [MODEL #] aircraft more particularly described in the initial Trust
Indenture Supplement dated the Closing Date for which it desires to obtain financing; 
 WHEREAS, pursuant to the Trust
Indenture and Mortgage [NXXXUA] dated as of October [DATE], 2009 (the “Trust Indenture”) between Owner and the Mortgagee, Owner proposes to issue on the Closing Date one series of Equipment Notes, which Equipment Notes are to
be secured by the mortgage and security interest in the Aircraft created pursuant to the Trust Indenture by the Owner in favor of the Mortgagee and by the collateral subject to the Related Indentures; 
 WHEREAS, the Equipment Notes will be issued on the Closing Date to the Subordination Agent as nominee for the Pass Through Trustee
for the Pass Through Trust as evidence of the Owner’s indebtedness to the Pass Through Trustee; 
 WHEREAS, pursuant
to the Basic Pass Through Trust Agreement and the supplement thereto set forth in Schedule 5 hereto (the “Pass Through Trust Agreement”), on the Issuance Date a grantor trust (the “Pass Through Trust”) will be
created to facilitate certain of the transactions contemplated hereby, including, without limitation, the issuance and sale of credit enhanced pass through certificates pursuant thereto (collectively, the “Pass Through
Certificates”) to refinance the Aircraft; and 
 WHEREAS, the proceeds from the issuance and sale of the Pass
Through Certificates will be applied by the Pass Through Trustee to purchase from the Owner, on behalf of the Pass Through Trust, the Equipment Notes issued under the Trust Indenture. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1.      Definitions and Construction.  Capitalized terms used but not defined herein (including in the initial paragraph and Recitals above) shall have the respective
meanings set forth or incorporated by reference, and shall be construed and interpreted in the manner described, in Annex A to the Trust Indenture. The “General Provisions” set forth in Annex A to the Trust Indenture are hereby
incorporated as if set forth in full herein. 

 [Participation Agreement [NXXXUA]] 
  

 Section 2.      Secured Loans; Closing.

 2.1      Making of Loans and Issuance of Equipment Notes.  Subject to the
terms and conditions of this Agreement, on the date hereof or on such other date agreed to by the parties hereto (the “Closing Date”), the Pass Through Trustee shall make a secured loan to Owner in the amount in Dollars listed on
Schedule 2, such loan to be evidenced by one or more Equipment Notes, dated the Closing Date, issued to the Subordination Agent as the registered holder on behalf of the Pass Through Trustee for the Pass Through Trust by Owner in accordance
with this Agreement and the Trust Indenture in an aggregate principal amount equal to the amount of the secured loan made by the Pass Through Trustee. 
 In addition, the Owner shall have the option after the Cut-off Date (as defined in the Note Purchase Agreement) to issue from time to time Additional Series Equipment Notes, subject to the terms of the
Indenture and the Intercreditor Agreement. If Additional Series Equipment Notes are so issued after the Cut-off Date, the Note Holder of such Equipment Notes, if it is not a party hereto, shall be entitled to execute a counterpart to this Agreement
and become a party hereto. 
 2.2      Closing. 
 (a)      The Closing shall occur at the offices of Vedder Price P.C., 222 N. LaSalle St., Chicago, Illinois
60601, or such other place as the parties shall agree. 
 (b)      All payments pursuant to this
Section 2 shall be made in immediately available funds to Owner’s account set forth in Schedule 1 hereto or such other account as directed by Owner. 
 Section 3.      Conditions Precedent. 
 3.1      Conditions Precedent to Obligations of the Pass Through Trustee.  The obligations of the Pass Through Trustee to make the loan described in Section 2 above and of the Pass Through
Trustee and the Mortgagee to enter into the Operative Agreements to which it is a party are subject to the fulfillment to the satisfaction (or waiver) of such party prior to or on the Closing Date of the following conditions precedent: 

3.1.1   No change shall have occurred after the date of the execution and delivery of this Agreement in applicable Law
that makes it a violation of Law for (a) the Owner, the Pass Through Trustee, the Loan Trustee or the Subordination Agent to execute, deliver and perform the Operative Agreements to which any of them is a party or (b) the Pass Through
Trustee to make the loan contemplated by Section 2.1, to acquire the Equipment Notes or to realize the security afforded by the Indenture. 
  

 2 

 [Participation Agreement [NXXXUA]] 
  

 3.1.2    The Owner shall have tendered the Equipment Notes to the Loan
Trustee for authentication and the Loan Trustee shall have authenticated such Equipment Notes and shall have tendered the Equipment Notes to the Subordination Agent on behalf of the Pass Through Trustee in accordance with Section 2.1.

 3.1.3   The Subordination Agent, on behalf of the Pass Through Trustee, shall have received executed
counterparts or conformed copies of the following documents: 
 (a)      this Agreement;

 (b)      the Financing Statements; 
 (c)      the Indenture, the initial Indenture Supplement and the other Financing Agreements; 
 (d)      [the Pay-Off Letter and the Release; ]2and 
 (e)      [the French Pledge Agreement]3. 
 3.1.4   The Subordination Agent shall have received (A) a
copy of the Restated Certificate of Incorporation and Bylaws of the Owner and a copy of resolutions of the board of directors of the Owner or the executive committee thereof, in each case certified as of the Closing Date by the Secretary or an
Assistant Secretary of the Owner, duly authorizing the execution, delivery and performance by the Owner of this Agreement and each other Operative Agreement required to be executed and delivered by the Owner in accordance with the provisions hereof
and thereof and (B) an incumbency certificate of the Owner as to the person or persons authorized to execute and deliver the Operative Agreements on behalf of the Owner. 
 3.1.5   On the Closing Date, the representations and warranties of the Owner contained in Section 4.1 hereof and the
representations and warranties of the Loan Trustee in Section 4.2 hereof shall be true and correct in all material respects as though made on and as of such date, except to the extent that such representations and warranties relate solely to an
earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date), and the Owner shall have performed and observed, in all material respects, all of the
covenants of the Owner in this Agreement and in any other Operative Agreement to which it is a party to be observed or performed by it as of the Closing Date. 
 3.1.6   On the Closing Date, no event shall have occurred and be continuing, or would result from the transactions contemplated hereby, which constitutes (or would, with the passage of time
or the giving of notice or both, constitute) an Indenture Event of Default under the Indenture. 
  
  

 
 2 Insert for Encumbered Aircraft only. 
 3 Insert for Airbus Aircraft only. 
  

 3 

 [Participation Agreement [NXXXUA]] 
  

 3.1.7   No Event of Loss with respect to the Aircraft shall have occurred
and no circumstance, condition, act or event that, with the giving of notice or lapse of time or both, would give rise to or constitute an Event of Loss with respect to the Aircraft shall have occurred. 
 3.1.8   The Subordination Agent shall have received the following opinions of counsel, in each case, dated the Closing Date
and with respect to such matters and in form and substance reasonably satisfactory to the Subordination Agent: 
 (a)      an opinion of the General Counsel or Assistant General Counsel for the Owner, substantially in the form of Exhibit A; 
 (b)      an opinion of Vedder Price P.C., special aircraft counsel for the Owner, substantially in the form of Exhibit B; 
 (c)      an opinion of Lytle Soulé & Curlee, special counsel in Oklahoma City, Oklahoma,
substantially in the form of Exhibit C; 
 (d)      an opinion of Morris James LLP, special
counsel for the Loan Trustees and the Pass Through Trustees, substantially in the form of Exhibit D; and 
 (e)      [an opinion of Clifford Chance, special French counsel for the Owner, with respect to the French Pledge Agreement, substantially in the form of Exhibit E.]4 
 3.1.9   The Subordination Agent shall have received an independent insurance broker’s report, and certificate of
insurance, in form and substance reasonably satisfactory to it, as to the due compliance with the terms of Section 4.06 of the Indenture. 
 3.1.10 On the Closing Date, the Owner shall have good title to the Aircraft, free and clear of all Liens, except for Permitted Liens [and subject to the filing and recordation of the Release with the
FAA and discharge of the International Interest registrations with the International Registry with respect to the International Interests created by the Original Indenture]5. 
 3.1.11 Each Loan Trustee shall be entitled to the benefits of Section 1110 (as currently in effect) with respect to the right to take possession of the Airframe and Engines and to enforce any of its other rights or remedies as
provided in the Indenture in the event of a case under Chapter 11 of the Bankruptcy Code in which the Owner is a debtor. 
 3.1.12 On the Closing Date, (a) the Indenture and Indenture Supplement entered into on the Closing Date and each other FAA Filed Document shall have been duly filed for recordation (or shall be in the process of being so duly
filed for recordation) with the FAA in accordance with the Act and an AC Form 8050-135 shall have been duly submitted to the FAA, (b) the Subordination Agent shall have received priority search

  

  
  
 4 Insert for Airbus Aircraft only. 
 5 Insert for Encumbered Aircraft only. 
 4 

 [Participation Agreement [NXXXUA]] 
  

 
certificates identifying the registration of the International Interests made with the International Registry with respect to the interest created by the Indenture in the Airframe and the Engines
and confirming that no other undischarged registrations have been made with respect to such Airframe or Engines, [except for registrations evidencing the International Interests of the Original Indenture which will be discharged in accordance with
the terms of the Pay-Off Letter,]6 and (c) each
Financing Statement shall have been duly filed (or shall be in the process of being so duly filed) in the State of Delaware. 
 3.1.13 No action or proceeding shall have been instituted, nor shall any action be threatened in writing, before any Government Entity, nor shall any order, judgment or decree have been issued or proposed to be issued by any Government
Entity, to set aside, restrain, enjoin or prevent the completion and consummation of this Agreement or any other Operative Agreement or the transactions contemplated hereby or thereby. 
 3.1.14 All appropriate action required to have been taken prior to the Closing Date by the FAA, or any governmental or political
agency, subdivision or instrumentality of the United States, in connection with the transactions contemplated by this Agreement shall have been taken, and all orders, permits, waivers, authorizations, exemptions and approvals of such entities
required to be in effect on the Closing Date in connection with the transactions contemplated by this Agreement and the other Operative Agreements shall have been issued. 
 Promptly upon the recording of the Indenture pursuant to the Act and registration and discharge of the International Interests, the Owner shall cause Lytle Soulé & Curlee, special counsel
in Oklahoma City, Oklahoma, to deliver to the Subordination Agent an opinion with respect to such recordation and registration. 
 3.2      Conditions Precedent to the Obligations of Owner.  The obligations of Owner to participate in the transactions contemplated hereby and to enter into the Operative Agreements to which
it is a party are all subject to the fulfillment to the satisfaction (or waiver) of Owner prior to or on the Closing Date of the following conditions precedent: 
 3.2.1   Those documents described in Section 3.1.3 shall have been duly authorized, executed and delivered by the respective party or parties thereto (other than the Owner) in the
manner specified in Section 3.1.3, shall each be satisfactory in form and substance to the Owner, shall be in full force and effect on the Closing Date, and an executed counterpart of each thereof shall have been delivered to the Owner or
counsel for the Owner. 
 3.2.2   The Owner shall have received a copy of the organizational documents, by-laws
and general authorizing resolutions of the boards of directors (or executive committees) or other satisfactory evidence of authorization of the Loan Trustee, the Pass Through Trustee and the Subordination Agent, certified as of the Closing Date by
the Secretary or an Assistant Secretary of each such party, respectively, that authorize the execution, delivery and performance by the Loan Trustee, the Pass Through Trustee and the Subordination

  

  
  
 6 Insert for Encumbered Aircraft only. 
 5 

 [Participation Agreement [NXXXUA]] 
  

 
Agent, respectively, of all the Operative Agreements to which each such person is a party, together with such other documents and evidence with respect to the Loan Trustee, the Pass Through
Trustee and the Subordination Agent as the Owner or its counsel may reasonably request in order to establish the consummation of the transactions contemplated by this Agreement and each other Operative Agreement, the taking of all corporate
proceedings in connection therewith and compliance with the conditions set forth herein. 
 3.2.3   A certificate
signed by the Secretary or an Assistant Secretary of the Loan Trustee, the Pass Through Trustee and the Subordination Agent as to the Person or Persons authorized to execute and deliver this Agreement and any other Operative Agreement to be executed
on behalf of such party in connection with the transactions contemplated hereby and as to the signature of such Person or Persons. 
 3.2.4   The representations and warranties of the Loan Trustee, the Pass Through Trustee and the Subordination Agent contained in Section 4.2 and each other Operative Agreement to which it is a party shall be true and
correct in all material respects as of the Closing Date as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date (in which event such representations and warranties shall
have been true and correct in all material respects on and as of such earlier date). 
 3.2.5   The Owner shall
have received the opinions set forth in Sections 3.1.8, in each case addressed to the Owner and dated the Closing Date and otherwise in form and substance satisfactory to the Owner. 
 3.2.6   No change shall have occurred after the date of the execution and delivery of this Agreement in applicable Law that
makes it a violation of Law for the Owner, the Pass Through Trustee, the Loan Trustee or the Subordination Agent to execute, deliver and perform the Operative Agreements to which any of them is a party. 
 3.2.7   Each of the conditions set forth in Section 3.1.6-3.1.14 inclusive shall have been satisfied or waived by the
Owner, unless the failure of any such condition to be satisfied is the result of any action or inaction by the Owner. 
 3.2.8   The Owner shall have received evidence satisfactory to it of the qualification of the Loan Trustee under Section 131(3) of the New York Banking Law. 
 Section 4.      Representations and Warranties. 
 4.1      Owner’s Representations and Warranties.  Owner represents and warrants to each
Pass Through Trustee, Subordination Agent and Mortgagee that as of the date hereof: 
 4.1.1   Organization;
Qualification.  Owner is a corporation duly incorporated, validly existing and in good standing under the Laws of the State of Delaware having an organizational identification number 0697327 and its true and complete name as indicated
on the public record of the State of Delaware is “United Air Lines, Inc.”. Owner has the corporate power and authority to conduct the business in which it is currently engaged and to own or hold under lease its properties and to enter into
and perform its obligations under the Operative Agreements to which it is a party. Owner is duly qualified to do business as a foreign corporation in good

  

 6 

 [Participation Agreement [NXXXUA]] 
  

 
standing in each jurisdiction in which the nature and extent of the business conducted by it, or the ownership of its properties, requires such qualification, except where the failure to be so
qualified would not give rise to a Material Adverse Change to Owner. 
 4.1.2   Corporate
Authorization.  Owner has taken, or caused to be taken, all necessary corporate action (including, without limitation, the obtaining of any consent or approval of stockholders required by its Certificate of Incorporation or By-Laws) to
authorize the execution and delivery of each of the Operative Agreements to which it is a party, and the performance of its obligations thereunder. 
 4.1.3   No Violation.  The execution and delivery by Owner of the Operative Agreements to which it is a party, the performance by Owner of its obligations thereunder and
the consummation by Owner on the Closing Date of the transactions contemplated thereby, do not and will not (a) violate any provision of the Restated Certificate of Incorporation or By-Laws of Owner, (b) violate any Law applicable to or
binding on Owner or (c) violate or constitute any default under (other than any violation or default that would not result in a Material Adverse Change to Owner), or result in the creation of any Lien (other than Permitted Liens) upon the
Aircraft under, any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, lease, loan or other material agreement, instrument or document to which Owner is a party or by which Owner or any of its properties is bound.

 4.1.4   Approvals.  The execution and delivery by Owner of the Operative Agreements to which
it is a party, the performance by Owner of its obligations thereunder and the consummation by Owner on the Closing Date of the transactions contemplated thereby do not and will not require the consent or approval of, or the giving of notice to, or
the registration with, or the recording or filing of any documents with, or the taking of any other action in respect of, (a) any trustee or other holder of any debt of Owner and (b) any Government Entity, other than (A) (w) the
filing of the FAA Filed Documents and the Financing Statement (and continuation statements periodically), (x) filings, recordings, notices or other ministerial actions pursuant to any routine recording, contractual or regulatory requirements
applicable to it, (y) filings, recordings, notices or other actions contemplated by the Operative Agreements in connection with the leasing or reregistration of the Aircraft and (z) filings, recordings, notices or other actions all of
which have either been, or will be, completed on or prior to the Closing Date and will be in full force and effect on the Closing Date and (B) the registration with the International Registry of the International Interest of the Trust Indenture
with respect to the Airframe and Engines [and discharge of the International Interests created under the Original Indenture].7 
 4.1.5   Valid and Binding Agreements.  The Operative Agreements to which it is a party have been duly authorized, executed and delivered by Owner and, assuming the due authorization, execution and delivery
thereof by the other party or parties thereto, constitute the legal, valid and binding obligations of Owner and are enforceable against Owner in accordance with the respective terms thereof, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, receivership, moratorium and other similar Laws affecting the rights of creditors generally and general principles of equity, whether considered in a proceeding at law or in equity. 
  
  
 7 Insert
for Encumbered Aircraft only. 
  

 7 

 [Participation Agreement [NXXXUA]] 
  

 4.1.6   Registration and Recordation.  Except for
(a) the registration of the Aircraft with the FAA pursuant to the Act in the name of Owner, (b) the filing for recordation (and recordation) of the FAA Filed Documents, (c) the filing of the Financing Statement (and continuation
statements relating thereto at periodic intervals), (d) the registration with the International Registry of the International Interest of the Trust Indenture with respect to the Airframe and Engines [and discharge of the International Interests
created under the Original Indenture]8and (e) the
affixation of the nameplates referred to in Section 4.02(e) of the Trust Indenture, no further action, including any filing or recording of any document (including any financing statement in respect thereof under Article 9 of the UCC) is
necessary in order to establish and perfect the Mortgagee’s security interest in the Aircraft, as against Owner and any other Person, in each case, in any applicable jurisdictions in the United States. 
 4.1.7   Location.  The “location” (as such term is used in 9-307 of Article 9 of the UCC) of
Owner is the State of Delaware. 
 4.1.8   No Event of Loss.  No Event of Loss has occurred with
respect to the Airframe or any Engine, and, to the Actual Knowledge of Owner, no circumstance, condition, act or event has occurred that, with the giving of notice or lapse of time or both gives rise to or constitutes an Event of Loss with respect
to the Airframe or any Engine. 
 4.1.9   Compliance With Laws. 
 (a)      Owner is a U.S. Air Carrier. 
 (b)      Owner holds all material licenses, permits and franchises from the appropriate Government Entities
necessary to authorize Owner to lawfully engage in air transportation and to carry on scheduled commercial passenger service as currently conducted, except where the failure to so hold any such license, permit or franchise would not give rise to a
Material Adverse Change to Owner. 
 (c)      Owner is not an “investment company” or a
company controlled by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 4.1.10 Securities Laws.  Neither Owner nor any person authorized to act on its behalf has directly or indirectly offered any beneficial interest or Security relating to any of the Equipment Notes or any other interest
in or security under the Trust Indenture, for sale, to, or solicited any offer to acquire any such interest or security from, or has sold any such interest or security to, any person in violation of the Securities Act. 
  
  
 8 Insert
for Encumbered Aircraft only. 
  

 8 

 [Participation Agreement [NXXXUA]] 
  

 4.1.11 Broker’s Fees.  No Person acting on behalf of Owner is
or will be entitled to any broker’s fee, commission or finder’s fee in connection with the Transactions other than fees and expenses payable by Owner in connection with the sale of the Pass Through Certificates. 
 4.1.12 Section 1110.  Mortgagee is entitled to the benefits of Section 1110 (as currently in effect) with
respect to the right to take possession of the Airframe and Engines and to enforce any of its other rights or remedies to sell, lease, or otherwise retain or dispose of the Aircraft as provided in the Trust Indenture in the event of a case under
Chapter 11 of the Bankruptcy Code in which Owner is a debtor. 
 4.2      WTC’s
Representations and Warranties.  WTC represents and warrants (with respect to Section 4.2.10 solely in its capacity as Subordination Agent) to Owner that: 
 4.2.1   Organization, Etc.  WTC is a Delaware banking corporation duly organized, validly existing and in
good standing under the Laws of the State of Delaware, authorized to do business as a Delaware banking corporation with banking authority to execute and deliver, and perform its obligations under, the Mortgagee Agreements, the Pass Through Trustee
Agreements and the Subordination Agent Agreements. 
 4.2.2   Corporate Authorization.  WTC has
taken, or caused to be taken, all necessary corporate action (including, without limitation, the obtaining of any consent or approval of stockholders required by Law or by its Certificate of Incorporation or By-Laws) to authorize the execution and
delivery by WTC, in its individual capacity or as Mortgagee, as Pass Through Trustee or as Subordination Agent, as the case may be, of the Mortgagee Agreements, the Pass Through Trustee Agreements, and the Subordination Agent Agreements and the
performance of its obligations thereunder. 
 4.2.3   No Violation.  The execution and delivery
by WTC, in its individual capacity or as Mortgagee, as Pass Through Trustee or as Subordination Agent, as the case may be, of the Mortgagee Agreements, the Pass Through Trustee Agreements and the Subordination Agent Agreements, the performance by
WTC, in its individual capacity or as Mortgagee, as Pass Through Trustee or as Subordination Agent, as the case may be, of its obligations thereunder and the consummation on the Closing Date of the transactions contemplated thereby, do not and will
not (a) violate any provision of the Certificate of Incorporation or By-Laws of WTC, (b) violate any Law applicable to or binding on WTC, in its individual capacity or (except in the case of any Law relating to any Plan) as Mortgagee, a
Pass Through Trustee or Subordination Agent, or (c) violate or constitute any default under (other than any violation or default that would not result in a Material Adverse Change to WTC, in its individual capacity or as Mortgagee, as Pass
Through Trustee or Subordination Agent), or result in the creation of any Lien (other than the lien of the Trust Indenture) upon any property of WTC, in its individual capacity or as Mortgagee, as Pass Through Trustee or Subordination Agent, or any
of WTC’s subsidiaries under, any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, lease, loan or other agreement, instrument or document to which WTC, in its individual capacity or as Mortgagee, as Pass Through
Trustee or Subordination Agent, is a party or by which WTC, in its individual capacity or as Mortgagee, as Pass Through Trustee or Subordination Agent, or any of their respective properties is bound. 
  

 9 

 [Participation Agreement [NXXXUA]] 
  

 4.2.4   Approvals.  The execution and delivery by WTC,
in its individual capacity or as Mortgagee, as Pass Through Trustee or Subordination Agent, as the case may be, of the Mortgagee Agreements, the Pass Through Trustee Agreements and the Subordination Agent Agreements, the performance by WTC, in its
individual capacity or as Mortgagee, as Pass Through Trustee or Subordination Agent, as the case may be, of its obligations thereunder and the consummation on the Closing Date by WTC, in its individual capacity or as Mortgagee, as Pass Through
Trustee or Subordination Agent, as the case may be, of the transactions contemplated thereby do not and will not require the consent, approval or authorization of, or the giving of notice to, or the registration with, or the recording or filing of
any documents with, or the taking of any other action in respect of, (a) any trustee or other holder of any debt of WTC or (b) any Government Entity, other than the filing of the FAA Filed Documents and the Financing Statement. 

4.2.5   Valid and Binding Agreements.  The Mortgagee Agreements, the Pass Through Trustee Agreements and
the Subordination Agent Agreements have been duly authorized, executed and delivered by WTC and, assuming the due authorization, execution and delivery by the other party or parties thereto, constitute the legal, valid and binding obligations of
WTC, in its individual capacity or as Mortgagee, as Pass Through Trustee or Subordination Agent, as the case may be, and are enforceable against WTC, in its individual capacity or as Mortgagee, as Pass Through Trustee or Subordination Agent, as the
case may be, in accordance with the respective terms thereof, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other similar Laws affecting the rights of creditors generally and
general principles of equity, whether considered in a proceeding at law or in equity. 
 4.2.6   Citizenship.  WTC is a Citizen of the United States. 
 4.2.7   No Liens.  On the Closing Date, there are no Liens attributable to WTC in respect of all or any part of the Collateral. 
 4.2.8   Litigation.  There are no pending or, to the Actual Knowledge of WTC, threatened actions or proceedings against WTC, in its individual capacity or as Mortgagee, as
Pass Through Trustee or Subordination Agent, before any court, administrative agency or tribunal which, if determined adversely to WTC, in its individual capacity or as Mortgagee, as Pass Through Trustee or Subordination Agent, as the case may be,
would materially adversely affect the ability of WTC, in its individual capacity or as Mortgagee, as Pass Through Trustee or Subordination Agent, as the case may be, to perform its obligations under any of the Mortgagee Agreements, the Pass Through
Trustee Agreements or the Subordination Agent Agreements. 
 4.2.9   Securities Laws.  Neither
WTC nor any person authorized to act on its behalf has directly or indirectly offered any beneficial interest or Security relating to the ownership of the Aircraft or any interest in the Collateral or any of the Equipment Notes or any other interest
in or security under the Collateral for sale to, or solicited any offer to acquire any such interest or security from, or has sold any such interest or security to, any Person other than the Subordination Agent and the Pass Through Trustee, except
for the offering and sale of the Pass Through Certificates. 
  

 10 

 [Participation Agreement [NXXXUA]] 
  

 4.2.10 Investment.  The Equipment Notes to be acquired by the
Subordination Agent are being acquired by it for the account of the Pass Through Trustee, for investment and not with a view to any resale or distribution thereof, except that, subject to the restrictions on transfer set forth in Section 8, the
disposition by it of its Equipment Notes shall at all times be within its control. 
 4.2.11 Taxes.  There
are no Taxes payable by the Pass Through Trustee or WTC, as the case may be, imposed by the State of Delaware or any political subdivision or taxing authority thereof in connection with the execution, delivery and performance by the Pass Through
Trustee or WTC, as the case may be, of this Agreement or any of the Pass Through Trustee Agreements (other than franchise or other taxes based on or measured by any fees or compensation received by the Pass Through Trustee or WTC, as the case may
be, for services rendered in connection with the transactions contemplated by any of the Pass Through Trust Agreements), and there are no Taxes payable by the Pass Through Trustee or WTC, as the case may be, imposed by the State of Delaware or any
political subdivision thereof in connection with the acquisition, possession or ownership by the Pass Through Trustee of any of the Equipment Notes (other than franchise or other taxes based on or measured by any fees or compensation received by the
Pass Through Trustee or WTC, as the case may be, for services rendered in connection with the transactions contemplated by the Pass Through Trust Agreement), and, assuming that the trust created by the Pass Through Trust Agreement will not be
taxable as corporations, but, rather, each will be characterized as a grantor trust under subpart E, Part I of Subchapter J of the Code or as a partnership under Subchapter K of the Code, such trusts will not be subject to any
Taxes imposed by the State of Delaware or any political subdivision thereof. 
 4.2.12 Broker’s
Fees.  No Person acting on behalf of WTC, in its individual capacity or as Mortgagee, Pass Through Trustee or Subordination Agent, is or will be entitled to any broker’s fee, commission or finder’s fee in connection with the
Transactions. 
 Section 5.      Covenants, Undertakings and Agreements.

 5.1      Covenants of Owner.  Owner covenants and agrees, at its own cost and
expense, with Note Holder and Mortgagee as follows: 
 5.1.1   Corporate Existence; U.S. Air
Carrier.  Owner shall at all times maintain its corporate existence, except as permitted by Section 4.07 of the Trust Indenture, and shall at all times remain a U.S. Air Carrier. 
 5.1.2   Notice of Change of Location.  Owner will give Mortgagee timely written notice (but in any event
within 30 days prior to the expiration of the period of time specified under applicable Law to prevent lapse of perfection) of any change in its “location” (as such term is used in Section 9-307 of Article 9 of the UCC) and
will promptly take any action required by Section 5.1.3(c) as a result of such change in location. 
 5.1.3   Certain Assurances. 
 (a)      Owner shall duly execute,
acknowledge and deliver, or shall cause to be executed, acknowledged and delivered, all such further agreements, instruments, certificates or documents, and shall do and cause to be done such further acts and things, in any case, as Mortgagee shall
reasonably request for

  

 11 

 [Participation Agreement [NXXXUA]] 
  

 
accomplishing the purposes of this Agreement and the other Operative Agreements, provided that any instrument or other document so executed by Owner will not expand any obligations or limit any
rights of Owner in respect of the transactions contemplated by any Operative Agreement. 
 (b)      Owner shall promptly take such action with respect to the recording, filing, re-recording and refiling of the Trust Indenture and any supplements thereto, including, without limitation, the initial
Trust Indenture Supplement, as shall be necessary to continue the perfection and priority of the Lien created by the Trust Indenture. 
 (c)      Owner, at its sole cost and expense, will cause the FAA Filed Documents, the registration with the International Registry of the International Interests with respect to the Trust Indenture, the
Financing Statement (and any amendments thereto necessitated by any combination, consolidation or merger of the Owner pursuant to Section 4.07 of the Trust Indenture, or any change in location described in Section 5.1.2) and, upon the
written direction of Mortgagee, together with copies thereof suitable for filing, any continuation statements in respect of the Financing Statement as shall be necessary, subject only to the consent of the Mortgagee or the execution and delivery
thereof by Mortgagee, as applicable, to be duly and timely filed and recorded, or filed for recordation, to the extent permitted under the Act (with respect to the FAA Filed Documents), the Cape Town Convention or the UCC or similar law of any other
applicable jurisdiction. Mortgagee, and not Owner, shall be responsible for any amendments to the foregoing documents and filings, recordings and registrations thereof necessitated in any such case by any combination, consolidation or merger of
Mortgagee or change in the Mortgagee’s name, status, jurisdiction of organization or address. 
 (d)      If the Aircraft has been registered in a country other than the United States pursuant to Section 4.02(d) of the Trust Indenture and Section 5.4.5 hereof, Owner will furnish to Mortgagee
annually after such registration, commencing with the calendar year after such registration is effected, an opinion of special counsel reasonably satisfactory to Mortgagee stating that, in the opinion of such counsel, either that (i) such
action has been taken with respect to the recording, filing, rerecording and refiling of the Operative Agreements and any supplements and amendments thereto as is necessary to establish, perfect and protect the Lien created by the Trust Indenture,
reciting the details of such actions, or (ii) no such action is necessary to maintain the perfection of such Lien. 
 5.1.4   Securities Laws.  Neither Owner nor any person authorized to act on its behalf will directly or indirectly offer any beneficial interest or Security relating to the ownership of the Aircraft or any
interest in any of the Equipment Notes or any other interest in or security under the Trust Indenture, for sale to, or solicit any offer to acquire any such interest or security from, or sell any such interest or security to, any person in violation
of the Securities Act or applicable state or foreign securities Laws. 
 5.1.5   Notice of
Lease.  Owner shall give to Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, a copy of any notice regarding a lease of the Aircraft required to be given to the
Mortgagee pursuant to the last sentence of Section 4.02(b)(ix) of the Trust Indenture, at the time such notice is given to Mortgagee, if at such time Standard & Poor’s is then rating the Pass Through Certificates. 
  

 12 

 [Participation Agreement [NXXXUA]] 
  

 5.2      Covenants of WTC.  WTC in its
individual capacity or as Mortgagee, Pass Through Trustee or Subordination Agent, as the case may be, covenants and agrees with Owner as follows: 
 5.2.1   Liens.  WTC (a) will not directly or indirectly create, incur, assume or suffer to exist any Lien attributable to it on or with respect to all or any part of
the Collateral or the Aircraft, (b) will, at its own cost and expense, promptly take such action as may be necessary to discharge any Lien attributable to WTC on all or any part of the Collateral or the Aircraft and (c) will personally
hold harmless and indemnify Owner, each Note Holder and each of their respective Affiliates, successors and permitted assigns and the Collateral from and against (i) any and all Expenses, (ii) any reduction in the amount payable out of the
Collateral and (iii) any interference with the possession, operation or other use of all or any part of the Aircraft, imposed on, incurred by or asserted against any of the foregoing as a consequence of any such Lien. 
 5.2.2   Securities Act.  WTC in its individual capacity or as Mortgagee, Pass Through Trustee or
Subordination Agent, will not offer any beneficial interest or Security relating to the ownership of the Aircraft or any interest in the Collateral, or any of the Equipment Notes or any other interest in or security under the Trust Indenture for
sale to, or solicit any offer to acquire any such interest or security from, or sell any such interest or security to, any Person in violation of the Securities Act or applicable state or foreign securities Laws, provided that the foregoing shall
not be deemed to impose on WTC any responsibility with respect to any such offer, sale or solicitation by any other party hereto. 
 5.2.3   Performance of Agreements.  WTC, in its individual capacity and as Mortgagee, Pass Through Trustee or Subordination Agent, as the case may be, shall perform its obligations under the Indenture
Agreements, the Pass Through Trustee Agreements and the Subordination Agent Agreements in accordance with the terms thereof. 
 5.2.4   Withholding Taxes.  WTC shall indemnify (on an after-tax basis) and hold harmless Owner and the Pass Through Trust against any United States federal withholding taxes (and related interest, penalties
and additions to tax) as a result of the failure by WTC to withhold on payments to any Note Holder if such Note Holder failed to provide to Mortgagee necessary certificates or forms to substantiate the right to exemption from such withholding tax.
Any amount payable hereunder shall be paid within 30 days after receipt by WTC of a written demand therefor. 
 5.3      Covenants of Note Holders.  Each Note Holder (including Subordination Agent) as to itself only covenants and agrees with Owner and Mortgagee as follows: 
 5.3.1   Withholding Taxes.  Such Note Holder (if it is a Non-U.S. Person) agrees to indemnify (on an
after-tax basis) and hold harmless Owner, the Pass Through Trust and Mortgagee against any United States federal withholding taxes (and related interest, penalties and additions to tax) as a result of the failure to provide Mortgagee necessary
certificates or forms to substantiate the right to exemption from, or reduction of, such withholding taxes or as a result of the inaccuracy or invalidity of any certificate or form provided by such Note Holder to Mortgagee in connection with such
withholding taxes. Any amount payable hereunder shall be paid within 30 days after receipt by a Note Holder of a written demand therefor. 
  

 13 

 [Participation Agreement [NXXXUA]] 
  

 5.3.2   Transfer; Compliance.  Such Note Holder will
(i) not transfer any Equipment Note or interest therein in violation of the Securities Act or applicable state or foreign securities Law; provided, that the foregoing provisions of this section shall not be deemed to impose on such Note Holder
any responsibility with respect to any such offer, sale or solicitation by any other party hereto, and (ii) perform and comply with the obligations specified to be imposed on it (as a Note Holder) under each of the Trust Indenture and the form
of Equipment Note set forth in the Trust Indenture. 
 5.3.3   ERISA.  Each transferee of an
Equipment Note, by its acceptance of an Equipment Note, will be deemed to represent and warrant that either (a) no portion of the funds it uses to purchase, acquire and hold such Equipment Note or interest directly or indirectly constitutes, or
may be deemed under the Code or ERISA or any rulings, regulations or court decisions thereunder to constitute, the assets of any Plan or (b) the transfer, and subsequent holding, of such Equipment Note or interest shall not involve or give rise
to a transaction that constitutes a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975(c)(1) of the Code involving Owner, the Pass Through Trustee, the Subordination Agent or the proposed transferee (other
than a transaction that is exempted from the prohibitions of such sections by applicable provisions of ERISA or the Code or administrative exemptions or regulations issued thereunder). 
 5.4      Agreements. 
 5.4.1   Quiet Enjoyment.  The Pass Through Trustee, Subordination Agent, each Note Holder and Mortgagee agrees as to itself with Owner that, so long as no Event of Default
shall have occurred and be continuing, such Person shall not (and shall not permit any Affiliate or other Person claiming by, through or under it to) interfere with Owner’s (or any Permitted Lessee’s) rights in accordance with the Trust
Indenture to the quiet enjoyment, possession and use of the Aircraft. 
 5.4.2   Consents.  The
Pass Through Trustee, Subordination Agent and Mortgagee covenants and agrees, for the benefit of Owner, that it shall not unreasonably withhold its consent to any consent or approval requested of it under the terms of any of the Operative Agreements
which by its terms is not to be unreasonably withheld. 
 5.4.3   Insurance.  (a) Each Note
Holder, the Pass Through Trustee, the Subordination Agent and Mortgagee agrees not to obtain or maintain insurance for its own account as permitted by Section 4.06 of the Trust Indenture if such insurance would limit or otherwise adversely
affect the coverage of any insurance required to be obtained or maintained by Owner pursuant to Section 4.06 and Annex B of the Trust Indenture. 
 (b)      Each Note Holder, the Owner, the Pass Through Trustee, the Subordination Agent, Mortgagee and each other Additional Insured agrees that upon receipt of any proceeds
of insurance in connection with the loss or damage to the Aircraft, other than as contemplated by the Indenture, such Person will pay such amounts to the Mortgagee for application in accordance with the terms of the Indenture. 
  

 14 

 [Participation Agreement [NXXXUA]] 
  

 5.4.4   Extent of Interest of Note
Holders.  Section 2.05 of the Trust Indenture is hereby repeated herein mutatis mutandis. 
 5.4.5   Foreign Registration.  Each Note Holder and Mortgagee hereby agree, for the benefit of Owner but subject to the provisions of Section 4.02(b) of the Trust Indenture: 
 (a)      that Owner shall be entitled to register the Aircraft or cause the Aircraft to be registered in a
country other than the United States subject to compliance with the following: 
 (i)      each of the following requirements is satisfied: 
 (A)      no Special Default or Event of Default shall have occurred and be continuing at the time of such registration; 
 (B)      such proposed change of registration is made in connection with a Permitted Lease
to a Permitted Air Carrier; and 
 (C)      such country is a country with which
the United States then maintains normal diplomatic relations or, if Taiwan, the United States then maintains diplomatic relations at least as good as those in effect on the Closing Date; 
 (ii)     the Mortgagee shall have received an opinion of counsel (subject to customary exceptions)
reasonably satisfactory to the Mortgagee addressed to the Mortgagee to the effect that: 
 (A)      such country would recognize the Owner’s ownership interest in the Aircraft; 
 (B)      after giving effect to such change in registration, the Lien of the Trust Indenture on the Owner’s right, title and interest in and to the Aircraft shall
continue as a valid and duly perfected first priority security interest and International Interest and all filing, recording, registrations or other action necessary to protect the same shall have been accomplished (or, if such opinion cannot be
given at the time of such proposed change in registration because such change in registration is not yet effective, (1) the opinion shall detail what filing, recording or other action is necessary and (2) the Mortgagee shall have received
a certificate from Owner that all possible preparations to accomplish such filing, recording and other action shall have been done, and such filing, recording and other action shall be accomplished and a supplemental opinion to that effect shall be
delivered to the Mortgagee on or prior to the effective date of such change in registration); 
 (C)      unless Owner or the Permitted Air Carrier shall have agreed to provide insurance covering the risk of requisition of use of the Aircraft by the government of such country (so long as the Aircraft is
registered under the laws of such country), the laws of such country require fair compensation by the government of such country payable in currency freely convertible into Dollars and freely removable from such country (without license or permit,
unless Owner prior to such proposed reregistration has obtained such license or permit) for the taking or requisition by such government of such use; and 
  

 15 

 [Participation Agreement [NXXXUA]] 
  

 (D)      it is not necessary, solely as
a consequence of such change in registration and without giving effect to any other activity of the Mortgagee (or any Affiliate of the Mortgagee), for the Mortgagee to qualify to do business in such jurisdiction as a result of such reregistration in
order to exercise any rights or remedies with respect to the Aircraft. 
 (b)      In addition,
as a condition precedent to any change in registration Owner shall have given Mortgagee assurances reasonably satisfactory to Mortgagee: 
 (i)      to the effect that the provisions of Section 4.06 of the Trust Indenture have been complied with after giving effect to such change of registration; 

(ii)     of the payment by Owner of all reasonable out-of-pocket expenses of each Note Holder
and Mortgagee in connection with such change of registry, including, without limitation (1) the reasonable fees and disbursements of counsel to Mortgagee, (2) any filing or recording fees, Taxes or similar payments incurred in connection
with the change of registration of the Aircraft and the creation and perfection of the security interest therein in favor of Mortgagee for the benefit of Note Holders, and (3) all costs and expenses incurred in connection with any filings
necessary to continue in the United States the perfection of the security interest in the Aircraft in favor of Mortgagee for the benefit of Note Holders; and 
 (iii)    to the effect that the tax and other indemnities in favor of each person named as an
indemnitee under any other Operative Agreement afford each such person substantially the same protection as provided prior to such change of registration (or Owner shall have agreed upon additional indemnities that, together with such original
indemnities, in the reasonable judgment of Mortgagee, afford such protection); 
 (c)      Mortgagee agrees that if Owner requests a change of registration pursuant to this Section 5.4.5, it will take all such action reasonably requested by Owner in order to effect such a change in
registration, including the execution and delivery of such documents and instruments as may be necessary or advisable in connection therewith; and 
 (d)      Anything to the contrary in the Operative Agreements notwithstanding, each of the parties hereto agrees that so long as the conditions in paragraphs (a) and
(b) of this Section 5.4.5 have been satisfied (including the legal opinion required under Section 5.4.5(a)(ii)), reregistration of the Aircraft may be effected in a jurisdiction in which (i) the Aircraft is not registered in the
name of the Owner and/or (ii) the Trust Indenture is not recorded of record in such jurisdiction and/or no filing is made in such jurisdiction in respect of the Lien of the Trust Indenture. The provisions of this Section 5.4.5(d) are not
intended to, and shall not, permit the Owner to effect any financing of the Aircraft in connection with any such reregistration. 
 5.4.6   Interest in Certain Engines.  Each Note Holder and Mortgagee agree, for the benefit of each of the lessor, conditional seller, mortgagee or secured party of any airframe or engine leased to, or
purchased by,

  

 16 

 [Participation Agreement [NXXXUA]] 
  

 
Owner or any Permitted Lessee subject to a lease, conditional sale, trust indenture or other security agreement that it will not acquire or claim, as against such lessor, conditional seller,
mortgagee or secured party, any right, title or interest in any engine as the result of such engine being installed on the Airframe at any time while such engine is subject to such lease, conditional sale, trust indenture or other security agreement
and owned by such lessor or conditional seller or subject to a trust indenture or security interest in favor of such mortgagee or secured party. 
 5.4.7   Registrations with the International Registry.  Each of the parties hereto consents to the registration with the International Registry of the International
Interest with respect to the Trust Indenture and the Mortgagee covenants and agrees that it will take all such action reasonably requested by Owner in order to make any registrations with the International Registry, including becoming a
transactional user entity with the International Registry and providing consents to any registration as may be contemplated by the Operative Agreements. 
 Section 6.      Confidentiality.  Owner, Note Holders and Mortgagee shall keep the Participation Agreement and Annex B to the Trust
Indenture confidential and shall not disclose, or cause to be disclosed, the same to any Person, except (A) to prospective and permitted transferees of Owner’s, a Note Holder’s, the Liquidity Provider’s, Mortgagee’s or other
Indenture Indemnitee’s interest or their respective counsel or special counsel, independent insurance brokers, auditors, or other agents who agree to hold such information confidential, (B) to Owner’s, a Note Holder’s, the
Liquidity Provider’s, Mortgagee’s or other Indenture Indemnitee’s counsel or special counsel, independent insurance brokers, auditors, or other agents, Affiliates or investors who agree to hold such information confidential,
(C) as may be required by any statute, court or administrative order or decree, legal process or governmental ruling or regulation, including those of any applicable insurance regulatory bodies (including, without limitation, the National
Association of Insurance Commissioners (“NAIC”)), federal or state banking examiners, Internal Revenue Service auditors or any stock exchange, (D) with respect to a Note Holder or the Pass Through Trustee, to a nationally recognized
rating agency for the purpose of obtaining a rating on the Equipment Notes or the Pass Through Certificates or to support an NAIC rating for the Equipment Notes or (E) such other Persons as are reasonably deemed necessary by the disclosing
party in order to protect the interests of such party or for the purposes of enforcing such documents by such party; provided, that any and all disclosures permitted by clauses (C), (D) or (E) above shall be made only to the extent
necessary to meet the specific requirements or needs of the Persons making such disclosures. 
 Section 7.      Indemnification and Expenses. 
 7.1      General Indemnity. 
 7.1.1   General.  Subject to Section 7.1.2, Owner hereby agrees to indemnify each Indemnitee against, and agrees to protect, save and keep harmless each of them from any and all Expenses imposed on,
incurred by or asserted against any Indemnitee arising out of or resulting from any one or more of the following: (i) the Aircraft, the Airframe, any Engine or any Part, including without limitation (A) the operation, possession, use,
maintenance, overhaul, testing, registration, reregistration, delivery, non-delivery, sublease, nonuse, modification, alteration, repair, storage, airworthiness, replacement, substitution, abandonment or return of the Aircraft, the Airframe, any
Engine or any Part by the Owner, any lessee or any other Person whatsoever (each,

  

 17 

 [Participation Agreement [NXXXUA]] 
  

 
an “Indemnified Act”), whether or not such Indemnified Act is in compliance with the terms of the Trust Indenture, including, without limitation, tort liability, claims for
death, personal injury or property damage or other loss or harm to any person whatsoever and claims relating to any laws, rules or regulations pertaining to such Indemnified Act including environmental control, noise and pollution laws, rules or
regulations and (B) the manufacture, design, acceptance, rejection, delivery, or condition of the Aircraft, the Airframe, any Engine or any Part, including, without limitation, latent and other defects, whether or not discoverable, or trademark
or copyright infringement; (ii) the Operative Agreements or the enforcement of any of the terms of the Operative Agreements; and (iii) the offer, sale and delivery of any Equipment Notes, any pass through certificates issued in respect
thereof or successor debt obligations issued in connection with the refunding or refinancing thereof or any interest therein or represented thereby or in any way relating to or arising out of the offer or sale of any interest in the Collateral or
any similar interest arising out of the Trust Indenture and the Collateral (including, without limitation, any claim arising out of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or any other Federal or
state statute, law or regulation, or at common law or otherwise relating to securities (collectively “Securities Liabilities”)) (the indemnity provided in this clause (iii) to extend also to any Person who controls an
Indemnitee, its successors, assigns, employees, directors, officers, servants and agents within the meaning of Section 15 of the Securities Act of 1933, as amended). 
 7.1.2   Exclusions.  The foregoing indemnity in Section 7.1.1 shall not extend to any Expense of any Indemnitee to the extent attributable to one or more of the
following: (1) any representation or warranty by such Indemnitee or any Related Indemnitee (as defined below) thereof in the Operative Agreements or any Pass Through Agreements being incorrect in any material respect; (2) the failure by
such Indemnitee or Related Indemnitee thereof to perform or observe any agreement, covenant or condition in any of the Operative Agreements or any Pass Through Agreements; (3) acts or omissions involving the willful misconduct or gross
negligence of such Indemnitee or Related Indemnitee thereof (other than gross negligence imputed to such Indemnitee or Related Indemnitee thereof solely by reason of its interest in the Aircraft); (4) in the case of any Note Holder, a
disposition (voluntary or involuntary) by such Note Holder of all or any part of its interest in an Equipment Note or, in the case of any other Indemnitee, a disposition by such Indemnitee of all or any part of such Indemnitee’s interest in the
Airframe, any Engine, Operative Agreements or any Pass Through Agreements; (5) losses arising out of inspection rights under the Trust Indenture; (6) other than during the continuation of an Event of Default, the authorization or giving or
withholding of any future amendments, supplements, waivers or consents with respect to any of the Operative Agreements or any Pass Through Agreements, which amendments, supplements, waivers or consents are not either (A) related to the issuance
of Additional Equipment Notes and related Additional Certificates and requested by Owner or (B) required pursuant to the terms of the Operative Agreements or any Pass Through Agreements and not requested by Owner; (7) any loss of tax
benefits, any Tax, or increase in tax liability under any tax law whether or not Owner is required to indemnify thereof or pursuant to this Agreement; (8) any fine or expense incurred by any Indemnitee as a result of such Indemnitee’s
having engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Code; (9) any amount which constitutes an expense that is to be borne by any Indemnitee pursuant to the Operative
Agreements or any Pass Through Agreements; (10) any costs associated with overhead or normal administration of the Collateral; (11) any amount which constitutes a

  

 18 

 [Participation Agreement [NXXXUA]] 
  

 
loss of future profits; (12) acts or omissions involving the negligence of such Indemnitee in the operation of an aircraft which is involved in an accident with the Aircraft or an aircraft
on which an Engine is installed; (13) any amount to the extent attributable to the failure of the Mortgagee, Subordination Agent, Escrow Agent, Paying Agent, Depositary or Pass Through Trustee to distribute funds received and distributable by
it in accordance with the terms of the Trust Indenture, the Intercreditor Agreement, the Escrow Agreement, the Deposit Agreement or the Pass Through Trust Agreement, as applicable; (14) except to the extent attributable to acts or event
occurring on or prior thereto, acts or events which occur after the termination of the Trust Indenture in accordance with its terms; (15) any amount resulting from any Lien on the Collateral which such Indemnitee or any of its Related
Indemnitees is required to discharge under the Operative Agreements or any Pass Through Agreement; (16) amounts to the extent attributable to the offer or sale by such Indemnitee or any Related Indemnitee of any interest in the Aircraft, any
Equipment Note, any Pass Through Certificate or any similar interest in violation of the Securities Act, other applicable federal, state or foreign securities laws or any other law on or prior to the applicable Issuance Date; or (17) amounts
related to activities or transactions of such Indemnitee (or any Related Indemnitee) not arising out of or resulting from, or attributable to the transactions contemplated by the Operative Agreements or the Pass Through Agreements. 
 For purposes of this Section 7.1.2, “Related Indemnitee” means, with respect to any Indemnitee, any director, officer,
employee, agent, servant or Affiliate of any thereof. 
 7.1.3   After Tax Basis; Etc.  Owner
further agrees that any payment or indemnity pursuant to this Section 7.1 in respect of any “Expense” shall be in an amount which, after deduction of all Taxes required to be paid by such recipient with respect to such payment or
indemnity under the laws of any federal, state or local government or taxing authority in the United States, or under the laws of any taxing authority or governmental subdivision of a foreign country, or any territory or possession of the United
States or any international authority, shall be equal to the excess, if any, of (A) the amount of such Expense over (B) the current net reduction in Taxes actually realized by such recipient resulting from the accrual or payment of such
Expense. 
 The agreement of Owner in this Section 7.1 constitutes a separate agreement with respect to each Indemnitee and
is enforceable directly by each such Indemnitee. 
 7.1.4   Notice and Contest.  If a claim is
made against an Indemnitee involving one or more Expenses and such Indemnitee has notice thereof, such Indemnitee shall promptly after receiving such notice give notice of such claim to Owner; provided that the failure to provide such notice shall
not release Owner from any of its obligations to indemnify hereunder except to the extent that such failure results in an additional Expense to Owner (in which case Owner shall not be responsible for such additional Expense) or Owner is prejudiced
as a result of the failure to give such notice in a timely fashion, and no payment by Owner to an Indemnitee pursuant to this Section 7.1 shall be deemed to constitute a waiver or release of any right or remedy which Owner may have against such
Indemnitee for any actual damages as a result of the failure by such Indemnitee to give Owner such notice. Owner shall be entitled, at its sole cost and expense, acting through counsel reasonably acceptable to the respective Indemnitee, so long as
Owner has acknowledged in writing its responsibility for such Expense hereunder (provided that such acknowledgment does not apply if such Expense

  

 19 

 [Participation Agreement [NXXXUA]] 
  

 
is covered by Section 7.1.2 or if the decision of a court or arbitrator provides that Owner is not liable hereunder), (A) in any judicial or administrative proceeding that involves
solely a claim for one or more Expenses, to assume responsibility for and control thereof, (B) in any judicial or administrative proceeding involving a claim for one or more Expenses and other claims related or unrelated to the transactions
contemplated by the Operative Agreements, to assume responsibility for and control of such claim for Expenses to the extent that the same may be and is severed from such other claims (and such Indemnitee shall use its reasonable efforts to obtain
such severance), and (C) in any other case, to be consulted by such Indemnitee with respect to judicial proceedings subject to the control of such Indemnitee and to be allowed, at Owner’s sole expense, to participate therein. An Indemnitee
may participate at its own expense and with its own counsel in any judicial proceeding controlled by Owner pursuant to the preceding provisions. Notwithstanding any of the foregoing, Owner shall not be entitled to assume responsibility for and
control of any such judicial or administrative proceedings if any Event of Default shall have occurred and be continuing, if such proceedings will involve a material risk of the sale, forfeiture or loss of, or the creation of any Lien (other than a
Permitted Lien) on the Aircraft or the Collateral, unless Owner shall have posted a bond or other security reasonably satisfactory to the relevant Indemnitee with respect to such risk or if such proceedings could entail any risk of criminal
liability being imposed on such Indemnitee. 
 Each affected Indemnitee shall supply Owner with such information reasonably
requested by Owner as is necessary or advisable for Owner to control or participate in any proceeding to the extent permitted by this Section 7.1. Such Indemnitee shall not enter into a settlement or other compromise with respect to any Expense
without the prior written consent of Owner, which consent shall not be unreasonably withheld or delayed, unless such Indemnitee waives its right to be indemnified with respect to such Expense under this Section 7.1. 
 Owner shall supply each affected Indemnitee with such information reasonably requested by such Indemnitee as is necessary or advisable for
such Indemnitee to control or participate in any proceeding to the extent permitted by this Section 7.1. 
 7.1.5   Subrogation; Reimbursement.  To the extent of any payment of any Expense pursuant to this Section 7.1, Owner, without any further action, shall be subrogated to any claims the affected Indemnitee
may have relating thereto (other than with respect to any of such Indemnitee’s insurance policies). Such Indemnitee agrees to give such further assurances or agreements and to cooperate with Owner to permit Owner to pursue such claims, if any,
to the extent reasonably requested by Owner. 
 In the event that Owner shall have paid an Expense to an Indemnitee pursuant to
this Section 7.1, and such Indemnitee subsequently shall be reimbursed in respect of such indemnified amount from any other Person, such Indemnitee shall promptly pay Owner the amount of such reimbursement, including interest received
attributable thereto, provided that no Event of Default has occurred and is continuing, in which case such amounts shall be paid over to Mortgagee to hold as security for Owner’s obligations as provided in Section 6.06 of the Trust
Indenture. 
  

 20 

 [Participation Agreement [NXXXUA]] 
  

 Any indemnity payable under this Section 7.1 shall be payable by Owner within
30 days of the demand therefor (accompanied by supporting documentation) by the Indemnitee entitled thereto. 
 7.2      Transaction Costs. 
 7.2.1   Invoices and
Payment.  Each of the Mortgagee, the Pass Through Trustee and the Subordination Agent shall promptly submit to Owner for its prompt approval (which shall not be unreasonably withheld) copies of invoices in reasonable detail of the
Transaction Expenses for which it is responsible for providing information as they are received (but in no event later than the 90th day after the Closing Date). If so submitted and approved, the Owner agrees promptly, but in any event no later than
the 105th day after the Closing Date, to pay Transaction Expenses. 
 7.2.2   Payment of Other
Expenses.  Owner shall pay (i) the ongoing fees and expenses of Mortgagee as set out in separate letter agreement, and (ii) all reasonable out-of-pocket costs and expenses (including the reasonable fees and disbursements of
counsel) incurred by Mortgagee or any Note Holder in connection with any waiver, amendment or modification of any Operative Agreement to the extent requested by Owner (including without limitation in connection with the issuance of any Additional
Equipment Notes and related Additional Certificates). 
 Section 8.      Assignment
or Transfer of Interests. 
 8.1      Note Holders.  Subject to
Section 5.3.2 hereof and Section 2.06 of the Trust Indenture, any Note Holder may, at any time and from time to time, Transfer or grant participations in all or any portion of the Equipment Notes and/or all or any portion of its beneficial
interest in its Equipment Notes to any person (it being understood that the sale or issuance of Pass Through Certificates by the Pass Through Trustee shall not be considered a Transfer or participation); provided, that any participant in any such
participations shall not have any direct rights under the Operative Agreements or any Lien on all or any part of the Aircraft or Collateral and Owner shall not have any increased liability or obligations as a result of any such participation. In the
case of any such Transfer, the Transferee, by acceptance of Equipment Notes in connection with such Transfer, shall be deemed to be bound by all of the covenants of Note Holders contained in the Operative Agreements and certain terms of the
Intercreditor Agreement as specified in such Equipment Notes and/or Section 2.07 of the Trust Indenture. 
 8.2      Effect of Transfer.  Upon any Transfer in accordance with Section 8.1 (other than any Transfer by any Note Holder, to the extent it only grants participations in Equipment Notes
or in its beneficial interest therein), Transferee shall be deemed a “Note Holder,” for all purposes of this Agreement and the other Operative Agreements and each reference herein to Note Holder, shall thereafter be deemed a reference to
such Transferee for all purposes, and the transferring Note Holder shall be released from all of its liabilities and obligations under this Agreement and any other Operative Agreements to the extent such liabilities and obligations arise after such
Transfer and, in each case, to the extent such liabilities and obligations are assumed by the Transferee; provided, that such transferring Note Holder (and its respective Affiliates, successors, assigns, agents, servants, representatives, directors
and officers) will continue to have the benefit of any rights or indemnities under any Operative Agreement vested or relating to circumstances, conditions, acts or events prior to such Transfer. 
  

 21 

 [Participation Agreement [NXXXUA]] 
  

 Section 9.        Section 1110.  It is the intention of each of Owner, the Note Holders (such intention being evidenced by each of their acceptance of an Equipment
Note) and Mortgagee that Mortgagee shall be entitled to the benefits of Section 1110 in the event of a case under Chapter 11 of the Bankruptcy Code in which Owner is a debtor. 
 Section 10.      Change of Citizenship. 
 10.1   Generally.  Without prejudice to the representations, warranties or covenants regarding the status of
any party hereto as a Citizen of the United States, each of Owner, WTC and Mortgagee agrees that it will, immediately upon obtaining knowledge of any facts that would cast doubt upon its continuing status as a Citizen of the United States and
promptly upon public disclosure of negotiations in respect of any transaction which would or might adversely affect such status, notify in writing all parties hereto of all relevant matters in connection therewith. 
 10.2   Mortgagee.  Upon WTC giving any notice in accordance with Section 10.1, Mortgagee shall (if and
so long as such citizenship is necessary under the Act as in effect at such time or, if it is not necessary, if and so long as Mortgagee’s citizenship could have any adverse effect on Owner or any Note Holder), subject to Section 9.02 of
the Trust Indenture, resign (subject to the appointment of a replacement) as Mortgagee promptly upon its ceasing to be such a citizen. 
 Section 11.      Miscellaneous. 
 11.1   Amendments.  No provision of this Agreement may be amended, supplemented, waived, modified, discharged, terminated or otherwise varied orally, but only by an instrument in writing that specifically
identifies the provision of this Agreement that it purports to amend, supplement, waive, modify, discharge, terminate or otherwise vary and is signed by the party against which the enforcement of the amendment, supplement, waiver, modification,
discharge, termination or variance is sought. Each such amendment, supplement, waiver, modification, discharge, termination or variance shall be effective only in the specific instance and for the specific purpose for which it is given. No provision
of this Agreement shall be varied or contradicted by oral communication, course of dealing or performance or other manner not set forth in an agreement, document or instrument in writing and signed by the party against which enforcement of the same
is sought. 
 11.2   Severability.  If any provision hereof shall be held invalid, illegal or
unenforceable in any respect in any jurisdiction, then, to the extent permitted by Law, (a) all other provisions hereof shall remain in full force and effect in such jurisdiction and (b) such invalidity, illegality or unenforceability
shall not affect the validity, legality or enforceability of such provision in any other jurisdiction. If, however, any Law pursuant to which such provisions are held invalid, illegal or unenforceable may be waived, such Law is hereby waived by the
parties hereto to the full extent permitted, to the end that this Agreement shall be deemed to be a valid and binding agreement in all respects, enforceable in accordance with its terms. 
  

 22 

 [Participation Agreement [NXXXUA]] 
  

 11.3   Survival.  Except as expressly provided herein,
the indemnities set forth herein shall survive the delivery or return of the Aircraft, the Transfer of any interest by any Note Holder of its Equipment Note and the expiration or other termination of this Agreement or any other Operative Agreement.

 11.4   Reproduction of Documents.  This Agreement, all schedules and exhibits hereto and all
agreements, instruments and documents relating hereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed and (b) financial statements, certificates and other information previously or
hereafter furnished to any party hereto, may be reproduced by such party by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process, and such party may destroy any original documents so reproduced. Any
such reproduction shall be as admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such party in the regular course
of business) and any enlargement, facsimile or further reproduction of such reproduction likewise is admissible in evidence. 
 11.5   Counterparts.  This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts (or upon separate signature pages bound together into one or more
counterparts), each of which when so executed shall be deemed to be an original, and all of which counterparts, taken together, shall constitute one and the same instrument. 
 11.6   No Waiver.  No failure on the part of any party hereto to exercise, and no delay by any party hereto
in exercising, any of its respective rights, powers, remedies or privileges under this Agreement or provided at Law, in equity or otherwise shall impair, prejudice or constitute a waiver of any such right, power, remedy or privilege or be construed
as a waiver of any breach hereof or default hereunder or as an acquiescence therein nor shall any single or partial exercise of any such right, power, remedy or privilege preclude any other or further exercise thereof by it or the exercise of any
other right, power, remedy or privilege by it. No notice to or demand on any party hereto in any case shall, unless otherwise required under this Agreement, entitle such party to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of any party hereto to any other or further action in any circumstances without notice or demand. 
 11.7   Notices.  Unless otherwise expressly permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents, waivers and other
communications required or permitted to be made, given, furnished or filed hereunder shall be in writing (it being understood that the specification of a writing in certain instances and not in others does not imply an intention that a writing is
not required as to the latter), shall refer specifically to this Agreement or other applicable Operative Agreement, and shall be personally delivered, sent by facsimile or telecommunication transmission (which in either case provides written
confirmation to the sender of its delivery), sent by registered mail or certified mail, return receipt requested, postage prepaid, or sent by overnight courier service, in each case to the respective address or facsimile number set forth for such
party in Schedule 1, or to such other address, facsimile or other number as each party hereto may hereafter specify by notice to the other parties hereto. Each such notice, request, demand, authorization, direction, consent, waiver or other
communication shall be effective when received or, if made, given, furnished or filed by facsimile or telecommunication transmission, when received unless received outside of business hours, in which case on the next open of business on a Business
Day. 
  

 23 

 [Participation Agreement [NXXXUA]] 
  

 11.8    Governing Law; Submission to Jurisdiction; Venue.

 (a)      THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. THIS AGREEMENT IS BEING DELIVERED IN THE STATE OF NEW YORK. 
 (b)      EACH PARTY HERETO HEREBY IRREVOCABLY AGREES, ACCEPTS AND SUBMITS ITSELF TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN THE CITY AND COUNTY OF NEW YORK AND OF THE UNITED
STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN CONNECTION WITH ANY LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTER RELATING TO OR ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT. 
 (c)      EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS AND AGREES TO THE SERVICE OF ANY AND ALL LEGAL
PROCESS, SUMMONS, NOTICES AND DOCUMENTS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE MADE BY MAILING COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, AT THE ADDRESS SET FORTH PURSUANT TO
SECTION 11.7. EACH PARTY HERETO HEREBY AGREES THAT SERVICE UPON IT, OR ANY OF ITS AGENTS, IN EACH CASE IN ACCORDANCE WITH THIS SECTION 11.8(c), SHALL CONSTITUTE VALID AND EFFECTIVE PERSONAL SERVICE UPON SUCH PARTY, AND EACH PARTY HERETO
HEREBY AGREES THAT THE FAILURE OF ANY OF ITS AGENTS TO GIVE ANY NOTICE OF SUCH SERVICE TO ANY SUCH PARTY SHALL NOT IMPAIR OR AFFECT IN ANY WAY THE VALIDITY OF SUCH SERVICE ON SUCH PARTY OR ANY JUDGMENT RENDERED IN ANY ACTION OR PROCEEDING BASED
THEREON. 
 (d)      EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, AND AGREES NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE, OR OTHERWISE, IN ANY LEGAL ACTION OR PROCEEDING BROUGHT HEREUNDER IN ANY OF THE ABOVE-NAMED COURTS, THAT SUCH ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT
VENUE FOR THE ACTION OR PROCEEDING IS IMPROPER OR THAT THIS AGREEMENT OR ANY OTHER OPERATIVE AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS. 
 (e)      EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN ANY COURT IN ANY JURISDICTION BASED UPON OR ARISING OUT OF
OR RELATING TO THIS AGREEMENT. 
  

 24 

 [Participation Agreement [NXXXUA]] 
  

 11.9   Third Party Beneficiary.  This Agreement is not
intended to, and shall not, provide any person not a party hereto (other than the Indemnitees, each of which is an intended third party beneficiary with respect to the provisions of Section 7.1, and the persons referred to in
Section 5.4.6, which are intended third party beneficiaries with respect to such Section) with any rights of any nature whatsoever against any of the parties hereto and no person not a party hereto (other than the Indemnitees, with respect to
the provisions of Section 7.1, and the persons referred to in Section 5.4.6 with respect to the provisions of such Section) shall have any right, power or privilege in respect of any party hereto, or have any benefit or interest, arising
out of this Agreement. 
 11.10 Entire Agreement.  This Agreement, together with the other Operative
Agreements, on and as of the date hereof, constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and all prior or contemporaneous understandings or agreements, whether written or oral, among any of the
parties hereto with respect to such subject matter are hereby superseded in their entireties. 
 11.11 Further
Assurances.  Each party hereto shall execute, acknowledge and deliver or shall cause to be executed, acknowledged and delivered, all such further agreements, instruments, certificates or documents, and shall do and cause to be done
such further acts and things, in any case, as any other party hereto shall reasonably request in connection with the administration of, or to carry out more effectively the purposes of, or to better assure and confirm into such other party the
rights and benefits to be provided under this Agreement and the other Operative Agreements. 
 [This space intentionally left
blank] 
  

 25 

 [Participation Agreement [NXXXUA]] 
  

 IN WITNESS WHEREOF, each of the parties has caused this Participation Agreement
to be duly executed and delivered as of the day and year first above written. 
  

			
	 UNITED AIR LINES, INC.,
 Owner

		
	By:	 	  

	Name:
	Title:
	
	 WILMINGTON TRUST COMPANY,
 not in its individual capacity, except as expressly provided herein, but solely as Mortgagee

		
	By:	 	  

	Name:
	Title:
	
	 WILMINGTON TRUST COMPANY,
 not in its individual capacity, except as expressly provided herein, but solely as Pass Through Trustee under the Pass Through Trust Agreement for the United Air Lines Pass Through Trust,
2009-1A-O

		
	By:	 	  

	Name:
	Title:
	
	 WILMINGTON TRUST COMPANY,
 not in its individual capacity, except as expressly provided herein, but solely as Subordination Agent

		
	By:	 	  

	Name:
	Title:

  

 26 

 [Participation Agreement [NXXXUA]] 
  

 SCHEDULE 1 
 TO 
 PARTICIPATION AGREEMENT 
 ACCOUNTS; ADDRESSES 
 Address For Notices 
  

			
	UNITED AIR LINES, INC.	 	 United Air Lines, Inc.
 77
West Wacker Drive
 Chicago, IL 60601
 Attention: Stephen R. Lieberman, Vice
                  President & Treasurer,
 stephen.lieberman@united.com
 Telephone: (312) 997-8000
 Facsimile:  (312) 997-8333, and
  
 Paul R. Lovejoy, Senior Vice President,
 General Counsel and Secretary,
 paul.lovejoy@united.com,
 Telephone: (312)
997-8000
 Facsimile:  (312) 997-8333
  
 with a copy to Vedder Price P.C.

		
	 WILMINGTON TRUST COMPANY,
 AS
MORTGAGEE
	 	 Wilmington Trust Company
 One Rodney Square
 1100 North Market Street
 Wilmington, Delaware 19890-0001
 Attention:  Corporate Trust Administration
 Facsimile:  (302) 636-4140
 Telephone: (302) 636-6000

		
		 	Account Details:
		
	 WILMINGTON TRUST COMPANY,
 AS
SUBORDINATION AGENT
	 	 Wilmington Trust Company
 ABA No. 031100092
 Account No. 089011-000
 Ref. N[XXX]UA

  

 SCHEDULE 1 
 Page 1 

 [Participation Agreement [NXXXUA]] 
  

			
		
	 WILMINGTON TRUST COMPANY,
 AS
PASS THROUGH TRUSTEE FOR THE
 2008-1A-O PASS THROUGH TRUST
	 	 Wilmington Trust Company
 One Rodney Square
 1100 North Market Street
 Wilmington, Delaware 19890-0001
 Attention:  Corporate Trust Administration
 Facsimile:  (302) 636-4140
 Telephone: (302) 636-6000

  

 SCHEDULE 1 
 Page 2 

 [Participation Agreement [NXXXUA]] 
  

 SCHEDULE 2 
 TO 
 PARTICIPATION AGREEMENT 
 LOANS 
  

					
	 Pass Through
 Trustee
	  	 Series of
 Equipment Notes
	  	 Dollar Amount
 of Loan

			
	 United Air Lines
 2009-1A-O
	  	Series A	  	$                                

  

 SCHEDULE 2 
 Page 1 

 [Participation Agreement [NXXXUA]] 
  

 SCHEDULE 3 
 TO 
 PARTICIPATION AGREEMENT 
 CERTAIN TERMS 
  

					
	 Minimum Liability Insurance Amount:
	  	[$	750,000,000	]9 
		
		  	[$	500,000,000	]10 

  
  
 9 For 767s and 777s 
 10 For A319s and A320s 
  

 SCHEDULE 3 
 Page 1 

 [Participation Agreement [NXXXUA]] 
  

 SCHEDULE 4 
 TO 
 PARTICIPATION AGREEMENT 
 PERMITTED COUNTRIES 
  

					
	Argentina	 		 	Kuwait
	Australia	 		 	Liechtenstein
	Austria	 		 	Luxembourg
	Bahamas	 		 	Malaysia
	Barbados	 		 	Malta
	Belgium	 		 	Mexico
	Bermuda Islands	 		 	Monaco
	Bolivia	 		 	Morocco
	Brazil	 		 	Netherlands
	British Virgin Islands	 		 	Netherland Antilles
	Canada	 		 	New Zealand
	Cayman Islands	 		 	Norway
	Chile	 		 	Oman
	Cyprus	 		 	Panama
	Czech Republic	 		 	Paraguay
	Denmark	 		 	People’s Republic of China
	Egypt	 		 	Philippines
	Ecuador	 		 	Poland
	Finland	 		 	Portugal
	France	 		 	Republic of China (Taiwan)
	Germany	 		 	Singapore
	Greece	 		 	South Africa
	Grenada	 		 	South Korea
	Guatemala	 		 	Spain
	Hong Kong	 		 	Sweden
	Hungary	 		 	Switzerland
	Iceland	 		 	Thailand
	India	 		 	Tobago
	Indonesia	 		 	Trinidad
	Ireland	 		 	Turkey
	Italy	 		 	United Kingdom
	Jamaica	 		 	Uruguay
	Japan	 		 	Venezuela

  

 SCHEDULE 4 
 Page 1 

 [Participation Agreement [NXXXUA]] 
  

 SCHEDULE 5 TO PARTICIPATION AGREEMENT 
 PASS THROUGH TRUST SUPPLEMENTS 
 United Air Lines Pass Through Trust Supplement, Series 2009-1A-O 
  

 SCHEDULE 5 
 Page 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]