Document:

Exhibit 4.5(b)

 

 

DEPOSIT AGREEMENT

(Class B)

 

Dated as of October 10, 2007

 

between

 

CITIBANK, N.A.,

as Escrow Agent,

 

and

 

CREDIT SUISSE, NEW YORK BRANCH,

as Depositary

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Article 1

  	
  FORMATION OF DEPOSITS

  	
  2

  
	
   

  	
   

  	
   

  
	
  Article 2

  	
  MAINTENANCE OF DEPOSITS

  	
  2

  
	
   

  	
   

  	
   

  
	
  Article 3

  	
  TERMINATION

  	
  4

  
	
   

  	
   

  	
   

  
	
  Article 4

  	
  PAYMENTS

  	
  4

  
	
   

  	
   

  	
   

  
	
  Article 5

  	
  REPRESENTATIONS AND WARRANTIES

  	
  5

  
	
   

  	
   

  	
   

  
	
  Article 6

  	
  TRANSFER

  	
  6

  
	
   

  	
   

  	
   

  
	
  Article 7

  	
  AMENDMENT

  	
  6

  
	
   

  	
   

  	
   

  
	
  Article 8

  	
  NOTICES

  	
  6

  
	
   

  	
   

  	
   

  
	
  Article 9

  	
  OBLIGATIONS UNCONDITIONAL

  	
  7

  
	
   

  	
   

  	
   

  
	
  Article 10

  	
  ENTIRE AGREEMENT

  	
  7

  
	
   

  	
   

  	
   

  
	
  Article 11

  	
  GOVERNING LAW

  	
  7

  
	
   

  	
   

  	
   

  
	
  Article 12

  	
  WAIVER OF JURY TRIAL RIGHT

  	
  7

  
	
   

  	
   

  	
   

  
	
  Article 13

  	
  HEAD OFFICE OBLIGATIONS

  	
  8

  
	
   

  	
   

  	
   

  
	
  Article 14

  	
  COUNTERPARTS

  	
  8

  
	
   

  	
   

  	
   

  
	
  Schedule I

  	
   

  	
  Schedule of Deposits

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A

  	
   

  	
  Notice of Purchase Withdrawal

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibit B

  	
   

  	
  Notice of Final Withdrawal

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibit C

  	
   

  	
  Notice of Replacement Withdrawal

  	
   

  

 

 

Deposit Agreement (Class B)

 

DEPOSIT AGREEMENT (CLASS B)

 

THIS DEPOSIT AGREEMENT (Class B)
dated as of October 10, 2007 (as amended, modified or supplemented from time to
time, this “Agreement”) between CITIBANK, N.A., as Escrow Agent under the
Escrow and Paying Agent Agreement referred to below (in such capacity, together
with its successors in such capacity, the “Escrow
Agent”), and CREDIT SUISSE, NEW
YORK BRANCH, a branch of Credit Suisse, organized and existing under
the laws of Switzerland and licensed under the laws of the State of New York,
as depositary bank (the “Depositary”).
Capitalized terms used herein without definition shall have the respective
defined meanings as set forth in the Note Purchase Agreement (as defined
below).

 

W I T N E S S E T H:

 

WHEREAS, Northwest
Airlines Corporation, a Delaware corporation (the “Guarantor”), Northwest Airlines, Inc., a Minnesota corporation
(“Northwest”) and U.S. Bank Trust
National Association, not in its individual capacity except as otherwise
expressly provided therein, but solely as trustee (in such capacity, together
with its successors in such capacity, the “Pass
Through Trustee”) have entered into a Trust Supplement No. 2007-1B,
dated as of October 10, 2007, to the Pass Through Trust Agreement dated as of
June 3, 1999, by and among the Guarantor, Northwest and the Pass Through
Trustee (the “Basic Agreement”)
relating to Northwest Airlines Pass Through Trust 2007-1B pursuant to which the
Northwest Airlines Pass Through Trust, Series 2007-1B Certificates referred to
therein (the “Certificates”) are
being issued;

 

WHEREAS, Northwest
and Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc., J.P.
Morgan Securities Inc., Calyon Securities (USA) Inc., Deutsche Bank Securities
Inc. and Credit Suisse Securities (USA) LLC (collectively, the “Underwriters” and, together with their
respective transferees and assigns as registered owners of the Certificates,
the “Investors”) have entered into
an Underwriting Agreement dated as of October 2, 2007 pursuant to which the
Pass Through Trustee will issue and sell the Certificates to the Underwriters;

 

WHEREAS, Northwest,
the Pass Through Trustee, certain other pass through trustees and certain other
persons concurrently herewith are entering into the Note Purchase Agreement,
dated as of the date hereof (the “Note
Purchase Agreement”), pursuant to which the Pass Through Trustee has
agreed to acquire from time to time on or prior to the Delivery Period
Termination Date (as defined in the Note Purchase Agreement) equipment notes
(the “Equipment Notes”) issued to
finance the acquisition of aircraft by Northwest, as lessee or as owner,
utilizing a portion of the proceeds from the sale of the Certificates (the “Net Proceeds”);

 

WHEREAS, the Escrow
Agent, the Underwriters, the Pass Through Trustee and U.S. Bank National
Association, as paying agent for the Escrow Agent (in such capacity, together
with its successors in such capacity, the “Paying
Agent”) concurrently herewith are entering into an Escrow and Paying
Agent Agreement, dated as of the date hereof (as amended, modified or
supplemented from time to time in accordance with the terms thereof, the “Escrow and Paying Agent Agreement”); and

 

 

WHEREAS, the
Underwriters and the Pass Through Trustee intend that the Net Proceeds be held
in escrow by the Escrow Agent pursuant to the Escrow and Paying Agent
Agreement, subject to withdrawal upon request of and proper certification by
the Pass Through Trustee for the purpose of purchasing Equipment Notes, and
that pending such withdrawal the Net Proceeds be deposited by the Escrow Agent
with the Depositary pursuant to this Agreement, which provides for the
Depositary to pay interest for distribution to the Investors and to establish
accounts from which the Escrow Agent shall make withdrawals upon request of and
proper certification by the Pass Through Trustee.

 

NOW, THEREFORE, in
consideration of the obligations contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE 1

FORMATION OF DEPOSITS

 

1.1          Acceptance
of Depositary.  The Depositary hereby agrees to act as depositary
bank as provided herein and in connection therewith to accept all amounts to be
delivered to or held by the Depositary pursuant to the terms of this Agreement.
The Depositary further agrees to hold, maintain and safeguard the Deposits and
the Accounts (as defined below) during the term of this Agreement in accordance
with the provisions of this Agreement. The Escrow Agent shall not have any
right to withdraw, assign or otherwise transfer moneys held in the Accounts
except as permitted by this Agreement. Notwithstanding anything herein to the
contrary, the Escrow Agent shall not be responsible for any actions or failure
to act or any obligations of the Depositary.

 

1.2          Establishment
of Accounts.  The Escrow Agent hereby instructs the Depositary,
and the Depositary agrees, to establish the separate deposit accounts listed on
Schedule I hereto and to establish such additional separate deposit accounts as
may be required in connection with the deposits contemplated by
Section 2.4 hereof (each, an “Account”
and collectively, the “Accounts”),
each in the name of the Escrow Agent and all on the terms and conditions set
forth in this Agreement.

 

ARTICLE 2

MAINTENANCE OF DEPOSITS

 

2.1          Deposits.  The
Escrow Agent shall direct the Underwriters to deposit with the Depositary on
the date of this Agreement (the “Deposit Date”)
in Federal (same day) funds by wire transfer to: Bank of New York, ABA No.
021000018, BIC Code IRVTUS3N, Account No. 8900329238, Reference: NWA 2007-1
EETC, and the Depositary shall accept from the Underwriters, on behalf of the
Escrow Agent, the sum of US $115,845,000. Upon acceptance of such sum, the
Depositary shall (i) establish each of the deposits specified in Schedule
I hereto maturing on the respective dates (each such date, as it may be
extended from time to time in accordance with, and subject to the requirements
of, the Indemnity Agreement (as defined herein) through the Delivery Period
Termination Date, a “Maturity Date”)
set forth therein (including any deposit made pursuant to Section 2.4
hereof, individually, a “Deposit”
and, 

 

2

 

collectively, the “Deposits”)
and (ii) credit each Deposit to the related Account as set forth therein.
No amount shall be deposited in any Account other than the related Deposit.

 

2.2          Interest.  Each
Deposit shall bear interest from and including the date of deposit to but
excluding the earlier of (x) date of withdrawal and (y) such Deposit’s Maturity
Date at the rate of 8.028% per annum (computed on the basis of a year of twelve
30-day months) payable to the Paying Agent on behalf of the Escrow Agent
semiannually in arrears on each May 1 and November 1, commencing on May 1, 2008
(each, an “Interest Payment Date”),
and (except in the case of a Final Withdrawal (as defined below) made pursuant
to a Notice of Replacement Withdrawal (as defined below) on a day which is not
an Interest Payment Date) on the date of the Final Withdrawal (as defined
below) all in accordance with the terms of this Agreement (whether or not any
such Deposit is withdrawn on an Interest Payment Date). Interest accrued on any
Deposit that is withdrawn pursuant to a Notice of Purchase Withdrawal (as
defined below) shall be paid on the next Interest Payment Date, notwithstanding,
in the case of retained interest due to a Notice of Purchase Withdrawal only,
any intervening Final Withdrawal (such remaining interest being hereinafter
referred to as a “Carryover Deposit”).
In addition, interest accrued on any Deposit that is withdrawn pursuant to a
Notice of Replacement Withdrawal but not paid on the date of the Final
Withdrawal shall be paid on the next Interest Payment Date.

 

2.3          Withdrawals.  On
and after the date seven (7) days after the establishment of each Deposit, the
Escrow Agent may, by providing at least one (1) Business Day prior notice of
withdrawal to the Depositary in the form of Exhibit A hereto (a “Notice of Purchase Withdrawal”), withdraw
not less than the entire balance of such Deposit. At any time prior to the actual
withdrawal of any such Deposit, the Escrow Agent or the Pass Through Trustee
may, by notice to the Depositary, cancel such withdrawal (including on the
scheduled date therefor), and thereafter such Deposit shall continue to be
maintained by the Depositary in accordance with the original terms thereof.
Following such withdrawal the balance in the related Account shall be zero and
the Depositary shall close such Account. As used herein, “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, Minneapolis, Minnesota or
Boston, Massachusetts. The Depositary reserves the right, upon at least
fourteen (14) days prior notice to Northwest, the Escrow Agent and the Pass
Through Trustee, to require seven (7) days notice for any withdrawal.

 

(a)           (i)  The Escrow Agent may, by providing at least
fifteen (15) days prior notice of withdrawal to the Depositary in the form of
Exhibit B hereto (a “Notice of Final Withdrawal”),
withdraw the entire amount of all of the remaining Deposits together with the
payment by the Depositary of all accrued and unpaid interest on such Deposits
to but excluding the specified date of withdrawal (a “Final Withdrawal”), on such date as shall
be specified in such Notice of Final Withdrawal. If neither a Notice of Final
Withdrawal nor a Notice of Replacement Withdrawal has been given to the
Depositary on or before April 1, 2009, and there are unwithdrawn Deposits on
such date, the Depositary shall pay the amount of the Final Withdrawal to the
Paying Agent on such date as designated by Northwest pursuant to the Indemnity
Agreement dated as of October 10, 2007 between Northwest and the Depositary
(the “Indemnity Agreement”) but in
any event not later than April 16, 2009.

 

3

 

(ii)           The
Escrow Agent may, by providing at least fifteen (15) days prior notice of
withdrawal to the Depositary in the form of Exhibit C hereto (a “Notice of Replacement Withdrawal”), request
withdrawal of the entire amount of all Deposits then held by the Depositary
together with, if specified in such Notice of Replacement Withdrawal, the
payment by the Depositary of all accrued and unpaid interest on such Deposits
to but excluding the specified date of withdrawal (a “Replacement Withdrawal”) on such date as
shall be specified in such Notice of Replacement Withdrawal.

 

(b)           If the Depositary
receives a duly completed Notice of Purchase Withdrawal, Notice of Final
Withdrawal or Notice of Replacement Withdrawal complying with the provisions of
this Agreement, it shall make the payments specified therein in accordance with
the provisions of this Agreement.

 

2.4          Other
Accounts.  On the date of withdrawal of any Deposit pursuant to a
Notice of Purchase Withdrawal, the Escrow Agent, or the Pass Through Trustee on
behalf of the Escrow Agent, shall be entitled to re-deposit with the Depositary
any portion thereof and the Depositary shall accept the same for deposit
hereunder. Any sums so received for deposit shall be established as a new
Deposit and credited to a new Account, all as more fully provided in
Section 2.1 hereof, and thereafter the provisions of this Agreement shall
apply thereto as fully and with the same force and effect as if such Deposit
had been established on the Deposit Date except that (i) such Deposit may
not be withdrawn prior to the date seven days after the establishment thereof
and (ii) such Deposit shall mature in accordance with this Agreement and bear
interest as provided in Section 2.2 hereof. The Depositary shall promptly
give notice to the Escrow Agent of receipt of each such re-deposit and the
account number assigned thereto.

 

ARTICLE 3

TERMINATION

 

3.1          This
Agreement shall terminate on the fifth (5th) Business Day after the later of
the date on which (i) all of the Deposits shall have been withdrawn and
paid as provided herein without any re-deposit and (ii) all accrued and
unpaid interest on the Deposits shall have been paid as provided herein, but in
no event prior to the date on which the Depositary shall have performed in full
its obligations hereunder.

 

3.2          For
the avoidance of doubt, the obligations of the Depositary under the last
two (2) sentences of Section 2.2 hereof shall remain in full
force and effect notwithstanding the execution and delivery of a replacement
Deposit Agreement in accordance with the Note Purchase Agreement.

 

ARTICLE 4

PAYMENTS

 

All payments (including, without limitation, those payments made in
respect of Taxes (as defined and provided for below)) made by the Depositary
hereunder shall be paid in United States Dollars and immediately available
funds by wire transfer (i) in the case of accrued interest 

 

4

 

on the Deposits payable under Section 2.2 hereof or any Final
Withdrawal, directly to the Paying Agent on behalf of the Escrow Agent at U.S.
Bank National Association,  1 Federal
St., 3rd Fl., Boston, MA 02110, Attention: Corporate Trust Department
(Telecopier: 617-662-1462), Reference: Northwest Airlines 2007-1B EETC, or to
such other account as the Paying Agent may direct from time to time in writing
to the Depositary and the Escrow Agent and (ii) in the case of any
withdrawal of one or more Deposits pursuant to a Notice of Purchase Withdrawal
or all the then remaining Deposits pursuant to a Notice of Replacement
Withdrawal, directly to or as directed by the Pass Through Trustee as specified
and in the manner provided in such Notice of Purchase Withdrawal or Notice of
Replacement Withdrawal. The Depositary hereby waives any and all rights of
set-off, combination of accounts, right of retention or similar right (whether
arising under applicable law, contract or otherwise) it may have against the
Deposits howsoever arising. Except as provided below, all payments on or in
respect of each Deposit shall be made free and clear of and without reduction
for or on account of any and all taxes, levies or other impositions or charges
(collectively, “Taxes”). However,
if the Depositary or the Paying Agent (pursuant to Section 2.4 of the
Escrow and Paying Agent Agreement) shall be required by law to deduct or
withhold any Taxes from or in respect of any sum payable hereunder, the
Depositary shall:  (i) make such
deductions or withholding; (ii) pay the full amount deducted or withheld
(including in respect of such additional amounts) to the competent taxation
authority; and (iii) if the Taxes required to be deducted or withheld are
imposed by Switzerland or any political subdivision thereof, pay such
additional amounts as may be necessary in order that the actual amount received
by the designated recipient of such sum under this Agreement or the Escrow and
Paying Agent Agreement after such deduction or withholding equals the sum it
would have received had no such deduction or withholding been required. If the
date on which any payment due on any Deposit would otherwise fall on a day
which is not a Business Day, such payment shall be made on the next succeeding
Business Day with the same force and effect as if made on such scheduled date,
and no additional interest shall accrue in respect of such extension.

 

ARTICLE 5

REPRESENTATIONS AND WARRANTIES

 

The Depositary hereby represents and warrants to Northwest, the
Guarantor, the Escrow Agent, the Pass Through Trustee and the Paying Agent
that:

 

(a)           it is a banking
corporation duly organized and validly existing in good standing under the laws
of its jurisdiction of organization and is duly qualified to conduct banking
business in the State of New York;

 

(b)           it has full power,
authority and legal right to conduct its business and operations as currently
conducted and to enter into and perform its obligations under this Agreement;

 

(c)           the execution,
delivery and performance of this Agreement have been duly authorized by all
necessary corporate action on the part of it and do not require any stockholder
approval, or approval or consent of any trustee or holder of any indebtedness
or obligations of it, and this Agreement has been duly executed and delivered by
it and constitutes its legal, valid and binding obligations enforceable against
it in accordance with the terms hereof;

 

5

 

(d)           no authorization,
consent or approval of, or other action by, and no notice to or filing with,
any United States federal or state governmental authority or regulatory body is
required for the execution, delivery or performance by it of this Agreement;

 

(e)           neither the
execution, delivery or performance by it of this Agreement, nor compliance with
the terms and provisions hereof, conflicts or will conflict with or results or
will result in, a breach or violation of any of the terms, conditions or
provisions of, or will require any consent or approval under, any law,
governmental rule or regulation or the charter documents, as amended, or
bylaws, as amended, of it or any similar instrument binding on it or any order,
writ, injunction or decree of any court or governmental authority against it or
by which it or any of its properties is bound or of any indenture, mortgage or
contract or other agreement or instrument to which it is a party or by which it
or any of its properties is bound, or constitutes or will constitute a default
thereunder or results or will result in the imposition of any lien upon any of
its properties; and

 

(f)            there are no
pending or, to its knowledge, threatened actions, suits, investigations or
proceedings (whether or not purportedly on behalf of it) against or affecting
it or any of its property before or by any court or administrative agency
which, if adversely determined, (i) would adversely affect the ability of
it to perform its obligations under this Agreement or (ii) would call into
question or challenge the validity of this Agreement or the enforceability
hereof in accordance with the terms hereof, nor is the Depositary in default
with respect to any order of any court, governmental authority, arbitration
board or administrative agency so as to adversely affect its ability to perform
its obligations under this Agreement.

 

ARTICLE 6

TRANSFER

 

Neither party hereto shall be entitled to assign or otherwise transfer
this Agreement (or any interest herein) other than (in the case of the Escrow
Agent) to a successor escrow agent under Section 1.7 of the Escrow and
Paying Agent Agreement, and any purported assignment in violation thereof shall
be void. This Agreement shall be binding upon the parties hereto and their
respective successors and (in the case of the Escrow Agent) permitted assigns.

 

ARTICLE 7

AMENDMENT

 

This Agreement may not be amended, waived or otherwise modified except
by an instrument in writing signed by the party against whom the amendment,
waiver or other modification is sought to be enforced and by the Pass Through
Trustee.

 

ARTICLE 8

NOTICES

 

Unless otherwise expressly provided herein, any notice or other
communication under this Agreement shall be in writing (including by facsimile)
and shall be deemed to be given and effective upon receipt thereof. All notices
shall be sent to (x) in the case of the Depositary, Credit Suisse, New York
Branch, 11 Madison Avenue, New York, New York 10010, Attention: Karl Studer
(Telecopier:  (212) 743-1894), with
copies to James Palen (Telecopier:  (212)
743-2025) 

 

6

 

and Carl Paravati (Telecopier: 
(212) 538-5165) or (y) in the case of the  Escrow Agent, Citibank, N.A., Agency &
Trust, 388 Greenwich Street, 14th Floor, New York, NY 10013,
Attention: Barbara E. Bennett (Telecopier: (212) 657-2762), in each case, with
a copy to the Pass Through Trustee, U.S. Bank Trust  National Association, 225 Asylum St., Goodwin
Square, Hartford, CT 06013, John G. Correia (Telecopier: 617-603-6665) and to
Northwest, Northwest Airlines, Inc., Department A4010, 2700 Lone Oak Parkway,
Eagan, MN 55121-1534, Attention: 
Treasurer (Telecopier:  (612)
726-2221) (or at such other address as any such party may specify from time to
time in a written notice to the parties hereto). On or prior to the execution
of this Agreement, the Escrow Agent has delivered to the Depositary a
certificate containing specimen signatures of the representatives of the Escrow
Agent who are authorized to give notices and instructions with respect to this
Agreement. The Depositary may conclusively rely on such certificate until the
Depositary receives written notice from the Escrow Agent to the contrary.

 

ARTICLE 9

OBLIGATIONS UNCONDITIONAL

 

The Depositary hereby acknowledges and agrees that its obligation to
repay each Deposit together with interest thereon as provided herein is
absolute, irrevocable and unconditional and constitutes a full recourse
obligation of the Depositary enforceable against it to the full extent of all
of its assets and properties.

 

ARTICLE 10

ENTIRE AGREEMENT

 

This Agreement (including all attachments hereto) sets forth all of the
promises, covenants, agreements, conditions and understandings between the
Depositary and the Escrow Agent with respect to the subject matter hereof and
supersedes all prior and contemporaneous agreements and undertakings,
inducements or conditions, express or implied, oral or written.

 

ARTICLE 11

GOVERNING LAW

 

THIS AGREEMENT, AND THE RIGHTS AND OBLIGATIONS OF THE DEPOSITARY AND
THE ESCROW AGENT WITH RESPECT TO THE DEPOSITS, SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND SUBJECT TO
THE PROVISIONS OF REGULATION D OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE
SYSTEM (OR ANY SUCCESSOR), AS THE SAME MAY BE MODIFIED AND SUPPLEMENTED AND IN
EFFECT FROM TIME TO TIME.

 

ARTICLE 12

WAIVER OF JURY TRIAL RIGHT

 

EACH OF THE DEPOSITARY AND THE ESCROW AGENT ACKNOWLEDGES AND ACCEPTS
THAT IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR 

 

7

 

RELATING TO THIS AGREEMENT SUCH PARTY IRREVOCABLY WAIVES ITS RIGHT TO A
TRIAL BY JURY.

 

ARTICLE 13

HEAD OFFICE OBLIGATIONS

 

Credit Suisse hereby agrees that the obligations of the Depositary
hereunder are also the obligations of Credit Suisse’s Head Office in Zurich,
Switzerland. Accordingly, any beneficiary of this Agreement will be able to
proceed directly against Credit Suisse’s Head Office in Zurich, Switzerland, if
Credit Suisse’s New York Branch defaults in its obligation to such beneficiary
under this Agreement.

 

ARTICLE 14

COUNTERPARTS

 

This Agreement may be executed in one or more counterparts, all of
which taken together shall constitute one instrument.

*              *              *

 

8

 

 

 

IN WITNESS WHEREOF,
the Escrow Agent and the Depositary have caused this Deposit Agreement to be
duly executed as of the day and year first above written.

 

	
   

  	
  CITIBANK, N.A.,

  
	
   

  	
  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   /s/ Barbara E. Bennett

  
	
   

  	
   

  	
  Name:

  	
  Barbara E. Bennett

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT SUISSE, NEW YORK

  BRANCH,

  
	
   

  	
  As Depositary

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   /s/ John F. Kneafsey

  
	
   

  	
   

  	
  Name:

  	
  John F. Kneafsey

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   /s/ Lori A. Panzarino

  
	
   

  	
   

  	
  Name:

  	
  Lori A. Panzarino

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  

 

9

 

SCHEDULE I

 

SCHEDULE OF DEPOSITS

 

(Class B)

 

	
   

  	
   

  	
   

  	
   

  	
  DEPOSIT

  	
   

  	
  ACCOUNT

  	
   

  	
  MATURITY

  	
   

  
	
  DATE

  	
   

  	
  TAIL NO.

  	
   

  	
  AMOUNT

  	
   

  	
  NO.

  	
   

  	
  DATE

  	
   

  
	
  10/10/2007

  	
   

  	
  N612CZ

  	
   

  	
  $

  	
  4,380,790

  	
   

  	
  EMB175B1

  	
   

  	
  1/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N613CZ

  	
   

  	
  $

  	
  4,380,790

  	
   

  	
  EMB175B2

  	
   

  	
  1/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N614CZ

  	
   

  	
  $

  	
  4,380,790

  	
   

  	
  EMB175B3

  	
   

  	
  1/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N615CZ

  	
   

  	
  $

  	
  4,361,427

  	
   

  	
  EMB175B4

  	
   

  	
  2/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N616CZ

  	
   

  	
  $

  	
  4,361,427

  	
   

  	
  EMB175B5

  	
   

  	
  2/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N617CZ

  	
   

  	
  $

  	
  4,361,427

  	
   

  	
  EMB175B6

  	
   

  	
  2/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N619CZ

  	
   

  	
  $

  	
  4,337,224

  	
   

  	
  EMB175B7

  	
   

  	
  3/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N620CZ

  	
   

  	
  $

  	
  4,337,224

  	
   

  	
  EMB175B8

  	
   

  	
  3/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N621CZ

  	
   

  	
  $

  	
  4,313,529

  	
   

  	
  EMB175B9

  	
   

  	
  4/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N622CZ

  	
   

  	
  $

  	
  4,313,529

  	
   

  	
  EMB175B10

  	
   

  	
  4/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N623CZ

  	
   

  	
  $

  	
  4,289,325

  	
   

  	
  EMB175B11

  	
   

  	
  5/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N624CZ

  	
   

  	
  $

  	
  4,289,325

  	
   

  	
  EMB175B12

  	
   

  	
  5/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N625CZ

  	
   

  	
  $

  	
  4,269,962

  	
   

  	
  EMB175B13

  	
   

  	
  6/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N626CZ

  	
   

  	
  $

  	
  4,269,962

  	
   

  	
  EMB175B14

  	
   

  	
  6/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N627CZ

  	
   

  	
  $

  	
  4,269,962

  	
   

  	
  EMB175B15

  	
   

  	
  6/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N628CZ

  	
   

  	
  $

  	
  4,241,427

  	
   

  	
  EMB175B16

  	
   

  	
  7/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N629CZ

  	
   

  	
  $

  	
  4,241,427

  	
   

  	
  EMB175B17

  	
   

  	
  7/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N630CZ

  	
   

  	
  $

  	
  4,284,739

  	
   

  	
  EMB175B18

  	
   

  	
  8/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N631CZ

  	
   

  	
  $

  	
  4,284,739

  	
   

  	
  EMB175B19

  	
   

  	
  8/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N632CZ

  	
   

  	
  $

  	
  4,260,650

  	
   

  	
  EMB175B20

  	
   

  	
  9/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N633CZ

  	
   

  	
  $

  	
  4,260,650

  	
   

  	
  EMB175B21

  	
   

  	
  9/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N634CZ

  	
   

  	
  $

  	
  4,260,650

  	
   

  	
  EMB175B22

  	
   

  	
  9/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N635CZ

  	
   

  	
  $

  	
  4,237,047

  	
   

  	
  EMB175B23

  	
   

  	
  10/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N636CZ

  	
   

  	
  $

  	
  4,237,047

  	
   

  	
  EMB175B24

  	
   

  	
  10/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N637CZ

  	
   

  	
  $

  	
  4,212,959

  	
   

  	
  EMB175B25

  	
   

  	
  11/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N638CZ

  	
   

  	
  $

  	
  4,212,959

  	
   

  	
  EMB175B26

  	
   

  	
  11/1/2008

  	
   

  
	
  10/10/2007

  	
   

  	
  N639CZ

  	
   

  	
  $

  	
  4,194,015

  	
   

  	
  EMB175B27

  	
   

  	
  12/1/2008

  	
   

  

 

1

 

EXHIBIT A

 

NOTICE OF PURCHASE WITHDRAWAL

 

CREDIT SUISSE, NEW YORK BRANCH 

11 Madison Avenue

New York, New York, 10010

Attention: Karl Studer

Telecopier:  (212) 743-1894

 

Ladies and Gentlemen:

 

Reference is made to the Deposit Agreement (Class B) dated as of
October 10, 2007 (the “Deposit Agreement”)
between Citibank, N.A., as Escrow Agent, and Credit Suisse, New York Branch, as
Depositary (the “Depositary”).

 

In accordance with Section 2.3 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                     ,
upon the telephonic request of a representative of the Pass Through Trustee.

 

	
   

  	
  CITIBANK, N.A.,

  
	
   

  	
  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  cc:

  	
  James Palen [Telecopier:  (212)
  743-2025]

  	
   

  
	
   

  	
  Carl Paravati [Telecopier: 
  (212) 538-5165]

  	
   

  
							

 

1

 

EXHIBIT B

 

NOTICE OF FINAL WITHDRAWAL

 

CREDIT SUISSE, NEW YORK BRANCH 

11 Madison Avenue

New York, New York, 10010

Attention: Karl Studer

Telecopier:  (212) 743-1894

 

Ladies and Gentlemen:

 

Reference is made to the Deposit Agreement (Class B) dated as of
October 10, 2007 (the “Deposit Agreement”)
between Citibank, N.A., as Escrow Agent, and Credit Suisse, New York Branch, as
Depositary (the “Depositary”).

 

In accordance with Section 2.3(a)(i) of the Deposit
Agreement, the undersigned hereby requests the withdrawal of the entire amount
of all Deposits.

 

The undersigned hereby directs the Depositary to pay the proceeds of
the Deposits and accrued interest thereon to the Paying Agent at [NAME], ABA#                   ,
Account #              ,
Attention:                                     ,
Reference: Northwest Airlines 2007-1B EETC.

 

	
   

  	
  CITIBANK, N.A.,

  
	
   

  	
  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  cc:

  	
  James Palen [Telecopier:  (212)
  743-2025]

  	
   

  
	
   

  	
  Carl Paravati [Telecopier: 
  (212) 538-5165]

  	
   

  

 

1

 

EXHIBIT C

 

NOTICE OF REPLACEMENT WITHDRAWAL

 

CREDIT SUISSE, NEW YORK BRANCH 

11 Madison Avenue

New York, New York, 10010

Attention: Karl Studer

Telecopier:  (212) 743-1894

 

Ladies and Gentlemen:

 

Reference is made to the Deposit Agreement (Class B) dated as of
October 10, 2007 (the “Deposit Agreement”)
between Citibank, N.A., as Escrow Agent, and Credit Suisse, New York Branch, as
Depositary (the “Depositary”).

 

In accordance with Section 2.3(a)(ii) of the Deposit
Agreement, the undersigned hereby requests the withdrawal of the entire amount
of all Deposits.

 

The undersigned hereby directs the Depositary to pay the proceeds of
the Deposits to                    at
[NAME], ABA #                   ,
Account #                   Attention:                   ,
Reference:                   
Northwest Airlines 2007-1B EETC [and to pay accrued interest thereon to the
Paying Agent at                       ,
ABA #                   ,
Acct. No.                             ,
Reference: Northwest Airlines 2007-1B EETC].(1) [The undersigned further
directs the Depositary to pay the accrued interest on the Deposits to the
Paying Agent on                 
, 20         (the next Interest Payment
Date) at ABA #                   ,
Account No.                    Reference
Northwest Airlines 2007-1B EETC.](2)

 

(1) To be deleted in the case
of a Replacement Withdrawal scheduled for a date which is not an Interest
Payment Date (as defined in the Escrow and Payment Agent Agreement).

 

(2) To be inserted in the case
of a Replacement Withdrawal scheduled for a date which is not an Interest
Payment Date (as defined in the Escrow and Payment Agent Agreement).

 

1

 

	
   

  	
  CITIBANK, N.A.,

  
	
   

  	
  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  cc:

  	
  James Palen [Telecopier:  (212)
  743-2025]

  	
   

  
	
   

  	
  Carl Paravati [Telecopier: 
  (212) 538-5165]

  	
   

  
										

 

2Exhibit 4.6(a)

 

ESCROW AND PAYING AGENT AGREEMENT

(Class A)

 

Dated as of October 10, 2007

 

among

 

CITIBANK, N.A.

 

as Escrow Agent,

 

MORGAN STANLEY & CO. INCORPORATED

 

CITIGROUP GLOBAL MARKETS INC.

 

J.P. MORGAN SECURITIES INC.

 

CREDIT SUISSE SECURITIES (USA) LLC

 

DEUTSCHE BANK SECURITIES INC.

 

AND

 

CALYON SECURITIES (USA) INC.

 

as Underwriters,

 

U.S. BANK TRUST NATIONAL ASSOCIATION,

not in its individual capacity,

but solely as Pass Through Trustee

for and on behalf of

Northwest Airlines Pass Through Trust 2007-1A

as Pass Through Trustee,

 

AND

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Paying Agent

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.

  	
   

  	
  Escrow Agent

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.1

  	
   

  	
  Appointment of Escrow Agent

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.2

  	
   

  	
  Instruction, Etc

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.3

  	
   

  	
  Initial Escrow Amount; Issuance of Escrow Receipts

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.4

  	
   

  	
  Payments to Receiptholders

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.5

  	
   

  	
  Mutilated, Destroyed, Lost or Stolen Escrow Receipt

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.6

  	
   

  	
  Additional Escrow Amounts

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.7

  	
   

  	
  Resignation or Removal of Escrow Agent

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.8

  	
   

  	
  Persons Deemed Owners

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.9

  	
   

  	
  Further Assurances

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.

  	
   

  	
  Paying Agent

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.1

  	
   

  	
  Appointment of Paying Agent

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.2

  	
   

  	
  Establishment of Paying Agent Account

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.3

  	
   

  	
  Payments from Paying Agent Account

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.4

  	
   

  	
  Withholding Taxes

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.5

  	
   

  	
  Resignation or Removal of Paying Agent

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.6

  	
   

  	
  Notice of Final Withdrawal

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.

  	
   

  	
  Payments

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.

  	
   

  	
  Other Actions

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.

  	
   

  	
  Representations and Warranties of the Escrow Agent

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.

  	
   

  	
  Representations and Warranties of the Paying Agent

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.

  	
   

  	
  Indemnification

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.

  	
   

  	
  Amendment, Etc

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.

  	
   

  	
  Notices

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.

  	
   

  	
  Transfer

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.

  	
   

  	
  Entire Agreement

  	
   

  	
  12

  
										

 

i

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.

  	
   

  	
  Governing Law

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 13.

  	
   

  	
  WAIVER OF JURY TRIAL RIGHT

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 14.

  	
   

  	
  Counterparts

  	
   

  	
  12

  
							

 

ii

 

	
  EXHIBITS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A

  	
   

  	
  Escrow Receipt

  	
   

  	
   

  
	
  Exhibit B

  	
   

  	
  Withdrawal Certificate

  	
   

  	
   

  

 

iii

 

This ESCROW AND PAYING AGENT AGREEMENT (Class A) dated as of October
10, 2007 (as amended, modified or supplemented from time to time, this
“Agreement”) among Citibank, N.A., as Escrow Agent (in such capacity, together
with its successors in such capacity, the “Escrow Agent”), Morgan Stanley &
Co. Incorporated and Citigroup Global Markets Inc., as Underwriters of the
Certificates referred to below (the “Underwriters” and together with their
respective transferees and assigns as registered owners of the Certificates, the
“Investors”) under the Underwriting Agreement referred to below, U.S. Bank
Trust National Association, a national banking association, 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 referred to
below, and U.S. Bank National Association, as paying agent hereunder (in such
capacity, together with its successors in such capacity, the “Paying Agent”).

 

W  I  T  N
E  S  S  E  T  H:

 

WHEREAS, Northwest Airlines Corporation, a Delaware corporation (the
“Guarantor”), Northwest Airlines, Inc., a Minnesota corporation (“Northwest”)
and the Pass Through Trustee have entered into a Trust Supplement, dated as of
the date hereof (the “Trust Supplement”), to the Pass Through Trust Agreement,
dated as of June 3, 1999, by and among the Guarantor, Northwest and the Pass
Through Trustee (as successor in interest to State Street Bank and Trust
Company of Connecticut, National Association), relating to Northwest Airlines
Pass Through Trust 2007-1A (the “Pass Through Trust”) pursuant to which the
Northwest Airlines Pass Through Trust, Series 2007-1A Certificates referred to
therein (the “Certificates”) are being issued;

 

WHEREAS, Northwest and the Underwriters have entered into an
Underwriting Agreement dated October 2, 2007 (as amended, modified or
supplemented from time to time in accordance with the terms thereof, the
“Underwriting Agreement”) pursuant to which the Pass Through Trustee will issue
and sell the Certificates to the Underwriters;

 

WHEREAS, Northwest, the Pass Through Trustee, certain other pass
through trustees and certain other persons concurrently herewith are entering
into the Note Purchase Agreement, dated as of the date hereof (the “Note
Purchase Agreement”), pursuant to which the Pass Through Trustee has agreed to
acquire from time to time on or prior to the Delivery Period Termination Date
(as defined in the Note Purchase Agreement) equipment notes (the “Equipment
Notes”) issued to finance the acquisition of aircraft by Northwest, utilizing a
portion of the proceeds from the sale of the Certificates (the “Net Proceeds”);

 

WHEREAS, the Underwriters and the Pass Through Trustee intend that the
Net Proceeds be held in escrow by the Escrow Agent on behalf of the Investors,
subject to withdrawal upon request by the Pass Through Trustee and satisfaction
of the conditions set forth in the Note Purchase Agreement for the purpose of
purchasing Equipment Notes, and that pending such withdrawal the Net Proceeds
be deposited on behalf of the Escrow Agent with Credit Suisse, New York Branch,
as Depositary (the “Depositary”) under the Deposit Agreement, dated as of the
date hereof, between the Depositary and the Escrow Agent relating to the Pass
Through Trust (as amended, modified or supplemented from time to time in
accordance with the terms thereof, the “Deposit Agreement”) pursuant to which,
among other things, the 

 

 

Depositary will pay interest
for distribution to the Investors and establish accounts from which the Escrow
Agent shall make withdrawals upon request of and proper certification by the
Pass Through Trustee;

 

WHEREAS, the Escrow Agent wishes to appoint the Paying Agent to pay
amounts required to be distributed to the Investors in accordance with this
Agreement; and

 

WHEREAS, capitalized terms used but not defined herein shall have the
respective meanings set forth or incorporated by reference in the Pass Through
Trust Agreement.

 

NOW, THEREFORE, in consideration of the obligations contained herein,
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.               Escrow
Agent.

 

Section 1.1             Appointment
of Escrow Agent. Each of the Underwriters, for and on behalf of each of the
Investors, hereby irrevocably appoints, authorizes and directs the Escrow Agent
to act as escrow agent and fiduciary hereunder and under the Deposit Agreement
for such specific purposes and with such powers as are specifically delegated
to the Escrow Agent by the terms of this Agreement, together with such other
powers as are reasonably incidental thereto. Any and all money received and
held by the Escrow Agent under this Agreement or the Deposit Agreement shall be
held in escrow by the Escrow Agent in accordance with the terms of this
Agreement. This Agreement is irrevocable and the Investors’ rights with respect
to any monies received and held in escrow by the Escrow Agent under this
Agreement or the Deposit Agreement shall only be as provided under the terms
and conditions of this Agreement and the Deposit Agreement. The Escrow Agent
(which term as used in this sentence shall include reference to its affiliates
and its own and its affiliates’ officers, directors, employees and agents):

 

(a)           shall have no duties
or responsibilities except those expressly set forth in this Agreement;

 

(b)           shall not be
responsible to the Pass Through Trustee, the Investors or any other person for any
recitals, statements, representations or warranties of any person other than
itself contained in this Agreement, the Escrow Receipts (as defined herein),
the Deposit Agreement or the Note Purchase Agreement or for actions of or the
failure by the Pass Through Trustee, the Investors or any other person or
entity, including but not limited to, the Paying Agent or the Depositary (other
than the Escrow Agent) to perform any of its obligations hereunder (whether or
not the Escrow Agent shall have any knowledge thereof); and

 

(c)           shall not be
responsible for any action taken or omitted to be taken by it hereunder or
provided for herein or in connection herewith, except for its own willful
misconduct or gross negligence (or simple negligence in connection with the
handling of funds) or breach of its obligations hereunder.

 

Section 1.2             Instruction, Etc. The
Underwriters, for and on behalf of each of the Investors, hereby irrevocably
instruct the Escrow Agent, and the Escrow Agent agrees: (a) to 

 

 

enter into the Deposit
Agreement and, if requested by Northwest pursuant to Section 5(a)(vii) of the
Note Purchase Agreement, to enter into a Replacement Deposit Agreement (as
defined in the Note Purchase Agreement) with the Replacement Depositary (as
defined in the Note Purchase Agreement) specified by the Company; (b) to
appoint the Paying Agent as provided in this Agreement; (c) upon receipt at any
time and from time to time prior to the Termination Date (as defined below) of
a certificate substantially in the form of Exhibit B hereto (a “Withdrawal
Certificate”) executed by the Pass Through Trustee, together with an attached
Notice of Purchase Withdrawal in substantially the form of Exhibit A to the
Deposit Agreement duly completed by the Pass Through Trustee (the “Applicable
Notice of Purchase Withdrawal” and the withdrawal to which it relates, a
“Purchase Withdrawal”), immediately to execute the Applicable Notice of
Purchase Withdrawal as Escrow Agent and transmit it to the Depositary by
facsimile transmission in accordance with the Deposit Agreement; provided that,
upon the request of the Pass Through Trustee after such transmission, the
Escrow Agent shall cancel such Applicable Notice of Purchase Withdrawal; (d)
upon receipt of a Withdrawal Certificate executed by the Pass Through Trustee,
together with an attached Notice of Replacement Withdrawal in substantially the
form of Exhibit C to the Deposit Agreement (a “Notice of Replacement
Withdrawal”) duly completed by the Pass Through Trustee, to (X) give such Notice
of Replacement Withdrawal to the Depositary requesting a withdrawal, on the
date specified in such notice, which shall not be less than 15 days after such
notice is given (the “Replacement Withdrawal Date”), of all Deposits as defined
in the Deposit Agreement then held by the Depositary together with, if the
Replacement Withdrawal Date occurs on a Regular Distribution Date, all accrued
and unpaid interest on such Deposits to but excluding the Replacement
Withdrawal Date, and (Y) direct the Depositary to transfer such Deposits on
behalf of the Escrow Agent to the Replacement Depositary in accordance with the
Replacement Deposit Agreement (as defined in the Note Purchase Agreement); (e)
if there are any undrawn Deposits (as defined in the Deposit Agreement) on the
“Termination Date”, which shall mean the earlier of (i) April 1, 2009 and (ii)
the day on which the Escrow Agent receives notice from the Pass Through Trustee
that the Pass Through Trustee’s obligation to purchase Equipment Notes under
the Note Purchase Agreement has terminated, to give notice to the Depositary
(with a copy to the Paying Agent) substantially in the form of Exhibit B to the
Deposit Agreement requesting a withdrawal of all of the remaining Deposits,
together with accrued and unpaid interest on such Deposits to the date of
withdrawal, on the 15th day after the date that such notice of withdrawal is
given to the Depositary (or, if not a Business Day, on the next succeeding
Business Day) (a “Final Withdrawal”), provided that if the day scheduled for
the Final Withdrawal in accordance with the foregoing is within ten (10) days
before or after a Regular Distribution Date, then the Escrow Agent shall
request that such requested Final Withdrawal be made on such Regular
Distribution Date (the date of such requested withdrawal, the “Final Withdrawal
Date”), and (f) to enter into the Note Purchase Agreement. If for any reason
the Escrow Agent shall have failed to give the Final Withdrawal Notice to the
Depositary on or before April 1, 2009, and there are unwithdrawn Deposits on
such date, the Final Withdrawal Date shall be deemed to be April 16, 2009.

 

Section 1.3             Initial Escrow Amount; Issuance
of Escrow Receipts. The Escrow Agent hereby directs the Underwriters to,
and the Underwriters hereby acknowledge that on the date hereof they shall,
irrevocably deliver to the Depositary on behalf of the Escrow Agent, an amount
in U.S. dollars (“Dollars”) and immediately available funds equal to
$338,498,000 for deposit on behalf of the Escrow Agent with the Depositary in
accordance with Section 2.1 of the

 

 

Deposit Agreement. The
Underwriters hereby instruct the Escrow Agent, upon receipt of such sum from
the Underwriters, to confirm such receipt by executing (by manual or facsimile
signature) and delivering to the Pass Through Trustee an Escrow Receipt in the
form of Exhibit A hereto (an “Escrow Receipt”), (a) to be affixed by the Pass
Through Trustee to each Certificate and (b) to evidence the same percentage
interest (“Escrow Interest”) in the Account Amounts (as defined below) as the
Fractional Undivided Interest in the Pass Through Trust evidenced by the
Certificate to which it is to be affixed. The Escrow Agent shall provide to the
Pass Through Trustee for attachment to each Certificate newly issued under and
in accordance with the Pass Through Trust Agreement an executed Escrow Receipt
as the Pass Through Trustee may from time to time request of the Escrow Agent.
Each Escrow Receipt shall be registered by the Escrow Agent in a register (the
“Register”) maintained by the Escrow Agent in the same name and same manner as
the Certificate to which it is attached and may not thereafter be detached from
such Certificate to which it is to be affixed prior to the distribution of the
Final Withdrawal pursuant to clause (d) of Section 1.2 hereof (the “Final
Distribution”). After the Final Distribution, no additional Escrow Receipts
shall be issued and the Pass Through Trustee shall request the return to the
Escrow Agent for cancellation of all outstanding Escrow Receipts.

 

Section 1.4             Payments to Receiptholders.
All payments and distributions made to holders of an Escrow Receipt
(collectively, “Receiptholders”) in respect of the Escrow Receipt shall be made
only from amounts deposited in the Paying Agent Account (as defined below)
(“Account Amounts”). Each Receiptholder, by its acceptance of an Escrow
Receipt, agrees that (a) it will look solely to the Account Amounts for any
payment or distribution due to such Receiptholder pursuant to the terms of the
Escrow Receipt and this Agreement and (b) it will have no recourse to
Northwest, the Pass Through Trustee, the Paying Agent or the Escrow Agent,
except as expressly provided herein or in the Pass Through Trust Agreement. No
Receiptholder shall have any right to vote or in any manner otherwise control
the operation and management of the Paying Agent Account or the obligations of
the parties hereto, nor shall anything set forth herein, or contained in the
terms of the Escrow Receipt, be construed so as to constitute the Receiptholders
from time to time as partners or members of an association.

 

Section 1.5             Mutilated, Destroyed, Lost or
Stolen Escrow Receipt. If (a) any mutilated Escrow Receipt is surrendered
to the Escrow Agent or the Escrow Agent receives evidence to its satisfaction
of the destruction, loss or theft of any Escrow Receipt and (b) there is
delivered to the Escrow Agent and the Pass Through Trustee such security,
indemnity or bond, as may be required by them to hold each of them harmless,
then, absent notice to the Escrow Agent or the Pass Through Trustee that such
destroyed, lost or stolen Escrow Receipt has been acquired by a bona fide
purchaser, and provided that the requirements of Section 8-405 of the Uniform
Commercial Code in effect in any applicable jurisdiction are met, the Escrow
Agent shall execute and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Escrow Receipt, a new Escrow Receipt or
Escrow Receipts and of like Escrow Interest in the Account Amounts and bearing
a number not contemporaneously outstanding.

 

In connection with the issuance of any new Escrow Receipt under this
Section 1.5, the Escrow Agent may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Pass
Through Trustee and the Escrow Agent) connected therewith.

 

 

Any duplicate Escrow Receipt issued pursuant to this Section 1.5 shall
constitute conclusive evidence of the appropriate Escrow Interest in the
Account Amounts, as if originally issued, whether or not the lost, stolen or
destroyed Escrow Receipt shall be found at any time.

 

The provisions of this Section 1.5 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Escrow Receipts.

 

Section 1.6             Additional Escrow Amounts.
On the date of any Purchase Withdrawal, the Pass Through Trustee may re-deposit
with the Depositary some or all of the amounts so withdrawn in accordance with
Section 2.4 of the Deposit Agreement.

 

Section 1.7             Resignation or Removal of Escrow
Agent. Subject to the appointment and acceptance of a successor Escrow
Agent as provided below, the Escrow Agent may resign at any time by giving
thirty (30) days’  prior written notice
thereof to the Investors, but may not otherwise be removed except for cause by
the written consent of the Investors with respect to Investors representing
Escrow Interests aggregating not less than a majority in interest in the
Account Amounts (an “Action of Investors”). Upon any such resignation or
removal, the Investors, by an Action of Investors, shall have the right to
appoint a successor Escrow Agent. If no successor Escrow Agent shall have been
so appointed and shall have accepted such appointment within thirty (30) days
after the retiring Escrow Agent’s giving of notice of resignation or the
removal of the retiring Escrow Agent, then the retiring Escrow Agent may
appoint a successor Escrow Agent. Any successor Escrow Agent shall be a bank
which has an office in the United States with a combined capital and surplus of
at least $100,000,000. Upon the acceptance of any appointment as Escrow Agent
hereunder by a successor Escrow Agent, such successor Escrow Agent shall enter
into such documents as the Pass Through Trustee shall require and shall
thereupon succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Escrow Agent, and the retiring Escrow Agent shall be
discharged from its duties and obligations hereunder. No resignation or removal
of the Escrow Agent shall be effective unless a written confirmation shall have
been obtained from each of Moody’s Investors Service, Inc. and Standard &
Poor’s Ratings Services, a Division of the McGraw-Hill Companies, Inc., that
the replacement of the Escrow Agent with the successor Escrow Agent will not
result in (a) a reduction of the rating for the Certificates below the then
current rating for the Certificates or (b) a withdrawal or suspension of the
rating of the Certificates.

 

Section 1.8             Persons Deemed Owners. Prior
to due presentment of a Certificate and Escrow Receipt for registration of
transfer, the Escrow Agent and the Paying Agent may treat the Person in whose
name any Escrow Receipt is registered (as of the day of determination) as the
owner of such Escrow Receipt for the purpose of receiving distributions
pursuant to this Agreement and for all other purposes whatsoever, and neither
the Escrow Agent nor the Paying Agent shall be affected by any notice to the
contrary.

 

Section 1.9             Further Assurances. The
Escrow Agent agrees to take such actions, and execute such other documents, as
may be reasonably requested by the Pass Through Trustee in order to effectuate
the purposes of this Agreement and the performance by the Escrow Agent of its
obligations hereunder.

 

 

Section 2.               Paying
Agent.

 

Section 2.1             Appointment of Paying Agent.
The Escrow Agent hereby irrevocably appoints and authorizes the Paying Agent to
act as its paying agent hereunder, for the benefit of the Investors, for such
specific purposes and with such powers as are specifically delegated to the
Paying Agent by the terms of this Agreement, together with such other powers as
are reasonably incidental thereto. Any and all money received and held by the
Paying Agent under this Agreement or the Deposit Agreement shall be held in the
Paying Agent Account for the benefit of the Investors. The Paying Agent (which
term as used in this sentence shall include reference to its affiliates and its
own and its affiliates’ officers, directors, employees and agents):

 

(a)           shall have no duties
or responsibilities except those expressly set forth in this Agreement, and
shall not by reason of this Agreement be a trustee for the Escrow Agent;

 

(b)           shall not be
responsible to the Escrow Agent for any recitals, statements, representations
or warranties of any person other then itself contained in this Agreement or
for the failure by the Escrow Agent or any other person or entity (other than
the Paying Agent) to perform any of its obligations hereunder (whether or not
the Paying Agent shall have any knowledge thereof); and

 

(c)           shall not be
responsible for any action taken or omitted to be taken by it hereunder or
provided for herein or in connection herewith, except for its own willful
misconduct or gross negligence (or simple negligence in connection with the
handling of funds).

 

Section 2.2             Establishment of Paying Agent
Account. The Paying Agent shall establish a deposit account (the “Paying
Agent Account”) at U.S. Bank National Association in the name of the Escrow
Agent. It is expressly understood by the parties hereto that the Paying Agent
is acting as the paying agent of the Escrow Agent hereunder and that no amounts
on deposit in the Paying Agent Account constitute part of the Trust Property.

 

Section 2.3             Payments from Paying Agent
Account. The Escrow Agent hereby irrevocably instructs the Paying Agent,
and the Paying Agent agrees to act, as follows:

 

(a)           On each Interest
Payment Date (as defined in the Deposit Agreement) or as soon thereafter as the
Paying Agent has confirmed receipt in the Paying Agent Account from the
Depositary of any amount in respect of accrued interest on the Deposits, the
Paying Agent shall distribute out of the Paying Agent Account the entire amount
deposited therein by the Depositary. There shall be so distributed to each
Receiptholder of record on the 15th day (whether or not a Business Day)
preceding such Interest Payment Date (the “Record Date”) by check mailed to
such Receiptholder, at the address appearing in the Register, such
Receiptholder’s pro rata share (based on the Escrow Interest in the Account
Amounts held by such Receiptholder) of the total amount of interest deposited
by the Depositary in the Paying Agent Account on such date, except that, with
respect to Escrow Receipts registered on the Record Date in the name of The
Depository Trust Company, a New York corporation (“DTC”), or its nominee, such
distribution shall be made by wire transfer in immediately available funds to
the account designated by DTC.

 

 

(b)           Upon the
confirmation by the Paying Agent of receipt in the Paying Agent Account from
the Depositary of any amount in respect of the Final Withdrawal, the Paying
Agent shall forthwith distribute the entire amount of the Final Withdrawal
deposited therein by the Depositary. There shall be so distributed to each
Receiptholder of record on the 15th day (whether or not a Business Day)
preceding the Final Withdrawal Date (the “Final Record Date”) at the address
appearing in the Register, such Receiptholder’s pro rata share (based on the
Escrow Interest in the Account Amounts held by such Receiptholder) of the total
amount in the Paying Agent Account on account of such Final Withdrawal except
that, with respect to Escrow Receipts registered on the Final Record Date in
the name of DTC or its nominee, such distribution shall be made by wire
transfer in immediately available funds to the account designated by DTC.

 

(c)           If any payment of
interest or principal in respect of the Final Withdrawal is not received by the
Paying Agent within five (5) days of the applicable date when due, then it
shall be distributed to Receiptholders after actual receipt by the Paying Agent
on the same basis as a Special Payment is distributed under the Pass Through
Trust Agreement.

 

(d)           The Paying Agent
shall include with any check mailed pursuant to this Section any notice
required to be distributed under the Pass Through Trust Agreement that is
furnished to the Paying Agent by the Pass Through Trustee.

 

Section 2.4             Withholding Taxes. The
Paying Agent shall exclude and withhold from each distribution of accrued
interest on the Deposits (as defined in the Deposit Agreement) and any amount
in respect of the Final Withdrawal any and all withholding taxes applicable
thereto as required by law. The Paying Agent agrees to act as such withholding
agent and, in connection therewith, whenever any present or future taxes or
similar charges are required to be withheld with respect to any amounts payable
in respect of the Deposits (as defined in the Deposit Agreement) or the escrow
amounts, to withhold such amounts and timely pay the same to the appropriate
authority in the name of and on behalf of the Receiptholders, that it will file
any necessary withholding tax returns or statements when due, and that, as
promptly as possible after the payment thereof, it will deliver to each such
Receiptholder appropriate documentation showing the payment thereof, together
with such additional documentary evidence as such Receiptholder may reasonably
request from time to time. The Paying Agent agrees to file any other
information reports as it may be required to file under United States law.

 

Section 2.5             Resignation or Removal of Paying
Agent. Subject to the appointment and acceptance of a successor Paying
Agent as provided below, the Paying Agent may resign at any time by giving
thirty (30) days’ prior written notice thereof to the Escrow Agent, but may not
otherwise be removed except for cause by the Escrow Agent. Upon any such
resignation or removal, the Escrow Agent shall have the right to appoint a
successor Paying Agent. If no successor Paying Agent shall have been so
appointed and shall have accepted such appointment within thirty (30) days
after the retiring Paying Agent’s giving of notice of resignation or the
removal of the retiring Paying Agent, then the retiring Paying Agent may
appoint a successor Paying Agent. Any Successor Paying Agent shall be a bank
which has an office in the United States with a combined capital and surplus of
at least US$100,000,000. Upon the acceptance of any appointment as Paying Agent
hereunder by a successor Paying Agent, such successor Paying Agent shall enter
into such documents as the Escrow Agent shall 

 

 

require and shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Paying Agent, and the retiring Paying Agent shall be discharged
from its duties and obligations hereunder.

 

Section 2.6             Notice of Final Withdrawal.
Promptly after receipt by the Paying Agent of notice that the Escrow Agent has
requested a Final Withdrawal or that a Final Withdrawal will be made, the
Paying Agent shall cause notice of the distribution of the Final Withdrawal to
be mailed to each of the Receiptholders at its address as it appears in the
Register. Such notice shall be mailed not less than fifteen (15) days prior to
the Final Withdrawal Date. Such notice shall set forth:

 

(a)           the Final Withdrawal
Date and the date for determining Receiptholders of record who shall be
entitled to receive distributions in respect of the Final Withdrawal;

 

(b)           the amount of the
payment in respect of the Final Withdrawal for each $1,000 face amount
Certificate (based on information provided by the Pass Through Trustee) and the
amount thereof constituting unused Deposits (as defined in the Deposit
Agreement) and interest thereon; and

 

(c)           if the Final
Withdrawal Date is the same date as a Regular Distribution Date, the total
amount to be received on such date for each $1,000 face amount Certificate
(based on information provided by the Pass Through Trustee).

 

Such mailing may include any notice required to be given to
Certificateholders in connection with such distribution pursuant to the Pass
Through Trust Agreement.

 

Section 3.               Payments.
If, notwithstanding the instructions in Article IV of the Deposit Agreement
that all amounts payable to the Escrow Agent under the Deposit Agreement be
paid by the Depositary directly to the Paying Agent or the Pass Through Trustee
(depending on the circumstances), the Escrow Agent receives any payment
thereunder, then the Escrow Agent shall forthwith pay such amount in Dollars
and in immediately available funds by wire transfer to (a) in the case of a
payment of accrued interest on the Deposits (as defined in the Deposit
Agreement) or any Final Withdrawal directly to the Paying Agent Account and (b)
in the case of any Purchase Withdrawal, directly to the Pass Through Trustee or
its designee as specified and in the manner provided in the Applicable Notice
of Purchase Withdrawal. The Escrow Agent hereby waives any and all rights of
set-off, combination of accounts, right of retention or similar right (whether
arising under applicable law, contract or otherwise) it may have against
amounts payable to the Paying Agent howsoever arising.

 

Section 4.               Other
Actions. Subject to Section 7 hereof, the Escrow Agent shall take such
other actions under or in respect of the Deposit Agreement (including, without
limitation, the enforcement of the obligations of the Depositary thereunder) as
the Investors, by an Action of Investors, may from time to time request.

 

Section 5.               Representations
and Warranties of the Escrow Agent. The Escrow Agent represents and
warrants to Northwest, the Investors, the Paying Agent and the Pass Through
Trustee as follows:

 

 

(a)           it is a national
banking association duly organized and validly existing in good standing under
the laws of the United States of America;

 

(b)           it has full power,
authority and legal right to conduct its business and operations as currently
conducted and to enter into and perform its obligations under this Agreement
and the Deposit Agreement;

 

(c)           the execution,
delivery and performance of each of this Agreement and the Deposit Agreement
have been duly authorized by all necessary corporate action on the part of it
and do not require any stockholder approval, or approval or consent of any
trustee or holder of any indebtedness or obligations of it, and each such
document has been duly executed and delivered by it and constitutes its legal,
valid and binding obligations enforceable against it in accordance with the
terms hereof or thereof except as such enforceability may be limited by
bankruptcy, insolvency, moratorium, reorganization or other similar laws or
equitable principles of general application to or affecting the enforcement of
creditors’ rights generally (regardless of whether such enforceability is
considered in a proceeding in equity or at law);

 

(d)           no authorization,
consent or approval of or other action by, and no notice to or filing with, any
United States federal or state governmental authority or regulatory body is
required for the execution, delivery or performance by it of this Agreement or
the Deposit Agreement;

 

(e)           neither the
execution, delivery or performance by it of this Agreement or the Deposit
Agreement, nor compliance with the terms and provisions hereof or thereof,
conflicts or will conflict with or results or will result in a breach or
violation of any of the terms, conditions or provisions of, or will require any
consent or approval under, any law, governmental rule or regulation or the
charter documents, as amended, or bylaws, as amended, of it or any similar
instrument binding on it or any order, writ, injunction or decree of any court
or governmental authority against it or by which it or any of its properties is
bound or any indenture, mortgage or contract or other agreement or instrument
to which it is a party or by which it or any of its properties is bound, or
constitutes or will constitute a default thereunder or results or will result
in the imposition of any lien upon any of its properties; and

 

(f)            there are no
pending or, to its knowledge, threatened actions, suits, investigations or
proceedings (whether or not purportedly on behalf of it) against or affecting
it or any of its property before or by any court or administrative agency
which, if adversely determined, (A) would adversely affect the ability of it to
perform its obligations under this Agreement or the Deposit Agreement or (B)
would call into question or challenge the validity of this Agreement or the
Deposit Agreement or the enforceability hereof or thereof in accordance with
the terms hereof or thereof, nor is the Escrow Agent in default with respect to
any order of any court, governmental authority, arbitration board or
administrative agency so as to adversely affect its ability to perform its
obligations under this Agreement or the Deposit Agreement.

 

 

Section 6.               Representations
and Warranties of the Paying Agent. The Paying Agent represents and
warrants to Northwest, the Investors, the Escrow Agent and the Pass Through
Trustee as follows:

 

(a)           it is a national
banking association duly organized and validly existing in good standing under
the laws of the United States of America;

 

(b)           it has full power,
authority and legal right to conduct its business and operations as currently
conducted and to enter into and perform its obligations under this Agreement;

 

(c)           the execution,
delivery and performance of this Agreement has been duly authorized by all
necessary corporate action on the part of it and does not require any
stockholder approval, or approval or consent of any trustee or holder of any
indebtedness or obligations of it, and such document has been duly executed and
delivered by it and constitutes its legal, valid and binding obligations
enforceable against it in accordance with the terms hereof except as such
enforceability may be limited by bankruptcy, insolvency, moratorium,
reorganization or other similar laws or equitable principles of general
application to or affecting the enforcement of creditors’ rights generally
(regardless of whether such enforceability is considered in a proceeding in equity
or at law);

 

(d)           no authorization,
consent or approval of or other action by, and no notice to or filing with, any
United States federal or state governmental authority or regulatory body is
required for the execution, delivery or performance by it of this Agreement;

 

(e)           neither the
execution, delivery or performance by it of this Agreement, nor compliance with
the terms and provisions hereof, conflicts or will conflict with or results or
will result in a breach or violation of any of the terms, conditions or
provisions of, or will require any consent or approval under, any law,
governmental rule or regulation or the charter documents, as amended, or
bylaws, as amended, of it or any similar instrument binding on it or any order,
writ, injunction or decree of any court or governmental authority against it or
by which it or any of its properties is bound or any indenture, mortgage or
contract or other agreement or instrument to which it is a party or by which it
or any of its properties is bound, or constitutes or will constitute a default
thereunder or results or will result in the imposition of any lien upon any of
its properties; and

 

(f)            there are no
pending or, to its knowledge, threatened actions, suits, investigations or
proceedings (whether or not purportedly on behalf of it) against or affecting
it or any of its property before or by any court or administrative agency
which, if adversely determined, (A) would adversely affect the ability of it to
perform its obligations under this Agreement or (B) would call into question or
challenge the validity of this Agreement or the enforceability hereof in
accordance with the terms hereof, nor is the Paying Agent in default with
respect to any order of any court, governmental authority, arbitration board or
administrative agency so as to adversely affect its ability to perform its
obligations under this Agreement.

 

 

Section 7.               Indemnification.
Except for actions expressly required of the Escrow Agent or the Paying Agent
hereunder, each of the Escrow Agent and the Paying Agent shall in all cases be
fully justified in failing or refusing to act hereunder unless it shall have
been indemnified by the party requesting such action in a manner reasonably
satisfactory to it against any and all liability and expense which may be
incurred by it by reason of taking or continuing to take any such action. In
the event Northwest requests any amendment to any Operative Document (as
defined in the Note Purchase Agreement), the Pass Through Trustee agrees to pay
all reasonable fees and expenses (including, without limitation, fees and
disbursements of counsel) of the Escrow Agent and the Paying Agent in
connection therewith.

 

Section 8.               Amendment,
Etc. Upon request of the Pass Through Trustee and approval by an Action of
Investors, the Escrow Agent shall enter into an amendment to this Agreement, so
long as such amendment does not adversely affect the rights or obligations of
the Escrow Agent or the Paying Agent, provided that upon request of the Pass
Through Trustee and without any consent of the Investors, the Escrow Agent
shall enter into an amendment to this Agreement for any of the following
purposes:

 

(a)           to correct or
supplement any provision in this Agreement which may be defective or
inconsistent with any other provision herein or to cure any ambiguity or
correct any mistake or to modify any other provision with respect to matters or
questions arising under this Agreement, provided that any such action shall not
materially adversely affect the interests of the Investors; or

 

(b)           to comply with any
requirement of the SEC, applicable law, rules or regulations of any exchange or
quotation system on which the Certificates are listed or any regulatory body;
or

 

(c)           to evidence and
provide for the acceptance of appointment under this Agreement of a successor
Escrow Agent, successor Paying Agent or successor Pass Through Trustee.

 

Section 9.               Notices. Unless otherwise
expressly provided herein, any notice or other communication under this
Agreement shall be in writing (including by facsimile) and shall be deemed to
be given and effective upon receipt thereof (or, if received outside of
business hours, on the next opening of business on a Business Day). All notices
shall be sent to (a) in the case of the Investors, as their respective
addresses shall appear in the Register, (b) in the case of the Escrow Agent,
Citibank, N.A., Agency & Trust, 388 Greenwich Street, 14th
Floor, New York, New York 10013, Attention: 
Barbara E. Bennett (Telecopier: 212-657-2762), (c) in the case of the
Pass Through Trustee, U.S. Bank Trust 
National Association, 225 Asylum St., Goodwin Square, Hartford, CT
06013, Attention: John G. Correia (Telecopier: 617-603-6665), or (d) in the
case of the Paying Agent, U.S. Bank National Association, 1 Federal St., 3rd
Fl., Boston, MA 02110, Attention: Corporate Trust Department
(Telecopier:617-662-1462), in each case with a copy to Northwest Airlines,
Inc., Department A4010, 2700 Lone Oak Parkway, Eagan, MN 55121-1534,
Attention:  Treasurer (Telecopier:  (612) 726-2221) (or at such other address as
any such party may specify from time to time in a written notice to the other
parties). On or prior to the execution of this Agreement, the Pass Through
Trustee has delivered to the Escrow Agent a certificate containing specimen
signatures of the representatives of the Pass 

 

 

Through Trustee who are authorized to give
notices and instructions with respect to this Agreement. The Escrow Agent may
conclusively rely on such certificate until the Escrow Agent receives written
notice from the Pass Through Trustee to the contrary.

 

Section 10.             Transfer.
No party hereto shall be entitled to assign or otherwise transfer this
Agreement (or any interest herein) other than (in the case of the Escrow Agent)
to a successor escrow agent under Section 1.7 hereof or (in the case of the
Paying Agent) to a successor paying agent under Section 2.5 hereof, and any
purported assignment in violation thereof shall be void. This Agreement shall
be binding upon the parties hereto and their respective successors and (in the
case of the Escrow Agent and the Paying Agent) their respective permitted
assigns.

 

Section 11.             Entire
Agreement. This Agreement sets forth all of the promises, covenants,
agreements, conditions and understandings among the Escrow Agent, the Paying
Agent, the Underwriters and the Pass Through Trustee with respect to the
subject matter hereof, and supersedes all prior and contemporaneous agreements
and undertakings, inducements or conditions, express or implied, oral or
written.

 

Section 12.             Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of New
York.

 

Section 13.             WAIVER
OF JURY TRIAL RIGHT. EACH OF THE ESCROW AGENT, THE PAYING AGENT, THE
INVESTORS AND THE PASS THROUGH TRUSTEE ACKNOWLEDGES AND ACCEPTS THAT IN ANY
SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT SUCH
PARTY IRREVOCABLY WAIVES ITS RIGHT TO A TRIAL BY JURY.

 

Section 14.             Counterparts.
This Agreement may be executed in one or more counterparts, all of which taken
together shall constitute one instrument.

 

 

IN WITNESS WHEREOF, the Escrow Agent, the Paying Agent, the
Underwriters and the Pass Through Trustee have caused this Escrow and Paying
Agent Agreement (Class A) to be duly executed as of the day and year first
above written.

 

	
   

  	
  CITIBANK, N.A., as Escrow Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Barbara E. Bennett

  
	
   

  	
   

  	
  Name:

  	
  Barbara E. Bennett

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  U.S. BANK TRUST NATIONAL ASSOCIATION,

  not in its individual capacity, but solely as Pass

  Through Trustee for and on behalf of Northwest

  Airlines Pass Through Trust 2007-1A

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ John G. Correia

  
	
   

  	
   

  	
  Name:

  	
  John G. Correia

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  U.S. BANK NATIONAL ASSOCIATION, as

  Paying Agent

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ John G. Correia

  
	
   

  	
   

  	
  Name:

  	
  John G. Correia

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

Escrow and Paying Agent Agreement (2007-1A)

 

 

	
   

  	
   

  	
  MORGAN STANLEY & CO. INCORPORATED,

  
	
   

  	
   

  	
  CITIGROUP GLOBAL MARKETS INC.,

  
	
   

  	
   

  	
  J.P. MORGAN SECURITIES INC.,

  
	
   

  	
   

  	
  CREDIT SUISSE SECURITIES (USA) LLC,

  
	
   

  	
   

  	
  DEUTSCHE BANK SECURITIES INC.

  
	
   

  	
   

  	
  AND

  
	
   

  	
   

  	
  CALYON SECURITIES (USA) INC.

  
	
   

  	
   

  	
  as Underwriters

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: MORGAN STANLEY & CO.

  INCORPORATED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Patrick Kaufer

  
	
   

  	
   

  	
  Name:

  	
  Patrick Kaufer

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: CITIGROUP GLOBAL MARKETS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Thomas Bliemel

  
	
   

  	
   

  	
  Name:

  	
  Thomas Bliemel

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
					

 

Escrow and Paying Agent Agreement (2007-1A)

 

 

EXHIBIT A

 

Northwest Airlines 2007-1A Escrow Receipt No.
     

 

This Escrow Receipt evidences a fractional undivided interest in
amounts (“Account Amounts”) from time to time deposited into a certain paying
agent account (the “Paying Agent Account”) described in the Escrow and Paying
Agent Agreement (Class A) dated as of October 10, 2007 (as amended, modified or
supplemented from time to time, the “Escrow and Paying Agent Agreement”) among
Citibank, N.A., a national banking association, as Escrow Agent (in such
capacity, together with its successors in such capacity, the “Escrow Agent”),
Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc., J.P.
Morgan Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank
Securities Inc. and Calyon Securities (USA) Inc., as Underwriters, U.S. Bank
Trust National Association, as Pass Through Trustee (in such capacity, together
with its successors in such capacity, the “Pass Through Trustee”) and U.S. Bank
National Association, as paying agent (in such capacity, together with its
successors in such capacity, the “Paying Agent”). Capitalized terms not defined
herein shall have the meanings assigned to them in the Escrow and Paying Agent
Agreement.

 

This Escrow Receipt is issued under and is subject to the terms,
provisions and conditions of the Escrow and Paying Agent Agreement. By virtue
of its acceptance hereof the holder of this Escrow Receipt assents and agrees
to be bound by the provisions of the Escrow and Paying Agent Agreement and this
Escrow Receipt.

 

This Escrow Receipt represents a fractional undivided interest in
amounts deposited from time to time in the Paying Agent Account, and grants or
represents no rights, benefits or interests of any kind in respect of any
assets or property other than such amounts. This Escrow Receipt evidences the
same percentage interest in the Account Amounts as the Fractional Undivided
Interest in the Pass Through Trust evidenced by the Certificate to which this
Escrow Receipt is affixed.

 

All payments and distributions made to Receiptholders in respect of the
Escrow Receipt shall be made only from Account Amounts deposited in the Paying
Agent Account. The holder of this Escrow Receipt, by its acceptance of this
Escrow Receipt, agrees that it will look solely to the Account Amounts for any
payment or distribution due to it pursuant to this Escrow Receipt and that it
will not have any recourse to Northwest, the Pass Through Trustee, the Paying
Agent or the Escrow Agent, except as expressly provided herein or in the Pass
Through Trust Agreement. No Receiptholder of this Escrow Receipt shall have any
right to vote or in any manner otherwise control the operation and management
of the Paying Agent Account, nor shall anything set forth herein, or contained
in the terms of this Escrow Receipt, be construed so as to constitute the
Receiptholders from time to time as partners or members of an association.

 

This Escrow Receipt may not be assigned or transferred except in
connection with the assignment or transfer of the Certificate to which this
Escrow Receipt is affixed. After payment to the holder hereof of its Escrow
Interest in the Final Distribution, upon the request of the Pass Through
Trustee, the holder hereof will return this Escrow Receipt to the Pass Through
Trustee.

 

 

 

The Paying Agent may treat the person in whose name the Certificate to
which this Escrow Receipt is attached as the owner hereof for all purposes, and
the Paying Agent shall not be affected by any notice to the contrary.

 

THIS ESCROW RECEIPT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

IN WITNESS WHEREOF, the Escrow Agent has caused this Escrow Receipt to
be duly executed.

 

Dated: 
           
    , 2007

 

 

	
   

  	
  CITIBANK, N.A., as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

2

 

EXHIBIT B

 

Withdrawal Certificate

(Class A)

 

Citibank, N.A., 

as Escrow Agent

 

Agency & Trust

388 Greenwich Street

New York, New York 10013

Attention:  Barbara E. Bennett

Telecopier (212) 657-2762

 

Ladies and Gentlemen:

 

Reference is made to the Escrow and Paying Agent Agreement dated as of
October 10, 2007 (the “Agreement”). We hereby certify to you that the
conditions to the obligations of the undersigned to execute a Participation
Agreement pursuant to the Note Purchase Agreement have been satisfied. Pursuant
to Section 1.2(c) of the Agreement, please execute the attached Notice of
Purchase Withdrawal and immediately transmit by facsimile to the Depositary, at
               .

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  U.S. BANK TRUST NATIONAL ASSOCIATION,

  not in its individual capacity but solely as Pass

  Through Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Dated:                 ,
      

 

 

NOTICE OF PURCHASE WITHDRAWAL

 

Credit Suisse, New York Branch

11 Madison Avenue

New York, NY 10010-3629

Attention: Karl Studer

Telecopier: (212) 743-1894

 

Ladies and Gentlemen:

 

Reference is made to the Deposit Agreement (Class A) dated as of
October 10, 2007, (the “Deposit Agreement”) between Citibank, N.A., a national
banking association, as Escrow Agent, and Credit Suisse, New York Branch, as
Depositary (the “Depositary”).

 

In accordance with Section 2.3 of the Deposit Agreement, the
undersigned hereby requests the withdrawal of
$       of the Deposit, Account
No.         .

 

The undersigned hereby directs the Depositary to pay the proceeds of
the Deposit to           ,
Account No.            ,
Reference:
             
on                      ,
          , upon the
telephonic request of a representative of the Pass Through Trustee.

 

 

	
   

  	
  CITIBANK, N.A., as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Dated:                 ,
      

 

cc:           James Palen
[Telecopier: (212)743-2025]

Carl Paravati [Telecopier: (212)534-5165]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}]]