Document:

exv4w5

Exhibit 4.5

EXECUTION COPY

 
 

REVOLVING CREDIT AGREEMENT

(2010-1B)

Dated as of February 14, 2011

between

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Subordination Agent,

as agent and trustee for the trustee of

Delta Air Lines Pass Through Trust 2010-1B,

as Borrower

and

NATIXIS S.A., ACTING VIA ITS NEW YORK BRANCH

as Liquidity Provider

Delta Air Lines Pass Through Trust 2010-1B

Delta Air Lines

Pass Through Certificates,

Series 2010-1B

 
 

Revolving Credit Agreement (Class B)
(2010-1B EETC)

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	Article I	 	 	 	 
	 
	DEFINITIONS	 	 	 	 
	 
	Section 1.01 Definitions
	 	 	1	 
	 
	Article II	 	 	 	 
	 
	AMOUNT AND TERMS OF THE COMMITMENT	 	 	 	 
	 
	Section 2.01 The Advances
	 	 	9	 
	 
	Section 2.02 Making of Advances
	 	 	9	 
	 
	Section 2.03 Fees
	 	 	11	 
	 
	Section 2.04 Reduction or Termination of the Maximum Commitment
	 	 	11	 
	 
	Section 2.05 Repayments of Interest Advances, the Special Termination Advance or the Final Advance
	 	 	11	 
	 
	Section 2.06 Repayments of Provider Advances
	 	 	12	 
	 
	Section 2.07 Payments to the Liquidity Provider Under the Intercreditor Agreement
	 	 	13	 
	 
	Section 2.08 Book Entries
	 	 	13	 
	 
	Section 2.09 Payments from Available Funds Only
	 	 	14	 
	 
	Section 2.10 Extension of the Expiry Date; Non-Extension Advance
	 	 	14	 
	 
	Article III	 	 	 	 
	 
	OBLIGATIONS OF THE BORROWER	 	 	 	 
	 
	Section 3.01 Increased Costs
	 	 	14	 
	 
	Section 3.02 Intentionally omitted
	 	 	16	 
	 
	Section 3.03 Withholding Taxes
	 	 	16	 
	 
	Section 3.04 Payments
	 	 	17	 
	 
	Section 3.05 Computations
	 	 	17	 
	 
	Section 3.06 Payment on Non-Business Days
	 	 	17	 
	 
	Section 3.07 Interest
	 	 	17	 
	 
	Section 3.08 Replacement of Borrower
	 	 	19	 
	 
	Section 3.09 Funding Loss Indemnification
	 	 	19	 

Revolving Credit Agreement (Class B)
(2010-1B EETC)

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	 	 	Page	 
	Section 3.10 Illegality
	 	 	19	 
	Article IV	 	 	 	 
	 
	CONDITIONS PRECEDENT	 	 	 	 
	 
	Section 4.01 Conditions Precedent to Effectiveness of Section 2.01
	 	 	20	 
	 
	Section 4.02 Conditions Precedent to Borrowing
	 	 	22	 
	Article V	 	 	 	 
	 
	COVENANTS	 	 	 	 
	 
	Section 5.01 Affirmative Covenants of the Borrower
	 	 	22	 
	 
	Section 5.02 Negative Covenants of the Borrower
	 	 	22	 
	Article VI	 	 	 	 
	 
	LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION	 	 	 	 
	 
	Section 6.01 Liquidity Events of Default
	 	 	23	 
	Article VII	 	 	 	 
	 
	MISCELLANEOUS	 	 	 	 
	 
	Section 7.01 No Oral Modifications or Continuing Waivers
	 	 	23	 
	 
	Section 7.02 Notices
	 	 	24	 
	 
	Section 7.03 No Waiver; Remedies
	 	 	25	 
	 
	Section 7.04 Further Assurances
	 	 	25	 
	 
	Section 7.05 Indemnification; Survival of Certain Provisions
	 	 	25	 
	 
	Section 7.06 Liability of the Liquidity Provider
	 	 	25	 
	 
	Section 7.07 Certain Costs and Expenses
	 	 	26	 
	 
	Section 7.08 Binding Effect; Participations
	 	 	26	 
	 
	Section 7.09 Severability
	 	 	27	 
	 
	Section 7.10 Governing Law
	 	 	27	 
	 
	Section 7.11 Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity
	 	 	27	 
	 
	Section 7.12 Counterparts
	 	 	28	 
	 
	Section 7.13 Entirety
	 	 	28	 
	 
	Section 7.14 Headings
	 	 	29	 

Revolving Credit Agreement (Class B)
(2010-1B EETC)

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	 	 	Page	 
	Section 7.15 Liquidity Provider’s Obligation to Make Advances
	 	 	29	 
	 
	Section 7.16 Head Office Obligations
	 	 	29	 

	 	 	 	 	 

	Annex I

	 	—
	 	Form of Interest Advance Notice of Borrowing
	Annex II

	 	—
	 	Form of Non-Extension Advance Notice of Borrowing
	Annex III

	 	—
	 	Form of Downgrade Advance Notice of Borrowing
	Annex IV

	 	—
	 	Form of Final Advance Notice of Borrowing
	Annex V

	 	—
	 	Form of Special Termination Advance Notice of Borrowing
	Annex VI

	 	—
	 	Form of Notice of Termination
	Annex VII

	 	—
	 	Form of Notice of Special Termination
	Annex VIII

	 	—
	 	Form of Notice of Replacement Subordination Agent

Revolving Credit Agreement (Class B)
(2010-1B EETC)

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REVOLVING CREDIT AGREEMENT

(2010-1B)

     This REVOLVING CREDIT AGREEMENT (2010-1B), dated as of February 14, 2011, is made by and
between U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association, not in its individual
capacity but solely as Subordination Agent (such term and other capitalized terms used herein
without definition being defined as provided in Article I) under the Intercreditor Agreement (as
defined below), as agent and trustee for the Class B Trustee (in such capacity, together with its
successors in such capacity, the “Borrower”), and NATIXIS S.A. (“Natixis”), a French société
anonyme, acting via its New York Branch (the “Liquidity Provider”).

W I T N E S S E T H:

     WHEREAS, pursuant to the Class B Trust Agreement, the Class B Trust is issuing the Class B
Certificates; and

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

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good
and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.01 Definitions. (a) The definitions stated herein apply equally to both
the singular and the plural forms of the terms defined.

          (b) All references in this Agreement to designated “Articles”, “Sections”, “Annexes” and other
subdivisions are to the designated Article, Section, Annex or other subdivision of this Agreement,
unless otherwise specifically stated.

          (c) The words “herein”, “hereof” and “hereunder” and other words of similar import refer to
this Agreement as a whole and not to any particular Article, Section, Annex or other subdivision.

          (d) Unless the context otherwise requires, whenever the words “including”, “include” or
“includes” are used herein, it shall be deemed to be followed by the phrase “without limitation”.

          (e) All references in this Agreement to a Person shall include successors and permitted
assigns of such Person.

Revolving Credit Agreement (Class B)
(2010-1B EETC)

 

 

          (f) For the purposes of this Agreement, unless the context otherwise requires, the following
capitalized terms shall have the following meanings:

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

     “Agreement” means this Agreement, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.

     “Applicable Liquidity Rate” has the meaning specified in Section 3.07(g).

     “Applicable Margin” means (a) with respect to any Interest Advance, Final Advance, Applied
Provider Advance or Applied Special Termination Advance, 4.00% per annum, (b) with respect to any
Unapplied Provider Advance, the rate per annum specified in the Fee Letter or (c) with respect to
any Special Termination Advance, the rate per annum specified in the Fee Letter.

     “Applied Downgrade Advance” has the meaning specified in Section 2.06(a).

     “Applied Non-Extension Advance” has the meaning specified in Section 2.06(a).

     “Applied Provider Advance” means an Applied Downgrade Advance or an Applied Non-Extension
Advance.

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

     “Base Rate” means a fluctuating interest rate per annum in effect from time to time, which
rate per annum shall at all times be equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds
brokers, as published for each day in the period for which the Base Rate is to be determined (or,
if such day is not a Business Day, for the preceding Business Day) by the Federal Reserve Bank of
New York, or if such rate is not so published for any day that is a Business Day, the average of
the quotations for such day for such transactions received by the Liquidity Provider from three
Federal funds brokers of recognized standing selected by it (and reasonably satisfactory to Delta)
plus one-quarter of one percent (0.25%).

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

     “Borrower” has the meaning specified in the introductory paragraph to this Agreement.

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

     “Business Day” means any day other than a Saturday, a Sunday or a day on which commercial
banks are required or authorized to close in New York, New York, Atlanta, Georgia,

Revolving Credit Agreement (Class B)
(2010-1B EETC)

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Wilmington, Delaware, or, so long as any Class B Certificate is outstanding, the city and
state in which the Class B Trustee, the Borrower or any related Loan Trustee maintains its
Corporate Trust Office or receives or disburses funds, and, if the applicable Business Day relates
to any Advance or other amount bearing interest based on the LIBOR Rate, on which dealings are
carried on in the London interbank market.

     “Consent Period” has the meaning specified in Section 2.10.

     “Covered Taxes” means any Taxes imposed by the United States, or any political subdivision or
taxing authority thereof or therein, that are required by law to be deducted or withheld from any
amounts payable to the Liquidity Provider under this Agreement other than (i) any Tax on, based on
or measured by net income, franchises or conduct of business, (ii) any Tax imposed, levied,
withheld or assessed as a result of any connection between the Liquidity Provider and the United
States or such political subdivision or taxing authority, other than a connection arising solely
from the Liquidity Provider’s having executed, delivered, performed its obligations or received a
payment under, or enforced, any Operative Agreement, (iii) any Tax attributable to the inaccuracy
in or breach by the Liquidity Provider of any of its representations, warranties or covenants
contained in any Operative Agreement to which it is a party or the inaccuracy of any form,
certificate or document furnished pursuant thereto, (iv) any withholding Taxes imposed by the
United States except to the extent such withholding Taxes would not have been required to be
deducted or withheld from payments hereunder but for a change after the date hereof in the U.S.
Internal Revenue Code or the Treasury Regulations thereunder that affects the exemption for income
that is effectively connected with the conduct of a trade or business within the United States, (v)
any withholding Taxes imposed by the United States which are imposed or increased as a result of
the Liquidity Provider failing to deliver to the Borrower any form, certificate or document (which
form, certificate or document, in the good faith judgment of the Liquidity Provider, it is legally
entitled to provide) which is reasonably requested by the Borrower to establish that payments under
this Agreement are exempt from (or entitled to a reduced rate of) withholding Tax, or (vi) any
change in the Lending Office without the prior written consent of Delta (such consent not to be
unreasonably withheld).

     “Delivery Period Termination Date” has the meaning specified in the Note Purchase Agreement.

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

     “Downgrade Event” means a downgrading of the Liquidity Provider’s Short-Term Rating issued by
either Rating Agency (or if the Liquidity Provider does not have a Short-Term Rating issued by a
given Rating Agency, the Long-Term Rating issued by such Rating Agency) below the applicable
Threshold Rating.

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

     “Excluded Taxes” means (a) Taxes imposed on the overall net income of the Liquidity Provider,
(b) Taxes imposed on the “effectively connected income” of its Lending Office, (c)

Revolving Credit Agreement (Class B)
(2010-1B EETC)

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Covered Taxes that are indemnified pursuant to Section 3.03 hereof, and (d) Taxes described in
clauses (i) through (vi) in the definition of “Covered Taxes”.

     “Expenses” means liabilities, losses, damages, costs and expenses (including, without
limitation, reasonable fees and disbursements of legal counsel), provided that Expenses
shall not include any Taxes other than sales, use and V.A.T. taxes imposed on fees and expenses
payable pursuant to Section 7.07.

     “Expiry Date” means July 1, 2011, initially, or any date to which the Expiry Date is extended
pursuant to Section 2.10.

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

     “Head Office” has the meaning specified in Section 7.16.

     “Increased Cost” has the meaning specified in Section 3.01.

     “Intercreditor Agreement” means the Intercreditor Agreement, dated as of July 2, 2010, among
the Class A Trustee, the Class A Liquidity Provider and the Subordination Agent, as amended by
Amendment No. 1 to Intercreditor Agreement (2010-1), dated as of the date hereof, among Delta, the
Class A Trustee, the Class B Trustee, the Subordination Agent, the Class A Liquidity Provider and
the Liquidity Provider, as the same may be further amended, supplemented or otherwise modified from
time to time in accordance with its terms.

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

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

     (i) the period beginning on the third Business Day following either (A) the Liquidity
Provider’s receipt of the Notice of Borrowing for such LIBOR Advance or (B) the date of the
withdrawal of funds from the Class B Cash Collateral Account for the purpose of paying
interest on the Class B Certificates as contemplated by Section 2.06(a) hereof and, in each
case, ending on the next numerically corresponding day in the sixth calendar month after the
first day of the applicable Interest Period; and

     (ii) each subsequent period commencing on the last day of the immediately preceding
Interest Period and ending on the numerically corresponding day in the sixth calendar month
after the first day of the applicable Interest Period;

provided, however, that if (x) the Final Advance shall have been made pursuant to
Section 2.02(c) or (y) other outstanding Advances shall have been converted into the Final Advance
pursuant to Section 6.01(a), then the Interest Periods shall be successive periods of one month
beginning on (A) the third Business Day following the Liquidity Provider’s receipt of the Notice of
Borrowing for such Final Advance (in the case of clause (x) above) or (B) the Regular Distribution
Date following such conversion (in the case of clause (y) above).

Revolving Credit Agreement (Class B)
(2010-1B EETC)

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     “Lending Office” means the lending office of the Liquidity Provider through which it acts for
purposes of this Agreement, which is presently located at 9 West 57th Street,
35th Floor, New York, New York 10019, or such other lending office as the Liquidity
Provider from time to time shall notify the Borrower as its lending office hereunder;
provided that the Liquidity Provider shall not change its Lending Office without the prior
written consent of Delta (such consent not to be unreasonably withheld).

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

     “LIBOR Rate” means, with respect to any Interest Period, (a) the interest rate per annum equal
to the rate per annum at which deposits in Dollars are offered in the London interbank market as
shown on the Reuters Screen LIBOR01 (or such other page or screen as may replace such Reuters
Screen) at approximately 11:00 a.m. (London time) on the day that is two Business Days prior to the
first day of such Interest Period, for a period comparable to such Interest Period, or (b) if no
such rate appears on such Reuters Screen (or otherwise as aforesaid), the interest rate per annum
equal to the average (rounded up, if necessary, to the nearest 1/100th of 1%) of the rates per
annum at which deposits in Dollars are offered by the Reference Banks (or, if fewer than all of the
Reference Banks are quoting a rate for deposits in Dollars for the applicable period and amount,
such fewer number of Reference Banks) at approximately 11:00 a.m. (London time) on the day that is
two Business Days prior to the first day of such Interest Period to prime banks in the London
interbank market for a period comparable to such Interest Period and in an amount approximately
equal to the principal amount of the LIBOR Advance to be outstanding during such Interest Period,
or (c) if none of the Reference Banks is quoting a rate for deposits in Dollars in the London
interbank market for such a period and amount, the interest rate per annum equal to the average
(rounded up, if necessary, to the nearest 1/100th of 1%) of the rates at which deposits in Dollars
are offered by the principal New York offices of the Reference Banks (or, if fewer than all of the
Reference Banks are quoting a rate for deposits in Dollars in the New York interbank market for the
applicable period and amount, such fewer number of Reference Banks) at approximately 11:00 a.m.
(New York time) on the day that is two Business Days prior to the first day of such Interest Period
to prime banks in the New York interbank market for a period comparable to such Interest Period and
in an amount approximately equal to the principal amount of the LIBOR Advance to be outstanding
during such Interest Period, or (d) if none of the principal New York offices of the Reference
Banks is quoting a rate for deposits in Dollars in the New York interbank market for the applicable
period and amount, the Base Rate.

     “Liquidity Event of Default” means the occurrence of either (a) the Acceleration of all of the
Equipment Notes (provided that, with respect to the period prior to the Delivery Period
Termination Date, the aggregate principal balance of such Equipment Notes is in excess of
$150,000,000) or (b) a Delta Bankruptcy Event.

     “Liquidity Indemnitee” means the Liquidity Provider, its directors, officers, employees and
agents, and its successors and permitted assigns.

Revolving Credit Agreement (Class B)
(2010-1B EETC)

5 

 

     “Liquidity Provider” has the meaning specified in the introductory paragraph to this
Agreement.

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

     “Maximum Commitment” means $9,605,244, as the same may be reduced from time to time in
accordance with Section 2.04(a).

     “Natixis” has the meaning specified in the introductory paragraph to this Agreement.

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

     “Notice of Borrowing” has the meaning specified in Section 2.02(e).

     “Notice of Replacement Subordination Agent” has the meaning specified in Section 3.08.

     “Participation” has the meaning specified in Section 7.08(b).

     “Performing Note Deficiency” means any time that less than 65% of the then aggregate
outstanding principal amount of all Equipment Notes are Performing Equipment Notes.

     “Permitted Transferee” means any Person that:

     (a) is not a commercial air carrier, Delta or any affiliate of Delta; and

     (b) is any one of:

     (1) a commercial banking institution organized under the laws of the United States or
any state thereof or the District of Columbia;

     (2) a commercial banking institution that (x) is organized under the laws of France,
Germany, The Netherlands, Switzerland or the United Kingdom, (y) is entitled on the date it
acquires any Participation to a complete exemption from United States federal income taxes
for all income derived by it from the transactions contemplated by the Operative Agreements
under an income tax treaty, as in effect on such date, between the United States and such
jurisdiction of its organization and (z) is engaged in the active conduct of a banking
business in such jurisdiction of its organization, holds its Participation in connection
with such banking business in such jurisdiction and is regulated as a commercial banking
institution by the appropriate regulatory authorities in such jurisdiction; or

     (3) a commercial banking institution that (x) is organized under the laws of Canada,
France, Germany, Ireland, Japan, Luxembourg, The Netherlands, Sweden, Switzerland or the
United Kingdom and (y) is entitled on the date it acquires any

Revolving Credit Agreement (Class B)
(2010-1B EETC)

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Participation to a complete exemption from withholding of United States federal income
taxes for all income derived by it from the transactions contemplated by the Operative
Agreements under laws as in effect on such date by reason of such income being effectively
connected with the conduct of a trade or business within the United States.

     “Prospectus Supplement” means the Prospectus Supplement dated February 7, 2011, relating to
the Class B Certificates, as such Prospectus Supplement may be amended or supplemented.

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

     “Rate Determination Notice” has the meaning specified in Section 3.07(g).

     “Reference Banks” means the principal London offices of: Barclays Bank plc; Citibank, N.A. and
Natixis; and such other or additional banking institutions as may be designated from time to time
by mutual agreement of Delta and the Liquidity Provider.

     “Regulatory Change” means (x) the enactment, adoption or promulgation, after the date of this
Agreement, of any law or regulation by a United States federal or state government or by any
government having jurisdiction over the Liquidity Provider, or any change, after the date of this
Agreement, in any such law or regulation, or in the interpretation thereof by any governmental
authority, central bank or comparable agency of the United States or any government having
jurisdiction over the Liquidity Provider charged with responsibility for the administration or
application thereof, that shall impose, modify or deem applicable, or (y) the compliance by the
Liquidity Provider (or its head office) with any applicable direction or requirement (whether or
not having the force of law) of any central bank or competent governmental or other authority,
after the date of this Agreement, with respect to: (a) any reserve, special deposit or similar
requirement against extensions of credit or other assets of, or deposits with or other liabilities
of, the Liquidity Provider including, or by reason of, the Advances, or (b) any capital adequacy
requirement requiring the maintenance by the Liquidity Provider of additional capital in respect of
any Advances or the Liquidity Provider’s obligation to make any such Advances, or (c) any
requirement to maintain liquidity or liquid assets in respect of the Liquidity Provider’s
obligation to make any such Advances, or (d) any Taxes (other than Excluded Taxes) with respect to
the amounts payable or paid to the Liquidity Provider or any change in the basis of taxation of any
amounts payable to the Liquidity Provider (other than in respect of Excluded Taxes).

     “Replenishment Amount” has the meaning specified in Section 2.06(b).

     “Required Amount” means, for any day, the sum of the aggregate amount of interest, calculated
at the rate per annum equal to the Stated Interest Rate for the Class B Certificates on the basis
of a 360-day year comprised of twelve 30-day months, that would be payable on the Class B
Certificates on each of the three successive semiannual Regular Distribution Dates immediately
following such day or, if such day is a Regular Distribution Date, on such day and the succeeding
two semiannual Regular Distribution Dates, in each case calculated on the basis of the Pool Balance
of the Class B Certificates on such day and without regard to expected future distributions of
principal on the Class B Certificates.

Revolving Credit Agreement (Class B)
(2010-1B EETC)

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     “Special Termination Advance” means an Advance made pursuant to Section 2.02(d), other than
any portion of such Advance that becomes an Applied Special Termination Advance.

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

     “Termination Date” means the earliest to occur of the following: (i) the Expiry Date; (ii)
the date on which the Borrower delivers to the Liquidity Provider a certificate, signed by a
Responsible Officer of the Borrower, certifying that all of the Class B Certificates have been paid
in full (or provision has been made for such payment in accordance with the Intercreditor Agreement
and the Class B Trust Agreement) or are otherwise no longer entitled to the benefits of this
Agreement; (iii) the date on which the Borrower delivers to the Liquidity Provider a certificate,
signed by a Responsible Officer of the Borrower, certifying that a Replacement Liquidity Facility
has been substituted for this Agreement in full pursuant to Section 3.05(e) of the Intercreditor
Agreement; (iv) the fifth Business Day following the receipt by the Borrower of a Termination
Notice or a Special Termination Notice from the Liquidity Provider pursuant to Section 6.01(a) or
6.01(b), as applicable; and (v) the date on which no Advance is or may (including by reason of
reinstatement as herein provided) become available for a Borrowing hereunder.

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

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

     “Unpaid Advance” has the meaning specified in Section 2.05.

     For the purposes of this Agreement, the following terms shall have the respective meanings
specified in the Intercreditor Agreement:

     “Acceleration”, “Certificate”, “Class A Certificates”, “Class A Liquidity Facility”, “Class A
Liquidity Provider”, “Class A Trustee”, “Class B Cash Collateral Account”, “Class B Certificates”,
“Class B Certificateholders”, “Class B Issuance Date”, “Class B Trust”, “Class B Trust Agreement”,
“Class B Trustee”, “Class B Underwriters”, “Class B Underwriting Agreement”, “Collection Account”,
“Corporate Trust Office”, “Delta”, “Delta Bankruptcy Event”, “Distribution Date”, “Dollars”,
“Downgraded Facility”, “Equipment Notes”, “Fee Letter”, “Final Legal Distribution Date”,
“Indenture”, “Interest Payment Date”, “Investment Earnings”, “Liquidity Facility”, “Loan Trustee”,
“Long-Term Rating”, “Non-Extended Facility”, “Note Purchase Agreement”, “Operative Agreements”,
“Participation Agreements”, “Performing Equipment Note”, “Person”, “Pool Balance”, “Rating
Agencies”, “Regular Distribution Date”, “Replacement Liquidity Facility”, “Responsible Officer”,
“Series B Equipment Notes”, “Scheduled Payment”, “Short-Term Rating”, “Special Payment”, “Stated
Interest Rate”, “Subordination Agent”, “Taxes”, “Threshold Rating”, “Trust Agreement”, “Trustee”
and “United States”.

Revolving Credit Agreement (Class B)
(2010-1B EETC)

8 

 

ARTICLE II

AMOUNT AND TERMS OF THE COMMITMENT

     Section 2.01 The Advances. The Liquidity Provider hereby irrevocably agrees, on the
terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on
any Business Day during the period from the Effective Date until 12:00 noon (New York City time) on
the Expiry Date (unless the obligations of the Liquidity Provider shall be earlier terminated in
accordance with the terms of Section 2.04(b)) in an aggregate amount at any time outstanding not to
exceed the Maximum Commitment.

     Section 2.02 Making of Advances. (a) Each Interest Advance shall be made by the
Liquidity Provider upon delivery to the Liquidity Provider of a written and completed Notice of
Borrowing in substantially the form of Annex I, signed by a Responsible Officer of the Borrower,
such Interest Advance to be in an amount not exceeding the Maximum Available Commitment at such
time and used solely for the payment when due of interest with respect to the Class B Certificates
at the Stated Interest Rate therefor in accordance with Section 3.05(a) and 3.05(b) of the
Intercreditor Agreement. Each Interest Advance made hereunder shall automatically reduce the
Maximum Available Commitment and the amount available to be borrowed hereunder by subsequent
Advances by the amount of such Interest Advance (subject to reinstatement as provided in the next
sentence). Upon repayment to the Liquidity Provider in full or in part of the amount of any
Interest Advance made pursuant to this Section 2.02(a), together with accrued interest thereon (as
provided herein), the Maximum Available Commitment shall be reinstated by an amount equal to the
amount of such Interest Advance so repaid, but not to exceed the Maximum Commitment;
provided, however, that the Maximum Available Commitment shall not be so reinstated
at any time if (x) both a Performing Note Deficiency exists and a Liquidity Event of Default shall
have occurred and be continuing or (y) a Final Advance, a Downgrade Advance, a Non-Extension
Advance or a Special Termination Advance shall have occurred.

          (b) (i) A Non-Extension Advance shall be made by the Liquidity Provider if this Agreement is
not extended in accordance with Section 3.05(d) of the Intercreditor Agreement unless a Replacement
Liquidity Facility to replace this Agreement shall have been previously delivered to the Borrower
in accordance with said Section 3.05(d), upon delivery to the Liquidity Provider of a written and
completed Notice of Borrowing in substantially the form of Annex II, signed by a Responsible
Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and
shall be used to fund the Class B Cash Collateral Account in accordance with Sections 3.05(d) and
3.05(f) of the Intercreditor Agreement.

          (ii) A Downgrade Advance shall be made by the Liquidity Provider upon the occurrence of a
Downgrade Event (as provided for in Section 3.05(c) of the Intercreditor Agreement) unless a
Replacement Liquidity Facility to replace this Agreement shall have been previously delivered to
the Borrower in accordance with said Section 3.05(c), upon delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex III, signed by a
Responsible Officer of the Borrower, in an amount equal to the

Revolving Credit Agreement (Class B)
(2010-1B EETC)

9 

 

Maximum Available Commitment at such time, and shall be used to fund the Class B Cash
Collateral Account in accordance with Sections 3.05(c) and 3.05(f) of the Intercreditor Agreement.

          (c) A Final Advance shall be made by the Liquidity Provider following the receipt by the
Borrower of a Termination Notice from the Liquidity Provider pursuant to Section 6.01(a) upon
delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially
the form of Annex IV, signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to fund the Class B Cash Collateral
Account (in accordance with Sections 3.05(f) and 3.05(i) of the Intercreditor Agreement).

          (d) A Special Termination Advance shall be made in a single Borrowing upon the receipt by the
Borrower of a Special Termination Notice from the Liquidity Provider pursuant to Section 6.01(b),
by delivery to the Liquidity Provider of a written and completed Notice of Borrowing in
substantially the form of Annex V, signed by a Responsible Officer of the Borrower, in an amount
equal to the Maximum Available Commitment at such time, and shall be used to fund the Class B Cash
Collateral Account (in accordance with Section 3.05(f) and Section 3.05(k) of the Intercreditor
Agreement).

          (e) Each Borrowing shall be made by notice in writing (a “Notice of Borrowing”) in
substantially the form required by Section 2.02(a), 2.02(b), 2.02(c) or 2.02(d), as the case may
be, given by the Borrower to the Liquidity Provider. If a Notice of Borrowing is delivered by the
Borrower in respect of any Borrowing no later than 12:30 p.m. (New York City time) on a Business
Day, upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to such
requested Borrowing, the Liquidity Provider shall make available to the Borrower, in accordance
with its payment instructions, the amount of such Borrowing in Dollars and immediately available
funds, before 4:00 p.m. (New York City time) on such Business Day or before 12:30 p.m. (New York
City time) on such later Business Day specified in such Notice of Borrowing. If a Notice of
Borrowing is delivered by the Borrower in respect of any Borrowing after 12:30 p.m. (New York City
time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02
with respect to such requested Borrowing, the Liquidity Provider shall make available to the
Borrower, in accordance with its payment instructions, the amount of such Borrowing in Dollars and
immediately available funds, before 1:00 p.m. (New York City time) on the first Business Day next
following the day of receipt of such Notice of Borrowing or on such later Business Day specified by
the Borrower in such Notice of Borrowing. Payments of proceeds of a Borrowing shall be made by
wire transfer of immediately available funds to the Borrower in accordance with such wire transfer
instructions as the Borrower shall furnish from time to time to the Liquidity Provider for such
purpose. Each Notice of Borrowing shall be irrevocable and binding on the Borrower. Each Notice
of Borrowing shall be effective upon delivery of a copy thereof to the Liquidity Provider at the
address and in the manner specified in Section 7.02 hereof.

          (f) Upon the making of any Advance requested pursuant to a Notice of Borrowing in accordance
with the Borrower’s payment instructions, the Liquidity Provider shall be fully discharged of its
obligation hereunder with respect to such Notice of Borrowing, and the

Revolving Credit Agreement (Class B)
(2010-1B EETC)

10 

 

Liquidity Provider shall not thereafter be obligated to make any further Advances hereunder in
respect of such Notice of Borrowing to the Borrower or to any other Person (including the Class B
Trustee or any Class B Certificateholder). If the Liquidity Provider makes an Advance requested
pursuant to a Notice of Borrowing before 12:00 noon (New York City time) on the second Business Day
after the date of payment specified in Section 2.02(e), the Liquidity Provider shall have fully
discharged its obligations hereunder with respect to such Advance and an event of default shall not
have occurred hereunder. Following the making of any Advance pursuant to Section 2.02(b), 2.02(c)
or 2.02(d) to fund the Class B Cash Collateral Account, the Liquidity Provider shall have no
interest in or rights to the Class B Cash Collateral Account, such Advance or any other amounts
from time to time on deposit in the Class B Cash Collateral Account; provided that the
foregoing shall not affect or impair the obligations of the Subordination Agent to make the
distributions contemplated by Section 3.05(e) or 3.05(f) of the Intercreditor Agreement. By paying
to the Borrower proceeds of Advances requested by the Borrower in accordance with the provisions of
this Agreement, the Liquidity Provider makes no representation as to, and assumes no responsibility
for, the correctness or sufficiency for any purpose of the amount of the Advances so made and
requested.

     Section 2.03 Fees. The Borrower agrees to pay to the Liquidity Provider the fees set
forth in the Fee Letter.

     Section 2.04 Reduction or Termination of the Maximum Commitment. (a) Automatic
Reduction. Promptly following each date on which the Required Amount is reduced as a result of
a reduction in the Pool Balance of the Class B Certificates, the Maximum Commitment shall
automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the
Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum
Commitment to the Liquidity Provider and Delta within two Business Days thereof. The failure by
the Borrower to furnish any such notice shall not affect any such automatic reduction of the
Maximum Commitment.

          (b) Termination. Upon the making of any Provider Advance, Special Termination Advance
or Final Advance hereunder or the occurrence of the Termination Date, the obligation of the
Liquidity Provider to make further Advances hereunder shall automatically and irrevocably
terminate, and the Borrower shall not be entitled to request any further Borrowing hereunder.

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

Revolving Credit Agreement (Class B)
(2010-1B EETC)
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Downgraded Facility or Non-Extended Facility at any time when unreimbursed Interest Advances
have reduced the Maximum Available Commitment to zero, then such Interest Advances shall cease to
constitute Unpaid Advances and shall be deemed to have been changed into an Applied Downgrade
Advance or an Applied Non-Extension Advance, as the case may be, for all purposes of this Agreement
(including, without limitation, for the purpose of determining when such Interest Advance is
required to be repaid to the Liquidity Provider in accordance with Section 2.06 and for the
purposes of Section 2.06(b)); provided, further, that amounts in respect of a
Special Termination Advance withdrawn from the Class B Cash Collateral Account for the purpose of
paying interest on the Class B Certificates in accordance with Section 3.05(f) of the Intercreditor
Agreement (the portion of the outstanding Special Termination Advance equal to the amount of any
such withdrawal, but not in excess of the outstanding Special Termination Advance, being an
“Applied Special Termination Advance”) shall thereafter (subject to Section 2.06(b)) be treated as
an Interest Advance under this Agreement for purposes of determining the Applicable Liquidity Rate
for interest payable thereon; provided, further, that if, following the making of a
Special Termination Advance, the Liquidity Provider delivers a Termination Notice to the Borrower
pursuant to Section 6.01(a), such Special Termination Advance (including any portion thereof that
is an Applied Special Termination Advance) shall thereafter be treated as a Final Advance under
this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable
thereon; and, provided, further, that if, after making a Provider Advance, the
Liquidity Provider delivers a Special Termination Notice to the Borrower pursuant to Section
6.01(b), any Unapplied Provider Advance shall be converted to and treated as a Special Termination
Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for
interest payable thereon and the obligation for repayment thereof under the Intercreditor
Agreement. The Borrower and the Liquidity Provider agree that the repayment in full of each
Interest Advance, Special Termination Advance and Final Advance on the date such Advance is made is
intended to be a contemporaneous exchange for new value given to the Borrower by the Liquidity
Provider. For the avoidance of doubt, interest payable on an Interest Advance, Special Termination
Advance or the Final Advance shall not be regarded as overdue unless such interest is not paid when
due under Section 3.07.

     Section 2.06 Repayments of Provider Advances. (a) Amounts advanced hereunder in
respect of a Provider Advance shall be deposited in the Class B Cash Collateral Account and
invested and withdrawn from the Class B Cash Collateral Account as set forth in Sections 3.05(c),
3.05(d), 3.05(e) and 3.05(f) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09,
the Borrower agrees to pay to the Liquidity Provider, on each Regular Distribution Date, commencing
on the first Regular Distribution Date after the making of a Provider Advance, interest on the
principal amount of any such Provider Advance, in the amounts determined as provided in Section
3.07; provided, however, that amounts in respect of a Provider Advance withdrawn
from the Class B Cash Collateral Account for the purpose of paying interest on the Class B
Certificates in accordance with Section 3.05(f) of the Intercreditor Agreement (the amount of any
such withdrawal being (y), in the case of a Downgrade Advance, an “Applied Downgrade Advance” and
(z) in the case of a Non-Extension Advance, an “Applied Non-Extension Advance” and together with an
Applied Downgrade Advance, an “Applied Provider Advance”) shall thereafter (subject to Section
2.06(b)) be treated as an Interest Advance under this Agreement for purposes of determining the
Applicable Liquidity Rate for interest payable thereon; provided, further,
however, that if, following the making of a Provider Advance, the

Revolving Credit Agreement (Class B)
(2010-1B EETC)
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Liquidity Provider delivers a Termination Notice to the Borrower pursuant to Section 6.01(a),
such Provider Advance shall thereafter be treated as a Final Advance under this Agreement for
purposes of determining the Applicable Liquidity Rate for interest payable thereon. Subject to
Sections 2.07 and 2.09, immediately upon the withdrawal of any amounts from the Class B Cash
Collateral Account on account of a reduction in the Required Amount, the Borrower shall repay to
the Liquidity Provider a portion of the Provider Advances in a principal amount equal to such
reduction, plus interest on the principal amount so repaid as provided in Section 3.07.

          (b) At any time when an Applied Provider Advance or Applied Special Termination Advance (or
any portion thereof) is outstanding, upon the deposit in the Class B Cash Collateral Account of any
amount pursuant to clause “fourth” of Section 3.02 of the Intercreditor Agreement (any such amount
being a “Replenishment Amount”) for the purpose of replenishing or increasing the balance thereof
up to the Required Amount at such time, (i) the aggregate outstanding principal amount of all
Applied Provider Advances and Applied Special Termination Advances (and of Provider Advances and
Special Termination Advances treated as Interest Advances for purposes of determining the
Applicable Liquidity Rate for interest payable thereon) shall be automatically reduced by the
amount of such Replenishment Amount, and (ii) the aggregate outstanding principal amount of all
Unapplied Provider Advances shall be automatically increased by the amount of such Replenishment
Amount.

          (c) Upon the provision of a Replacement Liquidity Facility in replacement of this Agreement in
accordance with Section 3.05(e) of the Intercreditor Agreement, as provided in Section 3.05(f) of
the Intercreditor Agreement, amounts remaining on deposit in the Class B Cash Collateral Account
after giving effect to any Applied Provider Advance on the date of such replacement shall be
reimbursed to the Liquidity Provider, but only to the extent such amounts are necessary to repay in
full to the Liquidity Provider all amounts owing to it hereunder.

     Section 2.07 Payments to the Liquidity Provider Under the Intercreditor Agreement. In
order to provide for payment or repayment to the Liquidity Provider of any amounts hereunder, the
Intercreditor Agreement provides that amounts available and referred to in Articles II and III of
the Intercreditor Agreement, to the extent payable to the Liquidity Provider pursuant to the terms
of the Intercreditor Agreement (including, without limitation, Section 3.05(f) of the Intercreditor
Agreement), shall be paid to the Liquidity Provider in accordance with the terms thereof (but, for
the avoidance of doubt, without duplication of or increase in any amounts payable hereunder).
Amounts so paid to the Liquidity Provider shall be applied by the Liquidity Provider in the order
of priority required by the applicable provisions of Articles II and III of the Intercreditor
Agreement and shall discharge in full the corresponding obligations of the Borrower hereunder.

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

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 13 

 

     Section 2.09 Payments from Available Funds Only. All payments to be made by the
Borrower under this Agreement shall be made only from the amounts that constitute Scheduled
Payments, Special Payments and other payments under the Operative Agreements, including payment
under Section 4.02 of the Participation Agreements and payments under Section 2.14 of the
Indentures, and only to the extent that the Borrower shall have sufficient income or proceeds
therefrom to enable the Borrower to make payments in accordance with the terms hereof after giving
effect to the priority of payments provisions set forth in the Intercreditor Agreement. The
Liquidity Provider agrees that it will look solely to such amounts to the extent available for
distribution to it as provided in the Intercreditor Agreement and this Agreement and that the
Borrower, in its individual capacity, is not personally liable to it for any amounts payable or
liability under this Agreement except as expressly provided in this Agreement, the Intercreditor
Agreement or any Participation Agreement. Amounts on deposit in the Class B Cash Collateral
Account shall be available to the Borrower to make payments under this Agreement only to the extent
and for the purposes expressly contemplated in Section 3.05(f) of the Intercreditor Agreement.

     Section 2.10 Extension of the Expiry Date; Non-Extension Advance. No earlier than the
60th day and no later than the 40th day prior to the then effective Expiry Date (unless such Expiry
Date is on or after the date that is 15 days after the Final Legal Distribution Date for the Class
B Certificates), the Borrower shall request that the Liquidity Provider extend the Expiry Date to
the earlier of (i) the date that is 15 days after the Final Legal Distribution Date for the Class B
Certificates and (ii) the date that is the day immediately preceding the 364th day occurring after
the last day of the Consent Period (as hereinafter defined). Whether or not the Borrower has made
such request, the Liquidity Provider shall advise the Borrower no earlier than the 40th day (or, if
earlier, the date of the Liquidity Provider’s receipt of such request, if any, from the Borrower)
and no later than the 25th day prior to the then effective Expiry Date (such period, the “Consent
Period”), whether, in its sole discretion, it agrees to so extend the Expiry Date. If the
Liquidity Provider advises the Borrower on or before the date on which the Consent Period ends that
such Expiry Date shall not be so extended, or fails to irrevocably and unconditionally advise the
Borrower on or before the date on which the Consent Period ends that such Expiry Date shall be so
extended (and, in each case, if the Liquidity Provider shall not have been replaced in accordance
with Section 3.05(e) of the Intercreditor Agreement), the Borrower shall be entitled on and after
the date on which the Consent Period ends (but prior to the then effective Expiry Date) to request
a Non-Extension Advance in accordance with Section 2.02(b)(i) and Section 3.05(d) of the
Intercreditor Agreement.

ARTICLE III

OBLIGATIONS OF THE BORROWER

     Section 3.01 Increased Costs. Without duplication of any rights created by Section
3.03, if as a result of any Regulatory Change there shall be any increase by an amount reasonably
deemed by the Liquidity Provider to be material in the actual cost to the Liquidity Provider of
making, funding or maintaining any Advances or its obligation to make any such Advances or there
shall be any reduction by an amount reasonably deemed by the Liquidity Provider to be material in
the amount receivable by the Liquidity Provider under this Agreement or the

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 14 

 

Intercreditor Agreement in respect thereof, and in case of either such an increase or
reduction, such event does not arise from the gross negligence or willful misconduct of the
Liquidity Provider, from its breach of any of its representations, warranties, covenants or
agreements contained herein or in the Intercreditor Agreement or from its failure to comply with
any such Regulatory Change (any such increase or reduction being referred to herein as an
“Increased Cost”), then, subject to Sections 2.07 and 2.09, the Borrower shall from time to time
pay to the Liquidity Provider an amount equal to such Increased Cost within 10 Business Days after
delivery to the Borrower and Delta of a certificate of an officer of the Liquidity Provider
describing in reasonable detail the event by reason of which it claims such Increased Cost and the
basis for the determination of the amount of such Increased Cost; provided that the
Borrower shall be obligated to pay amounts only with respect to any Increased Costs accruing from
the date 120 days prior to the date of delivery of such certificate. Such certificate, in the
absence of manifest error, shall be considered prima facie evidence of the amount of the Increased
Costs for purposes of this Agreement; provided that any determinations and allocations by
the Liquidity Provider of the effect of any Regulatory Change on the costs of maintaining the
Advances or the obligation to make Advances are made on a reasonable basis. For the avoidance of
doubt, the Liquidity Provider shall not be entitled to assert any claim under this Section 3.01 in
respect of or attributable to Excluded Taxes. The Liquidity Provider will notify the Borrower and
Delta as promptly as practicable of any event occurring after the date of this Agreement that will
entitle the Liquidity Provider to compensation under this Section 3.01. The Liquidity Provider
agrees to investigate all commercially reasonable alternatives for reducing any Increased Costs and
to use all commercially reasonable efforts to avoid or minimize, to the greatest extent possible,
any claim in respect of Increased Costs, including, without limitation, by designating a different
Lending Office, if such designation or other action would avoid the need for, or reduce the amount
of, any such claim; provided that the foregoing shall not obligate the Liquidity Provider
to take any action that would, in its reasonable judgment, cause the Liquidity Provider to take any
action that is not materially consistent with its internal policies or is otherwise materially
disadvantageous to the Liquidity Provider or that would cause the Liquidity Provider to incur any
material loss or cost, unless the Borrower or Delta agrees to reimburse or indemnify the Liquidity
Provider therefor. If no such designation or other action is effected, or, if effected, such
notice fails to avoid the need for any claim in respect of Increased Costs, Delta may arrange for a
Replacement Liquidity Facility in accordance with Section 3.05(e) of the Intercreditor Agreement.

     Notwithstanding the foregoing provisions, in no event shall the Borrower be required to make
payments under this Section 3.01: (a) in respect of any Regulatory Change proposed by any
applicable governmental authority (including any branch of a legislature), central bank or
comparable agency of the United States or the Liquidity Provider’s jurisdiction of organization or
in which its Lending Office is located and pending as of the date of this Agreement (it being
agreed that the Regulatory Changes contemplated by the Consultative Documents issued by the Basel
Committee on Banking Supervision entitled “Strengthening the resilience of the banking sector” and
“International framework for liquidity risk measurement, standards and monitoring,” each dated
December 2009, shall not be considered to have been proposed or pending as of the date of this
Agreement); (b) if a claim hereunder in respect of an Increased Cost arises through circumstances
peculiar to the Liquidity Provider and that do not affect similarly organized commercial banking
institutions in the same jurisdiction generally that are in compliance with

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 15 

 

the law, rule, regulation or interpretation giving rise to the Regulatory Change relating to
such Increased Cost; (c) if the Liquidity Provider shall fail to comply with its obligations under
this Section 3.01 or (d) if the Liquidity Provider is not also seeking payment for similar
increased costs in other similarly situated transactions related to the airline industry.

     Section 3.02 Intentionally omitted.

     Section 3.03 Withholding Taxes. (a) All payments made by the Borrower under this
Agreement shall be made without deduction or withholding for or on account of any Taxes, unless
such deduction or withholding is required by law. If any Taxes are so required to be withheld or
deducted from any amounts payable to the Liquidity Provider under this Agreement, then, subject to
Sections 2.07 and 2.09, the Borrower shall pay to the relevant authorities the full amount so
required to be deducted or withheld and, without duplication of any rights created by Section 3.01,
if such Taxes are Covered Taxes, pay to the Liquidity Provider such additional amounts as shall be
necessary to ensure that the net amount actually received by the Liquidity Provider (after
deduction or withholding of all Covered Taxes) shall be equal to the full amount that would have
been received by the Liquidity Provider had no withholding or deduction of Covered Taxes been
required. The Liquidity Provider agrees to use reasonable efforts (consistent with applicable
legal and regulatory restrictions) to change the jurisdiction of its Lending Office if making such
change would avoid the need for, or reduce the amount of, any such additional amounts that may
thereafter accrue and would not, in the reasonable judgment of the Liquidity Provider, be otherwise
materially disadvantageous to the Liquidity Provider. If the Liquidity Provider receives a refund
of, or realizes a net Tax benefit not otherwise available to it as a result of, any Taxes for which
additional amounts were paid by the Borrower pursuant to this Section 3.03, the Liquidity Provider
shall pay to the Borrower (for deposit into the Collection Account) the amount of such refund (and
any interest thereon) or net benefit.

     The Liquidity Provider will (i) provide (on its behalf and on behalf of any participant
holding a Participation pursuant to Section 7.08) to the Borrower (x) on or prior to the Effective
Date two valid completed and executed copies of Internal Revenue Service Form W-8BEN or W-8ECI
(whichever is applicable), including thereon a valid U.S. taxpayer identification number (or, with
respect to any such participant, such other form or documentation as may be applicable) covering
all amounts receivable by it in connection with the transactions contemplated by the Operative
Agreements and (y) thereafter from time to time such additional forms or documentation as may be
necessary to establish an available exemption from withholding of United States Tax on payments
hereunder so that such forms or documentation are effective for all periods during which it is the
Liquidity Provider and (ii) provide timely notice to the Borrower if any such form or documentation
is or becomes inaccurate. The Liquidity Provider shall deliver to the Borrower such other forms or
documents as may be reasonably requested by the Borrower or required by applicable law to establish
that payments hereunder are exempt from or entitled to a reduced rate of Covered Taxes.

          (b) All payments (including, without limitation, Advances) made by the Liquidity Provider
under this Agreement shall be made free and clear of, and without reduction for or on account of,
any Taxes. If any Taxes are required to be withheld or deducted from any amounts payable to the
Borrower under this Agreement, the Liquidity Provider shall (i) within

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 16 

 

the time prescribed therefor by applicable law pay to the appropriate governmental or taxing
authority the full amount of any such Taxes (and any additional Taxes in respect of the additional
amounts payable under clause (ii) hereof) and make such reports or returns in connection therewith
at the time or times and in the manner prescribed by applicable law, and (ii) pay to the Borrower
an additional amount which (after deduction of all such Taxes) will be sufficient to yield to the
Borrower the full amount which would have been received by it had no such withholding or deduction
been made. Within 30 days after the date of each payment hereunder, the Liquidity Provider shall
furnish to the Borrower the original or a certified copy of (or other documentary evidence of) the
payment of the Taxes applicable to such payment.

     If any exemption from, or reduction in the rate of, any Taxes required to be borne by the
Liquidity Provider under this Section 3.03(b) is reasonably available to the Borrower without
providing any information regarding the holders or beneficial owners of the Certificates, the
Borrower shall deliver the Liquidity Provider such form or forms and such other evidence of the
eligibility of the Borrower for such exemption or reductions (but without any requirement to
provide any information regarding the holders or beneficial owners of the Certificates) as the
Liquidity Provider may reasonably identify to the Borrower as being required as a condition to
exemption from, or reduction in the rate of, such Taxes.

     Section 3.04 Payments. Subject to Sections 2.07 and 2.09, the Borrower shall make or
cause to be made each payment to the Liquidity Provider under this Agreement so as to cause the
same to be received by the Liquidity Provider not later than 1:00 p.m. (New York City time) on the
day when due. The Borrower shall make all such payments in Dollars, to the Liquidity Provider in
immediately available funds, by wire transfer to the account of Natixis S.A., acting via its New
York Branch, at [ __ ]; or to such other U.S. bank account as the Liquidity Provider
may from time to time direct the Subordination Agent.

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

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

     Section 3.07 Interest. (a) Subject to Sections 2.07 and 2.09, the Borrower shall
pay, or shall cause to be paid, without duplication, interest on (i) the unpaid principal amount of
each Advance from and including the date of such Advance (or, in the case of an Applied Provider
Advance or Applied Special Termination Advance, from and including the date on which the

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 17 

 

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

          (b) Except as provided in Section 3.07(e), each Advance will be either a Base Rate Advance or
a LIBOR Advance as provided in this Section 3.07. Each such Advance will be a Base Rate Advance
for the period from the date of its borrowing to (but excluding) the third Business Day following
the Liquidity Provider’s receipt of the Notice of Borrowing for such Advance. Thereafter, such
Advance shall be a LIBOR Advance; provided that a Provider Advance shall always be a LIBOR
Advance unless the Borrower elects otherwise.

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

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

          (e) Each outstanding Unapplied Non-Extension Advance shall bear interest in an amount equal to
the Investment Earnings plus the Applicable Margin on amounts on deposit in the Class B Cash
Collateral Account for such Unapplied Non-Extension Advance on the amount of such Unapplied
Non-Extension Advance, from time to time, payable in arrears on each Regular Distribution Date.

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          (f) Each amount not paid when due hereunder (whether fees, commissions, expenses or other
amounts or installments of interest on Advances but excluding Advances) shall bear interest, to the
extent permitted by applicable law, at a rate per annum equal to the Base Rate plus 2.0% per annum
until paid.

          (g) If at any time, the Liquidity Provider shall have determined (which determination shall be
conclusive and binding upon the Borrower, absent manifest error) that, by reason of circumstances
affecting the relevant interbank lending market generally, the LIBOR Rate determined or to be
determined for such Interest Period will not adequately and fairly reflect the cost to the
Liquidity Provider (as conclusively certified by the Liquidity Provider, absent manifest error) of
making or maintaining Advances, the Liquidity Provider shall give facsimile or telephonic notice
thereof (a “Rate Determination Notice”) to the Borrower. If such notice is given, then the
outstanding principal amount of the LIBOR Advances shall be converted to Base Rate Advances
effective from the date of the Rate Determination Notice; provided that the Applicable
Liquidity Rate in respect of such Base Rate Advances shall be increased by one per cent (1.00%).
The Liquidity Provider shall withdraw a Rate Determination Notice given hereunder when the
Liquidity Provider determines that the circumstances giving rise to such Rate Determination Notice
no longer apply to the Liquidity Provider, and the Base Rate Advances shall be converted to LIBOR
Advances effective as the first day of the next succeeding Interest Period after the date of such
withdrawal. Each change in the Base Rate shall become effective immediately. The rates of interest
specified in this Section 3.07 with respect to any Advance or other amount shall be referred to as
the “Applicable Liquidity Rate”.

     Section 3.08 Replacement of Borrower. Subject to Section 5.02, from time to time and
subject to the successor Borrower’s meeting the eligibility requirements set forth in Section 6.09
of the Intercreditor Agreement applicable to the Subordination Agent, upon the effective date and
time specified in a written and completed Notice of Replacement Subordination Agent in
substantially the form of Annex VIII (a “Notice of Replacement Subordination Agent”) delivered to
the Liquidity Provider by the then Borrower, the successor Borrower designated therein shall become
the Borrower for all purposes hereunder.

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

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

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

     Section 3.10 Illegality. Notwithstanding any other provision in this Agreement, if
any change in any law, rule or regulation applicable to or binding on the Liquidity Provider, or
any change in the interpretation or administration thereof by any governmental authority, central

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bank or comparable agency charged with the interpretation or administration thereof, or
compliance by the Liquidity Provider with any request or directive (whether or not having the force
of law) of any such authority, central bank or comparable agency shall make it unlawful or
impossible for the Liquidity Provider to maintain or fund its LIBOR Advances, then upon notice to
the Borrower and Delta by the Liquidity Provider, the outstanding principal amount of the LIBOR
Advances shall be converted to Base Rate Advances (a) immediately upon demand of the Liquidity
Provider, if such change or compliance with such request, in the reasonable judgment of the
Liquidity Provider, requires immediate conversion; or (b) at the expiration of the last Interest
Period to expire before the effective date of any such change or request. The Liquidity Provider
will notify the Borrower and Delta as promptly as practicable of any event that will or to its
knowledge is reasonably likely to lead to the conversion of LIBOR Advances to Base Rate Advances
under this Section 3.10; provided that a failure by the Liquidity Provider to notify the
Borrower or Delta of an event that is reasonably likely to lead to such a conversion prior to the
time that it is determined that such event will lead to such a conversion shall not prejudice the
rights of the Liquidity Provider under this Section 3.10. The Liquidity Provider agrees to
investigate all commercially reasonable alternatives for avoiding the need for such conversion,
including, without limitation, designating a different Lending Office, if such designation or other
action would avoid the need to convert such LIBOR Advances to Base Rate Advances; provided
that the foregoing shall not obligate the Liquidity Provider to take any action that would, in its
reasonable judgment, cause the Liquidity Provider to incur any material loss or cost, unless the
Borrower or Delta agrees to reimburse or indemnify the Liquidity Provider therefor. If no such
designation or other action is effected, or, if effected, fails to avoid the need for conversion of
the LIBOR Advances to Base Rate Advances, Delta may arrange for a Replacement Liquidity Facility in
accordance with Section 3.05(e) of the Intercreditor Agreement.

ARTICLE IV

CONDITIONS PRECEDENT

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

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

     (i) This Agreement and the Fee Letter duly executed on behalf of the Borrower and, in
the case of the Fee Letter, Delta;

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

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

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

          (v) An executed copy of each opinion (other than the negative assurance letters of the
Vice President — Deputy General Counsel of Delta and of Kilpatrick Stockton LLP, special
counsel to Delta and the opinion and the negative assurance letter of Shearman & Sterling
LLP, special counsel to the Class B Underwriters) delivered on the Class B Issuance Date
pursuant to the Class B Underwriting Agreement (in the case of each such opinion, either
addressed to the Liquidity Provider or accompanied by a letter from the counsel rendering
such opinion to the effect that the Liquidity Provider is entitled to rely on such opinion
as of its date as if it were addressed to the Liquidity Provider); 

          (vi) An executed copy of each document, instrument, certificate and opinion delivered
on or before the Class B Issuance Date pursuant to the Class B Trust Agreement, the
Intercreditor Agreement and the other Operative Agreements (in the case of each such
opinion, either addressed to the Liquidity Provider or accompanied by a letter from the
counsel rendering such opinion to the effect that the Liquidity Provider is entitled to rely
on such opinion as of its date as if it were addressed to the Liquidity Provider); and

          (vii) An agreement from Delta, pursuant to which (x) Delta agrees to provide copies of
quarterly financial statements and audited annual financial statements to the Liquidity
Provider (which Delta may provide in an electronic format by electronic mail or making such
available over the internet) and (y) Delta agrees to allow the Liquidity Provider to discuss
the transactions contemplated by the Operative Agreements with officers and employees of
Delta;

provided that to the extent that any of the foregoing documents, agreements, instruments,
certificates or opinions was previously delivered to Natixis in its capacity as Class A Liquidity
Provider pursuant to Section 4.01(a) of the Class A Liquidity Facility, no such document,
agreement, instrument, certificate or opinion shall be required to be delivered to the Liquidity
Provider pursuant to this Section 4.01(a).

     (b) On and as of the Effective Date no event shall have occurred and be continuing, or would
result from the entering into of this Agreement or the making of any Advance, which constitutes a
Liquidity Event of Default.

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

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          (d) All conditions precedent to the issuance of the Certificates under the Trust Agreements
shall have been satisfied or waived, all conditions precedent to the effectiveness of the other
Liquidity Facilities, if any, shall have been satisfied or waived, and all conditions precedent to
the purchase of the Class B Certificates by the Class B Underwriters under the Class B Underwriting
Agreement shall have been satisfied (unless any of such conditions precedent under the Class B
Underwriting Agreement shall have been waived by the Class B Underwriters).

          (e) The Borrower and Delta shall have received a certificate, dated the Effective Date signed
by a duly authorized representative of the Liquidity Provider, certifying that all conditions
precedent specified in this Section 4.01 have been satisfied or waived by the Liquidity Provider.

     Section 4.02 Conditions Precedent to Borrowing. The obligation of the Liquidity
Provider to make an Advance on the occasion of each Borrowing shall be subject to the conditions
precedent that the Effective Date shall have occurred and, prior to the time of such Borrowing, the
Borrower shall have delivered a Notice of Borrowing which conforms to the terms and conditions of
this Agreement.

ARTICLE V

COVENANTS

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

          (a) Performance of Agreements. Subject to Sections 2.07 and 2.09, punctually pay or
cause to be paid all amounts payable by it under this Agreement and the Intercreditor Agreement and
observe and perform in all material respects the conditions, covenants and requirements applicable
to it contained in this Agreement and the Intercreditor Agreement;

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

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

     Section 5.02 Negative Covenants of the Borrower. Subject to the first and fourth
paragraphs of Section 7.01(a) of the Intercreditor Agreement and Section 7.01(b) of the
Intercreditor Agreement, so long as any Advance shall remain unpaid or the Liquidity Provider

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shall have any Maximum Commitment hereunder or the Borrower shall have any obligation to pay
any amount to the Liquidity Provider hereunder, the Borrower will not appoint or permit or suffer
to be appointed any successor Borrower without the prior written consent of the Liquidity Provider,
which consent shall not be unreasonably withheld or delayed.

ARTICLE VI

LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION

     Section 6.01 Liquidity Events of Default. (a) If any Liquidity Event of Default has
occurred and is continuing and there is a Performing Note Deficiency, the Liquidity Provider may,
in its discretion, deliver to the Borrower a Termination Notice, the effect of which shall be to
cause (i) this Agreement to expire at the close of business on the fifth Business Day after the
date on which such Termination Notice is received by the Borrower, (ii) the Borrower to promptly
request, and the Liquidity Provider to promptly make, a Final Advance in accordance with Section
2.02(c) hereof and Section 3.05(i) of the Intercreditor Agreement, (iii) all other outstanding
Advances to be automatically converted into Final Advances for purposes of determining the
Applicable Liquidity Rate for interest payable thereon and (iv) subject to Sections 2.07 and 2.09,
all Advances, any accrued interest thereon and any other amounts outstanding hereunder to become
immediately due and payable to the Liquidity Provider.

          (b) If the aggregate Pool Balance of the Class B Certificates is greater than the aggregate
outstanding principal amount of the Series B Equipment Notes (other than any Series B Equipment
Notes previously sold by the Borrower or with respect to which the Aircraft related to such Series
B Equipment Notes has been disposed of by the Loan Trustee) at any time during the 18-month period
ending on January 2, 2016, the Liquidity Provider may, in its discretion, deliver to the Borrower a
Special Termination Notice, the effect of which shall be to cause (i) the obligation of the
Liquidity Provider to make Advances hereunder to terminate on the fifth Business Day after the date
on which such Special Termination Notice is received by the Borrower and Delta, (ii) the Borrower
to promptly request, and the Liquidity Provider to promptly make, a Special Termination Advance in
accordance with Section 2.02(d) hereof and Section 3.05(k) of the Intercreditor Agreement, and
(iii) subject to Sections 2.07 and 2.09, all Advances (including, without limitation, any Provider
Advance and Applied Provider Advance), to be automatically treated as Special Termination Drawings
(as defined in the Intercreditor Agreement).

ARTICLE VII

MISCELLANEOUS

     Section 7.01 No Oral Modifications or Continuing Waivers. No terms or provisions of
this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument
in writing signed by the Borrower and the Liquidity Provider and any other Person whose consent is
required pursuant to this Agreement; provided that no such change or other action shall
affect the payment obligations of Delta or the rights of Delta without Delta’s prior

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written consent; and any waiver of the terms hereof shall be effective only in the specific
instance and for the specific purpose given.

     Section 7.02 Notices. Unless otherwise expressly specified or permitted by the terms
hereof, all notices, requests, demands, authorizations, directions, consents, waivers or documents
required or permitted under the terms and provisions of this Agreement shall be in English and in
writing, and given by United States registered or certified mail, courier service or facsimile, and
any such notice shall be effective when delivered (or, if delivered by facsimile, upon completion
of transmission and confirmation by the sender (by a telephone call to a representative of the
recipient or by machine confirmation) that such transmission was received) addressed as follows:

If to the Borrower, to:

U.S. BANK TRUST NATIONAL ASSOCIATION

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Administration

Ref: Delta 2010-1B EETC

Telephone: (617) 603-6553

Telecopy: (617) 603-6683

If to the Liquidity Provider, to:

NATIXIS S.A., acting via its New York Branch

Attention: Lily Cheung

9 West 57th Street, 34th Floor

New York, New York 10019

Telephone: (212) 891-1948

Telecopy: (212) 891-1900

Lily.Cheung@us.natixis.com

and

NATIXIS S.A., acting via its New York Branch

Attention: Martha Sealy

1251 Avenue of the Americas

New York, New York 10020

Telephone: (212) 872-5031

Telecopy: (347) 402-3031

Martha.Sealy@us.natixis.com

cc: Delta2010-1_Report@us.natixis.com.

     Any party, by notice to the other party hereto, may designate additional or different
addresses for subsequent notices or communications. Whenever the words “notice” or “notify” or
similar words are used herein, they mean the provision of formal notice as set forth in this
Section 7.02.

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

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

     Section 7.05 Indemnification; Survival of Certain Provisions. The Liquidity Provider
shall be indemnified hereunder to the extent and in the manner described in Section 4.02 of the
Participation Agreements. In addition, the Borrower agrees to indemnify, protect, defend and hold
harmless each Liquidity Indemnitee from and against all Expenses of any kind or nature whatsoever
(other than any Expenses of the nature described in Sections 3.01, 3.03, 3.09 or 7.07 or in the Fee
Letter (regardless of whether indemnified against pursuant to said Sections or in such Fee
Letter)), that may be imposed on or incurred by such Liquidity Indemnitee, in any way relating to,
resulting from, or arising out of or in connection with, any action, suit or proceeding by any
third party against such Liquidity Indemnitee and relating to this Agreement, the Fee Letter, the
Intercreditor Agreement or any Participation Agreement; provided, however, that the
Borrower shall not be required to indemnify, protect, defend and hold harmless any Liquidity
Indemnitee in respect of any Expense of such Liquidity Indemnitee to the extent such Expense is (i)
attributable to the gross negligence or willful misconduct of such Liquidity Indemnitee or any
other Liquidity Indemnitee, (ii) an ordinary and usual operating overhead expense, (iii)
attributable to the failure by such Liquidity Indemnitee or any other Liquidity Indemnitee to
perform or observe any agreement, covenant or condition on its part to be performed or observed in
this Agreement, the Intercreditor Agreement, the Fee Letter or any other Operative Agreement to
which it is a party or (iv) otherwise excluded from the indemnification provisions contained in
Section 4.02 of the Participation Agreements. The provisions of Sections 3.01, 3.03, 3.09, 7.05
and 7.07 and the indemnities contained in Section 4.02 of the Participation Agreements shall
survive the termination of this Agreement.

     Section 7.06 Liability of the Liquidity Provider. (a) Neither the Liquidity Provider
nor any of its officers, employees or directors shall be liable or responsible for: (i) the use
which may be made of the Advances or any acts or omissions of the Borrower or any beneficiary or
transferee in connection therewith; (ii) the validity, sufficiency or genuineness of documents, or
of any endorsement thereon, even if such documents should prove to be in any or all respects
invalid, insufficient, fraudulent or forged; or (iii) the making of Advances by the Liquidity
Provider against delivery of a Notice of Borrowing and other documents which do not comply with the
terms hereof; provided, however, that the Borrower shall have a claim against the
Liquidity Provider, and the Liquidity Provider shall be liable to the Borrower, to the extent of
any damages suffered by the Borrower that were the result of (A) the Liquidity Provider’s willful
misconduct or gross negligence in determining whether documents presented hereunder comply

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with the terms hereof or (B) any breach by the Liquidity Provider of any of the terms of this
Agreement or the Intercreditor Agreement, including, but not limited to, the Liquidity Provider’s
failure to make lawful payment hereunder after the delivery to it by the Borrower of a Notice of
Borrowing complying with the terms and conditions hereof.

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

     Section 7.07 Certain Costs and Expenses. The Borrower agrees promptly to pay, or
cause to be paid, (a) the reasonable fees, expenses and disbursements of Pillsbury Winthrop Shaw
Pittman LLP, special counsel for the Liquidity Provider, in connection with the preparation,
negotiation, execution, delivery, filing and recording of the Operative Agreements, any waiver or
consent thereunder or any amendment thereof and (b) if a Liquidity Event of Default occurs, all
out-of-pocket expenses incurred by the Liquidity Provider, including reasonable fees and
disbursements of counsel, in connection with such Liquidity Event of Default and any collection,
bankruptcy, insolvency and other enforcement proceedings in connection therewith. In addition, the
Borrower shall pay any and all recording, stamp and other similar taxes and fees payable or
determined to be payable in the United States in connection with the execution, delivery, filing
and recording of this Agreement, any other Operative Agreement and such other documents, and agrees
to save the Liquidity Provider harmless from and against any and all liabilities with respect to or
resulting from any delay in paying or omission to pay such taxes or fees.

     Section 7.08 Binding Effect; Participations. (a) This Agreement shall be binding
upon and inure to the benefit of the Borrower and the Liquidity Provider and their respective
successors and permitted assigns, except that neither the Liquidity Provider (except as otherwise
provided in this Section 7.08) nor (except as contemplated by Section 3.08) the Borrower shall have
the right to assign, pledge or otherwise transfer its rights or obligations hereunder or any
interest herein, subject to the Liquidity Provider’s right to grant Participations pursuant to
Section 7.08(b).

          (b) The Liquidity Provider agrees that it will not grant any participation (including, without
limitation, a “risk participation”) (any such participation, a “Participation”) in or to all or a
portion of its rights and obligations hereunder or under the other Operative Agreements, unless all
of the following conditions are satisfied: (i) such Participation is to a Permitted Transferee,
(ii) such Participation is made in accordance with all applicable laws, including, without
limitation, the Securities Act of 1933, as amended, the Trust Indenture Act of 1939, as amended,
and any other applicable laws relating to the transfer of similar interests and (iii) such
Participation shall not be made under circumstances that require registration under the Securities
Act of 1933, as amended, or qualification of any indenture under the Trust Indenture Act of 1939,
as amended. Notwithstanding any such Participation, the Liquidity Provider agrees

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that (1) the Liquidity Provider’s obligations under the Operative Agreements shall remain
unchanged, and such participant shall have no rights or benefits as against Delta or the Borrower
or under any Operative Agreement, (2) the Liquidity Provider shall remain solely responsible to the
other parties to the Operative Agreements for the performance of such obligations, (3) the
Liquidity Provider shall remain the maker of any Advances, and the other parties to the Operative
Agreements shall continue to deal solely and directly with the Liquidity Provider in connection
with the Advances and the Liquidity Provider’s rights and obligations under the Operative
Agreements, (4) the Liquidity Provider shall be solely responsible for any withholding Taxes or any
filing or reporting requirements relating to such Participation and shall hold the Borrower and
Delta and their respective successors, permitted assigns, affiliates, agents and servants harmless
against the same and (5) neither Delta nor the Borrower shall be required to pay to the Liquidity
Provider any amount under Section 3.01 or Section 3.03 greater than it would have been required to
pay had there not been any grant of a Participation by the Liquidity Provider. The Liquidity
Provider may, in connection with any Participation or proposed Participation pursuant to this
Section 7.08(b), disclose to the participant or proposed participant any information relating to
the Operative Agreements or to the parties thereto furnished to the Liquidity Provider thereunder
or in connection therewith and permitted to be disclosed by the Liquidity Provider;
provided, however, that prior to any such disclosure, the participant or proposed
participant shall agree in writing for the express benefit of the Borrower and Delta to preserve
the confidentiality of any confidential information included therein (subject to customary
exceptions).

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

     Section 7.09 Severability. To the extent permitted by applicable law, any provision
of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

     Section 7.10 Governing Law. THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW
YORK AND THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE
OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

     Section 7.11 Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity.
(a) Each of the parties hereto, to the extent it may do so under applicable law, for purposes
hereof hereby (i) irrevocably submits itself to the non-exclusive jurisdiction of the courts of the

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State of New York sitting in the City of New York and to the non-exclusive jurisdiction of the United
States District Court for the Southern District of New York, for the purposes of any suit, action
or other proceeding arising out of this Agreement, the subject matter hereof or any of the
transactions contemplated hereby brought by any party or parties hereto or thereto, or their
successors or permitted assigns and (ii) waives, and agrees not to assert, by way of motion, as a
defense, or otherwise, in any such suit, action or proceeding, that the suit, action or proceeding
is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper
or that this Agreement or the subject matter hereof or any of the transactions contemplated hereby
may not be enforced in or by such courts.

          (b) THE BORROWER AND THE LIQUIDITY PROVIDER EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY
DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS
BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty
claims and all other common law and statutory claims. The Borrower and the Liquidity Provider each
warrant and represent that it has reviewed this waiver with its legal counsel, and that it
knowingly and voluntarily waives its jury trial rights following consultation with such legal
counsel. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THIS WAIVER IS IRREVOCABLE, AND CANNOT BE
MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

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

     Section 7.12 Counterparts. This Agreement may be executed in any number of
counterparts (and each party shall not be required to execute the same counterpart). Each
counterpart of this Agreement including a signature page or pages 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.

     Section 7.13 Entirety. This Agreement and the Intercreditor Agreement constitute the
entire agreement of the parties hereto with respect to the subject matter hereof and supersede all
prior understandings and agreements of such parties.

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     Section 7.14 Headings. The headings of the various Articles and Sections herein and
in the Table of Contents hereto are for convenience of reference only and shall not define or limit
any of the terms or provisions hereof.

     Section 7.15 Liquidity Provider’s Obligation to Make Advances. EXCEPT AS EXPRESSLY
SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS OF THE LIQUIDITY PROVIDER TO MAKE ADVANCES HEREUNDER,
AND THE BORROWER’S RIGHTS TO DELIVER NOTICES OF BORROWING REQUESTING THE MAKING OF ADVANCES
HEREUNDER, SHALL BE ABSOLUTE, UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN
EACH CASE STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.

     Section 7.16 Head Office Obligations. The Liquidity Provider is Natixis S.A., a
French bank, acting through its New York Branch. The Liquidity Provider hereby agrees that,
notwithstanding the place of booking or its jurisdiction of incorporation or organization, the
obligations of the Liquidity Provider hereunder are also the obligations of the head office of
Natixis in Paris, France (the “Head Office”). Accordingly, any beneficiary of this Agreement will
be able to proceed directly against the Head Office, if the Liquidity Provider defaults in its
obligations to such beneficiary under this Agreement.

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 29 

 

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

	 	 	 	 	 
	 	
U.S. BANK TRUST NATIONAL ASSOCIATION, 

not in its individual capacity but solely as 

Subordination Agent, as agent and trustee for the 

Class B Trust, as Borrower

 	 
	 	By:  	/s/ John G. Correia
 	 
	 	 	Name:  	John G. Correia 	 
	 	 	Title:  	Vice President 	 
	 	

NATIXIS S.A., ACTING VIA ITS NEW YORK 

BRANCH, as Liquidity Provider

 	 
	 	By:  	/s/ Jerome Le Jamtel
 	 
	 	 	Name:  	Jerome Le Jamtel 	 
	 	 	Title:  	Managing Director 	 
	 	 	 
	 	By:  	                      /s/ Lily Cheung
 	 
	 	 	Name:  	Lily Cheung 	 
	 	 	Title:  	Director 
Natixis 	 
	 

Signature Page

Revolving Credit Agreement (Class B)
(2010-1B EETC)

 

 

ANNEX I to

REVOLVING CREDIT AGREEMENT

FORM OF INTEREST ADVANCE NOTICE OF BORROWING

INTEREST ADVANCE NOTICE OF BORROWING

     The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”),
hereby certifies to NATIXIS S.A., acting via its New York Branch (the “Liquidity Provider”), with
reference to the Revolving Credit Agreement (2010-1B), dated as of February 14, 2011, between the
Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced), that:

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

     (2) The Borrower is delivering this Notice of Borrowing for the making of an Interest
Advance by the Liquidity Provider to be used for the payment of the interest on the Class B
Certificates which is payable on __________, ____ (the “Distribution Date”) in accordance
with the terms and provisions of the Class B Trust Agreement and the Class B Certificates,
which Advance is requested to be made on __________, ___. The Interest Advance should be
remitted to [insert wire and account details].

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

     (4) Upon receipt by or on behalf of the Borrower of the amount requested hereby, (a)
the Borrower will apply the same in accordance with the terms of Section 3.05(b) of the
Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower for
any other purpose and (c) no portion of such amount until so applied shall be commingled
with other funds held by the Borrower.

     The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, the making of the
Interest Advance as requested by this Notice of Borrowing shall automatically reduce, subject to
reinstatement in accordance with the terms of the Liquidity Agreement, the Maximum Available
Commitment by an amount equal to the amount of the Interest Advance requested to be made hereby as
set forth in clause (i) of paragraph (3) of this Notice of

Revolving Credit Agreement (Class B)
(2010-1B EETC)

 

 

Borrowing and such reduction shall automatically result in corresponding reductions in the
amounts available to be borrowed pursuant to a subsequent Advance.

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

	 	 	 	 	 
	 	

U.S. BANK TRUST NATIONAL ASSOCIATION, 

as Subordination Agent, as Borrower

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 I-2

 

SCHEDULE I TO INTEREST ADVANCE NOTICE OF BORROWING

[Insert Copy of Computations in accordance with Interest Advance Notice of Borrowing]

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 I-3

 

ANNEX II 
to

REVOLVING CREDIT AGREEMENT

FORM OF NON-EXTENSION ADVANCE NOTICE OF BORROWING 

NON-EXTENSION ADVANCE NOTICE OF BORROWING

     The undersigned, a duly authorized signatory of the undersigned subordination agent (the
“Borrower”), hereby certifies to NATIXIS S.A., acting via its New York Branch (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2010-1B), dated as of February 14,
2011, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined or referenced), that:

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

     (2) The Borrower is delivering this Notice of Borrowing for the making of the Non-Extension
Advance by the Liquidity Provider to be used for the funding of the Class B Cash Collateral Account
in accordance with Section 3.05(d) of the Intercreditor Agreement, which Advance is requested to be
made on __________, ___. The Non-Extension Advance should be remitted to [insert wire and account
details].

     (3) The amount of the Non-Extension Advance requested hereby (i) is $____________, which
equals the Maximum Available Commitment on the date hereof and is to be applied in respect of the
funding of the Class B Cash Collateral Account in accordance with Sections 3.05(d) and 3.05(f) of
the Intercreditor Agreement, (ii) does not include any amount with respect to the payment of the
principal of, or premium on, the Class B Certificates, or principal of, or interest or premium on,
the Class A Certificates, (iii) was computed in accordance with the provisions of the Class B
Certificates, the Liquidity Agreement, the Class B Trust Agreement and the Intercreditor Agreement
(a copy of which computation is attached hereto as Schedule I) and (iv) has not been and is not the
subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement.

     (4) Upon receipt by or on behalf of the Borrower of the amount requested hereby, (a) the
Borrower will deposit such amount in the Class B Cash Collateral Account and apply the same in
accordance with the terms of Sections 3.05(d) and 3.05(f) of the Intercreditor Agreement, (b) no
portion of such amount shall be applied by the Borrower for any other purpose and (c) no portion of
such amount until so applied shall be commingled with other funds held by the Borrower.

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

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 

 

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

	 	 	 	 	 
	 	

U.S. BANK TRUST NATIONAL ASSOCIATION, 

as Subordination Agent, as Borrower

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 II-2

 

SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE OF BORROWING

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

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 II-3

 

ANNEX III 
to

REVOLVING CREDIT AGREEMENT

FORM OF DOWNGRADE ADVANCE NOTICE OF BORROWING 

DOWNGRADE ADVANCE NOTICE OF BORROWING

     The undersigned, a duly authorized signatory of the undersigned subordination agent (the
“Borrower”), hereby certifies to NATIXIS S.A., acting via its New York Branch (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2010-1B), dated as of February 14,
2011, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined or referenced), that:

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

     (2) The Borrower is delivering this Notice of Borrowing for the making of the Downgrade
Advance by the Liquidity Provider to be used for the funding of the Class B Cash Collateral Account
in accordance with Section 3.05(c) of the Intercreditor Agreement by reason of the downgrading of
the Short-Term Rating, or, if the Liquidity Provider does not have a Short-Term Rating from the
applicable Rating Agency, the Long-Term Rating, of the Liquidity Provider issued by such Rating
Agency below the applicable Threshold Rating, which Advance is requested to be made on __________,
___. The Downgrade Advance should be remitted to [insert wire and account details].

     (3) The amount of the Downgrade Advance requested hereby (i) is $____________, which equals
the Maximum Available Commitment on the date hereof and is to be applied in respect of the funding
of the Class B Cash Collateral Account in accordance with Sections 3.05(c) and 3.05(f) of the
Intercreditor Agreement, (ii) does not include any amount with respect to the payment of the
principal of, or premium on, the Class B Certificates, or principal of, or interest or premium on,
the Class A Certificates, (iii) was computed in accordance with the provisions of the Class B
Certificates, the Class B Trust Agreement and the Intercreditor Agreement (a copy of which
computation is attached hereto as Schedule I) and (iv) has not been and is not the subject of a
prior or contemporaneous Notice of Borrowing under the Liquidity Agreement.

     (4) Upon receipt by or on behalf of the Borrower of the amount requested hereby, (a) the
Borrower will deposit such amount in the Class B Cash Collateral Account and apply the same in
accordance with the terms of Sections 3.05(c) and 3.05(f) of the Intercreditor Agreement, (b) no
portion of such amount shall be applied by the Borrower for any other purpose and (c) no portion of
such amount until so applied shall be commingled with other funds held by the Borrower.

     The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of
the Downgrade Advance as requested by this Notice of Borrowing shall automatically and irrevocably
terminate the obligation of the Liquidity Provider to make further Advances

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 

 

under the Liquidity Agreement and (B) following the making by the Liquidity Provider of the
Downgrade Advance requested by this Notice of Borrowing, the Borrower shall not be entitled to
request any further Advances under the Liquidity Agreement.

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

	 	 	 	 	 
	 	

U.S. BANK TRUST NATIONAL ASSOCIATION, 

as Subordination Agent, as Borrower

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 III-2

 

SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING

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

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 III-3

 

ANNEX IV 

to
REVOLVING CREDIT AGREEMENT

FORM OF FINAL ADVANCE NOTICE OF BORROWING

FINAL ADVANCE NOTICE OF BORROWING

     The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”),
hereby certifies to NATIXIS S.A., acting via its New York Branch (the “Liquidity Provider”), with
reference to the Revolving Credit Agreement (2010-1B), dated as of February 14, 2011, between the
Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced), that:

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

     (2) The Borrower is delivering this Notice of Borrowing for the making of the Final
Advance by the Liquidity Provider to be used for the funding of the Class B Cash Collateral
Account in accordance with Section 3.05(i) of the Intercreditor Agreement by reason of the
receipt by the Borrower of a Termination Notice from the Liquidity Provider with respect to
the Liquidity Agreement, which Advance is requested to be made on __________, ___. The
Final Advance should be remitted to [insert wire and account details].

     (3) The amount of the Final Advance requested hereby (i) is $____________, which equals
the Maximum Available Commitment on the date hereof and is to be applied in respect of the
funding of the Class B Cash Collateral Account in accordance with Sections 3.05(f) and
3.05(i) of the Intercreditor Agreement, (ii) does not include any amount with respect to the
payment of principal of, or premium on, the Class B Certificates, or principal of, or
interest or premium on, the Class A Certificates, (iii) was computed in accordance with the
provisions of the Class B Certificates, the Class B Trust Agreement and the Intercreditor
Agreement (a copy of which computation is attached hereto as Schedule I) and (iv) has not
been and is not the subject of a prior or contemporaneous Notice of Borrowing.

     (4) Upon receipt by or on behalf of the Borrower of the amount requested hereby, (a)
the Borrower will deposit such amount in the Class B Cash Collateral Account and apply the
same in accordance with the terms of Sections 3.05(f) and 3.05(i) of the Intercreditor
Agreement, (b) no portion of such amount shall be applied by the Borrower for any other
purpose and (c) no portion of such amount until so applied shall be commingled with other
funds held by the Borrower.

     The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of
the Final Advance as requested by this Notice of Borrowing shall automatically and irrevocably
terminate the obligation of the Liquidity Provider to make further Advances under

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 

 

the Liquidity Agreement and (B) following the making by the Liquidity Provider of the Final
Advance requested by this Notice of Borrowing, the Borrower shall not be entitled to request any
further Advances under the Liquidity Agreement.

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

	 	 	 	 	 
	 	

U.S. BANK TRUST NATIONAL ASSOCIATION, 

as Subordination Agent, as Borrower

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[* Bracketed language may be included at Borrower’s option.]

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 IV-2

 

SCHEDULE 1 TO FINAL ADVANCE NOTICE OF BORROWING

[Insert Copy of Computations in accordance with Final Advance Notice of Borrowing]

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 IV-3

 

ANNEX V 

to
REVOLVING CREDIT AGREEMENT

FORM OF SPECIAL TERMINATION

ADVANCE NOTICE OF BORROWING

SPECIAL TERMINATION ADVANCE NOTICE OF BORROWING

     The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”),
hereby certifies to NATIXIS S.A., acting via its New York Branch (the “Liquidity Provider”), with
reference to the Revolving Credit Agreement (2010-1B), dated as of February 14, 2011, between the
Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced), that:

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

     (2) The Borrower is delivering this Notice of Borrowing for the making of the Special
Termination Advance by the Liquidity Provider to be used for the funding of the Class B Cash
Collateral Account in accordance with Section 3.05(k) of the Intercreditor Agreement by
reason of the receipt by the Borrower of a Special Termination Notice from the Liquidity
Provider with respect to the Liquidity Agreement, which Advance is requested to be made on
______________.

     (3) The amount of the Special Termination Advance requested hereby (i) is
$_____________, which equals the Maximum Available Commitment on the date hereof and is to
be applied in respect of the funding of the Class B Cash Collateral Account in accordance
with Section 3.05(k) of the Intercreditor Agreement, (ii) does not include any amount with
respect to the payment of principal of, or premium on, the Class B Certificates, or
principal of, or interest or premium on, the Class A Certificates, (iii) was computed in
accordance with the provisions of the Class B Certificates, the Class B Trust Agreement and
the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I)
and (iv) has not been and is not the subject of a prior or contemporaneous Notice of
Borrowing.

     (4) Upon receipt by or on behalf of the Borrower of the amount requested hereby, (a)
the Borrower shall deposit such amount in the Class B Cash Collateral Account and apply the
same in accordance with the terms of Section 3.05(f) of the Intercreditor Agreement, (b) no
portion of such amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the
Borrower.

     The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of
the Special Termination Advance as requested by this Notice of Borrowing shall automatically and
irrevocably terminate the obligation of the Primary Liquidity Provider to make

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 

 

further Advances under the Liquidity Agreement; and (B) following the making by the Liquidity
Provider of the Special Termination Advance requested by this Notice of Borrowing, the Borrower
shall not be entitled to request any further Advances under the Liquidity Agreement.

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

	 	 	

	 	 	 	 	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
as Subordination Agent, as Borrower	 
	 
	 	By:  	

 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 V-2

 

	 	 	 	 	 

SCHEDULE 1 TO SPECIAL TERMINATION ADVANCE NOTICE OF BORROWING

[Insert Copy of Computations in accordance with Special Termination Advance Notice of

Borrowing]

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 V-3

 

ANNEX VI 
to

REVOLVING CREDIT AGREEMENT

FORM OF NOTICE OF TERMINATION

NOTICE OF TERMINATION

[Date]

U.S. Bank Trust National Association,

      as Subordination Agent,

      as Borrower

225 Asylum Street

Goodwin Square

Hartford, Connecticut 06103

Attention: Corporate Trust Division

	Re: 	 	Revolving Credit Agreement, dated as of February 14, 2011, between U.S. Bank Trust National Association,
as Subordination Agent, as agent and trustee for the Delta Air Lines Pass Through Trust 2010-1B, as
Borrower, and Natixis S.A., acting via its New York Branch (the “Liquidity Agreement”)

Ladies and Gentlemen:

     You are hereby notified that pursuant to Section 6.01(a) of the Liquidity Agreement, by reason
of the occurrence and continuance of a Liquidity Event of Default and the existence of a Performing
Note Deficiency (each as defined in the Liquidity Agreement), we are giving this notice to you in
order to cause (i) our obligations to make Advances (as defined in the Liquidity Agreement) under
such Liquidity Agreement to terminate at the close of business on the fifth Business Day after the
date on which you receive this notice and (ii) you to request a Final Advance under the Liquidity
Agreement pursuant to Section 2.02(c) of the Liquidity Agreement and Section 3.05(i) of the
Intercreditor Agreement (as defined in the Liquidity Agreement) as a consequence of your receipt of
this notice.

Revolving Credit Agreement (Class B)
(2010-1B EETC)

 

 

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

	 	 	 	 	 
	 	

Very truly yours, 

NATIXIS S.A., ACTING VIA ITS NEW YORK 

BRANCH, 

as Liquidity Provider

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	cc: U.S. Bank Trust National Association, as Class B Trustee
Delta Air Lines, Inc.

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 VI-2

 

ANNEX VII 
to

REVOLVING CREDIT AGREEMENT

FORM OF NOTICE OF SPECIAL TERMINATION

NOTICE OF SPECIAL TERMINATION

[Date]

U.S. Bank Trust National Association,

      as Subordination Agent,

      as Borrower

225 Asylum Street

Goodwin Square

Hartford, Connecticut 06103

Attention: Corporate Trust Division

	Re: 	 	Revolving Credit Agreement, dated as of February
14, 2011, between U.S. Bank Trust National
Association, as Subordination Agent, as agent and
trustee for the Delta Air Lines Pass Through Trust
2010-1B, as Borrower, and Natixis S.A., acting via its
New York Branch (the “Liquidity Agreement”)

Ladies and Gentlemen:

     You are hereby notified that pursuant to Section 6.01(b) of the Liquidity Agreement, by reason
of the aggregate Pool Balance of the Class B Certificates exceeding the aggregate outstanding
principal amount of the Series B Equipment Notes (other than any Series B Equipment Notes
previously sold or with respect to which the Aircraft related to such Series B Equipment Notes has
been disposed of) during the 18-month period prior to January 2, 2016, we are giving this notice to
you in order to cause (i) our obligations to make Advances (as defined in the Liquidity Agreement)
under such Liquidity Agreement to terminate on the fifth Business Day after the date on which you
receive this notice and (ii) you to request a Special Termination Advance under the Liquidity
Agreement pursuant to Section 2.02(d) of the Liquidity Agreement and Section 3.05(k) of the
Intercreditor Agreement (as defined in the Liquidity Agreement) as a consequence of your receipt of
this notice.

Revolving Credit Agreement (Class B)
(2010-1B EETC)

  

 

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

	 	 	 	 	 
	 	

Very truly yours, 

NATIXIS S.A., ACTING VIA ITS NEW YORK 

BRANCH,

as Liquidity Provider

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	cc: U.S. Bank Trust National Association, as Class B Trustee
Delta Air Lines, Inc.

Revolving Credit Agreement (Class B)
(2010-1B EETC)
 VII-2

 

ANNEX VIII to

REVOLVING CREDIT AGREEMENT

FORM OF NOTICE OF REPLACEMENT SUBORDINATION AGENT

NOTICE OF REPLACEMENT SUBORDINATION AGENT

[Date]

Attention:

	 	 	Re: Revolving Credit Agreement, dated as of February 14, 2011, between
U.S. Bank Trust National Association, as Subordination Agent, as
agent and trustee for the Delta Air Lines Pass Through Trust
2010-1B, as Borrower, and Natixis S.A., acting via its New York
Branch (the “Liquidity Agreement”)

Ladies and Gentlemen:

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

[Name of Transferee]

[Address of Transferee]

all rights and obligations of the undersigned as Borrower under the Liquidity Agreement referred to
above. The transferee has succeeded the undersigned as Subordination Agent under the Intercreditor
Agreement referred to in the first paragraph of the Liquidity Agreement, pursuant to the terms of
Section 7.01 of the Intercreditor Agreement.

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

     This transfer shall be effective as of [specify time and date].

	 	 	 	 	 
	 	

U.S. BANK TRUST NATIONAL ASSOCIATION, 

as Subordination Agent, as Borrower

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Revolving Credit Agreement (Class B)
(2010-1B EETC)

VIII-1exv4w6

Exhibit 4.6

EXECUTION COPY

 

FIRST AMENDMENT TO PARTICIPATION AGREEMENT

(N377DA)

Dated as of February 14, 2011

among

DELTA AIR LINES, INC.,

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Pass Through Trustee under each of the

Pass Through Trust Agreements,

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Subordination Agent,

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Loan Trustee,

and

U.S. BANK TRUST NATIONAL ASSOCIATION,

in its individual capacity as set forth herein

*

One Boeing 737-832

(Generic Manufacturer and Model BOEING 737-800) Aircraft

U.S. Registration No. N377DA

 

First Amendment to Participation Agreement (2010-1B EETC)
N377DA

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1
	 	 	 	 
	 
	 	 	 	 
	DEFINITIONS; AMENDMENTS
	 	 	 	 
	 
	 	 	 	 
	Section 1.01. Definitions
	 	 	2	 
	Section 1.02. Other Definitional Provisions
	 	 	3	 
	Section 1.03. Amendments to Original Participation Agreement
	 	 	3	 
	Section 1.04. Supplemental Provisions
	 	 	5	 
	ARTICLE 2
	 	 	 	 
	 
	 	 	 	 
	THE LOANS
	 	 	 	 
	 
	 	 	 	 
	Section 2.01. The Loans
	 	 	5	 
	Section 2.02. Issuance of Series B Equipment Notes
	 	 	6	 
	Section 2.03. The Series B Closing
	 	 	6	 
	 
	 	 	 	 
	ARTICLE 3
	 	 	 	 
	 
	 	 	 	 
	CONDITIONS PRECEDENT
	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Conditions Precedent to Obligations of Pass Through Trustees
	 	 	6	 
	Section 3.02. Conditions Precedent to Obligations of Company
	 	 	10	 
	 
	 	 	 	 
	ARTICLE 4
	 	 	 	 
	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF COMPANY
	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Representations and Warranties of Company
	 	 	12	 
	 
	 	 	 	 
	ARTICLE 5
	 	 	 	 
	REPRESENTATIONS, WARRANTIES AND COVENANTS OF U.S. BANK
	 	 	 	 
	 
	 	 	 	 
	Section 5.01. Representations, Warranties and Covenants of U.S. Bank
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 6
	 	 	 	 
	 
	 	 	 	 
	FEES AND EXPENSES
	 	 	 	 
	 
	 	 	 	 
	Section 6.01. Fees and Expenses
	 	 	18	 

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TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 7
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 7.01. Effective Time
	 	 	19	 
	Section 7.02. Ratification and Agreements
	 	 	19	 
	Section 7.03. Survival of Representations, Warranties, Covenants and Agreements
	 	 	19	 
	Section 7.04. Governing Law
	 	 	19	 
	Section 7.05. Severability
	 	 	20	 
	Section 7.06. No Oral Modifications or Continuing Waivers; Consents
	 	 	20	 
	Section 7.07. Effect of Headings and Table of Contents
	 	 	20	 
	Section 7.08. Successors and Assigns
	 	 	20	 
	Section 7.09. Benefits of Agreement
	 	 	20	 
	Section 7.10. Counterparts
	 	 	20	 

	 	 	 	 	 

	Schedule I

	 	—
	 	Equipment Notes, Purchasers and Original Principal Amounts
	Schedule II

	 	—
	 	Trust Supplements
	 
	 	 	 	 
	Exhibit A

	 	—
	 	Form of First Indenture Amendment
	Exhibit B-1

	 	—
	 	Form of Opinion of Counsel for Company
	Exhibit B-2

	 	—
	 	Form of Opinion of Debevoise & Plimpton LLP, special counsel for Company
	Exhibit C

	 	—
	 	Form of Opinion of Special Counsel for Loan Trustee, Pass Through Trustees, Subordination Agent and U.S. Bank
	Exhibit D

	 	—
	 	Form of Opinion of Special FAA Counsel
	Exhibit E-1

	 	—
	 	Form of Opinion of Special Delaware Tax Counsel for Pass Through Trustees
	Exhibit E-2

	 	—
	 	Form of Opinion of Special Delaware UCC Counsel for Company

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FIRST AMENDMENT TO PARTICIPATION AGREEMENT

(N377DA)

     This FIRST AMENDMENT TO PARTICIPATION AGREEMENT (N377DA), dated as of February 14, 2011 (this
“Amendment”), is made by and among DELTA AIR LINES, INC., a Delaware corporation (together
with its successors and permitted assigns, “Company”), U.S. BANK TRUST NATIONAL
ASSOCIATION, a national banking association (in its individual capacity, together with its
successors and permitted assigns, “U.S. Bank”), not in its individual capacity except as
otherwise expressly provided in any of the Operative Documents or the Pass Through Documents, but
solely as Pass Through Trustee under each of the Pass Through Trust Agreements (such term and other
capitalized terms used herein without definition being defined as provided in Section 1.01), U.S.
BANK TRUST NATIONAL ASSOCIATION, a national banking association, as subordination agent and trustee
(in such capacity, together with any successor trustee in such capacity, “Subordination
Agent”) under the Intercreditor Agreement, and U.S. BANK TRUST NATIONAL ASSOCIATION, as loan
trustee (in such capacity, together with any successor trustee in such capacity, “Loan
Trustee”) under the Indenture.

WITNESSETH:

     WHEREAS, on the Closing Date, which occurred on December 17, 2010, the parties hereto (other
than Class B Trustee) entered into that certain Participation Agreement (N377DA), dated as of
December 17, 2010 (the “Original Participation Agreement”) in order to provide for the
financing of the Aircraft;

     WHEREAS, in connection with the Original Participation Agreement, Company and Loan Trustee
entered into that certain Indenture and Security Agreement (N377DA), dated as of December 17, 2010,
as supplemented by Indenture Supplement No. 1 thereto, dated December 17, 2010 (the “Original
Indenture”), pursuant to which, among other things, Company issued to Subordination Agent the
Series A Equipment Notes in the original principal amount, having the maturity and bearing interest
at the Debt Rate, in each case as specified on Schedule I to the Original Indenture (the
“Series A Equipment Notes”), which Series A Equipment Notes are secured by a security
interest in all right, title and interest of Company in and to the Aircraft and certain other
property described in the Original Indenture;

     WHEREAS, pursuant to the Basic Pass Through Trust Agreement and the Class A Trust Supplement,
the Class A Pass Through Trust was created on July 2, 2010 to facilitate the financing of certain
aircraft owned by Company, including the Aircraft, and the Class A Certificates were issued and
sold on July 2, 2010;

     WHEREAS, Section 2.02 of the Original Participation Agreement provides that, subject to
Section 4(a)(v) of the Note Purchase Agreement and Section 8.01(d) of the

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Intercreditor Agreement (as in effect immediately prior to the Series B Closing), Company
shall have the option, if no Series B Equipment Notes are issued on the Closing Date, to issue
Series B Equipment Notes under the Indenture after the Closing Date;

     WHEREAS, Section 2.02 of the Original Indenture provides that, if no Series B Equipment Notes
are issued on the Closing Date, then, subject to compliance with the conditions set forth in
Section 4(a)(v) of the Note Purchase Agreement, Section 2.02 of the Original Participation
Agreement and Section 8.01(d) of the Intercreditor Agreement (as in effect immediately prior to the
Series B Closing), Company shall have the option to issue Series B Equipment Notes after the
Closing Date;

     WHEREAS, Company now desires to issue Series B Equipment Notes, which Series B Equipment Notes
are to be secured by a security interest in all right, title and interest of Company in and to the
Aircraft and certain other property described in the Indenture;

     WHEREAS, concurrently with the execution and delivery of this Amendment, Company and Loan
Trustee are entering into the First Indenture Amendment, pursuant to which, among other things,
Company will issue Series B Equipment Notes under the Indenture;

     WHEREAS, pursuant to the Basic Pass Through Trust Agreement and the Class B Trust Supplement,
the Class B Pass Through Trust has been created to facilitate certain of the transactions
contemplated by this Amendment, including, without limitation, the issuance and sale of the Class B
Certificates; and

     WHEREAS, pursuant to the Intercreditor Agreement, Subordination Agent holds the Series A
Equipment Notes on behalf of the Class A Pass Through Trust and will hold, when issued, the Series
B Equipment Notes on behalf of the Class B Pass Through Trust;

     NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements herein
contained, and of other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

ARTICLE 1

DEFINITIONS; AMENDMENTS

     Section 1.01. Definitions. Except as otherwise defined herein, capitalized terms in
this Amendment have the meanings assigned to them in the Original Participation Agreement. For the
purposes of this Amendment, the following capitalized terms shall have the following meanings:

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     “Class A Trust Supplement” means the Trust Supplement No. 2010-1A, dated as of July 2,
2010, between Company and U.S. Bank, as Class A Trustee.

     “Class B Trust Supplement” means the Trust Supplement No. 2010-1B, dated as of the
date hereof, between Company and U.S. Bank, as Class B Trustee.

     “First Indenture Amendment” means an amendment to the Original Indenture,
substantially in the form attached hereto as Exhibit A.

     “Original Indenture” has the meaning set forth in the second recital hereto.

     “Original Participation Agreement” has the meaning set forth in the first recital
hereto.

     “Series B Closing” has the meaning set forth in Section 2.03.

     “Series B Closing Date” means February 14, 2011 or such other time as the parties
shall agree.

     Section 1.02. Other Definitional Provisions.

     (a) For purposes of this Amendment, (i) the term “Participation Agreement”
means the Original Participation Agreement as amended by this Amendment and (ii)
the term “Indenture” means the Original Indenture as amended by the First Indenture
Amendment.

     (b) All references in this Amendment to designated “Articles”, “Sections”,
“Subsections”, “Schedules”, “Exhibits”, “Annexes” and other subdivisions are to the
designated Article, Section, Subsection, Schedule, Exhibit, Annex or other subdivision of
this Amendment, unless otherwise specifically stated.

     (c) The words “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Amendment as a whole and not to any particular Article, Section, Subsection,
Schedule, Exhibit, Annex or other subdivision.

     Section 1.03. Amendments to Original Participation Agreement. The Original
Participation Agreement is hereby amended as follows:

     (a) Amendment to Schedule I. Schedule I to the Original Participation
Agreement is amended by deleting it in its entirety and replacing it with Schedule I hereto
(it being agreed and understood that no amendments are being made to the maturity, original
principal amount or interest rate of the Series A Equipment Notes).

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     (b) Amendment to Schedule II. Schedule II to the Original Participation
Agreement is amended by deleting it in its entirety and replacing it with Schedule II
hereto.

     (c) Amendment to Annex A. Annex A to the Original Participation Agreement is
amended as follows:

     (i) The definition of “Class B Certificates” is amended by deleting
the phrase “, if any,”.

     (ii) The definition of “Class B Pass Through Trust” is deleted in its
entirety and replaced with the following:

“Class B Pass Through Trust” means (i) initially, the Delta Air
Lines Pass Through Trust 2010-1B created pursuant to the Basic Pass
Through Trust Agreement, as supplemented by Trust Supplement No. 2010-1B,
dated as of February 14, 2011, between Company and U.S. Bank, as Class B
Trustee, and (ii) any “Refinancing Trust” (as such term is defined in the
Intercreditor Agreement) created in connection with any subsequent
redemption of Series B Equipment Notes and issuance of new Series B
Equipment Notes.

     (iii) The definition of “Intercreditor Agreement” is deleted in its
entirety and replaced with the following:

“Intercreditor Agreement” means that certain Intercreditor
Agreement, dated as of the Issuance Date, among Class A Trustee, Class A
Liquidity Provider and Subordination Agent, as amended by that certain
Amendment No. 1 to Intercreditor Agreement (2010-1), dated as of February
14, 2011, among Company, Liquidity Providers, Pass Through Trustees and
Subordination Agent, as the same may be further amended, supplemented or
otherwise modified from time to time in accordance with its terms;
provided that, for purposes of any obligations of Company, no
amendment, modification or supplement to, or substitution or replacement
of, such Intercreditor Agreement shall be effective unless consented to by
Company.

     (iv) The definition of “Liquidity Facilities” is amended by deleting
the phrase “, if provided,”.

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     (v) The definition of “Liquidity Providers” is amended by deleting the
phrase “, if any Class B Liquidity Facility shall have been provided,”.

     (vi) The definition of “Pass Through Trust” is amended by adding the
word “two” after the words “means each of the” and before the words “separate
grantor trusts” and by deleting the words “that have been or will be” that appear
after the words “grantor trusts” and before the words “created pursuant to”.

     (vii) The definition of “Trust Supplements” is deleted in its entirety
and replaced with the following:

     “Trust Supplements” means (i) those agreements
supplemental to the Basic Pass Through Trust Agreement referred to in
Schedule II to the Participation Agreement and (ii) in the case of
any Class B Certificates issued after the Closing Date in connection with
any redemption of Series B Equipment Notes and issuance of new Series B
Equipment Notes, pursuant to the provisions of Sections 2.02 and 2.11(b)
of the Indenture, an agreement supplemental to the Basic Pass Through
Trust Agreement pursuant to which (a) a separate trust is created
for the benefit of the holders of such Class B Certificates, (b)
the issuance of such Class B Certificates representing fractional
undivided interests in the Class B Pass Through Trust is authorized and
(c) the terms of such Class B Certificates are established.

     Section 1.04. Supplemental Provisions. For the avoidance of doubt, Articles 2 through
6 of this Amendment are supplemental to, and not in replacement of, Articles 2 through 6 of the
Original Participation Agreement, which shall remain in full force and effect.

ARTICLE 2

THE LOANS

     Section 2.01. The Loans. Subject to the terms and conditions of this Amendment and
the Indenture, on the Series B Closing Date, Class B Trustee shall make a loan to Company by paying
to Company the aggregate original principal amounts of the Series B Equipment Notes being issued to
the Class B Pass Through Trust, as set forth on Schedule I opposite the name of the Class B Pass
Through Trust. Class B Trustee, on behalf of the Class B Pass Through Trust, shall make such loan
to Company no later than 11:00 a.m. (New York City time) on the Series B Closing Date by
transferring such amount in immediately available funds to Company at
its account at
[           ]

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with the request that the bank advise Company by telephone at
(404) 715-2046 upon transfer of the funds.

     Section 2.02. Issuance of Series B Equipment Notes. Upon the occurrence of the above
payment by Class B Trustee to Company, Company shall issue, pursuant to and in accordance with
Article II of the Indenture, to Subordination Agent as agent and trustee for Class B Trustee, one
or more Series B Equipment Notes of the maturity and aggregate principal amount and bearing the
interest rate set forth in Schedule I opposite the name of the Class B Pass Through Trust. Each
such Series B Equipment Note shall be duly authenticated by Loan Trustee pursuant to the Indenture,
registered in the name of Subordination Agent and dated the Series B Closing Date and shall be
delivered by Loan Trustee to Subordination Agent. Each of the Pass Through Trustees and
Subordination Agent hereby authorizes and directs Loan Trustee to execute and deliver this
Amendment and the First Indenture Amendment and, subject to the terms hereof and thereof, to take
the actions contemplated herein and therein.

     Section 2.03. The Series B Closing. The closing (the “Series B Closing”) of
the transactions contemplated hereby shall take place at the offices of Debevoise & Plimpton LLP,
919 Third Avenue, New York, New York 10022 at 9:30 a.m. (New York City time) on February 14, 2011
or at such other time or place as the parties shall agree.

ARTICLE 3

CONDITIONS PRECEDENT

     Section 3.01. Conditions Precedent to Obligations of Pass Through Trustees. The
obligations of Pass Through Trustees hereunder, including the obligation of Class B Trustee to make
the loan contemplated by Article II, are subject to the fulfillment (or the waiver by such Pass
Through Trustee) prior to or on the Series B Closing Date of the following conditions precedent:

     (a) Authentication. Company shall have tendered the Series B Equipment Notes
to Loan Trustee for authentication, and Loan Trustee shall have authenticated such Series B
Equipment Notes and shall have tendered the Series B Equipment Notes to Subordination Agent
on behalf of Class B Trustee, against receipt of the loan proceeds, in accordance with
Section 2.02.

     (b) No Changes in Law. No change shall have occurred after the date of this
Amendment in applicable law or regulations thereunder or interpretations thereof by
appropriate regulatory authorities or any court that would make it a violation of law or
governmental regulations for Class B Trustee to make the loan contemplated by Section 2.01
or to acquire the Series B Equipment Notes.

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     (c) Documentation. This Amendment and the following documents shall have been
duly authorized, executed and delivered by the respective party or parties thereto (other
than Pass Through Trustees or Loan Trustee), shall be in full force and effect and executed
counterparts thereof shall have been delivered to each Pass Through Trustee.

     (i) the Amendment No. 1 to Intercreditor Agreement (2010-1), dated as of the
date hereof, among Company, Liquidity Providers, Pass Through Trustees and
Subordination Agent;

     (ii) the Class B Liquidity Facility;

     (iii) the Class B Trust Supplement; and

     (iv) the First Indenture Amendment.

     (d) [Reserved.]

     (e) Certain Closing Certificates. Each such Pass Through Trustee shall have
received the following:

     (i) a certificate dated the Series B Closing Date of the Secretary or an
Assistant Secretary of Company, certifying as to (A) a copy of the
resolutions of the Board of Directors of Company or the executive committee thereof
duly authorizing the transactions contemplated hereby and the execution, delivery
and performance by Company of this Amendment, the First Indenture Amendment, the
Series B Equipment Notes and each other document required to be executed and
delivered by Company in accordance with the provisions hereof or thereof and
(B) a copy of the certificate of incorporation and by-laws of Company, as
in effect on the Series B Closing Date;

     (ii) a certificate or other evidence from the Secretary of State of the State
of Delaware, dated as of a date reasonably near the Series B Closing Date, as to
the due incorporation and good standing of Company in such state;

     (iii) an incumbency certificate of Company as to the person or persons
authorized to execute and deliver this Amendment, the First Indenture Amendment,
the Series B Equipment Notes and each other document to be executed by Company in
connection with the transactions contemplated hereby and thereby, and the specimen
signatures of such person or persons; and

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     (iv) one or more certificates of Loan Trustee and Subordination Agent
certifying to the reasonable satisfaction of such Pass Through Trustee as to the
due authorization, execution, delivery and performance by Loan Trustee and
Subordination Agent of this Amendment, the First Indenture Amendment, the Series B
Equipment Notes and each of the other Operative Documents, in each case to which
Loan Trustee or Subordination Agent is or will be a party and any other documents
to be executed by or on behalf of Loan Trustee or Subordination Agent in connection
with the transactions contemplated hereby or thereby.

     (f) Representations; No Event of Default or Event of Loss. On the Series B
Closing Date, the following statements shall be correct: (i) the representations
and warranties of Company herein are 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 are correct on
and as of such earlier date) and (ii) no event has occurred and is continuing that
constitutes an Event of Default or an Event of Loss or would constitute an Event of Default
or Event of Loss but for the requirement that notice be given or time elapse or both.

     (g) Opinion of Counsel to Company. Each such Pass Through Trustee and Loan
Trustee shall have received (i) an opinion addressed to it from the General
Counsel, Deputy General Counsel or an Associate General Counsel of Company (or such other
internal counsel to Company as shall be reasonably satisfactory to such Pass Through
Trustee) substantially in the form set forth in Exhibit B-1 and (ii) an opinion
addressed to it from Debevoise & Plimpton LLP substantially in the form set forth in
Exhibit B-2.

     (h) Opinion of Counsel to U.S. Bank, Loan Trustee, Pass Through Trustees and
Subordination Agent. Each such Pass Through Trustee and Loan Trustee shall have
received an opinion addressed to it from Shipman & Goodwin LLP, special counsel for U.S.
Bank, Loan Trustee, Pass Through Trustees and Subordination Agent, substantially in the
form set forth in Exhibit C.

     (i) Opinion of FAA Counsel. Each such Pass Through Trustee and Loan Trustee
shall have received an opinion addressed to it from Daugherty, Fowler, Peregrin, Haught &
Jenson, a Professional Corporation, special FAA counsel in Oklahoma City, Oklahoma,
substantially in the form set forth in Exhibit D.

     (j) Certification from Company. Each such Pass Through Trustee and Loan
Trustee shall have received a certificate or certificates signed by the chief financial or
accounting officer, any Senior Vice President, the Treasurer, any Vice President or any
Assistant Treasurer (or any other Responsible Officer) of

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Company, dated the Series B Closing Date, certifying as to the correctness of each of
the matters stated in Section 3.01(f) and the satisfaction of the conditions set forth in
Section 3.01(p).

     (k) Certification from U.S. Bank, Loan Trustee and Subordination Agent. Each
such Pass Through Trustee shall have received a certificate from U.S. Bank in its
individual capacity and as Loan Trustee and Subordination Agent, as applicable, dated the
Series B Closing Date, signed by an authorized officer of U.S. Bank in its individual
capacity and as Loan Trustee and Subordination Agent, as applicable, certifying for each
such entity that no Loan Trustee Liens or Other Party Liens attributable to it, as
applicable, exist, and further certifying as to the correctness of each of the matters
stated in Section 5.01.

     (l) Insurance Matters. Loan Trustee shall have received an insurance report
of an independent insurance broker and the related certificates of insurance, each in form
and substance reasonably satisfactory to Loan Trustee, as to the compliance with the terms
of Section 7.06 of the Indenture relating to insurance with respect to the Aircraft.

     (m) No Proceedings. No action or proceeding shall have been instituted nor
shall governmental action be threatened before any court or governmental agency, nor shall
any order, judgment or decree have been issued or proposed to be issued by any court or
governmental agency at the time of the Series B Closing to set aside, restrain, enjoin or
prevent the completion and consummation of this Amendment or the transactions contemplated
hereby.

     (n) Funding of Class B Pass Through Trust. Class B Trustee shall have
received in immediately available funds an amount at least equal to the aggregate purchase
price of the Series B Equipment Notes to be purchased from Company by Class B Trustee.

     (o) Governmental Approvals. All appropriate action required to have been
taken prior to the Series B 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 Amendment has been taken, and all orders, permits,
waivers, authorizations, exemptions and approvals of such entities required to be in effect
on the Series B Closing Date in connection with the transactions contemplated by this
Amendment have been issued.

     (p) Satisfaction of Conditions under Note Purchase Agreement and Other
Agreements. The conditions set forth in Section 4(a)(v) of the Note Purchase
Agreement, Section 2.02 of the Original Participation Agreement and Section 8.01(d) of the
Intercreditor Agreement (as in effect immediately prior to

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the Series B Closing) to the issuance of Series B Equipment Notes shall have been
complied with.

     (q) Issuance of Related Series B Equipment Notes. Concurrently with the
Series B Closing, Company shall have issued “Series B Equipment Notes” under all of the
Related Indentures in effect immediately prior to the Series B Closing.

     (r) Ratings Confirmation. Company shall have obtained the Rating Agency
Confirmation with respect to the Class A Certificates required by Section 4(a)(v) of the
Note Purchase Agreement and the Ratings Confirmation with respect to the Class A
Certificates required by Section 8.01(d) of the Intercreditor Agreement (as in effect
immediately prior to the Series B Closing).

     Promptly upon the recording of the First Indenture Amendment pursuant to the Transportation
Code and the receipt of appropriate and correct recording information from the FAA, Company will
cause Daugherty, Fowler, Peregrin, Haught & Jenson, a Professional Corporation, special FAA counsel
in Oklahoma City, Oklahoma to deliver to Subordination Agent, to Pass Through Trustees, to Loan
Trustee and to Company an opinion as to the due recording of such instrument and the lack of filing
of any intervening documents with respect to the Aircraft.

     Section 3.02. Conditions Precedent to Obligations of Company. The obligation of
Company to issue and sell the Series B Equipment Notes is subject to the fulfillment (or waiver by
Company) prior to or on the Series B Closing Date of the following conditions precedent:

     (a) No Changes in Law. No change shall have occurred after the date of this
Amendment in applicable law or regulations thereunder or interpretations thereof by
appropriate regulatory authorities or any court that would make it a violation of law or
governmental regulations for Company to enter into any transaction contemplated hereby or
by the Operative Documents, the Note Purchase Agreement or the other Pass Through
Documents.

     (b) Documentation. The documents referred to in Section 3.01(c) shall have
been duly authorized, executed and delivered by the respective party or parties thereto
(other than Company), shall be in full force and effect and executed counterparts (or
copies thereof where indicated) thereof shall have been delivered to Company, and Company
shall have received such documents and evidence with respect to U.S. Bank, each Liquidity
Provider, Loan Trustee, Subordination Agent and each Pass Through Trustee as Company
reasonably requests in order to establish the consummation of the transactions contemplated
by this Amendment, the taking of all corporate and other proceedings in connection
therewith and compliance with the conditions herein set forth.

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     (c) FAA Filing. The First Indenture Amendment shall have been duly filed for
recordation (or shall be in the process of being so duly filed for recordation) with the
FAA pursuant to the Transportation Code.

     (d) Representations and Warranties. On the Series B Closing Date, the
representations and warranties herein of U.S. Bank, Loan Trustee, Subordination Agent and
Pass Through Trustees shall be correct 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 correct on and as of such earlier
date), and, insofar as such representations and warranties concern U.S. Bank, Loan Trustee,
Subordination Agent or any Pass Through Trustee, such party shall have so certified to
Company.

     (e) Certain Opinions and Certificates. Company shall have received each
opinion referred to in Sections 3.01(h) and 3.01(i), each such opinion addressed to Company
or accompanied by a letter from the counsel rendering such opinion authorizing Company to
rely on such opinion as if it were addressed to Company, and the certificates referred to
in Sections 3.01(e)(iv) and 3.01(k).

     (f) Certain Opinions of Special Delaware Counsel. Company shall have received
opinions addressed to it from Richards, Layton & Finger P.A., special Delaware counsel for
Pass Through Trustees, substantially in the forms set forth in Exhibit E-1, as to tax
matters, and Exhibit E-2, as to UCC matters.

     (g) No Proceedings. No action or proceeding shall have been instituted nor
shall governmental action be threatened before any court or governmental agency, nor shall
any order, judgment or decree have been issued or proposed to be issued by any court or
governmental agency at the time of the Series B Closing to set aside, restrain, enjoin or
prevent the completion and consummation of this Amendment or the transactions contemplated
hereby.

     (h) No Other Party Liens, etc. Company shall have received a certificate from
U.S. Bank dated the Series B Closing Date, signed by an authorized officer of U.S. Bank,
certifying for each Pass Through Trustee that no Other Party Liens attributable to it exist
and further certifying as to the correctness of each of the matters stated in Section 5.01.

     (i) Payment for Equipment Notes. Company shall have been paid by Class B
Trustee the aggregate original principal amount of the Series B Equipment Notes being
issued to Class B Trustee as set forth on Schedule I opposite the name of the Class B Pass
Through Trust.

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     (j) Satisfaction of Conditions under Note Purchase Agreement and Other
Agreements. The conditions set forth in Section 4(a)(v) of the Note Purchase
Agreement, Section 2.02 of the Original Participation Agreement and Section 8.01(d) of the
Intercreditor Agreement (as in effect immediately prior to the Series B Closing) to the
issuance of Series B Equipment Notes shall have been complied with.

     (k) Issuance of Related Series B Equipment Notes. Concurrently with the
Series B Closing, Company shall have issued “Series B Equipment Notes” under all of the
Related Indentures in effect immediately prior to the Series B Closing.

     (l) Ratings Confirmation. Company shall have obtained the Rating Agency
Confirmation with respect to the Class A Certificates required by Section 4(a)(v) of the
Note Purchase Agreement and the Ratings Confirmation with respect to the Class A
Certificates required by Section 8.01(d) of the Intercreditor Agreement (as in effect
immediately prior to the Series B Closing).

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF COMPANY

     Section 4.01. Representations and Warranties of Company. Company represents and
warrants that:

     (a) Organization; Authority; Qualification. Company is a corporation duly
incorporated and validly existing in good standing under the laws of the State of Delaware,
is a Certificated Air Carrier, is a Citizen of the United States, has the corporate power
and authority to own its properties or hold them under lease and to enter into and perform
its obligations under this Amendment, the First Indenture Amendment, the Series B Equipment
Notes and the other Operative Documents to which it is a party and is duly qualified to do
business as a foreign corporation in good standing in each other jurisdiction in which the
failure to so qualify would have a material adverse effect on the consolidated financial
condition of Company and its subsidiaries, considered as a whole, and its jurisdiction of
organization (as such term is used in Article 9 of the Uniform Commercial Code as in effect
in the State of Delaware) is Delaware.

     (b) Corporate Action and Authorization; No Violations. The execution,
delivery and performance by Company of this Amendment, the First Indenture Amendment, the
Series B Equipment Notes and the other Operative Documents to which Company is a party have
been duly authorized by all necessary corporate action on the part of Company, do not
require any stockholder approval or approval or consent of any trustee or holder of any

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indebtedness or obligations of Company, except such as have been duly obtained and are
in full force and effect, and do not contravene any law, governmental rule, regulation,
judgment or order binding on Company or the certificate of incorporation or by-laws of
Company or contravene or result in a breach of, or constitute a default under, or result in
the creation of any Lien (other than as permitted under the Indenture) upon the property of
Company under, any material indenture, mortgage, contract or other agreement to which
Company is a party or by which it or any of its properties may be bound or affected.

     (c) Governmental Approvals. Neither the execution and delivery by Company of
this Amendment, the First Indenture Amendment, the Series B Equipment Notes and the other
Operative Documents to which it is a party, nor the consummation by Company of any of the
transactions contemplated hereby or thereby, requires the authorization, consent or
approval of, the giving of notice to, the filing or registration with or the taking of any
other action in respect of, the Department of Transportation, the FAA or any other federal
or state governmental authority or agency, or the International Registry, except for
(i) the registration of the issuance and sale of the Pass Through Certificates
under the Securities Act and under the securities laws of any state or other jurisdiction
in which the Pass Through Certificates may be offered for sale if the laws of such state or
other jurisdiction require such action, (ii) the qualification of the Pass Through
Trust Agreements under the Trust Indenture Act, (iii) the orders, permits, waivers,
exemptions, authorizations and approvals of the regulatory authorities having jurisdiction
over Company’s ownership or operation of the Aircraft required to be obtained on or prior
to the Series B Closing Date, which orders, permits, waivers, exemptions, authorizations
and approvals have been duly obtained and are, or on the Series B Closing Date will be, in
full force and effect, (iv) the filings and registrations referred to in Section
4.01(e) of the Original Participation Agreement and Section 4.01(e) hereof, (v)
authorizations, consents, approvals, notices and filings required to be obtained, taken,
given or made under securities or Blue Sky or similar laws of the various states and
foreign jurisdictions and (vi) consents, approvals, notices, registrations and
other actions required to be obtained, given, made or taken only after the date hereof.

     (d) Valid and Binding Agreements. This Amendment, the First Indenture
Amendment, the Series B Equipment Notes and each other Operative Document to which Company
is a party have been duly executed and delivered by Company and constitute the legal, valid
and binding obligations of Company enforceable against Company in accordance with their
terms, except as the same may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the rights of creditors generally and by general
principles of equity and except, in the case of the Indenture, as limited by applicable
laws that may affect the remedies provided in the Indenture, which laws, however, do not

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make the remedies provided in the Indenture inadequate for the practical realization
of the rights and benefits intended to be provided thereby.

     (e) Filings and Recordation. Except for the filing for recordation pursuant
to the Transportation Code of the First Indenture Amendment, no further filing or recording
of any document is necessary under the laws of the United States or any state thereof as of
the Series B Closing Date in order to establish and perfect the security interest in the
Aircraft created under the Indenture in favor of Loan Trustee as against Company and any
third parties in any applicable jurisdiction in the United States.

     (f) Investment Company Act. Company is not required to be registered as an
“investment company” within the meaning of the Investment Company Act of 1940, as amended.

     (g) Title. As of the Series B Closing Date, (i) Company has good
title to the Aircraft, free and clear of Liens other than Permitted Liens, (ii) the
Aircraft has been duly certificated by the FAA as to type and airworthiness in accordance
with the terms of the Indenture, (iii) the Original Indenture has been duly
recorded (or filed for recordation) with the FAA pursuant to the Transportation Code, (iv)
the First Indenture Amendment has been duly filed for recordation (or shall be in the
process of being so duly filed for recordation) with the FAA pursuant to the Transportation
Code, (v) the Aircraft is duly registered with the FAA in the name of Company, and
(vi) the registration of the International Interests created under the Indenture
with respect to the Aircraft has been effected on the International Registry in accordance
with the Cape Town Treaty.

     (h) Section 1110. Loan Trustee is entitled to the benefits of Section 1110
with respect to the Aircraft subject to the Lien of the Indenture on the Series B Closing
Date.

     (i) Security Interest. The Indenture creates in favor of Loan Trustee, for
the benefit of Noteholders, Indenture Indemnitees and Related Indenture Indemnitees, a
valid and perfected Lien on the Aircraft subject to the Lien of the Indenture on the Series
B Closing Date, subject to no equal or prior Lien, except Permitted Liens.

     (j) Licenses, Permits and Franchises. Company holds all licenses, permits and
franchises from the appropriate government entities necessary to authorize Company lawfully
to 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 have a material adverse effect on the financial condition or operations
of Company and its consolidated subsidiaries, taken as a whole.

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     (k) No Prior Amendments or Supplements. Except for the documents described in
Section 3.01(c) of this Amendment, there have been no amendments or supplements to the
documents referred to in Section 3.01(c) of the Original Participation Agreement.

ARTICLE 5

REPRESENTATIONS, WARRANTIES AND COVENANTS OF U.S. BANK

     Section 5.01. Representations, Warranties and Covenants of U.S. Bank. U.S. Bank,
generally, and each of Loan Trustee, Subordination Agent and Pass Through Trustees as it relates to
it, represents, warrants and covenants that:

     (a) Organization; Authority. U.S. Bank is a national banking association duly
organized and validly existing in good standing under the laws of the United States, is
eligible to be Loan Trustee under Section 8.01(a) of the Indenture, will promptly comply
with Section 8.01(a) of the Indenture and has full power, authority and legal right to
enter into and perform its obligations under this Amendment, the First Indenture Amendment,
the Series B Equipment Notes, each of the other Operative Documents and the Pass Through
Documents to which U.S. Bank, Loan Trustee, Subordination Agent or such Pass Through
Trustee is a party and, in its capacity as Loan Trustee and Class B Trustee, respectively,
to authenticate the Series B Equipment Notes and the Class B Certificates, respectively.
U.S. Bank is qualified to act as Loan Trustee under Section 8.01(c) of the Indenture. U.S.
Bank is a Citizen of the United States (without the use of a voting trust agreement), and
will resign as Loan Trustee under the Indenture promptly after it obtains actual knowledge
that it has ceased to be such a Citizen of the United States.

     (b) Due Authorization; No Violations. The execution, delivery and performance
by U.S. Bank, individually or in its capacity as Loan Trustee, Subordination Agent or such
Pass Through Trustee, as the case may be, of this Amendment, the First Indenture Amendment,
the Series B Equipment Notes, each of the other Operative Documents and each of the Pass
Through Documents to which U.S. Bank, Loan Trustee, Subordination Agent or such Pass
Through Trustee is a party, the performance by U.S. Bank, individually or in its capacity
as Loan Trustee, Subordination Agent or such Pass Through Trustee, as the case may be, of
its obligations hereunder or thereunder and the consummation on the Series B Closing Date
of the transactions contemplated hereby or thereby, and the authentication of the Series B
Equipment Notes and Class B Certificates to be delivered on the Series B Closing Date:
(i) have been duly authorized by all necessary action on the part of U.S. Bank,
Loan Trustee, Subordination Agent and such Pass Through Trustee, as the case may be,
(ii) do not violate any law or regulation of the United States or of the state of
the United States in which U.S.

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Bank is located and which governs the banking and trust powers of U.S. Bank or any
order, writ, judgment or decree of any court, arbitrator or governmental authority
applicable to U.S. Bank, Loan Trustee, Subordination Agent or such Pass Through Trustee or
any of their assets, (iii) will not violate any provision of the articles of
association or by-laws of U.S. Bank and (iv) will not violate any provision of, or
constitute a default under, any mortgage, indenture, contract, agreement or undertaking to
which any of U.S. Bank, Loan Trustee, Subordination Agent or such Pass Through Trustee is a
party or by which any of them or their respective properties may be bound or affected.

     (c) Approvals. Neither the execution and delivery by U.S. Bank, individually
or in its capacity as Loan Trustee, Subordination Agent or such Pass Through Trustee, as
the case may be, of this Amendment, the First Indenture Amendment, the Series B Equipment
Notes, any other Operative Document or any Pass Through Document to which U.S. Bank, Loan
Trustee, Subordination Agent or such Pass Through Trustee is a party, nor the consummation
by U.S. Bank, Loan Trustee, Subordination Agent or such Pass Through Trustee of any of the
transactions contemplated hereby or thereby, requires the authorization, consent or
approval of, the giving of notice to, the filing or registration with, or the taking of any
other action in respect of, (i) any governmental authority or agency of the United
States or the state of the United States where U.S. Bank is located and regulating the
banking and trust powers of U.S. Bank or (ii) any trustee or other holder of any
debt of U.S. Bank.

     (d) Valid and Binding Agreements. This Amendment, the First Indenture
Amendment, the Series B Equipment Notes, each other Operative Document and each Pass
Through Document to which U.S. Bank, Loan Trustee, Subordination Agent or such Pass Through
Trustee is a party have been duly executed and delivered by U.S. Bank, individually and in
its capacity as Loan Trustee, Subordination Agent or such Pass Through Trustee, as the case
may be, and constitute the legal, valid and binding obligations of U.S. Bank, Loan Trustee,
Subordination Agent and such Pass Through Trustee, as the case may be, enforceable against
it in accordance with its terms, except as the same may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the rights of
creditors generally and by general principles of equity.

     (e) No Loan Trustee Liens or Other Party Liens. It unconditionally agrees
with and for the benefit of the parties to this Amendment that it will not directly or
indirectly create, incur, assume or suffer to exist any Loan Trustee Lien or Other Party
Lien attributable to it, and it agrees that it will, at its own cost and expense, promptly
take such action as may be necessary to discharge and satisfy in full any such Lien.

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     (f) Intercreditor Agreement. The Series B Equipment Notes to be issued to
Subordination Agent pursuant hereto are being acquired by it to be held under the
Intercreditor Agreement.

     (g) Funds Transfer Fees. Each of U.S. Bank, Loan Trustee, Subordination Agent
and such Pass Through Trustee agrees that it will not impose any lifting charge, cable
charge, remittance charge or any other charge or fee on any transfer by Company of funds
to, through or by U.S. Bank, Loan Trustee, Subordination Agent or such Pass Through Trustee
pursuant to this Amendment, the First Indenture Amendment, the Series B Equipment Notes,
any other Operative Document or any Pass Through Document, except as may be otherwise
agreed to in writing by Company.

     (h) Confidentiality. Each of U.S. Bank, Loan Trustee, Subordination Agent and
such Pass Through Trustee agrees to be bound by the terms of Section 10.16 of the
Indenture.

     (i) Certain Tax Matters. There are no Taxes payable by (i) U.S. Bank,
Loan Trustee or Subordination Agent imposed by the Commonwealth of Massachusetts or any
political subdivision or taxing authority thereof, or (ii) U.S. Bank or such Pass
Through Trustee imposed by the State of Delaware or any political subdivision or taxing
authority thereof, in connection with the execution, delivery or performance by U.S. Bank,
Loan Trustee or Subordination Agent on the one hand, or U.S. Bank or such Pass Through
Trustee, on the other, of this Amendment, the First Indenture Amendment, the Series B
Equipment Notes, any other Operative Document or any Pass Through Document (other than
franchise or other taxes based on or measured by any fees or compensation received by any
such Person for services rendered in connection with the transactions contemplated by this
Amendment, the First Indenture Amendment, the Series B Equipment Notes, the other Operative
Documents or the Pass Through Documents), and there are no Taxes payable by such Pass
Through Trustee imposed by the State of Delaware or any political subdivision thereof in
connection with the acquisition, possession or ownership by such 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 such Pass Through Trustee for services rendered in
connection with the transactions contemplated by this Amendment, the First Indenture
Amendment, the Series B Equipment Notes, the other Operative Documents or the Pass Through
Documents) and, assuming that the Pass Through Trusts will not be taxable for Federal
income tax purposes as corporations, but, rather, will be characterized for such purposes
as grantor trusts or partnerships, such Pass Through Trusts will not be subject to any
Taxes imposed by the State of Delaware or any political subdivision thereof.

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     (j) Limitation on Situs of Activities. Except with the consent of Company,
which shall not be unreasonably withheld: (i) U.S. Bank will act as Pass Through
Trustee solely through its offices within the State of Delaware, except for such services
as may be performed for it by independent agents in the ordinary course of business, but
not directly by it, in other states; and (ii) U.S. Bank will act as Subordination
Agent and Loan Trustee solely through its offices within the Commonwealth of Massachusetts,
except for such services as may be performed for it by independent agents in the ordinary
course of business, but not directly by it, in other states.

     (k) No Proceedings. There are no pending or, to its knowledge, threatened
actions or proceedings against U.S. Bank, Loan Trustee, Subordination Agent or such Pass
Through Trustee before any court or administrative agency which individually or in the
aggregate, if determined adversely to it, would materially adversely affect the ability of
U.S. Bank, Loan Trustee, Subordination Agent or such Pass Through Trustee to perform its
obligations under this Amendment, the First Indenture Amendment, the Series B Equipment
Notes, any other Operative Document or any Pass Through Document.

     (l) Other Representations. The representations and warranties contained in
Section 7.15 of the Basic Pass Through Trust Agreement and Section 7.04 of each Trust
Supplement are true, complete and correct as of the Series B Closing Date.

ARTICLE 6

FEES AND EXPENSES

     Section 6.01. Fees and Expenses. Company agrees promptly to pay (without duplication
of any other obligation Company may have to pay such amounts) (1) the initial and annual
fees and (to the extent Loan Trustee is entitled to be reimbursed for its reasonable expenses) the
reasonable expenses of Loan Trustee in connection with the transactions contemplated hereby and
(2) the following expenses incurred by Loan Trustee, Subordination Agent and Pass Through
Trustees in connection with the negotiation, preparation, execution and delivery of this Amendment,
the First Indenture Amendment and the other documents or instruments referred to herein or therein:

     (i) the reasonable fees, expenses and disbursements of (A) Shipman &
Goodwin LLP, special counsel for Loan Trustee, Subordination Agent and Pass Through
Trustees, (B) Richards, Layton & Finger, P.A., special Delaware counsel for
Pass Through Trustees and Company, and (C) Daugherty, Fowler, Peregrin,
Haught & Jenson, a Professional Corporation, special FAA counsel in Oklahoma City,
Oklahoma, in each case to the extent actually incurred; and

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     (ii) all reasonable expenses actually incurred in connection with printing and
document production or reproduction expenses.

ARTICLE 7

MISCELLANEOUS

     Section 7.01. Effective Time. The amendments to the Original Participation Agreement
contemplated hereby and the agreements set forth herein shall be effective as of the time of the
Series B Closing. Effective as of the time of the Series B Closing, U.S. Bank Trust National
Association, as Class B Trustee, and U.S. Bank Trust National Association, as Subordination Agent
and Noteholder of the Series B Equipment Notes, each shall be deemed to be a party to the
Participation Agreement and shall have all of the rights and obligations of a “Pass Through
Trustee”, a “Noteholder”, an “Indemnitee” and “Indenture Indemnitee”, respectively, under the
Participation Agreement and the other Operative Documents.

     Section 7.02. Ratification and Agreements. Except as expressly amended hereby, the
Original Participation Agreement shall remain in full force and effect, and this Amendment shall be
construed as supplemental to the Participation Agreement and shall form a part thereof. For the
avoidance of doubt, the parties hereto agree that the Series B Equipment Notes referred to herein
shall constitute “Series B Equipment Notes” and “Equipment Notes”, the Class B Certificates
referred to herein shall constitute “Class B Certificates” and “Pass Through Certificates”, the
Class B Liquidity Facility referred to herein shall constitute the “Class B Liquidity Facility” and
a “Liquidity Facility”, the Class B Pass Through Trust referred to herein shall constitute the
“Class B Pass Through Trust” and a “Pass Through Trust” and the Class B Trustee referred to herein
shall constitute the “Class B Trustee” and a “Pass Through Trustee”, in each case for all purposes
of the Participation Agreement, the Indenture and the other Operative Documents.

     Section 7.03. Survival of Representations, Warranties, Covenants and Agreements.
Except as otherwise provided herein, the representations, warranties, covenants and agreements of
Company, U.S. Bank, Loan Trustee, Subordination Agent, each Pass Through Trustee and Noteholders
herein, and each of their obligations hereunder, shall survive the making of the loans, the
transfer of any interest by any Noteholder of its Equipment Note and the expiration or termination
(to the extent arising out of acts or events occurring prior to such expiration) of this Amendment,
the First Indenture Amendment or any other Operative Document.

     Section 7.04. Governing Law. THIS AMENDMENT HAS BEEN DELIVERED IN THE STATE OF NEW
YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE
OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

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     Section 7.05. Severability. To the extent permitted by applicable law, any provision
of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

     Section 7.06. No Oral Modifications or Continuing Waivers; Consents. Subject to
Section 9.03 of the Indenture, no terms or provisions of this Amendment may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by the party against
which the enforcement of the change, waiver, discharge or termination is sought. No such change,
waiver, discharge or termination shall be effective unless a signed copy thereof is delivered to
Loan Trustee.

     Section 7.07. Effect of Headings and Table of Contents. The headings of the various
Articles and Sections herein and in the Table of Contents are for convenience of reference only and
do not define or limit any of the terms or provisions hereof.

     Section 7.08. Successors and Assigns. All covenants, agreements, representations and
warranties in this Amendment by Company, by U.S. Bank, individually or as Loan Trustee,
Subordination Agent or Pass Through Trustee, or by any Noteholder, shall bind and inure to the
benefit of and be enforceable by Company, and subject to the terms of Section 6.02(e) of the
Participation Agreement, its successors and permitted assigns, each Pass Through Trustee and any
successor or other trustee under the Pass Through Trust Agreement to which it is a party,
Subordination Agent and its successor under the Intercreditor Agreement and Loan Trustee and its
successor under the Indenture, whether so expressed or not.

     Section 7.09. Benefits of Agreement. Nothing in this Amendment, express or implied,
gives to any Person, other than the parties hereto and their successors hereunder, any benefit or
any legal or equitable right, remedy or claim under this Amendment, except as expressly provided
herein.

     Section 7.10. Counterparts. This Amendment may be executed in any number of
counterparts. Each of the parties hereto shall not be required to execute the same counterpart.
Each counterpart of this Amendment including a signature page or pages executed by each of the
parties hereto shall be an original counterpart of this Amendment, but all of such counterparts
shall together constitute one instrument.

[Remainder of page intentionally left blank.]

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

	 	 	 	 	 
	 	DELTA AIR LINES, INC.

 	 
	 	By:  	              /s/ Paul A. Jacobson
 	 
	 	 	Name:  	Paul A. Jacobson 	 
	 	 	Title:  	Senior Vice President and
Treasurer 	 
	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION, 

as Pass
Through Trustee under each of the Pass Through

Trust Agreements

 	 
	 	By:  	/s/ John G. Correia
 	 
	 	 	Name:  	John G. Correia 	 
	 	 	Title:  	Vice President 	 
	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION, 

as
Subordination Agent

 	 
	 	By:  	/s/ John G. Correia
 	 
	 	 	Name:  	John G. Correia 	 
	 	 	Title:  	Vice President 	 
	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION, 

as Loan
Trustee

 	 
	 	By:  	/s/ John G. Correia
 	 
	 	 	Name:  	John G. Correia 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page

First Amendment to Participation Agreement (2010-1B EETC)
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	 	U.S. BANK TRUST NATIONAL ASSOCIATION, 

in its
individual capacity as set forth herein

 	 
	 	By:  	/s/ John G. Correia
 	 
	 	 	Name:  	John G. Correia 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page

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SCHEDULE
I 

SCHEDULE I to

PARTICIPATION AGREEMENT

EQUIPMENT NOTES,

PURCHASERS AND ORIGINAL PRINCIPAL AMOUNTS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Description of	 	 	 	 	 	 
	 	 	Equipment	 	 	 	Interest	 	Original Principal
	Purchaser	 	Notes	 	Maturity	 	Rate	 	Amount
	Delta Air Lines 

Pass Through 

Trust 2010-1A

	 	Series 2010-1A-003
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Equipment Note
	 	July 2, 2018
	 	 	6.20	%	 	$	12,607,000	 
	Delta Air Lines 

Pass Through 

Trust 2010-1B

	 	Series 2010-1B-003
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Equipment Note
	 	January 2, 2016
	 	 	6.375	%	 	$	3,068,000	 

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SCHEDULE II to

PARTICIPATION AGREEMENT

TRUST SUPPLEMENTS

     Class A Pass Through Trust: Trust Supplement No. 2010-1A, dated as of July 2, 2010, between
Company and Pass Through Trustee in respect of Delta Air Lines Pass Through Trust 2010-2A.

     Class B Pass Through Trust: Trust Supplement No. 2010-1B, dated as of February 14, 2011,
between Company and Pass Through Trustee in respect of Delta Air Lines Pass Through Trust 2010-1B.

First Amendment to Participation Agreement (2010-1B EETC)
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