Document:

revsev

Exhibit 4.9

SEVENTH AMENDMENT

TO REVOLVING CREDIT, TERM LOAN AND

GUARANTY AGREEMENT

               
SEVENTH AMENDMENT, dated as of May 7, 2004 (the "Amendment"), to
the REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT, dated as of December
24, 2002, among UNITED AIR LINES, INC., a Delaware corporation (the "Borrower"),
a debtor and a debtor-in-possession in a case pending under Chapter 11
of the Bankruptcy Code, UAL CORPORATION, a Delaware corporation and the
parent company of the Borrower (the "Parent") and all of the direct
and indirect subsidiaries of the Borrower and the Parent signatory thereto
(the "Subsidiaries" and together with the Parent, each a "Guarantor"
and collectively the "Guarantors"), each of which Guarantors referred
to in this paragraph is a debtor and a debtor-in-possession in a case pending
under Chapter 11 of the Bankruptcy Code, JPMORGAN CHASE BANK, a New York
banking corporation ("JPMorgan Chase"), CITICORP USA, INC., a Delaware
corporation ("CUSA"), BANK ONE, NA, a national banking corporation
("Bank One"), THE CIT GROUP/BUSINESS CREDIT, INC., a New York corporation
("CIT Group"), each of the other financial institutions from time
to time party hereto (together with JPMorgan Chase, CUSA, Bank One and
CIT Group, the "Lenders"), JPMORGAN CHASE BANK and CUSA, as co-administrative
agents (together, the "Agents") for the Lenders and JPMORGAN CHASE
BANK, as paying agent (in such capacity, the "Paying Agent") for
the Lenders.

W I T N E S S E T H:

        WHEREAS, the Borrower,
the Guarantors, the Lenders, the Paying Agent and the Agents are parties
to that certain Revolving Credit, Term Loan and Guaranty Agreement, dated
as of  December 24, 2002 as heretofore amended, modified or supplemented,
and as in effect on the date hereof, the "Credit Agreement");

        WHEREAS, the Borrower
and the Guarantors have requested that the Maturity Date of the Credit
Agreement be extended to December 31, 2004, that the rates of interest
under the Credit Agreement be reduced under certain circumstances, that
the Total Commitments be reduced and that the Credit Agreement be otherwise
amended as set forth herein, subject to and upon the terms and conditions
set forth herein;

        NOW, THEREFORE, the
parties hereto hereby agree as follows:

        1.    
As used herein, all terms that are defined in the Credit Agreement shall
have the same meanings herein.

        2.    Amendments
to Section 1.01.  Section 1.01 of the Credit Agreement is hereby
amended by (A) deleting the definition of each of the following terms: 
"Aircraft Mortgage", "Bank One DIP", "Collateral Documents", "Flight Simulators",
"Foreign Aviation Authorities", "Foreign Slot", "Maturity Date", "Orders",
"Primary Foreign Slots", "Primary Routes", "Security and Pledge Agreement",
"SGR Security Agreement", "Supporting Route Facilities", and "Tranche A
Reserve" appearing therein, and inserting the following new definitions
in appropriate alphabetical order:

""Aircraft Mortgage" shall mean that "Aircraft Mortgage" as
defined in Section 4.01(e), as the same may be amended, modified, supplemented,
extended or restated from time to time.
"Bank One DIP" shall mean that certain Debtor in Possession Credit
Agreement dated as of December 24, 2002, among the Borrower, the Guarantors,
the lenders from time to time party thereto, Bank One, as agent and Banc
One Capital Markets, Inc. as lead arranger and sole bookrunner, as the
same may be amended, modified, or supplemented, from time to time.

"Collateral Documents" shall mean, collectively, the Security
and Pledge Agreement, the Aircraft Mortgage (including, without limitation,
any Mortgage Supplement), the SGR Security Agreement, the Mortgage Amendment
and other agreements, instruments or documents that create or purport to
create a Lien in favor of the Collateral Agent for the benefit of the Lenders.

"Flight Simulators" shall mean the flight simulators and flight
training devices of the Borrower or any applicable Guarantor other than
the flight simulators listed on Schedule 1.01(a) (as such Schedule may
be amended from time to time with the consent of the Agents to remove one
or more flight simulators from such Schedule).

"Foreign Aviation Authorities" shall mean any foreign governmental,
quasi-governmental, regulatory or other agencies or private entities which
exercise jurisdiction over the issuance or authorization (i) to serve any
foreign point on each of the Routes and/or operations related to the Routes
and Supporting Route Facilities and/or (ii) to hold and operate any Foreign
Slots.

"Foreign Slot" shall mean all of the rights and operational authority,
now held or hereafter acquired, of Borrower and, if applicable, a Guarantor,
to conduct one landing or takeoff at a specific time or in a specific time
period on a specific day of the week at each non-U.S. airport served in
conjunction with Borrower's, or, if applicable, a Guarantor's operations
over a Route.

"Maturity Date" shall mean December 31, 2004.

"Orders" shall mean the Interim Order and the Final Order of
the Bankruptcy Court referred to in Sections 4.01(b) and 4.02(d) and the
Seventh Amendment Order.

"Primary Foreign Slots" shall mean the Foreign Slots set forth
on Schedule 1.01(b), as such Schedule may be amended from time to time
pursuant to Section 5.14(c) or Section 5.20(b).

"Primary Routes" shall mean the Routes set forth on Schedule
1.01(c), as such Schedule may be amended from time to time pursuant to
Section 5.20(b) or Section 5.20(c).

"Security and Pledge Agreement" shall mean that certain Security
and Pledge Agreement as defined in Section 4.01(c), as the same may be
amended, modified, supplemented, extended or restated from time to time.

"SGR Security Agreement" shall mean that certain Slot, Gate and
Route Security and Pledge Agreement as defined in section 4.01(d), as the
same may be amended, modified, supplemented, extended or restated from
time to time.

"Supporting Route Facilities" shall mean gates, ticket counters
and other facilities at each non-U.S. airport necessary to operate a Route
including, but not limited to, those at the following airports: London,
Heathrow; Tokyo, Narita; Osaka, Kansai; Beijing, Capital Airport; Shanghai,
Puo Dong; and Hong Kong, Hong Kong International; Frankfurt, Frankfurt
Airport; Paris, Charles de Gaulle Airport; and Munich, Munich International
Airport.

"Tranche A Reserve" shall mean an amount equal to $100,000,000
which (except as otherwise provided in Section 2.01(a)(2)) shall be held
back as a reserve from the availability of the Total Tranche A Commitment
for maintenance of the Collateral and liquidation expenses.";

(B)    deleting the definitions of the terms "Stage I",
"Stage II" and "Stage II Threshold" appearing therein in their entirety;

(C)    inserting the following new definitions of the
terms "Mortgage Amendment" and "Seventh Amendment Order" in appropriate
alphabetical order:

"Mortgage Amendment" shall mean that certain Amendment No.
1 to the Aircraft Mortgage dated as of May 7, 2004.
"Seventh Amendment Order" shall mean an order of the Bankruptcy
Court in form and substance reasonably satisfactory to the Agents approving
the execution of the Seventh Amendment dated as of May 7, 2004.";

(D)    amending the definition of the term "Borrowing Base"
by deleting the parenthetical clause "(it being understood that the reserves
referred to in clauses (ii) and (iv) of this sentence shall not be applicable
to extensions of credit in Stage I)" appearing at the end of the first
sentence thereof;

(E)    amending the definition of the term "EBITDAR"
by (x) deleting the parenthetical clause appearing in clause (a)(iii) thereof,
(y) inserting at the end of clause (a)(vi) thereof the words "and a one-time
rent expense in an amount not in excess of $44,000,000 paid in 2004 in
connection with a settlement of the dispute relating to the Chicago O'Hare
municipal bond transaction relating to the out-of-period portion (relating
to 2004) of such rent expense" and (z) inserting at the end of clause (c)
thereof the words ", provided, however, that a one-time amount
not in excess of $50,000,000 paid in respect of the Chicago O'Hare municipal
bond transaction relating to the out-of-period portion (relating to 2003)
of rent expense shall not be so deducted for purposes of this clause (c)".

(F)    amending clause (d) of the definition of "Ineligible
Collateral and Reserves Amount" to read in its entirety as follows:

"(d) an amount equal to the Orderly Liquidation Value of Borrowing
Base Collateral located on vendor premises, and any additional amounts
the Agents deem reasonably necessary."

        3.     Amendments
to Section 2.01.  Section 2.01 of the Credit Agreement is hereby
amended by (A) deleting the words "Subject to the provisions of
Section 2.01(c), at" appearing in the second sentence of subsection (a)
thereof and inserting in lieu thereof the word "At"; (B) deleting the amount
"$800,000,000" appearing in clause (i)(A) of the second sentence of subsection
(a) thereof and inserting in lieu thereof the amount "$200,000,000"; (C)
deleting the words "an amount equal to $100,000,000 which shall be held
back as a reserve from the availability of the Total Tranche A Commitment
during Stage II for maintenance of the Collateral and liquidation expenses
(the "Tranche A Reserve")" appearing in clause (i)(B) of the second
sentence of subsection (a) thereof and inserting in lieu thereof the words
"the Tranche A Reserve"; and (D) deleting subsections (c) and (d) thereof
in their entireties.
        4.    Amendment
to Section 2.03(a).  Section 2.03(a) of the Credit Agreement is
hereby amended by deleting the words "amounts permitted to be outstanding
pursuant to Section 2.01(c)" appearing in clause (ii) thereof and inserting
in lieu thereof the words "Total Tranche A Commitment".

        5.    Amendments
to Section 2.08.  Section 2.08 of the Credit Agreement is hereby
amended by (A) deleting the amount "5.5%" appearing in subsection (a) thereof
and inserting in lieu thereof the amount "4.5%"; (B) inserting the following
proviso at the end of subsection (a) thereof:

", provided that, in the event the ATSB approves the guaranty
of the exit financing applied for in the Application and the Agents notify
the Borrower in writing that such approval is reasonably satisfactory in
form and substance to them, then, as of the date the Application is approved,
each ABR Loan shall bear interest (computed on the basis of the actual
number of days elapsed over a year of 360 days or, when the Alternate Base
Rate is based on the Prime Rate, a year with 365 days or 366 days in a
leap year) at a rate per annum equal to the Alternate Base Rate plus
3.5%."; and

(C)    deleting the amount "6.5%" appearing in subsection
(b) thereof and inserting in lieu thereof the amount "5.5%"; and
(D) inserting the following proviso at the end of sub-section (b) thereof:
", provided that, in the event the ATSB approves the guaranty
of the exit financing applied for in the Application and the Agents notify
the Borrower in writing that such approval is reasonably satisfactory in
form and substance to them, then, as of the date the Application is approved,
each Eurodollar Loan shall bear interest (computed on the basis of the
actual number of days elapsed over a year of 360 days) at a rate per annum
equal, during each Interest Period applicable thereto, to the Adjusted
LIBOR Rate for such Interest Period in effect for such Borrowing plus
4.5%."

        6.     Amendment
to Section 2.09.  Section 2.09 of the Credit Agreement is hereby
amended in its entirety to read as follows:
"SECTION 2.09.  Default Interest.  In the
event that, and for so long as, any Event of Default shall have occurred
and be continuing, the Borrower and the Guarantors shall on demand from
time to time pay interest, to the extent permitted by law, on all Loans
and overdue amounts (after as well as before judgment) (i) in the case
of Borrowings consisting of Eurodollar Loans, at two percent (2%) in excess
of the rate then in effect for each such Eurodollar Loan and (ii) in the
case of all other amounts, at two percent (2%) in excess of the rate then
in effect for each such amount."

        7.     Amendments
to Section 2.13(b).  Section 2.13(b) of the Credit Agreement is
hereby amended by deleting the percentage "100%" wherever it appears in
clauses (i)(x) and (i)(y) thereof and in clause (ii) thereof and inserting
in lieu thereof the percentage "75%".
         8.   Amendment
to Section 2.13(e).  Section 2.13(e) of the Credit Agreement is
hereby amended by inserting the following proviso at the end of the first
sentence appearing therein:

", provided, that if, at the time of any prepayment pursuant
to this Section 2.13(e), the amounts to be applied to prepay the Tranche
A Loans shall exceed the Tranche A Loans outstanding at such time, then
such excess portion of such prepayment shall be deposited into a reserve
cash collateral account under the control of the Paying Agent to be held
as collateral security in the event any additional Tranche A Loans shall
be made in accordance with Section 2.01(a)(2)."

        9.     Amendments
to Section 2.21.  Section 2.21 of the Credit Agreement is hereby
amended by (A) deleting the words "six and one half percent (6.5%)" appearing
in clause (i) of the first sentence thereof and inserting in lieu thereof
the words "five and one-half percent (5.5%)"; and (B) inserting the following
proviso in clause (i) of the first sentence thereof immediately following
the word "Outstandings" and immediately preceding the words "and (ii)":
", provided that, in the event the ATSB approves the guaranty
of the exit financing applied for in the Application and the Agents notify
the Borrower in writing that such approval is reasonably satisfactory in
form and substance to them, then, as of the date the Application is approved,
such fee shall be calculated at the rate of four and one-half percent (4.5%)
per annum on the daily average Letter of Credit Outstandings,"

        10.    Amendment
to Section 3.02.  Section 3.02(a) of the Credit Agreement is hereby
amended by inserting the word ", frequencies" immediately following the
word "concessions" appearing in the fourth sentence of subsection (a) thereof.
        11.    Amendments
to Section 3.09.  Section 3.09 of the Credit Agreement is hereby
amended by inserting the words "as further amended by the Vision - 100
Century of Aviation Reauthorization Act and" immediately following the
words "Homeland Security Act of 2002 and" appearing in clause (i) thereof
and immediately preceding the words "the maximum".

        12.    Amendment
to Section 4.02.  Section 4.02 of the Credit Agreement is hereby
amended by deleting clause (h) in its entirety and inserting in lieu thereof
the title "(h) Intentionally Omitted".

        13.    Amendments
to Section 5.01.  Section 5.01 of the Credit Agreement is hereby
amended by (A) amending subsection (n) thereof to read in its entirety
as follows:

"(n) on the fifth Business Day following the end of (i) each calendar
month, a certificate of an Officer of the Borrower stating that the Borrower
is monitoring its usage of each Slot identified on Schedule 5.01(n), as
the same shall be amended from time-to-time pursuant to Section 5.13(c),
and is conducting its operations in a manner such that the Borrower should
be able to meet the Use or Lose Rule for such Slots with respect to the
applicable two-month FAA reporting Period; (ii) each calendar month in
which the Borrower does not file with the FAA a report pursuant to 14 C.F.R.
Part 93, a report in detail reasonably satisfactory to the Agents showing,
for each airport listed on such Schedule 5.01(n), as same shall be amended
from time-to-time pursuant to Section 5.13(c), the number of Slots held
at that airport by applicable hour or half-hour allocation period (and,
if applicable, separately setting forth those Slots that are designated
as arrivals or departures) and the total number of operations the Borrower
has conducted in each such allocation period during the one-month period
covered by such report; provided, that if Borrower engages in any temporary
trade, transfer, exchange or lease (collectively, a "Transfer") of a Slot
identified on Schedule 5.01(n), as then in effect, the Borrower shall provide
the Agents such information as the Agents may from time-to-time reasonably
request regarding such Transfer; and (iii) each calendar month in which
the Borrower files with the FAA a report on Slot utilization pursuant to
14 C.F.R. Part 93, a copy of such report, and a summary thereof, if reasonably
requested by the Agents, in a format reasonably acceptable to the Agents."

; and (B) inserting the following new subsection (o) immediately following
subsection (n) therein:
"(o) on the fifth Business Day following the end of each calendar
month, (i) a certificate of an Officer of the Borrower stating that the
Borrower is conducting its operations and monitoring its usage of each
Primary Foreign Slot identified on Schedule 1.01(b), as the same shall
be updated from time to time pursuant to Section 5.14(c) in a manner
such that the Borrower should be able to meet the requisite 80%/20%, or
other applicable utilization requirement, to retain its right to each such
Primary Foreign Slot in the next comparable scheduling season; and (ii)
for each Primary Foreign Slot listed on Schedule 1.01(b), as such Schedule
shall be updated from time to time pursuant to Section 5.14(c), a Primary
Foreign Slot Utilization Report, in a format reasonably acceptable to the
Agents, showing by day of week the number of times Borrower canceled a
service utilizing each such Primary Foreign Slot during the current IATA
scheduling season."

        14.    Amendments
to Section 5.03(b).  Section 5.03(b) of the Credit Agreement is
hereby amended to read in its entirety as follows:
"(b)  Maintain in full force and effect war risk and terrorism
insurance on all its property in an amount that is no less than the maximum
amount available to the Borrower and the Guarantors from the DOT under
the Federal Aviation Insurance Program, as amended by the Air Transportation
Stabilization Act and Regulations and further amended by the Homeland Security
Act of 2002, and as further amended by the Vision -100 Century of Aviation
Reauthorization Act."

        15.    Amendment
to Section 5.10.  Section 5.10 of the Credit Agreement is hereby
amended by inserting the word ", frequencies" immediately following the
word "authorizations" appearing in clause (d) thereof.
        16.    Amendment
to Section 5.13.  Section 5.13 of the Credit Agreement is hereby
amended by inserting the following new subsection (c) immediately following
subsection (b) thereof:

"(c) Cause to be delivered to the Agents an updated Schedule 5.01(n)
to replace the then-existing Schedule 5.01(n) within ten (10) Business
Days after (i) the allocation to, or the acquisition, by whatever means,
of any permanent Slot to be added to Borrower's FAA-approved base of Slots;
(ii) any permanent disposition or transfer by Borrower of any Slot permitted
pursuant to the terms of this Agreement and the SGR Security Agreement;
or (iii) any reasonable request by the Agents to update such Schedule 5.01(n)."

        17.    Amendments
to Section 5.14.  Section 5.14 of the Credit Agreement is hereby
amended by (A) inserting the following words at the end of subsection (a)
thereof:
"other than with respect to two (2) Primary Foreign Slots in connection
with one non-stop round trip frequency during the winter off-peak season 
2004/2005; it being understood that the two Primary Foreign Slots shall
not include any of the Primary Foreign Slots located at London Heathrow
Airport or Tokyo Narita Airport."

; (B) inserting the following words at the end of the first sentence appearing
in subsection (b) thereof:
"other than with respect to two (2) Primary Foreign Slots in connection
with one non-stop round trip frequency during the winter off-peak season 
2004/2005; it being understood that the two Primary Foreign Slots shall
not include any of the Primary Foreign Slots located at London Heathrow
Airport or Tokyo Narita Airport."

; and (C) inserting the following new subsection (c) immediately following
subsection (b) thereof:
"(c) Cause to be delivered to the Agents an updated Schedule 1.01(b)
to replace the then-existing Schedule 1.01(b) within ten (10) Business
Days after (i) the allocation to, or acquisition by, Borrower of an additional
slot at any airport outside the United States listed on Schedule 1.01(b);
(ii) any permanent disposition or transfer of any Primary Foreign Slot
permitted pursuant to the terms of this Agreement and the SGR Security
Agreement; or (iii) any reasonable request by the Agents to update such
Schedule 1.01(b)."

        18.    Amendment
to Section 5.15(a).  Section 5.15(a) of the Credit Agreement is
hereby amended by deleting the words "certificates, bilateral authorizations"
appearing therein and inserting in lieu thereof the words "certificates,
permits, bilateral or multi-lateral authorizations".
        19.    Amendments
to Section 5.20.  Section 5.20 of the Credit Agreement is hereby
amended by (A) deleting the word "Upon" appearing at the beginning of subsection
(a) thereof and inserting in lieu thereof the words "Within thirty (30)
days of"; and (B) inserting the following new subsection (c) immediately
following subsection (b) thereof:

"(c)  Cause to be delivered to the Agents an updated Schedule
1.01(c) to replace the then-existing Schedule 1.01(c) within ten (10) Business
Days of any disposition or permanent transfer of any Primary Route which
is permitted pursuant to the terms of this Agreement and the SGR Security
Agreement."

        20.    Amendment
to Section 6.04.  Section 6.04 of the Credit Agreement is hereby
amended by (i) inserting the designation "(a)" at the beginning thereof,
(ii) deleting from the table appearing therein the date "June 30, 2004"
and the amount appearing opposite such date and (iii) inserting the following
as subsection (b) thereof:
"(b) Make Capital Expenditures during the period commencing on April
1, 2004 and ending on December 31, 2004 in an aggregate amount in excess
of $375,000,000 and, promptly after the end of each fiscal month, commencing
with the fiscal month ending April 30, 2004, the Borrower shall deliver
a report showing that during the period commencing April 1, 2004 through
the end of such fiscal month Capital Expenditures made by the Borrower
and the Guarantors shall have not exceeded $375,000,000 in the aggregate."

        21.    Amendments
to Section 6.05.  Section 6.05(b) of the Credit Agreement is hereby
amended by (i) deleting from the table appearing therein the date "May
31, 2004" and the amount appearing opposite such date and (ii) inserting
the following at the foot of the table appearing therein: 
	Month	EBITDAR
	May 31, 2004	$1,369,000,000
	June 30, 2004	$1,333,000,000
	July 31, 2004	$1,364,000,000
	August 31, 2004	$1,354,000,000
	September 30, 2004	$1,463,000,000
	October 31, 2004	$1,507,000,000
	November 30, 2004	$1,511,000,000
	 	 

        22.    Amendment
to Section 6.11.  Section 6.11 of the Credit Agreement is hereby
amended by (A) deleting the word "and" immediately preceding clause (xv)
appearing therein and (B) inserting the following new clause (xvi):

"; and (xvi) from and after the effective date of the Seventh Amendment
dated as of May 7, 2004, the sale or other disposition by the Borrower
of ownership interests which it holds in Orbitz in addition to the sales
or dispositions permitted pursuant to clause 6.11(xiv)(B), provided
that 75% of the Net Proceeds of sales or dispositions permitted by this
clause 6.11(xvi) shall be applied as a prepayment of the Loans in accordance
with Section 2.13(e)."

        23.    Amendments
to Section 10.03.  Section 10.03(b) of the Credit Agreement is
hereby amended by inserting immediately following the words "another Lender"
in clause (i) of the proviso appearing therein the following:
"that has a Tranche A Commitment in the case of an assignment with
respect to a Tranche A Commitment, or to another Lender in the case of
an assignment with respect to a Tranche B Commitment."

        24.    Amendments
to Section 10.10(a). Section 10.10(a) of the Credit Agreement is hereby
amended by amending the first sentence thereof by (x) deleting the parenthetical
clause "(including, without limitation, the provisions of Section 2.01(c))"
appearing in the second line thereof, (y) deleting the words "amend, waive
or modify any condition to the initial extension of credit during Stage
II as set forth in Section 4.02(h), (ii)" appearing in clause (3) of the
"provided, however" clause thereof and (z) changing the designation
"(iii)" appearing in such clause (3) to the designation "(ii)".
        25.    Amendment
to Schedule 1.01(b).  Schedule 1.01(b) is hereby replaced in its
entirety with the new Schedule 1.01(b) attached hereto as Exhibit A.

        26.    Amendments
to List of Schedules in Table of Contents.  The List of Schedules
in the Table of Contents of the Credit Agreement is hereby amended by adding
the following listing in appropriate numerical order:  "Schedule 5.01(o)
- Primary Foreign Slots."

        27.    Conditions
to Amendment Effectiveness.  The amendments set forth in this
Amendment shall not become effective until the date (the "Effective
Date") on which the following conditions precedent shall have been
satisfied (or waived by the Required Lenders):

               
(a)     Execution.  This Amendment shall
have been executed by the Borrower, the Guarantors and each of the Lenders
and each Agent shall have received evidence reasonably satisfactory to
it of such execution (provided, that if this Amendment is executed
by fewer than all of the Lenders but is executed by Lenders constituting
the Super-majority Lenders, then this Amendment may nonetheless become
effective in accordance with the provisions of Section 10.10(b) of the
Credit Agreement and the Tranche A Commitment and/or the Tranche B Commitment,
as the case may be, of one or more of the Super-majority Lenders shall
be increased as more fully set forth in paragraph 28 below).

               
(b)     Bankruptcy Court Order. The Bankruptcy
Court shall have entered an order reasonably satisfactory in form and substance
to the Agents approving the terms of this Amendment which order shall be
in full force and effect, and shall not have been vacated, stayed, reversed,
modified or amended in any respect that the Agents reasonably determine
to be adverse to the interests of the Lenders; and, if such order is the
subject of a pending appeal in any respect, the continued performance by
the Borrower or any of the Guarantors of any of their respective obligations
under the Credit Agreement or under the Loan Documents or under any other
instrument or agreement referred to therein shall not be the subject of
a presently effective stay pending appeal.

               
(c)     Mortgage Amendment.  The Borrower
shall have duly executed and delivered to the Collateral Agent a Mortgage
Amendment, in substantially the form of Exhibit B, and the Collateral Agent
shall have received evidence that the Mortgage Amendment has been recorded
with the FAA.

               
(d)     Bank One DIP Waiver.  The Agents
shall have received satisfactory evidence that any defaults arising under
the Bank One DIP shall have been waived by the Bank One Lenders.

               
(e)     Opinions of Counsel.  The Agents
and the Collateral Agent shall have received:

                       
(i)     a favorable written opinion of Kirkland &
Ellis LLP, counsel to the Borrower and the Guarantors, dated the Effective
Date, substantially in the form of Exhibit C; and

                       
(ii)     a favorable written opinion of McAfee &
Taft, special counsel to the Agents, dated the Effective Date, with respect
to the Liens of the Aircraft Mortgage, and reasonably satisfactory in form
and substance to the Collateral Agent.

               
(f)     Corporate and Judicial Proceedings. 
All corporate and judicial proceedings and all instruments and agreements
in connection with the transactions among the Borrower, the Guarantors,
the Agents and the Lenders contemplated by this Amendment shall be reasonably
satisfactory in form and substance to the Lenders, and the Agents and the
Lenders shall have received all information and copies of all documents
and papers, including records of corporate and judicial proceedings, which
the Agents may have reasonably requested in connection herewith, such documents
and papers where appropriate to be certified by proper corporate, governmental
or judicial authorities.

        28.    Implementation
of Section 10.10(b) of the Credit Agreement.

               
(a)     This Amendment has been executed by Lenders
constituting the Super-majority Lenders and, pursuant to Section 10.10(b)
of the Credit Agreement, shall become effective upon satisfaction of the
conditions set forth in paragraph 27 above.  On the Effective Date,
(i) the Tranche A Commitments and the Tranche B Commitments, as the case
may be, of the Minority Lenders shall be terminated, (ii) the Tranche A
Commitments and/or the Tranche B Commitments of certain of the Super-majority
Lenders (the "Increasing Lenders") shall be increased so that on
and after the Effective Date the Tranche A Commitments and the Tranche
B Commitments of all of the Super-majority Lenders (including the Increasing
Lenders) shall equal the Total Commitment, as reduced by this Amendment,
(iii) the Increasing Lenders shall make additional non-pro rata
Loans to the Borrower in an aggregate amount necessary to repay in full
the outstanding Loans of the Minority Lenders before giving effect to this
Amendment and in accordance with their respective Tranche A Commitment
Percentages and Tranche B Commitment Percentages after giving effect to
the increases referred to in the preceding clause, (iv) if any Letters
of Credit are outstanding on the Effective Date, the undivided interests
and participations therein of Minority Lenders that are Tranche A Lenders
before giving effect to this Amendment shall terminate and each of the
Increasing Lenders shall be deemed to have purchased from the Fronting
Bank pursuant to Section 2.03(e) of the Credit Agreement an undivided interest
and participation in such Letters of Credit to the extent of the increase
in such Increasing Lender's Tranche A Commitment Percentage, (v) the Borrower
shall pay any accrued but unpaid interest and Fees owing to the Minority
Lenders as of the Effective Date and (vi) the Minority Lenders shall no
longer be Lenders under the Credit Agreement.

               
(b)     Annex A to the Credit Agreement is hereby replaced
in its entirety by the revised Annex A attached hereto as Exhibit D. 
The Tranche A Commitment and the Tranche B Commitment of each of the Super-majority
Lenders after giving effect to this paragraph 28 is reflected on revised
Annex A.

               
(c)     The signature pages of the Credit Agreement
are hereby amended to conform to the signature pages hereto.

        29.    Ratification. 
Except to the extent hereby amended, the Credit Agreement and each of the
Loan Documents remain in full force and effect and are hereby ratified
and affirmed.

        30.    Costs
and Expenses.  The Borrower agrees that its obligations set forth
in Section 10.05 of the Credit Agreement shall extend to the preparation,
execution and delivery of this Amendment, including the reasonable fees
and disbursements of special counsel to the Agents.

        31.    Representations
and Warranties.  The Borrower represents and warrants to the Lenders,
to induce the Lenders to enter into this Amendment, that no Event of Default
or event with the passage of time would constitute an Event of Default
exists on the date hereof and that each of the representations and warranties
made by the Borrower in the Credit Agreement and each other Loan Document
are true and correct in all material respects as of the date hereof except
where such representation or warranty relates to a specific date, in which
such representation or warranty shall be true and correct as of such date.

        32.    References. 
This Amendment shall be limited precisely as written and shall not be deemed
(a) to be a consent granted pursuant to, or a waiver or modification of,
any other term or condition of the Credit Agreement or any of the instruments
or agreements referred to therein or (b) to prejudice any right or rights
which the Agents or the Lenders may now have or have in the future under
or in connection with the Credit Agreement or any of the instruments or
agreements referred to therein.  Whenever the Credit Agreement is
referred to in the Credit Agreement or any of the instruments, agreements
or other documents or papers executed or delivered in connection therewith,
such reference shall be deemed to mean the Credit Agreement as modified
by this Amendment.

        33.    Amendment
and Restatement.  Upon the occurrence of the Effective Date, (a)
the Credit Agreement will be deemed to have been amended and restated to
reflect all of the changes made to the Credit Agreement through and including
the Effective Date of this Amendment, and (b) the Agents will promptly
make available to the Borrower, the Guarantors and the Lenders a composite
conformed copy of the Credit Agreement reflecting such amendment and restatement.

        34.    Counterparts. 
This Amendment may be executed in any number of counterparts and by the
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which
taken together shall constitute but one and the same instrument. 
A fax copy of a counterpart signature page shall serve as the functional
equivalent of a manually executed copy for all purposes.

        35.    Applicable
Law.  This Amendment shall be governed by, and construed in accordance
with, the laws of the State of New York.

[SIGNATURE PAGES TO FOLLOW]

        IN WITNESS WHEREOF,
the parties hereto have caused this Seventh Amendment to be duly executed
as of the day and the year first written.

 

  

	BORROWER:
	 
	UNITED AIR LINES, INC.
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: Executive Vice President & CFO

	 
	 
	GUARANTORS:
	 
	UAL CORPORATION
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: Executive Vice President & CFO

	 
	 
	UAL LOYALTY SERVICES, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President,

        General Counsel & Secretary

	 
	 
	UAL COMPANY SERVICES, INC.
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President and Treasurer

	 
	 
	CONFETTI, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President, 

        General Counsel & Secretary

	 
	 
	MILEAGE PLUS HOLDINGS, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President, 

        General Counsel & Secretary

	 
	 
	MILEAGE PLUS MARKETING, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President, 

        General Counsel & Secretary

	 
	 
	MYPOINTS.COM, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President, 

        General Counsel & Secretary

	 
	 
	CYBERGOLD, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President, 

        General Counsel & Secretary

	 
	 
	ITARGET.COM, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President,

        General Counsel & Secretary

	 
	 
	MYPOINTS OFFLINE SERVICES, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President, 

        General Counsel & Secretary

	 
	 
	UAL BENEFITS MANAGEMENT, INC.
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: President

	 
	 
	UNITED BIZ JET HOLDINGS, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President, 

        General Counsel & Secretary

	 
	 
	BIZJET CHARTER, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President, 

        General Counsel & Secretary

	 
	 
	BIZJET FRACTIONAL, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President, 

        General Counsel & Secretary

	 
	 
	BIZJET SERVICES, INC.
By: /s/ Steven M. Rasher

Name: Steven M. Rasher

Title: Senior Vice President, 

        General Counsel & Secretary

	 
	 
	KION LEASING, INC.
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: President

	 
	 
	PREMIER MEETING AND TRAVEL SERVICES, INC.
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President and Treasurer

	 
	 
	UNITED AVIATION FUELS CORPORATION
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President

	 
	 
	UNITED COGEN, INC.
By: /s/ Paul Lovejoy

Name: Paul Lovejoy

Title: Vice President & Secretary

	 
	 
	MILEAGE PLUS, INC.
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President

	 
	 
	UNITED GHS, INC.
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: President

	 
	 
	UNITED WORLDWIDE CORPORATION
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: President

	 
	 
	UNITED VACATIONS, INC.
By: /s/ Frederic F. Brace

Name Frederic F. Brace

Title: Vice President

	 
	 
	FOUR STAR LEASING, INC.
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: President

	 
	 
	AIR WIS SERVICES, INC.
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: President

	 
	 
	AIR WISCONSIN, INC.
By: /s/ Frederic F. Brace

Name: Frederic F. Brace

Title: President

	 
	 
	DOMICILE MANAGEMENT SERVICES, INC.
By: /s/ Paul Lovejoy

Name: Paul Lovejoy

Title: Vice President & Secretary

	 
	 
	LENDERS:
	 
	JPMORGAN CHASE BANK
By: /s/ Matthew H. Massie

Name: Matthew H. Massie

Title: Managing Director

	 
	 
	CITICORP USA, INC.
By: /s/ James J. McCarthy

Name: James J. McCarthy

Title: Director/Vice President

	 
	 
	BANK ONE, NA
By: /s/ Patrick J. Fravel

Name: Patrick J. Fravel

Title: Associate Director

	 
	 
	CIT GROUP/BUSINESS CREDIT INC.
By: /s/ Vincent Belcastro

Name: Vincent Belcastro

Title: Vice President

	 
	 
	ABLECO FINANCE LLC
By: /s/ Kevin Genda

Name: Kevin Genda

Title: Senior Vice President

	 
	 
	A3 FUNDING LP
By: A3 Fund Management LLC

Its: General Partner

By: /s/ Kevin Genda

Name: Kevin Genda

Title: Vice President

	 
	A4 FUNDING LP
By: A4 Fund Management, Inc.

Its: General Partner

By: /s/ Kevin Genda

Name: Kevin Genda

Title: Vice President

	 
	 
	ARES LEVERAGED INVESTMENT FUND II, L.P.
By: Ares Management II, L.P.

Its: General Partner

By: /s/ Seth J. Brufsky

Name: Seth J. Brufsky

Title: Vice President

	 
	 
	ARES VI CLO LTD.
By: Ares CLO Management VI, L.P., Investment Manager

By: Ares CLO GP VI, LLC, Its Managing Member

By: /s/ Seth J. Brufsky

Name: Seth J. Brufsky

Title: Vice President

	 
	 
	ARES VII CLO LTD.
By: Ares CLO Management VII, L.P., Investment Manager

By: Ares CLO GP VII, LLC, Its

General Partnerr

By: /s/ Seth J.Brufsky

Name: Seth J. Brufsky

Title: Vice President.

	 
	 
	BANK OF LINCOLNWOOD
By: /s/ Richard R. Robbins

Name: Richard R. Robbins

Title: President/Chief Operating Officer

	 
	 
	CANPARTNERS INVESTMENTS IV, LLC
By: /s/ R. Christian B. Evensen

Name: R. Christian B. Evensen

Title: Authorized Member

	 
	 
	CANYON CAPITAL CDO 2002-1 LTD.
By:  Canyon Capital Advisors LLC, its Collateral Manager

By: /s/ R. Christian B. Evensen

Name: R. Christian B. Evensen

Title: Authorized Signatory

	 
	 
	CANYON CAPITAL CLO 2004-1 LTD.
By:  Canyon Capital Advisors LLC, its Collateral Manager

By: /s/ R. Christian B. Evensen

Name: R. Christian B. Evensen

Title: Managing Director

	 
	 
	CASPIAN CAPITAL PARTNERS, LP
By: Mariner Investment Group

By: /s/ Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

	 
	 
	COLUMBIA FLOATING RATE ADVANTAGE FUND
By: Highland Capital Management, L.P., its

Investment Advisor

By: /s/ Todd Travers

Name: Todd Travers

Title: Senior Portfolio Manager

	 
	 
	COLUMBIA FLOATIANG RATE LIMITED LIABILITY COMPANY
By: Highland Capital Management, L.P., its Investment Advisor

By: /s/ Todd Travers

Name: Todd Travers

Title: Senior Portfolio Manager

	 
	 
	CONTINENTAL CASUALTY COMPANY
By: /s/ Marilou R. McGirr

Name: Marilou R. McGirr

Title: Vice President and Assistant Treasurer

	 
	 
	DEEPHAVEN DISTRESSED OPPORTUNITIES TRADING LTD.
By: /s/ Peter H. Glerum

Name: Peter H. Glerum

Title: Assistant Portfolio Manager

	 
	 
	DESJARDIN LIFE ASSURANCE COMPANY
By: /s/ Louis T. Hanover

Name: Louis T. Hanover

Title: Authorized Signatory

	 
	 
	DK ACQUISITION, L.P.
By M.H. Davidson & Co, its general partner

By: /s/ Michael Leffell

Name: Michael Leffell

Title: Partner

	 
	 
	DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP
By: Drawbridge Special Opportunities GP LLC, its general partner

By: /s/ Marc K. Furstein

Name: Marc K. Furstein

Title: Chief Operating Officer

 
	
	GULF STREAM - COMPASS CLO 2002-1 LTD
By: Gulf Stream Asset Management LLC As Collateral Manager

By: /s/ Mark D. Abrahm

Name: Mark D. Abrahm

Title: Trader

	 
	 
	GULF STREAM - COMPASS CLO 2003-1 LTD
By: Gulf Stream Asset Management LLC As Collateral Manager

By: /s/ Mark D. Abrahm 

Name: Mark D. Abrahm

Title: Trader

	 
	 
	HEWETT'S ISLAND CDO, LTD.
By: CypressTree Investment Management Company, Inc., as Portfolio Manager 

By: /s/ Ricardo Cardona

Name: Ricardo Cardona

Title: Investment Analyst

	 
	 
	INDOSUEZ CAPITAL FUNDING IIA, LIMITED
By: Indosuez Capital as Portfolio Advisor

By: /s/ Charles Kobayashi

Name: Charles Kobayashi

Title: Principal and Portfolio Manager

	 
	 
	INDOSUEZ CAPITAL FUNDING III, LIMITED
By: Indosuez Capital as Portfolio Advisor

By: /s/ Charles Kobayashi

Name: Charles Kobayashi

Title: Principal and Portfolio Manager

	 
	 
	INDOSUEZ CAPITAL FUNDING VI, LIMITED
By: Indosuez Capital as Portfolio Advisor

By: /s/ Charles Kobayashi

Name: Charles Kobayashi

Title: Principal and Portfolio Manager

	 
	 
	LAUREL RIDGE CAPITAL LP
By: /s/ Jenny Lee

Name: Jenny Lee

Title: Chief Financial Officer

	 
	 
	MARATHON SPECIAL OPPORTUNITY MASTER FUND, LTD. 
By: /s/ Louis T. Hanover

Name: Louis T. Hanover

Title: Authorized Signatory

	
	 
	MARINER LDC
By: Mariner Investment Group

By: /s/ Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

	 
	 
	MARINER OPPORTUNITIES FUND, LP
By: Mariner Investment Group

By: /s/ Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

	 
	 
	MARINER OPPORTUNITIES II, LP
By: Opportunities II, LLC

By: /s/ Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

	 
	
	MORGAN STANLEY PRIME INCOME TRUST
By: /s/ Kevin Egan

Name: Kevin Egan

Title: Vice President

	 
	 
	OPPENHEIMER SENIOR FLOATING RATE FUND
By: /s/ Lisa Chaffee

Name: Lisa Chaffee

Title: Manager

	 
	 
	PERRY PRINCIPALS INVESTMENTS, L.L.C.
By: /s/ Nathaniel J. Klipper

Name: Nathaniel J. Klipper

Title: Managing Director

	 
	 
	RIVIERS FUNDING LLC
By: /s/ Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

	 
	SOF INVESTMENTS, L.P.
By: /s/ Marc R. Lisker

Name: Marc R. Lisker

Title: General Counsel

	 
	 
	SPECIAL SITUATIONS INVESTING GROUP, INC.
By: /s/ Michael Mansour

Name: Michael Mansour

Title: Authorized Signatory 

	 
	 
	SRF TRADING, INC.
By: /s/ Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

	 
	 
	SRF 2000, INC.
By: /s/ Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

	 
	 
	STANWICH LOAN FUNDING LLC
By: /s/ Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

	 
	 
	STARK EVENT TRADING LTD. 
By: /s/ Michael A. Roth

Name: Michael A. Roth

Title: Authorized Person

	 
	 
	STONEHILL INSTITUTIONAL PARTNERS, L.P.
By: /s/ Christopher Wilson

Name: Christopher Wilson

Title: General Partner

	 
	 
	SUNRISE PARTNERS LIMITED PARTNERSHIP
By: /s/ Michael J. Berner

Name: Michael J. Berner

Title: Vice President Dawn General Partner 

        Corp., its General Partner

	 
	 
	TORONTO DOMINION (NEW YORK), INC.
By: /s/ Stacey Malek

Name: Stacey Malek

Title: Vice President

	 
	 
	TRILOGY PORTFOLIO COMPANY, LLC
By: /s/ Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

	 
	 
	TRUMBULL THC, LTD.
By: /s/ Tim Houghton

Name: Tim Houghton

Title: Attorney-in-Fact

	 
	 
	UAL INVESTORS, L.L.C.
By: Farallon Capital Management, L.L.C., its manager 

By: /s/ Derek Schrier

Name: Derek Schrier

Title: Managing Member

	 
	 
	VAN KAMPEN SENIOR INCOME TRUST
By: Van Kampen Investment Advisory Corp. 

By: /s/ William Lenga

Name: William Lenga

Title: Executive Director

	
	 
	VAN KAMPEN SENIOR LOAN FUND
By: Van Kampen Investment Advisory Corp. 

By: /s/ William Lenga

Name: William Lenga

Title: Executive Director

	 
	 
	WATERSHED CAPITAL PARTNERS
Watershed Capital Institutional Partners, L.P.

By: WS Partners, L.L.C.

By: /s/ Meridee A. Moore

Name: Meridee A. Moore

Title: Senior Managing Member

	 
	 
	WATERSHED CAPITALPARTNERS (OFFSHORE), LTD.
By: Watershed Asset Management, L.L.C.

By: /s/ Meridee A. Moore

Name: Meridee A. Moore

Title: Senior Managing MemberMay 13, 2004

Exhibit 10. 1

 

 
May 13, 2004

 

 

United Air Lines, Inc.

Attention: General Counsel

Last April, after the passage of the Emergency Wartime Supplemental
Appropriations Act ("Act"), I volunteered to reduce my annual Base Salary
(as defined in my Employment Agreement with United dated September 5, 2002
and as amended on December 8, 2002 and February 17, 2003 ("Agreement")).
That reduction was in addition to a reduction taken in December 2002. Now
that the compensation restriction period set out in the Act has expired,
at the request of the Board of Directors, I hereby revoke my April 4, 2003
letter in which I offered to take such additional reduction. This revocation
is effective as of the date of this letter. I understand and agree that
neither this letter nor my April 4, 2003 letter is an amendment to my Agreement.

In all other respects, the provisions of the Agreement remain unchanged
and in full force and effect.

  

	Sincerely,
	 
	/s/ Glenn F. Tilton_________
	 
	Glenn F. Tilton 
	President, Chairman and CEO 

 
Agreed and Confirmed this 13th day

of May, 2004

 

	UAL CORPORATION	UNITED AIR LINES, INC.
	 	 
	By:  /s/ Paul R. Lovejoy__	By:  /s/ Paul R. Lovejoy__
	 	 
	Title:  Senior Vice President, General	Title:  Senior Vice President, General
	Counsel and Secretary	Counsel and Secretary

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