Document:

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                                                                 Exhibit 4(c)(4)

                                                                  EXECUTION COPY

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                           REVOLVING CREDIT AGREEMENT
                                    (2001-1C)

                            Dated as of June 1, 2001

                                     between

                       STATE STREET BANK AND TRUST COMPANY

                             as Subordination Agent,

                                   as Borrower

                                       and

         LANDESBANK HESSEN-THURINGEN GIROZENTRALE as Liquidity Provider

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                                   Relating to

                  Northwest Airlines Pass Through Trust 2001-1C
              7.626% Northwest Airlines Pass Through Certificates,
                                 Series 2001-1C

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                                TABLE OF CONTENTS

                                                                            Page

ARTICLE I DEFINITIONS 1

         Section 1.01. Certain Defined Terms...................................1

ARTICLE II AMOUNT AND TERMS OF THE COMMITMENT..................................7

         Section 2.01. The Advances............................................7

         Section 2.02. Making the Advances.....................................7

         Section 2.03. Fees ...................................................9

         Section 2.04. Reduction or Termination of the Maximum Commitment......9

         Section 2.05. Repayments of Interest Advances or the Final Advance...10

         Section 2.06. Repayments of Provider Advances........................10

         Section 2.07. Payments to the Liquidity Provider Under the
                       Intercreditor Agreement................................11

         Section 2.08. Book Entries...........................................11

         Section 2.09. Payments from Available Funds Only.....................11

         Section 2.10. Extension of the Expiry Date; Non-Extension Advance....12

         Section 2.11. Right to Further Extend Expiry Date....................12

ARTICLE III OBLIGATIONS OF THE BORROWER.......................................12

         Section 3.01. Increased Costs........................................12

         Section 3.02. Capital Adequacy.......................................13

         Section 3.03. Payments Free of Deductions............................14

         Section 3.04. Payments ..............................................15

         Section 3.05. Computations...........................................15

         Section 3.06. Payment on Non-Business Days...........................15

         Section 3.07. Interest ..............................................15

         Section 3.08. Replacement of Borrower................................17

         Section 3.09. Funding Loss Indemnification...........................17

         Section 3.10. Illegality.............................................17

ARTICLE IV CONDITIONS PRECEDENT...............................................17

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                                                                            Page

         Section 4.01. Conditions Precedent to Effectiveness of Section 2.01..17

         Section 4.02. Conditions Precedent to Borrowing......................19

ARTICLE V COVENANTS ..........................................................19

         Section 5.01. Affirmative Covenants of the Borrower..................19

         Section 5.02. Negative Covenants of the Borrower.....................20

ARTICLE VI LIQUIDITY EVENTS OF DEFAULT........................................20

         Section 6.01. Liquidity Events of Default............................20

ARTICLE VII MISCELLANEOUS.....................................................20

         Section 7.01. Amendments, Etc........................................20

         Section 7.02. Notices, Etc...........................................21

         Section 7.03. No Waiver; Remedies....................................21

         Section 7.04. Further Assurances.....................................22

         Section 7.05. Indemnification; Survival of Certain Provisions........22

         Section 7.06. Liability of the Liquidity Provider....................22

         Section 7.07. Costs, Expenses and Taxes..............................23

         Section 7.08. Binding Effect; Participations.........................23

         Section 7.09. Severability...........................................24

         Section 7.10. GOVERNING LAW..........................................25

         Section 7.11. Submission to Jurisdiction; Waiver of Jury Trial;
                       Waiver of Immunity.....................................25

         Section 7.12. Execution in Counterparts..............................25

         Section 7.13. Entirety ..............................................26

         Section 7.14. Headings ..............................................26

         Section 7.15. LIQUIDITY PROVIDER'S OBLIGATION TO MAKE ADVANCES.......26

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ANNEXES

ANNEX I      Interest Advance Notice of Borrowing
ANNEX II     Non-Extension Advance Notice of Borrowing
ANNEX III    Downgrade Advance Notice of Borrowing
ANNEX IV     Final Advance Notice of Borrowing
ANNEX V      Notice of Termination
ANNEX VI     Notice of Replacement Subordination Agent

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                      REVOLVING CREDIT AGREEMENT (2001-1C)

                  This REVOLVING CREDIT AGREEMENT (2001-1C) dated as of June 1,
2001, between STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust
company, not in its individual capacity but solely as Subordination Agent under
the Intercreditor Agreement (each as defined below), (the "BORROWER"), and
LANDESBANK HESSEN - THURINGEN GIROZENTRALE, a public law banking institution
organized under the laws of Germany (the "LIQUIDITY PROVIDER").

                              W I T N E S S E T H:
                              - - - - - - - - - -

                  WHEREAS, pursuant to the Class C Trust Agreement (such term
and all other capitalized terms used in these recitals having the meanings set
forth or referred to in Section 1.01), the Class C Trust is issuing the Class C
Certificates; and

                  WHEREAS, the Borrower, in order to support the timely payment
of a portion of the interest on the Class C 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 premises, the parties
hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

                  Section 1.01. CERTAIN DEFINED TERMS. (a) DEFINITIONS. As used
in this Agreement and unless otherwise expressly indicated, or unless the
context clearly requires otherwise, the following capitalized terms shall have
the following respective meanings for all purposes of this Agreement:

                  "ADVANCE" means an Interest Advance, a Final Advance, a
            Provider Advance, an Applied Provider Advance or an Unpaid Advance,
            as the case may be.

                  "APPLICABLE LIQUIDITY RATE" has the meaning assigned to such
            term in Section 3.07(g).

                  "APPLICABLE MARGIN" means (a) with respect to any Unpaid
            Advance or Applied Provider Advance, 1.50% per annum PLUS, if
            applicable, an additional margin specified in the Fee Letter
            applicable to this Agreement not to exceed 0.50% per annum, or (b)
            with respect to any Unapplied Provider Advance, the rate per annum
            specified in the Fee Letter applicable to this Agreement.

                  "APPLIED DOWNGRADE ADVANCE" has the meaning assigned to such
            term in Section 2.06(a).

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                  "APPLIED NON-EXTENSION ADVANCE" has the meaning assigned to
            such term in Section 2.06(a).

                  "APPLIED PROVIDER ADVANCE" has the meaning assigned to such
            term in Section 2.06(a).

                  "BASE RATE" means a fluctuating interest rate per annum in
            effect from time to time, which rate per annum is at all times equal
            to (a) 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 such day (or, if such day is
            not a Business Day, for the next 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 the Liquidity Provider, plus (b) one quarter of
            one percent (0.25%) per annum.

                  "BASE RATE ADVANCE" means an Advance that bears interest at a
            rate based upon the Base Rate.

                  "BORROWER" has the meaning assigned to such term in the
            recital of parties 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 or Sunday
            or a day on which commercial banks are required or authorized to
            close in New York, New York, Minneapolis, Minnesota, Chicago,
            Illinois, Boston, Massachusetts and Salt Lake City, Utah, or, so
            long as any Class C Certificate is outstanding, the city and state
            in which the Class C Trustee, the Borrower or any 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 NOTICE" has the meaning assigned to such term in
            Section 2.10.

                  "CONSENT PERIOD" has the meaning assigned to such term in
            Section 2.10.

                  "DELIVERY PERIOD" means the period from the date hereof
            through March 31, 2003.

                  "DEPOSIT AGREEMENT" means the Deposit Agreement, dated June 1,
            2001, between Wells Fargo Bank Northwest, National Association, as
            Escrow Agent and ABN AMRO Bank N.V., acting through a United States
            branch, as Depositary, pertaining to the Class C Certificates, as
            the same may be amended, modified or supplemented from time to time
            in accordance with the terms thereof.

                  "DEPOSITARY" has the meaning assigned to such term in the
            Deposit Agreement.

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                  "DEPOSITS" has the meaning assigned to such terms in the
            Deposit Agreement.

                  "DOWNGRADE ADVANCE" means an Advance made pursuant to Section
            2.02(c).

                  "DOWNGRADE EVENT" means a downgrading of the Liquidity
            Provider's short-term unsecured debt rating issued by either Rating
            Agency below the applicable Threshold Rating unless each Rating
            Agency shall have confirmed in writing on or prior to the date of
            such downgrading that such downgrading will not result in the
            downgrading, withdrawal or suspension of the ratings of the Class C
            Certificates, in which case, such downgrading of the Liquidity
            Provider's short-term unsecured debt rating shall not constitute a
            Downgrade Event and shall be referred to herein as a "HELABA
            Downgrade".

                  "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 (i) Taxes imposed on the overall net
            income of the Liquidity Provider and (ii) Excluded Withholding
            Taxes.

                  "EXCLUDED WITHHOLDING TAXES" means (i) withholding Taxes
            imposed by the United States except to the extent that such United
            States withholding Taxes are imposed as a result of any change in
            applicable law (excluding from "change in applicable law" for this
            purpose, a change in an applicable treaty or other change in law
            affecting the applicability of a treaty) after the date hereof, or
            in the case of a successor Liquidity Provider (including a
            transferee of an Advance) or Lending Office, after the date on which
            such successor Liquidity Provider obtains its interest or on which
            the Lending Office is changed, and (ii) 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 certificate or document (which certificate or document in the
            good faith judgment of the Liquidity Provider it is legally entitled
            to provide) to establish that payments under this Agreement are
            exempt from (or entitled to a reduced rate of) withholding Tax.

                  "EXPENSES" means liabilities, obligations, damages,
            settlements, penalties, claims, actions, suits, costs, expenses, and
            disbursements (including, without limitation, reasonable fees and
            disbursements of legal counsel and costs of investigation), provided
            that Expenses shall not include any Taxes.

                  "EXPIRY DATE" means May 30, 2002, initially, or any date to
            which the Expiry Date is extended pursuant to Section 2.10.

                  "EXTENSION NOTICE" has the meaning assigned to such term in
            Section 2.10.

                  "FEE LETTERS" means, collectively, (i) the Fee Letter dated as
            of the date hereof between the Liquidity Provider and the
            Subordination Agent with respect to the initial Class A-1 Liquidity
            Facility, Class A-2 Liquidity Facility, Class B Liquidity Facility
            and Class C Liquidity Facility and (ii) any fee letter entered into
            between the Subordination Agent and any Replacement Liquidity
            Provider in respect of such Liquidity Facilities.

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                  "FINAL ADVANCE" means an Advance made pursuant to Section
            2.02(d).

                  "HELABA DOWNGRADE" has the meaning assigned to such term in
            the definition of "Downgrade Event".

                  "INTERCREDITOR AGREEMENT" means the Intercreditor Agreement
            dated the date hereof, among the Trustees, the Liquidity Provider,
            the liquidity provider under each Liquidity Facility (other than
            this Agreement) and the Subordination Agent, as the same may be
            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
                        withdrawal of funds from the Class C Cash Collateral
                        Account for the purpose of paying interest on the Class
                        C Certificates as contemplated by Section 2.06(a) hereof
                        and, in either case, ending on the next Regular
                        Distribution Date; and

                  (ii)  each subsequent period commencing on the last day of the
                        immediately preceding Interest Period and ending on the
                        next Regular Distribution Date;

            PROVIDED, HOWEVER, that (I) if an Unapplied Provider Advance which
            is a LIBOR Advance becomes an Applied Provider Advance, the Interest
            Period then applicable to such Unapplied Provider Advance shall be
            applicable to such Applied Provider Advance and (II) if (x) the
            Final Advance shall have been made, or (y) other outstanding
            Advances shall have been converted into the Final Advance, then the
            Interest Periods shall be successive periods of one month beginning
            on 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 the last day of the Interest Period then
            applicable to such outstanding Advances (in the case of clause (y)
            above).

                  "LENDING OFFICE" means the office of the Liquidity Provider
            presently located in Frankfurt, Germany, or such other lending
            office as the Liquidity Provider from time to time shall notify the
            Borrower as its lending office hereunder.

                  "LIBOR ADVANCE" means an Advance bearing interest at a rate
            based upon the LIBOR Rate.

                  "LIBOR RATE" means, with respect to any Interest Period, (i)
            the rate per annum appearing on display page 3750 (British Bankers
            Association--LIBOR) of the Dow Jones Markets Service (or any
            successor or substitute therefor) at approximately 11:00 A.M.
            (London time) two Business Days before the first day of such
            Interest Period, as the

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            rate for dollar deposits with a maturity comparable to such Interest
            Period, or (ii) if the rate calculated pursuant to clause (i) above
            is not available, the average (rounded upwards, if necessary, to the
            next 1/16 of 1%) of the rates per annum at which deposits in dollars
            are offered for the relevant Interest Period by three banks of
            recognized standing selected by the Liquidity Provider in the London
            interbank market at approximately 11:00 A.M. (London time) two
            Business Days before the first day of such Interest Period in an
            amount approximately equal to the principal amount of the LIBOR
            Advance to which such Interest Period is to apply and for a period
            comparable to such Interest Period.

                  "LIQUIDITY EVENT OF DEFAULT" means the occurrence of the
            following: (i) all of the Equipment Notes shall have been either
            declared to be immediately due and payable or shall not have been
            paid at their final maturity; PROVIDED that, if an acceleration of
            the Equipment Notes occurs during the Delivery Period, a Liquidity
            Event of Default shall occur only if the aggregate principal amount
            of the Equipment Notes exceeds $300 million, or (ii) a Northwest
            Bankruptcy Event.

                  "LIQUIDITY INDEMNITEE" means (i) the Liquidity Provider, (ii)
            the directors, officers, employees and agents of the Liquidity
            Provider, and (iii) the successors and permitted assigns of the
            persons described in clauses (i) and (ii), inclusive.

                  "LIQUIDITY PROVIDER" has the meaning assigned to such term in
            the recital of parties to this Agreement.

                  "MAXIMUM AVAILABLE COMMITMENT" shall mean, 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 or a Final
            Advance, the Maximum Available Commitment shall be zero.

                  "MAXIMUM COMMITMENT" means (i) in the case of any day
            occurring before the first Regular Distribution Date, $12,219,139.80
            and (ii) in the case of any day occurring on or after the first
            Regular Distribution Date, the Required Amount on such day.

                  "NON-EXCLUDED TAX" has the meaning specified in Section
            3.03(a).

                  "NON-EXTENSION ADVANCE" means an Advance made pursuant to
            Section 2.02(b).

                  "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.

                  "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.

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                  "PROSPECTUS SUPPLEMENT" means the Prospectus Supplement dated
            May 22, 2001, relating to the Class A-1 Certificates, Class A-2
            Certificates, the Class B Certificates and the Class C Certificates,
            as such Prospectus Supplement may be amended or supplemented.

                  "PROVIDER ADVANCE" means a Downgrade Advance or a
            Non-Extension Advance.

                  "REPLENISHMENT AMOUNT" has the meaning assigned to such term
            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 C Certificates, that would be
            payable on the Class C 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 C
            Certificates on such day and without regard to expected future
            payments of principal on the Class C Certificates.

                  "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 C Certificates have been paid in full (or provision has been
            made for such payment in accordance with the Intercreditor Agreement
            and the Trust Agreements) 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 3.6(e) of the Intercreditor Agreement; (iv) the
            fifth Business Day following the receipt by the Borrower of a
            Termination Notice from the Liquidity Provider pursuant to Section
            6.01 hereof; 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 V to this Agreement.

                  "TRANSFEREE" has the meaning assigned to such term in Section
            7.08(b).

                  "UNAPPLIED DOWNGRADE ADVANCE" means any Downgrade Advance
            other than an Applied Downgrade Advance.

                  "UNAPPLIED NON-EXTENSION ADVANCE" means any Non-Extension
            Advance other than an Applied Non-Extension Advance.

                  "UNAPPLIED PROVIDER ADVANCE" means any Provider Advance other
            than an Applied Provider Advance.

                  "UNPAID ADVANCE" has the meaning assigned to such term in
            Section 2.05.

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                  "WITHDRAWAL NOTICE" has the meaning assigned to such term in
            Section 2.10.

                  (b) TERMS DEFINED IN THE INTERCREDITOR AGREEMENT. For all
purposes of this Agreement, the following terms shall have the respective
meanings assigned to such terms in the Intercreditor Agreement:

         "ACCELERATION", "AFFILIATE", "CERTIFICATES", "CLASS C CASH COLLATERAL
         ACCOUNT", "CLASS C CERTIFICATES", "CLASS C CERTIFICATEHOLDERS", "CLASS
         C TRUST", "CLASS C TRUST AGREEMENT", "CLASS C TRUSTEE", "CLASS A-1
         CERTIFICATES", "CLASS A-2 CERTIFICATES", "CLASS B CERTIFICATES", "CLASS
         D CERTIFICATES", "CLOSING DATE", "CONTROLLING PARTY", "CORPORATE TRUST
         OFFICE", "DELIVERY PERIOD EXPIRY DATE", "DISTRIBUTION DATE",
         "DOWNGRADED FACILITY", "EQUIPMENT NOTES", "FINAL LEGAL DISTRIBUTION
         DATE", "FINANCING AGREEMENT", "INDENTURE", "INTEREST PAYMENT DATE",
         "INVESTMENT EARNINGS", "LIQUIDITY FACILITY", "LIQUIDITY OBLIGATIONS",
         "LOAN TRUSTEE", "MOODY'S", "NON-EXTENDED FACILITY", "NORTHWEST",
         "NORTHWEST BANKRUPTCY EVENT", "NOTE PURCHASE AGREEMENT", "OPERATIVE
         AGREEMENTS", "PERFORMING EQUIPMENT NOTE", "PERSON", "POOL BALANCE",
         "RATING AGENCY", "RATINGS CONFIRMATION", "REGULAR DISTRIBUTION DATE",
         "REPLACEMENT LIQUIDITY FACILITY", "RESPONSIBLE OFFICER", "SCHEDULED
         PAYMENT", "SPECIAL PAYMENT", "STANDARD & POOR'S", "STATED INTEREST
         RATE", "SUBORDINATION AGENT", "TAXES", "THRESHOLD RATING", "TRUST
         AGREEMENTS", "TRUSTEE", "UNDERWRITERS", "UNDERWRITING AGREEMENT" and
         "WRITTEN NOTICE".

                                   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 1:00 P.M. (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 THE ADVANCES. (a) Interest Advances shall
be made in one or more Borrowings by delivery to the Liquidity Provider of one
or more written and completed Notices of Borrowing in substantially the form of
Annex I attached hereto, signed by a Responsible Officer of the Borrower, in an
amount not exceeding the Maximum Available Commitment at such time and shall be
used solely for the payment when due of interest on the Class C Certificates at
the Stated Interest Rate therefor in accordance with Section 3.6(a) 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 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 the amount of such repaid Interest Advance, but not to exceed the
Maximum Commitment; PROVIDED, HOWEVER, that the Maximum Available Commitment
shall not be so reinstated at any

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time if (i) a Liquidity Event of Default shall have occurred and be continuing
and (ii) there is a Performing Note Deficiency.

                  (b) A Non-Extension Advance shall be made in a single
Borrowing if this Agreement is not extended in accordance with Section 3.6(d) of
the Intercreditor Agreement (unless a Replacement Liquidity Facility to replace
this Agreement shall have been delivered to the Borrower as contemplated by said
Section 3.6(d) within the time period specified in such Section) by delivery to
the Liquidity Provider of a written and completed Notice of Borrowing in
substantially the form of Annex II attached hereto, 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 C Cash Collateral Account in
accordance with said Section 3.6(d) and Section 3.6(f) of the Intercreditor
Agreement.

                  (c) A Downgrade Advance shall be made in a single Borrowing
upon the occurrence of a Downgrade Event (as provided for in Section 3.6(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 3.6(c), by delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex III
attached hereto, signed by a Responsible Officer of the Borrower, in an amount
equal to the Maximum Available Commitment at the time of such borrowing, and
shall be used to fund the Class C Cash Collateral Account in accordance with
said Section 3.6(c) and Section 3.6(f) of the Intercreditor Agreement.

                  (d) A Final Advance shall be made in a single Borrowing upon
the receipt by the Borrower of a Termination Notice from the Liquidity Provider
pursuant to Section 6.01 hereof by delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex IV
attached hereto, 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 C Cash Collateral Account in accordance with Section 3.6(i) and
Section 3.6(f) of the Intercreditor Agreement.

                  (e) Each Borrowing shall be made on 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 1:00 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 a requested Borrowing, the Liquidity Provider shall make
available to the Borrower, in accordance with its payment instructions, the
amount of such Borrowing in U.S. dollars and immediately available funds, before
4:00 p.m. (New York City time) on such Business Day or 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 1:00 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 a requested Borrowing, the Liquidity Provider shall
make available to the Borrower, in accordance with its payment instructions, the
amount of such Borrowing in U.S. dollars and immediately available funds, before
12:00 Noon (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

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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's New York Branch at the address 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 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. 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 said 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), (c) or (d) hereof to fund the Class C Cash
Collateral Account, the Liquidity Provider shall have no interest in or rights
to the Class C Cash Collateral Account, the funds constituting such Advance or
any other amounts from time to time on deposit in the Class C 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
3.6(e) or (f) of the Intercreditor Agreement and provided further, that the
foregoing shall not affect or impair the rights of the Liquidity Provider to
provide written instructions with respect to the investment and reinvestment of
amounts in the Cash Collateral Accounts to the extent provided in Section 2.2(b)
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 applicable to this
Agreement.

                  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 C Certificates or otherwise, 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 within
two Business Days thereof. The failure by the Borrower to furnish any such
notice shall not affect such automatic reduction of the Maximum Commitment.

                  (b) TERMINATION. Upon the making of any Provider 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.

                                       9
<Page>

                  Section 2.05. REPAYMENTS OF INTEREST ADVANCES 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 on each date on which the
Liquidity Provider shall make an Interest Advance or the Final Advance, an
amount equal to (a) 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 as provided in Section 3.07 hereof; 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
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)). The
Borrower and the Liquidity Provider agree that the repayment in full of each
Interest 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.

                  Section 2.06. REPAYMENTS OF PROVIDER ADVANCES. (a) Amounts
advanced hereunder in respect of a Provider Advance shall be deposited in the
Class C Cash Collateral Account, invested and withdrawn from the Class C Cash
Collateral Account as set forth in Sections 3.6(c), (d) and (f) of the
Intercreditor Agreement. 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 as provided in Section 3.07; PROVIDED, HOWEVER, that
amounts in respect of a Provider Advance withdrawn from the Class C Cash
Collateral Account for the purpose of paying interest on the Class C
Certificates in accordance with Section 3.6(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
Liquidity Provider delivers a Termination Notice to the Borrower pursuant to
Section 6.01 hereof, 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
hereof, immediately upon the withdrawal of any amounts from the Class C 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 prepaid as provided in Section 3.07 hereof.

                  (b) At any time when an Applied Provider Advance (or any
portion thereof) is outstanding, upon the deposit in the Class C Cash Collateral
Account of any amount pursuant to

                                       10
<Page>

clause "THIRD" of Section 2.4(b) of the Intercreditor Agreement, clause "THIRD"
of Section 3.2 of the Intercreditor Agreement or clause "FOURTH" of Section 3.3
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 of Provider Advances treated as an Interest
Advance 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 3.6(e) of the
Intercreditor Agreement, amounts remaining on deposit in the Class C 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 3.6(f) of the Intercreditor Agreement), shall be paid to the
Liquidity Provider in accordance with the terms thereof. Amounts so paid to the
Liquidity Provider shall be applied by the Liquidity Provider to Liquidity
Obligations then due and payable in accordance with the Intercreditor Agreement
or, if not provided for in the Intercreditor Agreement, then in such manner as
the Liquidity Provider shall deem appropriate.

                  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.

                  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 or payments under
Section 7(c) of the Participation Agreements and Section 7 of the Note Purchase
Agreement 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 C Cash Collateral Account shall be available to
the

                                       11
<Page>

Borrower to make payments under this Agreement only to the extent and for
the purposes expressly contemplated in Section 3.6(f) of the Intercreditor
Agreement.

                  Section 2.10. EXTENSION OF THE EXPIRY DATE; NON-EXTENSION
ADVANCE. The Borrower may, from time to time, by notice to the Liquidity
Provider (each such notice being an "EXTENSION NOTICE") given no later than the
40th day and no earlier than the 60th day prior to the then applicable Expiry
Date, request an extension of the Expiry Date to the earlier of (i) the date
which is 15 days after the Final Legal Distribution Date for the Class C
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 Liquidity Provider has received a request from the Borrower,
such Liquidity Provider may, but shall not be obligated to, by a notice (a
"CONSENT NOTICE") to the Borrower, given during the period commencing on the
date that is 60 days prior to the Expiry Date then in effect (or, if earlier,
the date of such Liquidity Provider's receipt of such request, if any, from the
Borrower) and ending on the date that is 25 days prior to the Expiry Date then
in effect for such Liquidity Facility (such period, with respect to such
Liquidity Facility, the "CONSENT PERIOD"), consent to such extension of the
Expiry Date, which consent may be given or withheld by the Liquidity Provider in
its absolute and sole discretion; PROVIDED, HOWEVER, that such extension shall
not be effective with respect to the Liquidity Provider if by a notice (a
"WITHDRAWAL NOTICE:) to the Borrower during the Consent Period the Liquidity
Provider revokes its Consent Notice. If a Withdrawal Notice has been given
during the applicable Consent Period or if the Liquidity Provider fails
irrevocably and unconditionally to advise the Borrower on or before the date on
which such Consent Period ends that the applicable Expiry Date shall be so
extended, (and, in each case, if the Liquidity Provider shall not have been
replaced in accordance with Section 3.6(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) hereof and Section 3.6(d) of the
Intercreditor Agreement.

                  Section 2.11. RIGHT TO FURTHER EXTEND EXPIRY DATE. Subject to
the proviso in the immediately succeeding sentence, the Liquidity Provider shall
have the right at any time and without the consent of the Borrower to extend the
then effective Expiry Date to the date that is 15 days after the Final Legal
Distribution Date for the Class C Certificates by giving not less than five nor
more than ten days' prior written notice of such extension to the Borrower, the
Class C Trustee and Northwest (which notice shall specify the effective date of
such extension (the "Extension Effective Date")). On the Extension Effective
Date, the then effective Expiry Date shall be so extended without any further
act; provided, however, that if prior to the Extension Effective Date a
Downgrade Event shall have occurred, the then effective Expiry Date shall not be
so extended.

                                   ARTICLE III

                           OBLIGATIONS OF THE BORROWER

                  Section 3.01. INCREASED COSTS. If the Liquidity Provider shall
determine that (a) any change after the date hereof in any law, regulation, rule
or directive or in the interpretation

                                       12
<Page>

thereof by any court or administrative or governmental authority charged with
the administration thereof or in the compliance by the Liquidity Provider (or
its head office) with any applicable direction, request or requirement (whether
or not having the force of law) of any central bank or competent governmental or
other authority shall either (i) impose, modify or deem applicable any reserve,
special deposit or similar requirement against assets held by, or deposits in or
for the account of, or loans made by, the Liquidity Provider, or (ii) impose on
the Liquidity Provider any other condition regarding this Agreement or any
Advance, or (iii) subject the Liquidity Provider to any Taxes with respect to
amounts payable or paid or change the basis of taxation of any amounts payable
to the Liquidity Provider (other than Excluded Taxes) and (b) the result of any
event referred to in the preceding clauses (i), (ii) or (iii) shall be to
increase the cost to the Liquidity Provider of issuing or maintaining its
commitment or funding or maintaining Advances (which increase in cost shall be
determined by the Liquidity Provider's reasonable allocations of the aggregate
of such cost increases resulting from such event), then, upon demand by the
Liquidity Provider ), the Borrower shall pay, or cause to be paid, to the
Liquidity Provider, from time to time as specified by the Liquidity Provider,
additional amounts which shall be sufficient to compensate the Liquidity
Provider for such increased cost; provided that if such demand for payment is
made more than 180 days after a Responsible Officer of the Liquidity Provider
obtains actual knowledge of any event referred to in clause (i), (ii) or (iii)
above period, the Borrower shall be obligated to pay such additional amounts
only with respect to such increased cost actually incurred or effected on or
after the 180th day prior to the date of such demand. A certificate as to such
increased cost incurred by the Liquidity Provider as a result of any event
mentioned in clauses (i), (ii) or (iii) above, prepared in reasonable detail and
submitted by the Liquidity Provider to the Borrower, shall be conclusive
evidence of the amount owed under this Section, absent manifest error.

                  The Liquidity Provider agrees to use reasonable efforts
(consistent with its internal policy and 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 amount payable under this Section
3.01 that may thereafter accrue and would not, in the reasonable judgment of the
Liquidity Provider, be otherwise disadvantageous to the Liquidity Provider.

                  Section 3.02. CAPITAL ADEQUACY. If the Liquidity Provider
shall determine that the adoption of any applicable law, rule or regulation
regarding capital adequacy, or any change therein, or any change in the
interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the interpretation or administration
thereof, or compliance by the Liquidity Provider (or its head office) with any
request or directive regarding capital adequacy (whether or not having the force
of law) of any such authority, central bank or comparable agency, in each case
after the date hereof, has the effect of reducing the rate of return on the
Liquidity Provider's capital as a consequence of issuing or maintaining its
commitment hereunder or its funding or maintaining Advances to a level below
that which the Liquidity Provider could have achieved but for such adoption,
change or compliance (taking into consideration the Liquidity Provider's
policies with respect to capital adequacy) by an amount deemed by the Liquidity
Provider to be material, then, upon demand by the Liquidity Provider, the
Borrower shall pay to the Liquidity Provider, from time to time as specified by
the Liquidity Provider, additional amounts which shall be sufficient to
compensate the Liquidity Provider for such reduction in respect of issuing or
maintaining its commitment hereunder or its funding or maintaining Advances. A
certificate as to any such additional amount describing the event

                                       13
<Page>

which has the effect of reducing the rate of return on the Liquidity Provider's
capital, prepared in reasonable detail and submitted by the Liquidity Provider
to the Borrower, shall be conclusive evidence of the amount owed under this
Section, absent manifest error.

                  The Liquidity Provider agrees to use reasonable efforts
(consistent with its internal policy and 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 amount payable under this Section
3.02 that may thereafter accrue and would not, in the reasonable judgment of the
Liquidity Provider, be otherwise disadvantageous to the Liquidity Provider.

                  Section 3.03. PAYMENTS FREE OF DEDUCTIONS. (a) All payments
made by the Borrower under this Agreement shall be made free and clear of, and
without reduction for or on account of, any present or future stamp or other
taxes, levies, imposts, duties, charges, fees, deductions, withholdings,
restrictions or conditions of any nature whatsoever now or hereafter imposed,
levied, collected, withheld or assessed, excluding Excluded Taxes (such
non-excluded taxes being referred to herein, collectively, as "Non-Excluded
Taxes" and, individually, as a "NON-EXCLUDED TAX"). If any Non-Excluded Taxes
are required to be withheld from any amounts payable to the Liquidity Provider
under this Agreement, the amounts so payable to the Liquidity Provider shall be
increased to the extent necessary to yield to the Liquidity Provider (after
payment of all Non-Excluded Taxes and taxes imposed on the receipt of such
increase) interest or any other such amounts payable under this Agreement at the
rates or in the amounts specified in this Agreement. The Liquidity Provider
agrees to use reasonable efforts (consistent with its internal policy and 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 disadvantageous to the
Liquidity Provider. On or prior to the Closing Date, the Liquidity Provider
agrees to provide to the Borrower (i) two copies of a properly completed United
States Internal Revenue Service Form W-8BEN or Form W-8ECI, as appropriate, or
other applicable form, certificate or document prescribed by the Internal
Revenue Service certifying, in each case, the Liquidity Provider's entitlement
to a complete exemption from United States federal withholding tax in respect to
any and all payments to be made hereunder, and (ii) agree to provide the
Borrower a new Form W-8BEN or Form W-8ECI, as appropriate, (A) on or before the
date that any such form expires or becomes obsolete or (B) after the occurrence
of any event requiring a change in the most recent form previously delivered by
it and prior to the immediately following due date of any payment by the
Borrower hereunder, certifying in the case of a Form W-8ECI or Form W-8BEN that
the Liquidity Provider is exempt from or entitled to a reduced rate of United
States federal withholding tax on payments under this Agreement.

                  (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 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 payment required 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

                                       14
<Page>

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.

                  (c) If any exemption from, or reduction in the rate of, any
Taxes is reasonably available to the Borrower to establish that payments under
this Agreement are exempt from (or entitled to a reduced rate of) tax, the
Borrower shall deliver to the Liquidity Provider such form or forms and such
other evidence of the eligibility of the Borrower for such exemption or
reduction 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,
any Taxes.

                  Section 3.04. PAYMENTS. 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 lawful money of the United States of America, to the Liquidity Provider in
immediately available funds, by wire transfer to Citibank N.A., New York, ABA #
021000089, Account No. 10920118, Reference: Northwest Airlines EETC 2001-1C
#4187951, Attention: M. Kirr MT215000.

                  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 Section 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, from and including
the date on which the amount thereof was withdrawn from the Class C Cash
Collateral Account to pay interest on the Class C Certificates) to but excluding
the date such principal amount shall be paid in full (or, in the case of an
Applied Provider Advance, the date on which the Class C Cash Collateral Account
is fully replenished in respect of such Advance) and (ii) any other amount due
hereunder (whether fees, commissions, expenses or other amounts or, to the
extent permitted by law, installments of interest on Advances or any such other
amount) which 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

                                       15
<Page>

in full, in each such case, at a fluctuating interest rate per annum for each
day equal to the Applicable Liquidity Rate (as defined below) for such Advance
or such other amount as in effect for such day, but in no event 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 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 amount of interest that would have accrued if such otherwise applicable
interest rate as set forth in this Section 3.07 had at all times been in effect.

                  (b) Each Advance (other than any Unapplied Non-Extension
Advance) will be either a Base Rate Advance or a LIBOR Advance as provided in
this Section. 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 (i) an Applied
Provider Advance (other than an Unapplied Non-Extension Advance) shall always be
a LIBOR Advance unless the Borrower elects otherwise and (ii) the Borrower (at
the direction of the Controlling Party, so long as the Liquidity Provider is not
the Controlling Party) may (x) convert the Final Advance into a Base Rate
Advance on the last day of an Interest Period for such Advance by giving the
Liquidity Provider no less than four Business Days' prior written notice of such
election or (y) elect to maintain the Final Advance as a Base Rate Advance by
not requesting a conversion of the Final Advance to a LIBOR Advance under Clause
(5) of the applicable Notice of Borrowing (or, if such Final Advance is deemed
to have been made, without delivery of a Notice of Borrowing pursuant to Section
2.06, by requesting, prior to 11:00 A.M. (New York City time) on the first
Business Day immediately following the Borrower's receipt of the applicable
Termination Notice, that such Final Advance not be converted from a Base Rate
Advance to a LIBOR Advance).

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

                                       16
<Page>

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

                  (g) 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. From time to time and
subject to the successor Borrower's meeting the eligibility requirements set
forth in Section 6.9 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 VI attached hereto (a "NOTICE OF REPLACEMENT SUBORDINATION AGENT")
delivered to the Liquidity Provider by the then Borrower, the successor Borrower
designated therein shall be substituted for as 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 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 applicable law, rule or regulation, or
any change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by the Liquidity Provider (or its Lending
Office) 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 (or its Lending Office) to maintain or
fund its LIBOR Advances, then upon notice to the Borrower 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 judgment of the
Liquidity Provider, requires immediate repayment; or (b) at the expiration of
the last Interest Period to expire before the effective date of any such change
or request.

                                   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:

                                       17
<Page>

                  (a) The Liquidity Provider shall have received on or before
            the Closing 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 acknowledged by Northwest;

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

                        (iii) Fully executed copies of each of the Operative
                  Agreements executed and delivered on or before the Closing
                  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 C Certificates;

                        (v) An executed copy of each document, instrument,
                  certificate and opinion delivered on or before the Closing
                  Date pursuant to the Class C Trust Agreement, the
                  Intercreditor Agreement and the other Operative Agreements (in
                  the case of each such opinion, other than the opinion of
                  counsel for the Underwriters, 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) Evidence that there shall have been made and shall
                  be in full force and effect, all filings, recordings and/or
                  registrations, and there shall have been given or taken any
                  notice or other similar action as may be reasonably necessary
                  or, to the extent reasonably requested by the Liquidity
                  Provider, reasonably advisable, in order to establish,
                  perfect, protect and preserve the right, title and interest,
                  remedies, powers, privileges, liens and security interests of,
                  or for the benefit of, the Trustees, the Borrower and the
                  Liquidity Provider created by the Operative Agreements
                  executed and delivered on or prior to the Closing Date;

                        (vii) A letter from Northwest Airlines Corporation,
                  pursuant to which (i) Northwest Airlines Corporation agrees to
                  provide copies of quarterly financial statements and audited
                  annual financial statements to the Liquidity Provider, and
                  such other information as the Liquidity Provider shall
                  reasonably request with respect to the transactions
                  contemplated by the Operative Agreements, in each case, only
                  to the extent that Northwest Airlines Corporation is obligated
                  to provide such information pursuant to Section 16 of the
                  Leases (related to Leased Aircraft) or the corresponding
                  section of the Indentures (related to Owned Aircraft) to the
                  parties thereto, and (ii) Norwest Airlines Corporation agrees
                  to allow the Liquidity Provider to inspect its books and
                  records regarding such transactions, and to discuss such
                  transactions with officers and employees of Northwest Airlines
                  Corporation; and

                                       18
<Page>

                        (viii) Such other documents, instruments, opinions and
                  approvals pertaining to the transactions contemplated hereby
                  or by the other Operative Agreements as the Liquidity Provider
                  shall have reasonably requested.

                  (b) The following statement shall be true on and as of the
            Effective Date: no event has occurred and is 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 all fees and other sums required to be paid to or for the account
            of the Liquidity Provider on or prior to the Effective Date.

                  (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 shall have been satisfied or waived, and all
            conditions precedent to the purchase of the Class A-1 Certificates,
            Class A-2 Certificates and Class B Certificates by the Underwriters
            under the Underwriting Agreement shall have been satisfied (unless
            any of such conditions precedent shall have been waived by the
            Underwriters).

                  (e) The Borrower shall have received a certificate, dated the
            date hereof, signed by a duly authorized representative of the
            Liquidity Provider, certifying that all conditions precedent to the
            effectiveness of Section 2.01 have been satisfied or waived.

                  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 date of such Borrowing, the Borrower shall
have delivered a Notice of Borrowing which conforms to the terms and conditions
of this Agreement and has been completed as may be required by the relevant form
of the Notice of Borrowing for the type of Advances requested.

                                    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 THIS AND OTHER AGREEMENTS. Punctually pay
            or cause to be paid all amounts payable by it under this Agreement
            and the other Operative Agreements and observe and perform in all
            material respects the conditions, covenants and requirements
            applicable to it contained in this Agreement and the other Operative
            Agreements.

                                       19
<Page>

                  (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.

                  (c) CERTAIN OPERATIVE AGREEMENTS. Furnish to the Liquidity
            Provider with reasonable promptness, 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. 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 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

                  Section 6.01. LIQUIDITY EVENTS OF DEFAULT. If (a) any
Liquidity Event of Default has occurred and is continuing and (b) 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 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(d) hereof and Section 3.6(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 hereof, all Advances (including, without limitation, any
Provider Advance and Applied Provider Advance), any accrued interest thereon and
any other amounts outstanding hereunder to become immediately due and payable to
the Liquidity Provider.

                                   ARTICLE VII

                                  MISCELLANEOUS

                  Section 7.01. AMENDMENTS, ETC. No amendment or waiver of any
provision of this Agreement, nor consent to any departure by the Borrower
therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Liquidity Provider, and, in the case of an amendment or of a
waiver by the Borrower, the Borrower, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given.

                                       20
<Page>

                  Section 7.02. NOTICES, ETC. Except as otherwise expressly
provided herein, all notices and other communications provided for hereunder
shall be in writing (including telecopier and mailed or delivered or sent by
telecopier):

Borrower:               STATE STREET BANK AND TRUST COMPANY
                        2 Avenue de Lafayette
                        Boston, Massachusetts  02111
                        Attention:  Corporate Trust Administration
                        Telecopy:   (617) 988-9514

Liquidity Provider:     LANDESBANK HESSEN-THURINGEN GIROZENTRALE
                        Main Tower
                        Neue Mainzer Str. 52 - 58
                        60311 Frankfurt am Main
                        Germany
                        Attention:  Asset Finance

                        Telephone:  49-69-9132-4882
                        Telecopy:  49-69-9132-4392

                        with a copy of any Notice of Borrowing to:

                        LANDESBANK HESSEN-THURINGEN
                        NEW YORK BRANCH

                        420 Fifth Avenue, 24th Floor
                        New York, NY 10018
                        Attention:  Project Finance/Michael Novack

                        Telephone:  (212) 703-5224
                        Telecopy:  (212) 703-5256

or, as to each of the foregoing, at such other address as shall be designated by
such Person in a written notice to the others. All such notices and
communications shall be effective (i) if given by telecopier, when transmitted
to the telecopier number specified above, (ii) if given by mail, when deposited
in the mails addressed as specified above, and (iii) if given by other means,
when delivered at the address specified above, except that written notices to
the Liquidity Provider pursuant to the provisions of Articles II and III hereof
shall not be effective until received by the Liquidity Provider. A copy of all
notices delivered hereunder to either party shall in addition be delivered to
each of the parties to the Participation Agreements at their respective
addresses set forth therein.

                  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.

                                       21
<Page>

                  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 7(c) of the Participation Agreements. In addition,
the Borrower agrees to indemnify, protect, defend and hold harmless the
Liquidity Provider from, against and in respect of, and shall pay on demand, all
Expenses of any kind or nature whatsoever (other than any Expenses of the nature
described in Sections 3.01, 3.02 or 7.07 hereof or in the Fee Letter applicable
to this Agreement (regardless of whether indemnified against pursuant to said
Sections or in such Fee Letter)), that may be imposed, incurred by or asserted
against any 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 applicable to this Agreement, the Intercreditor Agreement or any
Financing 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) ordinary and usual
operating overhead expense, or (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 Fee Letter applicable to this Agreement, the Intercreditor
Agreement or any other Operative Agreement to which it is a party. The
indemnities contained in Section 7(c) of the Participation Agreements, and the
provisions of Sections 3.01, 3.02, 3.03, 3.09, 7.05 and 7.07 hereof, 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, directors or
Affiliates 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 which were
the result of (A) the Liquidity Provider's willful misconduct or negligence in
determining whether documents presented hereunder comply with the terms hereof,
or (B) any breach by the Liquidity Provider of any of the terms of this
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 strictly complying with the terms and conditions hereof.

                                       22
<Page>

                  (b) Neither the Liquidity Provider nor any of its officers,
employees, 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. COSTS, EXPENSES AND TAXES. The Borrower agrees
to pay, or cause to be paid (A) on the Effective Date and on such later date or
dates on which the Liquidity Provider shall make demand, all reasonable
out-of-pocket costs and expenses (including, without limitation, the reasonable
fees and expenses of outside counsel for the Liquidity Provider) of the
Liquidity Provider in connection with the preparation, negotiation, execution,
delivery, filing and recording of this Agreement, any other Operative Agreement
and any other documents which may be delivered in connection with this Agreement
and (B) on demand, all reasonable costs and expenses (including reasonable
counsel fees and expenses) of the Liquidity Provider in connection with (i) the
enforcement of this Agreement or any other Operative Agreement, (ii) the
modification or amendment of, or supplement to, this Agreement or any other
Operative Agreement or such other documents which may be delivered in connection
herewith or therewith (whether or not the same shall become effective) or (iii)
any action or proceeding relating to any order, injunction, or other process or
decree restraining or seeking to restrain the Liquidity Provider from paying any
amount under this Agreement, the Intercreditor Agreement or any other Operative
Agreement or otherwise affecting the application of funds in the Class C Cash
Collateral Account. In addition, the Borrower shall pay any and all recording,
stamp and other similar taxes and fees payable or determined to be payable 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 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 its rights or obligations hereunder or any interest herein
without the prior written consent of the other party, subject to the
requirements of Section 7.08(b). The Liquidity Provider may grant participations
herein or in any of its rights hereunder (including, without limitation, funded
participations and participations in rights to receive interest payments
hereunder) and under the other Operative Agreements to such Persons as the
Liquidity Provider may in its sole discretion select (but excluding Northwest
and any of its Affiliates), subject to the requirements of Section 7.08(b). No
such granting of participations by the Liquidity Provider, however, will relieve
the Liquidity Provider of its obligations hereunder. In connection with any
participation or any proposed participation, the Liquidity Provider may disclose
to the participant or the proposed participant any information that the Borrower
is required to deliver or to disclose to the Liquidity Provider pursuant to this
Agreement. The Borrower acknowledges and agrees that the Liquidity Provider's
source of funds may derive in part from its participants.

                                       23
<Page>

Accordingly, references in this Agreement and the other Operative Agreements to
determinations, reserve and capital adequacy requirements, increased costs,
reduced receipts, additional amounts due pursuant to Section 3.03 and the like
as they pertain to the Liquidity Provider shall be deemed also to include those
of each of its participants (subject, in each case, to the maximum amount that
would have been incurred by or attributable to the Liquidity Provider directly
if the Liquidity Provider, rather than the participant, had held the interest
participated).

                  (b) If, pursuant to subsection (a) above, the Liquidity
Provider sells any participation in this Agreement to any bank or other entity
(each, a "TRANSFEREE"), then, concurrently with the effectiveness of such
participation, the Transferee shall (i) represent to the Liquidity Provider (for
the benefit of the Liquidity Provider and the Borrower) either (A) that it is
incorporated under the laws of the United States or a state thereof or (B) that
under applicable law and treaties, no taxes will be required to be withheld with
respect to any payments to be made to such Transferee in respect of this
Agreement, (ii) furnish to the Liquidity Provider and the Borrower either (x) a
statement that it is incorporated under the laws of the United States or a state
thereof or (y) if it is not so incorporated, two copies of a properly completed
United States Internal Revenue Service Form W-8BEN or Form W-8ECI, as
appropriate, or other applicable form, certificate or document prescribed by the
Internal Revenue Service certifying, in each case, such Transferee's entitlement
to a complete exemption from United States federal withholding tax in respect to
any and all payments to be made hereunder, and (iii) agree (for the benefit of
the Liquidity Provider and the Borrower) to provide the Liquidity Provider and
the Borrower a new Form W-8BEN or Form W-8ECI, as appropriate, (A) on or before
the date that any such form expires or becomes obsolete or (B) after the
occurrence of any event requiring a change in the most recent form previously
delivered by it and prior to the immediately following due date of any payment
by the Borrower hereunder, certifying in the case of a Form W-8ECI or Form
W-8BEN that such Transferee is entitled to a complete exemption from United
States federal withholding tax on payments under this Agreement. Unless the
Borrower has received forms or other documents reasonably satisfactory to it
(and required by applicable law) indicating that payments hereunder are not
subject to United States federal withholding tax, the Borrower will withhold
taxes as required by law from such payments at the applicable statutory rate.

                  (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. Any provision of this Agreement
which is prohibited, unenforceable or not authorized in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition,
unenforceability or non-authorization without invalidating the remaining
provisions hereof or affecting the validity, enforceability or legality of such
provision in any other jurisdiction.

                                       24
<Page>

                  Section 7.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

                  Section 7.11. SUBMISSION TO JURISDICTION; WAIVER OF JURY
TRIAL; WAIVER OF IMMUNITY. (a) Each of the parties hereto hereby irrevocably and
unconditionally:

                        (i) submits for itself and its property in any legal
                  action or proceeding relating to this Agreement or any other
                  Operative Agreement, or for recognition and enforcement of any
                  judgment in respect hereof or thereof, to the nonexclusive
                  general jurisdiction of the courts of the State of New York,
                  the courts of the United States of America for the Southern
                  District of New York, and the appellate courts from any
                  thereof;

                        (ii) consents that any such action or proceeding may be
                  brought in such courts, and waives any objection that it may
                  now or hereafter have to the venue of any such action or
                  proceeding in any such court or that such action or proceeding
                  was brought in an inconvenient court and agrees not to plead
                  or claim the same;

                        (iii) agrees that service of process in any such action
                  or proceeding may be effected by mailing a copy thereof by
                  registered or certified mail (or any substantially similar
                  form and mail), postage prepaid, to each party hereto at its
                  address set forth in Section 7.02 hereof, or at such other
                  address of which the Liquidity Provider shall have been
                  notified pursuant thereto; and

                        (iv) agrees that nothing herein shall affect the right
                  to effect service of process in any other manner permitted by
                  law or shall limit the right to sue in any other jurisdiction.

                  (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. 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.

                  Section 7.12. EXECUTION IN COUNTERPARTS. This Agreement may be
executed in any number of counterparts and by different parties hereto on
separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

                                       25
<Page>

                  Section 7.13. ENTIRETY. This Agreement, the Intercreditor
Agreement and the other Operative Agreements to which the Liquidity Provider is
a party constitute the entire agreement of the parties hereto with respect to
the subject matter hereof and supersedes all prior understandings and agreements
of such parties.

                  Section 7.14. HEADINGS. Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose.

                  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 UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH CASE
STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.

                                       26
<Page>

                  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.

                                       STATE STREET BANK AND TRUST COMPANY,
                                             not in its individual capacity but
                                             solely as Subordination Agent, as
                                             agent and trustee for the Class C
                                             Trustee, as Borrower

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

                                       LANDESBANK HESSEN - THURINGEN
                                       GIROZENTRALE, as Liquidity Provider

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

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

                                       27
<Page>

                                                                      Annex I to
                                                      Revolving Credit Agreement

                      INTEREST ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned borrower (the "BORROWER"), hereby certifies to LANDESBANK HESSEN -
THURINGEN GIROZENTRALE (the "LIQUIDITY PROVIDER"), with reference to the
Revolving Credit Agreement (2001-1C) dated as of June __, 2001, 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, subject to clause (3)(v) below, for the
                  payment of the interest on the Class C Certificates which was
                  payable on ____________, ____ (the "DISTRIBUTION DATE") in
                  accordance with the terms and provisions of the Class C Trust
                  Agreement and the Class C Certificates, which Advance is
                  requested to be made on ____________, ____. The Interest
                  Advance should be transferred to [name of bank/wire
                  instructions/ABA number] in favor of account number [____],
                  reference [____].

                        (3) The amount of the Interest Advance requested hereby
                  (i) is $_______________.__, to be applied in respect of the
                  payment of the interest which was due and payable on the Class
                  C Certificates on the Distribution Date, (ii) does not include
                  any amount with respect to the payment of principal of, or
                  premium on, the Class A-1 Certificates, the Class A-2
                  Certificates or the Class B Certificates, or interest on the
                  Class A-1 Certificates, Class A-2 Certificates, the Class B
                  Certificates, or the Class D Certificates, if any, (iii) was
                  computed in accordance with the provisions of the
                  Certificates, the Class C 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, (v) does not
                  include any amount of interest which was due and payable on
                  the Class C Certificates on such Distribution Date but which
                  remains unpaid due to the failure of the Depositary to pay any
                  amount of accrued interest on the Deposits on such
                  Distribution Date and (vi) 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 3.6(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.

                                   I-1
<Page>

                  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
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 _________, ____.

                                       STATE STREET BANK AND TRUST COMPANY,
                                             not in its individual capacity but
                                             solely as Subordination Agent, as
                                             Borrower

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

                                       I-2
<Page>

               SCHEDULE I TO INTEREST ADVANCE NOTICE OF BORROWING

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

                                      I-3
<Page>

                                                                     Annex II to
                                                      Revolving Credit Agreement

                    NON-EXTENSION ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned subordination agent (the "BORROWER"), hereby certifies to LANDESBANK
HESSEN - THURINGEN GIROZENTRALE (the "LIQUIDITY PROVIDER"), with reference to
the Revolving Credit Agreement (2001-1C) dated as of June __, 2001, 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 C Cash
                  Collateral Account in accordance with Section 3.6(d) of the
                  Intercreditor Agreement, which Advance is requested to be made
                  on __________, ____. The Non-Extension Advance should be
                  transferred to [name of bank/wire instructions/ABA number] in
                  favor of account number [___], reference [___].

                        (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 C Cash Collateral
                  Account in accordance with Section 3.6(d) of the Intercreditor
                  Agreement, (ii) does not include any amount with respect to
                  the payment of the principal of, or premium on, the Class C
                  Certificates, or principal of, or interest or premium on, the
                  Class A-1 Certificates, the Class A-2 Certificates, the Class
                  B Certificates, or the Class D Certificates, if any, (iii) was
                  computed in accordance with the provisions of the Class C
                  Certificates, the Class C 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 C Cash Collateral Account and apply the
                  same in accordance with the terms of Section 3.6(d) 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

                                      II-1
<Page>

            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.

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

                                       STATE STREET BANK AND TRUST COMPANY,
                                             not in its individual capacity but
                                             solely as Subordination Agent, as
                                             Borrower

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

                                      II-2
<Page>

             SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE OF BORROWING

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

                                      II-3
<Page>

                                                                    Annex III to
                                                      Revolving Credit Agreement

                      DOWNGRADE ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned subordination agent (the "BORROWER"), hereby certifies to LANDESBANK
HESSEN - THURINGEN GIROZENTRALE (the "LIQUIDITY PROVIDER"), with reference to
the Revolving Credit Agreement (2001-1C) dated as of June __, 2001, 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 C Cash Collateral Account in
            accordance with Section 3.6(c) of the Intercreditor Agreement by
            reason of the downgrading of the short-term unsecured debt rating of
            the Liquidity Provider issued by either Rating Agency below the
            Threshold Rating, which Advance is requested to be made on
            __________, ____. The Downgrade Advance should be transferred to
            [name of bank/wire instructions/ABA number] in favor of account
            number [___], reference [____].

                  (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 C Cash Collateral Account in accordance with
            Section 3.6(c) of the Intercreditor Agreement, (ii) does not include
            any amount with respect to the payment of the principal of, or
            premium on, the Class C Certificates, or principal of, or interest
            or premium on, the Class A-1 Certificates, the Class A-2
            Certificates, the Class B Certificates, or the Class D Certificates,
            (iii) was computed in accordance with the provisions of the Class C
            Certificates, the Class C 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 C Cash Collateral Account and apply the same in accordance
            with the terms of Section 3.6(c) 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

                                     III-1
<Page>

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 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 _________, ____.

                                       STATE STREET BANK AND TRUST COMPANY,
                                             not in its individual capacity but
                                             solely as Subordination Agent, as
                                             Borrower

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

                                     III-2
<Page>

               SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING

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

                                     III-3
<Page>

                                                                     Annex IV to
                                                      Revolving Credit Agreement

                        FINAL ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned borrower (the "BORROWER"), hereby certifies to LANDESBANK HESSEN -
THURINGEN GIROZENTRALE (the "LIQUIDITY PROVIDER"), with reference to the
Revolving Credit Agreement (2001-1C) dated as of June __, 2001, 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 C Cash Collateral Account in accordance
            with Section 3.6(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 transferred to [name of bank/wire instructions/ABA number] in
            favor of account number [___], reference [____].

                  (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 C Cash Collateral Account in accordance with Section
            3.6(i) of the Intercreditor Agreement, (ii) does not include any
            amount with respect to the payment of principal of, or premium on,
            the Class C Certificates, or principal of, or interest or premium
            on, the Class A-1 Certificates, the Class A-2 Certificates, the
            Class B Certificates, or the Class D Certificates, (iii) was
            computed in accordance with the provisions of the Class C
            Certificates, the Class C 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 C Cash Collateral Account and apply the same in accordance
            with the terms of Section 3.6(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.

                                      IV-1
<Page>

                  (5) The Borrower hereby requests that the Advance requested
            hereby be a Base Rate Advance [and that such Base Rate Advance be
            converted into a LIBOR Advance on the third Business Day following
            your receipt of this notice]1.

                  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 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 _________, ____.

                                       STATE STREET BANK AND TRUST COMPANY,
                                             not in its individual capacity but
                                             solely as Subordination Agent, as
                                             Borrower

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

-----------
(1)   Bracketed language may be included at Borrower's option.

                                      IV-2
<Page>

                 SCHEDULE I TO FINAL ADVANCE NOTICE OF BORROWING

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

                                      IV-3
<Page>

                                                                      Annex V to
                                                      Revolving Credit Agreement

                              NOTICE OF TERMINATION

                                                      [Date]

State Street Bank and Trust Company,
  as Subordination Agent, as Borrower
2 Avenue de Lafayette
Boston, MA 02111

Attention:  Corporate Trust Administration

         Revolving Credit Agreement (2001-1C) dated as of June __, 2001, between
         State Street Bank and Trust Company, as Subordination Agent, as
         Borrower, and LANDESBANK HESSEN - THURINGEN GIROZENTRALE (the
         "Liquidity Agreement")

Ladies and Gentlemen:

                  You are hereby notified that pursuant to Section 6.01 of the
Liquidity Agreement, by reason of the occurrence of a Liquidity Event of Default
and the existence of a Performing Note Deficiency (each as defined therein), we
are giving this notice to you in order to cause (i) our obligations to make
Advances (as defined therein) 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 Final Advance under the Liquidity Agreement pursuant to Section
3.6(i) of the Intercreditor Agreement (as defined in the Liquidity Agreement) as
a consequence of your receipt of this notice.

                                      V-1
<Page>

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

                                       Very truly yours,

                                       LANDESBANK HESSEN - THURINGEN
                                       GIROZENTRALE,  as Liquidity Provider

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

cc: State Street Bank and Trust Company of
    Connecticut, National Association,
      as Class C Trustee

                                      V-2
<Page>

                                                                     Annex VI to
                                                      Revolving Credit Agreement

                    NOTICE OF REPLACEMENT SUBORDINATION AGENT

[Date]

Attention:

         Revolving Credit Agreement (2001-1C) dated as of June __, 2001, between
         State Street Bank and Trust Company, as Subordination Agent, as
         Borrower, and LANDESBANK HESSEN - THURINGEN GIROZENTRALE (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 8.1 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.

                                      VI-1
<Page>

                  We ask that this transfer be effective as of _______________,
____.

                                       STATE STREET BANK AND TRUST COMPANY,
                                             not in its individual capacity but
                                             solely as Subordination Agent, as
                                             Borrower

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

                                      VI-2<Page>

                                                                    Exhibit 4(d)

                                                                  EXECUTION COPY

                             INTERCREDITOR AGREEMENT

                                   Dated as of

                                  June 1, 2001

                                  BY AND AMONG

               STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT,
                              NATIONAL ASSOCIATION,

                         not in its individual capacity
                         but solely as Trustee under the
                Northwest Airlines Pass Through Trust 2001-1A-1,
                Northwest Airlines Pass Through Trust 2001-1A-2,
                Northwest Airlines Pass Through Trust 2001-1B and
                  Northwest Airlines Pass Through Trust 2001-1C

                    LANDESBANK HESSEN-THURINGEN GIROZENTRALE

                         as Class A-1 Liquidity Provider
                          Class A-2 Liquidity Provider
                           Class B Liquidity Provider
                                       and
                           Class C Liquidity Provider,

                                       AND

                       STATE STREET BANK AND TRUST COMPANY

                      not in its individual capacity except
                        as expressly set forth herein but
               solely as Subordination Agent and trustee hereunder

<Page>

                                TABLE OF CONTENTS

                                                                            PAGE

ARTICLE I DEFINITIONS.........................................................2

         Section 1.1.  DEFINITIONS............................................2

ARTICLE II TRUST ACCOUNTS; CONTROLLING PARTY.................................23

         Section 2.1.  AGREEMENT TO TERMS OF SUBORDINATION;
                       PAYMENTS FROM MONIES RECEIVED ONLY....................23

         Section 2.2.  TRUST ACCOUNTS........................................23

         Section 2.3.  DEPOSITS TO THE COLLECTION ACCOUNT AND SPECIAL
                       PAYMENTS ACCOUNT......................................24

         Section 2.4.  DISTRIBUTIONS OF SPECIAL PAYMENTS.....................25

         Section 2.5.  DESIGNATED REPRESENTATIVES............................27

         Section 2.6.  CONTROLLING PARTY.....................................28

ARTICLE III RECEIPT, DISTRIBUTION AND APPLICATION OF AMOUNTS RECEIVED........29

         Section 3.1.  WRITTEN NOTICE OF DISTRIBUTION........................29

         Section 3.2.  DISTRIBUTION OF AMOUNTS ON DEPOSIT IN THE
                       COLLECTION ACCOUNT....................................31

         Section 3.3.  DISTRIBUTION OF AMOUNTS ON DEPOSIT FOLLOWING
                       A TRIGGERING EVENT....................................33

         Section 3.4.  OTHER PAYMENTS........................................35

         Section 3.5.  PAYMENTS TO THE TRUSTEES AND THE LIQUIDITY PROVIDERS..35

         Section 3.6.  LIQUIDITY FACILITIES..................................36

ARTICLE IV EXERCISE OF REMEDIES..............................................42

         Section 4.1.  DIRECTIONS FROM THE CONTROLLING PARTY.................42

         Section 4.2.  REMEDIES CUMULATIVE...................................44

         Section 4.3.  DISCONTINUANCE OF PROCEEDINGS.........................44

         Section 4.4.  RIGHT OF CERTIFICATEHOLDERS TO RECEIVE PAYMENTS
                       NOT TO BE IMPAIRED....................................44

         Section 4.5.  UNDERTAKING FOR COSTS.................................44

ARTICLE V DUTIES OF THE SUBORDINATION AGENT; AGREEMENTS OF TRUSTEES, ETC.....45
<Page>

                                                                            Page

         Section 5.1.  NOTICE OF INDENTURE DEFAULT OR TRIGGERING EVENT.......45

         Section 5.2.  INDEMNIFICATION.......................................45

         Section 5.3.  NO DUTIES EXCEPT AS SPECIFIED IN INTERCREDITOR
                       AGREEMENT.............................................45

         Section 5.4.  NOTICE FROM THE LIQUIDITY PROVIDERS AND TRUSTEES......46

ARTICLE VI THE SUBORDINATION AGENT...........................................46

         Section 6.1.  AUTHORIZATION; ACCEPTANCE OF TRUSTS AND DUTIES........46

         Section 6.2.  ABSENCE OF DUTIES.....................................46

         Section 6.3.  NO REPRESENTATIONS OR WARRANTIES AS TO DOCUMENTS......46

         Section 6.4.  NO SEGREGATION OF MONIES; NO INTEREST.................47

         Section 6.5.  RELIANCE; AGENTS; ADVICE OF COUNSEL...................47

         Section 6.6.  CAPACITY IN WHICH ACTING..............................47

         Section 6.7.  COMPENSATION..........................................47

         Section 6.8.  MAY BECOME CERTIFICATEHOLDER..........................48

         Section 6.9.  SUBORDINATION AGENT REQUIRED; ELIGIBILITY.............48

         Section 6.10. MONEY TO BE HELD IN TRUST.............................48

ARTICLE VII INDEMNIFICATION OF SUBORDINATION AGENT...........................48

         Section 7.1.  SCOPE OF INDEMNIFICATION..............................48

ARTICLE VIII SUCCESSOR SUBORDINATION AGENT...................................49

         Section 8.1.  REPLACEMENT OF SUBORDINATION AGENT;
                       APPOINTMENT OF SUCCESSOR..............................49

ARTICLE IX SUPPLEMENTS AND AMENDMENTS........................................50

         Section 9.1.  AMENDMENTS, WAIVERS, ETC..............................50

         Section 9.2.  SUBORDINATION AGENT PROTECTED.........................51

         Section 9.3.  EFFECT OF SUPPLEMENTAL AGREEMENTS.....................51

         Section 9.4.  NOTICE TO RATING AGENCIES.............................52

         Section 9.5.  ADDITION OF CLASS D TRUSTEE...........................52

ARTICLE X MISCELLANEOUS......................................................52

         Section 10.1. TERMINATION OF INTERCREDITOR AGREEMENT................52

                                       ii
<Page>

                                                                            Page

         Section 10.2. INTERCREDITOR AGREEMENT FOR BENEFIT OF TRUSTEES,
                       LIQUIDITY PROVIDERS AND SUBORDINATION AGENT...........52

         Section 10.3. NOTICES...............................................52

         Section 10.4. SEVERABILITY..........................................53

         Section 10.5. NO ORAL MODIFICATIONS OR CONTINUING WAIVERS...........54

         Section 10.6. SUCCESSORS AND ASSIGNS................................54

         Section 10.7. HEADINGS..............................................54

         Section 10.8. COUNTERPART FORM......................................54

         Section 10.9. SUBORDINATION.........................................54

         Section 10.10.GOVERNING LAW.........................................55

         Section 10.11.SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL;
                       WAIVER OF IMMUNITY....................................55

                                      iii
<Page>

                             INTERCREDITOR AGREEMENT

                  INTERCREDITOR AGREEMENT dated as of June 1, 2001, by and among
STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT, NATIONAL ASSOCIATION, a
national banking association ("STATE STREET OF CONNECTICUT"), not in its
individual capacity but solely as Trustee of each Trust (each as defined below),
LANDESBANK HESSEN-THURINGEN GIROZENTRALE, a public law banking institution
organized under the laws of Germany ("HELABA"), as Class A-1 Liquidity Provider,
Class A-2 Liquidity Provider, Class B Liquidity Provider and Class C Liquidity
Provider, and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust
company, not in its individual capacity except as expressly set forth herein,
but solely as Subordination Agent and trustee hereunder (in such capacity,
together with any successor appointed pursuant to Article VIII hereof, the
"SUBORDINATION AGENT").

                  WHEREAS, all capitalized terms used herein shall have the
respective meanings referred to in Article I hereof;

                  WHEREAS, pursuant to each Indenture (i) in the case of each
Airbus A319-100 or Boeing 759-300 Aircraft that is owned by Northwest at the
time such Indenture is entered into (the "OWNED AIRCRAFT"), Northwest will issue
on a recourse basis up to five series of Equipment Notes to finance the purchase
of such Aircraft, (ii) in the case of each Airbus A319-100 or Boeing 759-300
Aircraft that is leased to Northwest pursuant to a related Lease at the time
such Indenture is entered into (the "LEASED AIRCRAFT"), the related Owner
Trustee will issue on a nonrecourse basis up to five series of Equipment Notes
to finance the purchase of such Aircraft and (iii) in the case of each Boeing
747-400 Aircraft, Northwest will issue four series of Equipment Notes to finance
the purchase of such Aircraft;

                  WHEREAS, pursuant to the Financing Agreements, each Trust will
acquire Equipment Notes having an interest rate equal to the interest rate
applicable to the Certificates to be issued by such Trust;

                  WHEREAS, pursuant to each Trust Agreement, the Trust created
thereby proposes to issue a single class of Certificates (a "CLASS") bearing the
interest rate and having the final distribution date described in such Trust
Agreement on the terms and subject to the conditions set forth therein;

                  WHEREAS, pursuant to the Underwriting Agreement (as defined
below), the Underwriters propose to purchase the Class A-1 Certificates, Class
A-2 Certificates, Class B Certificates and Class C Certificates issued by each
of the Class A-1 Trust, Class A-2 Trust, Class B Trust and Class C Trust,
respectively, in the aggregate face amount set forth opposite the name of each
such Trust on Schedule I thereto on the terms and subject to the conditions set
forth therein;

                  WHEREAS, pursuant to the Note Purchase Agreement, Class D
Certificates, if any, may be issued by the Class D Trust upon its formation on
the terms and subject to the conditions set forth therein;

<Page>

                  WHEREAS, each Liquidity Provider proposes to enter into a
revolving credit agreement (each, a "LIQUIDITY FACILITY") with the Subordination
Agent, as agent for the Class A-1 Trustee, Class A-2 Trustee, Class B Trustee
and Class C Trustee of each of the Class A-1 Trust, Class A-2 Trust, Class B
Trust and Class C Trust, respectively, for the benefit of the Certificateholders
of each such Trust;

                  WHEREAS, it is a condition precedent to the obligations of the
Underwriters under the Underwriting Agreement that the Subordination Agent, the
Trustees and the Liquidity Providers agree to the terms of subordination set
forth in this Agreement in respect of each Class of Certificates, and the
Subordination Agent, the Trustees and the Liquidity Providers, by entering into
this Agreement, hereby acknowledge and agree to such terms of subordination and
the other provisions of this Agreement; and

                  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 1.1. DEFINITIONS. For all purposes of this Agreement,
except as otherwise expressly provided or unless the context otherwise requires:

                  (1) the terms used herein that are defined in this Article
            have the meanings assigned to them in this Article, and include the
            plural as well as the singular;

                  (2) all references in this Agreement to designated "Articles",
            "Sections" and other subdivisions are to the designated Articles,
            Sections and other subdivisions of this Agreement;

                  (3) 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 or other subdivision; and

                  (4) the term "including" shall mean "including without
            limitation".

                  "ACCELERATION" means, with respect to the amounts payable in
            respect of the Equipment Notes issued under any Indenture, the
            declaration or deemed declaration of such amounts to be immediately
            due and payable. "ACCELERATE" and "ACCELERATED" have meanings
            correlative to the foregoing.

                  "ADJUSTED EXPECTED DISTRIBUTIONS" means with respect to the
            Certificates of any Class on any Current Distribution Date the sum
            of (x) the amount of accrued and unpaid interest on such
            Certificates (excluding interest, if any, payable with respect to
            the Deposits related to such Trust) plus (y) the greater of:

                                      -2-
<Page>

                        (A) the difference between (x) the Pool Balance of such
                  Certificates as of the immediately preceding Distribution Date
                  (or if the Current Distribution Date is the first Distribution
                  Date, the original aggregate face amount of the Certificates
                  of such Trust) and (y) the Pool Balance of such Certificates
                  as of the Current Distribution Date calculated on the basis
                  that (i) the principal of the Non-Performing Equipment Notes
                  held in such Trust has been paid in full and such payments
                  have been distributed to the holders of such Certificates,
                  (ii) the principal of the Performing Equipment Notes has been
                  paid when due (but without giving effect to any Acceleration
                  of Performing Equipment Notes except to the extent monies are
                  received as a result of such Acceleration) and has been
                  distributed to the holders of such Certificates and (iii) the
                  principal of any Equipment Notes formerly held in such Trust
                  which have been sold pursuant to the terms hereof have been
                  paid in full and such payments have been distributed to the
                  holders of such Certificates but without giving effect to any
                  reduction in the Pool Balance as a result of any distribution
                  attributable to Deposits occurring after the immediately
                  preceding Distribution Date (or, if the Current Distribution
                  Date is the first Distribution Date, occurring after the
                  initial issuance of the Certificates of such Trust) and

                        (B) the amount of the excess, if any, by which (i) the
                  Pool Balance of such Class of Certificates as of the
                  immediately preceding Distribution Date (or, if the Current
                  Distribution Date is the first Distribution Date, the original
                  aggregate face amount of the Certificates of such Trust) less
                  the amount of the Deposits for such Class of Certificates as
                  of such preceding Distribution Date (or, if the Current
                  Distribution Date is the first Distribution Date, the original
                  aggregate amount of the Deposits for such Class of
                  Certificates) other than any portion of such Deposits
                  thereafter used to acquire Equipment Notes pursuant to the
                  Note Purchase Agreement, over (ii) the Aggregate LTV
                  Collateral Amount for such Class of Certificates for the
                  Current Distribution Date;

                  PROVIDED that, (x) until the date of the initial LTV
            Appraisals for all of the Aircraft, clause (B) above shall not be
            applicable and (y) in the case of the Class D Certificates, clause
            (B) above shall not be applicable.

                  For purposes of calculating Adjusted Expected Distributions,
            any premium paid on the Equipment Notes held in any Trust which has
            not been distributed to the Certificateholders of such Trust (other
            than such premium or a portion thereof applied to the payment of
            interest on the Certificates of such Trust or the reduction of the
            Pool Balance of such Trust) shall be added to the amount of such
            Adjusted Expected Distributions.

                  "AFFILIATE" means, with respect to any Person, any other
            Person directly or indirectly controlling, controlled by or under
            common control with such Person. For the purposes of this
            definition, "control" means the power, directly or indirectly, to
            direct or cause the direction of the management and policies of such
            Person whether through the ownership of voting securities or by
            contract or otherwise; and the terms "controlling" and "controlled"
            have meanings correlative to the foregoing.

                                      -3-
<Page>

                  "AGGREGATE LTV COLLATERAL AMOUNT" for any Class of
            Certificates (other than the Class D Certificates) for any
            Distribution Date means an amount, not less than zero, equal to the
            product of (i) the sum of the applicable LTV Collateral Amounts for
            each Aircraft, minus the Pool Balance for each Class of
            Certificates, if any, senior to such Class, after giving effect to
            any distribution of principal on such Distribution Date with respect
            to such senior Class or Classes and (ii) (a) in the case of Class
            A-1 Certificates or Class A-2 Certificates, as the case may be, a
            fraction the numerator of which equals the Pool Balance for the
            Class A-1 Certificates or Class A-2 Certificates, as the case may
            be, and the denominator of which equals the aggregate Pool Balances
            for the Class A-1 Certificates and the Class A-2 Certificates, in
            each case prior to giving effect to any distribution of principal on
            such Distribution Date with respect to either such Class of
            Certificates, and (b) in the case of the Class B, Class C and Class
            D Certificates, 1.0.

                  "AIRCRAFT" means, with respect to any Indenture, the
            "Aircraft" referred to therein.

                  "APPRAISED CURRENT MARKET VALUE" of any Leased Aircraft or
            Owned Aircraft means the lower of the average and the median of the
            most recent three LTV Appraisals of such Aircraft.

                  "APPRAISERS" means Aircraft Information Systems, Inc.,
            AvSolutions and Morten Beyer and Agnew, Inc.

                  "AVAILABLE AMOUNT" means, with respect to any Liquidity
            Facility on any drawing date, subject to the proviso in the first
            sentence in Section 3.6(g), an amount equal to (a) the Stated Amount
            of such Liquidity Facility, LESS (b) the aggregate amount of the
            Interest Drawings honored by the Liquidity Provider under such
            Liquidity Facility on or prior to such date which have not been
            reimbursed or reinstated as provided in Section 3.6(g) hereof as of
            such date; PROVIDED that, following a Downgrade Drawing, a
            Non-Extension Drawing or a Final Drawing under such Liquidity
            Facility, the Available Amount of such Liquidity Facility shall be
            zero.

                  "BUSINESS DAY" means any day other than a Saturday or Sunday
            or a day on which commercial banks are required or authorized to
            close in Minneapolis, Minnesota, New York, New York, or the city and
            state in which any Trustee, the Subordination Agent or any Loan
            Trustee maintains its Corporate Trust Office or receives and
            disburses funds. Solely with respect to draws under any Liquidity
            Facility, Business Day shall also include a "Business Day" as
            defined in such Liquidity Facility.

                  "CASH COLLATERAL ACCOUNT" means the Class A-1 Cash Collateral
            Account, the Class A-2 Cash Collateral Account, the Class B Cash
            Collateral Account or the Class C Cash Collateral Account, as
            applicable.

                  "CERTIFICATE" means a Class A-1 Certificate, a Class A-2
            Certificate, a Class B Certificate, a Class C Certificate or, upon
            their issuance, a Class D Certificate, as applicable.

                  "CERTIFICATEHOLDER" means any holder of one or more
            Certificates.

                                      -4-
<Page>

                  "CLASS" has the meaning assigned to such term in the
            preliminary statements to this Agreement.

                  "CLASS A-1 CASH COLLATERAL ACCOUNT" means an Eligible Deposit
            Account in the name of the Subordination Agent maintained at an
            Eligible Institution, which shall be the Subordination Agent if it
            shall so qualify, into which all amounts drawn under the Class A
            Liquidity Facility pursuant to Section 3.6(c), 3.6(d) or 3.6(i)
            shall be deposited.

                  "CLASS A-1 CERTIFICATEHOLDER" means, at any time, any holder
            of one or more Class A-1 Certificates.

                  "CLASS A-1 CERTIFICATES" means the certificates issued by the
            Class A-1 Trust, substantially in the form of Exhibit A to the Class
            A-1 Trust Agreement, and authenticated by the Class A-1 Trustee,
            representing fractional undivided interests in the Class A-1 Trust,
            and any certificates issued in exchange therefor or replacement
            thereof pursuant to the terms of the Class A-1 Trust Agreement.

                  "CLASS A-1 LIQUIDITY FACILITY" means, initially, the Revolving
            Credit Agreement dated as of June 1, 2001, by and between the
            Subordination Agent, as agent and trustee of the Class A-1 Trustee,
            and the Class A-1 Liquidity Provider, and, from and after the
            replacement of such Agreement pursuant hereto, the Replacement
            Liquidity Facility therefor, if any, in each case as amended,
            supplemented or otherwise modified from time to time in accordance
            with its terms.

                  "CLASS A-1 LIQUIDITY PROVIDER" means Helaba, together with any
            Replacement Liquidity Provider which has issued a Replacement
            Liquidity Facility to replace the Class A-1 Liquidity Facility
            pursuant to Section 3.6(e).

                  "CLASS A-1 TRUST" means Northwest Airlines 2001-1A-1 Pass
            Through Trust created and administered pursuant to the Class A-1
            Trust Agreement.

                  "CLASS A-1 TRUST AGREEMENT" means the Pass Through Trust
            Agreement, as supplemented by Trust Supplement No. 2001-1A-1 thereto
            dated as of June 1, 2001, by and among Northwest, the Guarantor and
            the Trustee, governing the creation and administration of the Class
            A-1 Trust and the issuance of the Class A-1 Certificates, as the
            same may be amended, supplemented or otherwise modified from time to
            time in accordance with its terms.

                  "CLASS A-1 TRUSTEE" means State Street of Connecticut, not in
            its individual capacity except as expressly set forth in the Class
            A-1 Trust Agreement, but solely as trustee under the Class A-1 Trust
            Agreement, together with any successor trustee appointed pursuant
            thereto.

                  "CLASS A-2 CASH COLLATERAL ACCOUNT" means an Eligible Deposit
            Account in the name of the Subordination Agent maintained at an
            Eligible Institution, which shall be the Subordination Agent if it
            shall so qualify, into which all amounts drawn under the Class A
            Liquidity Facility pursuant to Section 3.6(c), 3.6(d) or 3.6(i)
            shall be deposited.

                                      -5-
<Page>

                  "CLASS A-2 CERTIFICATEHOLDER" means, at any time, any holder
            of one or more Class A-2 Certificates.

                  "CLASS A-2 CERTIFICATES" means the certificates issued by the
            Class A-2 Trust, substantially in the form of Exhibit A to the Class
            A-2 Trust Agreement, and authenticated by the Class A-2 Trustee,
            representing fractional undivided interests in the Class A-2 Trust,
            and any certificates issued in exchange therefor or replacement
            thereof pursuant to the terms of the Class A-2 Trust Agreement.

                  "CLASS A-2 LIQUIDITY FACILITY" means, initially, the Revolving
            Credit Agreement dated as of June 1, 2001, by and between the
            Subordination Agent, as agent and trustee of the Class A-2 Trustee,
            and the Class A-2 Liquidity Provider, and, from and after the
            replacement of such Agreement pursuant hereto, the Replacement
            Liquidity Facility therefor, if any, in each case as amended,
            supplemented or otherwise modified from time to time in accordance
            with its terms.

                  "CLASS A-2 LIQUIDITY PROVIDER" means Helaba, together with any
            Replacement Liquidity Provider which has issued a Replacement
            Liquidity Facility to replace the Class A-2 Liquidity Facility
            pursuant to Section 3.6(e).

                  "CLASS A-2 TRUST" means Northwest Airlines 2001-1A-2 Pass
            Through Trust created and administered pursuant to the Class A-2
            Trust Agreement.

                  "CLASS A-2 TRUST AGREEMENT" means the Pass Through Trust
            Agreement, as supplemented by Trust Supplement No. 2001-1A-2 thereto
            dated as of June 1, 2001, by and among Northwest, the Guarantor and
            the Trustee, governing the creation and administration of the Class
            A-2 Trust and the issuance of the Class A-2 Certificates, as the
            same may be amended, supplemented or otherwise modified from time to
            time in accordance with its terms.

                  "CLASS A-2 TRUSTEE" means State Street of Connecticut, not in
            its individual capacity except as expressly set forth in the Class
            A-2 Trust Agreement, but solely as trustee under the Class A-2 Trust
            Agreement, together with any successor trustee appointed pursuant
            thereto.

                  "CLASS B CASH COLLATERAL ACCOUNT" means an Eligible Deposit
            Account in the name of the Subordination Agent maintained at an
            Eligible Institution, which shall be the Subordination Agent if it
            shall so qualify, into which all amounts drawn under the Class B
            Liquidity Facility pursuant to Section 3.6(c), 3.6(d) or 3.6(i)
            shall be deposited.

                  "CLASS B CERTIFICATEHOLDER" means, at any time, any holder of
            one or more Class B Certificates.

                  "CLASS B CERTIFICATES" means the certificates issued by the
            Class B Trust, substantially in the form of Exhibit A to the Class B
            Trust Agreement, and authenticated by the Class B Trustee,
            representing fractional undivided interests in the Class B Trust,
            and any certificates issued in exchange therefor or replacement
            thereof pursuant to the terms of the Class B Trust Agreement.

                                      -6-
<Page>

                  "CLASS B LIQUIDITY FACILITY" means, initially, the Revolving
            Credit Agreement dated as of June 1, 2001, by and between the
            Subordination Agent, as agent and trustee of the Class B Trustee,
            and the Class B Liquidity Provider, and, from and after the
            replacement of such Agreement pursuant hereto, the Replacement
            Liquidity Facility therefor, if any, in each case as amended,
            supplemented or otherwise modified from time to time in accordance
            with its terms.

                  "CLASS B LIQUIDITY PROVIDER" means Helaba, together with any
            Replacement Liquidity Provider which has issued a Replacement
            Liquidity Facility to replace the Class B Liquidity Facility
            pursuant to Section 3.6(e).

                  "CLASS B TRUST" means Northwest Airlines 2001-1B Pass Through
            Trust created and administered pursuant to the Class B Trust
            Agreement.

                  "CLASS B TRUST AGREEMENT" means the Pass Through Trust
            Agreement, as supplemented by Trust Supplement No. 2001-1B thereto
            dated as of June 1, 2001, by and among Northwest, the Guarantor and
            the Trustee, governing the creation and administration of the Class
            B Trust and the issuance of the Class B Certificates, as the same
            may be amended, supplemented or otherwise modified from time to time
            in accordance with its terms.

                  "CLASS B TRUSTEE" means State Street of Connecticut, not in
            its individual capacity except as expressly set forth in the Class B
            Trust Agreement, but solely as trustee under the Class B Trust
            Agreement, together with any successor trustee appointed pursuant
            thereto.

                  "CLASS C CASH COLLATERAL ACCOUNT" means an Eligible Deposit
            Account in the name of the Subordination Agent and maintained at an
            Eligible Institution, which shall be the Subordination Agent if it
            shall so qualify, into which all amounts drawn under the Class C
            Liquidity Facility pursuant to Section 3.6(c), 3.6(d) or 3.6(i)
            shall be deposited.

                  "CLASS C CERTIFICATEHOLDER" means, at any time, any holder of
            one or more Class C Certificates.

                  "CLASS C CERTIFICATES" means the certificates issued by the
            Class C Trust, substantially in the form of Exhibit A to the Class C
            Trust Agreement, and authenticated by the Class C Trustee,
            representing fractional undivided interests in the Class C Trust,
            and any certificates issued in exchange therefor or in replacement
            thereof pursuant to the terms of the Class C Trust Agreement.

                  "CLASS C LIQUIDITY FACILITY" means, initially, the Revolving
            Credit Agreement dated as of June 1, 2001, by and between the
            Subordination Agent, as agent and trustee of the Class C Trustee,
            and the Class C Liquidity Provider and, from and after the
            replacement of such Agreement pursuant hereto, the Replacement
            Liquidity Facility therefor, if any, in each case as amended,
            supplemented or otherwise modified from time to time in accordance
            with its terms.

                                      -7-
<Page>

                  "CLASS C LIQUIDITY PROVIDER" means Helaba, together with any
            Replacement Liquidity Provider which has issued a Replacement
            Liquidity Facility to replace the Class C Liquidity Facility
            pursuant to Section 3.6(e).

                  "CLASS C TRUST" means Northwest Airlines 2001-1C Pass Through
            Trust created and administered pursuant to the Class C Trust
            Agreement.

                  "CLASS C TRUST AGREEMENT" means the Pass Through Trust
            Agreement, as supplemented by Trust Supplement No. 2001-1C thereto
            dated as of June 1, 2001, by and among Northwest, the Guarantor and
            the Trustee, governing the creation and administration of the Class
            C Trust and the issuance of the Class C Certificates, as the same
            may be amended, supplemented or otherwise modified from time to time
            in accordance with its terms.

                  "CLASS C TRUSTEE" means State Street of Connecticut, not in
            its individual capacity except as expressly set forth in the Class C
            Trust Agreement, but solely as trustee under the Class C Trust
            Agreement, together with any successor trustee appointed pursuant
            thereto.

                  "CLASS D CERTIFICATEHOLDER" means, at any time, any holder of
            one or more Class D Certificates.

                  "CLASS D CERTIFICATES" means the certificates, if any, issued
            by the Class D Trust, substantially in the form of Exhibit A to the
            Class D Trust Agreement, and authenticated by the Class D Trustee,
            representing fractional undivided interests in the Class D Trust,
            and any certificates issued in exchange therefor or in replacement
            thereof pursuant to the terms of the Class D Trust Agreement.

                  "CLASS D TRUST" means Northwest Airlines 2001-1D Pass Through
            Trust created and administered pursuant to the Class D Trust
            Agreement.

                  "CLASS D TRUST AGREEMENT" means, upon execution of the Class D
            Trust Supplement (as defined in the Note Purchase Agreement), the
            Pass Through Trust Agreement, as supplemented by the Class D Trust
            Supplement, governing the creation and administration of the Class D
            Trust and the issuance of the Class D Certificates, as the same may
            be amended, supplemented or otherwise modified from time to time in
            accordance with its terms.

                  "CLASS D TRUSTEE" means, upon execution of the Class D Trust
            Agreement, State Street of Connecticut, not in its individual
            capacity except as expressly set forth in the Class D Trust
            Agreement, but solely as trustee under the Class D Trust Agreement,
            together with any successor trustee appointed pursuant thereto.

                  "CLOSING DATE" means June 1, 2001.

                  "CODE" means the Internal Revenue Code of 1986, as amended
            from time to time, and Treasury Regulations promulgated thereunder.

                                      -8-
<Page>

                  "COLLECTION ACCOUNT" means the Eligible Deposit Account
            established by the Subordination Agent pursuant to Section 2.2 which
            the Subordination Agent shall make deposits in and withdrawals from
            in accordance with this Agreement.

                  "CONSENT PERIOD" has the meaning ascribed to such term in
            Section 3.6(d).

                  "CONTROLLING PARTY" means the Person entitled to act as such
            pursuant to the terms of Section 2.6.

                  "CORPORATE TRUST OFFICE" means, with respect to any Trustee,
            the Subordination Agent or any Loan Trustee, the office of such
            Person in the city at which, at any particular time, its corporate
            trust business shall be principally administered.

                  "CURRENT DISTRIBUTION DATE" means a Distribution Date
            specified as a reference date for calculating the Adjusted Expected
            Distributions or Expected Distributions with respect to the
            Certificates of any Trust as of such Distribution Date.

                  "DELIVERY PERIOD EXPIRY DATE" means March 31, 2003.

                  "DEPOSIT AGREEMENT" shall mean, with respect to any Class of
            Certificates (other than Class D Certificates), the Deposit
            Agreement pertaining to such Class dated the date hereof between the
            Escrow Agent, and the Depositary, as the same may be amended,
            modified or supplemented from time to time in accordance with the
            terms thereof.

                  "DEPOSITARY" means ABN AMRO Bank N.V., acting through a United
            States branch, as depositary under the Deposit Agreement relating to
            Class A-1, Class A-2, Class B and Class C Certificates.

                  "DEPOSITS" with respect to any Class of Certificates (other
            than Class D Certificates), shall have the meaning set forth in the
            Deposit Agreement pertaining to such Class.

                  "DESIGNATED REPRESENTATIVES" means the Subordination Agent
            Representatives, Trustee Representatives and the LP Representatives
            identified under Section 2.5.

                  "DISTRIBUTION DATE" means a Regular Distribution Date or a
            Special Distribution Date.

                  "DOLLARS" or "$" means United States dollars.

                  "DOWNGRADE DRAWING" has the meaning assigned to such term in
            Section 3.6(c).

                  "DOWNGRADE EVENT" has the meaning assigned to such term in
            each Liquidity Facility.

                  "DOWNGRADED FACILITY" has the meaning assigned to such term in
            Section 3.6(c).

                                      -9-
<Page>

                  "DRAWING" means an Interest Drawing, a Non-Extension Drawing,
            a Final Drawing or a Downgrade Drawing, as the case may be.

                  "ELIGIBLE DEPOSIT ACCOUNT" means either (a) a segregated
            account with an Eligible Institution or (b) a segregated trust
            account with the corporate trust department of a depository
            institution organized under the laws of the United States of America
            or any one of the states thereof or the District of Columbia (or any
            U.S. branch of a foreign bank), having corporate trust powers and
            acting as trustee for funds deposited in such account, so long as
            any of the securities of such depository institution has a long-term
            unsecured debt rating from each Rating Agency of at least A-3 or its
            equivalent. An Eligible Deposit Account may be maintained with a
            Liquidity Provider so long as such Liquidity Provider is an Eligible
            Institution (as defined below); PROVIDED that such Liquidity
            Provider shall have waived all rights of set-off and counterclaim
            with respect to such account.

                  "ELIGIBLE INSTITUTION" means, subject to the last sentence of
            subsection 2.2(c), (a) the corporate trust department of the
            Subordination Agent or any Trustee, as applicable, or (b) a
            depository institution organized under the laws of the United States
            of America or any one of the states thereof or the District of
            Columbia (or any U.S. branch of a foreign bank), which has a
            long-term unsecured debt rating from each Rating Agency of at least
            A-3 or its equivalent.

                  "ELIGIBLE INVESTMENTS" means (a) investments in obligations
            of, or guaranteed by, the United States Government having maturities
            no later than 90 days following the date of such investment, (b)
            investments in open market commercial paper of any corporation
            incorporated under the laws of the United States of America or any
            state thereof with a short-term unsecured debt rating issued by
            Moody's and Standard & Poor's of at least A-1 and P-1, respectively,
            and, if rated by Fitch, F-1, having maturities no later than 90 days
            following the date of such investment or (c) investments in
            negotiable certificates of deposit, time deposits, banker's
            acceptances, commercial paper or other direct obligations of, or
            obligations guaranteed by, commercial banks organized under the laws
            of the United States or of any political subdivision thereof (or any
            U.S. branch of a foreign bank) with issuer ratings of at least B/C
            by Thomson Bankwatch, having maturities no later than 90 days
            following the date of such investment; PROVIDED, HOWEVER, that (x)
            all Eligible Investments that are bank obligations shall be
            denominated in U.S. dollars; and (y) the aggregate amount of
            Eligible Investments at any one time that are bank obligations
            issued by any one bank shall not be in excess of 5% of such bank's
            capital surplus; PROVIDED FURTHER that (1) any investment of the
            types described in clauses (a), (b) and (c) above may be made
            through a repurchase agreement in commercially reasonable form with
            a bank or other financial institution qualifying as an Eligible
            Institution so long as such investment is held by a third party
            custodian also qualifying as an Eligible Institution, and (2) all
            such investments set forth in (a), (b) and (c) above mature no later
            than the Business Day immediately preceding the next Regular
            Distribution Date; PROVIDED FURTHER, HOWEVER, that in the case of
            any Eligible Investment issued by a domestic branch of a foreign
            bank, the income from such investment shall be from sources within
            the United States for purposes of the Code. Notwithstanding the
            foregoing, no investment of the types described in clause (b) or (c)
            above which is issued

                                      -10-
<Page>

            or guaranteed by a Liquidity Provider or Northwest or any of their
            respective Affiliates shall be an Eligible Investment.

                  "EQUIPMENT NOTES" means, at any time, the Series A-1 Equipment
            Notes, the Series A-2 Equipment Notes, the Series B Equipment Notes,
            the Series C Equipment Notes and, upon their issuance, the Series D
            Equipment Notes, collectively, and in each case, any Equipment Notes
            issued in exchange therefor or replacement thereof pursuant to the
            terms of the Indentures.

                  "ESCROW AGENT" means Wells Fargo Bank Northwest, National
            Association, as escrow agent under each Escrow and Paying Agent
            Agreement, together with its successors in such capacity.

                  "ESCROW AND PAYING AGENT AGREEMENT" shall mean, with respect
            to any Class of Certificates (other than Class D Certificates), the
            Escrow and Paying Agent Agreement pertaining to such Class, dated
            the date hereof, among the Escrow Agent, the Underwriters, the
            Trustee for such Class and the Paying Agent, as the same may be
            amended, modified or supplemented from time to time in accordance
            with the terms thereof.

                  "ESCROW RECEIPTS" has the meaning assigned to such term in the
            Escrow and Paying Agent Agreements for the Trusts (other than the
            Class D Trust).

                  "EXPECTED DISTRIBUTIONS" means, with respect to the
            Certificates of any Trust on any Current Distribution Date, the sum
            of (x) accrued and unpaid interest on such Certificates (excluding
            interest, if any, payable with respect to the Deposits related to
            such Trust) and (y) the difference between (A) the Pool Balance of
            such Certificates as of the immediately preceding Distribution Date
            (or if the Current Distribution Date is the first Distribution Date,
            the original aggregate face amount of the Certificates of such
            Trust) and (B) the Pool Balance of such Certificates as of the
            Current Distribution Date, calculated on the basis that (1) the
            principal of the Equipment Notes held in such Trust has been paid
            when due (whether at stated maturity or upon redemption, prepayment,
            purchase or acceleration or otherwise) and such payments have been
            distributed to the holders of such Certificates and (2) the
            principal of any Equipment Notes formerly held in such Trust that
            have been sold pursuant to this Agreement has been paid in full and
            such payments have been distributed to the Certificateholders, but
            without giving effect to any reduction in the Pool Balance as a
            result of any distribution attributable to Deposits occurring after
            the immediately preceding Distribution Date (or, if the Current
            Distribution Date is the first Distribution Date, occurring after
            the initial issuance of the Certificates of such Trust). For
            purposes of calculating Expected Distributions, any premium paid on
            the Equipment Notes held in any Trust which has not been distributed
            to the Certificateholders of such Trust (other than such premium or
            a portion thereof applied to the payment of interest on the
            Certificates of such Trust or the reduction of the Pool Balance of
            such Trust) shall be added to the amount of such Expected
            Distributions.

                  "EXPIRY DATE" with respect to any Liquidity Facility, shall
            have the meaning set forth in such Liquidity Facility.

                                      -11-
<Page>

                  "FEE LETTERS" with respect to any Liquidity Facility, shall
            have the meaning set forth in such Liquidity Facility.

                  "FINAL DISTRIBUTIONS" means, with respect to the Certificates
            of any Trust on any Distribution Date, the sum of (a) the aggregate
            amount of all accrued and unpaid interest on such Certificates
            (excluding interest, if any, payable with respect to the Deposits
            relating to such Trust) and (b) the Pool Balance of such
            Certificates as of the immediately preceding Distribution Date (less
            the amount of the Deposits for such Class of Certificates as of such
            preceding Distribution Date other than any portion of such Deposits
            thereafter used to acquire Equipment Notes pursuant to the Note
            Purchase Agreement). For purposes of calculating Final Distributions
            with respect to the Certificates of any Trust, any premium paid on
            the Equipment Notes held in such Trust which has not been
            distributed to the Certificateholders of such Trust (other than such
            premium or a portion thereof applied to the payment of interest on
            the Certificates of such Trust or the reduction of the Pool Balance
            of such Trust) shall be added to the amount of such Final
            Distributions.

                  "FINAL DRAWING" means, in respect of a Liquidity Facility, a
            borrowing or drawing, other than an Interest Drawing, a Downgrade
            Drawing or a Non-Extension Drawing, of all available and undrawn
            amounts under such Liquidity Facility in accordance with the
            provisions thereof.

                  "FINAL LEGAL DISTRIBUTION DATE" means, for the Class A-1
            Certificates, October 1, 2023, for the Class A-2 Certificates,
            October 1, 2012, for the Class B Certificates, October 1, 2018, for
            the Class C Certificates, October 1, 2011 and for the Class D
            Certificates, upon issuance thereof, October 1, 2013.

                  "FINANCING AGREEMENT" means each of the Participation
            Agreements and the Note Purchase Agreement.

                  "FITCH" means Fitch, Inc.

                  "GUARANTOR" means Northwest Airlines Corporation, a Delaware
            corporation and its successors and assigns.

                  "HELABA" has the meaning assigned to such term in the recital
            of the parties to this Agreement.

                  "INDENTURE" means each of the Trust Indentures entered into by
            the Loan Trustee, and the Owner Trustee or Northwest, pursuant to
            the Note Purchase Agreement, in each case as the same may be
            amended, supplemented or otherwise modified from time to time in
            accordance with its terms.

                  "INDENTURE DEFAULT" means, with respect to any Indenture, any
            Event of Default (as such term is defined in such Indenture)
            thereunder.

                  "INTEREST DRAWING" has the meaning assigned to such term in
            Section 3.6(a).

                                      -12-
<Page>

                  "INTEREST PAYMENT DATE" means, with respect to any Liquidity
            Facility, each date on which interest is due and payable under such
            Liquidity Facility on a Downgrade Drawing, Non-Extension Drawing or
            Final Drawing thereunder.

                  "INVESTMENT EARNINGS" means investment earnings on funds on
            deposit in the Trust Accounts net of losses and investment expenses
            of the Subordination Agent in making such investments.

                  "LEASE" means, with respect to any Indenture relating to a
            Leased Aircraft, the "Lease" referred to therein.

                  "LEASED AIRCRAFT" has the meaning assigned to such term in the
            preliminary statements of this Agreement.

                  "LEASED AIRCRAFT INDENTURE" means, with respect to each Leased
            Aircraft, the Indenture pertaining to such Aircraft.

                  "LIEN" means any mortgage, pledge, lien, charge, claim,
            disposition of title, encumbrance, lease, sublease, sub-sublease or
            security interest of any kind, including, without limitation, any
            thereof arising under any conditional sales or other title retention
            agreement.

                  "LIQUIDITY EVENT OF DEFAULT" with respect to any Liquidity
            Facility, has the meaning assigned to such term in such Liquidity
            Facility.

                  "LIQUIDITY EXPENSES" means all Liquidity Obligations other
            than (i) the principal amount of any Drawings under the Liquidity
            Facilities and (ii) any interest accrued on any Liquidity
            Obligations.

                  "LIQUIDITY FACILITY" means, at any time, the Class A-1
            Liquidity Facility, the Class A-2 Liquidity Facility, the Class B
            Liquidity Facility or the Class C Liquidity Facility, as applicable.

                  "LIQUIDITY OBLIGATIONS" means all principal, interest, fees
            and other amounts owing to the Liquidity Providers under the
            Liquidity Facilities, the Fee Letters, the Tax Letter and Section 7
            of the Participation Agreements.

                  "LIQUIDITY PROVIDER" means, at any time, the Class A-1
            Liquidity Provider, the Class A-2 Liquidity Provider, the Class B
            Liquidity Provider or the Class C Liquidity Provider, as applicable.

                  "LOAN TRUSTEE" means, with respect to any Indenture, the
            indenture trustee thereunder.

                  "LP INCUMBENCY CERTIFICATE" has the meaning assigned to such
            term in Section 2.5(c).

                  "LP REPRESENTATIVES" has the meaning assigned to such term in
            Section 2.5(c).

                                      -13-
<Page>

                  "LTV APPRAISAL" means a current fair market appraisal (which
            may be a "desktop" appraisal) performed by any Appraiser or any
            other nationally recognized appraiser on the basis of an
            arm's-length transaction between an informed and willing purchaser
            under no compulsion to buy and an informed and willing seller under
            no compulsion to sell and both having knowledge of all relevant
            facts.

                  "LTV COLLATERAL AMOUNT" of any Leased Aircraft or Owned
            Aircraft for any Class of Certificates (other than the Class D
            Certificates) on any Distribution Date means the lesser of (i) the
            LTV Ratio for such Class of Certificates multiplied by the Appraised
            Current Market Value of such Aircraft (or with respect to any such
            Aircraft which has suffered an Event of Loss under and as defined in
            the relevant Lease (in the case of a Leased Aircraft) or Indenture
            (in the case of an Owned Aircraft), the amount of the insurance
            proceeds paid to the related Loan Trustee in respect thereof to the
            extent then held by such Loan Trustee (and/or on deposit in the
            Special Payments Account) or payable to such Loan Trustee in respect
            thereof) and (ii) the outstanding principal amount of the Equipment
            Notes secured by such Aircraft after giving effect to any principal
            payments of such Equipment Notes on or before such Distribution
            Date.

                  "LTV RATIO" means, for the Class A-1 Certificates, 42.0%, for
            the Class A-2 Certificates, 42.0%, for the Class B Certificates,
            54.0%, for the Class C Certificates, 66.0% and for the Class D
            Certificates, upon their issuance, 75.0%.

                  "MINIMUM SALE PRICE" means, with respect to any Aircraft or
            the Equipment Notes issued in respect of such Aircraft, at any time,
            the lesser of (a) 75% of the Appraised Current Market Value of such
            Aircraft and (b) the aggregate outstanding principal amount of such
            Equipment Notes, plus accrued and unpaid interest thereon.

                  "MOODY'S" means Moody's Investors Service, Inc.

                  "NEW AIRCRAFT" shall have the meaning set forth in the Note
            Purchase Agreement.

                  "NON-CONTROLLING PARTY" means, at any time, any Trustee or
            Liquidity Provider which is not the Controlling Party at such time.

                  "NON-EXTENDED FACILITY" has the meaning provided in Section
            3.6(d).

                  "NON-EXTENSION DRAWING" has the meaning provided in Section
            3.6(d).

                  "NON-PERFORMING EQUIPMENT NOTE" means an Equipment Note issued
            pursuant to an Indenture that is not a Performing Equipment Note.

                  "NORTHWEST" means Northwest Airlines, Inc., a Minnesota
            corporation, and its successors and assigns.

                  "NORTHWEST BANKRUPTCY EVENT" means the occurrence and
            continuation of any of the following:

                                      -14-
<Page>

                        (a) the commencement of an involuntary case or other
                  proceeding in respect of Northwest in an involuntary case
                  under the federal bankruptcy laws, as now or hereafter
                  constituted, or any other applicable federal or state
                  bankruptcy, insolvency or other similar law in the United
                  States or seeking the appointment of a receiver, liquidator,
                  assignee, custodian, trustee, sequestrator (or similar
                  official) of Northwest or for all or substantially all of its
                  property, or seeking the winding-up or liquidation of its
                  affairs and the continuation of any such case or other
                  proceeding undismissed and unstayed for a period of ninety
                  (90) consecutive days or an order, judgment or decree shall be
                  entered in any proceeding by any court of competent
                  jurisdiction appointing, without the consent of Northwest, a
                  receiver, trustee or liquidator of Northwest, or of any
                  substantial part of its property, or sequestering any
                  substantial part of the property of Northwest and any such
                  order, judgment or decree or appointment or sequestration
                  shall be final or shall remain in force undismissed, unstayed
                  or unvacated for a period of ninety (90) days after the date
                  of entry thereof; or

                        (b) the commencement by Northwest of a voluntary case
                  under the federal bankruptcy laws, as now constituted or
                  hereafter amended, or any other applicable federal or state
                  bankruptcy, insolvency or other similar law in the United
                  States, or the consent by Northwest to the appointment of or
                  taking possession by a receiver, liquidator, assignee,
                  trustee, custodian, sequestrator (or other similar official)
                  of Northwest or for all or substantially all of its property,
                  or the making by Northwest of any assignment for the benefit
                  of creditors or the taking by Northwest of any corporate
                  action to authorize any of the foregoing.

                  "NORTHWEST PROVISIONS" has the meaning provided in Section
            9.1(a).

                  "NOTE PURCHASE AGREEMENT" means the Note Purchase Agreement
            dated as of June 1, 2001 among Northwest, each Trustee, the Escrow
            Agent, the Subordination Agent and the Paying Agent.

                  "NWA CORP." means Northwest Airlines Corporation (formerly
            known as Newbridge Parent Corporation), a Delaware corporation, and
            its successors and assigns.

                  "OFFICER'S CERTIFICATE" of any Person means a certification
            signed by a Responsible Officer of such Person.

                  "OPERATIVE AGREEMENTS" means this Agreement, the Liquidity
            Facilities, the Fee Letter, the Tax Letter, the Indentures, the
            Trust Agreements, the Underwriting Agreement, the Purchase
            Agreement, the Financing Agreements, the Leases, the Equipment Notes
            and the Certificates, together with all exhibits and schedules
            included with any of the foregoing and each of the other documents
            and instruments referred to in the definitions of "Operative
            Documents" contained in the Leases or any Owned Aircraft Indenture.

                                      -15-
<Page>

                  "OUTSTANDING" means, when used with respect to each Class of
            Certificates, as of the date of determination, all Certificates of
            such Class theretofore authenticated and delivered under the related
            Trust Agreement, except:

                        (i) Certificates of such Class theretofore cancelled by
                  the Registrar (as defined in such Trust Agreement) or
                  delivered to the Trustee thereunder or such Registrar for
                  cancellation;

                        (ii) Certificates of such Class for which money in the
                  full amount required to make the final distribution with
                  respect to such Certificates pursuant to Section 11.01 of such
                  Trust Agreement has been theretofore deposited with the
                  related Trustee in trust for the holders of such Certificates
                  as provided in Section 4.01 of such Trust Agreement pending
                  distribution of such money to such Certificateholders pursuant
                  to such final distribution payment; and

                        (iii) Certificates of such Class in exchange for or in
                  lieu of which other Certificates have been authenticated and
                  delivered pursuant to such Trust Agreement;

            PROVIDED, HOWEVER, that in determining whether the holders of the
            requisite Outstanding amount of such Certificates have given any
            request, demand, authorization, direction, notice, consent or waiver
            hereunder, any Certificates owned by Northwest or any of its
            Affiliates shall be disregarded and deemed not to be Outstanding,
            except that, in determining whether such Trustee shall be protected
            in relying upon any such request, demand, authorization, direction,
            notice, consent or waiver, only Certificates that such Trustee knows
            to be so owned shall be so disregarded. Certificates so owned that
            have been pledged in good faith may be regarded as Outstanding if
            the pledgee establishes to the satisfaction of the applicable
            Trustee the pledgee's right so to act with respect to such
            Certificates and that the pledgee is not Northwest or any of its
            Affiliates.

                  "OVERDUE SCHEDULED PAYMENT" means any Scheduled Payment which
            is not in fact received by the Subordination Agent within five days
            of the Scheduled Payment Date relating thereto.

                  "OWNED AIRCRAFT" has the meaning assigned to such term in the
            preliminary statements of this Agreement.

                  "OWNED AIRCRAFT INDENTURE" means, with respect to each Owned
            Aircraft, the Indenture pertaining to such Aircraft.

                  "OWNER PARTICIPANT" means, with respect to any Indenture
            pertaining to a Leased Aircraft, the Owner Participant (as defined
            therein) and any permitted successor or assign of such Owner
            Participant.

                  "OWNER TRUSTEE" means, with respect to any Indenture
            pertaining to a Leased Aircraft, the Owner Trustee (as defined
            therein) not in its individual capacity but solely as trustee under
            the related owner trust agreement, together with any successor
            trustee appointed pursuant to such owner trust agreement.

                                      -16-
<Page>

                  "PARTICIPATION AGREEMENTS" means, with respect to each
            Indenture, each of the Participation Agreements referred to therein,
            as the same may be amended, supplemented or otherwise modified from
            time to time in accordance with its terms.

                  "PASS THROUGH TRUST AGREEMENT" means the Pass Through Trust
            Agreement, dated as of June 3, 1999 by and among the Guarantor,
            Northwest and the State Street Bank and Trust Company of
            Connecticut, National Association, not in its individual capacity
            except as expressly provided therein, but solely as trustee (in such
            capacity, together with its successors in such capacity, the "Pass
            Through Trustee").

                  "PAYEE" has the meaning assigned to such term in Section
            2.4(e).

                  "PAYING AGENT" means State Street Bank and Trust Company, as
            paying agent under each Escrow and Paying Agent Agreement, together
            with its successors in such capacity.

                  "PERFORMING EQUIPMENT NOTE" means an Equipment Note issued
            pursuant to an Indenture with respect to which no payment default
            has occurred and is continuing (without giving effect to any
            Acceleration thereof); PROVIDED that in the event of a bankruptcy
            proceeding involving Northwest under Title 11 of the United States
            Code (the "Bankruptcy Code"), (i) any payment default existing
            during the 60-day period under Section 1110(a)(2)(A) of the
            Bankruptcy Code (or such longer period as may apply under Section
            1110(b) of the Bankruptcy Code) (the "Section 1110 Period") shall
            not be taken into consideration, unless during the Section 1110
            Period the trustee in such proceeding or Northwest refuses to assume
            or agree to perform its obligations under the Lease related to such
            Equipment Notes (in the case of a Leased Aircraft) or under the
            Owned Aircraft Indenture related to such Equipment Note (in the case
            of an Owned Aircraft), (ii) any payment default occurring after the
            date of the order of relief in such proceeding but during the
            Section 1110 Period shall not be taken into consideration if such
            payment default is cured under Section 1110(a)(2)(B) of the
            Bankruptcy Code before the later of 30 days after the date of such
            default or the expiration of the Section 1110 Period and (iii) any
            payment default occurring after the Section 1110 Period will not be
            taken into consideration if such payment default is cured before the
            end of the grace period, if any, set forth in the related Lease (in
            the case of a Leased Aircraft) or Owned Aircraft Indenture (in the
            case of an Owned Aircraft).

                  "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.

                  "PERSON" means any individual, corporation, limited liability
            company, partnership, joint venture, association, joint-stock
            company, trust, trustee, unincorporated organization or government
            or any agency or political subdivision thereof.

                  "POOL BALANCE" means, with respect to each Trust (other than
            the Class D Trust) or the Certificates issued by any Trust (other
            than the Class D Trust), as of any date, (i) the original aggregate
            face amount of the Certificates of such Trust which, in the case

                                      -17-
<Page>

            of the Class A-1 Trust, is $201,112,000, in the case of the Class
            A-2 Trust, $156,613,000, in the case of the Class B Trust,
            $116,500,000, and, in the case of the Class C Trust, $106,820,000
            LESS (ii) the aggregate amount of all payments made in respect of
            the Certificates of such Trust or in respect of Deposits relating to
            such Trust other than payments made in respect of interest or
            premium thereon or reimbursement of any costs and expenses in
            connection therewith. The Pool Balance for the Class D Trust or the
            Class D Certificates, means, as of any date, (x) the original
            aggregate amount of all of the Series D Equipment Notes acquired by
            the Class D Trustee LESS (y) the aggregate amount of all payments
            made in respect of the Class D Certificates other than payments made
            in respect of interest or premium thereon or reimbursement of any
            costs and expenses in connection therewith. The Pool Balance for
            each Trust or the Certificates issued by any Trust as of any
            Distribution Date shall be computed after giving effect to any
            special distribution with respect to unused Deposits, any payment of
            principal, if any, on the Equipment Notes or other Trust Property
            held in such Trust and the distribution thereof to be made on such
            date.

                  "PROCEEDING" means any suit in equity, action at law or other
            judicial or administrative proceeding.

                  "PTC EVENT OF DEFAULT" means, with respect to each Trust
            Agreement, the failure to pay within 10 Business Days of the due
            date thereof: (i) the outstanding Pool Balance of the applicable
            Class of Certificates on the Final Legal Distribution Date for such
            Class or (ii) interest due on such Certificates on any Distribution
            Date (unless, in the case of the Class A-1, Class A-2, Class B or
            Class C Certificates, the Subordination Agent shall have made an
            Interest Drawing or a withdrawal from the Cash Collateral Account
            with respect thereto in an amount sufficient to pay such interest
            and shall have distributed such amount to the Trustee entitled
            thereto).

                  "RATING AGENCIES" means, collectively, at any time, each
            nationally recognized rating agency which shall have been requested
            to rate the Certificates (other than the Class D Certificates) and
            which shall then be rating the Certificates (other than the Class D
            Certificates). Initially, the Rating Agencies shall consist of
            Moody's and Standard & Poor's.

                  "RATINGS CONFIRMATION" means, with respect to any action
            proposed to be taken, a written confirmation from each of the Rating
            Agencies that such action would not result in (i) a reduction of the
            rating for any Class of Certificates (other than the Class D
            Certificates) below the then current rating for such Class of
            Certificates or (ii) a withdrawal or suspension of the rating of any
            Class of Certificates (other than the Class D Certificates).

                  "REGULAR DISTRIBUTION DATES" means each April 1 and October 1,
            commencing on October 1, 2001; PROVIDED, HOWEVER, that, if any such
            day shall not be a Business Day, the related distribution shall be
            made on the next succeeding Business Day without additional
            interest.

                                      -18-
<Page>

                  "REPLACEMENT LIQUIDITY FACILITY" means, for any Trust (other
            than the Class D Trust), an irrevocable revolving credit agreement
            in substantially the form of the Liquidity Facility for such Trust
            that is being replaced, including reinstatement provisions or in
            such other form (which may include a letter of credit) as shall
            permit the Rating Agencies to confirm in writing their respective
            ratings then in effect for the related Certificates (other than the
            Class D Certificates) (before downgrading of such ratings, if any,
            as a result of the downgrading of the Liquidity Provider), in a face
            amount equal to the Required Amount for such Liquidity Facility and
            issued by a Replacement Liquidity Provider, PROVIDED that, if a form
            of Liquidity Facility that is not substantially in the form of the
            replaced Liquidity Facility is to be used, Northwest shall have
            received a satisfactory opinion of tax counsel satisfactory to
            Northwest with respect to such form of Replacement Liquidity
            Facility (and a copy of such opinion shall be furnished to the
            Subordination Agent).

                  "REPLACEMENT LIQUIDITY PROVIDER" means a Person having
            unsecured debt ratings which are equal to or higher than the
            Threshold Rating.

                  "REQUIRED AMOUNT" means, with respect to each Liquidity
            Facility and each Cash Collateral Account related thereto, 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 related
            Class of Certificates, that would be payable on such Class of
            Certificates on each of the three successive Regular Distribution
            Dates immediately following such day or, if such day is a Regular
            Distribution Date, on such day and the succeeding two Regular
            Distribution Dates, in each case calculated on the basis of the Pool
            Balance of such Class of Certificates on such date and without
            regard to expected future payments of principal on such Class of
            Certificates.

                  "RESPONSIBLE OFFICER" means (i) with respect to the
            Subordination Agent and each of the Trustees, any officer in the
            corporate trust administration department of the Subordination Agent
            or such Trustee or any other officer customarily performing
            functions similar to those performed by the Persons who at the time
            shall be such officers, respectively, or to whom any corporate trust
            matter is referred because of his knowledge of and familiarity with
            a particular subject and (ii) with respect to each Liquidity
            Provider, any authorized officer or agent of such Liquidity
            Provider.

                  "SCHEDULED PAYMENT" means, with respect to any Equipment Note,
            (i) any payment of principal and interest on such Equipment Note
            (other than an Overdue Scheduled Payment) due from the obligor
            thereon or (ii) any payment of interest on the corresponding Class
            of Certificates with funds drawn under any Liquidity Facility, which
            payment represents the installment of principal at the stated
            maturity of such installment of principal on such Equipment Note,
            the payment of regularly scheduled interest accrued on the unpaid
            principal amount of such Equipment Note, or both; PROVIDED that any
            payment of principal of, premium, if any, or interest resulting from
            the redemption or purchase of any Equipment Note shall not
            constitute a Scheduled Payment.

                  "SCHEDULED PAYMENT DATE" means, with respect to any Scheduled
            Payment, the date on which such Scheduled Payment is scheduled to be
            made.

                                      -19-
<Page>

                  "SECTION 2.4(B) FRACTION" has the meaning assigned to such
            term in Section 2.4(b)(i).

                  "SERIES A-1 EQUIPMENT NOTES" means the 7.041% Series A-1
            Equipment Notes issued pursuant to each Indenture by the related
            Owner Trustee or Northwest, as the case may be and authenticated by
            the Loan Trustee thereunder, and any such Equipment Notes issued in
            exchange therefor or replacement thereof pursuant to the terms of
            such Indenture.

                  "SERIES A-2 EQUIPMENT NOTES" means the 6.841% Series A-2
            Equipment Notes issued pursuant to each Indenture by the related
            Owner Trustee or Northwest, as the case may be and authenticated by
            the Loan Trustee thereunder, and any such Equipment Notes issued in
            exchange therefor or replacement thereof pursuant to the terms of
            such Indenture.

                  "SERIES B EQUIPMENT NOTES" means the 7.691% Series B Equipment
            Notes issued pursuant to each Indenture by the related Owner Trustee
            or Northwest, as the case may be, and authenticated by the Loan
            Trustee thereunder, and any such Equipment Notes issued in exchange
            therefor or replacement thereof pursuant to the terms of such
            Indenture.

                  "SERIES C EQUIPMENT NOTES" means the 7.626% Series C Equipment
            Notes issued pursuant to each Indenture by the related Owner Trustee
            or Northwest, as the case may be, and authenticated by the Loan
            Trustee thereunder, and any such Equipment Notes issued in exchange
            therefor or replacement thereof pursuant to the terms of such
            Indenture.

                  "SERIES D EQUIPMENT NOTES" means the equipment notes, if any,
            issued pursuant to any Indenture with respect to an Airbus A319-100
            or Boeing 759-300 Aircraft by the related Owner Trustee or
            Northwest, as the case may be, and authenticated by the Loan Trustee
            thereunder, and designated as "Series D" thereunder, and any such
            equipment notes issued in exchange therefor or replacement thereof
            pursuant to the terms of such Indenture..

                  "SPECIAL DISTRIBUTION DATE" means, with respect to any Special
            Payment, the date chosen by the Subordination Agent pursuant to
            Section 2.4(a) for the distribution of such Special Payment in
            accordance with this Agreement; PROVIDED, HOWEVER, that, if any such
            day shall not be a Business Day, the related distribution shall be
            made on the next succeeding Business Day without additional
            interest.

                  "SPECIAL PAYMENT" means any payment (other than a Scheduled
            Payment) in respect of, or any proceeds of, any Equipment Note,
            Trust Indenture Estate or Collateral (as defined in each Indenture),
            including Overdue Scheduled Payments, payments in respect of the
            redemption or repurchase of any Equipment Note and payments in
            respect of the sale of any Equipment Note to the related Owner
            Trustee, Owner Participant or any other Person.

                                      -20-
<Page>

                  "SPECIAL PAYMENTS ACCOUNT" means the Eligible Deposit Account
            created pursuant to Section 2.2 as a sub-account to the Collection
            Account.

                  "SPECIFIED INVESTMENTS" has the meaning assigned to such term
            in the Pass Through Trust Agreement.

                  "STANDARD & POOR'S" means Standard & Poor's Ratings Services,
            a division of The McGraw-Hill Companies, Inc.

                  "STATE STREET OF CONNECTICUT" has the meaning assigned to it
            in the preamble to this Agreement.

                  "STATED AMOUNT" with respect to any Liquidity Facility, means
            the Maximum Commitment (as defined in such Liquidity Facility) of
            the applicable Liquidity Provider thereunder.

                  "STATED EXPIRATION DATE" has the meaning specified in Section
            3.6(d).

                  "STATED INTEREST RATE" means (i) with respect to the Class A-1
            Certificates, 7.041% per annum; (ii) with respect to the Class A-2
            Certificates, 6.841% per annum; (iii) with respect to the Class B
            Certificates, 7.691% per annum, (iv) with respect to the Class C
            Certificates, 7.626% per annum and (v) with respect to the Class D
            Certificates, the interest rate specified in the Class D Trust
            Agreement.

                  "SUBORDINATION AGENT" has the meaning assigned to it in the
            preamble to this Agreement.

                  "SUBORDINATION AGENT INCUMBENCY CERTIFICATE" has the meaning
            assigned to such term in Section 2.5(a).

                  "SUBORDINATION AGENT REPRESENTATIVE" has the meaning assigned
            to such term in Section 2.5(a).

                  "TAX" and "TAXES" mean any and all taxes, fees, levies,
            duties, tariffs, imposts, and other charges of any kind (together
            with any and all interest, penalties, loss, damage, liability,
            expense, additions to tax and additional amounts or costs incurred
            or imposed with respect thereto) imposed or otherwise assessed by
            the United States or by any state, local or foreign government (or
            any subdivision or agency thereof) or other taxing authority,
            including, without limitation: taxes or other charges on or with
            respect to income, franchises, windfall or other profits, gross
            receipts, property, sales, use, capital stock, payroll, employment,
            social security, workers' compensation, unemployment compensation,
            or net worth and similar charges; taxes or other charges in the
            nature of excise, withholding, ad valorem, stamp, transfer, value
            added, taxes on goods and services, gains taxes, license,
            registration and documentation fees, customs duties, tariffs, and
            similar charges.

                  "TAX LETTER" means the tax letter dated as of June 1, 2001
            between Northwest and the Liquidity Provider.

                                      -21-
<Page>

                  "THRESHOLD RATING" means the short-term unsecured debt rating
            of P-1 by Moody's and A-1+ by Standard & Poor's, in the case of the
            Class A-1 or Class A-2 Liquidity Provider, and the short-term
            unsecured debt rating of P-1 by Moody's and A-1 by Standard &
            Poor's, in the case of the Class B Liquidity Provider and the Class
            C Liquidity Provider.

                  "TREASURY REGULATIONS" means regulations, including proposed
            or temporary regulations, promulgated under the Code. References
            herein to specific provisions of proposed or temporary regulations
            shall include analogous provisions of final Treasury Regulations or
            other successor Treasury Regulations.

                  "TRIGGERING EVENT" means (x) the occurrence of an Indenture
            Default under all of the Indentures resulting in a PTC Event of
            Default with respect to the most senior Class of Certificates then
            Outstanding, (y) the Acceleration of all of the outstanding
            Equipment Notes (PROVIDED that, with respect to the period prior to
            the Delivery Period Expiry Date, such Equipment Notes have an
            aggregate principal balance in excess of $300,000,000) or (z) the
            occurrence of a Northwest Bankruptcy Event.

                  "TRUST" means any of the Class A-1 Trust, the Class A-2 Trust,
            the Class B Trust, the Class C Trust or, upon its formation, the
            Class D Trust.

                  "TRUST ACCOUNTS" has the meaning assigned to such term in
            Section 2.2(a).

                  "TRUST AGREEMENT" means any of the Class A-1 Trust Agreement,
            the Class A-2 Trust Agreement, Class B Trust Agreement, Class C
            Trust Agreement or, upon the execution thereof, the Class D Trust
            Agreement.

                  "TRUSTEE" means any of the Class A-1 Trustee, the Class A-2
            Trustee, the Class B Trustee, the Class C Trustee or upon the
            execution of the Class D Trust Agreement, the Class D Trustee.

                  "TRUSTEE INCUMBENCY CERTIFICATE" has the meaning assigned to
            such term in Section 2.5(b).

                  "TRUSTEE REPRESENTATIVES" has the meaning assigned to such
            term in Section 2.5(b).

                  "UNDERWRITERS" means Salomon Smith Barney Inc., J.P. Morgan
            Securities Inc., Credit Suisse First Boston Corporation, Deutsche
            Banc Alex. Brown Inc., Morgan Stanley & Co. Incorporated and U.S.
            Bancorp Piper Jaffray Inc.

                  "UNDERWRITING AGREEMENT" means the Underwriting Agreement
            dated May 22, 2001, by and among the Underwriters, Northwest and the
            Guarantor, relating to the purchase of the Class A-1 Certificates,
            the Class A-2 Certificates, the Class B Certificates and the Class C
            Certificates by the Underwriters, as the same may be amended,
            supplemented or otherwise modified from time to time in accordance
            with its terms.

                                      -22-
<Page>

                  "WRITTEN NOTICE" means, from (i) any Trustee or Liquidity
            Provider, a written instrument executed by the Designated
            Representative of such Person, and (ii) the Subordination Agent, a
            written instrument executed by a Person designated in the Officer's
            Certificate of the Subordination Agent delivered on the Closing
            Date. An invoice delivered by a Liquidity Provider pursuant to
            Section 3.1 in accordance with its normal invoicing procedures shall
            constitute Written Notice under such Section.

                                   ARTICLE II

                        TRUST ACCOUNTS; CONTROLLING PARTY

                  Section 2.1. AGREEMENT TO TERMS OF SUBORDINATION; PAYMENTS
FROM MONIES RECEIVED ONLY. (a) Each Trustee hereby acknowledges and agrees to
the terms of subordination set forth in this Agreement in respect of each Class
of Certificates and agrees to enforce such provisions and cause all payments in
respect of the Equipment Notes and the Liquidity Facilities to be applied in
accordance with the terms of this Agreement. In addition, each Trustee hereby
agrees to cause the Equipment Notes purchased by the related Trust to be
registered in the name of the Subordination Agent, as agent and trustee for such
Trustee, to be held in trust by the Subordination Agent solely for the purpose
of facilitating the enforcement of the subordination and other provisions of
this Agreement.

                  (b) Each of the Trustees and the Subordination Agent hereby
agrees and, as provided in each Trust Agreement, each Certificateholder, by its
acceptance of a Certificate, and each Liquidity Provider, by entering into the
Liquidity Facility to which it is a party, has agreed to look solely to such
amounts to the extent available for distribution to it as provided in this
Agreement and to the relevant Deposits and that none of the Trustees, Owner
Trustees, Loan Trustees, Owner Participants nor the Subordination Agent is
personally liable to any of them for any amounts payable or any liability under
this Agreement, any Trust Agreement, any Liquidity Facility or such Certificate,
except (in the case of the Subordination Agent) as expressly provided herein or
(in the case of the Trustees) as expressly provided in each Trust Agreement or
(in the case of the Owner Trustees and the Loan Trustees) as expressly provided
in any Operative Agreement.

                  Section 2.2. TRUST ACCOUNTS. (a) Upon the execution of this
Agreement, the Subordination Agent shall establish and maintain in its name (i)
the Collection Account as an Eligible Deposit Account, bearing a designation
clearly indicating that the funds deposited therein are held in trust for the
benefit of the Trustees, the Certificateholders and the Liquidity Providers and
(ii) as a sub-account in the Collection Account, the Special Payments Account as
an Eligible Deposit Account, bearing a designation clearly indicating that the
funds deposited therein are held in trust for the benefit of the Trustees, the
Certificateholders and the Liquidity Providers. The Subordination Agent shall
establish and maintain the Cash Collateral Accounts pursuant to and under the
circumstances set forth in Section 3.6(f) hereof. Upon such establishment and
maintenance under Section 3.6(f) hereof, the Cash Collateral Accounts shall,
together with the Collection Account, constitute the "TRUST ACCOUNTS" hereunder.

                  (b) Funds on deposit in the Trust Accounts shall be invested
and reinvested by the Subordination Agent in Eligible Investments selected by
the Subordination Agent if such

                                      -23-
<Page>

investments are reasonably available and have maturities no later than the
earlier of (i) 90 days following the date of such investment and (ii) the
Business Day immediately preceding the Regular Distribution Date or the date of
the related distribution pursuant to Section 2.4 hereof, as the case may be,
next following the date of such investment; PROVIDED, HOWEVER, that following
the making of a Non-Extension Drawing, the Subordination Agent shall invest and
reinvest such amounts in Eligible Investments at the direction of the Liquidity
Provider; PROVIDED FURTHER, however, that upon the occurrence and during the
continuation of a Triggering Event, the Subordination Agents shall invest and
reinvest such amounts (other than amounts in the Cash Collateral Accounts as a
result of a Non-Extension Drawing, which shall be governed by the foregoing
proviso) in Eligible Investments in accordance with the written instructions of
the Controlling Party. Unless otherwise expressly provided in this Agreement
(including, without limitation, with respect to Investment Earnings on deposit
in the Cash Collateral Accounts, Section 3.6(f) hereof), any Investment Earnings
shall be deposited in the Collection Account when received by the Subordination
Agent and shall be applied by the Subordination Agent in the same manner as the
principal amount of such investment is to be applied and any losses shall be
charged against the principal amount invested, in each case net of the
Subordination Agent's reasonable fees and expenses in making such investments.
The Subordination Agent shall not be liable for any loss resulting from any
investment, reinvestment or liquidation required to be made under this Agreement
other than by reason of its willful misconduct or gross negligence or, with
respect to the handling or transfer of funds, ordinary negligence. Eligible
Investments and any other investment required to be made hereunder shall be held
to their maturities except that any such investment may be sold (without regard
to its maturity) by the Subordination Agent without instructions whenever such
sale is necessary to make a distribution required under this Agreement.
Uninvested funds held hereunder shall not earn or accrue interest.

                  (c) The Subordination Agent shall possess all right, title and
interest in all funds on deposit from time to time in the Trust Accounts and in
all proceeds thereof (including all income thereon, except as otherwise provided
herein with respect to Investment Earnings). The Trust Accounts shall be held in
trust by the Subordination Agent under the sole dominion and control of the
Subordination Agent for the benefit of the Trustees, the Certificateholders and
the Liquidity Providers, as the case may be. If, at any time, any of the Trust
Accounts ceases to be an Eligible Deposit Account, the Subordination Agent shall
within 10 Business Days (or such longer period, not to exceed 30 calendar days,
to which each Rating Agency may consent) establish a new Collection Account,
Special Payments Account or Cash Collateral Account, as the case may be, as an
Eligible Deposit Account and shall transfer any cash and/or any investments to
such new Collection Account, Special Payments Account or Cash Collateral
Account, as the case may be. So long as the Subordination Agent is an Eligible
Institution, the Trust Accounts shall be maintained with it as Eligible Deposit
Accounts.

                  Section 2.3. DEPOSITS TO THE COLLECTION ACCOUNT AND SPECIAL
PAYMENTS ACCOUNT. (a) The Subordination Agent shall, upon receipt thereof,
deposit in the Collection Account all Scheduled Payments received by it.

                  (b) The Subordination Agent shall, on each date when one or
more Special Payments are made to the Subordination Agent as holder of the
Equipment Notes, deposit in the Special Payments Account the aggregate amount of
such Special Payments.

                                      -24-
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                  Section 2.4. DISTRIBUTIONS OF SPECIAL PAYMENTS. (a) NOTICE OF
SPECIAL PAYMENT. Except as provided in Section 2.4(e), upon receipt by the
Subordination Agent, as registered holder of the Equipment Notes, of any notice
of a Special Payment (or, in the absence of any such notice, upon receipt by the
Subordination Agent of a Special Payment), the Subordination Agent shall
promptly give notice thereof to each Trustee and the Liquidity Providers. The
Subordination Agent shall promptly calculate the amount of the redemption or
purchase of Equipment Notes or the amount of any Overdue Scheduled Payment, as
the case may be, comprising such Special Payment under the applicable Indenture
or Indentures and shall promptly send to each Trustee and the Liquidity Provider
a Written Notice of such amount and the amount allocable to each Trust. Such
Written Notice shall also set the distribution date for such Special Payment (a
"SPECIAL DISTRIBUTION DATE"), which shall be a Business Day which follows the
later to occur of (x) the 15th day after the date of such Written Notice or (y)
the date the Subordination Agent has received or expects to receive such Special
Payment. Amounts on deposit in the Special Payments Account shall be distributed
in accordance with Sections 2.4(b) and 2.4(c) hereof, as applicable.

                  (b) (i) REDEMPTIONS AND PURCHASES OF EQUIPMENT NOTES. So long
as no Triggering Event shall have occurred (whether or not continuing), the
Subordination Agent shall make distributions pursuant to this Section 2.4(b) of
amounts on deposit in the Special Payments Account on account of the redemption
or purchase (including, without limitation, a purchase resulting from the sale
of the Equipment Notes permitted by Article IV hereof) of all of the Equipment
Notes issued pursuant to an Indenture on the Special Distribution Date for such
Special Payment in the following order of priority:

                  FIRST, such amount as shall be required to pay (A) all accrued
            and unpaid Liquidity Expenses then in arrears PLUS (B) the product
            of (x) the aggregate amount of all accrued and unpaid Liquidity
            Expenses not in arrears to such Special Distribution Date MULTIPLIED
            BY (y) a fraction, the numerator of which is the aggregate
            outstanding principal amount of Equipment Notes (other than Series D
            Equipment Notes) being redeemed, purchased or prepaid on such
            Special Distribution Date and the denominator of which is the
            aggregate outstanding principal amount of all Equipment Notes (other
            than Series D Equipment Notes) (the "SECTION 2.4(b) FRACTION")
            ("ACCRUED AMOUNTS"), shall be distributed to the applicable
            Liquidity Providers PRO RATA on the basis of the amount of Liquidity
            Expenses owed to each Liquidity Provider;

                  SECOND, such amount as shall be required to pay (A) all
            accrued and unpaid interest then in arrears on all Liquidity
            Obligations PLUS (B) the product of (x) the aggregate amount of all
            accrued and unpaid interest on all Liquidity Obligations not in
            arrears to such Special Distribution Date (at the rate provided in
            the applicable Liquidity Facility) MULTIPLIED BY (y) the Section
            2.4(b) Fraction, shall be distributed to the Liquidity Providers PRO
            RATA on the basis of the amount of such accrued and unpaid interest
            owed to each Liquidity Provider;

                  THIRD, such amount as shall be required (A) if any Cash
            Collateral Account had been previously funded as provided in Section
            3.6(f), to fund such Cash Collateral Account up to its Required
            Amount shall be deposited in such Account, (B) if any Liquidity
            Facility shall become a Downgraded Facility or a Non-Extended
            Facility at a

                                      -25-
<Page>

            time when unreimbursed Interest Drawings under such Liquidity
            Facility have reduced the Available Amount thereunder to zero, to
            deposit into the related Cash Collateral Account an amount equal to
            such Account's Required Amount shall be deposited in such Account,
            and (C) if with respect to any particular Liquidity Facility neither
            subclause (A) nor subclause (B) of this clause "third" is
            applicable, to pay or reimburse the Liquidity Provider in respect of
            such Liquidity Facility in an amount equal to the amount of any
            unreimbursed Interest Drawings under such Liquidity Facility shall
            be distributed to such Liquidity Provider, PRO RATA on the basis of
            the amounts of all such deficiencies and/or unreimbursed Interest
            Drawings;

                  FOURTH, if, with respect to any particular Liquidity Facility,
            any amounts are to be distributed pursuant to either subclause (A)
            or (B) of clause "THIRD" above, then the Liquidity Provider with
            respect to such Liquidity Facility shall be paid the excess of (x)
            the aggregate outstanding amount of unreimbursed Advances (whether
            or not then due) under such Liquidity Facility over (y) the Required
            Amount for the relevant Class, PRO RATA on the basis of such amounts
            in respect of each Liquidity Provider;

                  FIFTH, such amount as shall be required to pay in full
            Expected Distributions to the holders of Class A-1 and Class A-2
            Certificates on such Special Distribution Date shall be distributed
            to the Class A-1 and Class A-2 Trustees; PROVIDED that if available
            funds are insufficient to pay an Expected Distribution to each such
            Class in full, available funds will be distributed to each of the
            Class A-1 Trustee and Class A-2 Trustee in the same proportion as
            such Trustee's proportionate share of the aggregate amount of such
            Expected Distributions;

                  SIXTH, such amount as shall be required to pay in full
            Expected Distributions to the holders of Class B Certificates on
            such Special Distribution Date shall be distributed to the Class B
            Trustee;

                  SEVENTH, such amount as shall be required to pay in full
            Expected Distributions to the holders of Class C Certificates on
            such Special Distribution Date shall be distributed to the Class C
            Trustee;

                  EIGHTH, such amount as shall be required to pay in full
            Expected Distributions to the holders of Class D Certificates, if
            any, on such Special Distribution Date shall be distributed to the
            Class D Trustee; and

                  NINTH, the balance, if any, of such Special Payment shall be
            transferred to the Collection Account for distribution in accordance
            with Section 3.2 hereof.

For the purpose of this Section 2.4(b)(i), clause (x) of the definition of
"Expected Distributions" shall be deemed to read as follows: "(x) accrued, due
and unpaid interest on such Certificates excluding interest, if any, payable
with respect to the Deposits related to such Trust".

                  (ii) Upon the occurrence of a Triggering Event (whether or not
            continuing), the Subordination Agent shall make distributions
            pursuant to this Section 2.4(b) of amounts on deposit in the Special
            Payments Account on account of the redemption or

                                      -26-
<Page>

            purchase of all of the Equipment Notes issued pursuant to an
            Indenture on the Special Distribution Date for such Special Payment
            in accordance with Section 3.3 hereof.

                  (c) OTHER SPECIAL PAYMENTS. Except as provided in clause (e)
below, any amounts on deposit in the Special Payments Account other than in
respect of amounts to be distributed pursuant to Section 2.4(b) shall be
distributed on the Special Distribution Date therefor in accordance with Article
III hereof.

                  (d) INVESTMENT OF AMOUNTS IN SPECIAL PAYMENTS ACCOUNT. Any
amounts on deposit in the Special Payments Account prior to the distribution
thereof pursuant to Section 2.4(b) or (c) shall be invested in accordance with
Section 2.2(b). Investment Earnings on such investments shall be distributed in
accordance with Section 2.4(b) or (c), as the case may be.

                  (e) CERTAIN PAYMENTS. The Subordination Agent will distribute
promptly upon receipt thereof (i) any indemnity payment received by it from the
Owner Participant, the Owner Trustee or Northwest in respect of any Trustee, any
Liquidity Provider, Paying Agent, Depositary or any Escrow Agent (collectively,
the "PAYEES") and (ii) any compensation (including, without limitation, any fees
payable to any Liquidity Provider under the Fee Letters) received by it from the
Owner Participant, the Owner Trustee or Northwest under any Operative Agreement
in respect of any Payee, directly to the Payee entitled thereto.

                  Section 2.5. DESIGNATED REPRESENTATIVES. (a) With the delivery
of this Agreement, the Subordination Agent shall furnish to each Liquidity
Provider and each Trustee, and from time to time thereafter may furnish to each
Liquidity Provider and each Trustee, at the Subordination Agent's discretion, or
upon any Liquidity Provider's or Trustee's request (which request shall not be
made more than one time in any 12-month period), a certificate (a "SUBORDINATION
AGENT INCUMBENCY CERTIFICATE") of a Responsible Officer of the Subordination
Agent certifying as to the incumbency and specimen signatures of the officers of
the Subordination Agent and the attorney-in-fact and agents of the Subordination
Agent (the "SUBORDINATION AGENT REPRESENTATIVES") authorized to give Written
Notices on behalf of the Subordination Agent hereunder. Until each Liquidity
Provider and Trustee receives a subsequent Subordination Agent Incumbency
Certificate, it shall be entitled to rely on the last Subordination Agent
Incumbency Certificate delivered to it hereunder.

                  (b) With the delivery of this Agreement, each Trustee shall
furnish to the Subordination Agent, and from time to time thereafter may furnish
to the Subordination Agent, at such Trustee's discretion, or upon the
Subordination Agent's request (which request shall not be made more than one
time in any 12-month period), a certificate (a "TRUSTEE INCUMBENCY CERTIFICATE")
of a Responsible Officer of such Trustee certifying as to the incumbency and
specimen signatures of the officers of such Trustee and the attorney-in-fact and
agents of such Trustee (the "TRUSTEE REPRESENTATIVES") authorized to give
Written Notices on behalf of such Trustee hereunder. Until the Subordination
Agent receives a subsequent Trustee Incumbency Certificate, it shall be entitled
to rely on the last Trustee Incumbency Certificate delivered to it hereunder.

                  (c) With the delivery of this Agreement, each Liquidity
Provider shall furnish to the Subordination

                                      -27-
<Page>

Agent, and from time to time thereafter may furnish to the Subordination Agent,
at such Liquidity Provider's discretion, or upon the Subordination Agent's
request (which request shall not be made more than one time in any 12-month
period), a certificate (an "LP INCUMBENCY CERTIFICATE") of any authorized
signatory of such Liquidity Provider certifying as to the incumbency and
specimen signatures of any officer, attorney-in-fact, agent or other designated
representative of such Liquidity Provider (the "LP REPRESENTATIVES" and,
together with the Trustee Representatives, the "DESIGNATED REPRESENTATIVES")
authorized to give Written Notices on behalf of such Liquidity Provider
hereunder. Until the Subordination Agent receives a subsequent LP Incumbency
Certificate, it shall be entitled to rely on the last LP Incumbency Certificate
delivered to it hereunder.

                  Section 2.6. CONTROLLING PARTY. (a) The Trustees and the
Liquidity Providers hereby agree that, with respect to any Indenture at any
given time, the Loan Trustee thereunder will be directed (i) in taking, or
refraining from taking, any action with respect to such Indenture or the
Equipment Notes issued thereunder, so long as no Indenture Default has occurred
and is continuing thereunder, by the holders of at least a majority of the
outstanding principal amount of such Equipment Notes (PROVIDED that, for so long
as the Subordination Agent is the registered holder of the Equipment Notes, the
Subordination Agent shall act with respect to this clause (i) in accordance with
the directions of the Trustees of Trusts for which the related Trust Properties
include, in the aggregate, such a majority of outstanding principal amount of
Equipment Notes), and (ii) after the occurrence and during the continuance of an
Indenture Default thereunder (which, in the case of an Indenture pertaining to a
Leased Aircraft, has not been cured by the applicable Owner Trustee or the
applicable Owner Participant, if applicable, pursuant to Section 4.03 of such
Indenture), in taking, or refraining from taking, any action with respect to
such Indenture or such Equipment Notes, including exercising remedies thereunder
(including accelerating the Equipment Notes issued thereunder or foreclosing the
Lien on the Aircraft securing such Equipment Notes), by the Controlling Party.

                  (b) Subject to subparagraph (c) below, the Person who shall be
the "CONTROLLING PARTY" with respect to any Indenture shall be: (w) the Class
A-1 or Class A-2 Trustee, whichever represents the Class with the larger
principal amount of Certificates outstanding at the time that the Indenture
Default occurs, until payment of final distributions to the holders of such
larger Class, and thereafter the other of the Class A-1 Trustee or Class A-2
Trustee, until payment of final distributions to the holders of such other
Class; (x) upon payment of Final Distributions to the holders of Class A-1 and
Class A-2 Certificates, the Class B Trustee; (y) upon payment of Final
Distributions to the holders of Class B Certificates, the Class C Trustee; and
(z) upon payment of Final Distributions to the holders of Class C Certificates,
the Class D Trustee, if there be one. For purposes of giving effect to the
foregoing, the Trustees (other than the Controlling Party) irrevocably agree
(and the Certificateholders (other than the Certificateholders represented by
the Controlling Party) shall be deemed to agree by virtue of their purchase of
Certificates) that the Subordination Agent, as record holder of the Equipment
Notes, shall exercise its voting rights in respect of the Equipment Notes as
directed by the Controlling Party and any vote so exercised shall be binding
upon the Trustees and all Certificateholders.

                  The Subordination Agent shall give Written Notice to all of
the other parties to this Agreement promptly upon a change in the identity of
the Controlling Party. Each of the parties hereto agrees that it shall not
exercise any of the rights of the Controlling Party at such time as it is not
the Controlling Party hereunder; PROVIDED, however, that nothing herein

                                      -28-
<Page>

contained shall prevent or prohibit any Non-Controlling Party from exercising
such rights as shall be specifically granted to such Non-Controlling Party
hereunder and under the other Operative Agreements.

                  (c) Notwithstanding the foregoing, at any time after 18 months
from the earliest to occur of (i) the date on which the entire Available Amount
under any Liquidity Facility shall have been drawn (for any reason other than a
Downgrade Drawing or a Non-Extension Drawing) and any amount remains
unreimbursed, (ii) the date on which the entire amount of any Downgrade Drawing
or Non-Extension Drawing has been withdrawn from a Cash Collateral Account to
pay interest on the related Class of Certificates and remains unreimbursed and
(iii) the date on which all Equipment Notes shall have been Accelerated
(provided that with respect to the period prior to the Delivery Period Expiry
Date, such Equipment Notes have an aggregate outstanding principal balance in
excess of $300,000,000), the Liquidity Provider with the highest outstanding
amount of unreimbursed Liquidity Obligations (so long as such Liquidity Provider
has not defaulted in its obligation to make any advance under any Liquidity
Facility) shall have the right to elect, by Written Notice to the Subordination
Agent and each of the Trustees, to become the Controlling Party hereunder with
respect to any Indenture at any time from and including the last day of such
18-month period.

                  (d) The exercise of remedies by the Controlling Party under
this Agreement shall be expressly limited by Section 4.1(a)(ii) hereof.

                  (e) The Controlling Party shall not be entitled to require or
obligate any Non-Controlling Party to provide funds necessary to exercise any
right or remedy hereunder.

                                   ARTICLE III

                    RECEIPT, DISTRIBUTION AND APPLICATION OF
                                AMOUNTS RECEIVED

                  Section 3.1. WRITTEN NOTICE OF DISTRIBUTION. (a) No later than
3:00 P.M. (New York City time) on the Business Day immediately preceding each
Distribution Date (or Special Distribution Date for purposes of Section 2.4(b)
hereof, as the case may be), each of the following Persons shall deliver to the
Subordination Agent a Written Notice setting forth the following information as
at the close of business on such Business Day:

                  (i) With respect to the Class A-1 and Class A-2 Certificates,
            the Class A-1 and Class A-2 Trustees, respectively, shall separately
            set forth the amounts to be paid in accordance with clause "FIFTH"
            of Section 3.2 or Section 2.4(b), as the case may be, hereof;

                  (ii) With respect to the Class B Certificates, the Class B
            Trustee shall separately set forth the amounts to be paid in
            accordance with clause "SIXTH" of Section 3.2 or Section 2.4(b), as
            the case may be, hereof;

                  (iii) With respect to the Class C Certificates, the Class C
            Trustee shall separately set forth the amounts to be paid in
            accordance with clause "SEVENTH" of Section 3.2 or Section 2.4(b),
            as the case may be, hereof;

                                      -29-
<Page>

                  (iv) With respect to the Class D Certificates, the Class D
            Trustee shall separately set forth the amounts to be paid in
            accordance with clause "EIGHTH" of Section 3.2 or Section 2.4(b),
            as the case may be, hereof;

                  (v) With respect to each Liquidity Facility, the Liquidity
            Provider thereunder shall separately set forth the amounts to be
            paid in accordance with clauses "FIRST", "SECOND", "THIRD" and
            "FOURTH" of Section 3.2 or Section 2.4(b), as the case may be,
            hereof; and

                  (vi) Each Trustee shall set forth the amounts to be paid in
            accordance with clause "NINTH" of Section 3.2 hereof.

The notices required under this Section 3.1(a) shall be provided to the
Subordination Agent by the parties referenced therein or by any one of them
pursuant to an agreement between the parties referred to therein, and may state
that, unless there has been a prepayment of the Certificates, such notice is to
remain in effect until any substitute notice or amendment shall be given to the
Subordination Agent by the party providing such notice.

                  (b) Following the occurrence of a Triggering Event, the
Subordination Agent shall request the following information from the following
Persons, and each of the following Persons shall, upon the request of the
Subordination Agent, deliver a Written Notice to the Subordination Agent setting
forth for such Person the following information:

                  (i) With respect to the Class A-1 and Class A-2 Certificates,
            the Class A-1 and Class A-2 Trustees, respectively, shall separately
            set forth the amounts to be paid in accordance with clauses "FIRST"
            (relating to reimbursement of payments made by such Trustee or the
            Class A-1 and Class A-2 Certificateholders), "SIXTH" and "SEVENTH"
            of Section 3.3 hereof;

                  (ii) With respect to the Class B Certificates, the Class B
            Trustee shall separately set forth the amounts to be paid in
            accordance with clauses "FIRST" (relating to reimbursement of
            payments made by such Trustee or the Class B Certificateholders),
            "SIXTH" and "EIGHTH" of Section 3.3 hereof;

                  (iii) With respect to the Class C Certificates, the Class C
            Trustee shall separately set forth the amounts to be paid in
            accordance with clauses "FIRST" (relating to reimbursement of
            payments made by such Trustee or the Class C Certificateholders),
            "SIXTH" and "NINTH" of Section 3.3 hereof;

                  (iv) With respect to the Class D Certificates, the Class D
            Trustee shall separately set forth the amounts to be paid in
            accordance with clauses "FIRST" (relating to reimbursement of
            payments made by such Trustee or the Class D Certificateholders),
            "SIXTH" and "TENTH" of Section 3.3 hereof;

                  (v) With respect to each Liquidity Facility, the Liquidity
            Provider thereunder shall separately set forth the amounts to be
            paid in accordance with clauses "FIRST", "SECOND," "THIRD", "FOURTH"
            and "FIFTH" of Section 3.3 hereof; and

                                      -30-
<Page>

                  (vi) Each Trustee shall set forth the amounts to be paid in
            accordance with clause "SIXTH" of Section 3.3 hereof. -----

                  (c) At such time as a Trustee or a Liquidity Provider shall
have received all amounts owing to it (and, in the case of a Trustee, the
Certificateholders for which it is acting) pursuant to Section 2.4, 3.2 or 3.3
hereof, as applicable, and, in the case of a Liquidity Provider, its commitment
under the related Liquidity Facility shall have terminated or expired, such
Person shall, by a Written Notice, so inform the Subordination Agent and each
other party to this Agreement.

                  (d) As provided in Section 6.5 hereof, the Subordination Agent
shall be fully protected in relying on any of the information set forth in a
Written Notice provided by any Trustee or any Liquidity Provider pursuant to
paragraphs (a) through (c) above and shall have no independent obligation to
verify, calculate or recalculate any amount set forth in any Written Notice
delivered in accordance with such paragraphs.

                  (e) Any Written Notice delivered by a Trustee or a Liquidity
Provider, as applicable, pursuant to Section 3.1(a), 3.1(b) or 3.1(c) hereof, if
made prior to 10:00 A.M. (New York City time) shall be effective on the date
delivered (or if delivered later shall be effective as of the next Business
Day). Subject to the terms of this Agreement, the Subordination Agent shall as
promptly as practicable comply with any such instructions; PROVIDED, HOWEVER,
that any transfer of funds pursuant to any instruction received after 10:00 A.M.
(New York City time) on any Business Day may be made on the next succeeding
Business Day.

                  (f) In the event the Subordination Agent shall not receive
from any Person any information set forth in paragraphs (a) or (b) above which
is required to enable the Subordination Agent to make a distribution to such
Person pursuant to Section 2.4, 3.2 or 3.3 hereof, the Subordination Agent shall
request such information in writing and, failing to receive any such
information, the Subordination Agent shall, after written notice to such person,
not make such distribution(s) to such Person. In such event, the Subordination
Agent shall make distributions pursuant to clauses "FIRST" through "NINTH" of
Section 2.4, clauses "FIRST" through "TENTH" of Section 3.2 and clauses "FIRST"
through "TWELFTH" of Section 3.3 to the extent it shall have sufficient
information to enable it to make such distributions, and shall continue to hold
any funds remaining, after making such distributions, until the Subordination
Agent shall receive all necessary information to enable it to distribute any
funds so withheld.

                  (g) On such dates (but not more frequently than monthly) as
any Liquidity Provider or any Trustee shall request, the Subordination Agent
shall send to such party a written statement reflecting all amounts on deposit
with the Subordination Agent pursuant to Section 3.1(f) hereof.

                  Section 3.2. DISTRIBUTION OF AMOUNTS ON DEPOSIT IN THE
COLLECTION ACCOUNT. Except as otherwise provided in Sections 2.4, 3.1(f), 3.3,
3.4 and 3.6(b), amounts on deposit in the Collection Account (or, in the case of
any amount described in Section 2.4(c), on deposit in the Special Payments
Account) shall be promptly distributed on each Distribution Date (or, in the
case of any amount described in Section 2.4(c), on the Special Distribution Date
therefor) in

                                      -31-
<Page>

the following order of priority and in accordance with the information provided
to the Subordination Agent pursuant to Section 3.1(a) hereof:

                  FIRST, such amount as shall be required to pay all accrued and
            unpaid Liquidity Expenses owed to each Liquidity Provider shall be
            distributed to the Liquidity Providers PRO RATA on the basis of the
            amount of Liquidity Expenses owed to each Liquidity Provider;

                  SECOND, such amount as shall be required to pay in full the
            aggregate amount of interest accrued on all Liquidity Obligations
            (at the rate provided in the applicable Liquidity Facility) and
            unpaid shall be distributed to the Liquidity Providers PRO RATA on
            the basis of the amount of Liquidity Obligations owed to each
            Liquidity Provider;

                  THIRD, such amount as shall be required (A) if any Cash
            Collateral Account had been previously funded as provided in Section
            3.6(f), to fund such Account up to its Required Amount shall be
            deposited in such Account, (B) if any Liquidity Facility shall
            become a Downgraded Facility or a Non-Extended Facility at a time
            when unreimbursed Interest Drawings under such Liquidity Facility
            have reduced the Available Amount thereunder to zero, to deposit
            into the related Cash Collateral Account an amount equal to such
            Account's Required Amount shall be deposited in such Cash Collateral
            Account, and (C) if, with respect to any particular Liquidity
            Facility, neither subclause (A) nor subclause (B) of this clause
            "THIRD" is applicable, to pay or reimburse the Liquidity Provider in
            respect of such Liquidity Facility in an amount equal to the amount
            of all Liquidity Obligations then due under such Liquidity Facility
            (other than amounts payable pursuant to clause "FIRST" or "SECOND"
            of this Section 3.2) shall be distributed to such Liquidity
            Provider, PRO RATA on the basis of the amounts of all such
            deficiencies and/or unreimbursed Liquidity Obligations owed to each
            Liquidity Provider;

                  FOURTH, if, with respect to any particular Liquidity Facility,
            any amounts are to be distributed pursuant to either subclause (A)
            or (B) of clause "THIRD" above, then the Liquidity Provider with
            respect to such Liquidity Facility shall be paid the excess of (x)
            the aggregate outstanding amount of unreimbursed Advances (whether
            or not then due) under such Liquidity Facility over (y) the Required
            Amount for the relevant Class, PRO RATA on the basis of such amounts
            in respect of each Liquidity Provider;

                  FIFTH, such amount as shall be required to pay in full
            Expected Distributions to the holders of Class A-1 and Class A-2
            Certificates on such Distribution Date shall be distributed to the
            Class A-1 and Class A-2 Trustees; PROVIDED that if available funds
            are insufficient to pay an Expected Distribution to each such Class
            in full, available funds will be distributed to each of the Class
            A-1 Trustee and Class A-2 Trustee in the same proportion as such
            Trustee's proportionate share of the aggregate amount of such
            Expected Distributions;

                  SIXTH, such amount as shall be required to pay in full
            Expected Distributions to the holders of the Class B Certificates on
            such Distribution Date shall be distributed to the Class B Trustee;

                                      -32-
<Page>

                  SEVENTH, such amount as shall be required to pay in full
            Expected Distributions to the holders of the Class C Certificates on
            such Distribution Date shall be distributed to the Class C Trustee;

                  EIGHTH, such amount as shall be required to pay in full
            Expected Distributions to the holders of the Class D Certificates on
            such Distribution Date shall be distributed to the Class D Trustee;

                  NINTH, such amount as shall be required to pay in full the
            aggregate unpaid amount of fees and expenses payable as of such
            Distribution Date to the Subordination Agent and each Trustee
            pursuant to the terms of this Agreement and the Trust Agreements, as
            the case may be, shall be distributed to the Subordination Agent and
            such Trustee; and

                  TENTH, the balance, if any, of any such payment remaining
            thereafter shall be held in the Collection Account for later
            distribution in accordance with this Article III (including the
            priorities set forth therein).

                  Section 3.3. DISTRIBUTION OF AMOUNTS ON DEPOSIT FOLLOWING A
TRIGGERING EVENT. (a) Except as otherwise provided in Sections 3.1(f) and 3.6(b)
hereof, upon the occurrence of a Triggering Event and at all times thereafter,
all funds in the Collection Account or the Special Payments Account shall be
promptly distributed by the Subordination Agent in the following order of
priority:

                  FIRST, such amount as shall be required to reimburse (i) the
            Subordination Agent for any out-of-pocket costs and expenses
            actually incurred by it (to the extent not previously reimbursed) in
            the protection of, or the realization of the value of, the Equipment
            Notes or any Trust Indenture Estate (as defined in the relevant
            Indenture), shall be applied by the Subordination Agent in
            reimbursement of such costs and expenses, (ii) each Trustee for any
            amounts of the nature described in clause (i) above actually
            incurred by it under the applicable Trust Agreement (to the extent
            not previously reimbursed), shall be distributed to such Trustee and
            (iii) any Liquidity Provider or Certificateholder for payments, if
            any, made by it to the Subordination Agent or any Trustee in respect
            of amounts described in clause (i) above, shall be distributed to
            such Liquidity Provider or to the applicable Trustee for the account
            of such Certificateholder, in each such case, PRO RATA on the basis
            of all amounts described in clauses (i) through (iii) above;

                  SECOND, such amount remaining as shall be required to pay all
            accrued and unpaid Liquidity Expenses shall be distributed to each
            Liquidity Provider PRO RATA on the basis of the amount of Liquidity
            Expenses owed to each Liquidity Provider;

                  THIRD, such amount remaining as shall be required to pay
            accrued and unpaid interest on the Liquidity Obligations as provided
            in the Liquidity Facilities shall be distributed to each Liquidity
            Provider PRO RATA on the basis of the amount of such accrued and
            unpaid interest owed to each Liquidity Provider;

                  FOURTH, such amount remaining as shall be required (A) if any
            Cash Collateral Account had been previously funded as provided in
            Section 3.6(f), unless (i) a

                                      -33-
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            Performing Note Deficiency exists and a Liquidity Event of Default
            shall have occurred and be continuing with respect to the relevant
            Liquidity Facility or (ii) a Final Drawing shall have occurred with
            respect to such Liquidity Facility, to fund such Account up to its
            Required Amount (less the amount of any repayments of Interest
            Drawings under such Liquidity Facility while subclause (A)(i) above
            is applicable) shall be deposited in such Cash Collateral Account,
            (B) if any Liquidity Facility shall become a Downgraded Facility or
            a Non-Extended Facility at a time when unreimbursed Interest
            Drawings under such Liquidity Facility have reduced the Available
            Amount thereunder to zero, unless (i) a Performing Note Deficiency
            exists and a Liquidity Event of Default shall have occurred and be
            continuing with respect to the relevant Liquidity Facility or (ii) a
            Final Drawing shall have occurred with respect to such Liquidity
            Facility, to deposit into the related Cash Collateral Account an
            amount equal to such Cash Collateral Account's Required Amount (less
            the amount of any repayments of Interest Drawings under such
            Liquidity Facility while subclause (B)(i) above is applicable) shall
            be deposited in such Cash Collateral Account, and (C) if, with
            respect to any particular Liquidity Facility, neither subclause (A)
            nor subclause (B) of this clause "fourth" are applicable, to pay in
            full the outstanding amount of all Liquidity Obligations then due
            under such Liquidity Facility (other than amounts payable pursuant
            to clause "SECOND" or "THIRD" of this Section 3.3) shall be
            distributed to such Liquidity Provider, PRO RATA on the basis of the
            amounts of all such required deposits and/or unreimbursed Liquidity
            Obligations in respect of each Liquidity Provider;

                  FIFTH, if, with respect to any particular Liquidity Facility,
            any amounts are to be distributed pursuant to either subclause (A)
            or (B) of clause "FOURTH" above, then the Liquidity Provider with
            respect to such Liquidity Facility shall be paid the excess of (x)
            the aggregate outstanding amount of unreimbursed advances (whether
            or not then due) under such Liquidity Facility over (y) the Required
            Amount for the relevant Class (less the amount of any repayments of
            Interest Drawings under such Liquidity Facility while subclause
            (A)(i) or (B)(i), as the case may be, of clause "FOURTH" above is
            applicable), PRO RATA on the basis of such amounts in respect of
            each Liquidity Provider;

                  SIXTH, such amount as shall be required to reimburse or pay
            (i) the Subordination Agent for any Tax (other than Taxes imposed on
            compensation paid hereunder), expense, fee, charge or other loss
            incurred by or any other amount payable to the Subordination Agent
            in connection with the transactions contemplated hereby (to the
            extent not previously reimbursed), shall be applied by the
            Subordination Agent in reimbursement of such amount, (ii) each
            Trustee for any Tax (other than Taxes imposed on compensation paid
            under the applicable Trust Agreement), expense, fee, charge, loss or
            any other amount payable to such Trustee under the applicable Trust
            Agreements (to the extent not previously reimbursed), shall be
            distributed to such Trustee and (iii) each Certificateholder for
            payments, if any, made by it pursuant to Section 5.2 hereof in
            respect of amounts described in clause (i) above, shall be
            distributed to the applicable Trustee for the account of such
            Certificateholder, in each such case, PARI PASSU on the basis of all
            amounts described in clauses (i) through (iii) above;

                  SEVENTH, such amount as shall be required to pay in full
            Adjusted Expected Distributions to the holders of Class A-1 and
            Class A-2 Certificates on such Distribution

                                      -34-
<Page>

            Date shall be distributed to the Class A-1 and Class A-2 Trustees;
            PROVIDED that if available funds are insufficient to pay an Adjusted
            Expected Distribution to each such Class in full, available funds
            will be distributed to each of the Class A-1 Trustee and Class A-2
            Trustee in the same proportion as such Trustee's proportionate share
            of the aggregate amount of such Adjusted Expected Distributions;

                  EIGHTH, such amount remaining as shall be required to pay in
            full Adjusted Expected Distributions on the Class B Certificates
            shall be distributed to the Class B Trustee;

                  NINTH, such amount remaining as shall be required to pay in
            full Adjusted Expected Distributions on the Class C Certificates
            shall be distributed to the Class C Trustee;

                  TENTH, such amount remaining as shall be required to pay in
            full Adjusted Expected Distributions on the Class D Certificates
            shall be distributed to the Class D Trustee;

                  ELEVENTH, such amount remaining shall be retained in the
            Collection Account until the immediately succeeding Distribution
            Date or, if all Classes of Certificates shall have been paid in
            full, shall be distributed to the Owner Trustee to the extent that
            the amount received from the Loan Trustees and deposited in the
            Collection Account exceed the amounts described in clauses "FIRST"
            through "TENTH" above; and

                  TWELFTH, amount remaining shall be distributed to the
            Certificateholders of the related Trust.

                  Section 3.4. OTHER PAYMENTS. (a) Any payments received by the
Subordination Agent for which no provision as to the application thereof is made
in this Agreement shall be distributed by the Subordination Agent in the order
of priority specified in Section 3.3 hereof.

                  (b) On any Interest Payment Date under each Liquidity Facility
which is not a Distribution Date, the Subordination Agent shall pay to the
Liquidity Provider under such Liquidity Facility from, and to the extent of,
amounts on deposit in the Collection Account, an amount equal to the amount of
interest then due and payable to such Liquidity Provider under such Liquidity
Facility.

                  Section 3.5. PAYMENTS TO THE TRUSTEES AND THE LIQUIDITY
PROVIDERS. Any amounts distributed hereunder to any Liquidity Provider shall be
paid to such Liquidity Provider by wire transfer of funds to the address such
Liquidity Provider shall provide to the Subordination Agent. The Subordination
Agent shall provide a Written Notice of any such transfer to the applicable
Liquidity Provider, as the case may be, at the time of such transfer. Any
amounts distributed hereunder by the Subordination Agent to any Trustee which
shall not be the same institution as the Subordination Agent shall be paid to
such Trustee by wire transfer of funds to the address such Trustee shall provide
to the Subordination Agent.

                                      -35-
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                  Section 3.6. LIQUIDITY FACILITIES. (a) INTEREST DRAWINGS. If
on any Distribution Date, after giving effect to the subordination provisions of
this Agreement, the Subordination Agent shall not have sufficient funds for the
payment of any amounts due and owing in respect of accrued interest on the Class
A-1 Certificates, the Class A-2 Certificates, the Class B Certificates or the
Class C Certificates (at the Stated Interest Rate for such Class of
Certificates), then, prior to 1:00 p.m. (New York City time) on such
Distribution Date, the Subordination Agent shall request a drawing (each such
drawing, an "INTEREST DRAWING") under the Liquidity Facility with respect to
such Class of Certificates in an amount equal to the lesser of (i) an amount
sufficient to pay the amount of such accrued interest (at the Stated Interest
Rate for such Class of Certificates) or (ii) the Available Amount under such
Liquidity Facility, and shall pay such amount to the Trustee with respect to
such Class of Certificates in payment of such accrued interest.

                  (b) APPLICATION OF INTEREST DRAWINGS. Notwithstanding anything
to the contrary contained in this Agreement, (i) all payments received by the
Subordination Agent in respect of an Interest Drawing under the Class A-1
Liquidity Facility and all amounts withdrawn by the Subordination Agent from the
Class A-1 Cash Collateral Account, and payable in each case to the Class A-1
Certificateholders, shall be promptly distributed to the Class A-1 Trustee and
(ii) all payments received by the Subordination Agent in respect of an Interest
Drawing under the Class A-2 Liquidity Facility and all amounts withdrawn by the
Subordination Agent from the Class A-2 Cash Collateral Account, and payable in
each case to the Class A-2 Certificateholders, shall be promptly distributed to
the Class A-2 Trustee and (iii) all payments received by the Subordination Agent
in respect of an Interest Drawing under the Class B Liquidity Facility and all
amounts withdrawn by the Subordination Agent from the Class B Cash Collateral
Account, and payable in each case to the Class B Certificateholders, shall be
promptly distributed to the Class B Trustee and (iv) all payments received by
the Subordination Agent in respect of an Interest Drawing under the Class C
Liquidity Facility and all amounts withdrawn by the Subordination Agent from the
Class C Cash Collateral Account, and payable in each case to the Class C
Certificateholders, shall be promptly distributed to the Class C Trustee.

                  (c) DOWNGRADE DRAWINGS. If at any time a Downgrade Event
occurs with respect to any Liquidity Provider, within ten (10) days (or
forty-five (45) days in the event that such Liquidity Provider's short-term
unsecured debt rating by Standard & Poor's is downgraded from A-1+ to A-1 and
the applicable Threshold Rating is A-1+ for Standard & Poor's) after receiving
notice of such Downgrade Event (but no later than the expiration date of the
Liquidity Facility issued by the Liquidity Provider (the "DOWNGRADED FACILITY")
in respect of which the Downgrade Event occurs), such Liquidity Provider may
arrange, or the Subordination Agent (in consultation with Northwest), may
arrange for a Replacement Liquidity Provider to issue and deliver a Replacement
Liquidity Facility to the Subordination Agent. If a Downgraded Facility has not
been replaced in accordance with the terms of this paragraph, the Subordination
Agent shall, on such 10th day or 45th day, as the case may be (or if such 10th
day or 45th day is not a Business Day, on the next succeeding Business Day) (or,
if earlier, the expiration date of such Downgraded Facility), request a drawing
in accordance with and to the extent permitted by such Downgraded Facility (such
drawing, a "DOWNGRADE DRAWING") of all available and undrawn amounts thereunder.
Amounts drawn pursuant to a Downgrade Drawing shall be maintained and invested
as provided in Section 3.6(f) hereof. The Liquidity Provider may also arrange
for a Replacement Liquidity Provider to issue and deliver a Replacement
Liquidity Facility at any

                                      -36-
<Page>

time after such Downgrade Drawing so long as such Downgrade Drawing has not been
reimbursed in full to the Liquidity Provider.

                  (d) NON-EXTENSION DRAWINGS. If any Liquidity Facility with
respect to any Class of Certificates is scheduled to expire on a date (the
"STATED EXPIRATION DATE") prior to the date that is 15 days after the Final
Legal Distribution Date for such Class of Certificates, then, no earlier than
the 60th day and no later than the 40th day prior to the then Stated Expiration
Date, the Subordination Agent shall request that such Liquidity Provider extend
the Stated Expiration Date to the earlier of (i) the date which is 15 days after
the Final Legal Distribution Date for such Class of 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) (unless the obligations
of such Liquidity Provider thereunder are earlier terminated in accordance with
such Liquidity Facility); PROVIDED HOWEVER, that at its option a Liquidity
Provider may elect to extend the Stated Expiration Date for its Liquidity
Facility for any Class of Certificates to the date that is 15 days after the
Final Legal Distribution Date for the relevant Class of Certificates in
accordance with Section 2.11 of such Liquidity Facility. Whether or not the
Liquidity Provider has received a request from the Subordination Agent, the
Liquidity Provider may, but shall not be obligated to, advise the Subordination
Agent, no earlier than the 40th day (or, if earlier, the date of such Liquidity
Provider's receipt of such request, if any, from the Subordination Agent) and no
later than the 25th day prior to the Stated Expiration Date then in effect for
the Liquidity Facility of such Liquidity Provider (such period, with respect to
such Liquidity Facility, the "CONSENT PERIOD"), whether, in its sole and
absolute discretion, it agrees to so extend the Stated Expiration Date. If, on
or before the date on which such Consent Period ends, such Liquidity Facility
shall not have been so extended or replaced in accordance with Section 3.6(e),
or if the Liquidity Provider fails irrevocably and unconditionally to advise the
Subordination Agent on or before the date on which such Consent Period ends that
such Stated Expiration Date shall be so extended, the Subordination Agent shall,
on the date on which such Consent Period ends (or as soon as possible
thereafter), in accordance with and to the extent permitted by the terms of the
expiring Liquidity Facility (a "NON-EXTENDED FACILITY"), request a drawing under
such expiring Liquidity Facility (such drawing, a "NON-EXTENSION DRAWING") of
all available and undrawn amounts thereunder. Amounts drawn pursuant to any
Non-Extension Drawing shall be maintained and invested in accordance with
Section 3.6(f) hereof.

                  (e) ISSUANCE OF REPLACEMENT LIQUIDITY FACILITY. At any time,
the Subordination Agent may, at its option, in consultation with Northwest,
arrange for a Replacement Liquidity Facility to replace the Liquidity Facility
for any applicable Class of Certificates; PROVIDED HOWEVER, that, the initial
Liquidity Provider may not be replaced by Northwest as a Liquidity Provider with
respect to such Liquidity Facility prior to the third anniversary of the Closing
Date, unless there shall have become due to the initial Liquidity Provider
amounts pursuant to Section 3.01, 3.02 or 3.03 of the Liquidity Facilities and
the replacement of the initial Liquidity Provider would reduce or eliminate the
obligation to pay such amounts, any Liquidity Facility of such initial Liquidity
Provider shall have become a Downgraded Facility or a Non-Extended Facility or a
Downgrade Drawing or a Non-Extension Drawing shall have occurred under any
Liquidity Facility of such initial Liquidity Provider or such initial Liquidity
Provider shall have breached any of its payment (including, without limitation,
funding) obligations under any Liquidity Facility in respect of which it is the
Liquidity Provider; PROVIDED FURTHER that, the Liquidity Provider may arrange,
or the Subordination Agent (in consultation with Northwest) may arrange,

                                      -37-
<Page>

for a Replacement Liquidity Provider pursuant to paragraphs (c) and (d) of this
Section 3.6. In any such consultation, the Subordination Agent shall accept the
recommendations of Northwest in the absence of a good faith reason not to do so.
In addition, so long as Helaba is the Liquidity Provider for any Liquidity
Facility, at any time after a Non-Extension Drawing has been made under any
Liquidity Facility or at any time after Helaba has extended the Stated
Expiration Date under any such Liquidity Facility to the date that is 15 days
after the applicable Final Legal Distribution Date in accordance with the
provisions of such Liquidity Facility, the Liquidity Provider thereunder may, at
its option, arrange for a Replacement Liquidity Facility to replace the
Liquidity Facility under which such Non-Extension Drawing has been made or under
which the Stated Expiration Date has been so extended. No such Replacement
Liquidity Facility executed in connection therewith shall become effective and
no such Replacement Liquidity Facility shall be deemed a "Liquidity Facility"
under the Operative Agreements, unless and until (i) the conditions referred to
in the immediately following paragraph shall have been satisfied and (ii) if
such Replacement Liquidity Facility shall materially adversely affect the
rights, remedies, interests or obligations of the Class A-1 Certificateholders,
the Class A-2 Certificateholders, the Class B Certificateholders or the Class C
Certificateholders under any of the Operative Agreements, the applicable Trustee
shall have consented, in writing, to the execution and issuance of such
Replacement Liquidity Facility.

                  In connection with the issuance of each Replacement Liquidity
Facility, the Subordination Agent shall (x) prior to the issuance of such
Replacement Liquidity Facility, obtain written confirmation from each Rating
Agency that such Replacement Liquidity Facility will not cause a reduction of
the rating then in effect for any Class of Certificates by such Rating Agency
(without regard to any downgrading of the ratings of any Liquidity Provider
being replaced pursuant to Section 3.6(c) hereof), (y) pay all Liquidity
Obligations then owing to the replaced Liquidity Provider (which payment shall
be made first from available funds in the Cash Collateral Account as described
in clause (ix) of Section 3.6(f) hereof and thereafter from any other available
source, including, without limitation, a drawing under the Replacement Liquidity
Facility, it being understood that no Replacement Liquidity Facility shall
become effective (other than insofar as necessary to permit the repayment of
amounts owed to the replaced Liquidity Provider) until all amounts owed to the
replaced Liquidity Provider have been paid) and (z) cause the issuer of the
Replacement Liquidity Facility to deliver the Replacement Liquidity Facility to
the Subordination Agent, together with a legal opinion opining that such
Replacement Liquidity Facility is an enforceable obligation of such Replacement
Liquidity Provider. Upon satisfaction of the conditions set forth in this
Section 3.6(e), (i) the replaced Liquidity Facility shall terminate and (ii)
such Replacement Liquidity Provider shall be deemed to be a Liquidity Provider
with the rights and obligations of a Liquidity Provider hereunder and under the
other Operative Agreements and such Replacement Liquidity Facility shall be
deemed to be a Liquidity Facility hereunder and under the other Operative
Agreements.

                  (f) CASH COLLATERAL ACCOUNTS; WITHDRAWALS; INVESTMENTS. In the
event the Subordination Agent shall draw all available amounts under the Class
A-1 Liquidity Facility, the Class A-2 Liquidity Facility, the Class B Liquidity
Facility or the Class C Liquidity Facility pursuant to Section 3.6(c), 3.6(d) or
3.6(i), amounts so drawn shall be deposited by the Subordination Agent in the
Class A-1 Cash Collateral Account, the Class A-2 Cash Collateral Account, the
Class B Cash Collateral Account or the Class C Cash Collateral Account,
respectively. Amounts so deposited shall be invested in Eligible Investments in
accordance with

                                      -38-
<Page>

Section 2.2(b) hereof. On each Interest Payment Date (or, in the case of any
Special Distribution Date occurring prior to the occurrence of a Triggering
Event, on such Special Distribution Date), Investment Earnings on amounts on
deposit in each Cash Collateral Account (or in the case of any Special
Distribution Date occurring prior to the occurrence of a Triggering Event, an
amount of such Investment Earnings on amounts of deposits in each Cash
Collateral Account equal to the product of such Investment Earnings multiplied
by a fraction, the numerator of which is the aggregate outstanding principal
amount of Equipment Notes being redeemed, purchased or prepaid on such Special
Distribution Date and the denominator of which is the aggregate outstanding
principal amount of all Equipment Notes) shall be deposited in the Collection
Account (or, in the case of any Special Distribution Date occurring prior to the
occurrence of a Triggering Event, the Special Payments Account) and applied on
such Interest Payment Date (or Special Distribution Date, as the case may be) in
accordance with Section 2.4(b), 3.2, 3.3 or 3.4(b) (as applicable). The
Subordination Agent shall deliver a written statement to the respective
Liquidity Provider one day prior to each Interest Payment Date and Special
Distribution Date setting forth the aggregate amount of Investment Earnings held
in the applicable Cash Collateral Accounts as of such date. In addition, from
and after the date funds are so deposited, the Subordination Agent shall make
withdrawals from such account as follows:

                  (i) on each Distribution Date, the Subordination Agent shall,
            to the extent it shall not have received funds to pay accrued and
            unpaid interest on the Class A-1 Certificates (at the Stated
            Interest Rate for the Class A-1 Certificates) from any other source,
            withdraw from the Class A-1 Cash Collateral Account, and pay to the
            Class A-1 Trustee an amount equal to the lesser of (x) an amount
            necessary to pay accrued and unpaid interest (at the Stated Interest
            Rate for the Class A-1 Certificates) on such Class A-1 Certificates
            and (y) the amount on deposit in the Class A-1 Cash Collateral
            Account;

                  (ii) on each Distribution Date, the Subordination Agent shall,
            to the extent it shall not have received funds to pay accrued and
            unpaid interest on the Class A-2 Certificates (at the Stated
            Interest Rate for the Class A-2 Certificates) from any other source,
            withdraw from the Class A-2 Cash Collateral Account, and pay to the
            Class A-2 Trustee an amount equal to the lesser of (x) an amount
            necessary to pay accrued and unpaid interest (at the Stated Interest
            Rate for the Class A-2 Certificates) on such Class A-2 Certificates
            and (y) the amount on deposit in the Class A-2 Cash Collateral
            Account;

                  (iii) on each Distribution Date, the Subordination Agent
            shall, to the extent it shall not have received funds to pay accrued
            and unpaid interest on the Class B Certificates (at the Stated
            Interest Rate for the Class B Certificates) from any other source,
            withdraw from the Class B Cash Collateral Account, and pay to the
            Class B Trustee an amount equal to the lesser of (x) an amount
            necessary to pay accrued and unpaid interest (at the Stated Interest
            Rate for the Class B Certificates) on such Class B Certificates and
            (y) the amount on deposit in the Class B Cash Collateral Account;

                  (iv) on each Distribution Date, the Subordination Agent shall,
            to the extent it shall not have received funds to pay accrued and
            unpaid interest on the Class C Certificates (at the Stated Interest
            Rate for the Class C Certificates) from any other

                                      -39-
<Page>

            source, withdraw from the Class C Cash Collateral Account, and pay
            to the Class C Trustee an amount equal to the lesser of (x) an
            amount necessary to pay accrued and unpaid interest (at the Stated
            Interest Rate for the Class C Certificates) on such Class C
            Certificates and (y) the amount on deposit in the Class C Cash
            Collateral Account;

                  (v) on each date on which the Pool Balance of the Class A-1
            Trust shall have been reduced by payments made to the Class A-1
            Certificateholders pursuant to Section 2.4, 3.2 or 3.3 hereof or
            pursuant to Section 2.03 of the Escrow and Paying Agent Agreement
            for such Class, the Subordination Agent shall withdraw from the
            Class A-1 Cash Collateral Account such amount as is necessary so
            that, after giving effect to the reduction of the Pool Balance on
            such date (including any such reduction resulting from a prior
            withdrawal of amounts on deposit in the Class A-1 Cash Collateral
            Account on such date) and any transfer of Investment Earnings from
            such Cash Collateral Account to the Collection Account or the
            Special Payments Account on such date, an amount equal to the sum of
            the Required Amount (with respect to the Class A-1 Liquidity
            Facility) PLUS the remaining Investment Earnings on deposit in such
            Cash Collateral Account (if any) will be on deposit in the Class A-1
            Cash Collateral Account and shall FIRST, pay such amount to the
            Class A-1 Liquidity Provider until the Liquidity Obligations (with
            respect to the Class A-1 Certificates) shall have been paid in full,
            and SECOND, deposit any remaining amount in the Collection Account;

                  (vi) on each date on which the Pool Balance of the Class A-2
            Trust shall have been reduced by payments made to the Class A-2
            Certificateholders pursuant to Section 2.4, 3.2 or 3.3 hereof or
            pursuant to Section 2.03 of the Escrow and Paying Agent Agreement
            for such Class, the Subordination Agent shall withdraw from the
            Class A-2 Cash Collateral Account such amount as is necessary so
            that, after giving effect to the reduction of the Pool Balance on
            such date (including any such reduction resulting from a prior
            withdrawal of amounts on deposit in the Class A-2 Cash Collateral
            Account on such date) and any transfer of Investment Earnings from
            such Cash Collateral Account to the Collection Account or the
            Special Payments Account on such date, an amount equal to the sum of
            the Required Amount (with respect to the Class A-2 Liquidity
            Facility) PLUS the remaining Investment Earnings on deposit in such
            Cash Collateral Account (if any) will be on deposit in the Class A-2
            Cash Collateral Account and shall FIRST, pay such amount to the
            Class A-2 Liquidity Provider until the Liquidity Obligations (with
            respect to the Class A-2 Certificates) shall have been paid in full,
            and SECOND, deposit any remaining amount in the Collection Account;

                  (vii) on each date on which the Pool Balance of the Class B
            Trust shall have been reduced by payments made to the Class B
            Certificateholders pursuant to Section 2.4, 3.2 or 3.3 hereof or
            pursuant to Section 2.03 of the Escrow and Paying Agent Agreement
            for such Class, the Subordination Agent shall withdraw from the
            Class B Cash Collateral Account such amount as is necessary so that,
            after giving effect to the reduction of the Pool Balance on such
            date (including any such reduction resulting from a prior withdrawal
            of amounts on deposit in the Class B Cash Collateral Account on such
            date), and any transfer of Investment Earnings from such Cash
            Collateral Account to the Collection Account or the Special Payments
            Account on such date, an amount equal to the sum of the Required
            Amount (with respect to the Class B Liquidity Facility) PLUS the

                                      -40-
<Page>

            remaining Investment Earnings on deposit in such Cash Collateral
            Account (if any) will be on deposit in the Class B Cash Collateral
            Account and shall FIRST, pay such amount to the Class B Liquidity
            Provider until the Liquidity Obligations (with respect to the Class
            B Certificates) shall have been paid in full, and SECOND, deposit
            any remaining amount in the Collection Account;

                  (viii) on each date on which the Pool Balance of the Class C
            Trust shall have been reduced by payments made of the Class C
            Certificateholders pursuant to Section 2.4, 3.2 or 3.3 hereof or
            pursuant to Section 2.03 of the Escrow and Paying Agent Agreement
            for such Class, the Subordination Agent shall withdraw from the
            Class C Cash Collateral Account such amount as is necessary so that,
            after giving effect to the reduction of the Pool Balance on such
            date (including any such reduction resulting from a prior withdrawal
            of amounts on deposit in the Class C Cash Collateral Account on such
            date), and any transfer of Investment Earnings from such Cash
            Collateral Account to the Collection Account or the Special Payments
            Account on such date, an amount equal to the sum of the Required
            Amount (with respect to the Class C Liquidity Facility) plus the
            remaining Investment Earnings on deposit in such Cash Collateral
            Account (if any) will be on deposit in the Class C Cash Collateral
            Account and shall FIRST, pay such amount to the Class C Liquidity
            Provider until the Liquidity Obligations (with respect to the Class
            C Certificates) shall have been paid in full, and SECOND, deposit
            any remaining amount in the Collection Account;

                  (ix) if a Replacement Liquidity Facility for any Class of
            Certificates shall be delivered to the Subordination Agent following
            the date on which funds have been deposited into the Cash Collateral
            Account for such Class of Certificates, the Subordination Agent
            shall withdraw all amounts on deposit in such Cash Collateral
            Account and shall pay such amounts to each replaced Liquidity
            Provider PARI PASSU until all Liquidity Obligations owed to such
            Person shall have been paid in full, and shall deposit any remaining
            amount in the Collection Account; and

                  (x) following the payment of Final Distributions with respect
            to any Class of Certificates, on the date on which the Subordination
            Agent shall have been notified by the Liquidity Provider for such
            Class of Certificates that the Liquidity Obligations owed to such
            Liquidity Provider have been paid in full, the Subordination Agent
            shall withdraw all amounts on deposit in the Cash Collateral Account
            in respect of such Class of Certificates and shall deposit such
            amount in the Collection Account.

                  (g) REINSTATEMENT. With respect to any Interest Drawing under
the Liquidity Facility for any applicable Trust, upon the reimbursement of the
applicable Liquidity Provider for all or any part of the amount of such Interest
Drawing, together with any accrued interest thereon, the Available Amount of
such Liquidity Facility shall be reinstated by an amount equal to the amount so
reimbursed to the applicable Liquidity Provider, but not to exceed the Required
Amount for such Liquidity Facility; PROVIDED, HOWEVER, that such Liquidity
Facility shall not be so reinstated in part or in full at any time if (x) both a
Performing Note Deficiency exists and a Liquidity Event of Default shall have
occurred and be continuing with respect to the relevant Liquidity Facility or
(y) a Final Drawing shall have occurred with respect to such Liquidity Facility.
In the event that, with respect to any particular Liquidity Facility, (i) funds
are

                                      -41-
<Page>

withdrawn from any Cash Collateral Account pursuant to clause (i), (ii), (iii)
or (iv) of Section 3.6(f) or (ii)such Liquidity Facility shall become a
Downgraded Facility or a Non-Extended Facility at a time when unreimbursed
Interest Drawings under such Liquidity Facility have reduced the Available
Amount thereunder to zero, then funds received by the Subordination Agent at any
time, other than (x) any time when both a Performing Note Deficiency exists and
a Liquidity Event of Default shall have occurred and be continuing with respect
to such Liquidity Facility or (y) any time after a Final Drawing shall have
occurred with respect to such Liquidity Facility, shall be deposited in such
Cash Collateral Account as and to the extent provided in clause "THIRD" of
Section 2.4(b), clause "THIRD" of Section 3.2 or clause "FOURTH" of Section 3.3,
as applicable, and applied in accordance with Section 3.6(f).

                  (h) REIMBURSEMENT. The amount of each drawing under the
Liquidity Facilities shall be due and payable, together with interest thereon,
on the dates and at the rates, respectively, provided in the Liquidity
Facilities.

                  (i) FINAL DRAWING. If any action is required under a Liquidity
Facility to be taken by the Subordination Agent in order to make a Final Drawing
thereunder, the Subordination Agent shall not fail to take such action. Upon
receipt of the proceeds of a Final Drawing under the related Liquidity Facility,
the Subordination Agent shall maintain and invest such proceeds in accordance
with Section 3.6(f) hereof.

                  (j) REDUCTION OF STATED AMOUNT. Promptly following each date
on which the Required Amount of the Liquidity Facility for a Class of
Certificates is reduced as a result of a distribution to the Certificateholders
of such Class of Certificates, the Subordination Agent shall, if such Liquidity
Facility provides for reductions of the Stated Amount of such Liquidity Facility
and if such reductions are not automatic, request the Liquidity Provider for
such Class of Certificates to reduce such Stated Amount to an amount equal to
the Required Amount with respect to such Liquidity Facility (as calculated by
the Subordination Agent after giving effect to such payment). Each such request
shall be made in accordance with the provisions of the applicable Liquidity
Facility.

                  (k) RELATION TO SUBORDINATION PROVISIONS. Interest Drawings
under the Liquidity Facilities and withdrawals from the Cash Collateral
Accounts, in each case, in respect of interest on the Certificates of any
applicable Class, will be distributed to the Trustee for such Class of
Certificates, notwithstanding Sections 2.4(b), 3.2, 3.3 and 3.6(h) hereof.

                                   ARTICLE IV

                              EXERCISE OF REMEDIES

                  Section 4.1. DIRECTIONS FROM THE CONTROLLING PARTY. (a) (i)
Following the occurrence and during the continuation of an Indenture Default
under any Indenture, the Controlling Party shall direct the Loan Trustee under
such Indenture in the exercise of remedies available to the holders of the
Equipment Notes issued pursuant to such Indenture, including, without
limitation, the ability to vote all such Equipment Notes in favor of declaring
all of the unpaid principal amount of such Equipment Notes and accrued and
unpaid interest thereon to be due and payable under, and in accordance with, the
provisions of such Indenture. Subject to the

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Owner Trustees' and the Owner Participants' rights, if any, set forth in the
Indentures with respect to Leased Aircraft to purchase the Equipment Notes, if
the Equipment Notes issued pursuant to any Indenture have been Accelerated
following an Indenture Default with respect thereto, the Controlling Party may
sell, assign, contract to sell or otherwise dispose of and deliver all (but not
less than all) of such Equipment Notes to any Person at public or private sale,
at any location at the option of the Controlling Party, all upon such terms and
conditions as it may reasonably deem advisable in accordance with applicable
law.

                  (ii) Subject to the Owner Trustees' and the Owner
Participants' rights set forth in the Indentures with respect to Leased Aircraft
to purchase the Equipment Notes, and notwithstanding the foregoing, so long as
any Certificates remain Outstanding, during the period ending on the date which
is nine months after the earlier of (x) the Acceleration of the Equipment Notes
issued pursuant to any Indenture or (y) the occurrence of a Northwest Bankruptcy
Event, without the consent of each Trustee (other than the Trustee of any Trust
all of the Certificates of which are held or beneficially owned by Northwest
and/or its Affiliates), (A) no Aircraft subject to the Lien of such Indenture or
such Equipment Notes may be sold if the net proceeds from such sale would be
less than the Minimum Sale Price for such Aircraft or such Equipment Notes, and
(B) with respect to any Leased Aircraft, the amount and payment dates of rentals
payable by Northwest under the Lease for such Aircraft may not be adjusted, if,
as a result of such adjustment, the discounted present value of all such rentals
would be less than 75% of the discounted present value of the rentals payable by
Northwest under such Lease before giving effect to such adjustment, in each
case, using the weighted average interest rate of the Equipment Notes issued
pursuant to such Indenture as the discount rate.

                  (iii) At the request of the Controlling Party, the
Subordination Agent may from time to time during the continuance of an Indenture
Default (and before the occurrence of a Triggering Event) commission LTV
Appraisals with respect to the related Aircraft.

                  (iv) After a Triggering Event occurs and any Equipment Note
becomes a Non-Performing Equipment Note, the Subordination Agent shall obtain
LTV Appraisals for all of the Aircraft as soon as practicable and additional LTV
Appraisals on or prior to each anniversary of the date of such initial LTV
Appraisals; PROVIDED that, if the Controlling Party reasonably objects to the
appraised value of the Aircraft shown in any such LTV Appraisals, the
Controlling Party shall have the right to obtain or cause to be obtained at its
expense substitute LTV Appraisals (including any LTV Appraisals based upon
physical inspection of the Aircraft).

                  (b) The Controlling Party shall take such actions as it may
reasonably deem most effectual to complete the sale or other disposition of such
Aircraft or Equipment Notes. In addition, in lieu of any sale, assignment,
contract to sell or other disposition, the Subordination Agent, on behalf of the
Controlling Party, may maintain possession of such Equipment Notes and continue
to apply monies received in respect of such Equipment Notes in accordance with
Article III hereof. In addition, in lieu of such sale, assignment, contract to
sell or other disposition, or in lieu of such maintenance of possession, the
Controlling Party may instruct the Loan Trustee under such Indenture to
foreclose on the Lien on the related Aircraft or to take any other remedial
action permitted under such Indenture or applicable law.

                                      -43-
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                  Section 4.2. REMEDIES CUMULATIVE. Each and every right, power
and remedy given to the Trustees, the Liquidity Providers, the Controlling Party
or the Subordination Agent specifically or otherwise in this Agreement shall be
cumulative and shall be in addition to every other right, power and remedy
herein specifically given or now or hereafter existing at law, in equity or by
statute, and each and every right, power and remedy whether specifically herein
given or otherwise existing may, subject always to the terms and conditions
hereof, be exercised from time to time and as often and in such order as may be
deemed expedient by any Trustee, any Liquidity Provider, the Controlling Party
or the Subordination Agent, as appropriate, and the exercise or the beginning of
the exercise of any power or remedy shall not be construed to be a waiver of the
right to exercise at the same time or thereafter any other right, power or
remedy. No delay or omission by any Trustee, any Liquidity Provider, the
Controlling Party or the Subordination Agent in the exercise of any right,
remedy or power or in the pursuit of any remedy shall impair any such right,
power or remedy or be construed to be a waiver of any default or to be an
acquiescence therein.

                  Section 4.3. DISCONTINUANCE OF PROCEEDINGS. In case any party
to this Agreement (including the Controlling Party in such capacity) shall have
instituted any Proceeding to enforce any right, power or remedy under this
Agreement by foreclosure, entry or otherwise, and such Proceeding shall have
been discontinued or abandoned for any reason or shall have been determined
adversely to the Person instituting such Proceeding, then and in every such case
each such party shall, subject to any determination in such Proceeding, be
restored to its former position and rights hereunder, and all rights, remedies
and powers of such party shall continue as if no such Proceeding had been
instituted.

                  Section 4.4. RIGHT OF CERTIFICATEHOLDERS TO RECEIVE PAYMENTS
NOT TO BE IMPAIRED. Anything in this Agreement to the contrary notwithstanding
but subject to each Trust Agreement, the right of any Certificateholder or any
Liquidity Provider, respectively, to receive payments hereunder (including,
without limitation, pursuant to Section 2.4, 3.2 or 3.3 hereof) when due, or to
institute suit for the enforcement of any such payment on or after the
applicable Distribution Date, shall not be impaired or affected without the
consent of such Certificateholder or such Liquidity Provider, respectively.

                  Section 4.5. UNDERTAKING FOR COSTS. In any suit for the
enforcement of any right or remedy under this Agreement or in any suit against
any Controlling Party or the Subordination Agent for any action taken or omitted
by it as Controlling Party or Subordination Agent, as the case may be, a court
in its discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may
assess reasonable costs, including reasonable attorneys' fees and expenses,
against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. The provisions of
this Section do not apply to a suit instituted by the Subordination Agent, a
Liquidity Provider or a Trustee or a suit by Certificateholders holding more
than 10% of the original principal amount of any Class of Certificates.

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                                    ARTICLE V

                       DUTIES OF THE SUBORDINATION AGENT;
                          AGREEMENTS OF TRUSTEES, ETC.

                  Section 5.1. NOTICE OF INDENTURE DEFAULT OR TRIGGERING EVENT.
(a) In the event the Subordination Agent shall have actual knowledge of the
occurrence of an Indenture Default or a Triggering Event, as promptly as
practicable, and in any event within 10 days after obtaining knowledge thereof,
the Subordination Agent shall transmit by mail or courier to the Rating
Agencies, the Liquidity Providers and the Trustees notice of such Indenture
Default or Triggering Event, unless such Indenture Default or Triggering Event
shall have been cured or waived. For all purposes of this Agreement, in the
absence of actual knowledge on the part of a Responsible Officer, the
Subordination Agent shall not be deemed to have knowledge of any Indenture
Default or Triggering Event unless notified in writing by one or more Trustees,
one or more Liquidity Providers or one or more Certificateholders.

                  (b) OTHER NOTICES. The Subordination Agent will furnish to
each Liquidity Provider and Trustee, promptly upon receipt thereof, duplicates
or copies of all reports, notices, requests, demands, certificates, financial
statements and other instruments furnished to the Subordination Agent as
registered holder of the Equipment Notes or otherwise in its capacity as
Subordination Agent to the extent the same shall not have been otherwise
directly distributed to such Liquidity Provider or Trustee, as applicable,
pursuant to the express provision of any other Operative Agreement.

                  Section 5.2. INDEMNIFICATION. The Subordination Agent shall
not be required to take any action or refrain from taking any action under
Section 5.1 (other than the first sentence thereof) or Article IV hereof unless
the Subordination Agent shall have been indemnified (to the extent and in the
manner reasonably satisfactory to the Subordination Agent) against any
liability, cost or expense (including counsel fees and expenses) which may be
incurred in connection therewith. The Subordination Agent shall not be under any
obligation to take any action under this Agreement and nothing contained in this
Agreement shall require the Subordination Agent to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers if it shall
have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. The
Subordination Agent shall not be required to take any action under Section 5.1
(other than the first sentence thereof) or Article IV hereof, nor shall any
other provision of this Agreement be deemed to impose a duty on the
Subordination Agent to take any action, if the Subordination Agent shall have
been advised by counsel that such action is contrary to the terms hereof or is
otherwise contrary to law.

                  Section 5.3. NO DUTIES EXCEPT AS SPECIFIED IN INTERCREDITOR
AGREEMENT. The Subordination Agent shall not have any duty or obligation to take
or refrain from taking any action under, or in connection with, this Agreement,
except as expressly provided by the terms of this Agreement; and no implied
duties or obligations shall be read into this Agreement against the
Subordination Agent. The Subordination Agent agrees that it will, in its
individual capacity and at its own cost and expense (but without any right of
indemnity in respect of any such cost or

                                      -45-
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expense under Section 5.2 or 7.1 hereof) promptly take such action as may be
necessary to duly discharge all Liens on any of the Trust Accounts or any monies
deposited therein which result from claims against it in its individual capacity
not related to its activities hereunder or from a breach of its obligations that
constitute willful misconduct or gross negligence hereunder or any other
Operative Agreement.

                  Section 5.4. NOTICE FROM THE LIQUIDITY PROVIDERS AND TRUSTEES.
If a Responsible Officer of any Liquidity Provider or Trustee has actual notice
of an Indenture Default or a Triggering Event, such Person shall promptly use
its best efforts to give notice thereof to all other Liquidity Providers and
Trustees and to the Subordination Agent, PROVIDED, HOWEVER, that no such Person
shall have any liability hereunder as a result of its failure to deliver any
such notice.

                                   ARTICLE VI

                             THE SUBORDINATION AGENT

                  Section 6.1. AUTHORIZATION; ACCEPTANCE OF TRUSTS AND DUTIES.
Each of the Class A-1 Trustee, Class A-2 Trustee, Class B Trustee and Class C
Trustee hereby designates and appoints the Subordination Agent as the agent and
trustee of such Trustee under the applicable Liquidity Facility and authorizes
the Subordination Agent to enter into the applicable Liquidity Facility as agent
and trustee for such Trustee. Each of the Liquidity Providers and the Trustees
hereby designates and appoints the Subordination Agent as the Subordination
Agent under this Agreement.

                  The Subordination Agent hereby accepts the duties hereby
created and applicable to it as the Subordination Agent and agrees to perform
the same but only upon the terms of this Agreement and agrees to receive and
disburse all monies received by it in accordance with the terms hereof. The
Subordination Agent shall not be answerable or accountable under any
circumstances, except (a) for its own willful misconduct or gross negligence or,
with respect to the handling or transfer of funds, ordinary negligence, (b) as
provided in Section 2.2 or 5.3 hereof and (c) for liabilities that may result
from the material inaccuracy of any representation or warranty of the
Subordination Agent made in its individual capacity in any Operative Agreement.
The Subordination Agent shall not be liable for any error of judgment made in
good faith by a Responsible Officer of the Subordination Agent, unless it is
proved that the Subordination Agent was negligent in ascertaining the pertinent
facts.

                  Section 6.2. ABSENCE OF DUTIES. The Subordination Agent shall
have no duty to see to any recording or filing of this Agreement or any other
document, or to see to the maintenance of any such recording or filing.

                  Section 6.3. NO REPRESENTATIONS OR WARRANTIES AS TO DOCUMENTS.
The Subordination Agent in its individual capacity does not make nor shall be
deemed to have made any representation or warranty as to the validity, legality
or enforceability of this Agreement or any other Operative Agreement or as to
the correctness of any statement contained in any thereof, except for the
representations and warranties of the Subordination Agent, made in its
individual capacity, under any Operative Agreement to which it is a party. The

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Certificateholders, the Trustees and the Liquidity Providers make no
representation or warranty hereunder whatsoever.

                  Section 6.4. NO SEGREGATION OF MONIES; NO INTEREST. Any monies
paid to or retained by the Subordination Agent pursuant to any provision hereof
and not then required to be distributed to any Trustee or any Liquidity Provider
as provided in Articles II and III hereof need not be segregated in any manner
except to the extent required by such Articles II and III and by law, and the
Subordination Agent shall not (except as otherwise provided in Section 2.2
hereof) be liable for any interest thereon; PROVIDED, HOWEVER, that any payments
received or applied hereunder by the Subordination Agent shall be accounted for
by the Subordination Agent so that any portion thereof paid or applied pursuant
hereto shall be identifiable as to the source thereof.

                  Section 6.5. RELIANCE; AGENTS; ADVICE OF COUNSEL. The
Subordination Agent shall not incur liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, bond or other document or paper believed by it to be genuine
and believed by it to be signed by the proper party or parties. As to the Pool
Balance of any Trust as of any date, the Subordination Agent may for all
purposes hereof rely on a certificate signed by any Responsible Officer of the
applicable Trustee, and such certificate shall constitute full protection to the
Subordination Agent for any action taken or omitted to be taken by it in good
faith in reliance thereon. As to any fact or matter relating to the Liquidity
Providers or the Trustees the manner of ascertainment of which is not
specifically described herein, the Subordination Agent may for all purposes
hereof rely on a certificate, signed by any Responsible Officer of the
applicable Liquidity Provider or Trustee, as the case may be, as to such fact or
matter, and such certificate shall constitute full protection to the
Subordination Agent for any action taken or omitted to be taken by it in good
faith in reliance thereon. The Subordination Agent shall assume, and shall be
fully protected in assuming, that each of the Liquidity Providers and each of
the Trustees are authorized to enter into this Agreement and to take all action
to be taken by them pursuant to the provisions hereof, and shall not inquire
into the authorization of each of the Liquidity Providers and each of the
Trustees with respect thereto. In the administration of the trusts hereunder,
the Subordination Agent may execute any of the trusts or powers hereof and
perform its powers and duties hereunder directly or through agents or attorneys
and may consult with counsel, accountants and other skilled persons to be
selected and retained by it, and the Subordination Agent shall not be liable for
the acts or omissions of any agent appointed with due care or for anything done,
suffered or omitted in good faith by it in accordance with the advice or written
opinion of any such counsel, accountants or other skilled persons.

                  Section 6.6. CAPACITY IN WHICH ACTING. The Subordination Agent
acts hereunder solely as agent and trustee herein and not in its individual
capacity, except as otherwise expressly provided in the Operative Agreements.

                  Section 6.7. COMPENSATION. The Subordination Agent shall be
entitled to reasonable compensation, including expenses and disbursements, for
all services rendered hereunder and shall have a priority claim to the extent
set forth in Article III hereof on all monies collected hereunder for the
payment of such compensation, to the extent that such compensation shall not be
paid by others. The Subordination Agent agrees that it shall have no right
against

                                      -47-
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any Trustee or Liquidity Provider for any fee as compensation for its services
as agent under this Agreement. The provisions of this Section 6.7 shall survive
the termination of this Agreement.

                  Section 6.8. MAY BECOME CERTIFICATEHOLDER. The institution
acting as Subordination Agent hereunder may become a Certificateholder and have
all rights and benefits of a Certificateholder to the same extent as if it were
not the institution acting as the Subordination Agent.

                  Section 6.9. SUBORDINATION AGENT REQUIRED; ELIGIBILITY. There
shall at all times be a Subordination Agent hereunder which shall be a
corporation organized and doing business under the laws of the United States of
America or of any State or the District of Columbia having a combined capital
and surplus of at least $100,000,000 (or the obligations of which, whether now
in existence or hereafter incurred, are fully and unconditionally guaranteed by
a corporation organized and doing business under the laws of the United States,
any State thereof or of the District of Columbia and having a combined capital
and surplus of at least $100,000,000), if there is such an institution willing
and able to perform the duties of the Subordination Agent hereunder upon
reasonable or customary terms. Such corporation shall be a citizen of the United
States and shall be authorized under the laws of the United States or any State
thereof or of the District of Columbia to exercise corporate trust powers and
shall be subject to supervision or examination by federal, state or District of
Columbia authorities. If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of any of the aforesaid
supervising or examining authorities, then, for the purposes of this Section
6.9, the combined capital and surplus of such corporation shall be deemed to be
its combined capital and surplus as set forth in its most recent report of
condition so published.

                  In case at any time the Subordination Agent shall cease to be
eligible in accordance with the provisions of this Section, the Subordination
Agent shall resign immediately in the manner and with the effect specified in
Section 8.1.

                  Section 6.10. MONEY TO BE HELD IN TRUST. All Equipment Notes,
monies and other property deposited with or held by the Subordination Agent
pursuant to this Agreement shall be held in trust for the benefit of the parties
entitled to such Equipment Notes, monies and other property. All such Equipment
Notes, monies or other property shall be held in the Trust Department of the
institution acting as Subordination Agent hereunder.

                                   ARTICLE VII

                     INDEMNIFICATION OF SUBORDINATION AGENT

                  Section 7.1. SCOPE OF INDEMNIFICATION. The Subordination Agent
shall be indemnified hereunder to the extent and in the manner described in
Section 6(c) of the Participation Agreements and Section 7 of the Note Purchase
Agreement. The indemnities contained in such Sections of such agreements shall
survive the termination of this Agreement.

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                                  ARTICLE VIII

                          SUCCESSOR SUBORDINATION AGENT

                  Section 8.1. REPLACEMENT OF SUBORDINATION AGENT; APPOINTMENT
OF SUCCESSOR. The Subordination Agent may resign at any time by so notifying the
Trustees and the Liquidity Providers. The Liquidity Provider or the Controlling
Party may remove the Subordination Agent for cause by so notifying the
Subordination Agent and may appoint a successor Subordination Agent. The
Controlling Party shall remove the Subordination Agent if:

                  (1) the Subordination Agent fails to comply with Section 6.9
            hereof;

                  (2) the Subordination Agent is adjudged bankrupt or insolvent;

                  (3) a receiver or other public officer takes charge of the
            Subordination Agent or its property; or

                  (4) the Subordination Agent otherwise becomes incapable of
            acting.

                  If the Subordination Agent resigns or is removed or if a
vacancy exists in the office of Subordination Agent for any reason (the
Subordination Agent in such event being referred to herein as the retiring
Subordination Agent), the Controlling Party in consultation with Northwest shall
promptly appoint a successor Subordination Agent.

                  Any corporation into which the Subordination Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the
Subordination Agent shall be a party, or any corporation to which substantially
all the corporate trust business of the Subordination Agent may be transferred,
shall, subject to the terms of Section 6.9 hereof, be the Subordination Agent
hereunder and under the other Operative Agreements to which the Subordination
Agent is a party without further act, except that such Person shall give prompt
subsequent notice of such transaction to the Liquidity Provider and each
Trustee.

                  A successor Subordination Agent shall deliver (x) a written
acceptance of its appointment as Subordination Agent hereunder to the retiring
Subordination Agent and (y) a written assumption of its obligations hereunder
and under each Liquidity Facility, to each party hereto upon which the
resignation or removal of the retiring Subordination Agent shall become
effective, and the successor Subordination Agent shall have all the rights,
powers and duties of the Subordination Agent under this Agreement. The successor
Subordination Agent shall send a written notice of its succession to the
Liquidity Providers and the Trustees. The retiring Subordination Agent shall
promptly transfer its rights under each of the Liquidity Facilities and all of
the property held by it as Subordination Agent to the successor Subordination
Agent.

                  If a successor Subordination Agent does not take office within
60 days after the retiring Subordination Agent resigns or is removed, the
retiring Subordination Agent or one or more of the Trustees may petition any
court of competent jurisdiction for the appointment of a successor Subordination
Agent.

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                  If the Subordination Agent fails to comply with Section 6.9
hereof (to the extent applicable), one or more of the Trustees or one or more of
the Liquidity Providers or Northwest may petition any court of competent
jurisdiction for the removal of the Subordination Agent and the appointment of a
successor Subordination Agent.

                  Notwithstanding the foregoing, no resignation or removal of
the Subordination Agent shall be effective unless and until a successor has been
appointed. No appointment of a successor Subordination Agent shall be effective
unless and until the Rating Agencies shall have delivered a Ratings
Confirmation.

                                   ARTICLE IX

                           SUPPLEMENTS AND AMENDMENTS

                  Section 9.1. AMENDMENTS, WAIVERS, ETC. (a) This Agreement may
not be supplemented, amended or modified without the consent of each Trustee
(acting, except in the case of any amendment pursuant to Section 9.5 hereof,
with the consent of holders of Certificates of the related Class evidencing
interests in the related Trust aggregating not less than a majority in interest
in such Trust or as otherwise authorized pursuant to the relevant Trust
Agreement), the Subordination Agent and each Liquidity Provider; PROVIDED,
HOWEVER, that this Agreement may be supplemented, amended or modified without
the consent of any Trustee if such supplement, amendment or modification (i) is
in accordance with Section 9.5 or (ii) cures an ambiguity or inconsistency or
does not materially adversely affect such Trustee or the holders of the related
Class of Certificates; PROVIDED FURTHER, HOWEVER, that, if such supplement,
amendment or modification would (x) directly or indirectly modify or supersede,
or otherwise conflict with, Section 2.2(b), Section 3.6(e), Section 3.6(f)(other
than the last sentence thereof) (collectively, together with this proviso and
Section 9.1, the "NORTHWEST PROVISIONS") or (y) otherwise adversely affect the
interests of a potential Replacement Liquidity Provider or of Northwest with
respect to its ability to replace any Liquidity Facility or with respect to its
payment obligations under any Financing Agreement, Leased Aircraft Indenture or
Owned Aircraft Indenture, then such supplement, amendment or modification shall
not be effective without the additional written consent of Northwest.
Notwithstanding the foregoing, without the consent of each Certificateholder and
each Liquidity Provider, no supplement, amendment or modification of this
Agreement may (i) reduce the percentage of the interest in any Trust evidenced
by the Certificates issued by such Trust necessary to consent to modify or amend
any provision of this Agreement or to waive compliance therewith or (ii) modify
Section 2.4, 3.2 or 3.3 hereof, relating to the distribution of monies received
by the Subordination Agent hereunder from the Equipment Notes or pursuant to the
Liquidity Facilities. Nothing contained in this Section shall require the
consent of a Trustee at any time following the payment of Final Distributions
with respect to the related Class of Certificates.

                  (b) In the event that the Subordination Agent, as the
registered holder of any Equipment Notes, receives a request for its consent to
any amendment, modification, consent or waiver under such Equipment Notes, the
Indenture pursuant to which such Equipment Notes were issued, or the related
Lease, Participation Agreement or other related document, (i) if no Indenture
Default shall have occurred and be continuing with respect to such Indenture,
the Subordination Agent shall request directions with respect to each Series of
such Equipment

                                      -50-
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Notes from the Trustee of the Trust which holds such Equipment Notes and shall
vote or consent in accordance with the directions of such Trustee and (ii) if
any Indenture Default (which, in the case of any Indenture pertaining to a
Leased Aircraft, has not been cured by the applicable Owner Trustee or the
applicable Owner Participant, if applicable, pursuant to Section 4.03 of such
Indenture) shall have occurred and be continuing with respect to such Indenture,
the Subordination Agent will exercise its voting rights as directed by the
Controlling Party, subject to Sections 4.1 and 4.4 hereof; provided that no such
amendment, modification or waiver shall, without the consent of each Liquidity
Provider, reduce the amount of rent, supplemental rent or stipulated loss values
payable by Northwest under any Lease or reduce the amount of principal or
interest payable by Northwest under any Equipment Note issued under any
Indenture in respect of an Owned Aircraft.

                  (c) Notwithstanding any provision to the contrary contained
herein, so long as Northwest and/or its Affiliates holds or beneficially owns a
majority of the Class D Certificates or otherwise controls the actions of the
Class D Trustee, any consent or approval of the Class D Trustee or any Class D
Certificateholder otherwise required in accordance with the foregoing provisions
shall not be required.

                  (d) If any additional series of equipment notes are issued
under any Indenture for a Boeing 747-400 Aircraft ("ADDITIONAL EQUIPMENT
NOTES"), this Agreement shall be amended by written agreement of the indenture
trustees of the Additional Equipment Notes, the Trustees and the Subordination
Agent to (i) provide for each holder of an Additional Equipment Note to be bound
by the provisions of Section 2.6(a) so that the Controlling Party, among other
things, shall be entitled to direct the Loan Trustee under the applicable
Indenture as provided in such Section 2.6(a) (and such Additional Equipment
Notes shall make effective provision therefor so as to bind each holder thereof
to such provisions of Section 2.6(a)) and (ii) to revise the definitions of
"CONTROLLING PARTY" and "EQUIPMENT NOTES", as appropriate, to reflect the
issuance of the Additional Equipment Notes (and the prior rights, as against the
holders of such Additional Equipment Notes, of the Class A-1 Trustee, the Class
A-2 Trustee, the Class B Trustee, the Class C Trustee and the Class D Trustee to
be such "Controlling Party"). No such amendment shall materially adversely
affect any Trustee.

                  Section 9.2. SUBORDINATION AGENT PROTECTED. If, in the
reasonable opinion of the institution acting as the Subordination Agent
hereunder, any document required to be executed pursuant to the terms of Section
9.1 affects any right, duty, immunity or indemnity with respect to it under this
Agreement or any Liquidity Facility, the Subordination Agent may in its
discretion decline to execute such document.

                  Section 9.3. EFFECT OF SUPPLEMENTAL AGREEMENTS. Upon the
execution of any amendment or supplement hereto pursuant to the provisions
hereof, this Agreement shall be and be deemed to be modified and amended in
accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Agreement of the parties hereto
and beneficiaries hereof shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments, and all
the terms and conditions of any such supplemental agreement shall be and be
deemed to be part of the terms and conditions of this Agreement for any and all
purposes. In executing or accepting any supplemental agreement permitted by this
Article IX, the Subordination Agent shall be entitled to receive, and

                                      -51-
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shall be fully protected in relying upon, an opinion of counsel stating that the
execution of such supplemental agreement is authorized or permitted by this
Agreement.

                  Section 9.4. NOTICE TO RATING AGENCIES. Promptly following its
receipt of each amendment, consent, modification, supplement or waiver
contemplated by this Article IX, the Subordination Agent shall send a copy
thereof to each Rating Agency.

                  Section 9.5. ADDITION OF CLASS D TRUSTEE. If any Class D
Certificates are issued, this Agreement shall be amended by written agreement of
Northwest and the Subordination Agent to give effect to the issuance of any
Class D Certificates, which amendment shall include, without limitation,
provision for the Class D Trust Trustee to be added as a party to this Agreement
and for the definition of "Stated Interest Rate" to be revised, as appropriate,
to reflect the issuance of the Class D Certificates (and the subordination
thereof).

                                    ARTICLE X

                                  MISCELLANEOUS

                  Section 10.1. TERMINATION OF INTERCREDITOR AGREEMENT.
Following payment of Final Distributions with respect to each Class of
Certificates and the payment in full of all Liquidity Obligations to the
Liquidity Providers and PROVIDED that there shall then be no other amounts due
to the Certificateholders, the Trustees, the Liquidity Providers and the
Subordination Agent hereunder or under the Trust Agreements, and that the
commitment of the Liquidity Providers under the Liquidity Facilities shall have
expired or been terminated, this Agreement and the trusts created hereby shall
terminate and this Agreement shall be of no further force or effect. Except as
aforesaid or otherwise provided, this Agreement and the trusts created hereby
shall continue in full force and effect in accordance with the terms hereof.

                  Section 10.2. INTERCREDITOR AGREEMENT FOR BENEFIT OF TRUSTEES,
LIQUIDITY PROVIDERS AND SUBORDINATION AGENT. Nothing in this Agreement, whether
express or implied, shall be construed to give to any Person other than the
Trustees, the Liquidity Providers and the Subordination Agent any legal or
equitable right, remedy or claim under or in respect of this Agreement.

                  Section 10.3. NOTICES. Unless otherwise expressly specified or
permitted by the terms hereof, all notices, requests, demands, authorizations,
directions, consents, waivers or documents provided or permitted by this
Agreement to be made, given, furnished or filed shall be in writing, mailed by
certified mail, postage prepaid, or by confirmed telecopy and

                        (i)  if to the Subordination Agent, addressed
                             to it at its office at:
                             c/o State Street Bank and Trust Company
                             2 Avenue de Lafayette
                             Boston, Massachusetts  02111
                             Attention:  Corporate Trust Department
                             Fax:  (617) 988-9514

                       (ii)  if to the Trustee, addressed to it at its office
                             at:
                             State Street Bank and Trust Company of Connecticut,
                             National

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                             Association
                             225 Asylum Street, Goodwin Square
                             Hartford, Connecticut 06103
                             Attention:  Corporate/Muni Department
                             Fax:  (860) 244-1889
                      (iii)  if to any Liquidity Provider, addressed to it at
                             its office at:
                             Landesbank Hessen-Thuringen Girozentrale
                             Main Tower
                             Neue Mainzer Str. 52-58
                             60311 Frankfurt am Main
                             Germany
                             Attention:  Asset Finance
                             Fax:  49-69-9132-4392
                             Telephone: 49-69-9132-4882
                             With a copy to:
                             Landesbank Hessen-Thuringen
                             New York Branch
                             420 Fifth Avenue, 24th Floor
                             New York, NY 10018
                             Attention:  Project Finance/Michael Novack
                             Fax:  (212) 703-5256
                             Telephone: (212) 703-5224

Whenever any notice in writing is required to be given by any Trustee or
Liquidity Provider or the Subordination Agent to any of the other of them, such
notice shall be deemed given and such requirement satisfied when such notice is
received, if such notice is mailed by certified mail, postage prepaid or by
courier service or if such notice is sent by confirmed telecopy addressed as
provided above. Any party hereto may change the address to which notices to such
party will be sent by giving notice of such change to the other parties to this
Agreement.

                  Section 10.4. SEVERABILITY. 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 10.5. 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 party or
other Person against whom enforcement of the change, waiver, discharge or
termination is sought and any other party or other Person whose consent is
required pursuant to this Agreement and any waiver of the terms hereof shall be
effective only in the specific instance and for the specific purpose given.

                  Section 10.6. SUCCESSORS AND ASSIGNS. All covenants and
agreements contained herein shall be binding upon, and inure to the benefit of,
each of the parties hereto and the successors and assigns of each, all as herein
provided.

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                  Section 10.7. 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 10.8. COUNTERPART FORM. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same agreement.

                  Section 10.9. SUBORDINATION. (a) As between the Liquidity
Providers, on the one hand, and the Trustees and the Certificateholders, on the
other hand, and as between and among the Certificateholders of all Classes of
Certificates, this Agreement shall be a subordination agreement for purposes of
Section 510 of the United States Bankruptcy Code, as amended from time to time.

                  (b) Notwithstanding the provisions of this Agreement, if prior
to the payment in full to the Liquidity Providers of all Liquidity Obligations
then due and payable, any party hereto shall have received any payment or
distribution in respect of Equipment Notes or any other amount under the
Indentures or other Operative Agreements which, had the subordination provisions
of this Agreement been properly applied to such payment, distribution or other
amount, would not have been distributed to such Person, then such payment,
distribution or other amount shall be received and held in trust by such Person
and paid over or delivered to the Subordination Agent for application as
provided herein.

                  (c) If any Trustee, any Liquidity Provider or the
Subordination Agent receives any payment in respect of any obligations owing
hereunder (or, in the case of the Liquidity Providers, in respect of the
Liquidity Obligations), which is subsequently invalidated, declared
preferential, set aside and/or required to be repaid to a trustee, receiver or
other party, then, to the extent of such payment, such obligations (or, in the
case of the Liquidity Providers, such Liquidity Obligations) intended to be
satisfied shall be revived and continue in full force and effect as if such
payment had not been received.

                  (d) The Trustees (on behalf of themselves and the holders of
Certificates), the Liquidity Providers and the Subordination Agent confirm that
the payment priorities specified in Sections 2.4, 3.2 and 3.3 shall apply in all
circumstances, notwithstanding the fact that the obligations owed to the
Trustees and the holders of Certificates are secured by certain assets and the
Liquidity Obligations are not so secured. The Trustees expressly agree (on
behalf of themselves and the holders of Certificates) not to assert priority
over the holders of Liquidity Obligations due to their status as secured
creditors in any bankruptcy, insolvency or other legal proceeding.

                  (e) Each of the Trustees (on behalf of themselves and the
holders of Certificates), the Liquidity Providers and the Subordination Agent
may take any of the following actions without impairing its rights under this
Agreement:

                  (i) obtain a lien on any property to secure any amounts owing
            to it hereunder, including, in the case of the Liquidity Providers,
            the Liquidity Obligations,

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                  (ii) obtain the primary or secondary obligation of any other
            obligor with respect to any amounts owing to it hereunder,
            including, in the case of the Liquidity Providers, any of the
            Liquidity Obligations,

                  (iii) renew, extend, increase, alter or exchange any amounts
            owing to it hereunder, including, in the case of the Liquidity
            Providers, any of the Liquidity Obligations, or release or
            compromise any obligation of any obligor with respect thereto,

                  (iv) refrain from exercising any right or remedy, or delay in
            exercising such right or remedy, which it may have, or

                  (v) take any other action which might discharge a subordinated
            party or a surety under applicable law;

PROVIDED, HOWEVER, that the taking of any such actions by any of the Trustees,
the Liquidity Providers or the Subordination Agent shall not prejudice the
rights or adversely affect the obligations of any other party under this
Agreement.

                  Section 10.10. GOVERNING LAW. THIS AGREEMENT SHALL IN ALL
RESPECTS 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 10.11. SUBMISSION TO JURISDICTION; WAIVER OF JURY
TRIAL; WAIVER OF IMMUNITY. (a) Each of the parties hereto hereby irrevocably and
unconditionally:

                  (i) submits for itself and its property in any legal action or
            proceeding relating to this Agreement or any other Operative
            Agreement, or for recognition and enforcement of any judgment in
            respect hereof or thereof, to the nonexclusive general jurisdiction
            of the courts of the State of New York, the courts of the United
            States of America for the Southern District of New York, and the
            appellate courts from any thereof;

                  (ii) consents that any such action or proceeding may be
            brought in such courts, and waives any objection that it may now or
            hereafter have that the venue of any such action or proceeding was
            brought in an inconvenient court and agrees not to plead or claim
            the same;

                  (iii) agrees that service of process in any such action or
            proceeding may be effected by mailing a copy thereof by registered
            or certified mail (or any substantially similar form and mail),
            postage prepaid, to each party hereto at its address set forth in
            Section 10.3 hereof, or at such other address of which the other
            parties shall have been notified pursuant thereto; and

                  (iv) agrees that nothing herein shall affect the right to
            effect service of process in any other manner permitted by law or
            shall limit the right to sue in any other jurisdiction.

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                  (b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS
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. EACH OF THE PARTIES
WARRANTS AND REPRESENTS 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. 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) Each Liquidity Provider hereby waives any immunity it may
have from the jurisdiction of the courts of the United States or of any state
thereof and waives any immunity any of its properties located in the United
States may have from attachment or execution upon a judgment entered by any such
court under the United States Foreign Sovereign Immunities Act of 1976 or any
similar successor legislation.

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                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their respective officers thereunto duly
authorized, as of the day and year first above written, and acknowledge that
this Agreement has been made and delivered in the City of New York, and this
Agreement has become effective only upon such execution and delivery.

                                        STATE STREET BANK AND TRUST COMPANY OF
                                              CONNECTICUT, NATIONAL ASSOCIATION,
                                              not in its individual capacity but
                                              solely as Trustee for each of the
                                              Trusts

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

                                        Landesbank Hessen-Thuringen
                                        Girozentrale, as Class A-1 Liquidity
                                        Provider, Class A-2 Liquidity Provider,
                                        Class B Liquidity Provider and Class C
                                        Liquidity Provider

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

                                        STATE STREET BANK AND TRUST COMPANY, not
                                              in its individual capacity except
                                              as expressly set forth herein but
                                              solely as Subordination Agent and
                                              trustee

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

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