Document:

exv4w8

Exhibit 4.8

EXECUTION COPY

 

NOTE PURCHASE AGREEMENT

Dated as of April 5, 2011

among

DELTA AIR LINES, INC.,

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Class A Pass Through Trustee

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Subordination Agent

U.S. BANK NATIONAL ASSOCIATION,

as Escrow Agent

and

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Paying Agent

 

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Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 1.

	 	Financing of Aircraft
	 	 	3	 
	 
	 	 	 	 	 	 
	Section 2.

	 	Conditions Precedent
	 	 	7	 
	 
	 	 	 	 	 	 
	Section 3.

	 	Representations and Warranties
	 	 	8	 
	 
	 	 	 	 	 	 
	Section 4.

	 	Covenants
	 	 	12	 
	 
	 	 	 	 	 	 
	Section 5.

	 	Depositary Downgrade and Replacement of Depositary
	 	 	15	 
	 
	 	 	 	 	 	 
	Section 6.

	 	Notices
	 	 	17	 
	 
	 	 	 	 	 	 
	Section 7.

	 	Expenses
	 	 	17	 
	 
	 	 	 	 	 	 
	Section 8.

	 	Further Assurances
	 	 	18	 
	 
	 	 	 	 	 	 
	Section 9.

	 	Miscellaneous
	 	 	18	 
	 
	 	 	 	 	 	 
	Section 10.

	 	Governing Law
	 	 	19	 
	 
	 	 	 	 	 	 
	Schedule I

	 	Aircraft and Existing Financings	 	 	 	 
	Schedule II

	 	Trust Supplements	 	 	 	 
	Schedule III

	 	Required Terms	 	 	 	 
	 
	 	 	 	 	 	 
	Annex A

	 	Definitions	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit A

	 	Form of Funding Notice	 	 	 	 
	Exhibit B

	 	Form of Participation Agreement	 	 	 	 
	Exhibit C

	 	Form of Indenture and Security Agreement	 	 	 	 

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NOTE PURCHASE AGREEMENT

          This NOTE PURCHASE AGREEMENT (this “Note Purchase Agreement”), dated as of April 5,
2011, is made by and among (i) DELTA AIR LINES, INC., a Delaware corporation (together with
its successors and permitted assigns, the “Company”), (ii) U.S. BANK TRUST NATIONAL
ASSOCIATION (“U.S. Bank”), a national banking association, not in its individual capacity
except as otherwise expressly provided herein, but solely as trustee (in such capacity, together
with any successor in interest and any successor or other trustee appointed as provided in the
Class A Pass Through Trust Agreement (as defined below), the “Class A Pass Through
Trustee”) under the Class A Pass Through Trust Agreement (as defined below), (iii) U.S.
BANK TRUST NATIONAL ASSOCIATION, a national banking association, as subordination agent and trustee
(in such capacity together with its successors in such capacity, the “Subordination Agent”)
under the Intercreditor Agreement (as defined below), (iv) U.S. BANK NATIONAL ASSOCIATION,
a national banking association, as Escrow Agent (in such capacity together with its successors in
such capacity, the “Escrow Agent”), under the Escrow and Paying Agent Agreement (as defined
below), and (v) U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association, as
Paying Agent (in such capacity together with its successors in such capacity, the “Paying
Agent”) under the Escrow and Paying Agent Agreement.

W I T N E S S E T H:

          WHEREAS, capitalized terms used but not defined herein shall have the meanings ascribed to
such terms in Annex A hereto;

          WHEREAS, the Company owns the 26 Boeing aircraft described in Schedule I hereto (each, an
“Aircraft”, and collectively, the “Aircraft”), which Aircraft are subject to
certain financings described in Schedule I hereto (such financings, the “Existing
Financings”);

          WHEREAS, pursuant to the Basic Pass Through Trust Agreement and the Trust Supplement described
in Schedule II hereto, and concurrently with the execution and delivery of this Note Purchase
Agreement, one grantor trust (the “Class A Pass Through Trust”; and the Basic Pass Through
Trust Agreement, together with such Trust Supplement, as amended, supplemented or otherwise
modified from time to time in accordance with their terms, the “Class A Pass Through Trust
Agreement”) has been created to facilitate certain of the transactions contemplated hereby,
including, without limitation, the issuance and sale of pass through certificates pursuant thereto
(together with any other pass through certificates for which such pass through certificates may be
exchanged, collectively, the “Class A Certificates”) to provide financing, among other
things, for the purchase by the Class A Pass Through Trust of the Series A Equipment Notes to be
issued in respect of, and secured by a security interest in, each of the Aircraft;

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          WHEREAS, the Company has entered into the Underwriting Agreement, dated March 30, 2011 (as
amended, supplemented or otherwise modified from time to time in accordance with its terms, the
“Underwriting Agreement”) with the Underwriters named therein (the “Underwriters”)
which provides that the Company will cause the Class A Pass Through Trustee to issue and sell the
Class A Certificates to the Underwriters on the Issuance Date;

          WHEREAS, the Company may in the future enter into a Trust Supplement with respect to the Class
B Pass Through Trust further to facilitate certain of the transactions contemplated hereby,
including, without limitation, the issuance of the Class B Certificates to provide financing for
the purchase by the Class B Pass Through Trustee of the Series B Equipment Notes, if issued in
respect of, and secured by a security interest in, the Aircraft;

          WHEREAS, concurrently with the execution and delivery of this Note Purchase Agreement,
(i) the Escrow Agent and the Depositary have entered into that certain Deposit Agreement
(Class A), dated as of the Issuance Date, relating to the Class A Pass Through Trust (as amended,
supplemented or otherwise modified from time to time in accordance with its terms, the “Deposit
Agreement”) whereby the Escrow Agent has agreed to direct the Underwriters to make certain
deposits referred to therein on the Issuance Date (the “Initial Deposits”) and to permit
the Class A Pass Through Trustee to make additional deposits from time to time thereafter (the
Initial Deposits together with such additional deposits are collectively referred to as the
“Deposits”), and (ii) the Underwriters, the Class A Pass Through Trustee, the
Paying Agent and the Escrow Agent have entered into that certain Escrow and Paying Agent Agreement
(Class A), dated as of the Issuance Date, relating to the Class A Pass Through Trust (as amended,
supplemented or otherwise modified from time to time in accordance with its terms, the “Escrow
and Paying Agent Agreement”), whereby, among other things, (a) the Underwriters have
agreed to deliver an amount equal to the amount of the Initial Deposits to the Depositary on behalf
of the Escrow Agent and (b) the Escrow Agent, upon the Depositary receiving such Initial
Deposits, has agreed to deliver escrow receipts to be affixed to each Class A Certificate;

          WHEREAS, subject to the terms and conditions of this Note Purchase Agreement, each Pass
Through Trustee then in existence and each of the Subordination Agent, U.S. Bank and the Company
will enter into the applicable Financing Agreements to which it is intended to be a party relating
to each Aircraft;

          WHEREAS, upon the financing of each Aircraft, the Class A Pass Through Trustee will fund its
purchase of the Series A Equipment Notes in respect of such Aircraft with the proceeds of a Deposit
withdrawn by the Escrow Agent under the Deposit Agreement; and

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          WHEREAS, concurrently with the execution and delivery of this Note Purchase Agreement,
(i) the Class A Liquidity Provider has entered into the Class A Liquidity Facility, for the
benefit of the holders of the Class A Certificates, with the Subordination Agent, as agent for the
Class A Pass Through Trustee on behalf of the Class A Pass Through Trust and (ii) the Class
A Pass Through Trustee, the Class A Liquidity Provider and the Subordination Agent have entered
into the Intercreditor Agreement.

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

          SECTION 1. Financing of Aircraft.

     (a) Agreement to Finance. The Company agrees to finance the Aircraft in the
manner provided herein, all on and subject to the terms and conditions hereof and of the
applicable Financing Agreements, by the date referred to in clause (a) of the definition of
Delivery Period Termination Date.

     (b) Funding Notice. In furtherance of the foregoing, and in respect of each
Aircraft, the Company agrees to give the parties hereto, the Depositary and each of the
Rating Agencies not less than two Business Days’ prior notice (or, in the case of a
substitute Funding Notice under Section 1(f), one Business Day’s prior notice),
substantially in the form of Exhibit A hereto (each, a “Funding Notice”), of the
date (which date shall not be earlier than the seventh day after the date of establishment
of the relevant Deposit unless the seven-day requirement set forth in the first sentence of
Section 2.3(a) of the Deposit Agreement has been waived by the Depositary pursuant
to the last sentence of Section 2.3(a) of the Deposit Agreement and not reinstated
pursuant to the last sentence of Section 2.3(a) of the Deposit Agreement) scheduled
for the financing as contemplated hereby in respect of such Aircraft (the “Funding
Date”), which notice shall:

     (i) specify the Funding Date of such Aircraft (which shall be a Business Day on
or prior to the Cut-Off Date);

     (ii) instruct the Pass Through Trustee of each Pass Through Trust then in
existence to enter into the Participation Agreement included in the Financing
Agreements with respect to such Aircraft in such form and at such a time on or before
the Funding Date as specified in such Funding Notice and to perform its obligations
thereunder;

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     (iii) instruct the Class A Pass Through Trustee to deliver to the Escrow Agent
the “Withdrawal Certificate” and the related “Applicable Notice of Purchase
Withdrawal” contemplated by Section 1.02(c) of the Escrow and Paying Agent
Agreement with respect to the Equipment Notes to be issued to the Class A Pass
Through Trustee in connection with the financing of such Aircraft; and

     (iv) specify the aggregate principal amount of each series of Equipment Notes
to be issued, and purchased by each such Pass Through Trustee, in connection with the
financing of such Aircraft scheduled to be consummated on such Funding Date (which
aggregate principal amount shall be as specified in, or as adjusted in accordance
with, as the case may be, the Required Terms).

     (c) [Reserved.]

     (d) Entering into Financing Agreements. Upon receipt of a Funding Notice, the
Pass Through Trustee of each Pass Through Trust then in existence shall, and shall cause the
Subordination Agent to, enter into and perform their obligations under each applicable
Participation Agreement and follow the other instructions specified in such Funding Notice;
provided that, with respect to each Aircraft to be financed:

     (i) subject to clauses (ii)-(iv) immediately below, the applicable
Participation Agreement and the applicable Indenture, as executed and delivered,
shall be substantially in the respective forms thereof annexed hereto and (x)
the amortization schedule for each Series A Equipment Note issued under such
Indenture shall be as set forth in the relevant table attached as part of Schedule
III hereto and (y) the relevant Financing Agreements shall provide for the
purchase by the Class A Pass Through Trustee of the Series A Equipment Notes in the
principal amounts specified in Schedule III hereto;

     (ii) subject to clauses (iii) and (iv) immediately below, if (x) the
Company shall have obtained from each Rating Agency a Rating Agency Confirmation with
respect to each Class of Certificates then rated by such Rating Agency in connection
with any material modifications of the applicable Financing Agreements from the forms
of Financing Agreements annexed hereto (including the form of Equipment Note included
in the form Indenture annexed hereto) and delivered such Rating Agency Confirmation
to the Pass Through Trustee of each Pass Through Trust then in existence on or before
the applicable Funding Date or (y) such Rating Agency Confirmation shall have
been obtained with respect to material modifications of the Financing Agreements
relating to another or any Aircraft or with respect to material modifications of the
forms of Financing

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Agreements annexed hereto and the applicable Financing Agreements incorporate
such material modifications without additional material modifications, the applicable
Financing Agreements, as executed and delivered, may incorporate such material
modifications, if any;

     (iii) the applicable Financing Agreements, as executed and delivered, shall
comply with the Required Terms; and

     (iv) the Company is not required to obtain or deliver a Rating Agency
Confirmation or a certification pursuant to Section 2(b)(ii) of this Note
Purchase Agreement in connection with any modifications to the applicable Financing
Agreements that are expressly permitted by the Required Terms or by Section
5(e) of this Note Purchase Agreement.

          Notwithstanding the foregoing, (x) the Financing Agreements with respect to any
Aircraft and the forms of Financing Agreements annexed hereto may be modified to the extent
required for the issuance or successive redemption and issuance of the Series B Equipment Notes
pursuant to Section 4(a)(v) of this Note Purchase Agreement, subject to the terms of such
Section and of Section 8.01(c) or 8.01(d) of the Intercreditor Agreement, whichever
may be applicable, and the Company shall pay the reasonable costs and expenses of the Rating
Agencies in connection with obtaining any Rating Agency Confirmation in connection therewith, and
(y) the Company is not required to deliver a certification pursuant to Section
2(b)(ii) of this Note Purchase Agreement in connection with any modifications of the Financing
Agreements contemplated by this sentence. With respect to each Aircraft, the Company shall cause
U.S. Bank (or such other Person that meets the eligibility requirements to act as loan trustee
under the applicable Indenture) to execute as the applicable Loan Trustee the Financing Agreements
relating to such Aircraft to which such Loan Trustee is intended to be a party, and shall
concurrently therewith execute such Financing Agreements to which the Company is intended to be a
party and perform its respective obligations thereunder. Upon the request of one or more Rating
Agencies, the Company shall deliver or cause to be delivered to such Rating Agency or Rating
Agencies a true and complete copy of each Financing Agreement relating to the financing of each
Aircraft, together with a true and complete set of the closing documentation (including legal
opinions) delivered to the applicable Loan Trustee, the Subordination Agent and the Pass Through
Trustee of each Pass Through Trust then in existence under the applicable Participation Agreement.

     (e) Registration of Equipment Notes. The Company agrees that all Equipment
Notes issued pursuant to any Indenture to which an Aircraft shall have been subjected shall
initially be registered in the name of the Subordination Agent on behalf of the applicable
Pass Through Trustee.

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     (f) Postponement of Delivery and Funding. If, on the Funding Date for any
Aircraft, the financing of such Aircraft as contemplated hereunder shall not be consummated
for whatever reason, the Company shall give the parties hereto and the Depositary prompt
notice thereof. Promptly after the Company has identified a new Funding Date on which such
Aircraft may be subjected to the financing as provided herein (all on and subject to the
terms and conditions hereof and of the applicable Financing Agreements), the Company shall
give the parties hereto and the Depositary a substitute Funding Notice specifying such new
Funding Date for such Aircraft. Upon receipt of any such substitute Funding Notice, the
Pass Through Trustee of each Pass Through Trust then in existence shall comply with its
obligations under Section 7.01 of the applicable Trust Supplement and thereafter the
financing of such Aircraft, as specified in such substitute Funding Notice, shall take place
on the re-scheduled Funding Date therefor (all on and subject to the terms and conditions
hereof and of the applicable Financing Agreements) unless further postponed as provided
herein.

     (g) [Reserved.]

     (h) [Reserved.]

     (i) No Liability for Failure to Purchase Equipment Notes. The Company shall
have no liability for the failure of any Pass Through Trustee to purchase Equipment Notes
with respect to any Aircraft.

     (j) Withdrawals Limited to Available Deposits. Anything herein to the contrary
notwithstanding, the Company shall not have the right, and shall not be entitled, at any
time to request the issuance of Series A Equipment Notes in respect of the Aircraft to the
Class A Pass Through Trustee in an aggregate principal amount in excess of the amount of the
Deposits then available for withdrawal by the Escrow Agent under and in accordance with the
provisions of the Deposit Agreement.

     (k) Notice of Event of Loss. In the case of any Aircraft, if, prior to the
date on which such Aircraft is subjected to a financing in the manner provided herein, an
event has occurred and is continuing that constitutes an Event of Loss (as defined in
(x) if at the time of the occurrence of such event such Aircraft was subject to an
Existing Financing, the indenture and security agreement to which such Aircraft was then
subject in connection with such Existing Financing or (y) if at the time of the
occurrence of such event such Aircraft was not subject to an Existing Financing, the form of
the Indenture annexed hereto, as such form is modified from time to time in accordance with
the terms hereof) with respect to such Aircraft or that would constitute such an Event of
Loss but for the requirement that notice be given or time elapse or both, the Company will
as

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promptly as practicable (and, in any event, within 15 days after the occurrence of the
relevant Event of Loss) give notice of such event to the Class A Pass Through Trustee and
the Subordination Agent and instruct the Class A Pass Through Trustee, and the Class A Pass
Through Trustee agrees, to execute and deliver to the Escrow Agent a duly completed
Withdrawal Certificate (as defined in the Escrow and Paying Agent Agreement) together with a
relevant Notice of Event of Loss Withdrawal (as defined in the Escrow and Paying Agent
Agreement).

          SECTION 2. Conditions Precedent. The obligation of the Pass Through Trustee of each
Pass Through Trust then in existence to enter into, and to cause the Subordination Agent to enter
into, a Participation Agreement relating to any Aircraft as directed pursuant to a Funding Notice
and to perform its obligations thereunder is subject to satisfaction of the following conditions:

     (a) no Triggering Event shall have occurred;

     (b) subject to Section 1(d)(iv) and the last paragraph of Section 1(d),
the Company shall have delivered a certificate to each of the Class A Pass Through Trustee
and the Class A Liquidity Provider stating that (i) such Participation Agreement and
the other Financing Agreements to be entered into pursuant to such Participation Agreement
comply with the Required Terms and (ii) if any substantive modifications of such
Financing Agreements from the forms of Financing Agreements attached to this Note Purchase
Agreement have been made, (x) such substantive modifications do not materially and
adversely affect the holders of the Class A Certificates or the Class A Liquidity Provider
and (y) if required pursuant to Section 1(d)(ii), the Company has obtained
from each Rating Agency a Rating Agency Confirmation with respect to each Class of
Certificates then rated by such Rating Agency with respect to such modifications, and such
certification shall be true and correct;

     (c) such Pass Through Trustee shall not have received any notice pursuant to
Section 1(k) of a relevant event with respect to such Aircraft; and

     (d) such Pass Through Trustee shall have received evidence that the lien of the
applicable Existing Financing has been terminated with respect to such Aircraft and the
filing of a release with the FAA and the filing of Uniform Commercial Code termination
statements, and, if applicable, the registration of a discharge of any International
Interest (as defined in the Indenture Form) registered on the International Registry (as
defined in the Indenture Form), in each case with respect to such lien.

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Anything herein to the contrary notwithstanding, the obligation of the Pass Through Trustee of each
Pass Through Trust then in existence to purchase Equipment Notes hereunder shall terminate on the
Cut-Off Date.

          SECTION 3. Representations and Warranties.

     (a) Representations and Warranties of the Company. The Company represents and
warrants that:

     (i) Due Incorporation; Good Standing; Corporate Power; Etc. The
Company is duly incorporated, validly existing and in good standing under the laws of
the State of Delaware and is a Citizen of the United States and has the full
corporate power, authority and legal right under the laws of the State of Delaware to
execute and deliver this Note Purchase Agreement and each Financing Agreement to
which it will be a party and to carry out the obligations of the Company under this
Note Purchase Agreement and each Financing Agreement to which it will be a party;

     (ii) Authorization; No Conflicts. The execution and delivery by the
Company of this Note Purchase Agreement and the performance by the Company of its
obligations under this Note Purchase Agreement have been duly authorized by the
Company and will not violate its Certificate of Incorporation or by-laws or the
provisions of any indenture, mortgage, contract or other agreement to which it is a
party or by which it is bound; and

     (iii) Enforceability. This Note Purchase Agreement constitutes the
legal, valid and binding obligation of the Company, enforceable against it in
accordance with its terms, except as the same may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
rights of creditors generally and by general principles of equity, whether considered
in a proceeding at law or in equity.

     (b) Representations and Warranties of U.S. Bank. U.S. Bank represents and
warrants that:

     (i) Due Incorporation; Good Standing; Corporate Power; Etc. U.S. Bank
is a national banking association duly organized and validly existing in good
standing under the laws of the United States and is a Citizen of the United States
and has the full corporate power, authority and legal right under the laws of the

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United States and of the state of the United States in which it is located and
pertaining to its banking, trust and fiduciary powers to execute and deliver this
Note Purchase Agreement and each Financing Agreement to which it will be a party and
to carry out the obligations of U.S. Bank, in its capacity as Subordination Agent,
Class A Pass Through Trustee or Paying Agent, as the case may be, under this Note
Purchase Agreement and each Financing Agreement to which it will be a party;

     (ii) Due Authorization; No Conflicts. The execution and delivery by
U.S. Bank, in its capacity as Subordination Agent, Class A Pass Through Trustee or
Paying Agent, as the case may be, of this Note Purchase Agreement and the performance
by U.S. Bank, in its capacity as Subordination Agent, Class A Pass Through Trustee or
Paying Agent, as the case may be, of its obligations under this Note Purchase
Agreement have been duly authorized by U.S. Bank, in its capacity as Subordination
Agent, Class A Pass Through Trustee or Paying Agent, as the case may be, and will not
violate its articles of association or by-laws or the provisions of any indenture,
mortgage, contract or other agreement to which it is a party or by which it is bound;
and

     (iii) Enforceability. This Note Purchase Agreement constitutes the
legal, valid and binding obligations of U.S. Bank, in its capacity as Subordination
Agent, Class A Pass Through Trustee or Paying Agent, as the case may be, enforceable
against it in accordance with its terms, except as the same may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the rights of creditors generally and by general principles of equity,
whether considered in a proceeding at law or in equity.

     (c) Representations and Warranties of the Class A Pass Through Trustee. The
Class A Pass Through Trustee hereby confirms to each of the other parties hereto that its
representations and warranties set forth in Section 7.15 of the Basic Pass Through
Trust Agreement and Section 7.04 of the applicable Trust Supplement are true and
correct as of the date hereof.

     (d) Representations and Warranties of the Subordination Agent. The
Subordination Agent represents and warrants that:

     (i) Due Incorporation; Good Standing; Corporate Power; Etc. The
Subordination Agent is a national banking association duly organized and validly
existing in good standing under the laws of the United States, and has the full
corporate power, authority and legal right under the laws of the United States and

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of the state of the United States in which it is located and pertaining to its
banking, trust and fiduciary powers to execute and deliver this Note Purchase
Agreement and each Financing Agreement to which it is or will be a party and to
perform its obligations under this Note Purchase Agreement and each Financing
Agreement to which it is or will be a party;

     (ii) Due Authorization; Enforceability. This Note Purchase Agreement
has been duly authorized, executed and delivered by the Subordination Agent; this
Note Purchase Agreement constitutes the legal, valid and binding obligations of the
Subordination Agent enforceable against it in accordance with its terms, except as
the same may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the rights of creditors generally and by general
principles of equity, whether considered in a proceeding at law or in equity;

     (iii) Compliance with Laws; No Conflicts. None of the execution,
delivery and performance by the Subordination Agent of this Note Purchase Agreement
contravenes any law, rule or regulation of the state of the United States in which it
is located or any United States governmental authority or agency regulating the
Subordination Agent’s banking, trust or fiduciary powers or any judgment or order
applicable to or binding on the Subordination Agent or contravenes the Subordination
Agent’s articles of association or by-laws or results in any breach of, or constitute
a default under, any agreement or instrument to which the Subordination Agent is a
party or by which it or any of its properties may be bound;

     (iv) No Governmental Consents. Neither the execution and delivery by
the Subordination Agent of this Note Purchase Agreement nor the consummation by the
Subordination Agent of any of the transactions contemplated hereby requires the
consent or approval of, the giving of notice to, the registration with, or the taking
of any other action with respect to, any governmental authority or agency of the
state of the United States in which it is located or any federal governmental
authority or agency regulating the Subordination Agent’s banking, trust or fiduciary
powers;

     (v) Certain Tax Matters. There are no Taxes payable by the
Subordination Agent imposed by any state of the United States in which it is located
or any political subdivision or taxing authority thereof in connection with the
execution, delivery and performance by the Subordination Agent of this Note Purchase
Agreement or the Intercreditor Agreement (other than franchise or other taxes based
on or measured by any fees or compensation received by the Subordination Agent for
services rendered in connection with the transactions contemplated by

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the Intercreditor Agreement or the Class A Liquidity Facility), and there are no
Taxes payable by the Subordination Agent imposed by any state of the United States in
which it is located or any political subdivision thereof in connection with the
acquisition, possession or ownership by the Subordination Agent of any of the
Equipment Notes (other than franchise or other taxes based on or measured by any fees
or compensation received by the Subordination Agent for services rendered in
connection with the transactions contemplated by the Intercreditor Agreement or the
Class A Liquidity Facility); and

     (vi) No Proceedings. There are no pending or threatened actions or
proceedings against the Subordination Agent before any court or administrative agency
which individually or in the aggregate, if determined adversely to it, would
materially adversely affect the ability of the Subordination Agent to perform its
obligations under this Note Purchase Agreement.

     (e) Representations and Warranties of the Escrow Agent. The Escrow Agent
represents and warrants that:

     (i) Due Incorporation; Good Standing; Corporate Power; Etc. The
Escrow Agent is a national banking association duly incorporated, validly existing
and in good standing under the laws of the United States and has the full corporate
power, authority and legal right under the laws of the United States and of the state
of the United States in which it is located and pertaining to its banking, trust and
fiduciary powers to execute and deliver this Note Purchase Agreement, the Deposit
Agreement and the Escrow and Paying Agent Agreement (collectively, the “Escrow
Agent Agreements”) and to carry out the obligations of the Escrow Agent under
each of the Escrow Agent Agreements;

     (ii) Due Authorization; No Conflicts. The execution and delivery by
the Escrow Agent of each of the Escrow Agent Agreements and the performance by the
Escrow Agent of its obligations hereunder and thereunder have been duly authorized by
the Escrow Agent and will not violate its articles of association or by-laws or the
provisions of any indenture, mortgage, contract or other agreement to which it is a
party or by which it is bound; and

     (iii) Enforceability. Each of the Escrow Agent Agreements constitutes
the legal, valid and binding obligations of the Escrow Agent enforceable against it
in accordance with its terms, except as the same may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the

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rights of creditors generally and by general principles of equity, whether
considered in a proceeding at law or in equity.

     (f) Representations and Warranties of the Paying Agent. The Paying Agent
represents and warrants that:

     (i) Due Incorporation; Good Standing; Corporate Power; Etc. The
Paying Agent is a national banking association duly organized and validly existing in
good standing under the laws of the United States, and has the full corporate power,
authority and legal right under the laws of the United States and of the state in
which it is located and pertaining to its banking, trust and fiduciary powers to
execute and deliver this Note Purchase Agreement and the Escrow and Paying Agent
Agreement (collectively, the “Paying Agent Agreements”) and to carry out the
obligations of the Paying Agent under each of the Paying Agent Agreements;

     (ii) Due Authorization; No Conflicts. The execution and delivery by
the Paying Agent of each of the Paying Agent Agreements and the performance by the
Paying Agent of its obligations hereunder and thereunder have been duly authorized by
the Paying Agent and will not violate its articles of association or by-laws or the
provisions of any indenture, mortgage, contract or other agreement to which it is a
party or by which it is bound; and

     (iii) Enforceability. Each of the Paying Agent Agreements constitutes
the legal, valid and binding obligations of the Paying Agent enforceable against it
in accordance with its terms, except as the same may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
rights of creditors generally and by general principles of equity, whether considered
in a proceeding at law or in equity.

          SECTION 4. Covenants.

     (a) Covenants of the Company.

     (i) Maintenance of Corporate Existence. Subject to, and except as
contemplated by, Section 4(a)(iii) of this Note Purchase Agreement, the
Company shall at all times maintain its corporate existence.

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     (ii) Maintenance of Status as Certificated Air Carrier; Section 1110.
The Company shall, for as long as and to the extent required under Section 1110 in
order that the Loan Trustee shall be entitled to any of the benefits of Section 1110
with respect to the Aircraft, remain a Certificated Air Carrier.

     (iii) Merger, Consolidation, Acquisition of the Company. The Company
shall not consolidate with or merge into any other Person or convey, transfer or
lease substantially all of its assets as an entirety to any Person, unless the Person
formed by such consolidation or into which the Company is merged or the Person that
acquires by conveyance, transfer or lease substantially all of the assets of the
Company as an entirety shall execute and deliver to the Pass Through Trustees, the
Subordination Agent, the Escrow Agent and the Paying Agent an agreement containing
the express assumption by such successor Person of the due and punctual performance
and observance of each covenant and condition of this Note Purchase Agreement to be
performed or observed by the Company. Upon any such consolidation or merger, or any
conveyance, transfer or lease of substantially all of the assets of the Company as an
entirety, the successor Person formed by such consolidation or into which the Company
is merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company under
this Note Purchase Agreement with the same effect as if such successor Person had
been named as the Company herein.

     (iv) Notice of Occurrence of Cut-Off Date. The Company agrees to
provide written notice to each of the parties hereto of the occurrence of the Cut-Off
Date no later than one Business Day after the date thereof.

     (v) Issuance and Refinancing of Series B Equipment Notes. The Company
shall not (A) issue any Series B Equipment Notes or (B) if any Series
B Equipment Notes shall have been issued, redeem such Series B Equipment Notes and
issue new Series B Equipment Notes, in each case, under any Indenture, unless Series
B Equipment Notes shall be issued under all (and not less than all) of the Indentures
then in effect and the Company shall have obtained a Rating Agency Confirmation with
respect to the Class A Certificates in connection with such issuance or such
redemption and issuance, as applicable. Any such issuance or redemption and
issuance, as applicable, shall be subject to the terms of Section 8.01(c) or
8.01(d), as applicable, of the Intercreditor Agreement. If any Series B
Equipment Notes are to be so issued, the Class B Pass Through Trustee shall execute
and deliver an instrument (including, without limitation, a joinder agreement) by
which the Class B Pass Through Trustee becomes a party hereto, and each of the
parties hereto agrees, at the Company’s request, to enter into any amendments to this
Note Purchase Agreement (including, without limitation, any modifications of the

Note Purchase Agreement

2011-1 EETC

13

 

Indenture Form and the Participation Agreement Form) and any other Operative
Agreements as may be necessary or desirable to give effect to such issuance or
redemption and issuance of any such Series B Equipment Notes and the issuance of pass
through certificates by any pass through trust that acquires any such Series B
Equipment Notes and to make changes relating to any of the foregoing (including,
without limitation, to provide for any prefunding mechanism in connection therewith)
and to provide for any credit support for any pass through certificates relating to
any such Series B Equipment Notes (including, without limitation, to provide for
payment of fees, interest, expenses, reimbursement of advances and other obligations
arising from such credit support (including, without limitation, to specify such
credit support as a “Liquidity Facility” and the “Class B Liquidity Facility” and the
provider of any such credit support as a “Liquidity Provider” and the “Class B
Liquidity Provider” and, if the Class B Liquidity Facility is to be comprised of more
than one instrument, to incorporate appropriate mechanics for multiple Liquidity
Facilities for a single Pass Through Trust)).

     (vi) Certain Reports to Subordination Agent. Promptly after the
occurrence of a Triggering Event or an Indenture Event of Default resulting from the
failure of the Company to make payments on any Equipment Note and on every Regular
Distribution Date while the Triggering Event or such Indenture Event of Default shall
be continuing, the Company shall, at the Subordination Agent’s request from time to
time but in any event no more frequently than once every three months, provide to the
Subordination Agent a statement setting forth the following information with respect
to each Aircraft then subject to the lien of an Indenture: (A) whether the
Aircraft are currently in service or parked in storage, (B) the maintenance
status of the Aircraft, and (C) the location of the Engines (as defined in
the respective Indentures to which such Aircraft are subject). As used in this
Section 4(a)(vi), the terms “Triggering Event”, “Indenture Event of Default”
and “Regular Distribution Date” have the respective meanings set forth in the
Intercreditor Agreement.

     (b) Covenants by U.S. Bank.

     (i) Status as Citizen of the United States. U.S. Bank, in its
individual capacity, covenants with each of the other parties to this Note Purchase
Agreement that it will, immediately upon obtaining knowledge of any facts that would
cast doubt upon its continuing status as a Citizen of the United States and promptly
upon public disclosure of negotiations in respect of any transaction which would or
might adversely affect such status, notify in writing all parties hereto of all
relevant matters in connection therewith. Upon U.S. Bank giving any such notice,
U.S. Bank shall, subject to Section 8.01 of any Indenture then entered into,
resign as Loan Trustee in respect of such Indenture.

Note Purchase Agreement

2011-1 EETC

14

 

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

     (c) [Reserved].

     (d) Covenants by the Pass Through Trustees.

     (i) Tax Forms of the Class A Pass Through Trustee. On or prior to the
Issuance Date, the Class A Pass Through Trustee shall have provided a completed and
executed copy of IRS Form W-9 to each of the Company, the Subordination Agent, the
Class A Liquidity Provider, the Escrow Agent, the Paying Agent and the Depositary.

     (ii) Tax Forms of the Class B Pass Through Trustee. If any Series B
Equipment Notes shall be issued under any Indenture as provided in Section
4(a)(v), on or prior to the date such Series B Equipment Notes shall have been so
issued, the Class B Pass Through Trustee shall have provided a completed and executed
copy of IRS Form W-9 to each of the Company and the Subordination Agent and, if a
Class B Liquidity Facility shall have been provided, to the Class B Liquidity
Provider.

          SECTION 5. Depositary Downgrade and Replacement of Depositary.

     (a) Depositary Downgrade and Option to Replace. If (1) the
Depositary’s Short-Term Rating issued by a Rating Agency is downgraded below P-1 by Moody’s
or A-1+ by Standard & Poor’s, as applicable (each such minimum rating, a “Depositary
Threshold Rating”), or (2) the Company, in its sole discretion, gives written
notice to the Depositary of the Company’s election that the Depositary be replaced, the
Company shall, within 30 days after such event occurring, cause the Depositary to be
replaced with a depositary bank meeting the terms and on the conditions set forth in
Section 5(c) (a “Replacement Depositary”).

     (b) [Reserved.]

Note Purchase Agreement

2011-1 EETC

15

 

     (c) Terms and Preconditions for Replacement of Depositary.

     (i) Minimum Credit Ratings; Confirmation from Ratings Agency. Any
Replacement Depositary may either be (x) one that meets the Depositary
Threshold Ratings or (y) one that does not meet the Depositary Threshold
Ratings, so long as, in the case of either of the immediately preceding clauses (x)
and (y), the Company shall have obtained a Rating Agency Confirmation with respect to
the Class A Certificates in connection with the replacement of the Depositary with
such Replacement Depositary.

     (ii) Certain Fees and Expenses. The Company shall pay all fees,
expenses and other amounts then owing to the replaced Depositary. The Company shall
also pay (x) any up-front fee of the Replacement Depositary and (y)
all out-of-pocket expenses (including reasonable fees and expenses of legal counsel)
of the parties hereto (including, without limitation, all amounts payable to the
Rating Agencies) incurred in connection with such replacement.

     (iii) Replacement Deposit Agreement; Opinions and Other Closing
Requirements. The Company shall cause the Replacement Depositary to enter into a
Replacement Deposit Agreement for the Class A Certificates with the Escrow Agent (and
the Escrow Agent agrees to enter into any such Replacement Deposit Agreement upon
request of the Company) and shall cause the Replacement Depositary to deliver to the
Company and each Rating Agency legal opinions and other closing documentation
substantially similar in scope and substance as those that were delivered by the
Depositary being replaced in connection with the execution and delivery of the
Deposit Agreement being replaced.

     (d) Withdrawal Certificate and Notice of Replacement Withdrawal. Upon
satisfaction of the conditions set forth in Section 5(c), the Company shall instruct
the Class A Pass Through Trustee, and the Class A Pass Through Trustee agrees, to execute
and deliver to the Escrow Agent a duly completed Withdrawal Certificate (as defined in the
Escrow and Paying Agent Agreement) together with a Notice of Replacement Withdrawal (as
defined in the Escrow and Paying Agent Agreement).

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

Note Purchase Agreement

2011-1 EETC

16

 

     (f) Effect of Replacement. Until the execution and delivery of the Replacement
Deposit Agreement, the Deposit Agreement with the Depositary being replaced shall remain in
full force and effect. Upon the execution and delivery of the Replacement Deposit
Agreement, the Replacement Depositary shall be deemed to be the Depositary with all of the
rights and obligations of the Depositary hereunder and under the other Operative Agreements
and the Replacement Deposit Agreement shall be deemed to be the Deposit Agreement hereunder
and under the other Operative Agreements.

          SECTION 6. Notices. Unless otherwise expressly specified or permitted by the terms
hereof, all notices, requests, demands, authorizations, directions, consents or waivers required or
permitted by the terms and provisions of this Note Purchase Agreement shall be in English and in
writing, and given by United States registered or certified mail, return receipt requested,
overnight courier service or facsimile, and any such notice shall be effective when received (or,
if delivered by facsimile, upon completion of transmission and confirmation by the sender (by a
telephone call to a representative of the recipient or by machine confirmation) that such
transmission was received) to the relevant party hereto at the address or facsimile number set
forth below the signature of such party at the foot of this Note Purchase Agreement or to such
other address or facsimile number as such party may hereafter specify by notice to the other
parties.

          SECTION 7. Expenses. So long as no Equipment Notes have been issued in respect of
any Aircraft, the Company agrees to pay:

     (a) Certain Liquidity Provider Fees. To the Subordination Agent when due an
amount or amounts equal to the fees payable to the Class A Liquidity Provider under
Section 2.03 of the Class A Liquidity Facility and under the related Fee Letter (as
defined in the Intercreditor Agreement);

     (b) Under the Liquidity Facilities. To the Subordination Agent when due
(i) the amount equal to interest on any Downgrade Advance (other than any Applied
Downgrade Advance) payable under Section 3.07 of the Class A Liquidity Facility
minus Investment Earnings while such Downgrade Advance shall be outstanding and (ii)
any other amounts owed to the Class A Liquidity Provider by the Subordination Agent as
borrower under the Class A Liquidity Facility (other than amounts due as repayment of
advances thereunder or as interest on such advances, except to the extent payable pursuant
to clause (i) of this sentence);

     (c) Under the Pass Through Trust Agreements. All compensation and
reimbursement of expenses, disbursements and advances payable by the Company under

Note Purchase Agreement

2011-1 EETC

17

 

the Pass Through Trust Agreements in respect of each Pass Through Trust then in
existence;

     (d) Under the Intercreditor Agreement. All compensation and reimbursement of
expenses and disbursements payable to the Subordination Agent under the Intercreditor
Agreement except with respect to any income or franchise taxes incurred by the Subordination
Agent in connection with the transactions contemplated by the Intercreditor Agreement; and

     (e) Escrow Agent and Paying Agent. In the event the Company requests any
amendment to any Operative Agreement, all reasonable fees and expenses (including, without
limitation, fees and disbursements of counsel) of the Escrow Agent and/or the Paying Agent
in connection therewith.

For purposes of this Section 7, the terms “Applied Downgrade Advance”, “Downgrade Advance”
and “Investment Earnings” shall have the meanings specified in the Class A Liquidity Facility.

          SECTION 8. Further Assurances. Each party hereto shall duly execute, acknowledge and
deliver, or shall cause to be executed, acknowledged and delivered, all such further agreements,
instruments, certificates or documents, and shall do and cause to be done such further acts and
things, in any case, as any other party hereto shall reasonably request in connection with its
administration of, or to carry out more effectually the purposes of, or to better assure and
confirm unto it the rights and benefits to be provided under, this Note Purchase Agreement.

          SECTION 9. Miscellaneous.

     (a) Survival of Representations and Covenants. Provided that the transactions
contemplated hereby have been consummated, and except as otherwise provided for herein, the
representations, warranties and agreements herein of the Company, the Subordination Agent,
the Escrow Agent, the Paying Agent and each Pass Through Trustee, and the Company’s, the
Subordination Agent’s, the Escrow Agent’s, the Paying Agent’s and each Pass Through
Trustee’s obligations under any and all thereof, shall survive the expiration or other
termination of this Note Purchase Agreement and the other agreements referred to herein.

     (b) Counterparts; Amendments; Effect of Headings; Successors and Assigns. This
Note Purchase Agreement may be executed in any number of counterparts (and each

Note Purchase Agreement

2011-1 EETC

18

 

of the parties hereto shall not be required to execute the same counterpart). Each
counterpart of this Note Purchase Agreement, including a signature page executed by each of
the parties hereto, shall be an original counterpart of this Note Purchase Agreement, but
all of such counterparts together shall constitute one instrument. Neither this Note
Purchase Agreement nor any of the terms hereof may be terminated, amended, supplemented,
waived or modified orally, but only by an instrument in writing signed by the party against
which the enforcement of the termination, amendment, supplement, waiver or modification is
sought. The Table of Contents to this Note Purchase Agreement and the headings of the
various Sections and Subsections of this Note Purchase Agreement are for convenience of
reference only and shall not modify, define, expand or limit any of the terms or provisions
hereof. The terms of this Note Purchase Agreement shall be binding upon, and shall inure to
the benefit of, the Company and its successors and permitted assigns, the Pass Through
Trustee and its successors as Pass Through Trustee (and any additional trustee appointed)
under any of the Pass Through Trust Agreements, the Escrow Agent and its successors as
Escrow Agent under the Escrow and Paying Agent Agreement, the Paying Agent and its
successors as Paying Agent under the Escrow and Paying Agent Agreement and the Subordination
Agent and its successors as Subordination Agent under the Intercreditor Agreement.

     (c) Benefits of Agreement. This Note Purchase Agreement is not intended to,
and shall not, provide any Person not a party hereto (other than the Underwriters, each of
the beneficiaries of Section 7 hereof, and the Depositary as a beneficiary of
Section 5(c)(ii) hereof) with any rights of any nature whatsoever against any of the
parties hereto, and no Person not a party hereto (other than the Underwriters, each of the
beneficiaries of Section 7 hereof, and the Depositary as a beneficiary of
Section 5(c)(ii) hereof) shall have any right, power or privilege in respect of, or
have any benefit or interest arising out of, this Note Purchase Agreement. To the extent
that this Note Purchase Agreement expressly confers upon, gives or grants any right, power,
privilege, benefit, interest, remedy or claim to any of the beneficiaries of Section
7 hereof (including, but not limited to, rights, powers, privileges, benefits,
interests, remedies and claims under Section 7) or to the Depositary with respect to
Section 5(c)(ii) hereof, each such party is hereby recognized as a third party
beneficiary hereunder and may enforce any such right, power, privilege, benefit, interest,
remedy or claim.

          SECTION 10. Governing Law. THIS NOTE PURCHASE AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE. THIS NOTE PURCHASE AGREEMENT IS BEING DELIVERED IN THE
STATE OF NEW YORK.

Note Purchase Agreement

2011-1 EETC

[Signature Pages Follow.]

19

 

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

	 	 	 	 	 	 	 	 	 

	 	 	DELTA AIR LINES, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Paul A. Jacobson	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Paul A. Jacobson	 	 
	 

	 	 	 	Title:
	 	Senior Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	1030 Delta Boulevard	 	 
	 

	 	 	 	 	 	Atlanta, Georgia 30354	 	 
	 

	 	 	 	 	 	Ref.: Delta Air Lines 2011-1 EETC	 	 
	 

	 	 	 	 	 	Attention: Treasurer	 	 
	 

	 	 	 	 	 	Telephone: (404) 715-6583	 	 
	 

	 	 	 	 	 	Facsimile: (404) 773-7345	 	 

Note Purchase Agreement

2011-1 EETC

Signature Page

 

 

	 	 	 	 	 	 	 	 	 

	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION,	 	 
	 	 	not in its individual capacity, except as otherwise
provided herein, but solely as Class A Pass Through
Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John G. Correia	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John G. Correia	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	300 Delaware Avenue, 9th Floor	 	 
	 

	 	 	 	 	 	Mail Code EX-DE-WDAW	 	 
	 

	 	 	 	 	 	Wilmington, Delaware 19801	 	 
	 

	 	 	 	 	 	Attention: Corporate Trust Services	 	 
	 

	 	 	 	 	 	Ref.: Delta Air Lines 2011-1 EETC	 	 
	 

	 	 	 	 	 	Telephone: (302) 576-3703	 	 
	 

	 	 	 	 	 	Facsimile: (302) 576-3717	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION,	 	 
	 	 	not in its individual capacity, except as otherwise

provided herein, but solely as Subordination Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John G. Correia	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John G. Correia	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	One Federal Street, 3rd Floor	 	 
	 

	 	 	 	 	 	Mail Code EX-MA-FED	 	 
	 

	 	 	 	 	 	Boston, Massachusetts 02110	 	 
	 

	 	 	 	 	 	Attention: Corporate Trust Services	 	 
	 

	 	 	 	 	 	Ref.: Delta Air Lines 2011-1 EETC	 	 
	 

	 	 	 	 	 	Telephone: (617) 603-6553	 	 
	 

	 	 	 	 	 	Facsimile: (617) 603-6683	 	 

Note Purchase Agreement

2011-1 EETC

Signature Page

 

 

	 	 	 	 	 	 	 	 	 

	 	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual
capacity, except as otherwise provided herein, but
solely as Escrow Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John G. Correia	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John G. Correia	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	One Federal Street, 3rd Floor	 	 
	 

	 	 	 	 	 	Boston, Massachusetts 02110	 	 
	 

	 	 	 	 	 	Attention: Corporate Trust Services	 	 
	 

	 	 	 	 	 	Ref.: Delta Air Lines 2011-1 EETC	 	 
	 

	 	 	 	 	 	Telephone: (617) 603-6553	 	 
	 

	 	 	 	 	 	Facsimile: (617) 603-6683	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION, 
not in its
individual capacity, except as otherwise provided

herein, but solely as Paying Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John G. Correia	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John G. Correia	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Address:
	 	One Federal Street, 3rd Floor	 	 
	 

	 	 	 	 	 	Mail Code EX-MA-FED	 	 
	 

	 	 	 	 	 	Boston, Massachusetts 02110	 	 
	 

	 	 	 	 	 	Attention: Corporate Trust Services	 	 
	 

	 	 	 	 	 	Ref.: Delta Air Lines 2011-1 EETC	 	 
	 

	 	 	 	 	 	Telephone: (617) 603-6553	 	 
	 

	 	 	 	 	 	Facsimile: (617) 603-6683	 	 

Note Purchase Agreement

2011-1 EETC

Signature Page

 

 

SCHEDULE I to

NOTE PURCHASE AGREEMENT

AIRCRAFT AND EXISTING FINANCINGS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	U.S.	 	 	 	Airframe Model (including	 	 	 	 	 	 	 	Engine Model	 	 
	 	 	Registration	 	Airframe	 	generic manufacturer and	 	Airframe	 	 	 	(including generic	 	 
	No.	 	No.	 	Manufacturer	 	model)	 	MSN	 	Engine Manufacturer	 	manufacturer and model)	 	Existing Financing
	1.

	 	N3737C
	 	Boeing
	 	737-832

(BOEING 737-800)
	 	 	30799	 	 	CFM
International, Inc.
	 	CFM56-7B24

(CFM CFM56-7)
	 	2001-1 EETC
	2.

	 	N3738B
	 	Boeing
	 	737-832

(BOEING 737-800)
	 	 	30382	 	 	CFM
International, Inc.
	 	CFM56-7B24

(CFM CFM56-7)
	 	2001-1 EETC
	3.

	 	N3739P
	 	Boeing
	 	737-832

(BOEING 737-800)
	 	 	30541	 	 	CFM
International, Inc.
	 	CFM56-7B24

(CFM CFM56-7)
	 	2001-1 EETC
	4.

	 	N3740C
	 	Boeing
	 	737-832

(BOEING 737-800)
	 	 	30800	 	 	CFM
International, Inc.
	 	CFM56-7B24

(CFM CFM56-7)
	 	2001-1 EETC
	5.

	 	N3741S
	 	Boeing
	 	737-832

(BOEING 737-800)
	 	 	30487	 	 	CFM
International, Inc.
	 	CFM56-7B24

(CFM CFM56-7)
	 	2001-1 EETC
	6.

	 	N3742C
	 	Boeing
	 	737-832

(BOEING 737-800)
	 	 	30835	 	 	CFM
International, Inc.
	 	CFM56-7B24

(CFM CFM56-7)
	 	2001-1 EETC
	7.

	 	N3743H
	 	Boeing
	 	737-832

(BOEING 737-800)
	 	 	30836	 	 	CFM
International, Inc.
	 	CFM56-7B24

(CFM CFM56-7)
	 	2001-1 EETC
	8.

	 	N3744F
	 	Boeing
	 	737-832

(BOEING 737-800)
	 	 	30837	 	 	CFM
International, Inc.
	 	CFM56-7B24

(CFM CFM56-7)
	 	2001-1 EETC
	9.

	 	N3745B
	 	Boeing
	 	737-832

(BOEING 737-800)
	 	 	32373	 	 	CFM
International, Inc.
	 	CFM56-7B24

(CFM CFM56-7)
	 	2001-1 EETC
	10.

	 	N3747D
	 	Boeing
	 	737-832

(BOEING 737-800)
	 	 	32374	 	 	CFM
International, Inc.
	 	CFM56-7B24

(CFM CFM56-7)
	 	2001-1 EETC
	11.

	 	N685DA
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	27588	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	12.

	 	N686DA
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	27589	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	13.

	 	N687DL
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	27586	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC

Note Purchase Agreement

2011-1 EETC

 

 

SCHEDULE I to

NOTE PURCHASE AGREEMENT

(Cont’d)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	U.S.	 	 	 	Airframe Model (including	 	 	 	 	 	 	 	Engine Model	 	 
	 	 	Registration	 	Airframe	 	generic manufacturer and	 	Airframe	 	 	 	(including generic	 	 
	No.	 	No.	 	Manufacturer	 	model)	 	MSN	 	Engine Manufacturer	 	manufacturer and model)	 	Existing Financing
	14.

	 	N688DL
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	27587	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	15.

	 	N689DL
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	27172	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	16.

	 	N690DL
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	27585	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	17.

	 	N692DL
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	29724	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	18.

	 	N693DL
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	29725	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	19.

	 	N694DL
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	29726	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	20.

	 	N695DL
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	29727	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	21.

	 	N6714Q
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	30485	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	22.

	 	N6715C
	 	Boeing
	 	757-232

(BOEING 757-200)
	 	 	30486	 	 	Pratt & Whitney
	 	PW2037

(PRATT & WHITNEY

PW2037)
	 	2001-1 EETC
	23.

	 	N169DZ
	 	Boeing
	 	767-332ER

(BOEING 767-300)
	 	 	29689	 	 	General Electric
	 	CF6-80C2B6F

(GE CF6-80C2)
	 	2001-1 EETC
	24.

	 	N171DZ
	 	Boeing
	 	767-332ER

(BOEING 767-300)
	 	 	29690	 	 	General Electric
	 	CF6-80C2B6F

(GE CF6-80C2)
	 	2001-1 EETC

Sch. I — 2

Note Purchase Agreement

2011-1 EETC

 

 

SCHEDULE I to

NOTE PURCHASE AGREEMENT

(Cont’d)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	U.S.	 	 	 	Airframe Model (including	 	 	 	 	 	 	 	Engine Model	 	 
	 	 	Registration	 	Airframe	 	generic manufacturer and	 	Airframe	 	 	 	(including generic	 	 
	No.	 	No.	 	Manufacturer	 	model)	 	MSN	 	Engine Manufacturer	 	manufacturer and model)	 	Existing Financing
	25.

	 	N172DZ
	 	Boeing
	 	767-332ER

(BOEING 767-300)
	 	 	29691	 	 	General Electric
	 	CF6-80C2B6F

(GE CF6-80C2)
	 	2001-1 EETC
	26.

	 	N173DZ
	 	Boeing
	 	767-332ER

(BOEING 767-300)
	 	 	29692	 	 	General Electric
	 	CF6-80C2B6F

(GE CF6-80C2)
	 	2001-1 EETC

Sch. I — 3

Note Purchase Agreement

2011-1 EETC

 

 

SCHEDULE II to

NOTE PURCHASE AGREEMENT

TRUST SUPPLEMENT

Trust Supplement No. 2011-1A, dated as of the Issuance Date, between the Company and the Pass
Through Trustee in respect of the Delta Air Lines Pass Through Trust, Series 2011-1A.

Note Purchase Agreement

2011-1 EETC

 

 

SCHEDULE III to

NOTE PURCHASE AGREEMENT

REQUIRED TERMS

Equipment Notes

Obligor: The Company

Maximum Principal Amount:

The original principal amount and amortization schedule of the Series A Equipment Notes issued with
respect to an Aircraft shall be as set forth in the following tables:

PRINCIPAL AMOUNTS OF SERIES A EQUIPMENT NOTES

	 	 	 	 	 
	Aircraft	 	Principal Amount	 
	N3737C
	 	$	12,643,000.00	 
	N3738B
	 	 	12,450,000.00	 
	N3739P
	 	 	12,480,000.00	 
	N3740C
	 	 	12,510,000.00	 
	N3741S
	 	 	12,889,000.00	 
	N3742C
	 	 	12,865,000.00	 
	N3743H
	 	 	12,879,000.00	 
	N3744F
	 	 	13,001,000.00	 
	N3745B
	 	 	13,027,000.00	 
	N3747D
	 	 	12,914,000.00	 
	N685DA
	 	 	6,920,000.00	 
	N686DA
	 	 	7,827,000.00	 
	N687DL
	 	 	9,128,000.00	 
	N688DL
	 	 	7,808,000.00	 
	N689DL
	 	 	9,201,000.00	 
	N690DL
	 	 	8,281,000.00	 
	N692DL
	 	 	8,399,000.00	 
	N693DL
	 	 	8,045,000.00	 

Note Purchase Agreement

2011-1 EETC

 

 

	 	 	 	 	 
	Aircraft	 	Principal Amount	 
	N694DL
	 	 	8,164,000.00	 
	N695DL
	 	 	8,235,000.00	 
	N6714Q
	 	 	9,549,000.00	 
	N6715C
	 	 	9,765,000.00	 
	N169DZ
	 	 	15,641,000.00	 
	N171DZ
	 	 	15,968,000.00	 
	N172DZ
	 	 	15,963,000.00	 
	N173DZ
	 	 	16,198,000.00	 
	 
	 	 	 
	 
	 	$	292,750,000.00	 
	 
	 	 	 

Sch. III-2

Note Purchase Agreement

2011-1 EETC

 

 

AMORTIZATION SCHEDULES

Series A Equipment Notes

Boeing 737-832

N3737C

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.5667258562	 
	October 15, 2012

	 	 	6.4195606264	 
	April 15, 2013

	 	 	6.0156368742	 
	October 15, 2013

	 	 	3.8404324923	 
	April 15, 2014

	 	 	3.6654063909	 
	October 15, 2014

	 	 	3.6900786206	 
	April 15, 2015

	 	 	3.7172780986	 
	October 15, 2015

	 	 	3.7286257217	 
	April 15, 2016

	 	 	4.1492903583	 
	October 15, 2016

	 	 	3.6612286641	 
	April 15, 2017

	 	 	3.6764617575	 
	October 15, 2017

	 	 	3.6939102270	 
	April 15, 2018

	 	 	3.7140246777	 
	October 15, 2018

	 	 	3.6419074587	 
	April 15, 2019

	 	 	39.8194321759	 

Series A Equipment Notes

Boeing 737-832

N3738B

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.5628640964	 
	October 15, 2012

	 	 	6.4198257028	 
	April 15, 2013

	 	 	6.0158856225	 
	October 15, 2013

	 	 	3.8405910040	 
	April 15, 2014

	 	 	3.6655580723	 
	October 15, 2014

	 	 	3.6902311647	 
	April 15, 2015

	 	 	3.7174318876	 
	October 15, 2015

	 	 	3.7287799197	 
	April 15, 2016

	 	 	4.1494619277	 
	October 15, 2016

	 	 	3.6613798394	 
	April 15, 2017

	 	 	3.6766137349	 
	October 15, 2017

	 	 	3.6940628112	 
	April 15, 2018

	 	 	3.7141782329	 
	October 15, 2018

	 	 	3.6420578313	 
	April 15, 2019

	 	 	39.8210781526	 

Note Purchase Agreement

2011-1 EETC

Sch. III-2 

 

Series A Equipment Notes

Boeing 737-832

N3739P

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.5679297276	 
	October 15, 2012

	 	 	6.4194777244	 
	April 15, 2013

	 	 	6.0155594551	 
	October 15, 2013

	 	 	3.8403827724	 
	April 15, 2014

	 	 	3.6653592949	 
	October 15, 2014

	 	 	3.6900310897	 
	April 15, 2015

	 	 	3.7172303686	 
	October 15, 2015

	 	 	3.7285778045	 
	April 15, 2016

	 	 	4.1492369391	 
	October 15, 2016

	 	 	3.6611814103	 
	April 15, 2017

	 	 	3.6764143429	 
	October 15, 2017

	 	 	3.6938625000	 
	April 15, 2018

	 	 	3.7139769231	 
	October 15, 2018

	 	 	3.6418603365	 
	April 15, 2019

	 	 	39.8189193109	 

Series A Equipment Notes

Boeing 737-832

N3740C

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.5653310152	 
	October 15, 2012

	 	 	6.4196562750	 
	April 15, 2013

	 	 	6.0157266986	 
	October 15, 2013

	 	 	3.8404896882	 
	April 15, 2014

	 	 	3.6654612310	 
	October 15, 2014

	 	 	3.6901337330	 
	April 15, 2015

	 	 	3.7173337330	 
	October 15, 2015

	 	 	3.7286814548	 
	April 15, 2016

	 	 	4.1493524380	 
	October 15, 2016

	 	 	3.6612832134	 
	April 15, 2017

	 	 	3.6765166267	 
	October 15, 2017

	 	 	3.6939652278	 
	April 15, 2018

	 	 	3.7140801759	 
	October 15, 2018

	 	 	3.6419617106	 
	April 15, 2019

	 	 	39.8200267786	 

Note Purchase Agreement

2011-1 EETC

Sch. III-3 

 

Series A Equipment Notes

Boeing 737-832

N3741S

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.5665820467	 
	October 15, 2012

	 	 	6.4195703313	 
	April 15, 2013

	 	 	6.0156462099	 
	October 15, 2013

	 	 	3.8404382031	 
	April 15, 2014

	 	 	3.6654121344	 
	October 15, 2014

	 	 	3.6900843355	 
	April 15, 2015

	 	 	3.7172839631	 
	October 15, 2015

	 	 	3.7286315463	 
	April 15, 2016

	 	 	4.1492968423	 
	October 15, 2016

	 	 	3.6612341532	 
	April 15, 2017

	 	 	3.6764674529	 
	October 15, 2017

	 	 	3.6939157421	 
	April 15, 2018

	 	 	3.7140304911	 
	October 15, 2018

	 	 	3.6419128714	 
	April 15, 2019

	 	 	39.8194936768	 

Series A Equipment Notes

Boeing 737-832

N3742C

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.4726877575	 
	October 15, 2012

	 	 	6.3803177614	 
	April 15, 2013

	 	 	5.9802649825	 
	October 15, 2013

	 	 	3.8038678585	 
	April 15, 2014

	 	 	3.6305712398	 
	October 15, 2014

	 	 	3.6575959580	 
	April 15, 2015

	 	 	3.6873890400	 
	October 15, 2015

	 	 	3.7015061796	 
	April 15, 2016

	 	 	3.5752279829	 
	October 15, 2016

	 	 	3.6390743879	 
	April 15, 2017

	 	 	3.6591787796	 
	October 15, 2017

	 	 	3.6822064516	 
	April 15, 2018

	 	 	3.7087531286	 
	October 15, 2018

	 	 	3.6418012437	 
	April 15, 2019

	 	 	40.7795572483	 

Note Purchase Agreement

2011-1 EETC

Sch. III-4 

 

Series A Equipment Notes

Boeing 737-832

N3743H

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.4715949996	 
	October 15, 2012

	 	 	6.3803922665	 
	April 15, 2013

	 	 	5.9803348862	 
	October 15, 2013

	 	 	3.8039122603	 
	April 15, 2014

	 	 	3.6306137122	 
	October 15, 2014

	 	 	3.6576386365	 
	April 15, 2015

	 	 	3.6874321764	 
	October 15, 2015

	 	 	3.7015494215	 
	April 15, 2016

	 	 	3.5752697414	 
	October 15, 2016

	 	 	3.6391169345	 
	April 15, 2017

	 	 	3.6592215234	 
	October 15, 2017

	 	 	3.6822494759	 
	April 15, 2018

	 	 	3.7087964128	 
	October 15, 2018

	 	 	3.6418438543	 
	April 15, 2019

	 	 	40.7800336983	 

Series A Equipment Notes

Boeing 737-832

N3744F

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.4747870164	 
	October 15, 2012

	 	 	6.3801745250	 
	April 15, 2013

	 	 	5.9801307592	 
	October 15, 2013

	 	 	3.8037824014	 
	April 15, 2014

	 	 	3.6304898085	 
	October 15, 2014

	 	 	3.6575138835	 
	April 15, 2015

	 	 	3.6873062841	 
	October 15, 2015

	 	 	3.7014230444	 
	April 15, 2016

	 	 	3.5751477579	 
	October 15, 2016

	 	 	3.6389927698	 
	April 15, 2017

	 	 	3.6590966080	 
	October 15, 2017

	 	 	3.6821238366	 
	April 15, 2018

	 	 	3.7086697946	 
	October 15, 2018

	 	 	3.6417195600	 
	April 15, 2019

	 	 	40.7786419506	 

Note Purchase Agreement

2011-1 EETC

Sch. III-5 

 

Series A Equipment Notes

Boeing 737-832

N3745B

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.4839674522	 
	October 15, 2012

	 	 	6.3795482460	 
	April 15, 2013

	 	 	5.9795437937	 
	October 15, 2013

	 	 	3.8034089967	 
	April 15, 2014

	 	 	3.6301334152	 
	October 15, 2014

	 	 	3.6571548323	 
	April 15, 2015

	 	 	3.6869443464	 
	October 15, 2015

	 	 	3.7010597989	 
	April 15, 2016

	 	 	3.5747968066	 
	October 15, 2016

	 	 	3.6386355262	 
	April 15, 2017

	 	 	3.6587374683	 
	October 15, 2017

	 	 	3.6817623398	 
	April 15, 2018

	 	 	3.7083058264	 
	October 15, 2018

	 	 	3.6413620941	 
	April 15, 2019

	 	 	40.7746390573	 

Series A Equipment Notes

Boeing 737-832

N3747D

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.4744297661	 
	October 15, 2012

	 	 	6.3801988540	 
	April 15, 2013

	 	 	5.9801536317	 
	October 15, 2013

	 	 	3.8037969645	 
	April 15, 2014

	 	 	3.6305036395	 
	October 15, 2014

	 	 	3.6575277993	 
	April 15, 2015

	 	 	3.6873204274	 
	October 15, 2015

	 	 	3.7014371999	 
	April 15, 2016

	 	 	3.5751613753	 
	October 15, 2016

	 	 	3.6390066594	 
	April 15, 2017

	 	 	3.6591106551	 
	October 15, 2017

	 	 	3.6821378349	 
	April 15, 2018

	 	 	3.7086840638	 
	October 15, 2018

	 	 	3.6417334676	 
	April 15, 2019

	 	 	40.7787976615	 

Note Purchase Agreement

2011-1 EETC

Sch. III-6 

 

Series A Equipment Notes

Boeing 757-232

N685DA

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	9.9475942197	 
	October 15, 2012

	 	 	7.8740518786	 
	April 15, 2013

	 	 	7.3268829480	 
	October 15, 2013

	 	 	5.1936033237	 
	April 15, 2014

	 	 	4.9545859827	 
	October 15, 2014

	 	 	4.8924582370	 
	April 15, 2015

	 	 	4.8239656069	 
	October 15, 2015

	 	 	5.4945289017	 
	April 15, 2016

	 	 	5.2378193642	 
	October 15, 2016

	 	 	4.7487406069	 
	April 15, 2017

	 	 	4.6450238439	 
	October 15, 2017

	 	 	4.5262257225	 
	April 15, 2018

	 	 	4.3892738439	 
	October 15, 2018

	 	 	4.1780813584	 
	April 15, 2019

	 	 	21.7671641618	 

Series A Equipment Notes

Boeing 757-232

N686DA

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	9.6566251437	 
	October 15, 2012

	 	 	7.7499357353	 
	April 15, 2013

	 	 	7.2149956561	 
	October 15, 2013

	 	 	5.0780844513	 
	April 15, 2014

	 	 	4.8445303437	 
	October 15, 2014

	 	 	4.7898185767	 
	April 15, 2015

	 	 	4.7295021081	 
	October 15, 2015

	 	 	4.6473767727	 
	April 15, 2016

	 	 	5.1549936119	 
	October 15, 2016

	 	 	4.6624365657	 
	April 15, 2017

	 	 	4.5712122141	 
	October 15, 2017

	 	 	4.4667230101	 
	April 15, 2018

	 	 	4.3462665134	 
	October 15, 2018

	 	 	4.1490195477	 
	April 15, 2019

	 	 	23.9384797496	 

Note Purchase Agreement

2011-1 EETC

Sch. III-7 

 

Series A Equipment Notes

Boeing 757-232

N687DL

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	7.0880023006	 
	October 15, 2012

	 	 	6.6459870727	 
	April 15, 2013

	 	 	6.2197745399	 
	October 15, 2013

	 	 	4.7612228309	 
	April 15, 2014

	 	 	4.5428690841	 
	October 15, 2014

	 	 	4.5173709465	 
	April 15, 2015

	 	 	4.4892606266	 
	October 15, 2015

	 	 	4.4409528922	 
	April 15, 2016

	 	 	4.2609637379	 
	October 15, 2016

	 	 	3.7890627739	 
	April 15, 2017

	 	 	3.7763494741	 
	October 15, 2017

	 	 	3.7617874671	 
	April 15, 2018

	 	 	3.7450002191	 
	October 15, 2018

	 	 	4.1632011394	 
	April 15, 2019

	 	 	33.7981948948	 

Series A Equipment Notes

Boeing 757-232

N688DL

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	7.0967091445	 
	October 15, 2012

	 	 	6.6453642418	 
	April 15, 2013

	 	 	6.2191915984	 
	October 15, 2013

	 	 	4.7607766393	 
	April 15, 2014

	 	 	4.5424433914	 
	October 15, 2014

	 	 	4.5169476178	 
	April 15, 2015

	 	 	4.4888399078	 
	October 15, 2015

	 	 	4.4405368852	 
	April 15, 2016

	 	 	4.2605644211	 
	October 15, 2016

	 	 	3.7887076076	 
	April 15, 2017

	 	 	3.7759956455	 
	October 15, 2017

	 	 	3.7614349385	 
	April 15, 2018

	 	 	3.7446492059	 
	October 15, 2018

	 	 	4.1628110912	 
	April 15, 2019

	 	 	33.7950276639	 

Note Purchase Agreement

2011-1 EETC

Sch. III-8 

 

Series A Equipment Notes

Boeing 757-232

N689DL

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	7.0883384415	 
	October 15, 2012

	 	 	6.6459629388	 
	April 15, 2013

	 	 	6.2197520922	 
	October 15, 2013

	 	 	4.7612055211	 
	April 15, 2014

	 	 	4.5428527334	 
	October 15, 2014

	 	 	4.5173545267	 
	April 15, 2015

	 	 	4.4892444300	 
	October 15, 2015

	 	 	4.4409368547	 
	April 15, 2016

	 	 	4.2609483752	 
	October 15, 2016

	 	 	3.7890490164	 
	April 15, 2017

	 	 	3.7763357244	 
	October 15, 2017

	 	 	3.7617739376	 
	April 15, 2018

	 	 	3.7449866319	 
	October 15, 2018

	 	 	4.1631860667	 
	April 15, 2019

	 	 	33.7980727095	 

Series A Equipment Notes

Boeing 757-232

N690DL

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	7.0894604516	 
	October 15, 2012

	 	 	6.6458826229	 
	April 15, 2013

	 	 	6.2196769714	 
	October 15, 2013

	 	 	4.7611481705	 
	April 15, 2014

	 	 	4.5427977297	 
	October 15, 2014

	 	 	4.5172999638	 
	April 15, 2015

	 	 	4.4891901944	 
	October 15, 2015

	 	 	4.4408833474	 
	April 15, 2016

	 	 	4.2608968724	 
	October 15, 2016

	 	 	3.7890032605	 
	April 15, 2017

	 	 	3.7762901823	 
	October 15, 2017

	 	 	3.7617284144	 
	April 15, 2018

	 	 	3.7449414322	 
	October 15, 2018

	 	 	4.1631358532	 
	April 15, 2019

	 	 	33.7976645333	 

Note Purchase Agreement

2011-1 EETC

Sch. III-9 

 

Series A Equipment Notes

Boeing 757-232

N692DL

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.9724999405	 
	October 15, 2012

	 	 	6.5964396952	 
	April 15, 2013

	 	 	6.1751077509	 
	October 15, 2013

	 	 	4.0048843910	 
	April 15, 2014

	 	 	4.4989885701	 
	October 15, 2014

	 	 	4.4784039767	 
	April 15, 2015

	 	 	4.4557109180	 
	October 15, 2015

	 	 	4.4130611978	 
	April 15, 2016

	 	 	4.2365401834	 
	October 15, 2016

	 	 	3.7610902488	 
	April 15, 2017

	 	 	3.7545029170	 
	October 15, 2017

	 	 	3.7469578521	 
	April 15, 2018

	 	 	3.7382596738	 
	October 15, 2018

	 	 	3.6429876176	 
	April 15, 2019

	 	 	35.5245650673	 

Series A Equipment Notes

Boeing 757-232

N693DL

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.9755413300	 
	October 15, 2012

	 	 	6.5962241144	 
	April 15, 2013

	 	 	6.1749057800	 
	October 15, 2013

	 	 	4.0047535115	 
	April 15, 2014

	 	 	4.4988413922	 
	October 15, 2014

	 	 	4.4782576756	 
	April 15, 2015

	 	 	4.4555651958	 
	October 15, 2015

	 	 	4.4129168428	 
	April 15, 2016

	 	 	4.2364017402	 
	October 15, 2016

	 	 	3.7609673089	 
	April 15, 2017

	 	 	3.7543801119	 
	October 15, 2017

	 	 	3.7468354257	 
	April 15, 2018

	 	 	3.7381374767	 
	October 15, 2018

	 	 	3.6428683654	 
	April 15, 2019

	 	 	35.5234037290	 

Note Purchase Agreement

2011-1 EETC

Sch. III-10 

 

Series A Equipment Notes

Boeing 757-232

N694DL

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.9755320921	 
	October 15, 2012

	 	 	6.5962247673	 
	April 15, 2013

	 	 	6.1749064184	 
	October 15, 2013

	 	 	4.0047539196	 
	April 15, 2014

	 	 	4.4988418667	 
	October 15, 2014

	 	 	4.4782580843	 
	April 15, 2015

	 	 	4.4555656541	 
	October 15, 2015

	 	 	4.4129173199	 
	April 15, 2016

	 	 	4.2364021313	 
	October 15, 2016

	 	 	3.7609675404	 
	April 15, 2017

	 	 	3.7543806957	 
	October 15, 2017

	 	 	3.7468356198	 
	April 15, 2018

	 	 	3.7381379226	 
	October 15, 2018

	 	 	3.6428688143	 
	April 15, 2019

	 	 	35.5234071534	 

Series A Equipment Notes

Boeing 757-232

N695DL

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.9802524590	 
	October 15, 2012

	 	 	6.5958901032	 
	April 15, 2013

	 	 	6.1745929569	 
	October 15, 2013

	 	 	4.0045508197	 
	April 15, 2014

	 	 	4.4986136005	 
	October 15, 2014

	 	 	4.4780307225	 
	April 15, 2015

	 	 	4.4553396478	 
	October 15, 2015

	 	 	4.4126933819	 
	April 15, 2016

	 	 	4.2361871281	 
	October 15, 2016

	 	 	3.7607768063	 
	April 15, 2017

	 	 	3.7541900425	 
	October 15, 2017

	 	 	3.7466455373	 
	April 15, 2018

	 	 	3.7379482696	 
	October 15, 2018

	 	 	3.6426839101	 
	April 15, 2019

	 	 	35.5216046145	 

Note Purchase Agreement

2011-1 EETC

Sch. III-11 

 

Series A Equipment Notes

Boeing 757-232

N6714Q

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.5692518588	 
	October 15, 2012

	 	 	6.4193868468	 
	April 15, 2013

	 	 	6.0154743952	 
	October 15, 2013

	 	 	3.8403284114	 
	April 15, 2014

	 	 	3.6653073620	 
	October 15, 2014

	 	 	3.6899789507	 
	April 15, 2015

	 	 	3.7171777149	 
	October 15, 2015

	 	 	3.7285250812	 
	April 15, 2016

	 	 	4.1491782386	 
	October 15, 2016

	 	 	3.6611295424	 
	April 15, 2017

	 	 	3.6763624463	 
	October 15, 2017

	 	 	3.6938101372	 
	April 15, 2018

	 	 	3.7139243900	 
	October 15, 2018

	 	 	3.6418087758	 
	April 15, 2019

	 	 	39.8183558488	 

Series A Equipment Notes

Boeing 757-232

N6715C

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.4692055300	 
	October 15, 2012

	 	 	6.3805553507	 
	April 15, 2013

	 	 	5.9804876600	 
	October 15, 2013

	 	 	3.8040094214	 
	April 15, 2014

	 	 	3.6307064004	 
	October 15, 2014

	 	 	3.6577321045	 
	April 15, 2015

	 	 	3.6875263697	 
	October 15, 2015

	 	 	3.7016440348	 
	April 15, 2016

	 	 	3.5753610855	 
	October 15, 2016

	 	 	3.6392099334	 
	April 15, 2017

	 	 	3.6593150026	 
	October 15, 2017

	 	 	3.6823435740	 
	April 15, 2018

	 	 	3.7088911418	 
	October 15, 2018

	 	 	3.6419368152	 
	April 15, 2019

	 	 	40.7810755760	 

Note Purchase Agreement

2011-1 EETC

Sch. III-12 

 

Series A Equipment Notes

Boeing 767-332ER

N169DZ

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	7.0932947382	 
	October 15, 2012

	 	 	6.6456084010	 
	April 15, 2013

	 	 	6.2194203056	 
	October 15, 2013

	 	 	4.7609515376	 
	April 15, 2014

	 	 	4.5426103830	 
	October 15, 2014

	 	 	4.5171135477	 
	April 15, 2015

	 	 	4.4890049869	 
	October 15, 2015

	 	 	4.4406999552	 
	April 15, 2016

	 	 	4.2607210536	 
	October 15, 2016

	 	 	3.7888468768	 
	April 15, 2017

	 	 	3.7761343264	 
	October 15, 2017

	 	 	3.7615732370	 
	April 15, 2018

	 	 	3.7447869062	 
	October 15, 2018

	 	 	4.1629640049	 
	April 15, 2019

	 	 	33.7962697398	 

Series A Equipment Notes

Boeing 767-332ER

N171DZ

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.9759467059	 
	October 15, 2012

	 	 	6.5961953908	 
	April 15, 2013

	 	 	6.1748788828	 
	October 15, 2013

	 	 	4.0047360972	 
	April 15, 2014

	 	 	4.4988218312	 
	October 15, 2014

	 	 	4.4782381012	 
	April 15, 2015

	 	 	4.4555457791	 
	October 15, 2015

	 	 	4.4128976703	 
	April 15, 2016

	 	 	4.2363831413	 
	October 15, 2016

	 	 	3.7609509018	 
	April 15, 2017

	 	 	3.7543638527	 
	October 15, 2017

	 	 	3.7468190130	 
	April 15, 2018

	 	 	3.7381211799	 
	October 15, 2018

	 	 	3.6428525802	 
	April 15, 2019

	 	 	35.5232488727	 

Note Purchase Agreement

2011-1 EETC

Sch. III-13 

 

Series A Equipment Notes

Boeing 767-332ER

N172DZ

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.9766149847	 
	October 15, 2012

	 	 	6.5961479672	 
	April 15, 2013

	 	 	6.1748344923	 
	October 15, 2013

	 	 	4.0047073858	 
	April 15, 2014

	 	 	4.4987894506	 
	October 15, 2014

	 	 	4.4782059763	 
	April 15, 2015

	 	 	4.4555137505	 
	October 15, 2015

	 	 	4.4128660026	 
	April 15, 2016

	 	 	4.2363526906	 
	October 15, 2016

	 	 	3.7609238865	 
	April 15, 2017

	 	 	3.7543369041	 
	October 15, 2017

	 	 	3.7467920817	 
	April 15, 2018

	 	 	3.7380943432	 
	October 15, 2018

	 	 	3.6428264111	 
	April 15, 2019

	 	 	35.5229936729	 

Series A Equipment Notes

Boeing 767-332ER

N173DZ

	 	 	 	 	 
	 	 	Percentage of Original
	 	 	Principal Amount to be
	Payment Date	 	Paid
	 
	October 15, 2011

	 	 	0.0000000000	%
	April 15, 2012

	 	 	6.9750269786	 
	October 15, 2012

	 	 	6.5962605877	 
	April 15, 2013

	 	 	6.1749399309	 
	October 15, 2013

	 	 	4.0047757131	 
	April 15, 2014

	 	 	4.4988662798	 
	October 15, 2014

	 	 	4.4782823805	 
	April 15, 2015

	 	 	4.4555898259	 
	October 15, 2015

	 	 	4.4129412890	 
	April 15, 2016

	 	 	4.2364251142	 
	October 15, 2016

	 	 	3.7609880232	 
	April 15, 2017

	 	 	3.7544009754	 
	October 15, 2017

	 	 	3.7468560316	 
	April 15, 2018

	 	 	3.7381582294	 
	October 15, 2018

	 	 	3.6428885665	 
	April 15, 2019

	 	 	35.5236000741	 

Note Purchase Agreement

2011-1 EETC

Sch. III-14 

 

Indenture for Each Aircraft

Debt Rate (as such term is defined in clause (i) of the definition of “Debt Rate” in the form of
Indenture and Security Agreement included as Exhibit C to the Note Purchase Agreement (as such form
may be amended, supplemented or otherwise modified from time to time in accordance with terms of
the Note Purchase Agreement, the “Indenture Form”)) for Series A (computed on the basis of
a 360-day year consisting of twelve 30-day months, payable semi-annually in arrears): 5.30%.

	 	 	 

	Past Due Rate:

	 	The lesser of (a) with respect to (i) any payment
made to a Noteholder (as such term is defined in
the Indenture Form) under any Series of Equipment
Notes relating to such Aircraft, the Debt Rate
then applicable to such Series plus 1% and (ii)
any other payment made under any Operative
Document (as such term is defined in the
Indenture Form) to any other Person, the Debt
Rate (as such term is defined in clause (ii) of
the definition of “Debt Rate” in the Indenture
Form) plus 1% (computed on the basis of a year of
360 days comprised of twelve 30-day months) and
(b) the maximum rate permitted by applicable law.
	 
	 	 
	Payment Dates:

	 	April 15 and October 15 commencing with October
15, 2011.
	 
	 	 
	Make-Whole Amount:

	 	As provided in Article II of the Indenture Form.
	 
	 	 
	Redemption:

	 	As provided in Article II of the Indenture Form.
	 
	 	 
	All-risk hull insurance:

	 	Not less than 110% of the unpaid principal amount
of the Equipment Notes relating to such Aircraft,
subject to the Company’s right to self-insure on
terms no more favorable to the Company in any
material respect than those set forth in Section
7.06 of the Indenture Form.

Participation Agreement for Each Aircraft

The applicable Loan Trustee, the Subordination Agent, the Liquidity Providers, the Pass Through
Trustees and the Escrow Agent shall be indemnified against Claims (as such term is defined in the
Participation Agreement Form referred to below) to the extent set forth in Section 4.02 of
the form of the Participation Agreement included as Exhibit B to the Note Purchase Agreement (as
such form may be amended, supplemented or otherwise modified from time to time in accordance with
terms of the Note Purchase Agreement, the “Participation Agreement Form”).

Note Purchase Agreement

2011-1 EETC

Sch. III-15 

 

Prohibited Modifications

	1.	 	The parties may not modify in any material adverse respect the Granting Clause of the
Indenture Form so as to deprive the Noteholders or the Related Noteholders (as defined in the
Indenture Form) of a first priority security interest in and mortgage lien on the Aircraft (as
defined in the Indenture Form) or, to the extent assigned thereunder, the Warranty Rights (as
defined in the Indenture Form) or to eliminate any of the obligations intended to be secured
thereby, or otherwise modify in any material adverse respect as regards the interests of the
Noteholders, the Subordination Agent, the Class A Liquidity Provider or the Loan Trustee (as
defined in the Indenture Form) the provisions of Article II or Article III, or
Sections 7.05(a) or 7.05(b) (insofar as such Sections relate to conditions to
“Airframe” and “Engine” replacements), or Sections 4.01, 4.02, 5.02,
9.02, 10.04, 10.11, 10.12 or 10.15 of the Indenture
Form or the provisions of the proviso to the second full sentence of Section 7.02(e)
of the Indenture Form as regards the rights of the Loan Trustee (as defined in the Indenture
Form) thereunder or the definition of “Make-Whole Amount” in Annex A to the Indenture Form.
	 
	2.	 	The parties may not modify in any material adverse respect as regards the interests of the
Noteholders, the Subordination Agent, the Class A Liquidity Provider or the Loan Trustee (as
defined in the Participation Agreement Form) the provisions of Sections 3.01(d),
3.01(f)(i), 3.01(r), 4.01(g), 4.01(h), 6.01(e),
6.01(f), 6.02(b), 6.02(c), 6.02(f), 7.03, 7.08
or 7.12 of the Participation Agreement Form, or the first sentence of Section
6.02(c) of the Participation Agreement Form, or the provisions of Sections
3.01(g), (h) or (i) of the Participation Agreement Form so as to eliminate
the requirement to deliver to the Noteholders or the Loan Trustee (as defined in the
Participation Agreement Form), as the case may be, the legal opinions to be provided to such
Persons thereunder (recognizing that the lawyers rendering such opinions may be changed) or
otherwise modify the terms of the Participation Agreement Form to deprive the Pass Through
Trustees, the Subordination Agent, the Class A Liquidity Provider or the Loan Trustee (as
defined in the Participation Agreement Form) of any indemnity, or right of reimbursement, for
Claims in its favor.
	 
	3.	 	Nothing in the two immediately preceding paragraphs shall prohibit any modification of the
Indenture Form or the Participation Agreement Form to give effect to the issuance or
redemption and issuance of any Series B Equipment Notes or the issuance of pass through
certificates by any pass through trust that acquires any such Series B Equipment Notes or to
provide for any credit support for any pass through certificates relating to any such Series B
Equipment Notes, in each case, as provided in Section 4(a)(v) of the Note Purchase
Agreement.

Note Purchase Agreement

2011-1 EETC

Sch. III-16 

 

ANNEX A to

NOTE PURCHASE AGREEMENT

DEFINITIONS

     (a) Certain Rules of Construction. Unless the context otherwise requires, the
following rules of construction shall apply for all purposes of the Note Purchase Agreement
(including this Annex A).

     (i) Singular and Plural. The definitions stated in this Annex A apply
equally to both the singular and the plural forms of the terms defined.

     (ii) References to Parts. All references in the Note Purchase
Agreement to designated “Sections”, “Subsections”, “Schedules”, “Exhibits”, “Annexes”
and other subdivisions are to the designated Section, Subsection, Schedule, Exhibit,
Annex or other subdivision of the Note Purchase Agreement, unless otherwise
specifically stated.

     (iii) Reference to the Whole. The words “herein”, “hereof” and
“hereunder” and other words of similar import refer to the Note Purchase Agreement as
a whole and not to any particular Section, Subsection, Schedule, Exhibit, Annex or
other subdivision.

     (iv) Reference to Government. All references in the Note Purchase
Agreement to a “government” are to such government and any instrumentality or agency
thereof.

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

     (vi) Notice and Notify. Whenever the words “notice” or “notify” or
similar words are used herein, they mean the provision of formal notice as set forth
in Section 6 of the Note Purchase Agreement.

     (vii) Reference to Persons. All references in the Note Purchase
Agreement to a Person shall include successors and permitted assigns of such Person.

Annex A to

Note Purchase Agreement

2011-1 EETC

A-1

 

     (b) Definitions.

          “Aircraft” has the meaning set forth in the second recital to the Note Purchase
Agreement.

          “Bankruptcy Code” means the United States Bankruptcy Code, 11 United States Code §§101
et seq., as amended from time to time, or any successor statutes thereto.

          “Basic Pass Through Trust Agreement” means that certain Pass Through Trust Agreement,
dated as of November 16, 2000, between the Company and U.S. Bank (as successor in interest to State
Street Bank and Trust Company of Connecticut, National Association), as the same may be amended,
supplemented or otherwise modified from time to time in accordance with its terms (but does not
include any Trust Supplement).

          “Business Day” means any day other than a Saturday, a Sunday or a day on which
commercial banks are required or authorized to close in New York, New York, Atlanta, Georgia,
Boston, Massachusetts, Wilmington, Delaware or, if different from the foregoing, the city and state
in which any Loan Trustee, any Pass Through Trustee or the Subordination Agent maintains its
Corporate Trust Office or receives and disburses funds.

          “Certificated Air Carrier” means an air carrier holding an air carrier operating
certificate issued by the Secretary of Transportation pursuant to Chapter 447 of Title 49 of the
United States Code for aircraft capable of carrying ten or more individuals or 6,000 pounds or more
of cargo or that otherwise is certified or registered to the extent required to fall within the
purview of Section 1110.

          “Certificates” means the pass through certificates issued by any Pass Through Trust
(and any other pass through certificates for which such pass through certificates may be
exchanged).

          “Citizen of the United States” has the meaning specified for such term in Section
40102(a)(15) of Title 49 of the United States Code or any similar legislation of the United States
enacted in substitution or replacement therefor.

          “Class” means the class of Certificates issued by a Pass Through Trust.

Annex A to

Note Purchase Agreement

2011-1 EETC

A-2

 

          “Class A Certificates” has the meaning set forth in the third recital to the Note
Purchase Agreement.

          “Class A Liquidity Facility” has the meaning set forth in the Intercreditor Agreement.

          “Class A Liquidity Provider” has the meaning set forth in the Intercreditor Agreement.

          “Class A Pass Through Trust” has the meaning set forth in the third recital to the
Note Purchase Agreement.

          “Class A Pass Through Trust Agreement” has the meaning set forth in the third recital
to the Note Purchase Agreement.

          “Class A Pass Through Trustee” has the meaning set forth in the first paragraph of the
Note Purchase Agreement.

          “Class B Certificates” means Certificates, if any, issued by any Class B Pass Through
Trust (including, without limitation, any “Refinancing Certificates” (as such term is defined in
the Intercreditor Agreement)).

          “Class B Liquidity Facility” has the meaning set forth in the Intercreditor Agreement.

          “Class B Liquidity Provider” has the meaning set forth in the Intercreditor Agreement.

          “Class B Pass Through Trust” means (i) initially, a grantor trust, if any,
created pursuant to the applicable Pass Through Trust Agreement to facilitate the issuance and sale
of pass through certificates in connection with the initial issuance of any Series B Equipment
Notes, and (ii) any “Refinancing Trust” (as such term is defined in the Intercreditor
Agreement) created in connection with any subsequent redemption of such Series B Equipment Notes
and issuance of new Series B Equipment Notes.

Annex A to

Note Purchase Agreement

2011-1 EETC

A-3

 

          “Class B Pass Through Trustee” means the trustee for any Class B Pass Through Trust.

          “Company” has the meaning set forth in the first paragraph of the Note Purchase
Agreement.

          “Corporate Trust Office” has the meaning set forth in Section 1.01 of the
Intercreditor Agreement.

          “Cut-Off Date” means the earlier of:

          (a) the day after the Delivery Period Termination Date; and

          (b) the date on which a Triggering Event occurs.

          “Delivery Period Termination Date” means the earlier of:

     (a) October 14, 2011; and

     (b) the date on which Equipment Notes issued with respect to all of the Aircraft have
been purchased by the Pass Through Trustees in accordance with the Note Purchase Agreement.

          “Deposit Agreement” has the meaning set forth in the sixth recital to the Note
Purchase Agreement, subject to Section 5(f) of the Note Purchase Agreement.

          “Depositary” means, subject to Section 5(f) of the Note Purchase Agreement,
The Bank of New York Mellon, a New York banking corporation.

          “Depositary Threshold Rating” has the meaning set forth in Section 5(a) of the
Note Purchase Agreement.

          “Deposits” has the meaning set forth in the sixth recital to the Note Purchase
Agreement.

Annex A to

Note Purchase Agreement

2011-1 EETC

A-4

 

          “Equipment Notes” means and includes any equipment notes issued under any Indenture in
the form specified in Section 2.01 thereof (as such form may be varied pursuant to the
terms of the Note Purchase Agreement and of such Indenture) and any Equipment Note issued under any
such Indenture in exchange for or replacement of any other Equipment Note.

          “Escrow Agent” has the meaning set forth in the first paragraph of the Note Purchase
Agreement.

          “Escrow Agent Agreements” has the meaning set forth in Section 3(e)(i) of the
Note Purchase Agreement.

          “Escrow and Paying Agent Agreement” has the meaning set forth in the sixth recital to
the Note Purchase Agreement.

          “Existing Financing” has the meaning set forth in the second recital to the Note
Purchase Agreement.

          “FAA” means the United States Federal Aviation Administration and any agency or
instrumentality of the United States government succeeding to its functions.

          “Financing Agreements” means, collectively, with respect to any Aircraft, the
Participation Agreement, the Indenture and the Equipment Notes issued under such Indenture, in each
case relating to such Aircraft.

          “Funding Date” has the meaning set forth in Section 1(b) of the Note Purchase
Agreement.

          “Funding Notice” has the meaning set forth in Section 1(b) of the Note
Purchase Agreement.

          “Government Entity” means (a) any federal, state, provincial or similar
government, and any body, board, department, commission, court, tribunal, authority, agency or
other instrumentality of any such government or otherwise exercising any executive, legislative,
judicial, administrative or regulatory functions of such government or (b) any other
government entity having jurisdiction over any matter contemplated by the Operative Agreements or
relating to the observance or performance of the obligations of any of the parties to the Operative
Agreements.

Annex A to

Note Purchase Agreement

2011-1 EETC

A-5

 

          “holder”, with respect to any Certificate, means the Person in whose name such
Certificate is registered in the Register.

          “Indenture” means with respect to an Aircraft, an indenture and security agreement
substantially in the form of the Indenture Form to which such Aircraft shall have been subjected,
as such agreement may be amended, supplemented or otherwise modified from time to time.

          “Indenture Form” has the meaning set forth on Schedule III to the Note Purchase
Agreement.

          “Initial Deposits” has the meaning set forth in the sixth recital to the Note Purchase
Agreement.

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

          “Issuance Date” means the date of the original issuance of the Class A Certificates.

          “Liquidity Facilities” means, collectively, the Class A Liquidity Facility and, if
provided, the Class B Liquidity Facility.

          “Liquidity Providers” means, collectively, the Class A Liquidity Provider and, if any
Class B Liquidity Facility shall have been provided, the Class B Liquidity Provider.

          “Loan Trustee” means, with respect to any Aircraft, the “Loan Trustee” as defined in
the Financing Agreements in respect of such Aircraft.

          “Moody’s” means Moody’s Investors Service, Inc.

Annex A to

Note Purchase Agreement

2011-1 EETC

A-6

 

          “Note Purchase Agreement” means the Note Purchase Agreement to which this Annex A is
attached, as such agreement may be amended, supplemented or otherwise modified from time to time.

          “Notice of Purchase Withdrawal” has the meaning set forth in Section 2.3(a) of
the Deposit Agreement.

          “Operative Agreements” means, collectively, each Pass Through Trust Agreement, the
Note Purchase Agreement, the Escrow and Paying Agent Agreement, the Deposit Agreement, each
Liquidity Facility, the Intercreditor Agreement, the Certificates and, with respect to each
Aircraft in respect of which Equipment Notes shall have been issued, the Financing Agreements.

          “Participation Agreement” means with respect to an Aircraft, a participation agreement
substantially in the form of the Participation Agreement Form relating to the financing of such
Aircraft, as such agreement may be amended, supplemented or otherwise modified from time to time.

          “Participation Agreement Form” has the meaning set forth on Schedule III to the Note
Purchase Agreement.

          “Pass Through Trust” means each of the separate grantor trusts that have been or will
be created pursuant to the Pass Through Trust Agreements to facilitate certain of the transactions
contemplated by the Operative Agreements.

          “Pass Through Trust Agreement” means each of the Trust Supplements relating to the
Pass Through Trusts, together in each case with the Basic Pass Through Trust Agreement, as the same
may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

          “Pass Through Trustee” means the trustee under each Pass Through Trust Agreement,
together with any successor in interest and any successor or other trustee appointed as provided in
such Pass Through Trust Agreement.

          “Paying Agent” has the meaning set forth in the first paragraph of the Note Purchase
Agreement.

Annex A to

Note Purchase Agreement

2011-1 EETC

A-7

 

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

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

          “Rating Agencies” means, with respect to any Class of Certificates, collectively, at
any time, each nationally recognized rating agency which shall have been requested to rate such
Class of Certificates and which shall then be rating such Class of Certificates. The initial
Rating Agencies with respect to the Class A Certificates will be Moody’s and Standard & Poor’s.

          “Rating Agency Confirmation” means, in the case of any action or event that, pursuant
to the express terms of the Note Purchase Agreement, requires a “Rating Agency Confirmation” with
respect to any Class of Certificates in connection therewith, a written confirmation from each of
the Rating Agencies then rating such Class of Certificates to the effect that such action or event
would not result in (i) a reduction of the rating for such Class of Certificates by such
Rating Agency below the then current rating for such Class of Certificates issued by such Rating
Agency (before the downgrading of such rating, if any, as a result of the downgrading of the
Depositary below the applicable Depositary Threshold Rating, if applicable) or (ii) a
withdrawal or suspension of the rating of such Class of Certificates by such Rating Agency.

          “Register” means the register maintained pursuant to Sections 3.04 and
7.12 of the Basic Pass Through Trust Agreement with respect to the Class A Pass Through
Trust.

          “Replacement Deposit Agreement” means a deposit agreement substantially in the form of
the replaced Deposit Agreement as shall permit the Rating Agencies to issue a Rating Agency
Confirmation with respect to the Class A Certificates in connection with the replacement of the
Depositary with the Replacement Depositary party to such deposit agreement.

          “Replacement Depositary” has the meaning set forth in Section 5(a) of the Note
Purchase Agreement.

          “Required Terms” means the provisions set forth on Schedule III to the Note Purchase
Agreement.

Annex A to

Note Purchase Agreement

2011-1 EETC

A-8

 

          “Section 1110” means Section 1110 of the Bankruptcy Code or any successor or analogous
Section of the federal bankruptcy law in effect from time to time.

          “Series A Equipment Notes” means Equipment Notes issued under an Indenture and
designated as “Series A” thereunder.

          “Series B Equipment Notes” means Equipment Notes, if any, issued under an Indenture
and designated as “Series B” thereunder.

          “Short-Term Rating” means, for any entity, (a) in the case of Moody’s, the
short-term unsecured debt rating of such entity, and (b) in the case of Standard & Poor’s,
the short-term issuer credit rating of such entity.

          “Standard & Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s
Financial Services LLC business.

          “Subordination Agent” has the meaning set forth in the first paragraph of the Note
Purchase Agreement.

          “Taxes” means all license, recording, documentary, registration and other similar fees
and all taxes, levies, imposts, duties, charges, assessments or withholdings of any nature
whatsoever imposed by any Taxing Authority, together with any penalties, additions to tax, fines or
interest thereon or additions thereto.

          “Taxing Authority” means any federal, state or local government or other taxing
authority in the United States, any foreign government or any political subdivision or taxing
authority thereof, any international taxing authority or any territory or possession of the United
States or any taxing authority thereof.

          “Triggering Event” has the meaning assigned to such term in the Intercreditor
Agreement.

          “Trust Supplements” means (i) that certain agreement supplemental to the Basic
Pass Through Trust Agreement referred to in Schedule II to the Note Purchase Agreement and
(ii) in the case of any Class B Certificates, if issued whether in connection with the
initial issuance of any Series B Equipment Notes or in connection with any subsequent redemption of
such Series B Equipment Notes and issuance of new Series B Equipment Notes, an agreement

Annex A to

Note Purchase Agreement

2011-1 EETC

A-9

 

supplemental to the Basic Pass Through Trust Agreement pursuant to which (a) a
separate trust is created for the benefit of the holders of such Class B Certificates, (b)
the issuance of such Class B Certificates representing fractional undivided interests in the Class
B Pass Through Trust is authorized and (c) the terms of such Class B Certificates are
established.

          “Underwriters” has the meaning set forth in the fourth recital to the Note Purchase
Agreement.

          “Underwriting Agreement” has the meaning set forth in the fourth recital to the Note
Purchase Agreement.

          “United States” means the United States of America.

          “U.S. Bank” has the meaning set forth in the first paragraph of the Note Purchase
Agreement.

Annex A to

Note Purchase Agreement

2011-1 EETC

A-10

 

EXHIBIT A to

NOTE PURCHASE AGREEMENT

FORM OF FUNDING NOTICE

FUNDING NOTICE

Dated as of [                    ]

To each of the addressees listed

     in Schedule A hereto

	 	 	 	Re: Funding Notice in accordance with Note Purchase
Agreement referred to below

Ladies and Gentlemen:

     Reference is made to the Note Purchase Agreement, dated as of April 5, 2011, among Delta Air
Lines, Inc. (the “Company”), U.S Bank Trust National Association, as Class A Pass Through
Trustee (as defined therein) (the “Class A Pass Through Trustee”) [and Class B Pass Through
Trustee (as defined therein) (the “Class B Pass Through Trustee”)], U.S. Bank Trust
National Association, as Subordination Agent (the “Subordination Agent”), U.S. Bank
National Association, as Escrow Agent (the “Escrow Agent”), and U.S. Bank Trust National
Association, as Paying Agent (the “Paying Agent”) (as in effect from time to time, the
“Note Purchase Agreement”). Unless otherwise defined herein, capitalized terms used herein
shall have the meanings set forth in the Note Purchase Agreement or, to the extent not defined
therein, the Intercreditor Agreement.

     Pursuant to Section 1(b) of the Note Purchase Agreement, the undersigned hereby
notifies you, in respect of the aircraft described in Schedule B hereto (the “Aircraft”),
of the following:

	 	(1)	 	The Funding Date of the Aircraft shall be [_________];
	 
	 	(2)	 	The Equipment Notes to be issued in respect of the Aircraft are described in Schedule C
hereto, and the aggregate amount of each series of Equipment Notes to be issued, and purchased
by the [Class A Pass Through Trustee][respective Pass Through Trustees referred to below
(each, a “Pass Through Trustee”)], on the Funding Date, in connection with the
financing of such Aircraft is as follows:

	 	[(a)]	 	the Class A Pass Through Trustee shall purchase Series A Equipment Notes in
the amount of $[__________][; and

Note Purchase Agreement

2011-1 EETC

 

 

-2-

	 	(b)	 	the Class B Pass Through Trustee shall purchase Series B Equipment Notes in the
amount of $[__________]].

     The Company hereby instructs the Class A Pass Through Trustee to (i) execute a
Withdrawal Certificate in the form of Annex A hereto dated as of [__________] and attach thereto a
Notice of Purchase Withdrawal dated such date completed as set forth on Exhibit A hereto and
(ii) deliver such Withdrawal Certificate and Notice of Purchase Withdrawal to the
[applicable] Escrow Agent.

     [If applicable, to include an instruction from the Company to the Class B Pass Through Trustee
with respect to obtaining funds necessary to purchase the Series B Equipment Notes.]

     The Company hereby instructs the Class A Pass Through Trustee to (i) purchase the
Series A Equipment Notes in an amount set forth with respect to the Class A Pass Through Trustee in
clause (2) above with a portion of the proceeds of the withdrawals of Deposits referred to in the
applicable Notice of Purchase Withdrawal referred to above and (ii) re-deposit with the
Depositary the excess, if any, of the amount so withdrawn over the purchase price of such
Equipment Notes.

     [The Company hereby instructs the Class B Pass Through Trustee to purchase the Series B
Equipment Notes in an amount set forth with respect to the Class B Pass Through Trustee in clause
(2) above with the amounts [describe the source of funds].]The Company hereby instructs [each] [the
Class A] Pass Through Trustee to (a) enter into the Participation Agreement (N[____]) dated
as of [__________] among the Company and U.S. Bank Trust National Association, as Loan Trustee,
Subordination Agent and the Pass Through Trustee of each Pass Through Trust in existence as of the
date thereof, substantially in the form previously provided, (b) perform its obligations
thereunder and (c) deliver such certificates, documents and legal opinions relating to such
[Class A] Pass Through Trustee as are required thereby.

Yours faithfully,

Delta Air Lines, Inc.

	 	 	 	 	 

	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

Note Purchase Agreement

2011-1 EETC

 

 

Schedule A to

Funding Notice

U.S. Bank Trust National Association, as

     [Class A] Pass Through Trustee

300 Delaware Avenue, 9th Floor

Mail Code EX-DE-WDAW

Wilmington, Delaware 19801

Attention: Corporate Trust Services

Reference: Delta Air Lines 2011-1 EETC

Telephone: (302) 576-3703

Facsimile: (302) 576-3717

U.S. Bank Trust National Association, as

     Subordination Agent and Paying Agent

One Federal Street, 3rd Floor

Mail Code EX-MA-FED

Boston, Massachusetts 02110

Attention: Corporate Trust Services

Reference: Delta Air Lines 2011-1 EETC

Telephone: (617) 603-6553

Facsimile: (617) 603-6683

U.S. Bank National Association, as

     Escrow Agent

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Services

Reference: Delta Air Lines 2011-1 EETC

Telephone: (617) 603-6553

Facsimile: (617) 603-6683

The Bank of New York Mellon, as

     Depositary

101 Barclay Street, Floor 8W

New York, New York 10286

Attention: Corporate Finance, Mary Miselis, Vice President

Reference: Delta Air Lines 2011-1 EETC

Telephone: (212) 815-4812

Facsimile: (212) 815-5704

Standard & Poor’s Ratings Services

55 Water Street, 35th Floor

New York, New York 10004

Attention: Betsy Snyder

Note Purchase Agreement

2011-1 EETC

 

 

Reference: Delta Air Lines 2011-1 EETC

Telephone: (212) 438-7811

Facsimile: (212) 438-7820

Moody’s Investors Service, Inc.

7 World Trade Center at 250 Greenwich Street

New York, New York 10007

Attention: Jonathan Root, Vice President — Senior Analyst

     Airlines, Municipal Solid Waste, Shipping Sectors

Reference: Delta Air Lines 2011-1 EETC

Telephone: (212) 553-1672

Facsimile: (212) 298-6481

Note Purchase Agreement

2011-1 EETC

 

 

Schedule B to

Funding Notice

Aircraft

One Boeing [Model] aircraft bearing U.S. Registration Mark ________ and manufacturer’s serial
number ____ together with two [Engine Manufacturer and Model] engines bearing manufacturer’s serial
numbers _____ and ____.

Note Purchase Agreement

2011-1 EETC

 

 

Schedule C to

Funding Notice

Equipment Notes

	 	 	 	 	 	 	 
	Relevant Pass	 	Series of Equipment	 	 	 	Original Principal
	Through Trustee	 	Notes	 	Equipment Note No.	 	Amount
	Class A Pass
Through Trustee

	 	Series 2011-1A-N____
	 	No. __
	 	$__________
	 
	 	 	 	 	 	 
	[Class B Pass
Through Trustee]

	 	[Series
2011-1B-N____]
	 	[No. __]
	 	[$__________]

Note Purchase Agreement

2011-1 EETC

 

 

Annex A to

Funding Notice

WITHDRAWAL CERTIFICATE

(Class A)

U.S. Bank National Association,

as Escrow Agent

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Services

Reference: Delta Air Lines 2011-1 EETC

Telephone: (617) 603-6553

Facsimile: (617) 603-6683

Ladies and Gentlemen:

     Reference is made to the Escrow and Paying Agent Agreement (Class A), dated as of April 5,
2011 (the “Agreement”). We hereby certify to you that the conditions to the obligations of
the undersigned to execute a Participation Agreement pursuant to the Note Purchase Agreement have
been satisfied. Pursuant to Section 1.02(c) of the Agreement, please execute the attached
Notice of Purchase Withdrawal and immediately transmit by facsimile to the Depositary, at The Bank
of New York Mellon, as Depositary, 101 Barclay Street, Floor 8W, New York, New York 10286,
attention: Corporate Finance, Mary Miselis, Vice President, Reference: Delta Air Lines 2011-1 EETC,
telephone: (212) 815-4812, facsimile: (212) 815-5704.

     Capitalized terms used herein but not defined herein shall have the meanings set forth in the
Agreement.

	 	 	 	 	 
	 	Very truly yours,

U.S. BANK TRUST NATIONAL ASSOCIATION,

not in its individual capacity but solely as Pass

Through Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: As of [__________ __, 20__]

Note Purchase Agreement

2011-1 EETC

 

 

Exhibit A to

Funding Notice

NOTICE OF PURCHASE WITHDRAWAL

The Bank of New York Mellon,

as Depositary

101 Barclay Street, Floor 8W

New York, New York 10286

Attention: Corporate Finance, Mary Miselis, Vice President

Reference: Delta Air Lines 2011-1A EETC

Telephone: (212) 815-4812

Telecopier: (212) 815-5704

Ladies and Gentlemen:

     Reference is made to the Deposit Agreement (Class A) dated as of April 5, 2011 (the
“Deposit Agreement”) between U.S. Bank National Association, as Escrow Agent, and The Bank
of New York Mellon, as Depositary (the “Depositary”).

     In accordance with Section 2.3(a) of the Deposit Agreement, the undersigned hereby
requests the withdrawal of the entire amount of the Deposit, $[_______], Account No. [____].

The undersigned hereby directs the Depositary to pay the entire amount of the Deposit to [Delta Air
Lines, Inc. at [___]] [the Pass Through Trustee at [___]]1 on [_________], 20___, upon
the telephonic request of a representative of the Pass Through Trustee.

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
as Escrow Agent	 
	 	 	 	 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: As of [__________ __, 20___]

 

			
	1	 	If there are any excess amounts that would
need to be re-deposited pursuant to the applicable Funding Notice, the account
to be specified here should be that of the Pass Through Trustee. If there are
no such excess amounts, the account number to be specified here should be that
of Delta.

Note Purchase Agreement

2011-1 EETC

 

 

EXHIBIT B to

NOTE PURCHASE AGREEMENT

FORM OF PARTICIPATION AGREEMENT

[Filed separately as Exhibit 4.9]

Note Purchase Agreement

2011-1 EETC

 

 

EXHIBIT C to

NOTE PURCHASE AGREEMENT

FORM OF INDENTURE

[Filed separately as Exhibit 4.10]

Note Purchase Agreement

2011-1 EETCexv4w9

Exhibit 4.9

Exhibit B to Note Purchase Agreement

      

PARTICIPATION AGREEMENT

([Reg. No.])

Dated as of __________, 20__1

among

DELTA AIR LINES, INC.,

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Pass Through Trustee under each of the

Pass Through Trust Agreements in effect on the date hereof,

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Subordination Agent,

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Loan Trustee,

and

U.S. BANK TRUST NATIONAL ASSOCIATION,

in its individual capacity as set forth herein

*

One Boeing [Model]

(Generic Manufacturer and Model BOEING [Generic Model]) Aircraft

U.S. Registration No. [Reg. No.]

 

			
	1	 	To insert the relevant Closing Date.

Participation Agreement (2011-1 EETC)

[Reg. No.]

      

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE 1

	 
	 	 	 	 
	DEFINITIONS

	 
	 	 	 	 
	Section 1.01. Definitions
	 	 	2	 
	Section 1.02. Other Definitional Provisions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 2

	 
	 	 	 	 
	THE LOANS

	 
	 	 	 	 
	Section 2.01. The Loans
	 	 	3	 
	Section 2.02. Issuance of Equipment Notes
	 	 	3	 
	Section 2.03. The Closing
	 	 	3	 
	 
	 	 	 	 
	ARTICLE 3

	 
	 	 	 	 
	CONDITIONS PRECEDENT

	 
	 	 	 	 
	Section 3.01. Conditions Precedent to Obligations of Pass Through Trustees
	 	 	4	 
	Section 3.02. Conditions Precedent to Obligations of Company
	 	 	8	 
	 
	 	 	 	 
	ARTICLE 4

	 
	 	 	 	 
	REPRESENTATIONS, WARRANTIES AND INDEMNITIES OF COMPANY

	 
	 	 	 	 
	Section 4.01. Representations and Warranties of Company
	 	 	10	 
	Section 4.02. General Indemnity
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 5

	 
	 	 	 	 
	REPRESENTATIONS, WARRANTIES AND COVENANTS OF U.S. BANK

	 
	 	 	 	 
	Section 5.01. Representations, Warranties and Covenants of U.S. Bank
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 6

	 
	 	 	 	 
	OTHER COVENANTS AND AGREEMENTS

	 
	 	 	 	 
	Section 6.01. Other Agreements
	 	 	23	 
	Section 6.02. Certain Covenants of Company
	 	 	26	 

Participation Agreement (2011-1 EETC)

[Reg. No.]

 i 

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	ARTICLE 7

	 
	 	 	 	 
	MISCELLANEOUS

	 
	 	 	 	 
	Section 7.01. Notices
	 	 	29	 
	Section 7.02. Survival of Representations,
Warranties, Indemnities, Covenants and Agreements
	 	 	31	 
	Section 7.03. Governing Law
	 	 	31	 
	Section 7.04. Severability
	 	 	31	 
	Section 7.05. No Oral Modifications or Continuing Waivers; Consents
	 	 	32	 
	Section 7.06. Effect of Headings and Table of Contents
	 	 	32	 
	Section 7.07. Successors and Assigns
	 	 	32	 
	Section 7.08. Benefits of Agreement
	 	 	32	 
	Section 7.09. Counterparts
	 	 	32	 
	Section 7.10. Submission to Jurisdiction
	 	 	33	 
	Section 7.11. Further Assurances
	 	 	33	 
	Section 7.12. Section 1110
	 	 	33	 

	 	 	 	 	 

	Schedule I

	 	-
	 	Equipment Notes, Purchasers and Original Principal Amounts
	Schedule II

	 	-
	 	Trust Supplements
	 
	 	 	 	 
	Exhibit A-1

	 	-
	 	Form of Opinion of Counsel for Company
	Exhibit A-2

	 	-
	 	Form of Opinion of Debevoise & Plimpton LLP, special counsel for Company
	Exhibit B

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

	 	-
	 	Form of Opinion of Special FAA Counsel
	Exhibit D

	 	-
	 	Form of Manufacturer’s Consent
	Exhibit E-1

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

	 	-
	 	Form of Opinion of Special Delaware UCC Counsel for Company
	 
	 	 	 	 
	Annex A

	 	-
	 	Definitions

Participation Agreement (2011-1 EETC)

[Reg. No.]

 ii 

 

 

PARTICIPATION AGREEMENT

([REG. NO.])

     This PARTICIPATION AGREEMENT ([REG. NO.]), dated as of __________, 20__2, is made
by and among DELTA AIR LINES, INC., a Delaware corporation (together with its successors and
permitted assigns, “Company”), U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking
association (in its individual capacity, together with its successors and permitted assigns,
“U.S. Bank”), not in its individual capacity except as otherwise expressly provided in any
of the Operative Documents or the Pass Through Documents, but solely as Pass Through Trustee under
each of the Pass Through Trust Agreements in effect on the date hereof (such terms and other
capitalized terms used herein without definition being defined as provided in Section 1.01), U.S.
BANK TRUST NATIONAL ASSOCIATION, a national banking association, as subordination agent and trustee
(in such capacity, together with any successor trustee in such capacity, “Subordination
Agent”) under the Intercreditor Agreement, and U.S. BANK TRUST NATIONAL ASSOCIATION, as loan
trustee (in such capacity, together with any successor trustee in such capacity, “Loan
Trustee”) under the Indenture.

WITNESSETH:

     WHEREAS, Company is the owner of that certain Boeing Model [Model] aircraft more particularly
described in the Indenture Supplement originally executed and delivered under the Indenture;

     WHEREAS, concurrently with the execution and delivery of this Agreement, Company and Loan
Trustee are entering into the Indenture, pursuant to which, among other things, Company will issue
one or more separate series of Equipment Notes, which Equipment Notes are to be secured by a
security interest in all right, title and interest of Company in and to the Aircraft and certain
other property described in the Indenture;

     WHEREAS, pursuant to the Basic Pass Through Trust Agreement and each of the Trust Supplements
set forth in Schedule II, the Pass Through Trusts in existence on the date hereof were created and
the Pass Through Certificates issued and sold;

     WHEREAS, pursuant to the Intercreditor Agreement, Subordination Agent will hold the Equipment
Notes on behalf of the Pass Through Trusts;

 

			
	2	 	To insert the relevant Closing Date.

Participation Agreement (2011-1 EETC)

[Reg. No.]

 

 

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

ARTICLE 1

DEFINITIONS

     Section 1.01. Definitions. For the purposes of this Agreement, unless the context
otherwise requires, capitalized terms used but not defined herein shall have the respective
meanings set forth or incorporated by reference in Annex A.

     Section 1.02. Other Definitional Provisions. (a) The definitions stated herein and
in Annex A apply equally to both the singular and the plural forms of the terms defined.

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

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

     (d) All references in this Agreement to a “government” are to such government and any
instrumentality or agency thereof.

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

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

Participation Agreement (2011-1 EETC)

[Reg. No.]

2

 

ARTICLE 2

THE LOANS

     Section 2.01. The Loans. Subject to the terms and conditions of this Agreement and
the Indenture, on the Closing Date, Pass Through Trustee for each Pass Through Trust in existence
as of the Closing Date shall make a loan to Company by paying to Company the aggregate original
principal amounts of the Equipment Notes being issued to such Pass Through Trust as set forth on
Schedule I opposite the name of such Pass Through Trust. Pass Through Trustees, on behalf of the
Pass Through Trusts in existence as of the Closing Date, shall make such loans to Company no later
than 11:00 a.m. (New York City time) on the Closing Date by transferring such amount in immediately
available funds to Company at its account at [___], with the request that the bank advise Company
by telephone at (404) 715-2046 upon transfer of the funds.

     Section 2.02. Issuance of Equipment Notes. Upon the occurrence of the above payments
by Pass Through Trustee for each Pass Through Trust in existence as of the Closing Date to Company,
Company shall issue, pursuant to and in accordance with Article II of the Indenture, to
Subordination Agent as agent and trustee for Pass Through Trustee for each Pass Through Trust, one
or more Equipment Notes of the maturity and aggregate principal amount and bearing the interest
rate set forth in Schedule I opposite the name of such Pass Through Trust. Each such Equipment Note
shall be duly authenticated by Loan Trustee pursuant to the Indenture, registered in the name of
Subordination Agent and dated the Closing Date and shall be delivered by Loan Trustee to
Subordination Agent. In addition, subject to Section 4(a)(v) of the Note Purchase Agreement and
Section 8.01(c) or 8.01(d) of the Intercreditor Agreement, as applicable, Company shall have the
option (i) if no Series B Equipment Notes are issued on the Closing Date, to issue any
Series B Equipment Notes after the Closing Date under the Indenture, and (ii) after any
Series B Equipment Notes shall have been issued (whether on or after the Closing Date), to redeem,
from time to time, all but not less than all of the Series B Equipment Notes and to issue under the
Indenture new Series B Equipment Notes with the same Series B designation as, but with terms that
may differ from those of, the redeemed Series B Equipment Notes. If the Series B Equipment Notes
are so issued after the Closing Date or the new Series B Equipment Notes are issued in connection
with such redemption, each Noteholder of such Series B Equipment Notes or such new Series B
Equipment Notes, as applicable, shall be deemed to be a party hereto without further act, and
shall be entitled to execute, and at the request of Company shall execute, a counterpart to this
Agreement.

     Section 2.03. The Closing. The closing (the “Closing”) of the transactions
contemplated hereby shall take place at the offices of Debevoise & Plimpton LLP, 919

Participation Agreement (2011-1 EETC)

[Reg. No.]

3

 

Third Avenue, New York, New York 10022 at 9:30 a.m. (New York City time) on __________, 20__
or at such other time or place as the parties shall agree.

ARTICLE 3

CONDITIONS PRECEDENT

     Section 3.01. Conditions Precedent to Obligations of Pass Through Trustees. The
obligation of the Pass Through Trustee of each Pass Through Trust in existence as of the Closing
Date to make the loan contemplated by Article II is subject to the fulfillment (or the waiver by
such Pass Through Trustee) prior to or on the Closing Date of the following conditions precedent:

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

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

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

     (i) the Intercreditor Agreement;

     (ii) the Liquidity Facilities in effect on the Closing Date;

     (iii) the Pass Through Trust Agreements in effect on the Closing Date;

Participation Agreement (2011-1 EETC)

[Reg. No.]

4

 

     (iv) the Indenture and the Indenture Supplement covering the Aircraft and
dated the Closing Date;

     (v) the Manufacturer’s Consent;

     (vi) a copy of the FAA Bill of Sale; and

     (vii) a copy of the Warranty Bill of Sale.

     (d) Financing Statement. A Uniform Commercial Code financing statement or
statements covering the security interest created by the Indenture naming Company, as
debtor, and Loan Trustee, as secured party, shall have been duly filed in all places
necessary or desirable within the State of Delaware.

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

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

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

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

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

     (f) Representations; No Event of Default or Event of Loss. On the Closing
Date, the following statements shall be correct: (i) the representations and
warranties of Company herein are correct in all material respects as though made on and as
of such date, except to the extent that such representations and warranties relate solely
to an earlier date (in which case such representations and warranties are correct on and as
of such earlier date) and (ii) no event has occurred and is continuing that
constitutes an Event of Default or an Event of Loss with respect to the Aircraft or would
constitute an Event of Default or such an Event of Loss but for the requirement that notice
be given or time elapse or both.

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

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

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

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     (j) Certification from Company. Each such Pass Through Trustee and Loan
Trustee shall have received a certificate or certificates signed by the chief financial or
accounting officer, any Senior Vice President, the Treasurer, any Vice President or any
Assistant Treasurer (or any other Responsible Officer) of Company, dated the Closing Date,
certifying as to the correctness of each of the matters stated in Section 3.01(f).

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

     (l) [Reserved.]

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

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

     (o) Funding of Pass Through Trusts. Each such Pass Through Trustee shall have
received in immediately available funds an amount at least equal to the aggregate purchase
price of the Equipment Notes to be purchased from Company by such Pass Through Trustee.

     (p) Manufacturer’s Consent. Loan Trustee shall have received an executed copy
of the Manufacturer’s Consent substantially in the form set forth in Exhibit D.

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     (q) Governmental Approvals. All appropriate action required to have been
taken prior to the Closing Date by the FAA or any governmental or political agency,
subdivision or instrumentality of the United States, in connection with the transactions
contemplated by this Agreement has been taken, and all orders, permits, waivers,
authorizations, exemptions and approvals of such entities required to be in effect on the
Closing Date in connection with the transactions contemplated by this Agreement have been
issued.

     (r) Satisfaction of Requirements under the Note Purchase Agreement. The
conditions precedent set forth in Section 2 of the Note Purchase Agreement, and the
requirements set forth in Section 1 of the Note Purchase Agreement relating to the Aircraft
and the Equipment Notes, shall have been satisfied.

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

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

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

     (b) Documentation. The documents referred to in Section 3.01(c) shall have
been duly authorized, executed and delivered by the respective party or parties thereto
(other than Company), shall be in full force and effect and executed counterparts (or
copies thereof where indicated) thereof shall have been delivered to Company, and Company
shall have received such documents and evidence with respect to U.S. Bank, the Liquidity
Provider of each Liquidity Facility in effect as of the Closing Date, Loan Trustee,
Subordination Agent and the Pass Through Trustee of each Pass Through Trust in existence as
of the

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Closing Date as Company reasonably requests in order to establish the consummation of
the transactions contemplated by this Agreement, the taking of all corporate and other
proceedings in connection therewith and compliance with the conditions herein set forth.

     (c) FAA Filing. The Indenture (with the Indenture Supplement covering the
Aircraft attached) shall have been duly filed for recordation (or shall be in the process
of being so duly filed for recordation) with the FAA pursuant to the Transportation Code.
The registration of the International Interests (or Prospective International Interests)
created under the Indenture (as supplemented by the Indenture Supplement with respect to
the Aircraft) shall have been effected on the International Registry in accordance with the
Cape Town Treaty.

     (d) Representations and Warranties. On the Closing Date, the representations
and warranties herein of U.S. Bank, Loan Trustee, Subordination Agent and the Pass Through
Trustee of each Pass Through Trust in existence as of the Closing Date shall be correct as
though made on and as of such date, except to the extent that such representations and
warranties relate solely to an earlier date (in which case such representations and
warranties shall have been correct on and as of such earlier date), and, insofar as such
representations and warranties concern U.S. Bank, Loan Trustee, Subordination Agent or any
Pass Through Trustee, such party shall have so certified to Company.

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

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

     (g) No Proceedings. No action or proceeding shall have been instituted nor
shall governmental action be threatened before any court or governmental agency, nor shall
any order, judgment or decree have been issued or proposed to be issued by any court or
governmental agency at the time of the

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Closing to set aside, restrain, enjoin or prevent the completion and consummation of
this Agreement or the transactions contemplated hereby.

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

     (i) Payment for Equipment Notes. Company shall have been paid by the Pass
Through Trustee of each Pass Through Trust in existence as of the Closing Date the
aggregate original principal amount of the Equipment Notes being issued to such Pass
Through Trustee as set forth on Schedule I opposite the name of such Pass Through Trust.

ARTICLE 4

REPRESENTATIONS, WARRANTIES AND INDEMNITIES OF COMPANY

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

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

     (b) Corporate Action and Authorization; No Violations. The execution,
delivery and performance by Company of this Agreement and the other Operative Documents to
which Company is a party have been duly authorized by all necessary corporate action on the
part of Company, do not require any

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

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

     (d) Valid and Binding Agreements. This Agreement and each other Operative
Document to which Company is a party have been duly executed and delivered by Company and
constitute the legal, valid and binding obligations of Company enforceable against Company
in accordance with their terms, except as the same may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the rights of
creditors generally and by general principles of equity and except, in the case of the
Indenture, as limited by applicable laws that may affect the remedies provided in the
Indenture, which

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laws, however, do not make the remedies provided in the Indenture inadequate for the
practical realization of the rights and benefits intended to be provided thereby.

     (e) Filings and Recordation. Except for (i) the filing for
recordation pursuant to the Transportation Code of the Indenture (with the Indenture
Supplement covering the Aircraft attached), (ii) with respect to the security
interests created by such documents, the filing of financing statements (and continuation
statements at periodic intervals) under the Uniform Commercial Code of Delaware, and
(iii) the registration on the International Registry of the International Interests
(or Prospective International Interests) created under the Indenture (as supplemented by
the Indenture Supplement covering the Aircraft), no further filing or recording of any
document is necessary under the laws of the United States or any state thereof as of the
Closing Date in order to establish and perfect the security interest in the Aircraft
created under the Indenture in favor of Loan Trustee as against Company and any third
parties in any applicable jurisdiction in the United States.

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

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

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

     (i) Security Interest. The Indenture creates in favor of Loan Trustee, for
the benefit of Noteholders, Indenture Indemnitees and Related Indenture Indemnitees, a
valid and perfected Lien on the Aircraft purported to be subjected

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to the Lien of the Indenture on the Closing Date, subject to no equal or prior Lien,
except Permitted Liens.

     (j) Licenses, Permits and Franchises. Company holds all licenses, permits and
franchises from the appropriate government entities necessary to authorize Company lawfully
to engage in air transportation and to carry on scheduled commercial passenger service as
currently conducted, except where the failure to so hold any such license, permit or
franchise would not have a material adverse effect on the financial condition or operations
of Company and its consolidated subsidiaries, taken as a whole.

     Section 4.02. General Indemnity. (a) Claims Defined. For the purposes of
this Section 4.02, “Claims” means any and all liabilities, obligations, losses, damages,
penalties, claims, actions, suits, costs or expenses of whatsoever kind and nature (whether or not
on the basis of negligence, strict or absolute liability or liability in tort) that may be imposed
on, incurred by, suffered by or asserted against an Indemnitee, as defined below, and, except as
otherwise expressly provided in this Section 4.02, includes all reasonable out-of-pocket costs,
disbursements and expenses (including reasonable out-of-pocket legal fees and expenses) actually
incurred by an Indemnitee in connection therewith or related thereto.

     (b) Indemnitee Defined. For the purposes of this Section 4.02,
“Indemnitee” means (i) U.S. Bank and Loan Trustee, (ii) each
separate or additional trustee appointed pursuant to Section 8.02 of the Indenture,
(iii) so long as it holds any Equipment Notes as agent and trustee of any Pass
Through Trustee, Subordination Agent (iv) so long as it is the holder of any
Equipment Notes, each Pass Through Trustee, (v) each Liquidity Provider,
(vi) any Related Noteholder, (vii) the Escrow Agent, (viii) the
Paying Agent and (ix) each of their respective successors and permitted assigns in
such capacities, agents, servants, officers, employees and directors (the respective
agents, servants, officers, employees and directors of each of the foregoing Indemnitees,
as applicable, together with such Indemnitee, collectively the “Related Indemnitee
Group” of such Indemnitee); provided that such Persons, to the extent they are
not signatories to this Agreement, have expressly agreed in writing to be bound by the
terms of this Section 4.02 prior to, or concurrently with, the making of a Claim. If any
Indemnitee fails to comply with any duty or obligation under this Section 4.02 with respect
to any Claim, such Indemnitee shall not be entitled to any indemnity with respect to such
Claim under this Section 4.02 to the extent such failure was prejudicial to Company. No
holder of a Pass Through Certificate in its capacity as such holder shall be an Indemnitee.

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     (c) Claims Indemnified. Subject to the exclusions stated in Section 4.02(d),
Company agrees to indemnify, protect, defend and hold harmless on an After-Tax Basis each
Indemnitee against Claims resulting from or arising out of (a) the Operative
Documents or the enforcement of any of the terms of the Operative Documents, (b)
the Aircraft, the Airframe, any Engine or any Part, including, without limitation, with
respect thereto, (i) the sale, purchase, acceptance, non-acceptance or rejection of
the Aircraft under the Purchase Agreement or the ownership, possession, use, non-use,
substitution, airworthiness, control, maintenance, repair, operation, registration,
re-registration, de-registration, delivery, non-delivery, assignment, abandonment,
condition, sale, lease, sublease, storage, modification, alteration, return, transfer or
other disposition of the Aircraft, the Airframe, any Engine or any Part (including, without
limitation, latent or other defects, whether or not discoverable, and any claim for patent,
trademark or copyright infringement) by Company, any Permitted Lessee or any other Person,
(ii) tort liability, whether or not arising out of the negligence of any Indemnitee
(whether active, passive or imputed), (iii) death or property damage of passengers,
shippers or others, and (iv) environmental control, noise or pollution, and
(c) the offer, sale or delivery of any Equipment Notes, Pass Through Certificates
or any interest therein or represented thereby. Without limiting the foregoing and subject
to, and without duplication of, the provisions of Section 6.01(a), Company agrees to pay
the reasonable ongoing fees, and the reasonable out-of-pocket costs and expenses actually
incurred (including, without limitation, reasonable attorney’s fees and disbursements
actually incurred and, to the extent payable as provided in the Indenture, reasonable
compensation and expenses of Loan Trustee’s agents actually incurred), of Loan Trustee in
connection with the transactions contemplated hereby.

     (d) Claims Excluded. The following are excluded from Company’s agreement to
indemnify an Indemnitee under this Section 4.02:

     (i) any Claim to the extent such Claim is attributable to acts or events
occurring after (A) the Lien of the Indenture has been discharged, or
(B) the transfer of possession of the Aircraft pursuant to Article IV of
the Indenture except to the extent that such Claim is attributable to acts
occurring in connection with the exercise of remedies pursuant to Section 4.02 of
the Indenture following the occurrence and continuance of an Event of Default;

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     (ii) any Claim to the extent such Claim is, or is attributable to, a Tax (or
loss of any Tax benefit), except with respect to paying indemnity amounts on an
After-Tax Basis;

     (iii) any Claim to the extent such Claim is attributable to the negligence or
willful misconduct of such Indemnitee or such Indemnitee’s Related Indemnitee
Group;

     (iv) any Claim to the extent such Claim is attributable to the noncompliance
by such Indemnitee or such Indemnitee’s Related Indemnitee Group with any of the
terms of, or any misrepresentation by an Indemnitee or its Related Indemnitee Group
contained in, this Agreement, any other Operative Document or any Pass Through
Document to which such Indemnitee or any of such Related Indemnitee Group is a
party or any agreement relating hereto or thereto;

     (v) any Claim to the extent such Claim constitutes a Permitted Lien
attributable to such Indemnitee;

     (vi) any Claim to the extent such Claim is attributable to the offer, sale,
assignment, transfer, participation or other disposition (whether voluntary or
involuntary) by or on behalf of such Indemnitee or its Related Indemnitee Group
(other than during the occurrence and continuance of an Event of Default;
provided that any such offer, sale, assignment, transfer, participation or
other disposition during the occurrence and continuation of an Event of Default
shall not be subject to indemnification unless it is made in accordance with the
Indenture and applicable law) of any Equipment Note or interest therein or Pass
Through Certificate, all or any part of such Indemnitee’s interest in the Operative
Documents or the Pass Through Documents, or any interest in the Collateral or any
similar security;

     (vii) any Claim to the extent such Claim is attributable to (A) a
failure on the part of Loan Trustee to distribute in accordance with this Agreement
or any other Operative Document any amounts received and distributable by it
hereunder or thereunder, (B) a failure on the part of Subordination Agent
to distribute in accordance with the Intercreditor Agreement any amounts received
and distributable by it thereunder, (C) a failure on the part of any Pass
Through Trustee to distribute in accordance with the Pass Through Trust Agreement
to which it is a party any amounts

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received and distributable by it thereunder, (D) a failure on the part
of Escrow Agent to distribute in accordance with any Escrow Agreement any amounts
received and distributable by it thereunder, (E) a failure on the part of
Paying Agent to distribute in accordance with any Escrow Agreement any amounts
received and distributable by it thereunder or (F) a failure on the part of
Depositary to pay funds payable by it in accordance with any Deposit Agreement;

     (viii) any Claim to the extent such Claim is attributable to the authorization
or giving or withholding of any future amendments, supplements, waivers or consents
with respect to any Operative Document or any Pass Through Document, other than
such as have been requested by Company or that occur as the result of an Event of
Default, or such as are expressly required or contemplated by the provisions of the
Operative Documents or the Pass Through Documents;

     (ix) any Claim to the extent such Claim is payable or borne by (A)
Company pursuant to any indemnification, compensation or reimbursement provision of
any other Operative Document or any Pass Through Document or (B) a Person
other than Company pursuant to any provision of any Operative Document or any Pass
Through Document;

     (x) any Claim to the extent such Claim is an ordinary and usual operating or
overhead expense or not an out-of-pocket expense actually incurred;

     (xi) any Claim to the extent such Claim is incurred on account of or asserted
as a result of any “prohibited transaction” within the meaning of Section 406 of
ERISA or Section 4975 of the Code;

     (xii) any Claim to the extent such Claim is attributable to one or more of the
other aircraft financed through the offering of Pass Through Certificates (in the
event of doubt, any Claim shall be allocated between the Aircraft and such other
aircraft in the same proportion that the then outstanding Equipment Notes bear to
the then outstanding equipment notes issued with respect to the other aircraft and
held by Pass Through Trustees);

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     (xiii) any Claim to the extent such Claim is attributable to any amount which
any Indemnitee expressly agrees shall not be paid by, borne by, or reimbursed by
Company;

     (xiv) any Claim by an Indemnitee related to the status of such Indemnitee as a
passenger or shipper on any of Company’s aircraft or as a party to a marketing or
promotional or other commercial agreement with Company unrelated to the
transactions contemplated by the Operative Documents; and

     (xv) any Claim to the extent such Claim is attributable to the offer or sale
by an Indemnitee (or any member of such Indemnitee’s Related Indemnitee Group) of
any interest in the Aircraft, the Equipment Notes, the Pass Through Certificates,
or any similar interest, in violation of the Securities Act or other applicable
federal, state or foreign securities laws (other than any thereof caused by acts or
omissions of Company of any of its affiliates).

     (e) Insured Claims. In the case of any Claim indemnified by Company hereunder
that is covered by a policy of insurance maintained by Company, each Indemnitee agrees to
cooperate, at Company’s expense, with the insurers in the exercise of their rights to
investigate, defend and compromise such Claim.

     (f) Claims Procedure. An Indemnitee shall promptly notify Company of any
Claim as to which indemnification is sought. The failure to provide such prompt notice
shall not release Company from any of its obligations to indemnify hereunder except to the
extent that Company is prejudiced by such failure or Company’s indemnification obligations
are increased as a result of such failure (in which event Company shall not be responsible
for such additional indemnification obligations). Such Indemnitee shall promptly submit to
Company all additional information in such Indemnitee’s possession to substantiate such
Claim as Company reasonably requests. Subject to the rights of Company’s insurers, Company
may, at its sole cost and expense, investigate any Claim, and may in its sole discretion
defend or compromise any Claim. At Company’s expense, any Indemnitee shall cooperate with
all reasonable requests of Company in connection therewith. Such Indemnitee shall not enter
into a settlement or other compromise with respect to any Claim without the prior written
consent of Company, which consent shall not be unreasonably withheld or delayed, unless
such Indemnitee waives its right to be indemnified with respect to such Claim.

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Where Company or its insurers undertake the defense of an Indemnitee with respect to a
Claim, no additional legal fees or expenses of such Indemnitee in connection with the
defense of such Claim shall be indemnified hereunder unless such fees or expenses were
incurred at the written request of Company or such insurers. Subject to the requirements of
any policy of insurance, an Indemnitee may participate at its own expense in any judicial
proceeding controlled by Company pursuant to the preceding provisions; provided
that such party’s participation does not, in the opinion of outside counsel appointed by
Company or its insurers to conduct such proceedings, interfere with such control. Such
participation shall not constitute a waiver of the indemnification provided in this Section
4.02. Notwithstanding anything to the contrary contained herein, Company shall not under
any circumstances be liable for the fees and expenses of more than one counsel for all
Indemnitees with respect to any one Claim. Notwithstanding anything to the contrary
contained herein, an Indemnitee shall not under any circumstances be required or deemed to
be required to contest any Claim or to assume responsibility for or control of any judicial
proceeding with respect thereto. Company will provide the relevant Indemnitee with such
information not within the control of such Indemnitee, as is in Company’s control or is
reasonably available to Company, which such Indemnitee may reasonably request and will
otherwise cooperate with such Indemnitee so as to enable such Indemnitee to fulfill its
obligations under this Section.

     (g) Subrogation. To the extent that a Claim is in fact paid in full by
Company or its insurer, Company or such insurer (as the case may be) shall, without any
further action, be subrogated to the rights and remedies of the Indemnitee on whose behalf
such Claim was paid with respect to the transaction or event giving rise to such Claim.
Such Indemnitee shall give such further assurances or agreements and shall cooperate with
Company or such insurer, as the case may be, to permit Company or such insurer to pursue
such rights and remedies, if any, to the extent reasonably requested by Company. So long as
no Event of Default has occurred and is continuing, if an Indemnitee receives any payment,
in whole or in part, from any party other than Company or its insurers with respect to any
Claim paid by Company or its insurers, it shall promptly pay over to Company the amount
received (but not an amount in excess of the amount Company or any of its insurers has paid
in respect of such Claim). Any amount referred to in the preceding sentence that is payable
to Company shall not be paid to Company, or, if it has been previously paid directly to
Company, shall not be retained by Company, if at the time of such payment an Event of
Default has occurred and is continuing, but shall be paid to and held by Loan Trustee as
security for the obligations of Company under the Operative Documents. If Company agrees,
such amount payable shall be applied against Company’s obligations thereunder when and as
they become due and payable. At such time as

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such Event of Default is no longer continuing, such amount, to the extent not
previously so applied against Company’s obligations, shall be paid to Company.

     (h) No Guaranty. Nothing set forth in this Section 4.02 constitutes a
guarantee by Company that the Aircraft at any time will have any particular value, useful
life or residual value.

     (i) Payments; Interest. Any amount payable to any Indemnitee on account of a
Claim shall be paid within 30 days after receipt by Company of a written demand therefor
from such Indemnitee accompanied by a written statement describing in reasonable detail the
Claims that are the subject of and basis for such indemnity and the computation of the
amount payable. Any payments made pursuant to this Section 4.02 directly to an Indemnitee
or to Company, as the case may be, shall be made in immediately available funds at such
bank or to such account as is specified by the payee in written directions to the payor or,
if no such directions are given, by check of the payor payable to the order of the payee
and mailed to the payee by certified mail, return receipt requested, postage prepaid to its
address referred to in Section 7.01. To the extent permitted by applicable law, interest at
the Past Due Rate shall be paid, on demand, on any amount or indemnity not paid when due
pursuant to this Section 4.02 until the same is paid. Such interest shall be paid in the
same manner as the unpaid amount in respect of which such interest is due.

     (j) Tax Deduction or Credit. If, by reason of any payment made to or for the
account of any Indemnitee by Company, or by reason of any Claim of any Indemnitee paid or
indemnified against by Company, in each case pursuant to Section 4.02, such Indemnitee
realizes a Tax deduction or credit not previously taken into account in computing such
payment, such Indemnitee shall promptly pay to Company an amount equal to the sum of
(i) the actual reduction in Taxes realized by such Indemnitee which is attributable
to such deduction or credit, and (ii) the actual reduction in Taxes realized by
such Indemnitee as a result of any payment made by such Indemnitee pursuant to this
sentence; provided that the amount payable by such Indemnitee pursuant to this
sentence shall not exceed the sum of all amounts previously paid by Company to such
Indemnitee pursuant to this Section 4.02; provided, further, that any such
excess shall be carried forward and applied to reduce pro tanto any subsequent obligations
of Company to make payments to such Indemnitee pursuant to Section 4.02. If such Tax
deduction or credit is subsequently disallowed or lost, upon written notice from the
Indemnitee Company shall promptly repay all amounts paid to it pursuant to this Section
4.02(j) in respect of such disallowed or lost deduction or credit. If, at the time an
amount would otherwise be payable to Company under this Section 4.02(j), any

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Event of Default shall have occurred and be continuing, such amount shall be held by
the relevant Indemnitee as security for the obligations of Company under the Operative
Documents. At such time as no Event of Default is continuing, such amount or portion
thereof shall be applied to offset Company’s outstanding obligations under the Operative
Documents and any remaining amount after such application shall be paid to Company.

ARTICLE 5

REPRESENTATIONS, WARRANTIES AND COVENANTS OF U.S. BANK

     Section 5.01. Representations, Warranties and Covenants of U.S. Bank. U.S. Bank,
generally, and each of Loan Trustee, Subordination Agent and the Pass Through Trustee under each of
the Pass Through Trust Agreements in effect on the date hereof as it relates to it, represents,
warrants and covenants that:

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

     (b) Due Authorization; No Violations. The execution, delivery and performance
by U.S. Bank, individually or in its capacity as Loan Trustee, Subordination Agent or such
Pass Through Trustee, as the case may be, of this Agreement, each of the other Operative
Documents and each of the Pass Through Documents to which U.S. Bank, Loan Trustee,
Subordination Agent or such Pass Through Trustee is a party, the performance by U.S. Bank,
individually or in its capacity as Loan Trustee, Subordination Agent or such Pass Through
Trustee, as the case may be, of its obligations thereunder and the consummation on the
Closing Date or the Issuance Date, as the case may be, of the transactions

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contemplated thereby, and the authentication of the Equipment Notes and the Pass
Through Certificates, respectively, to be delivered on the Closing Date or the Issuance
Date, as the case may be: (i) have been duly authorized by all necessary action on
the part of U.S. Bank, Loan Trustee, Subordination Agent and such Pass Through Trustee, as
the case may be, (ii) do not violate any law or regulation of the United States or
of the state of the United States in which U.S. Bank is located and which governs the
banking and trust powers of U.S. Bank or any order, writ, judgment or decree of any court,
arbitrator or governmental authority applicable to U.S. Bank, Loan Trustee, Subordination
Agent or such Pass Through Trustee or any of their assets, (iii) will not violate
any provision of the articles of association or by-laws of U.S. Bank and (iv) will
not violate any provision of, or constitute a default under, any mortgage, indenture,
contract, agreement or undertaking to which any of U.S. Bank, Loan Trustee, Subordination
Agent or such Pass Through Trustee is a party or by which any of them or their respective
properties may be bound or affected.

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

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

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

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

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

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

     (i) Certain Tax Matters. There are no Taxes payable by (i) U.S. Bank,
Loan Trustee or Subordination Agent imposed by the Commonwealth of Massachusetts or any
political subdivision or taxing authority thereof, or (ii) U.S. Bank or such Pass
Through Trustee imposed by the State of Delaware or any political subdivision or taxing
authority thereof, in connection with the execution, delivery or performance by U.S. Bank,
Loan Trustee or Subordination Agent on the one hand, or U.S. Bank or such Pass Through
Trustee, on the other, of any Operative Document or any Pass Through Document (other than
franchise or other taxes based on or measured by any fees or compensation received by any
such Person for services rendered in connection with the transactions contemplated by the
Operative Documents or the Pass Through Documents), and there are no Taxes payable by such
Pass Through Trustee imposed by the State of Delaware or any political subdivision thereof
in connection with the acquisition, possession or ownership by such Pass Through Trustee of
any of the Equipment Notes (other than franchise or other taxes based on or measured by any
fees or compensation received by such Pass Through Trustee for services rendered in
connection with the transactions contemplated by the Operative Documents or the

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Pass Through Documents) and, assuming that the Pass Through Trusts in existence as of
the Closing Date will not be taxable for Federal income tax purposes as corporations, but,
rather, will be characterized for such purposes as grantor trusts or partnerships, such
Pass Through Trusts will not be subject to any Taxes imposed by the State of Delaware or
any political subdivision thereof.

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

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

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

ARTICLE 6

OTHER COVENANTS AND AGREEMENTS

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

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Operative Documents and the other documents or instruments referred to herein or therein:

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

     (ii) all reasonable expenses actually incurred in connection with printing and
document production or reproduction expenses, and in connection with the filing of
Uniform Commercial Code financing statements.

     (b) Continuing Registration and Re-Registration. Loan Trustee, Noteholders,
Subordination Agent and each Pass Through Trustee agree to execute and deliver, at
Company’s expense, all such documents and consents as Company reasonably requests for the
purpose of continuing the registration of the Aircraft at the FAA in Company’s name or for
the purpose of registering or maintaining any registration on the International Registry in
respect of the Aircraft. In addition, each of Loan Trustee, Subordination Agent, each Pass
Through Trustee and any other Noteholder agrees, for the benefit of Company, to cooperate
with Company in effecting any foreign registration of the Aircraft pursuant to Section
7.02(e) of the Indenture; provided that prior to any such change in the country of
registry of the Aircraft the conditions set forth in Section 7.02(e) of the Indenture are
met to the reasonable satisfaction of, or waived by, Loan Trustee.

     (c) Quiet Enjoyment. Each of U.S. Bank, Loan Trustee, Subordination Agent,
each Pass Through Trustee and any other Noteholder[, and Class A Liquidity Provider (by
having entered into the Class A Liquidity Facility) agree, and, if a Class B Liquidity
Facility shall have been provided, Class B Liquidity Provider (by entering into such Class
B Liquidity Facility) shall be deemed to have agreed]14 [, Class A Liquidity
Provider (by having entered into

 

			
	14	 	To insert if the Class B Liquidity Facility
has not been provided as of the Closing Date.

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the Class A Liquidity Facility) and Class B Liquidity Provider (by having entered into
the Class B Liquidity Facility) agree]15, that, unless an Event of Default shall
have occurred and be continuing, it shall not (and shall not permit any Affiliate or other
Person claiming by, through or under it to) take any action contrary to, or otherwise in
any way interfere with or disturb (and then only in accordance with the Indenture), the
quiet enjoyment of the use and possession of the Aircraft, the Airframe, any Engine or any
Part by Company or any transferee of any interest in any thereof permitted under the
Indenture.

     (d) No Noteholder Liens. Each Noteholder, including, without limitation,
Subordination Agent and each Pass Through Trustee, unconditionally agrees with and for the
benefit of the parties to this Agreement that it will not directly or indirectly create,
incur, assume or suffer to exist any Noteholder Liens, and such Noteholder agrees that it
will, at its own cost and expense, promptly take such action as may be necessary to
discharge and satisfy in full any such Noteholder Lien; and each Noteholder hereby agrees
to indemnify, protect, defend and hold harmless each Indemnitee and Company against claims
in any way resulting from or arising out of a breach by it of its obligations under this
Section 6.01(d).

     (e) Agreement to be Bound; Transfer. By its acceptance of its Equipment
Notes, each Noteholder unconditionally agrees for the benefit of Company and Loan Trustee:
(i) to be bound by and to perform and comply with all of the terms of such
Equipment Notes, the Indenture and this Agreement applicable to such Noteholder and
(ii) that it will not transfer any Equipment Note (or any part thereof) to any
entity unless such transfer complies with and does not violate the Transportation Code, the
Securities Act (or require registration under such Act) or any other law (including,
without limitation, ERISA), and does not create a relationship that would be in violation
thereof, or result in a “prohibited transaction” under Section 4975 of the Code or require
qualification of an indenture under the Trust Indenture Act.

     (f) Tax Returns. Each Pass Through Trustee shall file any tax returns
required to be filed by the related Pass Through Trust and the Company shall pay the
Applicable Portion of any expenses relating thereto. The Company shall be responsible for
the Applicable Portion of any interest or penalties related to any Pass Through Trustee’s
failure to file any such tax returns required to be filed by the relevant Pass Through
Trust, except to the extent that such failure is

 

			
	15	 	To insert if the Class B Liquidity Facility
has been provided as of the Closing Date.

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attributable to the gross negligence or willful misconduct of such Pass Through
Trustee. For purposes of this Section 6.01(f), the “Applicable Portion” of any
amount shall equal such amount multiplied by a fraction, the numerator of which shall be
the sum of the then outstanding aggregate principal amount of the Equipment Notes held by
the relevant Pass Through Trustee, and the denominator of which shall be the sum of the
outstanding aggregate principal amount of all “Equipment Notes” issued under each of the
“Indentures” (in each case as defined in the Intercreditor Agreement) held by such Pass
Through Trustee.

     (g) No Petition. Each of Company, Loan Trustee, each Pass Through Trustee,
Subordination Agent and any other Noteholder covenants that (i) until one year and
one day after the Series A Equipment Notes have been paid in full, it shall not acquiesce,
petition or otherwise invoke or cause or join in invoking or causing the Class A Pass
Through Trust or any other Person to invoke the process of any governmental authority for
the purpose of commencing or sustaining a case (whether voluntary or not) against the Class
A Pass Through Trust under any bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Class A Pass Through Trust or any substantial part of its property or ordering the
winding-up or liquidation of the affairs of the Class A Pass Through Trust and (ii)
if any Series B Equipment Notes shall have been issued, until one year and one day after
the Series B Equipment Notes have been paid in full, it shall not acquiesce, petition or
otherwise invoke or cause or join in invoking or causing the Class B Pass Through Trust or
any other Person to invoke the process of any governmental authority for the purpose of
commencing or sustaining a case (whether voluntary or not) against the Class B Pass Through
Trust under any bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Class B Pass
Through Trust or any substantial part of its property or ordering the winding-up or
liquidation of the affairs of the Class B Pass Through Trust.

     Section 6.02. Certain Covenants of Company. Company covenants and agrees with Loan
Trustee as follows:

     (a) Further Assurances. On and after the Closing, Company will cause to be
done, executed, acknowledged and delivered such further acts, conveyances and assurances as
Loan Trustee reasonably requests for accomplishing the purposes of this Agreement and the
other Operative Documents; provided that any instrument or other document so
executed by Company will not expand any obligations or limit any rights of Company in
respect of the transactions contemplated by the Operative Documents.

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     (b) Filing and Recordation of the Indenture; Registration of International
Interests. Company, at its expense, will cause the Indenture (with the Indenture
Supplement covering the Aircraft attached) to be promptly filed and recorded, or filed for
recording, with the FAA to the extent permitted under the Transportation Code and the rules
and regulations of the FAA thereunder. In addition, on or prior to the Closing Date,
Company will cause the registration of the International Interests (or Prospective
International Interests) created under the Indenture (as supplemented by the Indenture
Supplement with respect to the Aircraft) to be effected on the International Registry in
accordance with the Cape Town Treaty, and shall, as and to the extent applicable, consent
to such registration upon the issuance of a request for such consent by the International
Registry.

     (c) Maintenance of Filings. Company, at its expense, will take, or cause to
be taken, such action with respect to the recording, filing, re-recording and refiling of
the Indenture and any financing statements or other instruments as are necessary to
maintain, so long as the Indenture is in effect, the perfection of the security interests
created by the Indenture or will furnish Loan Trustee timely notice of the necessity of
such action, together with such instruments, in execution form, and such other information
as may be required to enable Loan Trustee to take such action. In addition, Company will
pay any and all recording, stamp and other similar taxes payable in the United States, and
in any other jurisdiction where the Aircraft is registered, in connection with the
execution, delivery, recording, filing, re-recording and refiling of the Indenture or any
such financing statements or other instruments. Company will notify Loan Trustee of any
change in its jurisdiction of organization (as such term is used in Article 9 of the
Uniform Commercial Code as in effect in the State of Delaware) promptly after making such
change or in any event within the period of time necessary under applicable law to prevent
the lapse of perfection (absent refiling) of financing statements filed under the Operative
Documents.

     (d) Maintenance of Corporate Existence. Company shall at all times maintain
its corporate existence except as permitted by Section 6.02(e).

     (e) Merger; Consolidation; Transfer of Substantially All Assets. Company shall
not consolidate with or merge into any other Person or convey, transfer or lease
substantially all of its assets as an entirety to any Person, unless:

     (i) the successor or transferee entity shall, if and to the extent required
under Section 1110 in order that Loan Trustee continues to be

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entitled to any benefits of Section 1110 with respect to the Aircraft, be a
Citizen of the United States and a Certificated Air Carrier and shall execute and
deliver to Loan Trustee an agreement containing the express assumption by such
successor or transferee entity of the due and punctual performance and observance
of each covenant and condition of the Operative Documents to which Company is a
party to be performed or observed by Company;

     (ii) if the Aircraft is, at the time, registered with the FAA or such Person
is located in a “Contracting State” (as such term is used in the Cape Town Treaty),
such Person makes such filings and recordings with the FAA pursuant to the Act and
registration under the Cape Town Treaty, or if the Aircraft is, at the time, not
registered with the FAA, such Person makes such filings and recordings with the
applicable aviation authority, as are necessary to evidence such consolidation,
merger, conveyance, transfer or lease;

     (iii) immediately after giving effect to such transaction, no Event of Default
shall have occurred and be continuing; and

     (iv) Company shall deliver to Loan Trustee and each Liquidity Provider a
certificate signed by a Responsible Officer of Company, and an opinion of counsel
(which may be the General Counsel, Deputy General Counsel or an Associate General
Counsel to Company), each stating that such consolidation, merger, conveyance,
transfer or lease and the assumption agreement mentioned in clause (i) above comply
with this Section 6.02(e) and that all conditions precedent herein relating to such
transaction have been complied with (except that such opinion need not cover the
matters referred to in clause (iii) above and may rely, as to factual matters, on a
certificate of an officer of Company) and, in the case of such opinion, that such
assumption agreement has been duly authorized, executed and delivered by such
successor Person and is enforceable against such successor Person in accordance
with its terms, except as the same may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the rights of creditors
generally and by general principles of equity.

     Upon any consolidation or merger, or any conveyance, transfer or lease of
substantially all of the assets of Company as an entirety in accordance with this Section
6.02(e), the successor Person formed by such consolidation or into which

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Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, Company under this
Agreement and the other Operative Documents with the same effect as if such successor
Person had been named as Company herein.

     (f) Section 1110. Company shall remain a Certificated Air Carrier for as long
as and to the extent required under Section 1110 in order that Loan Trustee shall be
entitled to any of the benefits of Section 1110 with respect to the Aircraft.

     (g) Additional Information. Promptly after the occurrence of a Triggering
Event or an Indenture Event of Default resulting from the failure of Company to make
payments on any Equipment Note and on every Regular Distribution Date while the Triggering
Event or such Indenture Event of Default shall be continuing, Company will, at the
Subordination Agent’s request from time to time but in any event no more frequently than
once every three months, provide to the Subordination Agent a statement setting forth the
following information with respect to the Aircraft if then subject to the lien of the
Indenture: (A) whether the Aircraft is currently in service or parked in storage,
(B) the maintenance status of the Aircraft, and (C) the location of the
Engines. As used in this Section 6.02(g), the terms “Triggering Event”, “Indenture Event
of Default” and “Regular Distribution Date” shall have the respective meanings set forth in
the Intercreditor Agreement.

ARTICLE 7

MISCELLANEOUS

     Section 7.01. Notices. Unless otherwise expressly specified or permitted by the terms
hereof, all notices required or permitted under the terms and provisions of this Agreement shall be
in English and in writing, and any such notice may be given by United States mail, courier service
or facsimile, and any such notice shall be effective when delivered (or, if mailed, three Business
Days after deposit, postage prepaid, in the first class United States mail, and if delivered by
facsimile, upon completion of transmission and confirmation by the sender (by a telephone call to a
representative of the recipient or by machine confirmation) that such transmission was received)
addressed as follows:

     if to Company, addressed to:

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Delta Air Lines, Inc.

1030 Delta Boulevard

Atlanta, Georgia 30354

Attention: Treasurer, Dept. 856

 

Telephone: (404) 715-6583

Facsimile: (404) 773-7345

          with a copy to the General Counsel at the same address, but Dept. 971

 

Telephone: (404) 715-7820

Facsimile: (404) 715-7882

     if to any Pass Through Trustee, addressed to:

 

U.S. Bank Trust National Association

300 Delaware Avenue, 9th Floor

Mail Code EX-DE-WDAW

Wilmington, Delaware 19801

Attention: Corporate Trust Services

Ref.: Delta 2011-1 EETC

Telephone: (302) 576-3703

Facsimile: (302) 576-3717

          with a copy to:

 

U.S. Bank Trust National Association

One Federal Street

EX-MA-FED, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Services

Ref.: Delta 2011-1 EETC

Telephone: (617) 603-6553

Facsimile: (617) 603-6683

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     if to U.S. Bank, Loan Trustee or Subordination Agent, addressed to:

 

U.S. Bank Trust National Association

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Administration

Ref.: Delta 2011-1 EETC

Telephone: (617) 603-6553

Facsimile: (617) 603-6683

or if to any subsequent Noteholder, addressed to such Noteholder at its address set forth in the
Equipment Note Register maintained pursuant to Section 2.07 of the Indenture.

     Any party, by notice to the other parties hereto, may designate different addresses for
subsequent notices or communications. Whenever the words “notice” or “notify” or similar words are
used herein, they mean the provision of formal notice as set forth in this Section 7.01.

     Section 7.02. Survival of Representations, Warranties, Indemnities, Covenants and
Agreements. Except as otherwise provided herein, the representations, warranties, indemnities,
covenants and agreements of Company, U.S. Bank, Loan Trustee, Subordination Agent, each Pass
Through Trustee and Noteholders herein, and each of their obligations hereunder, shall survive the
making of the loans, the transfer of any interest by any Noteholder of its Equipment Note and the
expiration or termination (to the extent arising out of acts or events occurring prior to such
expiration) of any Operative Documents.

     Section 7.03. Governing Law. THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW
YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

     Section 7.04. Severability. To the extent permitted by applicable law, any provision
of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such

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prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     Section 7.05. No Oral Modifications or Continuing Waivers; Consents. Subject to
Section 9.03 of the Indenture, 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 against
which the enforcement of the change, waiver, discharge or termination is sought. No such change,
waiver, discharge or termination shall be effective unless a signed copy thereof is delivered to
Loan Trustee.

     Section 7.06. Effect of Headings and Table of Contents. The headings of the various
Articles and Sections herein and in the Table of Contents are for convenience of reference only and
do not define or limit any of the terms or provisions hereof.

     Section 7.07. Successors and Assigns. All covenants, agreements, representations and
warranties in this Agreement by Company, by U.S. Bank, individually or as Loan Trustee,
Subordination Agent or Pass Through Trustee, or by any Noteholder, shall bind and inure to the
benefit of and be enforceable by Company, and subject to the terms of Section 6.02(e), its
successors and permitted assigns, each Pass Through Trustee and any successor or other trustee
under the Pass Through Trust Agreement to which it is a party, Subordination Agent and its
successor under the Intercreditor Agreement and Loan Trustee and its successor under the Indenture,
whether so expressed or not.

     Section 7.08. Benefits of Agreement. Subject to the next sentence, nothing in this
Agreement, express or implied, gives to any Person, other than the parties hereto and their
successors hereunder, any benefit or any legal or equitable right, remedy or claim under this
Agreement, except as expressly provided herein. Company agrees and acknowledges that each Liquidity
Provider, and each separate or additional trustee appointed pursuant to Section 8.02 of the
Indenture shall be third party beneficiaries of the covenants and agreements of Company with
respect to the indemnities contained in Section 4.02 and may rely on the covenants and agreements
of Company with respect to such indemnities to the same extent as if the covenants and agreements
of Company with respect to such indemnities were made to each Liquidity Provider directly.

     Section 7.09. Counterparts. This Agreement may be executed in any number of
counterparts. Each of the parties hereto shall not be required to execute the same counterpart.
Each counterpart of this Agreement including a signature page or pages executed by each of the
parties hereto shall be an original counterpart of this Agreement, but all of such counterparts
shall together constitute one instrument.

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     Section 7.10. Submission to Jurisdiction. Each of the parties hereto, to the extent
it may do so under applicable law, for purposes hereof and of all other Operative Documents hereby
(a) irrevocably submits itself to the non-exclusive jurisdiction of the courts of the State
of New York sitting in the City of New York and to the non-exclusive jurisdiction of the United
States District Court for the Southern District of New York, for the purposes of any suit, action
or other proceeding arising out of this Agreement, the subject matter hereof or any of the
transactions contemplated hereby brought by any party or parties hereto or thereto, or their
successors or permitted assigns and (b) waives, and agrees not to assert, by way of motion,
as a defense, or otherwise, in any such suit, action or proceeding, that the suit, action or
proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is
improper or that this Agreement or the subject matter hereof or any of the transactions
contemplated hereby may not be enforced in or by such courts.

     Section 7.11. Further Assurances. Each party hereto shall execute, acknowledge and
deliver or shall cause to be executed, acknowledged and delivered, all such further agreements,
instruments, certificates or documents, and shall do and cause to be done such further acts and
things, including, without limitation, making or consenting to registrations (or discharges
thereof, as appropriate) with respect to the Indenture on the International Registry and appointing
Daugherty, Fowler, Peregrin, Haught & Jenson, a Professional Corporation, as its “professional user
entity” (as defined in the Cape Town Treaty) to make or consent to any registrations (or discharges
thereof, as appropriate) on the International Registry with respect to the Airframe or any Engine,
in any case, as any other party hereto shall reasonably request in connection with the
administration of, or to carry out more effectively the purposes of, or to better assure and
confirm into such other party the rights and benefits to be provided under this Agreement, the
other Operative Documents and the Pass Through Documents.

     Section 7.12. Section 1110. It is the intention of each of Company, Noteholders (such
intention being evidenced by each of their acceptance of an Equipment Note), Loan Trustee and other
parties hereto that the security interest created by the Indenture, to the fullest extent available
under applicable law, entitles the Loan Trustee, on behalf of the Noteholders, to all of the
benefits of Section 1110 with respect to the Aircraft, Airframe, Engines and Parts.

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

	 	 	 	 	 	 	 

	 

	 	DELTA
	 	AIR LINES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION, as Pass
Through Trustee under each of the Pass Through
Trust Agreements in effect as of the date hereof	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

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

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

Signature Page

Participation Agreement (2011-1 EETC)

[Reg. No.]

 

 

	 	 	 	 	 	 	 

	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION, as Loan
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION, in its
individual capacity as set forth herein	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

Signature Page

Participation Agreement (2011-1 EETC)

[Reg. No.]

 

 

SCHEDULE I to

PARTICIPATION AGREEMENT

EQUIPMENT NOTES,

PURCHASERS AND ORIGINAL PRINCIPAL AMOUNTS3

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Description of 	 	 	 	 	 	 
	 	 	Equipment	 	 	 	Interest	 	Original Principal
	Purchaser	 	Notes	 	Maturity	 	Rate	 	Amount4
	Delta Air Lines
Pass Through
Trust 2011-1A

	 	Series
2011-1A-[___]5
[Reg. No.]
Equipment Note[s]
	 	April 15, 2019
	 	 	5.30	%	 	 	$	 

 

			
	3	 	If any Series B Equipment Notes are being
issued on the Closing Date, this Schedule I shall be revised to include the
relevant information for the Class B Pass Through Trust.
	 
	4	 	For Series A Equipment Notes, to insert the
amount set forth in the line captioned “At Issuance” in the “Equipment Note
Ending Balance” column relating to the relevant aircraft in Appendix V to the
Prospectus Supplement relating to Delta Pass Through Certificates, Series
2011-1A.
	 
	5	 	To insert numbers 01-26 depending on the
applicable aircraft.

Participation Agreement (2011-1 EETC)

[Reg. No.]

 

 

SCHEDULE II to

PARTICIPATION AGREEMENT

TRUST SUPPLEMENTS6

     Trust Supplement No. 2011-1A, dated as of the Issuance Date, between Company and Pass Through
Trustee in respect of Delta Air Lines Pass Through Trust 2011-1A.

 

			
	6	 	If any Series B Equipment Notes are being
issued on the Closing Date, this Schedule II should be revised to include the
relevant information for the applicable Trust Supplement.

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[Reg. No.]

 II-1 

 

 

Annex A to

Participation Agreement and

Indenture and Security Agreement

([REG. NO.])

DEFINITIONS

([REG. NO.])

     “Additional Insureds” has the meaning specified in Section 7.06(a) of the Indenture.

     “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” (including “controlled by” and “under common control with”) shall mean 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. In no
event shall U.S. Bank be deemed to be an Affiliate of Loan Trustee or vice versa.

     “After-Tax Basis” means that indemnity and compensation payments required to be made
on such basis will be supplemented by the Person paying the base amount by that amount which, when
added to such base amount, and after deduction of all Federal, state, local and foreign Taxes
required to be paid by or on behalf of the payee with respect of the receipt or realization of the
base amount and any such supplemental amounts, and after consideration of any current tax savings
of such payee resulting by way of any deduction, credit or other tax benefit actually and currently
realized that is attributable to such base amount or Tax, shall net such payee the full amount of
such base amount.

     “Agreement” and “Participation Agreement” mean that certain Participation
Agreement ([REG. NO.]), dated on or before the Closing Date, among Company, U.S. Bank, Pass Through
Trustee under each Pass Through Trust Agreement in effect as of the date of execution and delivery
of such Participation Agreement, Subordination Agent and Loan Trustee, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with its terms.

     “Aircraft” means the Airframe (or any Replacement Airframe substituted therefor
pursuant to Section 7.05 of the Indenture) together with the two Engines described in the Indenture
Supplement originally executed and delivered under the Indenture (or any Replacement Engine that
may from time to time be substituted for any of such Engines pursuant to Section 7.04 or Section
7.05 of the Indenture), whether or not any of such initial or substituted Engines is from time to
time installed on such Airframe or installed on any other airframe or on any other aircraft. The
term “Aircraft” includes any Replacement Aircraft.

     “Aircraft Protocol” means the official English language text of the Protocol to the
Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft
Equipment, adopted on November 16, 2001, at a diplomatic conference in Cape Town, South Africa, and
all amendments, supplements, and revisions thereto (and from and after the effective date of the
Cape Town Treaty in the relevant country, means when referring to the Aircraft

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Protocol with respect to that country, the Aircraft Protocol as in effect in such country,
unless otherwise indicated).

     “Airframe” means (a) the Boeing [Model] (generic model [Generic Model])
aircraft (except (i) the Engines or engines from time to time installed thereon and any and
all Parts related to such Engine or engines and (ii) Excluded Equipment) specified on Annex
A to the Indenture Supplement originally executed and delivered under the Indenture and (b)
any and all related Parts. The term “Airframe” includes any Replacement Airframe that is
substituted for the Airframe pursuant to Section 7.05 of the Indenture. At such time as any
Replacement Airframe is so substituted and the Airframe for which such substitution is made is
released from the Lien of the Indenture, such replaced Airframe shall cease to be an Airframe under
the Indenture.

     “Bankruptcy Code” means the United States Bankruptcy Code, 11 United States Code §§101
et seq., as amended from time to time, or any successor statutes thereto.

     “Basic Pass Through Trust Agreement” means that certain Pass Through Trust Agreement,
dated as of November 16, 2000, between Company and U.S. Bank (as successor in interest to State
Street Bank and Trust Company of Connecticut, National Association), as the same may be amended,
supplemented or otherwise modified from time to time in accordance with its terms (but does not
include any Trust Supplement).

     “Business Day” means any day other than a Saturday, a Sunday or a day on which
commercial banks are required or authorized to close in New York, New York, Atlanta, Georgia,
Boston, Massachusetts, Wilmington, Delaware or, if different from the foregoing, the city and state
in which Loan Trustee, the Pass Through Trustee or Subordination Agent maintains its Corporate
Trust Office or receives and disburses funds.

     “Cape Town Convention” means the official English language text of the Convention on
International Interests in Mobile Equipment, adopted on November 16, 2001, at a diplomatic
conference in Cape Town, South Africa, and all amendments, supplements, and revisions thereto (and
from and after the effective date of the Cape Town Treaty in the relevant country, means when
referring to the Cape Town Convention with respect to that country, the Cape Town Convention as in
effect in such country, unless otherwise indicated).

     “Cape Town Treaty” means, collectively, the official English language text of
(a) the Convention on International Interests in Mobile Equipment, and (b) the
Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to
Aircraft Equipment, in each case adopted on November 16, 2001, at a diplomatic conference in Cape
Town, South Africa, and from and after the effective date of the Cape Town Treaty in the relevant
country, means when referring to the Cape Town Treaty with respect to that country, the Cape Town
Treaty as in effect in such country, unless otherwise indicated, and (c) all rules and
regulations adopted pursuant thereto and, in the case of each of the foregoing described in clauses
(a) through (c), all amendments, supplements, and revisions thereto.

     “Certificated Air Carrier” means a Citizen of the United States holding an air carrier
operating certificate issued by the Secretary of Transportation pursuant to Chapter 447 of Title 49
of the United States Code for aircraft capable of carrying ten or more individuals or 6,000

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pounds or more of cargo or that otherwise is certified or registered to the extent required to
fall within the purview of Section 1110.

     “Citizen of the United States” has the meaning specified for such term in Section
40102(a)(15) of Title 49 of the United States Code or any similar legislation of the United States
enacted in substitution or replacement therefor.

     “Claim” has the meaning specified in Section 4.02(a) of the Participation Agreement.

     “Class A Certificates” means Pass Through Certificates issued by the Class A Pass
Through Trust.

     “Class A Liquidity Facility” has the meaning set forth in the Intercreditor Agreement.

     “Class A Liquidity Provider” has the meaning set forth in the Intercreditor Agreement.

     “Class A Pass Through Trust” means the Delta Air Lines Pass Through Trust 2011-1A
created pursuant to the Basic Pass Through Trust Agreement, as supplemented by Trust Supplement No.
2011-1A, dated as of the Issuance Date, between Company and U.S. Bank, as Class A Trustee.

     “Class A Trustee” means the trustee for the Class A Pass Through Trust.

     “Class B Certificates” means Pass Through Certificates, if any, issued by any Class B
Pass Through Trust (including, without limitation, any “Refinancing Certificates” (as such term is
defined in the Intercreditor Agreement)).

     “Class B Liquidity Facility” has the meaning set forth in the Intercreditor Agreement.

     “Class B Liquidity Provider” has the meaning set forth in the Intercreditor Agreement.

     “Class B Pass Through Trust” means (i) initially, a grantor trust, if any,
created pursuant to the applicable Pass Through Trust Agreement, to facilitate the issuance and
sale of pass through certificates in connection with the initial issuance of any Series B Equipment
Notes, and (ii) any “Refinancing Trust” (as such term is defined in the Intercreditor Agreement)
created in connection with any subsequent redemption of such Series B Equipment Notes and issuance
of new Series B Equipment Notes.

     “Class B Trustee” means the trustee for any Class B Pass Through Trust.

     “Closing” has the meaning specified in Section 2.03 of the Participation Agreement.

     “Closing Date” means the date of the closing of the transaction contemplated by the
Operative Documents.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     “Collateral” has the meaning specified in the granting clause of the Indenture.

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     “Company” means Delta Air Lines, Inc., and its successors and permitted assigns.

     “Compulsory Acquisition” means requisition of title or other compulsory acquisition,
capture, seizure, deprivation, confiscation or detention for any reason of the Aircraft by any
government that results in the loss of title or use of the Aircraft by Company (or any Permitted
Lessee) for a period in excess of 180 consecutive days, but shall exclude requisition for use or
hire not involving requisition of title.

     “Confidential Information” has the meaning specified in Section 10.16 of the
Indenture.

     “Controlling Party” has the meaning specified in Section 2.06 of the Intercreditor
Agreement.

     “Corporate Trust Office” has the meaning specified in Section 1.01 of the
Intercreditor Agreement.

     “CRAF Program” means the Civil Reserve Air Fleet Program authorized under 10 U.S.C.
Section 9511 et seq. or any similar or substitute program under the laws of the United States.

     “Debt Rate” means (i) with respect to any Series of Equipment Notes, the rate
per annum specified for the applicable Series as such in Schedule I to the Indenture (as, in the
case of any Series B Equipment Notes issued after the Closing Date, such Schedule I may be amended
in connection with such issuance), and (ii) for any other purpose, with respect to any
period, the weighted average interest rate per annum during such period borne by the outstanding
Equipment Notes, excluding any interest payable at the Past Due Rate.

     “Defaulted Operative Indenture” means any Operative Indenture (the terms “Event of
Default”, “Equipment Notes” and “Payment Default” used in this definition have the meanings
specified therefor in such Operative Indenture) with respect to which (i) a Payment Default
has occurred and is continuing or an Event of Default described in Section 4.01(a) of such
Operative Indenture has occurred and is continuing or (ii) an Event of Default other than
an Event of Default described in Section 4.01(a) of such Operative Indenture has occurred and is
continuing and, in any such case, either (x) the Equipment Notes issued thereunder have
been accelerated and such acceleration has not been rescinded and annulled in accordance therewith
or (y) the loan trustee under such Operative Indenture has given Company a notice of its
intention to exercise one or more of the remedies specified in Section 4.02(a) of such Operative
Indenture; provided that in the event of a bankruptcy proceeding under the Bankruptcy Code
under which Company is a debtor, if and so long as the trustee or the debtor agrees to perform and
performs all obligations of Company under such Operative Indenture and the Equipment Notes issued
thereunder in accordance with Section 1110(a)(2) of the Bankruptcy Code and cures defaults under
such Operative Indentures and Equipment Notes to the extent required by Section 1110(a)(2) of the
Bankruptcy Code, such Operative Indenture shall not be a Defaulted Operative Indenture.

     “Department of Transportation” means the United States Department of Transportation
and any agency or instrumentality of the United States government succeeding to its functions.

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[Reg. No.]

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     “Deposit Agreement” means, subject to Section 5(f) of the Note Purchase Agreement,
each of (i) the Deposit Agreement (Class A), dated as of the Issuance Date, between Escrow
Agent and Depositary, which relates to the Class A Pass Through Trust and (ii) a deposit
agreement, between Escrow Agent and Depositary, that has been, or may in the future be, entered
into with respect to the Class B Pass Through Trust, if any, and to which Company shall have
consented; provided that, for purposes of any obligation of Company, no amendment,
modification or supplement to, or substitution or replacement of, any Deposit Agreement shall be
effective unless consented to by Company.

     “Depositary” means, subject to Section 5(f) of the Note Purchase Agreement, The Bank
of New York Mellon, a New York banking corporation, as Depositary under each Deposit Agreement.

     “Direction” has the meaning specified in Section 2.16 of the Indenture.

     “Dollars” and “$” mean the lawful currency of the United States.

     “Eligible Account” means an account established by and with an Eligible Institution at
the request of Loan Trustee, which institution agrees, for all purposes of the UCC including
Article 8 thereof, that (a) such account shall be a “securities account” (as defined in
Section 8-501(a) of the NY UCC), (b) such institution is a “securities intermediary” (as
defined in Section 8-102(a)(14) of the NY UCC), (c) all property (other than cash) credited
to such account shall be treated as a “financial asset” (as defined in Section 8-102(a)(9) of the
NY UCC), (d) Loan Trustee shall be the “entitlement holder” (as defined in Section
8-102(a)(7) of the NY UCC) in respect of such account, (e) it will comply with all
entitlement orders issued by Loan Trustee to the exclusion of Company, (f) it will waive or
subordinate in favor of Loan Trustee all claims (including, without limitation, claims by way of
security interest, lien or right of set-off or right of recoupment), and (g) the “securities
intermediary jurisdiction” (under Section 8-110(e) of the NY UCC) shall be the State of New York.

     “Eligible Institution” means the corporate trust department of (a) U.S. Bank
or any other Person that becomes a successor Loan Trustee under the Indenture, in each case, acting
solely in its capacity as a “securities intermediary” (as defined in Section 8-102(a)(14) of the NY
UCC), 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 Rating from Moody’s of at least A3 (or its equivalent) and
from S&P of at least A (or its equivalent).

     “Engine” means (a) each of the two [Engine Manufacturer and Model] engines
(generic manufacturer and model [Generic Manufacturer and Model]), listed by manufacturer’s serial
number and further described on Annex A to the Indenture Supplement originally executed and
delivered under the Indenture, whether or not from time to time installed on the Airframe or
installed on any other airframe or on any other aircraft and (b) any Replacement Engine
substituted for an Engine pursuant to Section 7.04 or 7.05 of the Indenture; together in each case
with any and all related Parts but excluding Excluded Equipment. At such time as a Replacement
Engine is so substituted and the Engine for which substitution is made is released

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[Reg. No.]

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from the Lien of the Indenture, such replaced Engine shall cease to be an Engine under the
Indenture.

     “Equipment Note” means and includes any equipment notes issued under the Indenture in
the form specified in Section 2.01 thereof (as such form may be varied pursuant to the terms of the
Indenture) and any Equipment Note issued in exchange therefor or replacement thereof pursuant to
Section 2.07 or 2.08 of the Indenture.

     “Equipment Note Register” has the meaning specified in Section 2.07 of the Indenture.

     “Equipment Note Registrar” has the meaning specified in Section 2.07 of the Indenture.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time, and the regulations promulgated and rulings issued thereunder. Section references to
ERISA are to ERISA as in effect at the date of the Participation Agreement and any subsequent
provisions of ERISA amendatory thereof, supplemental thereto or substituted therefor.

     “Escrow Agent” means U.S. Bank National Association, a national banking association,
as escrow agent under each Escrow Agreement, or any successor agent thereto.

     “Escrow Agreement” means each of (i) the Escrow and Paying Agent Agreement
(Class A), dated as of the Issuance Date, among Escrow Agent, Paying Agent, the Underwriters, and
Class A Trustee, which relates to the Class A Pass Through Trust and (ii) an escrow and
paying agent agreement, among Escrow Agent, Paying Agent, Class B Trustee and any other party that
may be specified therein, that has been, or may in the future be, entered into with respect to the
Class B Pass Through Trust, if any, and to which Company shall have consented; provided
that, for purposes of any obligation of Company, no amendment, modification or supplement to, or
substitution or replacement of, any Escrow Agreement shall be effective unless consented to by
Company.

     “Event of Default” has the meaning specified in Section 4.01 of the Indenture.

     “Event of Loss” means, with respect to the Aircraft, Airframe or any Engine, any of
the following events with respect to such property:

     (a) the loss of such property or of the use thereof due to destruction, damage beyond repair
or rendition of such property permanently unfit for normal use for any reason whatsoever;

     (b) any damage to such property which results in an insurance settlement with respect to such
property on the basis of a total loss, a compromised total loss or a constructive total loss;

     (c) the theft, hijacking or disappearance of such property for a period in excess of 180
consecutive days;

     (d) the requisition for use or hire of such property by any government (other than a
requisition for use or hire by a Government or the government of the country of registry of the

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Aircraft) that results in the loss of possession of such property by Company (or any Permitted
Lessee) for a period in excess of 12 consecutive months;

     (e) the operation or location of the Aircraft, while under requisition for use by any
government, in any area excluded from coverage by any insurance policy in effect with respect to
the Aircraft required by the terms of Section 7.06 of the Indenture, unless Company shall have
obtained indemnity or insurance in lieu thereof from such government;

     (f) any Compulsory Acquisition;

     (g) as a result of any law, rule, regulation, order or other action by the FAA or other
government of the country of registry, the use of the Aircraft or Airframe in the normal business
of air transportation is prohibited by virtue of a condition affecting all aircraft of the same
type for a period of 18 consecutive months, unless Company is diligently carrying forward all steps
that are necessary or desirable to permit the normal use of the Aircraft or Airframe or, in any
event, if such use is prohibited for a period of three consecutive years; and

     (h) with respect to an Engine only, any divestiture of title to or interest in an Engine or
any event with respect to an Engine that is deemed to be an Event of Loss with respect to such
Engine pursuant to Section 7.02(a)(vii) of the Indenture.

     An Event of Loss with respect to the Aircraft shall be deemed to have occurred if an Event of
Loss occurs with respect to the Airframe unless Company elects to substitute a Replacement Airframe
pursuant to Section 7.05(a)(i) of the Indenture.

     “Excluded Equipment” means (i) defibrillators, enhanced emergency medical kits
and other medical equipment, (ii) airphones and other components or systems installed on or
affixed to the Airframe that are used to provide individual telecommunications or electronic
entertainment to passengers aboard the Aircraft, (iii) galley carts, beverage carts, waste
containers, liquor kits, food tray carriers, ice containers, oven inserts, galley inserts, and
other branded passenger convenience or service items, (iv) any items, equipment or systems
leased by Company or any Permitted Lessee (other than items, equipment, or systems that are leased
from Company pursuant to the applicable Lease) or owned by Company or any Permitted Lessee subject
to a conditional sales agreement or a security interest (other than the security interest granted
under the Indenture), and (v) cargo containers.

     “FAA” means the United States Federal Aviation Administration and any agency or
instrumentality of the United States government succeeding to its functions.

     “FAA Bill of Sale” means the bill of sale for the Aircraft on AC Form 8050-2 executed
by Manufacturer or an affiliate of Manufacturer in favor of Company and recorded with the FAA.

     “Federal Funds Rate” means a fluctuating interest rate per annum in effect from time
to time, which rate per annum shall at all times be equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal
funds brokers, as published for such day (or, if such day is not a Business Day, for the

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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 U.S. Bank from three Federal funds brokers of recognized standing
selected by it.

     “Government” means the government of any of Canada, France, Germany, Japan, The
Netherlands, Sweden, Switzerland, the United Kingdom or the United States and any instrumentality
or agency thereof.

     “Indemnitee” has the meaning specified in Section 4.02(b) of the Participation
Agreement.

     “Indenture” means that certain Indenture and Security Agreement ([REG. NO.]), dated as
of the Closing Date, between Company and Loan Trustee, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with its terms, including supplementation by an
Indenture Supplement pursuant to the Indenture.

     “Indenture Indemnitee” means (i) Loan Trustee, (ii) U.S. Bank,
(iii) each separate or successor or additional trustee appointed pursuant to Section 8.02
of the Indenture, (iv) so long as it holds any Equipment Notes as agent and trustee of any
Pass Through Trustee, Subordination Agent, (v) each Liquidity Provider, (vi) so
long as it is the holder of any Equipment Notes, each Pass Through Trustee, (vii) Paying
Agent, (viii) Escrow Agent, and (ix) any of their respective successors and
permitted assigns in such capacities, directors, officers, employees, agents and servants. No
holder of a Pass Through Certificate in its capacity as such shall be an Indenture Indemnitee.

     “Indenture Supplement” means a supplement to the Indenture, substantially in the form
of Exhibit A to the Indenture, which particularly describes the Aircraft, and any Replacement
Airframe and/or Replacement Engine, included in the property subject to the Lien of the Indenture.

     “Insurance Threshold” is the amount set forth as the Insurance Threshold in Exhibit C
to the Indenture.

     “Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of the
Issuance Date, among Class A Trustee, Class A Liquidity Provider and Subordination Agent, as the
same may be amended, supplemented or otherwise modified from time to time in accordance with its
terms; provided that, for purposes of any obligations of Company, no amendment,
modification or supplement to, or substitution or replacement of, such Intercreditor Agreement
shall be effective unless consented to by Company.

     “Interests” has the meaning specified in Section 7.06(a) of the Indenture.

     “International Interest” has the meaning ascribed to the defined term “international
interest” under the Cape Town Treaty.

Participation Agreement (2011-1 EETC)

[Reg. No.]

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     “International Registry” means the international registry established pursuant to the
Cape Town Treaty.

     “Issuance Date” means April 5, 2011.

     “Lease” means any lease permitted by the terms of Section 7.02(a) of the Indenture.

     “Lien” means any mortgage, pledge, lien, encumbrance, lease, sublease, sub-sublease or
security interest.

     “Liquidity Facilities” means, collectively, the Class A Liquidity Facility and, if
provided, the Class B Liquidity Facility.

     “Liquidity Providers” means, collectively, Class A Liquidity Provider and, if any
Class B Liquidity Facility shall have been provided, Class B Liquidity Provider.

     “Loan Amount” has the meaning specified in Section 7.06(c) of the Indenture.

     “Loan Trustee” has the meaning specified in the introductory paragraph of the
Indenture.

     “Loan Trustee Liens” means any Lien attributable to U.S. Bank or Loan Trustee with
respect to the Aircraft, any interest therein or any other portion of the Collateral arising as a
result of (i) claims against U.S. Bank or Loan Trustee not related to its interest in the
Aircraft or the administration of the Collateral pursuant to the Indenture, (ii) acts of
U.S. Bank or Loan Trustee not permitted by, or the failure of U.S. Bank or Loan Trustee to take any
action required by, the Operative Documents or the Pass Through Documents, (iii) claims
against U.S. Bank or Loan Trustee relating to Taxes or Claims that are excluded from the
indemnification provided by Section 4.02 of the Participation Agreement pursuant to said Section
4.02 or (iv) claims against U.S. Bank or Loan Trustee arising out of the transfer by any
such party of all or any portion of its interest in the Aircraft, the Collateral, the Operative
Documents or the Pass Through Documents, except while an Event of Default is continuing and prior
to the time that Loan Trustee has received all amounts due to it pursuant to the Indenture.

     “Long-Term Rating” has the meaning specified in the Intercreditor Agreement.

     “Loss Payment Date” has the meaning specified in Section 7.05(a) of the Indenture.

     “Majority in Interest of Noteholders” means, as of a particular date of determination
and subject to Section 2.16 of the Indenture, the holders of at least a majority in aggregate
unpaid principal amount of all Equipment Notes outstanding as of such date (excluding any Equipment
Notes held by Company or any Affiliate thereof, it being understood that a Pass Through Trustee
shall be considered an Affiliate of Company as long as more than 50% in the aggregate face amount
of Pass Through Certificates issued by the corresponding Pass Through Trust are held by Company or
an Affiliate of Company or a Pass Through Trustee is otherwise under the control of Company or such
Affiliate of Company (unless all Equipment Notes then outstanding are held by Company or any
Affiliate thereof, including Pass Through Trustees which are considered Affiliates of Company
pursuant hereto); provided that for the purposes of directing any action or

Participation Agreement (2011-1 EETC)

[Reg. No.]

9

 

casting any vote or giving any consent, waiver or instruction hereunder, any Noteholder of an
Equipment Note or Equipment Notes may allocate, in such Noteholder’s sole discretion, any
fractional portion of the principal amount of such Equipment Note or Equipment Notes in favor of or
in opposition to any such action, vote, consent, waiver or instruction.

     “Make-Whole Amount” means, with respect to any Equipment Note, the amount (as
determined by an independent investment banker selected by Company (and, following the occurrence
and during the continuance of an Event of Default, reasonably acceptable to Loan Trustee)), if any,
by which (i) the present value of the remaining scheduled payments of principal and
interest from the redemption date to maturity of such Equipment Note computed by discounting each
such payment on a semiannual basis from its respective Payment Date (assuming a 360-day year of
twelve 30 day months) using a discount rate equal to the Treasury Yield plus the Make-Whole Spread
exceeds (ii) the outstanding principal amount of such Equipment Note plus accrued but
unpaid interest thereon to the date of redemption. For purposes of determining the Make-Whole
Amount, “Treasury Yield” means, at the date of determination, the interest rate (expressed
as a semiannual equivalent and as a decimal rounded to the number of decimal places as appears in
the Debt Rate of such Equipment Note and, in the case of United States Treasury bills, converted to
a bond equivalent yield) determined to be the per annum rate equal to the semiannual yield to
maturity for United States Treasury securities maturing on the Average Life Date and trading in the
public securities market either as determined by interpolation between the most recent weekly
average constant maturity, non-inflation-indexed series yield to maturity for two series of United
States Treasury securities, trading in the public securities markets, (A) one maturing as
close as possible to, but earlier than, the Average Life Date and (B) the other maturing as
close as possible to, but later than, the Average Life Date, in each case as reported in the most
recent H.15(519) or, if a weekly average constant maturity, non-inflation indexed series yield to
maturity for United States Treasury securities maturing on the Average Life Date is reported in the
most recent H.15(519), such weekly average yield to maturity as reported in such H.15(519).
“H.15(519)” means the weekly statistical release designated as such, or any successor
publication, published by the Board of Governors of the Federal Reserve System. The date of
determination of a Make-Whole Amount shall be the third Business Day prior to the applicable
redemption date and the “most recent H.15(519)” means the latest H.15(519) published prior
to the close of business on the third Business Day prior to the applicable redemption date.
“Average Life Date” means, for each Equipment Note to be redeemed, the date which follows
the redemption date by a period equal to the Remaining Weighted Average Life at the redemption date
of such Equipment Note. “Remaining Weighted Average Life” of an Equipment Note, at the
redemption date of such Equipment Note, means the number of days equal to the quotient obtained by
dividing: (i) the sum of the products obtained by multiplying (A) the amount of
each then remaining installment of principal, including the payment due on the maturity date of
such Equipment Note, by (B) the number of days from and including the redemption date to
but excluding the scheduled Payment Date of such principal installment by (ii) the then
unpaid principal amount of such Equipment Note.

     “Make-Whole Spread” means, with respect to any Series of Equipment Notes, the
percentage specified for the applicable Series as such in Schedule I to the Indenture (as, in the

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[Reg. No.]

10

 

case of any Series B Equipment Notes issued after the Closing Date, such Schedule I may be
amended in connection with such issuance).

     “Manufacturer” means The Boeing Company, a Delaware corporation, and its successors
and assigns.

     “Manufacturer’s Consent” means the Manufacturer’s Consent and Agreement to Assignment
of Warranties, dated as of the Closing Date, substantially in the form of Exhibit D to the
Participation Agreement.

     “Minimum Insurance Amount” has the meaning specified in Section 7.06(a) of the
Indenture.

     “Moody’s” means Moody’s Investors Service, Inc.

     “Noteholder” means any Person in whose name an Equipment Note is registered on the
Equipment Note Register (including, for so long as it is the registered holder of any Equipment
Notes, Subordination Agent on behalf of Pass Through Trustees pursuant to the provisions of the
Intercreditor Agreement).

     “Noteholder Liens” means any Lien attributable to any Noteholder on or against the
Aircraft, any interest therein or any other portion of the Collateral, arising out of any claim
against such Noteholder that is not related to the Operative Documents or Pass Through Documents,
or out of any act or omission of such Noteholder that is not related to the transactions
contemplated by, or that constitutes a breach by such Noteholder of its obligations under, the
Operative Documents or the Pass Through Documents.

     “Note Purchase Agreement” means the Note Purchase Agreement, dated as of the Issuance
Date, among Company, Subordination Agent, Escrow Agent, Paying Agent and Class A Trustee, providing
for, among other things, the issuance and sale of certain equipment notes, as the same may be
amended, supplemented or otherwise modified from time to time in accordance with its terms.

     “NY UCC” means UCC as in effect in the State of New York.

     “Operative Documents” means, collectively, the Participation Agreement, the Indenture,
each Indenture Supplement, the Manufacturer’s Consent and the Equipment Notes.

     “Operative Indentures” means, as of any date, each “Indenture” (as such term is
defined in the Note Purchase Agreement), including the Indenture, whether any other “Indenture”
shall have been entered into before or after the date of the Indenture, but only if as of such date
all “Equipment Notes” (as defined in each such “Indenture”) are held by “Subordination Agent” under
the “Intercreditor Agreement”, as such terms are defined in each such “Indenture”.

     “Other Party Liens” means any Lien attributable to Pass Through Trustee (other than in
its capacity as Noteholder), Subordination Agent (other than in its capacity as Noteholder) or any
Liquidity Provider on or against the Aircraft, any interest therein, or any other portion of the

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Collateral arising out of any claim against such party that is not related to the Operative
Documents or Pass Through Documents, or out of any act or omission of such party that is not
related to the transactions contemplated by, or that constitutes a breach by such party of its
obligations under, the Operative Documents or the Pass Through Documents.

     “Participation Agreement” has the meaning set forth under the definition of
“Agreement”.

     “Parts” means any and all appliances, parts, instruments, appurtenances, accessories,
furnishings and other equipment of whatever nature (other than (a) complete Engines or
engines and (b) Excluded Equipment), so long as the same are incorporated or installed in
or attached to the Airframe or any Engine or so long as the same are subject to the Lien of the
Indenture in accordance with the terms of Section 7.04 thereof after removal from the Airframe or
any Engine.

     “Pass Through Certificates” means the pass through certificates issued by any Pass
Through Trust (and any other pass through certificates for which such pass through certificates may
be exchanged).

     “Pass Through Documents” means each Pass Through Trust Agreement, the Note Purchase
Agreement, each Escrow Agreement, each Deposit Agreement, the Intercreditor Agreement and each
Liquidity Facility.

     “Pass Through Trust” means each of the separate grantor trusts that have been or will
be created pursuant to the Pass Through Trust Agreements to facilitate certain of the transactions
contemplated by the Operative Documents.

     “Pass Through Trust Agreement” means each of the Trust Supplements relating to the
Pass Through Trusts, together in each case with the Basic Pass Through Trust Agreement, as the same
may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

     “Pass Through Trustee” means the trustee under a Pass Through Trust Agreement,
together with any successor in interest and any successor or other trustee appointed as provided in
such Pass Through Trust Agreement.

     “Past Due Rate” means the lesser of (a) with respect to (i) any
payment made to a Noteholder under any Series of Equipment Notes, the Debt Rate then applicable to
such Series plus 1% and (ii) any other payment made under any Operative Document to any
other Person, the Debt Rate plus 1% (computed on the basis of a year of 360 days comprised of
twelve 30-day months) and (b) the maximum rate permitted by applicable law.

     “Paying Agent” means U.S. Bank, as paying agent under each Escrow Agreement, and any
successor agent thereto.

     “Payment Date” means, for any Equipment Note, each April 15 and October 15, commencing
with October 15, 2011.

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[Reg. No.]

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     “Payment Default” means the occurrence of an event that would give rise to an Event of
Default under Section 4.01(a) of the Indenture upon the giving of notice or the passing of time or
both.

     “Permitted Investments” means each of (a) direct obligations of the United
States and agencies thereof; (b) obligations fully guaranteed by the United States;
(c) certificates of deposit issued by, or bankers’ acceptances of, or time deposits with,
any bank, trust company or national banking association incorporated or doing business under the
laws of the United States or one of the states thereof having combined capital and surplus and
retained earnings of at least $100,000,000 and having a Long-Term Rating of A, its equivalent or
better by Moody’s or S&P (or, if neither such organization then rates such institutions, by any
nationally recognized rating organization in the United States); (d) commercial paper of
any holding company of a bank, trust company or national banking association described in clause
(c); (e) commercial paper of companies having a Short-Term Rating assigned to such
commercial paper by either Moody’s or S&P (or, if neither such organization then rates such
commercial paper, by any nationally recognized rating organization in the United States) equal to
either of the two highest ratings assigned by such organization; (f) Dollar-denominated
certificates of deposit issued by, or time deposits with, the European subsidiaries of (i)
any bank, trust company or national banking association described in clause (c), or (ii)
any other bank or financial institution described in clause (g), (h) or (j) below; (g)
United States-issued Yankee certificates of deposit issued by, or bankers’ acceptances of, or
commercial paper issued by, any bank having combined capital and surplus and retained earnings of
at least $100,000,000 and headquartered in Canada, Japan, the United Kingdom, France, Germany,
Switzerland or The Netherlands and having a Long-Term Rating of A, its equivalent or better by
Moody’s or S&P (or, if neither such organization then rates such institutions, by any nationally
recognized rating organization in the United States); (h) Dollar-denominated time deposits
with any Canadian bank having a combined capital and surplus and retained earnings of at least
$100,000,000 and having a Long-Term Rating of A, its equivalent or better by Moody’s or S&P (or, if
neither such organization then rates such institutions, by any nationally recognized rating
organization in the United States); (i) Canadian Treasury Bills fully hedged to Dollars;
(j) repurchase agreements with any financial institution having combined capital and
surplus and retained earnings of at least $100,000,000 collateralized by transfer of possession of
any of the obligations described in clauses (a) through (i) above; (k) bonds, notes or
other obligations of any state of the United States, or any political subdivision of any state, or
any agencies or other instrumentalities of any such state, including, but not limited to,
industrial development bonds, pollution control revenue bonds, public power bonds, housing bonds,
other revenue bonds or any general obligation bonds, that, at the time of their purchase, such
obligations have a Long-Term Rating of A, its equivalent or better by Moody’s or S&P (or, if
neither such organization then rates such obligations, by any nationally recognized rating
organization in the United States); (1) bonds or other debt instruments of any company, if
such bonds or other debt instruments, at the time of their purchase, have a Long-Term Rating of A,
its equivalent or better by Moody’s or S&P (or, if neither such organization then rates such
obligations, by any nationally recognized rating organization in the United States); (m)
mortgage backed securities (i) guaranteed by the Federal National Mortgage Association, the
Federal Home Loan Mortgage Corporation or the Government National Mortgage Association or having a
Long-Term Rating of AAA, its equivalent or better by Moody’s or S&P (or, if neither such
organization then rates such obligations, by any nationally recognized rating organization in the

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[Reg. No.]

13

 

United States) or, if unrated, deemed to be of a comparable quality by Loan Trustee and
(ii) having an average life not to exceed one year as determined by standard industry
pricing practices presently in effect; (n) asset-backed securities having a Long-Term
Rating of A, its equivalent or better by Moody’s or S&P (or, if neither such organization then
rates such obligations, by any nationally recognized rating organization in the United States) or,
if unrated, deemed to be of a comparable quality by Loan Trustee; and (o) such other
investments approved in writing by Loan Trustee; provided that the instruments described in
the foregoing clauses shall have a maturity no later than the earliest date when such investments
may be required for distribution. The bank acting as Pass Through Trustee or Loan Trustee is
hereby authorized, in making or disposing of any investment described herein, to deal with itself
(in its individual capacity) or with any one or more of its affiliates, whether it or such
affiliate is acting as an agent of Pass Through Trustee or Loan Trustee or for any third person or
dealing as principal for its own account.

     “Permitted Lessee” means any Person to whom Company is permitted to lease the Airframe
or any Engine pursuant to Section 7.02(a) of the Indenture.

     “Permitted Lien” has the meaning specified in Section 7.01 of the Indenture.

     “Person” means any person, including 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.

     “Prospective International Interest” has the meaning ascribed to the defined term
“prospective international interest” under the Cape Town Treaty.

     [“Purchase Agreement” means Purchase Agreement No. 2022, dated as of October 21, 1997,
which incorporates by reference the Aircraft General Terms Agreement AGTA-DAL, dated as of October
21, 1997, between Manufacturer and Company, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.]7

     [“Purchase Agreement” means Purchase Agreement No. 2023, dated as of October 21, 1997,
which incorporates by reference the Aircraft General Terms Agreement AGTA-DAL, dated as of October
21, 1997, between Manufacturer and Company, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.]8

     [“Purchase Agreement” means Purchase Agreement No. 2024, dated as of October 21, 1997,
which incorporates by reference the Aircraft General Terms Agreement AGTA-DAL, dated as of October
21, 1997, between Manufacturer and Company, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.]9

 

			
	7	 	To be inserted for 737-832 aircraft.
	 
	8	 	To be inserted for 757-232 aircraft.
	 
	9	 	To be inserted for 767-332ER aircraft.

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[Reg. No.]

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     “Rating Agencies” has the meaning specified in the Intercreditor Agreement.

     “Related Equipment Note” means, as of any date, an “Equipment Note” as defined in each
Related Indenture, but only if as of such date it is held by “Subordination Agent” under the
“Intercreditor Agreement”, as such terms are defined in such Related Indenture.

     “Related Indemnitee Group” has the meaning specified in Section 4.02(b) of the
Participation Agreement.

     “Related Indenture” means each Operative Indenture (other than the Indenture).

     “Related Indenture Bankruptcy Default” means any “Event of Default” under Section
4.01(f), (g), (h) or (i) of any Related Indenture, determined without giving effect to any
applicable grace period.

     “Related Indenture Event of Default” means any “Event of Default” under any Related
Indenture.

     “Related Indenture Indemnitee” means each Related Noteholder.

     “Related Loan Trustee” means “Loan Trustee” as defined in each Related Indenture.

     “Related Make-Whole Amount” means the “Make-Whole Amount”, as defined in each Related
Indenture.

     “Related Noteholder” means a registered holder of a Related Equipment Note.

     “Related Secured Obligations” means, as of any date, the outstanding principal amount
of the Related Equipment Notes issued under each Related Indenture, the accrued and unpaid interest
(including, to the extent permitted by applicable law, post-petition interest) due thereon in
accordance with such Related Indenture as of such date, Related Make-Whole Amount, if any, with
respect thereto in accordance with such Related Indenture as of such date, and any other amounts
payable as of such date under the “Operative Documents” (as defined in each Related Indenture).

     “Related Series A Equipment Note” means, as of any date, a “Series A Equipment Note”,
as defined in each Related Indenture, but only if as of such date it is held by the “Subordination
Agent” under the “Intercreditor Agreement”, as such terms are defined in such Related Indenture.

     “Related Series B Equipment Note” means, as of any date, a “Series B Equipment Note”,
if any, as defined in each Related Indenture, but only if as of such date it is held by the
“Subordination Agent” under the “Intercreditor Agreement”, as such terms are defined in such
Related Indenture.

     “Replacement Aircraft” means the Aircraft of which a Replacement Airframe is part.

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[Reg. No.]

15

 

     “Replacement Airframe” means a Boeing
[737-800]10[757-200]11[767-300ER]12 aircraft or a comparable or
improved model of Manufacturer (except (a) Engines or engines from time to time installed
thereon and any and all Parts related to such Engine or engines and (b) Excluded
Equipment), that shall have been made subject to the Lien of the Indenture pursuant to Section 7.05
thereof, together with all Parts relating to such aircraft.

     “Replacement Engine” means a [Engine Manufacturer and Model] engine (or an engine of
the same or another manufacturer of a comparable or an improved model and suitable for installation
and use on the Airframe with the other Engine (or any other Replacement Engine being substituted
simultaneously therewith)) that is made subject to the Lien of the Indenture pursuant to Section
7.04 or Section 7.05 thereof, together with all Parts relating to such engine.

     “Replacement Liquidity Facility” has the meaning set forth in the Intercreditor
Agreement.

     “Replacement Liquidity Provider” has the meaning set forth in the Intercreditor
Agreement.

     “Responsible Officer” means, with respect to Company, its Chairman of the Board, its
President, its Chief Operating Officer, any Executive Vice President, any Senior Vice President,
the Chief Financial Officer, any Vice President, the Treasurer, the Controller or the Secretary.

     “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business.

     “Section 1110” means Section 1110 of the Bankruptcy Code.

     “Secured Obligations” has the meaning specified in Section 2.06 of the Indenture.

     “Securities Account” has the meaning specified in Section 3.07 of the Indenture.

     “Securities Act” means the Securities Act of 1933, as amended from time to time.

     “Securities and Exchange Commission” means the United States Securities and Exchange
Commission and any agency or instrumentality of the United States government succeeding to its
functions.

     “Securities Intermediary” has the meaning specified in Section 3.07 of the Indenture.

     “Series” means any series of Equipment Notes, including the Series A Equipment Notes
or, if issued, the Series B Equipment Notes.

 

			
	10	 	To be inserted for 737-832 aircraft.
	 
	11	 	To be inserted for 757-232 aircraft.
	 
	12	 	To be inserted for 767-332ER aircraft.

Participation Agreement (2011-1 EETC)

[Reg. No.]

16

 

     “Series A” or “Series A Equipment Notes” means Equipment Notes issued and
designated as “Series A Equipment Notes” under the Indenture, in the original principal amount and
maturities as specified in Schedule I to the Indenture under the heading “Series A Equipment Notes”
and bearing interest at the Debt Rate for Series A Equipment Notes specified in Schedule I to the
Indenture.

     “Series B” or “Series B Equipment Notes” means Equipment Notes, if any, issued
and designated as “Series B Equipment Notes” under the Indenture, in the original principal amount
and maturities as specified under the heading “Series B Equipment Notes” in Schedule I to the
Indenture (as such Schedule I may be amended in connection with the issuance of such Equipment
Notes, if issued after the Closing Date) and bearing interest at the Debt Rate for Series B
Equipment Notes specified in Schedule I to the Indenture (as such Schedule I may be amended in
connection with the issuance of such Equipment Notes, if issued after the Closing Date).

     “Short-Term Rating” has the meaning specified in the Intercreditor Agreement.

     “Subordination Agent” has the meaning specified in the introductory paragraph of the
Participation Agreement.

     “Tax” and “Taxes” mean all governmental fees (including, without limitation,
license, filing and registration fees) and all taxes (including, without limitation, franchise,
excise, stamp, value added, income, gross receipts, sales, use and property taxes), withholdings,
assessments, levies, imposts, duties or charges, of any nature whatsoever, together with any
related penalties, fines, additions to tax or interest thereon imposed, withheld, levied or
assessed by any country, taxing authority or governmental subdivision thereof or therein or by any
international authority, including any taxes imposed on any Person as a result of such Person being
required to collect and pay over withholding taxes.

     “Transportation Code” means that portion of Title 49 of the United States Code
comprising those provisions formerly referred to as the Federal Aviation Act of 1958, as amended,
or any subsequent legislation that amends, supplements or supersedes such provisions.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time to
time.

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

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[Reg. No.]

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     “UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction.

     “Underwriter” means each of the underwriters identified as such in the Underwriting
Agreement.

     “Underwriting Agreement” means that certain Underwriting Agreement, dated March 30,
2011, among Company and Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche
Bank Securities Inc., Morgan Stanley & Co. Incorporated and Wells Fargo Securities, LLC, as
underwriters, as the same may be amended, supplemented or otherwise modified from time to time in
accordance with its terms.

     “United States” means the United States of America.

     “U.S. Bank” has the meaning specified in the introductory paragraph of the
Participation Agreement.

     “Warranty Bill of Sale” means the warranty (as to title) bill of sale covering the
Aircraft executed by Manufacturer or an affiliate of Manufacturer in favor of Company and
specifically referring to each Engine, as well as the Airframe, constituting a part of the
Aircraft.13

     “Warranty Rights” means all right and interest of Company in, to and under Parts 1, 2,
3, 4 and 6 of the Product Assurance Document attached as Exhibit C to the Aircraft General Terms
Agreement AGTA-DAL, dated as of October 21, 1997, but only to the extent the same relate to
continuing rights of Company in respect of any warranty or indemnity, express or implied, pursuant
to the Product Assurance Document with respect to the Airframe, it being understood that the
Warranty Rights exclude any and all other right, title and interest of Company in, to and under the
Purchase Agreement and that the Warranty Rights are subject to the terms of the Manufacturer’s
Consent.

 

			
	13	 	To be updated, as necessary, in the event
that one or more of the Engines are not the engines referred to in such bill of
sale.

Participation Agreement (2011-1 EETC)

[Reg. No.]

18

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