Document:

Exhibit 4.4

 

EXECUTION VERSION

	

		 	 

 

REVOLVING
CREDIT AGREEMENT

(2020-1B)

 

dated as of February 1, 2021

 

between

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as Subordination Agent,

as Agent and Trustee for the

United Airlines Pass Through Trust 2020-1B,

as Borrower

 

and

 

CREDIT
SUISSE AG, NEW YORK BRANCH

as Liquidity Provider

 

 

 

Relating to United Airlines

Pass Through Trust 2020-1B 4.875% United
Airlines

Pass Through Certificates, Series 2020-1B

 

 

		 	 

 

     

     

    

 

TABLE OF CONTENTS

	 	 	Page
	article I DEFINITIONS	1
	 	 	 
	Section 1.01	Certain Defined Terms	1
	 	 	 
	article II AMOUNT AND TERMS OF THE COMMITMENT	14
	 	 	 
	Section 2.01	The Advances	14
	Section 2.02	Making the Advances	14
	Section 2.03	Fees	16
	Section 2.04	Reductions or Termination of the Maximum Commitment	16
	Section 2.05	Repayments of Interest Advances, the Special Termination Advance or the Final Advance	16
	Section 2.06	Repayments of Provider Advances	17
	Section 2.07	Payments to the Liquidity Provider Under the Intercreditor Agreement	19
	Section 2.08	Book Entries	19
	Section 2.09	Payments from Available Funds Only	19
	Section 2.10	Non-Extension of the Expiry Date; Non-Extension Advance	19
	Section 2.11	LIBOR Replacement	20
	 	 	 
	article III OBLIGATIONS OF THE BORROWER	22
	 	 	 
	Section 3.01	Increased Costs	22
	Section 3.02	Capital Adequacy and Liquidity Coverage	23
	Section 3.03	Payments Free of Deductions	24
	Section 3.04	Payments	25
	Section 3.05	Computations	25
	Section 3.06	Payment on Non-Business Days	26
	Section 3.07	Interest	26
	Section 3.08	Replacement of Borrower	28
	Section 3.09	Funding Loss Indemnification	28
	Section 3.10	Illegality	28
	 	 	 
	article IV CONDITIONS PRECEDENT	29
	 	 	 
	Section 4.01	Conditions Precedent to Effectiveness of Section 2.01	29
	Section 4.02	Conditions Precedent to Borrowing	31
	Section 4.03	Representations and Warranties	31
	 	 	 
	article V COVENANTS	31
	 	 	 
	Section 5.01	Affirmative Covenants of the Borrower	31

 

    i

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	Section 5.02	Negative Covenants of the Borrower	31
	 	 	 
	article VI LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION	32
	 	 	 
	Section 6.01	Liquidity Events of Default	32
	Section 6.02	Special Termination	32
	 	 	 
	article VII MISCELLANEOUS	32
	 	 	 
	Section 7.01	Amendments, Etc.	32
	Section 7.02	Notices, Etc.	33
	Section 7.03	No Waiver; Remedies	33
	Section 7.04	Further Assurances	33
	Section 7.05	Indemnification; Survival of Certain Provisions	33
	Section 7.06	Liability of the Liquidity Provider	34
	Section 7.07	Costs, Expenses and Taxes	34
	Section 7.08	Binding Effect; Participations; Assignments	35
	Section 7.09	Severability	36
	Section 7.10	GOVERNING LAW	36
	Section 7.11	Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity	37
	Section 7.12	Execution in Counterparts; Electronic Transmission; Electronic Execution	38
	Section 7.13	Entirety	38
	Section 7.14	Headings	38
	Section 7.15	[Reserved]	38
	Section 7.16	LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES	38
	Section 7.17	Patriot Act	38
	Section 7.18	Head Office Obligations	38
	Section 7.19	Acknowledgement and Consent to Bail-In of Affected Institutions	39

 

	Schedule A	-	Certain Economic Terms
	Schedule B	-	Administration Details
	Annex I	-	Interest Advance Notice of Borrowing
	Annex II	-	Non-Extension Advance Notice of Borrowing
	Annex III	-	Downgrade Advance Notice of Borrowing
	Annex IV	-	Final Advance Notice of Borrowing
	Annex V	-	Notice of Termination
	Annex VI	-	Notice of Replacement Subordination Agent

 

    ii

     

    

 

	Annex VII	-	Special Termination Advance Notice of Borrowing
	Annex VIII	-	Notice of Special Termination

 

    iii

     

    

 

REVOLVING
CREDIT AGREEMENT (2020-1B)

 

THIS REVOLVING
CREDIT AGREEMENT (2020-1B) dated as of February 1, 2021 (this “Agreement”), between WILMINGTON
TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as Subordination Agent
under the Intercreditor Agreement (each as defined below), as agent and trustee for the Class B Trust (as defined below) (the “Borrower”),
and CREDIT SUISSE AG, NEW YORK BRANCH (the “Liquidity Provider”).

 

W I T N
E S S E T H:

 

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

 

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

 

NOW, THEREFORE,
in consideration of the premises, the parties hereto agree as follows:

 

article I

DEFINITIONS

 

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

 

“Additional Costs”
has the meaning assigned to such term in Section 3.01.

 

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

 

“Affected Financial Institution”
means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Applicable Liquidity Rate”
has the meaning assigned to such term in Section 3.07(h).

 

“Applicable Margin”
means (x) with respect to any Unpaid Advance (including, without limitation, any Applied Special Termination Advance but
excluding any Unapplied Special Termination Advance) or Applied Provider Advance, the margin per annum specified in item 1 of
Schedule A, or (y) with respect to any Unapplied Provider Advance or any Unapplied Special

 

    1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Termination Advance, the margin per annum specified
in the Fee Letter applicable to this Agreement.

 

“Applied Downgrade Advance”
has the meaning assigned to such term in Section 2.06(a).

 

“Applied Non-Extension Advance”
has the meaning assigned to such term in Section 2.06(a).

 

“Applied Provider Advance”
has the meaning assigned to such term in Section 2.06(a).

 

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

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any
tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or
may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for
the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period”
pursuant to clause (d) of Section 2.11.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of
an Affected Financial Institution.

 

“Bail-In Legislation”
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time
to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United
Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other
than through liquidation, administration or other insolvency proceedings).

 

“Base Rate” means,
for any given day, a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be
equal to (a) the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding
Business Day) by the Federal Reserve Bank of New York, or if such rate is not so published for any day that is a Business Day,
the average of the quotations for such day for such transactions received by the Liquidity Provider from three Federal funds brokers
of recognized standing selected by it, plus (b) one-quarter of one percent (1⁄4 of 1%).

 

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

 

“Benchmark”
means, initially, the LIBOR Rate; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable,
and its related Benchmark Replacement Date have

 

    2

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

occurred
with respect to the LIBOR Rate or the then-current Benchmark, then “Benchmark” shall mean the applicable Benchmark
Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) of Section
2.11.

 

“Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined
by the Designated Party for the applicable Benchmark Replacement Date:

 

(1)              
the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2)              
the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3)              
the sum of: (a) the alternate benchmark rate that has been selected by the Designated Party as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated
syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;

 

provided
that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information
service that publishes such rate from time to time as selected by the Designated Party in its reasonable discretion. If the Benchmark
Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will
be deemed to be the Floor for the purposes of this Agreement.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then- current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)         
for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set
forth in the order below that can be determined by the Designated Party:

 

		(a)	the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative
value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected
or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark
Replacement for the applicable Corresponding Tenor;

 

		(b)	the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement
is first set for such Interest Period that would apply to the fallback rate for a derivative 

 

    3

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

transaction referencing the ISDA Definitions
to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

(2)                  
for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for
calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by
the Designated Party for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of
a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with
the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date
or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
syndicated credit facilities; provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other
information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Designated Party
in its reasonable discretion.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “Business Day,” the definition of “Interest Period,”
timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion
or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative
or operational matters) that the Designated Party decides may be appropriate to reflect the adoption and implementation of such
Benchmark Replacement and to permit the administration thereof by the Designated Party in a manner substantially consistent with
market practice (or, if the Designated Party decides that adoption of any portion of such market practice is not administratively
feasible or if the Designated Party determines that no market practice for the administration of such Benchmark Replacement exists,
in such other manner of administration as the Designated Party decides is reasonably necessary in connection with the administration
of this Agreement).

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

		(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of
the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors
of such Benchmark (or such component thereof);

 

		(2)	in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or
publication of information referenced therein; or

 

		(3)	in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in
Election is provided to the Borrower or the Liquidity

 

    4

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

 Provider, as applicable.

 

For the avoidance of doubt, (i) if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any
determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination
and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect
to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available
Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

		(1)	a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

		(2)	a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve
Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution
authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar
insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator
of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component
thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

		(3)	a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component
thereof) are no longer representative.

 

For the avoidance of doubt, a “Benchmark
Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information
set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used
in the calculation thereof).

 

    5

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant
to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder in accordance with Section 2.11 and (y) ending at the time that a Benchmark Replacement has
replaced the then-current Benchmark for all purposes hereunder in accordance with Section 2.11.

 

“Basel III” has
the meaning assigned to such term in Section 3.01.

 

“Borrower” has
the meaning assigned to such term in the recital of parties to this Agreement.

 

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

 

“Business Day”
means any day other than a Saturday or Sunday or a day on which commercial banks are required or authorized to close in Chicago,
Illinois, New York, New York or, so long as any Class B Certificate is outstanding, the city and state in which the Class B Trustee,
the Borrower or any Loan Trustee maintains its Corporate Trust Office or receives or disburses funds, and, if the applicable Business
Day relates to any Advance or other amount bearing interest based on the LIBOR Rate, on which dealings in dollars are carried on
in the London interbank market.

 

“Corresponding Tenor”
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having
approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Daily Simple SOFR”
means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Designated
Party in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining
 “Daily Simple SOFR” for syndicated business loans; provided, that if the Designated Party decides that any such
convention is not administratively feasible for the Designated Party, then the Designated Party may establish another convention
in its reasonable discretion.

 

“Designated Party”
means the Subordination Agent, in such case acting for the benefit of both the Borrower and the Liquidity Provider, and in so acting,
also taking into account any similar determinations (including in its individual capacity or as an applicable agent) under other
credit facilities to which it is a party (in any such capacity); provided, that (a) applicable determinations as Designated Party
shall be made in consultation with, and shall be subject to any joint written instructions delivered by, United and the Liquidity
Provider (and absent such instructions, with the Subordination Agent having no obligation to obtain any consent from any Person
in respect of its determinations as Designated Party, unless otherwise expressly set forth herein), and (b) to the extent mutually
agreed by United and the Liquidity Provider (with notice to the Subordination Agent), the Designated Party shall be, or any specified
determinations thereof may be made by, as applicable, the Liquidity Provider.

 

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

 

    6

     

    

 

 

[Revolving Credit Agreement (2020-1B)]

 

“Early
Opt-in Election” means, if the then-current Benchmark is the LIBOR Rate, the occurrence of:

 

		(1)	a notification by the Liquidity Provider to the Borrower or a notification from the Borrower to the Liquidity Provider that
at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment
or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate
(and such syndicated credit facilities are identified in such notice and are publicly available for review), and

 

		(2)	the joint election by the Liquidity Provider and the Borrower to trigger a fallback from the LIBOR Rate.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described
in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of
an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

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

 

“Excluded Taxes”
means (i) taxes imposed on the overall net income of the Liquidity Provider or of its Facility Office by the jurisdiction
where such Liquidity Provider’s principal office or such Facility Office is located, and (ii) Excluded Withholding Taxes.

 

“Excluded Withholding Taxes”
means (i) withholding Taxes imposed by the United States except to the extent that such United States withholding Taxes are
imposed or increased as a result of any change in applicable law (excluding from change in applicable law for this purpose a change
in an applicable treaty or other change in law affecting the applicability of a treaty) after the date hereof, or in the case
of a successor Liquidity Provider (including a transferee of an Advance) or Facility Office, after the date on which such successor
Liquidity Provider obtains its interest or on which the Facility Office is changed, (ii) any withholding Taxes imposed by
the United States which are imposed or increased as a result of the Liquidity Provider failing to deliver to the Borrower any
certificate or document (which certificate or document in the good faith judgment of the Liquidity Provider it is legally entitled
to provide) which is reasonably requested by the Borrower to establish that payments under this Agreement

 

    7

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

are exempt from (or entitled to a
reduced rate of) withholding Tax and (iii) Taxes imposed under FATCA.

 

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

 

“Expiry Date”
means the “Initial Expiry Date” specified in item 2 of Schedule A, initially, or any subsequent anniversary date of
the Class B Closing Date to which the Expiry Date is automatically extended pursuant to Section 2.10 if the Liquidity Provider
has not provided notice in accordance with Section 2.10 that its obligation to make Advances shall not be extended beyond such
anniversary date.

 

“Facility Office”
means the office of the Liquidity Provider presently located in New York, New York or such other office as the Liquidity Provider
from time to time shall notify the Borrower as its Facility Office hereunder; provided that the Liquidity Provider shall not change
its Facility Office to another Facility Office outside the United States of America except in accordance with Section 3.01,
3.02 or 3.03 hereof or with the prior consent of United Airlines, Inc.

 

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

 

“Floor” means
the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the LIBOR Rate.

 

“GAAP” means generally
accepted accounting principles as set forth in the statements of financial accounting standards issued by the Financial Accounting
Standards Board of the American Institute of Certified Public Accountants, as such principles may at any time or from time to time
be varied by any applicable financial accounting rules or regulations issued by the Securities and Exchange Commission and, with
respect to any person, shall mean such principles applied on a basis consistent with prior periods except as may be disclosed in
such person’s financial statements.

 

“Head Office”
has the meaning assigned to such term in Section 7.18.

 

“Intercreditor Agreement”
means the Amended and Restated Intercreditor Agreement dated as of the date hereof among the Trustees, the Liquidity Provider,
each liquidity provider under the other Liquidity Facilities and the Subordination Agent, as the same may be amended, amended and
restated, supplemented or otherwise modified from time to time in accordance with its terms.

 

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

 

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

 

    8

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

(i)     the
period beginning on the third LIBOR Business Day following either (x) the date of the Liquidity Provider’s receipt of
the Notice of Borrowing for such LIBOR Advance or (y) the date of the withdrawal of funds from the Class B Cash Collateral
Account relating to this Liquidity Facility for the purpose of paying interest on the Class B Certificates as contemplated by Section 2.06(a)
hereof and, in either case, ending on the next Regular Distribution Date (or, if such day is not a Business Day, the next succeeding
Business Day); and

 

(ii)    each
subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the next Regular Distribution
Date (or, if such day is not a Business Day, the next succeeding Business Day);

 

provided, however,
that if (x) the Final Advance shall have been made, or (y) other outstanding Advances shall have been converted into
the Final Advance, then the Interest Periods shall be successive periods of one month beginning on the third LIBOR Business Day
following the Liquidity Provider’s receipt of the Notice of Borrowing for such Final Advance (in the case of clause (x)
above) or the Regular Distribution Date (or, if such day is not a Business Day, the next succeeding Business Day) following such
conversion (in the case of clause (y) above).

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc.
or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate
derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

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

 

“LIBOR Business Day”
means any day on which dealings in dollars are carried on in the London interbank market.

 

“LIBOR Rate” means,
with respect to any Interest Period,

 

(i)     the
rate per annum equal to the London Interbank Offered Rate per annum administered by ICE Benchmark Administration Limited (or any
other successor person which takes over administration of that rate) appearing on display page Reuters Screen LIBOR01 Page (or
any successor or substitute therefor) at approximately 11:00 a.m. (London time) two LIBOR Business Days before the first day
of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period, or

 

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

 

    9

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

LIBOR Advance to which such Interest Period is to apply and for a period comparable to such Interest Period; or

 

(iii)   if
both the rate calculated pursuant to clause (i) is not available and the Liquidity Provider is unable, using customary reasonable
means of determination, to determine a rate pursuant to clause (ii), or Benchmark Unavailability Period shall then be in effect,
the Base Rate; provided that if a Benchmark Replacement Date has occurred resulting in a new Benchmark pursuant to Section 2.11,
subject to the applicable Benchmark Replacement Conforming Changes, the LIBOR Rate shall be deemed to be the lower of (A) the Base
Rate and (B) the applicable Benchmark.

 

Notwithstanding the foregoing, if the LIBOR
Rate determined as provided above with respect to any Interest Period would be less than 0% per annum, then the LIBOR Rate for
such Interest Period shall be deemed to be 0%.

 

“Liquidity Event of Default”
means the occurrence of either (a) the Acceleration of all of the Equipment Notes or (b) a United Bankruptcy Event.

 

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

 

“Liquidity Provider”
has the meaning assigned to such term in the recital of parties to this Agreement.

 

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

 

“Maximum Commitment”
means initially the amount specified in item 3 on Schedule A as the Initial Maximum Commitment, as such amount may be reduced from
time to time in accordance with Section 2.04(a).

 

“Non-Excluded Tax”
has the meaning assigned to such term in Section 3.03(a).

 

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

 

“Notice Date”
has the meaning assigned to such term in Section 2.10.

 

“Notice of Borrowing”
has the meaning assigned to such term in Section 2.02(e).

 

“Notice of Replacement Subordination
Agent” has the meaning assigned to such term in Section 3.08.

 

    10

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

“Performing Note Deficiency”
means any time that one or more Equipment Notes (other than any Additional Equipment Notes issued under the Indenture) are not
then Performing Equipment Notes.

 

“Prospectus Supplement”
means the final Prospectus Supplement dated the date specified in item 4 on Schedule A relating to the Class B Certificates, as
such Prospectus Supplement may be amended or supplemented.

 

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

 

“Rate Determination Notice”
has the meaning assigned to such term in Section 3.07(g).

 

“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the LIBOR Rate, 11:00 a.m. (London time)
on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not the LIBOR Rate,
the time determined by the Designated Party in its reasonable discretion.

 

“Relevant Governmental Body”
means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

 

“Regulatory Change”
has the meaning assigned to such term in Section 3.01.

 

“Replenishment Amount”
has the meaning assigned to such term in Section 2.06(b).

 

“Required Amount”
means, for any day, the sum of the aggregate amount of interest, calculated at the rate per annum equal to the Stated Interest
Rate for the Class B Certificates, that would be payable on the Class B Certificates on each of the six successive quarterly Regular
Distribution Dates immediately following such day or, if such day is a Regular Distribution Date, on such day and the succeeding
five quarterly Regular Distribution Dates, in each case calculated on the basis of the Pool Balance of the Class B Certificates
on such day and without regard to expected future distributions of principal on the Class B Certificates and, where there is more
than a single Liquidity Facility for the Class B Certificates, calculated with respect to the Liquidity Provider by reference to
its Proportionate Share.

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“SOFR” means,
with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

    11

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

“SOFR
Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org,
or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Special Termination Advance”
means an Advance made pursuant to Section 2.02(g).

 

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

 

“Term SOFR” means,
for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has
been selected or recommended by the Relevant Governmental Body.

 

“Termination Date”
means the earliest to occur of the following: (i) the Expiry Date; (ii) the date on which the Borrower delivers to the
Liquidity Provider a certificate, signed by a Responsible Officer of the Borrower, certifying that all of the Class B Certificates
have been paid in full (or provision has been made for such payment in accordance with the Intercreditor Agreement and the Class
B Trust Agreement) or are otherwise no longer entitled to the benefits of this Agreement; (iii) the date on which the Borrower
delivers to the Liquidity Provider a certificate, signed by a Responsible Officer of the Borrower, certifying that a Replacement
Liquidity Facility has been substituted for this Agreement in full pursuant to Section 3.5(e) of the Intercreditor Agreement;
(iv) the fifth Business Day following the receipt by the Borrower of a Termination Notice or Special Termination Notice from
the Liquidity Provider pursuant to Section 6.01 or 6.02 hereof, respectively; and (v) the date on which no Advance is
or may (including by reason of reinstatement as herein provided) become available for a Borrowing hereunder.

 

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

 

“Transferee” has
the meaning assigned to such term in Section 7.08(b).

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time)
promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial
Institution.

 

“Unadjusted Benchmark Replacement”
means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

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

 

    12

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

“Unapplied Non-Extension Advance”
means any Non-Extension Advance other than an Applied Non-Extension Advance.

 

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

 

“Unapplied Special Termination
Advance” means any Special Termination Advance other than an Applied Special Termination Advance.

 

“Unpaid Advance”
has the meaning assigned to such term in Section 2.05.

 

“Write-Down and Conversion Powers”
means, (i) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority
from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are
described in the EU Bail-In Legislation Schedule, and (ii) with respect to the United Kingdom, any powers of the applicable Resolution
Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution
or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities
or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right
had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation
that are related to or ancillary to any of those powers.

 

(b)           
Terms Defined in the Intercreditor Agreement. For all purposes of this Agreement, the following terms shall have the respective
meanings assigned to such terms in the Intercreditor Agreement:

 

“Acceleration”,
 “Additional Certificates”, “Additional Equipment Notes”, “Bankruptcy
Code”, “Certificate”, “Class”, “Class A Certificates”,
 “Class B Cash Collateral Account”, “Class B Certificates”, “Class
B Closing Date”, “Class B Trust”, “Class B Trust Agreement”,
 “Class B Trustee”, “Class B Underwriters”, “Class B Underwriting
Agreement”, “Closing Date”, “Controlling Party”, “Corporate
Trust Office”, “Downgraded Facility”, “Downgrade Event”, “Equipment
Notes”, “Fee Letter”, “Final Legal Distribution Date”, “Financing
Agreement”, “Investment Earnings”, “Liquidity Facility”, “Liquidity
Obligations”, “Loan Trustee”, “Non-Extended Facility”, “Note
Purchase Agreement”, “Operative Agreements”, “Performing Equipment Note”,
 “Person”, “Pool Balance”, “Proportionate Share”,
 “Rating Agencies”, “Regular Distribution Date”, “Replacement Liquidity
Facility”, “Replacement Liquidity Provider”, “Responsible Officer”,
 “Scheduled Payment”, “Series B Equipment Note”, “Special Payment”,
 “Stated Interest Rate”, “Subordination Agent”, “Taxes”,
 “Threshold Rating”, “Transfer”, “Trust Agreement”,
 “Trustee”, “United”, and “United Bankruptcy Event”.

 

    13

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

article II

AMOUNT AND TERMS OF THE COMMITMENT

 

Section 2.01       
The Advances. The Liquidity Provider hereby
irrevocably agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any
Business Day during the period from the Effective Date until 1:00 p.m. (New York City time) on the Expiry Date (unless the
obligations of the Liquidity Provider shall be earlier terminated in accordance with the terms of Section 2.04(b)) in an aggregate
amount at any time outstanding not to exceed the Maximum Commitment.

 

Section 2.02       
Making the Advances. (a)  Interest
Advances shall be made in one or more Borrowings by delivery to the Liquidity Provider of one or more written and completed Notices
of Borrowing in substantially the form of Annex I attached hereto, signed by a Responsible Officer of the Borrower, in an
amount not exceeding the Maximum Available Commitment at such time and shall be used solely for the payment when due of interest
on the Class B Certificates at the Stated Interest Rate therefor in accordance with Section 3.5(a) of the Intercreditor Agreement.
Each Interest Advance made hereunder shall automatically reduce the Maximum Available Commitment and the amount available to be
borrowed hereunder by subsequent Advances by the amount of such Interest Advance (subject to reinstatement as provided in the next
sentence). Upon repayment to the Liquidity Provider in full or in part of the amount of any Interest Advance made pursuant to this
Section 2.02(a), together with accrued interest thereon (as provided herein), the Maximum Available Commitment shall be reinstated
by the amount of such repaid Interest Advance but not to exceed the Maximum Commitment; provided, however, that,
subject to Section 2.06(d), the Maximum Available Commitment shall not be so reinstated at any time if (x) (i) a Liquidity
Event of Default shall have occurred and be continuing and (ii) there is a Performing Note Deficiency or (y) a Final Advance,
a Special Termination Advance, a Downgrade Advance or a Non-Extension Advance shall have been made or an Interest Advance shall
have been converted into a Final Advance.

 

(a)           
A Non-Extension Advance shall be made in a single Borrowing if this Agreement is not extended in accordance with Section 3.5(d)
of the Intercreditor Agreement (unless a Replacement Liquidity Facility to replace this Agreement shall have been delivered to
the Borrower as contemplated by said Section 3.5(d) within the time period specified in such Section) by delivery to the Liquidity
Provider of a written and completed Notice of Borrowing in substantially the form of Annex II attached hereto, signed by a
Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be used to
fund the Class B Cash Collateral Account relating to this Liquidity Facility in accordance with said Section 3.5(d) and Section 3.5(f)
of the Intercreditor Agreement.

 

(b)           
A Downgrade Advance shall be made in a single Borrowing upon the occurrence of a Downgrade Event (as provided for in Section 3.5(c)
of the Intercreditor Agreement), unless (i) a Replacement Liquidity Facility to replace this Agreement shall have been previously
delivered to the Borrower within thirty-five (35) days after the Downgrade Event or (ii) the relevant Rating Agency shall have
provided confirmation within thirty (30) days after the Downgrade Event that such Downgrade Event will not result in a downgrading,
withdrawal or suspension by such Rating Agency of the rating then in effect for the related Class of

 

    14

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Certificates, in each case
of clause (i) and (ii), in accordance with said Section 3.5(c), by delivery to the Liquidity Provider of a written and completed
Notice of Borrowing in substantially the form of Annex III attached hereto, signed by a Responsible Officer of the Borrower,
in an amount equal to the Maximum Available Commitment at such time, and shall be used to fund the Class B Cash Collateral Account
relating to this Liquidity Facility in accordance with said Section 3.5(c) and Section 3.5(f) of the Intercreditor Agreement.
Upon the occurrence of a Downgrade Event, the Liquidity Provider shall promptly deliver notice thereof to the Borrower, the Class
B Trustee and United.

 

(c)           
A Final Advance shall be made in a single Borrowing upon the receipt by the Borrower of a Termination Notice from the Liquidity
Provider pursuant to Section 6.01 hereof by delivery to the Liquidity Provider of a written and completed Notice of Borrowing
in substantially the form of Annex IV attached hereto, signed by a Responsible Officer of the Borrower, in an amount equal
to the Maximum Available Commitment at such time, and shall be used to fund the Class B Cash Collateral Account relating to this
Liquidity Facility (in accordance with Sections 3.5(f) and 3.5(i) of the Intercreditor Agreement).

 

(d)           
Each Borrowing shall be made on notice in writing (a “Notice of Borrowing”) in substantially the
form required by Section 2.02(a), 2.02(b), 2.02(c), 2.02(d) or 2.02(g), as the case may be, given by the Borrower to the Liquidity
Provider. If a Notice of Borrowing is delivered by the Borrower in respect of any Borrowing no later than 1:00 p.m. (New York
City time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to a requested
Borrowing, the Liquidity Provider shall make available to the Borrower, in accordance with its payment instructions, the amount
of such Borrowing in U.S. dollars and immediately available funds, before 4:00 p.m. (New York City time) on such Business
Day. If a Notice of Borrowing is delivered by the Borrower in respect of any Borrowing on a day that is not a Business Day or after
1:00 p.m. (New York City time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02
with respect to a requested Borrowing, the Liquidity Provider shall make available to the Borrower, in accordance with its payment
instructions, the amount of such Borrowing in U.S. dollars and in immediately available funds, before 12:00 Noon (New York City
time) on the first Business Day next following the day of receipt of such Notice of Borrowing. Payments of proceeds of a Borrowing
shall be made by wire transfer of immediately available funds to the Borrower in accordance with such wire transfer instructions
as the Borrower shall furnish from time to time to the Liquidity Provider for such purpose. Each Notice of Borrowing shall be irrevocable
and binding on the Borrower. Each Notice of Borrowing shall be effective upon receipt of a copy thereof by the Liquidity Provider
at the address specified pursuant to Section 7.02.

 

(e)           
Upon the making of any Advance requested pursuant to a Notice of Borrowing, in accordance with the Borrower’s payment
instructions, the Liquidity Provider shall be fully discharged of its obligation hereunder with respect to such Notice of Borrowing,
and the Liquidity Provider shall not thereafter be obligated to make any further Advances hereunder in respect of such Notice
of Borrowing to the Borrower or to any other Person. If the Liquidity Provider makes an Advance requested pursuant to a Notice
of Borrowing before 12:00 Noon (New York City time) on the second Business Day after the date of payment specified in Section
2.02(e), the Liquidity Provider shall have fully discharged its obligations hereunder with respect to such Advance and an event
of default shall not have occurred hereunder. Following the

 

    15

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

making of any Advance pursuant to Section 2.02(b), (c), (d) or (g) hereof
to fund the Class B Cash Collateral Account relating to this Liquidity Facility, the Liquidity Provider shall have no interest
in or rights to such Class B Cash Collateral Account, the funds constituting such Advance or any other amounts from time to time
on deposit in such Class B Cash Collateral Account; provided that the foregoing shall not affect or impair the obligations
of the Subordination Agent to make the distributions contemplated by Section 3.5(e) or (f) of the Intercreditor Agreement,
and provided, further, that the foregoing shall not affect or impair the rights of the Liquidity Provider to provide
written instructions with respect to the investment and reinvestment of amounts in such Class B Cash Collateral Account to the
extent provided in Section 2.2(b) of the Intercreditor Agreement. By paying to the Borrower proceeds of Advances requested
by the Borrower in accordance with the provisions of this Agreement, the Liquidity Provider makes no representation as to, and
assumes no responsibility for, the correctness or sufficiency for any purpose of the amount of the Advances so made and requested.

 

(f)            
A Special Termination Advance shall be made in a single Borrowing upon the receipt by the Borrower of a Special Termination
Notice from the Liquidity Provider pursuant to Section 6.02, by delivery to the Liquidity Provider of a written and completed Notice
of Borrowing in substantially the form of Annex VII, signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to fund the Class B Cash Collateral Account relating to this Liquidity
Facility (in accordance with Section 3.5(f) and Section 3.5(m) of the Intercreditor Agreement).

 

Section 2.03       
Fees. The Borrower agrees to pay to the
Liquidity Provider the fees set forth in the Fee Letter applicable to this Agreement, to the extent payable to the Liquidity Provider
pursuant to such Fee Letter.

 

Section 2.04       
Reductions or Termination of the Maximum Commitment.

 

(a)           
Automatic Reduction. Promptly following each date on which the Required Amount is reduced as a result of a reduction
in the Pool Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount
equal to such reduced Required Amount (as calculated by the Borrower); provided that on (or, as applicable, immediately following)
the first Regular Distribution Date, the Maximum Commitment shall automatically be reduced to the then Required Amount. The Borrower
shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days
thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.

 

(b)           
Termination. Upon the making of any Provider Advance or Special Termination Advance or the making of or conversion
to a Final Advance hereunder or the occurrence of the Termination Date, the obligation of the Liquidity Provider to make further
Advances hereunder shall automatically and irrevocably terminate, and the Borrower shall not be entitled to request any further
Borrowing hereunder, except in the case of a Downgrade Advance, as provided in Section 2.06(d).

 

Section 2.05       
Repayments of Interest Advances, the Special Termination Advance or the Final Advance.
Subject to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby agrees,

 

    16

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

without notice of an Advance or demand
for repayment from the Liquidity Provider (which notice and demand are hereby waived by the Borrower), to pay, or to cause to
be paid, to the Liquidity Provider on each date on which the Liquidity Provider shall make an Interest Advance, the Special Termination
Advance or the Final Advance, an amount equal to (a) the amount of such Advance (any such Advance, until repaid, is referred
to herein as an “Unpaid Advance”) (if multiple Interest Advances are outstanding any such repayment
to be applied in the order in which such Interest Advances have been made, starting with the earliest), plus (b) interest
on the amount of each such Unpaid Advance as provided in Section 3.07 hereof; provided that if (i) the Liquidity
Provider shall make a Provider Advance at any time after making one or more Interest Advances which shall not have been repaid
in accordance with this Section 2.05 or (ii) this Liquidity Facility shall become a Downgraded Facility or Non-Extended
Facility at any time when unreimbursed Interest Advances have reduced the Maximum Available Commitment to zero, then such Interest
Advances shall cease to constitute Unpaid Advances and shall be deemed to have been changed into an Applied Downgrade Advance
or an Applied Non-Extension Advance, as the case may be, for all purposes of this Agreement (including, without limitation, for
the purpose of determining when such Interest Advance is required to be repaid to the Liquidity Provider in accordance with Section 2.06
and for the purposes of Section 2.06(b)); provided, further, that amounts in respect of a Special Termination
Advance withdrawn from the Class B Cash Collateral Account relating to this Liquidity Facility for the purpose of paying interest
on the Class B Certificates in accordance with Section 3.5(f) of the Intercreditor Agreement (the amount of any such withdrawal
being an “Applied Special Termination Advance”) shall thereafter (subject to Section 2.06(b)) be treated
as an Interest Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon;
provided, further, that if, following the making of a Special Termination Advance, the Liquidity Provider delivers
a Termination Notice to the Borrower pursuant to Section 6.01, such Special Termination Advance shall thereafter be converted
to and treated as a Final Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest
payable thereon and the obligation for repayment thereof and treated as an Applied Special Termination Advance for purposes of
Section 2.6(c) of the Intercreditor Agreement, and, provided, further, that if, after making a Provider Advance,
the Liquidity Provider delivers a Special Termination Notice to the Borrower pursuant to Section 6.02, any Unapplied Provider
Advance shall be converted to and treated as a Special Termination Advance under this Agreement for purposes of determining the
Applicable Liquidity Rate for interest payable thereon and the obligation for repayment thereof under the Intercreditor Agreement.
The Borrower and the Liquidity Provider agree that the repayment in full of each Interest Advance, the Special Termination Advance
and the Final Advance on the date such Advance is made is intended to be a contemporaneous exchange for new value given to the
Borrower by the Liquidity Provider.

 

Section 2.06       
Repayments of Provider Advances.

 

(a)           
Amounts advanced hereunder in respect of a Provider Advance shall be deposited in the Class B Cash Collateral Account relating
to this Liquidity Facility, invested and withdrawn from such Class B Cash Collateral Account as set forth in Sections 3.5(c),
(d), (e) and (f) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09, the Borrower agrees to pay to the Liquidity
Provider, on each Regular Distribution Date, commencing on the first Regular Distribution Date after the making of a Provider Advance,
interest on the principal amount of

 

    17

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

any such Provider Advance as provided in
Section 3.07; provided, however, that amounts in respect of a Provider Advance withdrawn from the Class B Cash
Collateral Account relating to this Liquidity Facility for the purpose of paying interest on the Class B Certificates in accordance
with Section 3.5(f) of the Intercreditor Agreement (the amount of any such withdrawal being (y) in the case of a Downgrade
Advance, an “Applied Downgrade Advance” and (z) in the case of a Non-Extension Advance, an “Applied
Non-Extension Advance” and, together with an Applied Downgrade Advance, an “Applied Provider Advance”)
shall thereafter (subject to Section 2.06(b)) be treated as an Interest Advance under this Agreement for purposes of determining
the Applicable Liquidity Rate for interest payable thereon and the dates on which such interest is payable; provided, further,
however, that if, following the making of a Provider Advance, the Liquidity Provider delivers a Termination Notice to the Borrower
pursuant to Section 6.01 hereof, such Provider Advance shall thereafter be converted to and treated as a Final Advance under
this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the obligation for repayment
thereof and treated as an Applied Downgrade Advance or Applied Non-Extension Advance, as the case may be, for the purposes of
Section 2.6(c) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09 hereof, immediately upon the withdrawal
of any amounts from the Class B Cash Collateral Account relating to this Liquidity Facility on account of a reduction in the Required
Amount, the Borrower shall repay to the Liquidity Provider a portion of the Provider Advances in a principal amount equal to the
amount of such reduction, plus interest on the principal amount prepaid as provided in Section 3.07 hereof.

 

(b)           
At any time when an Applied Provider Advance or an Applied Special Termination Advance (or any portion thereof) is outstanding,
upon the deposit in the Class B Cash Collateral Account relating to this Liquidity Facility of any amount pursuant to clause “fourth”
of Section 3.2 of the Intercreditor Agreement (any such amount being a “Replenishment Amount”) for
the purpose of replenishing or increasing the balance thereof up to the amount of the Required Amount at such time, (i) the
aggregate outstanding principal amount of all Applied Provider Advances or the Applied Special Termination Advance (and of Provider
Advances treated as an Interest Advance for purposes of determining the Applicable Liquidity Rate for interest payable thereon)
shall be automatically reduced by the amount of such Replenishment Amount (if multiple Applied Provider Advances are outstanding,
such Replenishment Amount to be applied in the order in which such Applied Provider Advances have been made, starting with the
earliest) and (ii) the aggregate outstanding principal amount of all Unapplied Provider Advances or of the Unapplied Special
Termination Advance shall be automatically increased by the amount of such Replenishment Amount.

 

(c)           
Upon the provision of a Replacement Liquidity Facility in replacement of this Agreement in accordance with Section 3.5(e)
of the Intercreditor Agreement, amounts remaining on deposit in the Class B Cash Collateral Account relating to this Liquidity
Facility after giving effect to any Applied Provider Advance or Applied Special Termination Advance on the date of such replacement
shall be reimbursed to the replaced Liquidity Provider, but only to the extent such amounts are necessary to repay in full to the
replaced Liquidity Provider all amounts owing to it hereunder.

 

(d)           
If, at any time after making a Downgrade Advance, the Liquidity Provider satisfies the Threshold Rating and delivers a written
notice to that effect to the Borrower and 

 

    18

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

United, as of the second Business Day following
receipt of such notice, (i) the Unapplied Downgrade Advance shall be withdrawn from the Class B Cash Collateral Account relating
to this Liquidity Facility and reimbursed to the Liquidity Provider, (ii) the Maximum Commitment shall be reinstated by an amount
equal to the amount of such Unapplied Downgrade Advance so reimbursed, but not to exceed the Maximum Commitment and the obligation
of the Liquidity Provider to make Advances shall be reinstated in an equal amount, and (iii) the proviso in the definition of
Maximum Available Commitment shall no longer apply to such Downgrade Advance.

 

Section 2.07       
Payments to the Liquidity Provider Under the Intercreditor Agreement.
In order to provide for payment or repayment to the Liquidity Provider of any amounts hereunder, the Intercreditor Agreement provides
that amounts available and referred to in Articles II and III of the Intercreditor Agreement, to the extent payable to
the Liquidity Provider pursuant to the terms of the Intercreditor Agreement (including, without limitation, Section 3.5(f)
of the Intercreditor Agreement), shall be paid to the Liquidity Provider in accordance with the terms thereof. Amounts so paid
to, and not required to be returned by, the Liquidity Provider shall be applied by the Liquidity Provider to Liquidity Obligations
then due and payable to it in accordance with the Intercreditor Agreement and shall discharge in full the corresponding obligations
of the Borrower hereunder (or, if not provided for in the Intercreditor Agreement, then in such manner as the Liquidity Provider
shall deem appropriate).

 

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

 

Section 2.09       
Payments from Available Funds Only. All
payments to be made by the Borrower under this Agreement, including, without limitation, Sections 7.05 and 7.07, shall be made
only from the amounts that constitute Scheduled Payments, Special Payments or payments under Section 8.1 of the Note Purchase
Agreement and payments under the Fee Letter applicable to this Agreement and Section 6 of the Note Purchase Agreement and
only to the extent that the Borrower shall have sufficient income or proceeds therefrom to enable the Borrower to make payments
in accordance with the terms hereof after giving effect to the priority of payments provisions set forth in the Intercreditor Agreement.
The Liquidity Provider agrees that it will look solely to such amounts in respect of payments to be made by the Borrower hereunder
to the extent available for distribution to it as provided in the Intercreditor Agreement and this Agreement and that the Borrower,
in its individual capacity, is not personally liable to it for any amounts payable or liability under this Agreement except as
expressly provided in this Agreement, the Intercreditor Agreement or the Note Purchase Agreement. Amounts on deposit in the Class
B Cash Collateral Account relating to this Liquidity Facility shall be available to the Borrower to make payments under this Agreement
only to the extent and for the purposes expressly contemplated in Section 3.5(f) of the Intercreditor Agreement.

 

Section 2.10       
Non-Extension of the Expiry Date; Non-Extension Advance.
If in any calendar year the Liquidity Provider advises the Borrower before the 25th day prior to the

 

    19

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

anniversary date of the Class B Closing
Date in such calendar year (such 25th day, the “Notice Date”) that the Expiry Date shall
not be extended beyond such anniversary date (and if this Agreement shall not have been replaced in accordance with Section 3.5(e)
of the Intercreditor Agreement), the Borrower shall be entitled on and after such Notice Date (but prior to the then effective
Expiry Date) to request a Non-Extension Advance in accordance with Section 2.02(b) hereof and Section 3.5(d) of the
Intercreditor Agreement; provided, however, that if in any calendar year the Liquidity Provider does not so advise
the Borrower before the Notice Date in such calendar year, the Expiry Date shall be automatically extended to the anniversary
date of the Class B Closing Date in the next calendar year.

 

Section 2.11       
LIBOR Replacement. 

 

(a)           
Benchmark Replacement. Notwithstanding
anything to the contrary herein, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if
a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement”
for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect
of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other
party to, this Agreement and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes
hereunder in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after
the date notice of such Benchmark Replacement is provided to each applicable party hereto (that is not then the Designated Party)
without any amendment to, or further action or consent of any other party to, this Agreement.

 

(b)           
Benchmark Replacement Conforming Changes.
In connection with the implementation of a Benchmark Replacement, the Designated Party will have the right to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the contrary herein, any amendments implementing such Benchmark
Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

 

(c)           
Notices; Standards for Decisions and Determinations. The Designated Party will promptly notify each other party hereto
(and each other “Liquidity Provider” under each other Liquidity Facility) of (i) any occurrence of a Benchmark Transition
Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark
Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any
tenor of a Benchmark pursuant to clause (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Designated Party pursuant to this 2.11, including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made
in its or their sole discretion and without consent from any other party to 

 

    20

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

this Agreement except, in each case, as expressly required
pursuant to this Section 2.11 (and the definitions used herein).

 

(d)           
Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein, at any time (including in
connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term
SOFR or the LIBOR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that
publishes such rate from time to time as selected by the Designated Party in its reasonable discretion or (B) the regulatory supervisor
for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor
for such Benchmark is or will be no longer representative, then the Designated Party may (and shall, at the request of the Liquidity
Provider) modify (in a manner consistent for all Liquidity Facilities for which it is the “Designated Party”) the definition
of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative
tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information
service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it
is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Designated Party may (and
shall at the request of the Liquidity Provider) modify (in a manner consistent for all Liquidity Facilities for which it is the
 “Designated Party”) the definition of “Interest Period” for all Benchmark settings at or after such time
to reinstate such previously removed tenor.

 

(e)           
Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of (or any determination
by the Designated Party as to the existence of) a Benchmark Unavailability Period, the Borrower may revoke any request for a conversion
to or continuation of a LIBOR Advance to be converted or continued during any Benchmark Unavailability Period and, failing that,
the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to a Base Rate Advance.

 

(f)            
Cap on Benchmark for any Interest Period. Anything herein to the contrary notwithstanding, in connection with any
Benchmark Replacement and the resulting Benchmark and related Benchmark Replacement Conforming Changes, if for any Interest Period
(as such term may be modified) or Available Tenor, the applicable Benchmark Replacement (as the Benchmark then in effect) would
exceed, as of the applicable date of determination thereof (including any applicable Reference Time) the Base Rate, then the Benchmark
Replacement (and Benchmark) for such Interest Period or Available Tenor, as the case may be, shall be deemed to be the Base Rate.

 

(g)           
Consistent Implementation among Liquidity Facilities. In making determinations pursuant to this Section 2.11 (and
implementing any Benchmark Replacement and Benchmark Conforming Changes in connection therewith), it is the intent of the parties
that such determinations (and implementation) occur hereunder on or about the same time and in substantially the same manner as
such determinations (and implementation) pursuant to Section 2.11 of each other Liquidity Facility for which the Designated Party
hereunder is the “Designated Party”, and the parties will reasonably cooperate for achieving such result.

 

    21

     

    

 

 

[Revolving Credit Agreement (2020-1B)]

 

article III

 

OBLIGATIONS
OF THE BORROWER

 

Section 3.01       
Increased Costs. The Borrower shall pay
to the Liquidity Provider from time to time such amounts as may be necessary to compensate the Liquidity Provider for any increased
costs incurred by the Liquidity Provider which are attributable to its making or maintaining any Advances hereunder or its obligation
to make any such Advances hereunder, or any reduction in any amount receivable by the Liquidity Provider under this Agreement or
the Intercreditor Agreement in respect of any such Advances or such obligation (such increases in costs and reductions in amounts
receivable being herein called “Additional Costs”), resulting from any change after the date of this
Agreement in U.S. federal, state, municipal, or foreign laws or regulations (including Regulation D of the Board of Governors of
the Federal Reserve System), or the adoption or making after the date of this Agreement of any interpretations, directives, or
requirements applying to a class of banks including the Liquidity Provider under any U.S. federal, state, municipal, or any foreign
laws or regulations (whether or not having the force of law) by any court, central bank or monetary authority charged with the
interpretation or administration thereof (a “Regulatory Change”), which: (1) changes the basis of
taxation of any amounts payable to the Liquidity Provider under this Agreement in respect of any such Advances or such obligation
(other than Excluded Taxes); or (2) imposes or modifies any reserve, special deposit, compulsory loan or similar requirements
relating to any extensions of credit or other assets of, or any deposits with other liabilities of, the Liquidity Provider (including
any such Advances or such obligation or any deposits referred to in the definition of LIBOR Rate or related definitions). For the
avoidance of doubt, any Regulatory Changes based on the consultative papers of The Basel Committee on Banking Supervision of December
2009 entitled “Strengthening the resilience of the banking sector” and “International framework for liquidity
risk measurement, standards and monitoring”, in each case together with any amendments thereto (collectively, “Basel
III”), will not be treated, for purposes of determining whether the Liquidity Provider is entitled to compensation
under this Section 3.01, as having been adopted or having come into effect before the date hereof, and any such Regulatory Changes
based on Basel III shall be determined to be adopted only when the national banking supervisory authorities, or other relevant
administrative or legislative bodies having primary jurisdiction or regulatory authority over the Liquidity Provider, adopt any
such Regulatory Changes based on Basel III in the primary jurisdiction of the Liquidity Provider. The Liquidity Provider agrees
to use reasonable efforts (consistent with applicable legal and regulatory restrictions) to change the jurisdiction of its Facility
Office if making such change would avoid the need for, or reduce the amount of, any amount payable under this Section that
may thereafter accrue and would not, in the reasonable judgment of the Liquidity Provider, be otherwise disadvantageous to the
Liquidity Provider.

 

The Liquidity Provider will notify the Borrower
of any event occurring after the date of this Agreement that will entitle the Liquidity Provider to compensation pursuant to this
Section 3.01 as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, which
notice shall describe in reasonable detail the calculation of the amounts owed under this Section. Determinations by the Liquidity
Provider for purposes of this Section 3.01 of the effect of any Regulatory Change on its costs of making or maintaining Advances
or on amounts receivable by it in respect of Advances, and of the additional amounts 

 

    22 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

required to compensate the Liquidity Provider
in respect of any Additional Costs, shall be prima facie evidence of the amount owed under this Section.

 

Notwithstanding the preceding two paragraphs,
the Liquidity Provider and the Subordination Agent agree that any Liquidity Provider, or permitted assignee or participant thereof,
which is not a bank shall not be entitled to the benefits of the preceding two paragraphs (but without limiting the provisions
of Section 7.08 hereof).

 

Section 3.02       
Capital Adequacy and Liquidity Coverage.
If (1) the adoption, after the date hereof, of any applicable governmental law, rule or regulation regarding capital adequacy
or liquidity coverage, (2) any change, after the date hereof, in the interpretation or administration of any such law, rule
or regulation by any central bank or other governmental authority charged with the interpretation or administration thereof or
(3) compliance by the Liquidity Provider or any corporation or bank controlling the Liquidity Provider with any applicable
guideline or request of general applicability, issued after the date hereof, by any central bank or other governmental authority
(whether or not having the force of law) that constitutes a change of the nature described in clause (2), has the effect of
(x) requiring an increase in the amount of capital or liquid assets required to be maintained by the Liquidity Provider or
any corporation or bank controlling the Liquidity Provider, or (y) reducing the rate of return on assets or capital of the Liquidity
Provider (or such corporation or bank) and such adoption, change or compliance, as the case may be, relates to a category of claims
or assets that includes the Liquidity Provider’s obligations hereunder (including funded obligations) and other similar obligations,
the Borrower shall, subject to the provisions of the next paragraph, pay to the Liquidity Provider from time to time such additional
amount or amounts as are necessary to compensate the Liquidity Provider for such portion of such increase or reduction as shall
be reasonably allocable to the Liquidity Provider’s obligations to the Borrower hereunder. For the avoidance of doubt, the
adoption of any law, rule or regulation described in clause (1) of the first sentence of this Section 3.02, and the taking of any
action described in clauses (2) and (3) of such sentence, that in each case is based on Basel III, will not be treated, for purposes
of determining whether the Liquidity Provider (or any corporation or bank controlling the Liquidity Provider) is entitled to compensation
under this Section 3.02, as having been adopted, come into effect, been issued or been taken before the date hereof, and any such
law, rule or regulation and any of the actions described in clauses (2) and (3) of such sentence that is based on Basel III shall
be determined to have been adopted, come into effect, been issued or been taken only when the central bank or other legislative
or administrative governmental authorities in the primary jurisdiction of the Liquidity Provider (or any corporation or bank controlling
the Liquidity Provider) adopt any such law, rule or regulation or take any such actions. The Liquidity Provider agrees to use reasonable
efforts (consistent with applicable legal and regulatory restrictions) to change the jurisdiction of its Facility Office if making
such change would avoid the need for, or reduce the amount of, any amount payable under this Section that may thereafter accrue
and would not, in the reasonable judgment of the Liquidity Provider, be otherwise materially disadvantageous to the Liquidity Provider.

 

The Liquidity Provider will notify the Borrower
of any event occurring after the date of this Agreement that will entitle the Liquidity Provider to compensation pursuant to this
Section 3.02 as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, which
notice shall describe in reasonable detail the calculation of the 

 

    23 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

amounts owed under this Section. Determinations by the Liquidity
Provider for purposes of this Section 3.02 of the effect of any increase in the amount of capital or liquid assets required
to be maintained by the Liquidity Provider and of the amount allocable to the Liquidity Provider’s obligations to the Borrower
hereunder shall be conclusive evidence of the amounts owed under this Section, absent manifest error.

 

Notwithstanding the preceding two paragraphs,
the Liquidity Provider and the Subordination Agent agree that any Liquidity Provider, or permitted assignee or participant thereof,
which is not a bank shall not be entitled to the benefits of the preceding two paragraphs (but without limiting the provisions
of Section 7.08 hereof).

 

Section 3.03       
Payments Free of Deductions. 

 

(a)               Unless
required by applicable law, all payments made by the Borrower under this Agreement shall be made free and clear of, and
without reduction for or on account of, any present or future stamp or other taxes, levies, imposts, duties, charges, fees,
deductions, withholdings, restrictions or conditions of any nature whatsoever now or hereafter imposed on, levied, collected,
withheld or assessed, excluding Excluded Taxes (such non-excluded taxes being referred to herein, collectively, as
 “Non-Excluded Taxes” and each, individually, as a “Non-Excluded Tax”). If
any Non-Excluded Taxes are required to be withheld from any amounts payable to the Liquidity Provider under this Agreement,
(i) the Borrower shall within the time prescribed therefor by applicable law pay to the appropriate governmental or
taxing authority the full amount of any such Non-Excluded Taxes (and any additional Non-Excluded Taxes in respect of the
additional amounts payable under clause (ii) hereof) and make such reports or returns in connection therewith at the
time or times and in the manner prescribed by applicable law, and (ii) the amounts so payable to the Liquidity Provider
shall be increased to the extent necessary to yield to the Liquidity Provider (after payment of all Non-Excluded Taxes)
interest or any other such amounts payable under this Agreement at the rates or in the amounts specified in this Agreement.
The Liquidity Provider agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to change the jurisdiction of its Facility Office if making such change would avoid the need for, or reduce the
amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of the Liquidity
Provider, be otherwise disadvantageous to the Liquidity Provider. From time to time upon the reasonable request of the
Borrower, the Liquidity Provider agrees to provide to the Borrower two original Internal Revenue Service Forms W-8BEN-E,
W-8ECI or W-9, as appropriate, or any successor or other form prescribed by the Internal Revenue Service, certifying that the
Liquidity Provider is exempt from or entitled to a reduced rate of United States withholding tax on payments pursuant to this
Agreement. Within 30 days after the date of each payment hereunder, the Borrower shall furnish to the Liquidity Provider the
original or a certified copy of (or other documentary evidence of) the payment of the Non-Excluded Taxes applicable to such
payment.

 

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

 

    24 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

(c)              
On or before the Class B Closing Date, the Borrower shall provide the Liquidity Provider with a fully executed Internal
Revenue Service Form W-9, showing a complete exemption from U.S federal backup withholding tax. If any other exemption from, or
reduction in the rate of, any Taxes required to be borne by the Liquidity Provider under Section 3.03(b) is reasonably available
to the Borrower without providing any information regarding the holders or beneficial owners of the Certificates, the Borrower
shall deliver to the Liquidity Provider such form or forms and such other evidence of the eligibility of the Borrower for such
exemption or reductions (but without any requirement to provide any information regarding the holders or beneficial owners of the
Certificates) as the Liquidity Provider may reasonably identify to the Borrower as being required as a condition to exemption from,
or reduction in the rate of, such Taxes.

 

(d)              
If a payment made to the Liquidity Provider or Borrower hereunder would be subject to U.S. federal withholding Tax imposed
by FATCA if the Borrower or Liquidity Provider, as applicable, were to fail to comply with the applicable reporting requirements
of FATCA (including those contained in Section 1471 (b) or 1472 (b) of the U.S. Internal Revenue Code, as applicable), it shall
deliver to the Borrower or the Liquidity Provider, as applicable, at the time or times prescribed by law and at such time or times
reasonably requested by the Borrower or Liquidity Provider, as applicable, such documentation prescribed by applicable law (including
as prescribed by Section 1471 (b)(3)(C)(i) of the U.S. Internal Revenue Code) and such additional documentation reasonably requested
by the Borrower or Liquidity Provider, as applicable, as may be necessary for the Borrower or Liquidity Provider, as applicable,
to comply with its obligations under FATCA and to determine that the Liquidity Provider or Borrower has complied with the Liquidity
Provider’s or Borrower’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this paragraph, “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

Section 3.04       
Payments. The Borrower shall make or cause
to be made each payment to the Liquidity Provider under this Agreement so as to cause the same to be received by the Liquidity
Provider not later than 1:00 p.m. (New York City time) on the day when due. The Borrower shall make all such payments in lawful
money of the United States of America, to the Liquidity Provider in immediately available funds, by wire transfer to the account
specified for the Liquidity Provider in Schedule B or to such other U.S. bank account as the Liquidity Provider may from time to
time direct the Borrower in writing.

 

Section 3.05       
Computations. All computations of interest
based on the Base Rate shall be made on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest
based on the LIBOR Rate (other than where the LIBOR Rate is determined based on the

 

    25 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Base Rate or any Benchmark Replacement
with determinations based on a year of 365 or 366 days, as the case may be) shall be made on the basis of a year of 360 days,
in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which
such interest is payable.

 

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

 

Section 3.07       
Interest. 

 

(a)              
Subject to Section 2.09, the Borrower shall pay, or shall cause to be paid, without duplication, interest on (i) the
unpaid principal amount of each Advance from and including the date of such Advance (or, in the case of an Applied Provider Advance
or Applied Special Termination Advance, from and including the date on which the amount thereof was withdrawn from the Class B
Cash Collateral Account relating to this Liquidity Facility to pay interest on the Class B Certificates) to but excluding the date
such principal amount shall be paid in full (or, in the case of an Applied Provider Advance or Applied Special Termination Advance,
the date on which the Class B Cash Collateral Account relating to this Liquidity Facility is fully replenished in respect of such
Advance) and (ii) any other amount due hereunder (whether fees, commissions, expenses or other amounts or, to the extent permitted
by law, installments of interest on Advances or any such other amount) which is not paid when due (whether at stated maturity,
by acceleration or otherwise) from and including the due date thereof to but excluding the date such amount is paid in full, in
each such case, at a fluctuating interest rate per annum for each day equal to the Applicable Liquidity Rate (as defined below)
for such Advance or such other amount, as the case may be, as in effect for such day, but in no event at a rate per annum greater
than the maximum rate permitted by applicable law; provided, however, that, if at any time the otherwise applicable
interest rate as set forth in this Section 3.07 shall exceed the maximum rate permitted by applicable law, then any subsequent
reduction in such interest rate will not reduce the rate of interest payable pursuant to this Section 3.07 below the maximum
rate permitted by applicable law until the total amount of interest accrued equals the amount of interest that would have accrued
if such otherwise applicable interest rate as set forth in this Section 3.07 had at all times been in effect.

 

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

 

(c)              
Each LIBOR Advance shall bear interest during each Interest Period at a rate per annum equal to the LIBOR Rate for such
Interest Period plus the Applicable Margin for such

 

    26 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

LIBOR Advance, payable in arrears on the
last day of such Interest Period and, in the event of the payment of principal of such LIBOR Advance on a day other than such
last day, on the date of such payment (to the extent of interest accrued on the amount of principal repaid).

 

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

 

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

 

(f)               
Each amount not paid when due hereunder (whether fees, commissions, expenses or other amounts or, to the extent permitted
by applicable law, installments of interest on Advances but excluding Advances) shall bear interest at a rate per annum equal to
the Base Rate plus 2.00% per annum until paid.

 

(g)              
If at any time, the Liquidity Provider shall have determined (which determination shall be conclusive and binding upon the
Borrower, absent manifest error) that, by reason of circumstances affecting the relevant interbank lending market generally (other
than a Benchmark Transition Event), the LIBOR Rate determined or to be determined for the current or the immediately succeeding
Interest Period will not adequately and fairly reflect the cost to the Liquidity Provider (as conclusively certified by the Liquidity
Provider, absent manifest error) of making or maintaining LIBOR Advances, the Liquidity Provider shall give facsimile or telephonic
notice thereof (a “Rate Determination Notice”) to the Borrower (any such telephonic notice to be promptly
confirmed in writing and transmitted by telecopier to the Borrower in accordance with Section 7.02). If such notice is given, then
the outstanding principal amount of the LIBOR Advances shall be converted to Base Rate Advances effective from the date of the
Rate Determination Notice; provided that the Applicable Liquidity Rate in respect of such Base Rate Advances shall be increased
by one percent (1.00%). The Liquidity Provider shall withdraw a Rate Determination Notice given hereunder when the Liquidity Provider
determines that the circumstances giving rise to such Rate Determination Notice no longer apply to the Liquidity Provider, and
the Base Rate Advances shall be converted to LIBOR Advances effective as of the first day of the next succeeding Interest Period
after the date of such withdrawal.

 

(h)              
Each change in the Base Rate shall become effective immediately. The rates of interest specified in this Section 3.07
with respect to any Advance or other amount shall be referred to as the “Applicable Liquidity Rate”.

 

    27 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Section 3.08       
Replacement of Borrower. From time to time
and subject to the successor Borrower’s meeting the eligibility requirements set forth in Section 6.9 of the Intercreditor
Agreement applicable to the Subordination Agent, upon the effective date and time specified in a written and completed Notice of
Replacement Subordination Agent in substantially the form of Annex VI attached hereto (a “Notice of Replacement Subordination
Agent”) delivered to the Liquidity Provider by the then Borrower, the successor Borrower designated therein shall
be substituted for the Borrower for all purposes hereunder.

 

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

 

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

 

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

 

Calculation of all amounts payable to the
Liquidity Provider under this Section 3.09 shall be made as though the Liquidity Provider had actually funded the related LIBOR
Advance through the purchase of a LIBOR deposit bearing interest at the LIBOR Rate in an amount equal to its LIBOR Advance and
having a maturity comparable to the relevant Interest Period; provided, however, that the Liquidity Provider may
fund any LIBOR Advance in any manner it sees fit and the foregoing assumptions shall be utilized only for the purposes of calculating
amounts payable under this Section 3.09.

 

Section 3.10       
Illegality. Notwithstanding any other provision
in this Agreement, if any change in any applicable law, rule or regulation, or any change in the interpretation or administration
thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof,
or compliance by the Liquidity Provider (or its Facility Office) with any request or directive (whether or not having the force
of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for the Liquidity Provider
(or its Facility Office) to maintain or fund its LIBOR Advances, then upon notice to the Borrower by the Liquidity Provider, the
outstanding principal amount of the LIBOR Advances shall be converted to Base Rate Advances (a) immediately upon demand of
the Liquidity Provider, if such change or compliance with such request, in the judgment of the Liquidity Provider, requires immediate
repayment; or (b) at the expiration of the last Interest Period to expire before the effective date of any such change or
request. The Liquidity Provider agrees to use reasonable efforts (consistent with applicable legal and regulatory restrictions)
to change the jurisdiction of its Facility Office if making such change would avoid or cure the aforesaid illegality and would
not, in the reasonable judgment of the Liquidity Provider, be otherwise disadvantageous to the Liquidity Provider.

 

    28 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

article IV

 

CONDITIONS PRECEDENT

 

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

 

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

 

(i)              
This Agreement duly executed on behalf of the Borrower and the Fee Letter applicable to this Agreement duly executed on
behalf of the Borrower and United;

 

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

 

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

 

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

 

(v)             
An executed copy of each document, instrument, certificate and opinion delivered on or before the Class B Closing Date pursuant
to the Class B Trust Agreement, the Note Purchase Agreement, the Intercreditor Agreement and the other Operative Agreements (in
the case of each such opinion delivered in connection with the issuance and sale of the Class B Certificates, other than the opinion
of counsel for the Class B Underwriters, either addressed to the Liquidity Provider or accompanied by a letter from the counsel
rendering such opinion to the effect that the Liquidity Provider is entitled to rely on such opinion as of its date as if it were
addressed to the Liquidity Provider);

 

(vi)            
Evidence that there shall have been made and shall be in full force and effect, all filings, recordings and/or registrations,
and there shall have been given or taken any notice or other similar action as may be reasonably necessary or, to the extent reasonably
requested by the Liquidity Provider, reasonably advisable, in order to establish, perfect, protect and preserve the right, title
and interest, remedies, powers, privileges, liens and security interests of, or for the benefit of, the Trustees, the Borrower
and the Liquidity Provider created by the Operative Agreements executed and delivered on or before the Class B Closing Date;

 

(vii)         
An agreement from United, pursuant to which (i) United agrees to provide to the Liquidity Provider (A) within
90 days after the end of each of the first three fiscal quarters in each fiscal year of United, a consolidated balance sheet of
United as of the end of such quarter and related statements of income and cash flows for the period commencing at the end of the
previous fiscal year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding
figures for the corresponding period in the preceding fiscal

 

    29 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

year, prepared in accordance with GAAP; provided,
that so long as United is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, a copy of
United’s report on Form 10-Q for such fiscal quarter (excluding exhibits) or a written notice of United that such report
has been filed with the Securities and Exchange Commission, providing a website address at which such report may be accessed and
confirming that the report accessible at such website address conforms to the original report filed with the Securities and Exchange
Commission will satisfy this subclause (A), and (B) within 120 days after the end of each fiscal year of United, a consolidated
balance sheet of United as of the end of such fiscal year and related statements of income and cash flows of United for such fiscal
year, in comparative form with the preceding fiscal year, prepared in accordance with GAAP, together with a report of United’s
independent certified public accountants with respect to their audit of such financial statements; provided, that so long as United
is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, a copy of United’s report on
Form 10-K for such fiscal year (excluding exhibits) or a written notice of United that such report has been filed with the
Securities and Exchange Commission, providing a website address at which such report may be accessed and confirming that the report
accessible at such website address conforms to the original report filed with the Securities and Exchange Commission will satisfy
this subclause (B), and (ii) United agrees to allow the Liquidity Provider to inspect United’s books and records
regarding such transactions, and to discuss such transactions with officers and employees of United;

 

(viii)       
Legal opinions from (a) Morris James LLP, special counsel to the Borrower, and (b) Hughes Hubbard & Reed LLP, special
counsel to United, each in form and substance reasonably satisfactory to the Liquidity Provider; and

 

(ix)          
Such other documents, instruments, opinions and approvals pertaining to the transactions contemplated hereby or by the other
Operative Agreements as the Liquidity Provider shall have reasonably requested, including, without limitation, such documentation
as the Liquidity Provider may require to satisfy its “know your customer” policies.

 

(b)           The
following statement shall be true on and as of the Effective Date: no event has occurred and is continuing, or would result from
the entering into of this Agreement or the making of any Advance, which constitutes a Liquidity Event of Default.

 

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

 

(d)           All
conditions precedent to the issuance of the Class B Certificates under the Class B Trust Agreement shall have been satisfied or
waived, all conditions precedent to the effectiveness of each other Liquidity Facility in respect of the Class B Certificates
shall have been concurrently satisfied or waived and all conditions precedent to the purchase of the Class B Certificates by the
Class B Underwriters under the Class B Underwriting Agreement shall have been satisfied or waived.

 

    30 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

Section 4.02       
Conditions Precedent to Borrowing. The
obligation of the Liquidity Provider to make an Advance on the occasion of each Borrowing shall be subject to the conditions precedent
that the Effective Date shall have occurred and, on or prior to the date of such Borrowing, the Borrower shall have delivered a
Notice of Borrowing which conforms to the terms and conditions of this Agreement and has been completed as may be required by the
relevant form of the Notice of Borrowing for the type of Advance requested.

 

Section 4.03       
Representations and Warranties. The representations
and warranties of the Borrower as Subordination Agent in Section 5.2 of the Note Purchase Agreement shall be deemed to be incorporated
into this Agreement as if set out in full herein and as if such representations and warranties were made by the Borrower to the
Liquidity Provider. 

 

article V

 

COVENANTS

 

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

 

(a)              
Performance of this and Other Agreements. Punctually pay or cause to be paid all amounts payable by it under this
Agreement and the other Operative Agreements and observe and perform in all material respects the conditions, covenants and requirements
applicable to it contained in this Agreement and the other Operative Agreements.

 

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

 

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

 

Section 5.02       
Negative Covenants of the Borrower. So
long as any Advance shall remain unpaid or the Liquidity Provider shall have any Maximum Commitment hereunder or the Borrower
shall have any obligation to pay any amount to the Liquidity Provider hereunder, the Borrower will not appoint or permit or suffer
to be appointed any successor Borrower without

 

    31 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

the prior written consent of the Liquidity Provider, which consent shall not be unreasonably
withheld or delayed.

 

article
VI

 

LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION

 

Section 6.01       
Liquidity Events of Default. If (a) any
Liquidity Event of Default has occurred and is continuing and (b) there is a Performing Note Deficiency, the Liquidity Provider
may, in its discretion, deliver to the Borrower a Termination Notice, the effect of which shall be to cause (i) the obligation
of the Liquidity Provider to make Advances hereunder to expire on the fifth Business Day after the date on which such Termination
Notice is received by the Borrower, (ii) the Borrower to promptly request, and the Liquidity Provider to promptly make, a
Final Advance in accordance with Section 2.02(d) hereof and Section 3.5(i) of the Intercreditor Agreement, (iii) all
other outstanding Advances to be automatically converted into Final Advances for purposes of determining the Applicable Liquidity
Rate for interest payable thereon, and (iv) subject to Sections 2.07 and 2.09 hereof, all Advances (including, without
limitation, any Provider Advance and Applied Provider Advance), any accrued interest thereon and any other amounts outstanding
hereunder to become immediately due and payable to the Liquidity Provider.

 

Section 6.02       
Special Termination. If the aggregate Pool
Balance of the Class B Certificates is greater than the aggregate outstanding principal amount of the Series B Equipment Note (other
than any portion of the Series B Equipment Note previously sold or with respect to which the collateral securing the Series B Equipment
Note has been disposed of) at any time during the 18 month period prior to January 15, 2026, the Liquidity Provider may, in its
discretion, deliver to the Borrower a Special Termination Notice, the effect of which shall be to cause (i) the obligation of the
Liquidity Provider to make Advances hereunder to expire on the fifth Business Day after the date on which such Special Termination
Notice is received by the Borrower, (ii) the Borrower to promptly request, and the Liquidity Provider to promptly make, a Special
Termination Advance in accordance with Section 2.02(g) and Section 3.5(m) of the Intercreditor Agreement, and (iii) subject to
Sections 2.07 and 2.09, all Advances (including, without limitation, any Provider Advance and Applied Provider Advance), any accrued
interest thereon and any other amounts outstanding hereunder to become immediately due and payable to the Liquidity Provider.

 

article
VII

 

MISCELLANEOUS

 

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

 

    32 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Section 7.02       
Notices, Etc. Except as otherwise expressly
provided herein, all notices and other communications provided for hereunder shall be in writing (including telecopier and mailed
or delivered or sent by telecopier) addressed to the applicable party at its address specified on Schedule B or to such other address
as shall be designated by such Person in a written notice to the others. The Borrower shall give all Notices of Borrowing via telecopier;
provided, that, in the event of a transmission failure, the Borrower shall use reasonable efforts to deliver the applicable
Notice of Borrowing to the Liquidity Provider on the same Business Day using such other means as may be reasonably deemed necessary
by the Borrower. All such notices and communications shall be effective (i) if given by telecopier, when transmitted to the
telecopier number specified above, (ii) if given by mail, five Business Days after being deposited in the mails addressed
as specified above, and (iii) if given by other means, when delivered at the address specified above, except that written
notices to the Liquidity Provider pursuant to the provisions of Article II and Article III hereof shall not be effective
until received by the Liquidity Provider. A copy of all notices delivered hereunder to either party shall in addition be delivered
to each of the parties to the Note Purchase Agreement at their respective addresses set forth therein.

 

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

 

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

 

Section 7.05       
Indemnification; Survival of Certain Provisions.
The Liquidity Provider shall be indemnified hereunder to the extent and in the manner described in Section 8.1 of the Note Purchase
Agreement. In addition, the Borrower agrees to indemnify, protect, defend and hold harmless the Liquidity Provider from, against
and in respect of, and shall pay on demand, all Expenses of any kind or nature whatsoever (other than any Expenses of the nature
described in Section 3.01, 3.02 or 7.07 hereof or in the Fee Letter applicable to this Agreement (regardless of whether indemnified
against pursuant to said Sections or in such Fee Letter)), that may be imposed, incurred by or asserted against any Liquidity Indemnitee,
in any way relating to, resulting from, or arising out of or in connection with any action, suit or proceeding by any third party
against such Liquidity Indemnitee and relating to this Agreement, the Fee Letter applicable to this Agreement, the Intercreditor
Agreement or any Financing Agreement; provided, however, that the Borrower shall not be required to indemnify, protect,
defend and hold harmless any Liquidity Indemnitee in respect of any Expense of such Liquidity Indemnitee to the extent such Expense
is (i) attributable to the gross negligence or willful misconduct of such Liquidity Indemnitee or any other Liquidity Indemnitee,
(ii) ordinary and usual operating overhead expense, or (iii) attributable to the failure by such Liquidity Indemnitee
or any other Liquidity Indemnitee to perform or observe any agreement, covenant or condition on its part to be 

 

    33 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

performed or observed
in this Agreement, the Intercreditor Agreement, the Fee Letter applicable to this Agreement or any other Operative Agreement to
which it is a party. The indemnities contained in Section 8.1 of the Note Purchase Agreement, and the provisions of Sections 3.01,
3.02, 3.03, 3.09, 7.05 and 7.07 hereof, shall survive the termination of this Agreement.

 

Section 7.06       
Liability of the Liquidity Provider. 

 

(a)              
Neither the Liquidity Provider nor any of its officers, employees, directors or Affiliates shall be liable or responsible
for: (i) the use which may be made of the Advances or any acts or omissions of the Borrower or any beneficiary or transferee
in connection therewith; (ii) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if
such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; or (iii) the making
of Advances by the Liquidity Provider against delivery of a Notice of Borrowing and other documents which do not comply with the
terms hereof; provided, however, that the Borrower shall have a claim against the Liquidity Provider, and the Liquidity
Provider shall be liable to the Borrower, to the extent of any damages suffered by the Borrower which were the result of (A) the
Liquidity Provider’s willful misconduct or negligence in determining whether documents presented hereunder comply with the
terms hereof, or (B) any breach by the Liquidity Provider of any of the terms of this Agreement, including, but not limited
to, the Liquidity Provider’s failure to make lawful payment hereunder after the delivery to it by the Borrower of a Notice
of Borrowing strictly complying with the terms and conditions hereof. In no event, however, shall the Liquidity Provider be liable
on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss
of profits, business or anticipated savings).

 

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

 

Section 7.07       
Costs, Expenses and Taxes. The Borrower
agrees, subject to the Fee Letter to the extent applicable, to pay, or cause to be paid (A) on the Effective Date and on such
later date or dates on which the Liquidity Provider shall make demand, all reasonable out-of-pocket costs and expenses (including,
without limitation, the reasonable fees and expenses of outside counsel for the Liquidity Provider) of the Liquidity Provider in
connection with the preparation, negotiation, execution, delivery, filing and recording of this Agreement, any other Operative
Agreement and any other documents which may be delivered in connection with this Agreement and (B) on demand, all reasonable
costs and expenses (including reasonable counsel fees and expenses) of the Liquidity Provider in connection with (i) the enforcement
of this Agreement or any other Operative Agreement, (ii) the modification or amendment of, or supplement to, this Agreement
or any other Operative Agreement or such other documents which may be delivered in connection herewith or therewith (whether or
not the same shall become effective) or any waiver or consent thereunder (whether or not the same shall be effective), (iii)

 

    34 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

the replacement of this Agreement by a
Replacement Liquidity Facility pursuant to Section 3.5(e)(i) of the Intercreditor Agreement or (iv) any action or proceeding
relating to any order, injunction, or other process or decree restraining or seeking to restrain the Liquidity Provider from paying
any amount under this Agreement, the Intercreditor Agreement or any other Operative Agreement or otherwise affecting the application
of funds in the Class B Cash Collateral Account relating to this Liquidity Facility. In addition, the Borrower shall pay any and
all recording, stamp and other similar taxes and fees payable or determined to be payable in connection with the execution, delivery,
filing and recording of this Agreement, any other Operative Agreement and such other documents, and agrees to hold the Liquidity
Provider harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to
pay such taxes or fees. Notwithstanding the foregoing, any obligation of the Borrower (or United) to reimburse or pay fees of
counsel for the Liquidity Provider (pursuant to this Section 7.07 or any other applicable provision of the Operative Agreements)
shall be based on (and limited to) one counsel for all “Liquidity Providers” for the Class B Certificates (and, (i)
in the case of any conflict of interest (excluding for avoidance of doubt any conflicts, and any reimbursement for legal fees,
attributable to transfers between, or separate agreements or claims between or among, any such “Liquidity Providers”),
up to one additional counsel for all affected “Liquidity Providers”, and (ii) one Federal Aviation Administration
counsel and/or local counsel in any relevant jurisdiction), as selected by the applicable such “Liquidity Provider”
(as among the relevant such “Liquidity Providers” so having the right to select such counsel) having the highest outstanding
aggregate amount of Liquidity Obligations (taking into account all Liquidity Facilities for Class B Certificates) or as may otherwise
be agreed as among such “Liquidity Providers” in respect of such selection.

 

Section 7.08       
Binding Effect; Participations; Assignments.

 

(a)              
This Agreement shall be binding upon and inure to the benefit of the Borrower and the Liquidity Provider and their respective
successors and assigns, except that neither the Liquidity Provider (except as otherwise provided in this Section 7.08 and
in Section 3.5(l) of the Intercreditor Agreement) nor (except as contemplated by Section 3.08) the Borrower shall have the
right to assign its rights or obligations hereunder or any interest herein without the prior written consent of the other party,
subject to the requirements of Section 7.08(b). The Liquidity Provider may grant participations herein or in any of its rights
hereunder (including, without limitation, funded participations and participations in rights to receive interest payments hereunder)
and under the other Operative Agreements to such Persons (other than United and its Affiliates) as the Liquidity Provider may in
its sole discretion select, subject to the requirements of Section 7.08(b). No such granting of participations by the Liquidity
Provider, however, will relieve the Liquidity Provider of its obligations hereunder. In connection with any participation or any
proposed participation, the Liquidity Provider may disclose to the participant or the proposed participant any information that
the Borrower is required to deliver or to disclose to the Liquidity Provider pursuant to this Agreement. The Borrower acknowledges
and agrees that the Liquidity Provider’s source of funds may derive in part from its participants. Accordingly, references
in this Agreement and the other Operative Agreements to determinations, reserve, capital adequacy and liquidity coverage requirements,
increased costs, reduced receipts, additional amounts due pursuant to Section 3.03 and the like as they pertain to the Liquidity
Provider shall be deemed also to include those of each of its participants that are banks (subject, in each case, to the maximum
amount that would have been incurred by or attributable to the 

 

    35 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Liquidity Provider directly if the Liquidity Provider, rather than
the participant, had held the interest participated).

 

(b)              
If the Liquidity Provider sells any participation in this Agreement, pursuant to subsection (a) above to any bank or other
entity (each, a “Transferee”), then, concurrently with the effectiveness of such participation, the Transferee
shall (i) represent to the Liquidity Provider (for the benefit of the Liquidity Provider and the Borrower) either (A) that it is
incorporated under the laws of the United States or a state thereof or (B) that under applicable law and treaties, no taxes will
be required to be withheld with respect to any payments to be made to such Transferee in respect of this Agreement, (ii) furnish
to the Liquidity Provider and the Borrower either (x) if it is incorporated under the laws of the United States or a state thereof,
a Form W-9 or (y) if it is not so incorporated, two copies of a properly completed United States Internal Revenue Service Form
W-8ECI, or Form W-8BEN-E, as appropriate, or other applicable form, certificate or document prescribed by the Internal Revenue
Service certifying, in each case, such Transferee’s entitlement to a complete exemption from United States federal withholding
tax in respect to any and all payments to be made hereunder, and (iii) agree (for the benefit of the Liquidity Provider and the
Borrower) to provide the Liquidity Provider and the Borrower a new Form W-8ECI, Form W-8BEN-E or Form W-9, as appropriate, (A)
on or before the date that any such form expires or becomes obsolete or (B) after the occurrence of any event requiring a change
in the most recent form previously delivered by it and prior to the immediately following due date of any payment by the Borrower
hereunder, certifying in the case of a Form W-8ECI, Form W-8BEN-E or Form W-9 that such Transferee is entitled to a complete exemption
from United States federal withholding tax on payments under this Agreement. Unless the Borrower has received forms or other documents
reasonably satisfactory to it (and required by applicable law) indicating that payments hereunder are not subject to United States
federal withholding tax, the Borrower will withhold taxes as required by law from such payments at the applicable statutory rate.

 

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

 

Section 7.09       
Severability. Any provision of this Agreement
which is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or affecting
the validity, enforceability or legality of such provision in any other jurisdiction.

 

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

 

    36 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

(a)          
Each of the parties hereto hereby irrevocably and unconditionally:

 

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

 

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

 

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

 

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

 

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

 

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

 

    37 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Section 7.12       
Execution in Counterparts; Electronic Transmission; Electronic Execution.
This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together,
shall constitute but one and the same Agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile
or in electronic (e.g., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart
of this Agreement. The words “execution,” “signed,” “signature,” and words of like import in
this Agreement and the Fee Letter shall be deemed to include electronic signatures or electronic records, each of which shall be
of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act.

 

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

 

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

 

Section 7.15       
[Reserved]. 

 

Section 7.16       
LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES.
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS OF THE LIQUIDITY PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE
BORROWER’S RIGHTS TO DELIVER NOTICES OF BORROWING REQUESTING THE MAKING OF ADVANCES HEREUNDER, SHALL BE UNCONDITIONAL AND
IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH CASE STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.

 

Section 7.17       
Patriot Act. In compliance with the USA
Patriot Act and 31 CFR Part 103.121 and, in the case of a non-U.S. entity, any other similar requirements of the relevant foreign
jurisdiction, when requested the Borrower shall provide to the Liquidity Provider certain information relating to the Borrower
that the Liquidity Provider may be required to obtain and keep on file, including the Borrower’s name, address and various
identifying documents.

 

Section 7.18       
Head Office Obligations The Liquidity Provider
is Credit Suisse AG, acting through its New York branch. The Liquidity Provider hereby agrees that, notwithstanding the place
of booking or its jurisdiction of incorporation or organization, the obligations of the Liquidity Provider hereunder are also
the obligations of the head office of Credit Suisse AG in Zurich, Switzerland (the “Head Office”). Accordingly,
any beneficiary of this Agreement will be able to proceed directly against the Head Office, if the Liquidity Provider defaults
in its obligations to such beneficiary under this Agreement.

 

    38 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Section
7.19       Acknowledgement and Consent to Bail-In of Affected Institutions. Notwithstanding
anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each
party hereto acknowledges that any liability of any Affected Financial Institution arising under this Agreement, to the extent
such liability is unsecured, may be subject to Write-Down and Conversion Powers of the applicable Resolution Authority and agrees
and consents to, and acknowledges and agrees to be bound by:

 

(a)          
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)          
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)         
a reduction, in full or in part, of any such liability;

 

(ii)        
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement; or

 

(iii)        the variation of the terms of such liability in connection with the exercise of Write-Down and Conversion Powers of any
applicable Resolution Authority.

 

    39 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

	 	WILMINGTON TRUST, NATIONAL
    ASSOCIATION, not in its individual
 capacity but solely as Subordination Agent,
 as agent and trustee for the Class
    B Trust,
 as Borrower
	 	 
	 	 
	 	By:  	/s/ Chad May
	 	 	Name: 	 Chad May
	 	 	Title: 	Vice President
	 	 
	 	CREDIT SUISSE AG, NEW YORK BRANCH
	 	as Liquidity Provider
	 	 
	 	 
	 	By: 
	/s/ Vipul Dhadda
	 	 	Name:  Vipul Dhadda
	 	 	Title:
    Authorized Signatory
	 	 	 
	 	By:   	/s/ Brady Bingham
	 	 	 Name : Brady Bingham
	 	 	Title : Authorized Signatory 

 

    40 

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

SCHEDULE A

to

Revolving
Credit Agreement

 

CERTAIN
ECONOMIC TERMS

 

 

1.       Applicable
Margin (Unpaid Advance (including, without limitation, any Applied Special Termination Advance but excluding any Unapplied Special
Termination Advance)/Applied Provider Advance): 3.75% per annum.

 

2.       Initial
Expiry Date: February 1, 2022.

 

3.       Initial
Maximum Commitment: $14,193,562.50

 

4.       Prospectus
Supplement date: January 25, 2021.

 

    SCHEDULE A
Page 1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

SCHEDULE B

to

Revolving
Credit Agreement

 

ADMINISTRATION
DETAILS

 

	Borrower:	WILMINGTON TRUST, NATIONAL ASSOCIATION

 

	Address:	1100 North Market Square

Wilmington, Delaware 19890-1605

Attention: Corporate Capital Market Services

Telephone: (302) 636-6296

Telecopy: (302) 636-4140

 

	Liquidity Provider:	CREDIT SUISSE AG, NEW YORK BRANCH

 

Eleven Madison Avenue, 8th Floor

New York, NY 10010

Attn: Loan Operations –
Agency Manager

Fax No. 212-322-2291

Email: agency.loanops@credit-suisse.com

Dhadda, Vipul | vipul.dhadda@credit-suisse.com
| +1 212 538 5415

Thierry, Nicolas | nicolas.thierry@credit-suisse.com
| +1 212 325 5423

 

		Bank:	The Bank of New York (IRVTUS3N)

New York, NY

	ABA# Number: 	021 000 018
	Account Name: 	CS Agency NYB (CRESUS33)
	Account Number: 	890-0329-262

 

    SCHEDULE B
Page 1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Annex
I

to

Revolving
Credit Agreement

 

INTEREST
ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to Credit Suisse AG, New York Branch (the
 “Liquidity Provider”), with reference to the Revolving Credit Agreement (2020-1B) dated as of February
1, 2021, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined or referenced), that:

 

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

 

(2)         The
Borrower is delivering this Notice of Borrowing for the making of an Interest Advance by the Liquidity Provider to be used, subject
to clause (3)(v) below, for the payment of interest on the Class B Certificates which was payable on ____________, ____ (the
 “Distribution Date”) in accordance with the terms and provisions of the Class B Trust Agreement and the
Class B Certificates, which Advance is requested to be made on [____________, ____]1. The Interest Advance should
be transferred to [name of bank/wire instructions/ABA number] in favor of account number [       ], reference [          ].

 

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

 

(4)         Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will apply the same in accordance
with the terms of Section 3.5(b) of the Intercreditor Agreement, (b) no portion of such amount shall be applied
by the Borrower for any other purpose and (c) no portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

 

1 If a Notice of Borrowing
will be delivered prior to 1:00 p.m. (New York City time) on a Business Day, insert the date of the Notice of Borrowing. If a
Notice of Borrowing will be delivered after 1:00 p.m. (New York City time) on a Business Day or on a day that is not a Business
Day, insert the first Business Day after the date of the Notice of Borrowing.

 

    ANNEX I
Page 1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

The Borrower hereby acknowledges that, pursuant
to the Liquidity Agreement, the making of the Interest Advance as requested by this Notice of Borrowing shall automatically reduce,
subject to reinstatement in accordance with the terms of the Liquidity Agreement, the Maximum Available Commitment by an amount
equal to the amount of the Interest Advance requested to be made hereby as set forth in clause (i) of paragraph (3) of
this Notice of Borrowing and such reduction shall automatically result in corresponding reductions in the amounts available to
be borrowed pursuant to a subsequent Advance.

 

    ANNEX I
Page 2

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

	 	WILMINGTON TRUST, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Subordination Agent,

as Borrower
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    ANNEX I
Page 3

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

SCHEDULE I

TO

INTEREST
ADVANCE NOTICE OF BORROWING

 

[Insert copy of computations in accordance
with Interest Advance Notice of Borrowing]

 

    ANNEX I
Page 4

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Annex II

to

Revolving
Credit Agreement

 

NON-EXTENSION
ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to Credit Suisse AG, New York Branch (the
 “Liquidity Provider”), with reference to the Revolving Credit Agreement (2020-1B) dated as of February
1, 2021, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined or referenced), that:

 

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

 

(2)         The
Borrower is delivering this Notice of Borrowing for the making of the Non-Extension Advance by the Liquidity Provider to be used
for the funding of the Class B Cash Collateral Account relating to this Liquidity Facility in accordance with Section 3.5(d)
of the Intercreditor Agreement, which Advance is requested to be made on [__________, ____]2. The Non-Extension Advance
should be transferred to [name of bank/wire instructions/ABA number] in favor of account number [     ], reference [       ].

 

(3)         The
amount of the Non-Extension Advance requested hereby (i) is $_______________.__, which equals the Maximum Available Commitment
on the date hereof and is to be applied in respect of the funding of the Class B Cash Collateral Account relating to this Liquidity
Facility in accordance with Section 3.5(d) of the Intercreditor Agreement, (ii) does not include any amount with respect
to the payment of the principal of, or premium on, the Class B Certificates, or principal of, or interest or premium on, the Class
A Certificates or any Additional Certificates, (iii) was computed in accordance with the provisions of the Class B Certificates,
the Liquidity Agreement, the Class B Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto
as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under
the Liquidity Agreement.

 

(4)         Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will deposit such amount in the
Class B Cash Collateral Account relating to this Liquidity Facility and apply the same in accordance with the terms of Section 3.5(d)
of the Intercreditor Agreement, (b) no portion of such amount

 

 

2 If a Notice of Borrowing
will be delivered prior to 1:00 p.m. (New York City time) on a Business Day, insert the date of the Notice of Borrowing. If a
Notice of Borrowing will be delivered after 1:00 p.m. (New York City time) on a Business Day or on a day that is not a Business
Day, insert the first Business Day after the date of the Notice of Borrowing.

 

    ANNEX II
Page 1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

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

 

    ANNEX II
Page 2

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    ANNEX II
Page 3

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

SCHEDULE I

TO

NON-EXTENSION
ADVANCE NOTICE OF BORROWING

 

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

 

    ANNEX II
Page 4

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Annex III

to

Revolving
Credit Agreement

 

DOWNGRADE
ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to Credit Suisse AG, New York Branch (the
 “Liquidity Provider”), with reference to the Revolving Credit Agreement (2020-1B) dated as of February
1, 2021, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined or referenced), that:

 

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

 

(2)         The
Borrower is delivering this Notice of Borrowing for the making of the Downgrade Advance by the Liquidity Provider to be used for
the funding of the Class B Cash Collateral Account relating to this Liquidity Facility in accordance with Section 3.5(c) of
the Intercreditor Agreement by reason of the occurrence of a Downgrade Event, which Advance is requested to be made on [__________,
____]3. The Downgrade Advance should be transferred to [name of bank/wire instructions/ABA number] in favor
of account number [     ], reference [      ].

 

(3)         The
amount of the Downgrade Advance requested hereby (i) is $_______________.__, which equals the Maximum Available Commitment
on the date hereof and is to be applied in respect of the funding of the Class B Cash Collateral Account relating to this Liquidity
Facility in accordance with Section 3.5(c) of the Intercreditor Agreement, (ii) does not include any amount with respect
to the payment of the principal of, or premium on, the Class B Certificates, or principal of, or interest or premium on, the Class
A Certificates or any Additional Certificates, (iii) was computed in accordance with the provisions of the Class B Certificates,
the Liquidity Agreement, the Class B Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto
as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under
the Liquidity Agreement.

 

(4)         Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will deposit such amount in the
Class B Cash Collateral Account relating to this Liquidity Facility and apply the same in accordance with the terms of Section 3.5(c)
of the Intercreditor Agreement, (b) no portion of such amount

 

 

3 If a Notice of Borrowing
will be delivered prior to 1:00 p.m. (New York City time) on a Business Day, insert the date of the Notice of Borrowing. If a
Notice of Borrowing will be delivered after 1:00 p.m. (New York City time) on a Business Day or on a day that is not a Business
Day, insert the first Business Day after the date of the Notice of Borrowing.

 

    ANNEX III
Page 1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

shall be applied by the Borrower for any other purpose and (c) no portion of such amount until so applied shall be
commingled with other funds held by the Borrower.

 

The Borrower hereby acknowledges that, pursuant
to the Liquidity Agreement, (A) the making of the Downgrade Advance as requested by this Notice of Borrowing shall automatically
and irrevocably terminate the obligation of the Liquidity Provider to make further Advances under the Liquidity Agreement; and
(B) following the making by the Liquidity Provider of the Downgrade Advance requested by this Notice of Borrowing, the Borrower
shall not be entitled to request any further Advances under the Liquidity Agreement, except in each case to the extent that the
Maximum Commitment is reinstated pursuant to Section 2.06(d) of the Liquidity Agreement.

 

    ANNEX III
Page 2

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    ANNEX III
Page 3

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

SCHEDULE I

TO

DOWNGRADE
ADVANCE NOTICE OF BORROWING

 

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

 

    ANNEX III
Page 4

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Annex
IV

to

Revolving
Credit Agreement

 

FINAL
ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to Credit Suisse AG, New York Branch (the
 “Liquidity Provider”), with reference to the Revolving Credit Agreement (2020-1B) dated as of February
1, 2021, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined or referenced), that:

 

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

 

(2)        The
Borrower is delivering this Notice of Borrowing for the making of the Final Advance by the Liquidity Provider to be used for the
funding of the Class B Cash Collateral Account relating to this Liquidity Facility in accordance with Section 3.5(i) of the
Intercreditor Agreement by reason of the receipt by the Borrower of a Termination Notice from the Liquidity Provider with respect
to the Liquidity Agreement, which Advance is requested to be made on [____________, ____]4. The Final Advance should
be transferred to [name of bank/wire instructions/ABA number] in favor of account number [     ], reference [       ].

 

(3)        The
amount of the Final Advance requested hereby (i) is $_________________.__, which equals the Maximum Available Commitment on
the date hereof and is to be applied in respect of the funding of the Class B Cash Collateral Account relating to this Liquidity
Facility in accordance with Section 3.5(i) of the Intercreditor Agreement, (ii) does not include any amount with respect
to the payment of principal of, or premium on, the Class B Certificates, or principal of, or interest or premium on, the Class
A Certificates or any Additional Certificates, (iii) was computed in accordance with the provisions of the Class B Certificates,
the Liquidity Agreement, the Class B Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto
as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing.

 

(4)        Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will deposit such amount in the
Class B Cash Collateral Account relating to this Liquidity Facility and apply the same in accordance with the terms of Section 3.5(i)
of the Intercreditor Agreement, (b) no portion of such amount

 

 

4 If a Notice of Borrowing will be delivered prior
to 1:00 p.m. (New York City time) on a Business Day, insert the date of the Notice of Borrowing. If a Notice of Borrowing will
be delivered after 1:00 p.m. (New York City time) on a Business Day or on a day that is not a Business Day, insert the first Business
Day after the date of the Notice of Borrowing.

 

    ANNEX IV
Page 1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

shall be applied by the Borrower for any other purpose and
(c) no portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

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

 

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

 

    ANNEX IV
Page 2

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    ANNEX IV
Page 3

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

SCHEDULE I

TO

FINAL
ADVANCE NOTICE OF BORROWING

 

[Insert copy of computations in accordance
with Final Advance Notice of Borrowing]

 

    ANNEX IV
Page 4

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Annex
V

to

Revolving
Credit Agreement

 

NOTICE
OF TERMINATION

 

[Date]

 

Wilmington Trust, National Association,

as Subordination Agent, as Borrower

1100 North Market Square

Wilmington, DE 19890-1605

 

Attention: Corporate Trust Administration

 

Revolving Credit Agreement
dated as of February 1, 2021 between Wilmington Trust, National Association, as Subordination Agent, as agent and trustee for the
United Airlines Pass Through Trust, 2020-1B, as Borrower, and Credit Suisse AG, New York Branch (the “Liquidity Agreement”)

 

Ladies and Gentlemen:

 

You are hereby notified that pursuant to
Section 6.01 of the Liquidity Agreement, by reason of the occurrence of a Liquidity Event of Default and the existence of
a Performing Note Deficiency, we are giving this notice to you in order to cause (i) our obligations to make Advances under
such Liquidity Agreement to terminate on the fifth Business Day after the date on which you receive this notice, (ii) you
to request a Final Advance under the Liquidity Agreement pursuant to Section 3.5(i) of the Intercreditor Agreement as a consequence
of your receipt of this notice and (iii) all other outstanding Advances to be automatically converted into Final Advances for purposes
of determining the Applicable Liquidity Rate for interest payable thereon.

 

Terms used but not defined herein shall
have the respective meanings ascribed thereto in or pursuant to the Liquidity Agreement.

 

    ANNEX V
Page 1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

	 	Very truly yours,

                           

	 	 
	 	CREDIT SUISSE AG, NEW YORK BRANCH
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	cc:	Wilmington Trust, National Association,	 	Title:
	 	as Class B Trustee	 	 

 

    ANNEX V
Page 2

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Annex
VI

to

Revolving
Credit Agreement

 

NOTICE
OF REPLACEMENT SUBORDINATION AGENT

 

[Date]

Attention:

 

Revolving Credit Agreement dated
as of February 1, 2021, between Wilmington Trust, National Association, as Subordination Agent, as agent and trustee for the United
Airlines Pass Through Trust, 2020-1B, as Borrower, and Credit Suisse AG, New York Branch (the “Liquidity Agreement”)

 

Ladies and Gentlemen:

 

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

 

	 	 	 
	 	[Name of Transferee]	 
	 	 	 
	 	 	 
	 	[Address of Transferee]	 

 

all rights and obligations of the undersigned as Borrower under
the Liquidity Agreement referred to above. The transferee has succeeded the undersigned as Subordination Agent under the Intercreditor
Agreement referred to in the first paragraph of the Liquidity Agreement, pursuant to the terms of Section 8.1 of the Intercreditor
Agreement.

 

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

 

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

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    ANNEX VI
Page 1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

Annex
VII

to

Revolving
Credit Agreement

 

SPECIAL
TERMINATION ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to Credit Suisse AG, New York Branch (the
 “Liquidity Provider”), with reference to the Revolving Credit Agreement (2020-1B) dated as of February
1, 2021, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined or referenced), that:

 

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

 

(2)        The
Borrower is delivering this Notice of Borrowing for the making of the Special Termination Advance by the Liquidity Provider to
be used for the funding of the Class B Cash Collateral Account relating to this Liquidity Facility in accordance with Section 3.5(m)
of the Intercreditor Agreement by reason of the receipt by the Borrower of a Special Termination Notice from the Liquidity Provider
with respect to the Liquidity Agreement, which Advance is requested to be made on [____________, ____]5. The Special
Termination Advance should be transferred to [name of bank/wire instructions/ABA number] in favor of account number [      ],
reference [       ].

 

(3)        The
amount of the Special Termination Advance requested hereby (i) is $_________________.__, which equals the Maximum Available
Commitment on the date hereof and is to be applied in respect of the funding of the Class B Cash Collateral Account relating to
this Liquidity Facility in accordance with Section 3.5(m) of the Intercreditor Agreement, (ii) does not include any amount
with respect to the payment of principal of, or premium on, the Class B Certificates, or principal of, or interest or premium on,
the Class A Certificates or any Additional Certificates, (iii) was computed in accordance with the provisions of the Class
B Certificates, the Liquidity Agreement, the Class B Trust Agreement and the Intercreditor Agreement (a copy of which computation
is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice
of Borrowing.

 

(4)        Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will deposit such amount in the
Class B Cash Collateral Account relating to this Liquidity Facility and apply the same in accordance with the terms of Section 3.5(m)
of the Intercreditor Agreement, (b) no portion of such amount

 

 

5 If a Notice
of Borrowing will be delivered prior to 1:00 p.m. (New York City time) on a Business Day, insert the date of the Notice of Borrowing.
If a Notice of Borrowing will be delivered after 1:00 p.m. (New York City time) on a Business Day or on a day that is not a Business
Day, insert the first Business Day after the date of the Notice of Borrowing.

 

    ANNEX VII
Page 1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

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

 

    ANNEX VII
Page 2

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Subordination Agent, as Borrower
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    ANNEX VII
Page 3

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

SCHEDULE I

TO

SPECIAL
TERMINATION ADVANCE NOTICE OF BORROWING

 

[Insert copy of computations in accordance with Special Termination
Advance Notice of Borrowing]

 

    ANNEX VII
Page 4

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

ANNEX
VIII

TO

REVOLVING CREDIT AGREEMENT

 

NOTICE
OF SPECIAL TERMINATION

 

[Date]

 

Wilmington Trust, National Association,

as Subordination Agent, as Borrower

1100 North Market Square

Wilmington, DE 19890-1605

 

Attention: Corporate Trust Administration

 

Revolving Credit Agreement
dated as of February 1, 2021 between Wilmington Trust, National Association, as Subordination Agent, as agent and trustee for the
United Airlines Pass Through Trust, 2020-1B, as Borrower, and Credit Suisse AG, New York Branch (the “Liquidity Agreement”)

 

Ladies and Gentlemen:

 

You are hereby notified that pursuant to
Section 6.02 of the Liquidity Agreement, by reason of the aggregate Pool Balance of the Class B Certificates exceeding the
aggregate outstanding principal amount of the Series B Equipment Note (other than any portion of the Series B Equipment Note previously
sold or with respect to which the collateral securing the Series B Equipment Note has been disposed of) during the 18 month period
prior to January 15, 2026, we are giving this notice to you in order to cause (i) our obligations to make Advances under the Liquidity
Agreement to terminate on the fifth Business Day after the date on which you receive this notice and (ii) you to request a Special
Termination Advance under the Liquidity Agreement pursuant to Section 3.5(m) of the Intercreditor Agreement as a consequence of
your receipt of this notice. Terms used but not defined herein shall have the respective meanings ascribed thereto in or pursuant
to the Liquidity Agreement.

 

    ANNEX VIII
Page 1

     

    

 

[Revolving Credit Agreement (2020-1B)]

 

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

 

	 	Very truly yours,
	 	 
	 	CREDIT SUISSE AG, NEW YORK BRANCH
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	cc:	Wilmington Trust, National Association,	 	 
	 	as Class B Trustee	 	 

 

    ANNEX VIII
Page 2Exhibit 4.5

 

EXECUTION VERSION

 

 

 

AMENDED AND RESTATED INTERCREDITOR AGREEMENT

(2020-1)

 

Dated as of

February 1, 2021

 

AMONG

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

not in its individual capacity

but solely as Trustee under the

United Airlines Pass Through Trust 2020-1A

and

United Airlines Pass Through Trust 2020-1B

 

GOLDMAN
SACHS BANK USA

as a Class A Liquidity Provider and as a
Class B Liquidity Provider

 

BARCLAYS BANK PLC

as a Class A Liquidity Provider

 

MORGAN STANLEY BANK, N.A.

as a Class A Liquidity Provider

 

CITIBANK, N.A.

as a Class B Liquidity Provider

 

CREDIT SUISSE AG, NEW YORK BRANCH

as a Class B Liquidity Provider

 

AND

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

not in its individual capacity except

as expressly set forth herein but

solely as Subordination Agent and Trustee

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page
	ARTICLE I DEFINITIONS
       	2
	 	 	 	 	 
	 	SECTION 1.1.	 	Definitions	2
	 	 
	ARTICLE II TRUST ACCOUNTS; CONTROLLING PARTY    	22
	 	 	 	 	 
	 	SECTION 2.1.	 	Agreement to Terms of Subordination; Payments from Monies Received Only	22
	 	SECTION 2.2.	 	Trust Accounts	22
	 	SECTION 2.3.	 	Deposits to the Collection Account and Special Payments Account	24
	 	SECTION 2.4.	 	Distributions of Special Payments	24
	 	SECTION 2.5.	 	Designated Representatives	25
	 	SECTION 2.6.	 	Controlling Party	26
	 	 
	ARTICLE III RECEIPT, DISTRIBUTION AND APPLICATION OF AMOUNTS RECEIVED    	28
	 	 	 	 	 
	 	SECTION 3.1.	 	Written Notice of Distribution	28
	 	SECTION 3.2.	 	Distribution of Amounts on Deposit in the Collection Account	29
	 	SECTION 3.3.	 	Other Payments	32
	 	SECTION 3.4.	 	Payments to the Trustees and the Liquidity Providers	33
	 	SECTION 3.5.	 	Liquidity Facilities	33
	 	 
	ARTICLE IV EXERCISE OF REMEDIES    	41
	 	 	 	 	 
	 	SECTION 4.1.	 	Directions from the Controlling Party	41
	 	SECTION 4.2.	 	Remedies Cumulative	43
	 	SECTION 4.3.	 	Discontinuance of Proceedings	43
	 	SECTION 4.4.	 	Right of Certificateholders and the Liquidity Providers to Receive Payments Not to Be Impaired	43
	 	SECTION 4.5.	 	Undertaking for Costs	43
	 	 
	ARTICLE V DUTIES OF THE SUBORDINATION AGENT; AGREEMENTS OF TRUSTEES, ETC.    	44
	 	 	 	 	 
	 	SECTION 5.1.	 	Notice of Indenture Default or Triggering Event	44
	 	SECTION 5.2.	 	Indemnification	45
	 	SECTION 5.3.	 	No Duties Except as Specified in this Intercreditor Agreement	46
	 	SECTION 5.4.	 	Notice from the Liquidity Providers and Trustees	46

 

	ARTICLE VI THE SUBORDINATION AGENT    	46
	 	 	 	 	 
	 	SECTION 6.1.	 	Authorization; Acceptance of Trusts and Duties	46

 

    i 

     

    

 

Page

 

	 	SECTION 6.2.	 	Absence of Duties	46
	 	SECTION 6.3.	 	No Representations or Warranties as to Documents	46
	 	SECTION 6.4.	 	No Segregation of Monies; No Interest	47
	 	SECTION 6.5.	 	Reliance; Agents; Advice of Counsel	47
	 	SECTION 6.6.	 	Capacity in Which Acting	47
	 	SECTION 6.7.	 	Compensation	48
	 	SECTION 6.8.	 	May Become Certificateholder	48
	 	SECTION 6.9.	 	Subordination Agent Required; Eligibility	48
	 	SECTION 6.10.	 	Money to Be Held in Trust	48
	 	SECTION 6.11.	 	Notice of Substitution of Airframe	48
	 	 
	ARTICLE VII INDEMNIFICATION OF SUBORDINATION AGENT    	49
	 	 	 	 	 
	 	SECTION 7.1.	 	Scope of Indemnification	49
	 	 
	ARTICLE VIII SUCCESSOR SUBORDINATION AGENT    	49
	 	 	 	 	 
	 	SECTION 8.1.	 	Replacement of Subordination Agent; Appointment of Successor	49
	 	 
	ARTICLE IX SUPPLEMENTS AND AMENDMENTS    	50
	 	 	 	 	 
	 	SECTION 9.1.	 	Amendments, Waivers, Possible Future Issuance of an Additional Class of Certificates, etc.	50
	 	SECTION 9.2.	 	Subordination Agent Protected	54
	 	SECTION 9.3.	 	Effect of Supplemental Agreements	54
	 	SECTION 9.4.	 	Notice to Rating Agencies	54
	 	
	ARTICLE X MISCELLANEOUS    	54
	 	 	 	 	 
	 	SECTION 10.1.	 	Termination of Intercreditor Agreement	54
	 	SECTION 10.2.	 	Intercreditor Agreement for Benefit of Trustees, Liquidity Providers and Subordination Agent	55
	 	SECTION 10.3.	 	Notices	55
	 	SECTION 10.4.	 	Severability	57
	 	SECTION 10.5.	 	No Oral Modifications or Continuing Waivers	57
	 	SECTION 10.6.	 	Successors and Assigns	57
	 	SECTION 10.7.	 	Headings	57
	 	SECTION 10.8.	 	Counterpart Form	57
	 	SECTION 10.9.	 	Subordination	57
	 	SECTION 10.10.	 	Governing Law	59
	 	SECTION 10.11.	 	Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity	59
	 	SECTION 10.12.	 	Acknowledgment; Direction; Amendment and Restatement	60

 

    ii 

     

    

 

AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 

AMENDED AND RESTATED INTERCREDITOR AGREEMENT
(this “Agreement”) dated as of February 1, 2021, among WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking
association (“WTNA”), not in its individual capacity but solely as Trustee of each Trust (each as defined below);
GOLDMAN SACHS BANK USA, as a Class A Liquidity Provider and a Class B Liquidity Provider; BARCLAYS BANK PLC, as a Class A Liquidity
Provider; MORGAN STANLEY BANK, N.A., as a Class A Liquidity Provider; CITIBANK, N.A., as a Class B Liquidity Provider; CREDIT SUISSE
AG, NEW YORK BRANCH, as a Class B Liquidity Provider; and WILMINGTON TRUST NATIONAL ASSOCIATION, not in its individual capacity
except as expressly set forth herein, but solely as Subordination Agent and trustee hereunder (in such capacity, together with
any successor appointed pursuant to Article VIII hereof, the “Subordination Agent”).

 

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

 

WHEREAS, the Class A Trustee, each Class A
Liquidity Provider and the Subordination Agent entered into that certain Intercreditor Agreement (2020-1), dated as of October
28, 2020 (the “Original Intercreditor Agreement”);

 

WHEREAS, pursuant to the Class A Trust Agreement,
the Trust created thereby issued the Class A Certificates bearing the interest rate and having the final distribution date described
in such Class A Trust Agreement on the terms and subject to the conditions set forth therein;

 

WHEREAS, United had a right to issue “Additional
Series Equipment Notes” (as defined in the Original Note Purchase Agreement) pursuant to the terms of Section 2.02 of Indenture,
Section 6.1.5 of the Original Note Purchase Agreement and Section 9.1(d) of the Original Intercreditor Agreement, and such Section
9.1(d) provides that the Original Intercreditor Agreement shall be amended by written agreement of United and the Subordination
Agent to give effect to the issuance of the “Additional Series Pass Through Certificates” (as defined in the Original
Note Purchase Agreement) and the addition of the “Additional Series Pass Through Trustee” (as defined in the Original
Note Purchase Agreement) as a party to the Original Intercreditor Agreement;

 

WHEREAS, United has entered into the Class
B Trust Agreement with respect to the Class B Trust in connection with the issuance of the Class B Certificates (which constitute
such “Additional Series Pass Through Certificates”) to provide financing for the purchase by the Class B Trustee (which
constitutes such “Additional Series Pass Through Trustee”) of the Series B Equipment Note (which constitutes such “Additional
Series Equipment Notes”);

 

WHEREAS, pursuant to the Indenture, United
issued on a recourse basis the Series A Equipment Note and will issue on a recourse basis the Series B Equipment Note;

 

WHEREAS, pursuant to the Indenture and the
Security Agreements, the Series A Equipment Note is secured by, and the Series B Equipment Note will be secured by, among other
things, the Aircraft, Spare Engines and Spare Parts Collateral.

 

    

     

    

 

WHEREAS, pursuant to the Operative Agreements,
each Trust has acquired or will acquire an Equipment Note having an interest rate equal to the Stated Interest Rate applicable
to the Certificates issued or to be issued by such Trust;

 

WHEREAS, pursuant to the Class B Trust Agreement,
the Class B Trust created thereby proposes to issue the Class B Certificates having the interest rate and the final distribution
date described in the Class B Trust Agreement on the terms and subject to the conditions set forth therein;

 

WHEREAS, pursuant to the Class B Underwriting
Agreement, the Class B Underwriters propose to purchase the Class B Certificates issued by the Class B Trust in the aggregate face
amount set forth opposite the name of the Class B Trust on Schedule I thereto on the terms and subject to the conditions set forth
therein;

 

WHEREAS, (i) each Class A Liquidity Provider
has entered into a revolving credit agreement relating to the Class A Certificates with the Subordination Agent, as agent for the
Class A Trustee for the benefit of the Class A Certificateholders, and (ii) each Class B Liquidity Provider proposes to enter into
a revolving credit agreement relating to the Class B Certificates with the Subordination Agent, as agent for the Class B Trustee
for the benefit of the Class B Certificateholders; and

 

WHEREAS, it is a condition precedent to the
obligations of the Class B Underwriters under the Class B Underwriting Agreement that (i) this Agreement be executed and delivered
by each party hereto to amend and restate the Original Intercreditor Agreement in its entirety in connection with the Issuance
of the Class B Certificates and (ii) the Subordination Agent, the Trustees and the Liquidity Providers agree to the terms of subordination
set forth in this Agreement in respect of each Class of Certificates, and the Subordination Agent, the Trustees and the Liquidity
Providers, by entering into this Agreement, hereby acknowledge and agree to such terms of subordination and the other provisions
of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual
agreements herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree that the Original Intercreditor Agreement shall be amended and restated as follows:

 

ARTICLE
I

DEFINITIONS

 

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

 

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

 

    2

     

    

 

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

 

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

 

(4)       the
term “including” means “including without limitation”.

 

“Acceleration” means, with
respect to the amounts payable in respect of the Equipment Notes issued under the Indenture, such amounts becoming immediately
due and payable by declaration or otherwise. “Accelerate”, “Accelerated” and “Accelerating”
have meanings correlative to the foregoing.

 

“Actual Disposition Event”
means, in respect of any Equipment Note: (i) the disposition of all or substantially all of the Collateral securing such Equipment
Note, (ii) the occurrence of the mandatory redemption date for such Equipment Note following an Event of Loss (as defined
in the Indenture or any Security Agreement) with respect to all or substantially all of the then remaining Collateral or (iii) the
sale of such Equipment Note.

 

“Additional Certificateholders”
has the meaning specified in Section 9.1(d), provided that, as used in Section 4.01 of the Class A Trust Agreement, such term shall
include the Class B Certificateholders.

 

“Additional Certificates”
has the meaning specified in Section 9.1(d), provided that, as used in Section 4.01 of the Class A Trust Agreement, such term shall
include the Class B Certificates.

 

“Additional Equipment Notes”
has the meaning specified in Section 9.1(d), provided that, as used in Section 4.01 of the Class A Trust Agreement, such term shall
include the Series B Equipment Note.

 

“Additional Trust” has
the meaning specified in Section 9.1(d), provided that, as used in Section 4.01 of the Class A Trust Agreement, such term shall
include the Class B Trust.

 

“Additional Trust Agreement”
has the meaning specified in Section 9.1(d).

 

“Additional Trustee” has
the meaning specified in Section 9.1(d), provided that, as used in Section 4.01 of the Class A Trust Agreement, such term shall
include the Class B Trustee.

 

“Administration Expenses”
has the meaning specified in clause “first” of Section 3.2.

 

“Advance”, with respect
to any Liquidity Facility, means any Advance as defined in such Liquidity Facility.

 

    3

     

    

 

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

 

“Aircraft” means the “Aircraft”
referred to in the Indenture.

 

“AISI” means Aircraft Information
Services Inc.

 

“Alton” means Alton Aviation
Consultancy.

 

“Appraisal” has the meaning
specified in Section 4.1(a)(iv).

 

“Appraised Current Market Value”
of all or any Aircraft, Engine or Spare Engine means the lower of the average and the median of the three most recent Post-Default
Appraisals of such Collateral, and with respect to Spare Parts, the most recent Post-Default Appraisal.

 

“Appraisers” means (i)
with respect to Spare Parts, any of mba, ICF or Alton, (ii) with respect to Spare Engines or Aircraft, (a) any of mba, BK, AISI
and ICF for Half-Life Base Values (as defined in the Indenture) and (b) any of mba and ICF for Maintenance Adjusted Base Values
(as defined in the Indenture) or Maintenance Reports (as defined in the Indenture) reflecting any applicable maintenance adjustment
factor for determination thereof, and (iii) if United is unable to engage any of the foregoing appraisers after using reasonable
efforts, any other nationally recognized independent ISTAT-certified appraisal firm, as selected and retained by United or, as
applicable for any Post-Default Appraisal where a Person other than United is engaging such Appraiser, as selected by such Person,
acting reasonably, and reasonably satisfactory to the Subordination Agent and the Controlling Party.

 

“Available Amount” means,
with respect to any Liquidity Facility on any date, the Maximum Available Commitment (as defined therein) on such date.

 

“Bankruptcy Code” means
the United States Bankruptcy Code, 11 U.S.C. Sections 101 et seq.

 

“Basic Agreement” means
the Pass Through Trust Agreement dated as of October 3, 2012, between United (formerly known as Continental Airlines, Inc.) and
WTNA, not in its individual capacity, except as otherwise expressly provided therein, but solely as trustee.

 

“BK” means BK Associates,
Inc.

 

“Business Day” means any
day other than a Saturday or Sunday or a day on which commercial banks are required or authorized to close in Chicago, Illinois,
New York, New York, or, so long as any Certificate is outstanding, the city and state in which any Trustee, the Subordination Agent
or any Loan Trustee maintains its Corporate Trust Office and that, solely with respect to the making and repayment of Advances
under any Liquidity Facility, also is a “Business Day” as defined in such Liquidity Facility.

 

    4

     

    

 

“Cash Collateral Account”
means, with respect to any Liquidity Facility, a Class A Cash Collateral Account or a Class B Cash Collateral Account, as applicable.

 

“Certificate” means a Class
A Certificate, a Class B Certificate and/or any Additional Certificates, as the context may so require.

 

“Certificateholder” means
any holder of one or more Certificates.

 

“Class” means a class of
Certificates issued by the Class A Trust, the Class B Trust and/or any Additional Trust, as the context may so require.

 

“Class A Cash Collateral Account”
means, with respect to any Liquidity Facility with respect to the Class A Certificates, an Eligible Deposit Account in the name
of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it shall so qualify,
into which all amounts drawn under such Class A Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(m) shall be
deposited.

 

“Class A Certificateholder”
means, at any time, any holder of one or more Class A Certificates.

 

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

 

“Class A Closing Date”
means October 28, 2020.

 

“Class A Liquidity Facility”
means, initially, each Revolving Credit Agreement dated as of the Class A Closing Date, between the Subordination Agent, as agent
and trustee for the Class A Trust, a Closing Date Class A Liquidity Provider, and from and after each replacement of all or any
portion of such Revolving Credit Agreement pursuant hereto, the Replacement Liquidity Facility therefor, in each case as amended,
supplemented or otherwise modified from time to time in accordance with its terms.

 

“Class A Liquidity Provider”
means initially, each Closing Date Class A Liquidity Provider and, if applicable, any Replacement Liquidity Provider which has
issued a Replacement Liquidity Facility to replace any Class A Liquidity Facility (or portion thereof) pursuant to Section 3.5(e)
or Section 3.5(l).

 

“Class A Trust” means the
United Airlines Pass Through Trust 2020-1A created and administered pursuant to the Class A Trust Agreement.

 

“Class A Trust Agreement”
means the Basic Agreement, as supplemented by the Trust Supplement No. 2020-1A thereto dated as of the date hereof, governing the
creation and administration of the United Airlines Pass Through Trust 2020-1A and the issuance of the Class A Certificates, as
the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

    5

     

    

 

“Class A Trustee” means
WTNA, not in its individual capacity except as expressly set forth in the Class A Trust Agreement, but solely as trustee under
the Class A Trust Agreement, together with any successor trustee appointed pursuant thereto.

 

“Class A Underwriters”
means the several firms named as Underwriters in Schedule II to the Class A Underwriting Agreement.

 

“Class A Underwriting Agreement”
means the Underwriting Agreement dated October 20, 2020 among the Representative, as representative of the Class A Underwriters
and United, relating to the purchase of the Class A Certificates by the Class A Underwriters, as the same may be amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

“Class B Adjusted Interest”
means, with respect to the Class B Certificates, and, as applicable, the Series B Equipment Note, as of any Current Distribution
Date: (I) any interest described in clause (II) of this definition accruing prior to the immediately preceding Distribution
Date which remains unpaid and (II) the sum of (A) interest determined at the Stated Interest Rate for the Class B Certificates
for the number of days during the period commencing on, and including, the immediately preceding Distribution Date (or, if the
Current Distribution Date is the first Distribution Date for the Class B Certificates, the Class B Closing Date) and ending on,
but excluding the Current Distribution Date, on the Preferred B Pool Balance on such Current Distribution Date and (B) (i) for
any Aircraft or Spare Engine, or all or substantially all of the Spare Parts Collateral, in any case for which a disposition, distribution
or sale (contemplated in clause (B)(i) of the definition of Preferred B Pool Balance) has occurred since the immediately preceding
Distribution Date (but only if both (x) no such event has previously occurred with respect to such specific Collateral and (y)
no sale or Deemed Note Disposition Event has occurred with respect to the Series B Equipment Note on or before the date of such
disposition, distribution or sale), interest, determined at the Stated Interest Rate for the Class B Certificates, for each day
during the period commencing on, and including, the immediately preceding Distribution Date (or, if the Current Distribution Date
is the first Distribution Date for the Class B Certificates, the Class B Closing Date) and ending on, but excluding, the date of
disposition, distribution or sale, on the applicable portion of the principal amount of the Series B Equipment Note calculated
pursuant to clause (B)(i) of the definition of Preferred B Pool Balance with respect to such specific Collateral, and (ii) without
duplication of any interest described in clause (i) above, in the event a sale or Deemed Note Disposition Event with respect to
the Series B Equipment Note has occurred since the immediately preceding Distribution Date (but only if no such event has previously
occurred), interest at the Stated Interest Rate for the Class B Certificates for each day during the period commencing on, and
including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date for
the Class B Certificates, the Class B Closing Date) and ending on, but excluding, the date of the earliest of such sale or Deemed
Note Disposition Event with respect to the Series B Equipment Note, on the principal amount of the Series B Equipment Note calculated
pursuant to clause (B)(ii) or (iii), as applicable, of the definition of Preferred B Pool Balance.

 

“Class B Cash Collateral Account”
means, with respect to any Liquidity Facility with respect to the Class B Certificates, an Eligible Deposit Account in the name
of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination 

 

    6

     

    

 

Agent if it shall so qualify,
into which all amounts drawn under such Class B Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(m) shall be
deposited.

 

“Class B Certificateholder”
means, at any time, any holder of one or more Class B Certificates.

 

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

 

“Class B Closing Date”
means February 1, 2021.

 

“Class B Liquidity Facility”
means, initially, each Revolving Credit Agreement dated as of the Class B Closing Date, between the Subordination Agent, as agent
and trustee for the Class B Trust, and a Closing Date Class B Liquidity Provider, and from and after each replacement of all or
any portion of such Revolving Credit Agreement pursuant hereto, the Replacement Liquidity Facility therefor, in each case as amended,
supplemented or otherwise modified from time to time in accordance with its terms.

 

“Class B Liquidity Provider”
means initially, each Closing Date Class B Liquidity Provider and, if applicable, any Replacement Liquidity Provider which has
issued a Replacement Liquidity Facility to replace any Class B Liquidity Facility (or portion thereof) pursuant to Section 3.5(e)
or Section 3.5(l).

 

“Class B Trust” means the
United Airlines Pass Through Trust 2020-1B created and administered pursuant to the Class B Trust Agreement.

 

“Class B Trust Agreement”
means the Basic Agreement, as supplemented by the Trust Supplement No. 2020-1B thereto dated as of the Class B Closing Date, governing
the creation and administration of the United Airlines Pass Through Trust 2020-1B and the issuance of the Class B Certificates,
as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Class B Trustee” means
WTNA, not in its individual capacity except as expressly set forth in the Class B Trust Agreement, but solely as trustee under
the Class B Trust Agreement, together with any successor trustee appointed pursuant thereto.

 

“Class B Underwriters”
means the several firms named as Underwriters in Schedule II to the Class B Underwriting Agreement.

 

“Class B Underwriting Agreement”
means the Underwriting Agreement dated January 25, 2021 among the Representative, as representative of the Class B Underwriters
and United, relating to the purchase of the Class B Certificates by the Class B Underwriters, as the same may be amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

    7

     

    

 

“Class C Certificates”
means certificates generally subordinated to the Class A Certificates and the Class B Certificates, but no other Additional Certificates,
issued by an Additional Trust.

 

“Closing Date” means (i)
with respect to the Class A Certificates and Series A Equipment Note, the Class A Closing Date, and (ii) with respect to the Class
B Certificates and Series B Equipment Note, the Class B Closing Date.

 

“Closing Date Class A Liquidity Providers”
means each of (i) Goldman Sachs Bank USA, (ii) Barclays Bank PLC and (iii) Morgan Stanley Bank, N.A.

 

“Closing Date Class B Liquidity Providers”
means each of (i) Goldman Sachs Bank USA, (ii) Citibank, N.A. and (iii) Credit Suisse AG, New York Branch.

 

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

 

“Collateral” has the meaning
specified in the Indenture.

 

“Collection Account” means
the Eligible Deposit Account established by the Subordination Agent pursuant to Section 2.2(a)(i) which the Subordination Agent
shall make deposits in and withdrawals from in accordance with this Agreement.

 

“Controlling Party” means
the Person entitled to act as such pursuant to the terms of Section 2.6.

 

“Corporate Trust Office”
means, with respect to any Trustee, the Subordination Agent or any Loan Trustee, the office of such Person in the city at which,
at any particular time, its corporate trust business shall be principally administered.

 

“Current Distribution Date”
means a Distribution Date specified as a reference date for calculating the Expected Distributions with respect to the Certificates
of any Trust as of such Distribution Date.

 

“Deemed Note Disposition Event”
means, in respect of any Equipment Note, the continuation of an Indenture Default in respect of such Equipment Note without an
Actual Disposition Event occurring in respect of such Equipment Note for a period of five years from the date of the occurrence
of such Indenture Default.

 

“Designated Representatives”
means the Subordination Agent Representatives, the Trustee Representatives and the Provider Representatives identified under Section
2.5.

 

“Distribution Date” means
a Regular Distribution Date or a Special Distribution Date.

 

“Dollars” or “$”
means United States dollars.

 

“Downgrade Date” has the
meaning specified in Section 3.5(c).

 

    8

     

    

 

“Downgrade Drawing” has
the meaning specified in Section 3.5(c).

 

“Downgrade
Event” means, with respect to any Liquidity Facility, a downgrading of the Long-Term Rating of the Liquidity Provider
thereunder then issued by any Rating Agency below the applicable Threshold Rating (or, if a confirmation was provided by a Rating
Agency in connection with the occurrence of a previous Downgrade Event in accordance with Section 3.5(c)(ii)(B), an additional
downgrading by such Rating Agency of the Long-Term Rating of such Liquidity Provider), or if any such rating has been withdrawn
or suspended.

 

“Downgraded Facility” has
the meaning specified in Section 3.5(c).

 

“Drawing” means an Interest
Drawing, a Final Drawing, a Special Termination Drawing, a Non-Extension Drawing or a Downgrade Drawing, as the case may be.

 

“DTC” means The Depository
Trust Company.

 

“Eligible
Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account
with the corporate trust department of a depository institution organized under the laws of the United States of America or any
one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution has a long-term
unsecured debt rating of at least A3 from Moody’s and a long-term issuer credit rating of at least A- from S&P. An Eligible
Deposit Account may be maintained with a Liquidity Provider so long as such Liquidity Provider is an Eligible Institution; provided
that such Liquidity Provider shall have waived all rights of set-off and counterclaim with respect to such account.

 

“Eligible Institution”
means (a) the corporate trust department of the Subordination Agent or any Trustee, as applicable, or (b) a depository institution
organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any U.S.
branch of a foreign bank), which has a long-term unsecured debt rating from Moody’s of at least A3 or its equivalent or a
long-term issuer credit rating from S&P of at least A- or its equivalent.

 

“Eligible
Investments” means (a) investments in obligations of, or guaranteed by, the United States government having maturities
no later than 90 days following the date of such investment, (b) investments in open market commercial paper of any corporation
incorporated under the laws of the United States of America or any state thereof with a short-term issuer credit rating issued
by Moody’s and S&P of at least P-1 and A-, respectively, having maturities no later than 90 days following the date
of such investment or (c) investments in negotiable certificates of deposit, time deposits, banker’s acceptances, commercial
paper or other direct obligations of, or obligations guaranteed by, commercial banks organized under the laws of the United States
or of any political subdivision thereof (or any U.S. branch of a foreign bank) with a short-term unsecured debt rating by Moody’s
of at least P-1 and a short-term issuer credit rating by S&P of at least A-, having maturities no later than 90 days following
the date of such investment; provided, however, that (x) all Eligible Investments that are bank obligations shall
be denominated in Dollars; and (y) the aggregate amount of Eligible Investments at any one time

 

    9

     

    

 

 that are bank obligations issued
by any one bank shall not be in excess of 5% of such bank’s capital and surplus; provided further that any investment
of the types described in clauses (a), (b) and (c) above may be made through a repurchase agreement in commercially reasonable
form with a bank or other financial institution qualifying as an Eligible Institution so long as such investment is held by a third
party custodian also qualifying as an Eligible Institution; provided further, however, that in the case of any Eligible
Investment issued by a domestic branch of a foreign bank, the income from such investment shall be from sources within the United
States for purposes of the Code. Notwithstanding the foregoing, no investment of the types described in clause (b) above which
is issued or guaranteed by United or any of its Affiliates, and no investment in the obligations of any one bank in excess of $10,000,000,
shall be an Eligible Investment unless a Ratings Confirmation shall have been received with respect to the making of such investment.

 

“Equipment Note Special Payment”
means a Special Payment on account of the redemption, purchase or prepayment of Equipment Notes issued pursuant to the Indenture.

 

“Equipment Notes” means,
at any time, the Series A Equipment Note and the Series B Equipment Note, collectively, and in each case, any Equipment Notes issued
in exchange therefor or replacement thereof pursuant to the terms of the Indenture.

 

“Expected Distributions”
means, with respect to the Certificates of any Trust on any Current Distribution Date, the difference between (A) the Pool Balance
of such Certificates as of the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution
Date after the issuance of such Certificates, the original aggregate face amount of the Certificates of such Trust) and (B) the
Pool Balance of such Certificates as of the Current Distribution Date calculated on the basis that (i) the principal of the Non-Performing
Equipment Notes held in such Trust has been paid in full and such payments have been distributed to the holders of such Certificates,
(ii) the principal of the Performing Equipment Notes held in such Trust has been paid when due (without giving effect to any Acceleration
of Performing Equipment Notes) and such payments have been distributed to the holders of such Certificates and (iii) the principal
of any Equipment Notes formerly held in such Trust that have been sold pursuant to the terms hereof has been paid in full and such
payments have been distributed to the holders of such Certificates. For purposes of calculating Expected Distributions with respect
to the Certificates of any Trust, any Premium paid on the Equipment Notes held in such Trust which has not been distributed to
the Certificateholders of such Trust (other than such Premium or a portion thereof applied to the payment of interest on the Certificates
of such Trust or the reduction of the Pool Balance of such Trust) shall be added to the amount of such Expected Distributions.

 

“Expiry Date” means, with
respect to any Liquidity Facility, the “Expiry Date” as defined in such Liquidity Facility.

 

“Facility Office” means,
with respect to any Liquidity Facility, the office of the Liquidity Provider thereunder, presently located in New York, or such
other office as such Liquidity Provider from time to time shall notify the applicable Trustee as its “Facility Office”
under any such Liquidity Facility; provided that such Liquidity Provider shall not change its Facility Office to another
Facility Office outside the United States of America except in

 

    10

     

    

 

 accordance with Section 3.01, 3.02 or 3.03 of any such Liquidity
Facility or with the prior consent of United.

 

“Fee Letter” means, collectively,
(i) any fee letter dated as of the Class A Closing Date (as to an initial Class A Liquidity Facility) or the Class B Closing Date
(with respect to an initial Class B Liquidity Facility), as applicable, among a Liquidity Provider and the Subordination Agent,
and acknowledged by United, with respect to the initial Class A Liquidity Facility or Class B Liquidity Facility, as applicable,
of such Liquidity Provider and (ii) any fee letter entered into among the Subordination Agent, any Replacement Liquidity Provider
and United in respect of any Replacement Liquidity Facility.

 

“Final Advance”, with respect
to any Liquidity Facility, has the meaning specified in such Liquidity Facility.

 

“Final Distributions” means,
with respect to the Certificates of any Trust on any Distribution Date, the sum of (x) the aggregate amount of all accrued and
unpaid interest on such Certificates and (y) the Pool Balance of such Certificates as of the immediately preceding Distribution
Date. For purposes of calculating Final Distributions with respect to the Certificates of any Trust, any Premium paid on the Equipment
Note held in such Trust which has not been distributed to the Certificateholders of such Trust (other than such Premium or a portion
thereof applied to the payment of interest on the Certificates of such Trust or the reduction of the Pool Balance of such Trust)
shall be added to the amount of such Final Distributions.

 

“Final Drawing” has the
meaning specified in Section 3.5(i).

 

“Final Legal Distribution Date”
means (i) with respect to the Class A Certificates, April 15, 2029, and (ii) with respect to the Class B Certificates, July 15,
2027.

 

“Financing Agreement” means
each of the Indenture, the Security Agreements, the Original Note Purchase Agreement and the Note Purchase Agreement.

 

“First Amendment to Indenture”
means Amendment No. 1 to Trust Indenture and Mortgage, dated as of the Class B Closing Date, between United and the Loan Trustee,
entered into pursuant to the Note Purchase Agreement.

 

“ICF” means ICF International
Inc.

 

“Indenture” means the Trust
Indenture and Mortgage (and related Trust Indenture and Mortgage Supplement No. 1) entered into by the Loan Trustee and United
as of the Class A Closing Date, as amended by the First Amendment to Indenture, as the same may be further amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

“Indenture Default” means,
with respect to the Indenture, any Event of Default (as such term is defined in the Indenture) thereunder.

 

“Interest Drawing” has
the meaning specified in Section 3.5(a).

 

    11

     

    

 

“Initial Liquidity Facility”
means the Class A Liquidity Facility or the Class B Liquidity Facility, as applicable, provided by the Initial Liquidity Provider.

 

“Initial Liquidity Provider”
means Goldman Sachs Bank USA, in its capacity as a Class A Liquidity Provider or a Class B Liquidity Provider.

 

“Interest Payment Date”
means, with respect to any Liquidity Facility, each date on which interest is due and payable under such Liquidity Facility on
a Downgrade Drawing, Non-Extension Drawing, Special Termination Drawing or Final Drawing thereunder, other than any such date on
which interest is due and payable under such Liquidity Facility only on an Applied Provider Advance or Applied Special Termination
Advance (as such terms are defined in such Liquidity Facility).

 

“Investment Earnings” means
investment earnings on funds on deposit in the Trust Accounts net of losses and investment expenses of the Subordination Agent
in making such investments.

 

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

 

“Liquidity Event of Default”,
with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

 

“Liquidity Expenses” means
all Liquidity Obligations other than (i) the principal amount of any Drawings under the Liquidity Facilities and (ii) any interest
accrued on any Liquidity Obligations.

 

“Liquidity Facility” means,
at any time, any Class A Liquidity Facility or any Class B Liquidity Facility, as applicable.

 

“Liquidity Obligations”
means all principal, interest, fees and other amounts owing to the Liquidity Providers under the Liquidity Facilities, Section
8.1 of the Original Note Purchase Agreement, Section 8.1 of the Note Purchase Agreement or any Fee Letter.

 

“Liquidity Provider” means,
at any time, any Class A Liquidity Provider or Class B Liquidity Provider, as applicable.

 

“Loan Trustee” means, with
respect to each of the Indenture and each Security Agreement, the mortgagee thereunder.

 

“Long-Term Rating” means,
for any Person: (a) in the case of Moody’s, the long-term unsecured debt rating of such Person and (b) in the case of S&P,
the long-term issuer credit rating of such Person.

 

“mba” means mba Aviation.

 

    12

     

    

 

“Minimum Sale Price” means,
with respect to any Spare Part (or group of Spare Parts to be sold in a single transaction), Spare Engine or Aircraft, 75% of the
Appraised Current Market Value of such Spare Part (or group of Spare Parts to be sold in a single transaction), Spare Engine or
Aircraft or, with respect to the Equipment Notes, 85% of the Appraised Current Market Value of the Collateral.

 

“Moody’s” means Moody’s
Investor Services, Inc.

 

“Non-Controlling Party”
means, at any time, any Trustee, Liquidity Provider or other Person which is not the Controlling Party at such time.

 

“Non-Extended Facility”
has the meaning specified in Section 3.5(d).

 

“Non-Extension Drawing”
has the meaning specified in Section 3.5(d).

 

“Non-Performing Equipment Note”
means an Equipment Note issued pursuant to the Indenture that is not a Performing Equipment Note.

 

“Note Purchase Agreement”
means the Note Purchase Agreement, dated as of the Class B Closing Date, among United, each Trustee and the Subordination Agent,
as amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Original Intercreditor Agreement”
has the meaning specified in the second recital hereto.

 

“Original Note Purchase Agreement”
means the Note Purchase Agreement, dated as of the Class A Closing Date, among United, the Class A Trustee and the Subordination
Agent, as amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Notice Date” has the meaning
specified in Section 3.5(d).

 

“Operative Agreements”
means this Agreement, the Liquidity Facilities, the Trust Agreements, the Underwriting Agreements, the Financing Agreements, any
Fee Letter, the Equipment Notes and the Certificates, together with all exhibits and schedules included with any of the foregoing.

 

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

 

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

 

(ii)       Certificates
of such Class for which money in the full amount required to make the Final Distribution with respect to such Certificates pursuant
to Section 11.01 of such Trust Agreement has been theretofore deposited with the related Trustee in trust for the holders of such
Certificates as provided in Section 4.01 of such Trust Agreement 

 

    13

     

    

 

pending distribution of such money to such Certificateholders
pursuant to such Final Distribution payment; and

 

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

 

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

 

“Overdue Scheduled Payment”
means any Scheduled Payment which is not in fact received by the Subordination Agent within five days after the Scheduled Payment
Date relating thereto.

 

“Payees” has the meaning
specified in Section 2.4(c).

 

“Performing Equipment Note”
means an Equipment Note with respect to which no payment default has occurred and is continuing (without giving effect to any Acceleration);
provided that in the event of a bankruptcy proceeding under the Bankruptcy Code in which United is a debtor any payment
default existing during the 60-Day Period (or such longer period as may apply under Section 1110(b) of the Bankruptcy Code or as
may apply for the cure of such payment default under Section 1110(a)(2)(B) of the Bankruptcy Code) shall not be taken into consideration
until the expiration of the applicable period.

 

“Performing Note Deficiency”
means any time that an Equipment Note (other than any Additional Equipment Notes issued under the Indenture) is not a Performing
Equipment Note.

 

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

 

“Pool Balance” means, with
respect to each Trust or the Certificates issued by any Trust, as of any date, (i) the original aggregate face amount of the
Certificates of such Trust less (ii) the aggregate amount of all payments made as of such date in respect of the Certificates
of such Trust other than payments made in respect of interest or Premium thereon or reimbursement of any costs and expenses in
connection therewith. The Pool Balance for each Trust or for the Certificates issued by any Trust as of any date shall be computed
after giving effect to any special distribution with respect to payment of principal of the Equipment Notes or payment with respect
to other Trust Property held in such Trust and the distribution thereof to be made on that date.

 

    14

     

    

 

“Post-Default Appraisals”
has the meaning specified in Section 4.1(a)(iv).

 

“Preferred B Pool Balance”
means, with respect to the Class B Certificates, and, as applicable, the Series B Equipment Note, as of any date, the excess of
(A) the Pool Balance of the Class B Certificates as of the immediately preceding Distribution Date (or, if such date is on
or before the first Distribution Date for the Class B Certificates, the original aggregate face amount of the Class B Certificates)
(after giving effect to distributions made on such date) over (B) (i) for so long as neither clause (ii) nor clause (iii) below
is applicable, the sum of (x) with respect to each Aircraft and Spare Engine, and all or substantially all of the Spare Parts
Collateral, in each case having been previously sold or disposed for cash by the Loan Trustee (in connection with its exercise
of remedies), the portion, if any of the Pro Rata Allocable Amount in respect of such specific Collateral that remains unpaid as
of such date subsequent to such sale or disposition and after giving effect to any distributions of the proceeds of such sale or
disposition applied under the Indenture to the payment of the Series B Equipment Note (with any principal so applied to the Series
B Equipment Note being deemed to be applied to payment of such Pro Rata Allocable Amount), and (y) with respect to each Aircraft
and Spare Engine having suffered an Event of Loss (as defined in the Indenture) requiring an applicable mandatory redemption of
Equipment Notes pursuant to the Indenture or any Security Agreement, the portion, if any, of the Pro Rata Allocable Amount in respect
of such specific Collateral that remains unpaid as of such date subsequent to the scheduled date of such mandatory redemption after
giving effect to the distributions of any proceeds in respect of such Event of Loss (and any other payments in respect of such
mandatory redemption) applied under the Indenture to the payment of the Series B Equipment Note; provided, however,
that if more than one of the foregoing clauses (i)(x) and (i)(y) is applicable to any specific Collateral, only the amount determined
pursuant to the clause that first became applicable shall be counted with respect to such Collateral; (ii) the excess, if
any, of (x) the outstanding amount of principal and interest as of the date of sale of the Series B Equipment Note previously
sold over (y) the purchase price received with respect to the sale of the Series B Equipment Note (net of any applicable costs
and expenses of sale); and (iii) if a Deemed Note Disposition Event has occurred, the outstanding principal amount of the Series
B Equipment Note; provided, however, that if any one or more of the clauses (ii) and (iii) is applicable to the Series B Equipment
Note, only the amount determined pursuant to the first such clause that became applicable shall be counted with respect to the
Series B Equipment Note (and any amount determined pursuant to clause (i) shall be disregarded).

 

“Premium” means any “Make-Whole
Amount” as such term is defined in the Indenture.

 

“Pro Rata Allocable Amount”
means, with respect to the Series B Equipment Note and occurrence of any event or circumstance described in clause (B)(i) of the
definition of “Preferred B Pool Balance” with respect to any specific Collateral, the principal amount of the Series
B Equipment Note then allocated to, or required to be redeemed or prepaid in connection with or as a result of such event or circumstance
in respect of, as applicable, such specific Collateral pursuant to the Indenture.

 

“Proceeding” means any
suit in equity, action at law or other judicial or administrative proceeding.

 

    15

     

    

 

“Proportionate Share” means,
with respect to any Liquidity Facility with respect to any Class of Certificates, a fraction, the numerator of which is the Stated
Amount of such Liquidity Facility, and the denominator of which is the sum of the Stated Amounts under all Liquidity Facilities
with respect to such Class of Certificates.

 

“Provider Incumbency Certificate”
has the meaning specified in Section 2.5(c).

 

“Provider Representatives”
has the meaning specified in Section 2.5(c).

 

“PTC Event of Default”
means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding
Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest
due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal
from the Cash Collateral Account relating to each applicable Liquidity Facility for such Class, with respect thereto in an aggregate
amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

 

“Rating Agencies” means,
collectively, at any time, each nationally recognized rating agency which shall have been requested to rate the Certificates and
which shall then be rating the Certificates. The initial Rating Agencies will be Moody’s and S&P.

 

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

 

“Refinancing Certificateholders”
has the meaning specified in Section 9.1(c).

 

“Refinancing Certificates”
has the meaning specified in Section 9.1(c).

 

“Refinancing Equipment Notes”
has the meaning specified in Section 9.1(c).

 

“Refinancing Trust” has
the meaning specified in Section 9.1(c).

 

“Refinancing Trust Agreement”
has the meaning specified in Section 9.1(c).

 

“Refinancing Trustee” has
the meaning specified in Section 9.1(c).

 

“Regular Distribution Dates”
means each January 15, April 15, July 15 and October 15, commencing on January 15, 2021 with respect to the Class A Certificates
and commencing on April 15, 2021 with respect to the Class B Certificates; provided, however, that, if any such day
shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day without distribution of
interest for such additional period.

 

“Replacement Liquidity Facility”
means, (i) with respect to any Liquidity Facility being replaced other than in connection with a transfer covered by clause (ii)
below, an irrevocable revolving credit agreement (or agreements) in substantially the form of such

 

    16

     

    

 

Liquidity Facility, including reinstatement
provisions, or an agreement (or agreements) in such other form (which may include a letter of credit) as shall permit the Rating
Agencies to confirm in writing their respective ratings then in effect for the related Certificates (before downgrading of such
ratings, if any, as a result of the downgrading of the applicable Liquidity Provider), in a face amount (or in an aggregate face
amount) equal to the then Required Amount of such Liquidity Facility and issued by a Person (or Persons) having a long-term unsecured
debt rating or long-term issuer credit rating, as the case may be, issued by each Rating Agency which are equal to or higher than
the Threshold Rating or (ii) with respect to any Liquidity Facility for which all or any portion of the commitments thereunder
have been transferred and reduced pursuant to Section 3.5(l), an irrevocable revolving credit agreement (or agreements) in substantially
the form of the replaced Liquidity Facility, including reinstatement provisions, or an agreement (or agreements) in such other
form (which may include a letter of credit) as shall permit the Rating Agencies to confirm in writing their respective ratings
then in effect for the related Certificates and issued by a Person (or Persons) having a long-term unsecured debt rating or long-term
issuer credit rating, as the case may be, issued by each Rating Agency which are equal to or higher than the Threshold Rating.
Without limitation of the form that a Replacement Liquidity Facility otherwise may have pursuant to the preceding sentence, a
Replacement Liquidity Facility for any Class of Certificates may have a stated expiration date earlier than 15 days after the
Final Legal Distribution Date of such Class of Certificates so long as such Replacement Liquidity Facility provides for a Non-Extension
Drawing as contemplated by Section 3.5(d) hereof.

 

“Replacement Liquidity Provider”
means a Person (or Persons) who issues a Replacement Liquidity Facility.

 

“Representative” means
Goldman Sachs & Co. LLC.

 

“Required Amount” means
with respect to any Liquidity Facility or Cash Collateral Account, for any day, the sum of the aggregate amount of interest, calculated
at the rate per annum equal to the Stated Interest Rate for the related Class of Certificates, that would be payable on such Class
of Certificates on each of the six successive Regular Distribution Dates immediately following such day or, if such day is a Regular
Distribution Date, on such day and the succeeding five Regular Distribution Dates, in each case calculated on the basis of the
Pool Balance of such Class of Certificates on such day and without regard to expected future distributions of principal on such
Class of Certificates and, where there is more than a single Liquidity Facility for such Class, calculated with respect to each
such Liquidity Facility by reference to its respective Proportionate Share.

 

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

 

    17

     

    

 

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

 

“Scheduled Payment Date”
means, with respect to any Scheduled Payment, the date on which such Scheduled Payment is scheduled to be made.

 

“Section 2.4 Fraction”
means, with respect to any Special Distribution Date, a fraction, the numerator of which shall be the amount of principal of the
Series A Equipment Note and Series B Equipment Note being redeemed, purchased or prepaid on such Special Distribution Date, and
the denominator of which shall be the aggregate unpaid principal amount of the Series A Equipment Note and Series B Equipment Note
outstanding as of such Special Distribution Date.

 

“Security Agreement” means
each of the Spare Parts Security Agreement and the Spare Engines Security Agreement.

 

“Series A Equipment Note”
means the Series A Equipment Note issued pursuant to the Indenture by United and authenticated by the Loan Trustee thereunder,
and any such Equipment Note issued in exchange therefor or replacement thereof pursuant to the terms of the Indenture.

 

“Series B Equipment Note”
means the Series B Equipment Note issued pursuant to the Indenture by United and authenticated by the Loan Trustee thereunder,
and any such Equipment Note issued in exchange therefor or replacement thereof pursuant to the terms of the Indenture.

 

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

 

“60-Day Period” means the
60-day period specified in Section 1110(a)(2)(A) of the Bankruptcy Code.

 

“Spare Engines” means the
 “Spare Engines” referred to in the Indenture and pledged pursuant to the Spare Engines Security Agreement.

 

“Spare Engines Security Agreement”
means that certain Spare Engines Security Agreement (and related Spare Engines Security Agreement Supplement No. 1), dated as of
the

 

    18

     

    

 

 Class A Closing Date, between United and the Loan Trustee, as the same may be further amended, supplemented or otherwise modified
from time to time in accordance with its terms.

 

“Spare Parts” means “Spare
Parts” as defined in the Indenture.

 

“Spare Parts Collateral”
means the “Spare Parts Collateral” referred to in the Indenture and pledged as Collateral pursuant to the Spare Parts
Security Agreement.

 

“Spare Parts Security Agreement”
means that certain Spare Parts Security Agreement, dated as of the Class A Closing Date, between United and the Loan Trustee, as
the same may be further amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Special Distribution Date”
means, with respect to any Special Payment, the date chosen by the Subordination Agent pursuant to Section 2.4(a) for the distribution
of such Special Payment in accordance with this Agreement, whether distributed pursuant to Section 2.4 or Section 3.2
hereof.

 

“Special Payment” means
any payment (other than a Scheduled Payment) in respect of, or any proceeds of, any Equipment Note or Collateral (excluding, for
avoidance of doubt, any amounts held as Collateral and not yet applied to any such Equipment Note pursuant to the Indenture and
the Security Agreements).

 

“Special Payments Account”
means the Eligible Deposit Account created pursuant to Section 2.2(a)(ii) as a sub-account to the Collection Account.

 

“Special Termination Drawing”
has the meaning specified in Section 3.5(m).

 

“Special Termination Notice”,
with respect to any Liquidity Facility, has the meaning specified in such Liquidity Facility.

 

“Stated Amount”, with respect
to any Liquidity Facility, means the Maximum Commitment (as defined in such Liquidity Facility) of the applicable Liquidity Provider.

 

“Stated Interest Rate”
means, (i) with respect to the Class A Certificates, 5.875% per annum, computed on the basis of a 360-day year and of twelve 30-day
months, (ii) with respect to the Class B Certificates, 4.875% per annum, computed on the basis of a 360-day year and of twelve
30-day months, and (iii) with respect to any other Class, the applicable interest rate for the Certificates of such Class.

 

“Subordination Agent” has
the meaning specified in the preamble to this Agreement.

 

“Subordination Agent Incumbency Certificate”
has the meaning specified in Section 2.5(a).

 

“Subordination Agent Representatives”
has the meaning specified in Section 2.5(a).

 

    19

     

    

 

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

 

“Termination Notice”, with
respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

 

“Threshold Rating” means
(a) in the case of Moody’s, a Long-Term Rating of Baa2 and (b) in the case of S&P, a Long-Term Rating of (i) BBB with
respect to the Class A Liquidity Providers and (ii) BBB- with respect to the Class B Liquidity Providers.

 

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

 

“Triggering Event” means
(x) the occurrence of an Indenture Default resulting in a PTC Event of Default with respect to the most senior Class of Certificates
then Outstanding, (y) the Acceleration of all of the outstanding Equipment Notes or (z) the occurrence of a United Bankruptcy Event.

 

“Trust” means any of the
Class A Trust, the Class B Trust and any Additional Trust.

 

“Trust Accounts” has the
meaning specified in Section 2.2(a).

 

“Trust Agreement” means
the Class A Trust Agreement, the Class B Trust Agreement and/or any Additional Trust Agreement, as the context may so require.

 

“Trust Property”, with
respect to any Trust, has the meaning set forth in the Trust Agreement for such Trust.

 

“Trustee” means any of
the Class A Trustee, Class B Trustee and/or any Additional Trustee, as the context may require.

 

“Trustee Incumbency Certificate”
has the meaning specified in Section 2.5(b).

 

“Trustee Representatives”
has the meaning specified in Section 2.5(b).

 

    20

     

    

 

“Unapplied Provider Advance”,
with respect to any Liquidity Facility, has the meaning specified in such Liquidity Facility.

 

“Unapplied Special Termination Advance”
means any Special Termination Advance other than an Applied Special Termination Advance.

 

“Underwriters” means the
Class A Underwriters or the Class B Underwriters, as applicable.

 

“Underwriting Agreement”
means the Class A Underwriting Agreement or the Class B Underwriting Agreement, as applicable.

 

“United” means United Airlines,
Inc., a Delaware corporation, and its successors and assigns.

 

“United Bankruptcy Event”
means the occurrence and continuation of any of the following:

 

(a)       United
shall consent to the appointment of or the taking of possession by a receiver, trustee or liquidator of itself or of a substantial
part of its property, or United shall admit in writing its inability to pay its debts generally as they come due, or does not pay
its debts generally as they become due or shall make a general assignment for the benefit of creditors, or United shall file a
voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief in a
case under any bankruptcy laws or other insolvency laws (as in effect at such time) or an answer admitting the material allegations
of a petition filed against United in any such case, or United shall seek relief by voluntary petition, answer or consent, under
the provisions of any other bankruptcy or other similar law providing for the reorganization or winding-up of corporations (as
in effect at such time) or United shall seek an agreement, composition, extension or adjustment with its creditors under such laws,
or United’s board of directors shall adopt a resolution authorizing corporate action in furtherance of any of the foregoing;
or

 

(b)       an
order, judgment or decree shall be entered by any court of competent jurisdiction appointing, without the consent of United, a
receiver, trustee or liquidator of United or of any substantial part of its property, or any substantial part of the property of
United shall be sequestered, or granting any other relief in respect of United as a debtor under any bankruptcy laws or other insolvency
laws (as in effect at such time), and any such order, judgment or decree of appointment or sequestration shall remain in force
undismissed, unstayed and unvacated for a period of 60 days after the date of entry thereof; or

 

(c)       a
petition against United in a case under any bankruptcy laws or other insolvency laws (as in effect at such time) is filed and not
withdrawn or dismissed within 60 days thereafter, or if, under the provisions of any law providing for reorganization or winding-up
of corporations which may apply to United, any court of competent jurisdiction assumes jurisdiction, custody or control of United
or of any substantial part 

 

    21

     

    

 

of its property and such jurisdiction, custody or control remains in force unrelinquished, unstayed
and unterminated for a period of 60 days.

 

“United Provisions” has
the meaning specified in Section 9.1(a).

 

“Written Notice” means,
from the Subordination Agent, any Trustee or any Liquidity Provider, a written instrument executed by the Designated Representative
of such Person. An invoice delivered by a Liquidity Provider pursuant to Section 3.1 in accordance with its normal invoicing procedures
shall constitute Written Notice under such Section.

 

“WTNA” has the meaning
specified in the recitals to this Agreement.

 

ARTICLE
II

TRUST ACCOUNTS; CONTROLLING PARTY

 

SECTION 2.1.           
Agreement to Terms of Subordination; Payments from Monies Received Only. (a) Each Trustee hereby acknowledges and
agrees to the terms of subordination and distribution set forth in this Agreement in respect of each Class of Certificates and
agrees to enforce such provisions and cause all payments in respect of each Equipment Note held by the Subordination Agent and
the Liquidity Facilities to be applied in accordance with the terms of this Agreement. In addition, each Trustee hereby agrees
to cause each Equipment Note purchased by the related Trust to be registered in the name of the Subordination Agent or its nominee,
as agent and trustee for such Trustee, to be held in trust by the Subordination Agent solely for the purpose of facilitating the
enforcement of the subordination and other provisions of this Agreement.

 

(b)       Except
as otherwise expressly provided in the next succeeding sentence of this Section 2.1(b), all payments to be made by the Subordination
Agent hereunder shall be made only from amounts received by it that constitute Scheduled Payments, Special Payments, payments under
Section 8.1 of the Original Note Purchase Agreement or payments under Section 8.1 of the Note Purchase Agreement and only to the
extent that the Subordination Agent shall have received sufficient income or proceeds therefrom to enable it to make such payments
in accordance with the terms hereof. Each of the Trustees and the Subordination Agent hereby agrees and, as provided in each Trust
Agreement, each Certificateholder, by its acceptance of a Certificate and each Liquidity Provider, by entering into each Liquidity
Facility to which it is a party, has agreed to look solely to such amounts to the extent available for distribution to it as provided
in this Agreement and that none of the Trustees, the Loan Trustees and the Subordination Agent is personally liable to any of them
for any amounts payable or any liability under this Agreement, any Trust Agreement, any Liquidity Facility or such Certificate,
except (in the case of the Subordination Agent) as expressly provided herein or (in the case of the Trustees) as expressly provided
in each Trust Agreement or (in the case of the Loan Trustees) as expressly provided in any Operative Agreement.

 

SECTION 2.2.           
Trust Accounts. (a) Upon the execution of this Agreement, the Subordination Agent shall establish and maintain in
its name (i) the Collection Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited

 

    22

     

    

 

therein are held in trust for the benefit
of the Trustees, the Certificateholders and, if applicable, the Liquidity Providers and (ii) as a sub-account in the Collection
Account, the Special Payments Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds
deposited therein are held in trust for the benefit of the Trustees, the Certificateholders and, if applicable, the Liquidity
Providers. The Subordination Agent shall establish and maintain the Cash Collateral Accounts pursuant to and under the circumstances
set forth in Section 3.5(f) hereof. Upon such establishment and maintenance under Section 3.5(f) hereof, the Cash Collateral Accounts
shall, together with the Special Payments Account and the Collection Account, constitute the “Trust Accounts”
hereunder. Without limiting the foregoing, all monies credited to the Trust Accounts shall be, and shall remain, the property
of the relevant Trust(s).

 

(b)       Funds
on deposit in the Trust Accounts shall be invested and reinvested by the Subordination Agent in Eligible Investments selected by
the Subordination Agent if such investments are reasonably available and have maturities no later than the earlier of (i) 90 days
following the date of such investment and (ii) the Business Day immediately preceding the Regular Distribution Date or the date
of the related distribution pursuant to Section 2.4 hereof, as the case may be, next following the date of such investment; provided,
however, that following the making of a Special Termination Drawing or a Downgrade Drawing under any Liquidity Facility,
the Subordination Agent shall invest and reinvest such funds in Eligible Investments at the direction of United (or, if and to
the extent so specified to the Subordination Agent by United with respect to any Liquidity Facility, the Liquidity Provider with
respect to such Liquidity Facility); provided further, however, that, notwithstanding the foregoing proviso, following
the making of a Non-Extension Drawing under any Liquidity Facility, the Subordination Agent shall invest and reinvest the amounts
in the Cash Collateral Account with respect to such Liquidity Facility in Eligible Investments pursuant to the written instructions
of the Liquidity Provider funding such Drawing; provided further, however, that upon the occurrence and during the
continuation of a Triggering Event, the Subordination Agent shall invest and reinvest such amounts in Eligible Investments in accordance
with the written instructions of the Controlling Party. Unless otherwise expressly provided in this Agreement (including, without
limitation, with respect to Investment Earnings on amounts on deposit in the Cash Collateral Accounts pursuant to Section 3.5(f)
hereof), any Investment Earnings shall be deposited in the Collection Account when received by the Subordination Agent and shall
be applied by the Subordination Agent in the same manner as the other amounts on deposit in the Collection Account are to be applied
and any losses shall be charged against the principal amount invested, in each case net of the Subordination Agent’s reasonable
fees and expenses in making such investments. The Subordination Agent shall not be liable for any loss resulting from any investment,
reinvestment or liquidation required to be made under this Agreement other than by reason of its willful misconduct or gross negligence
(or, with respect to the handling or transfer of funds, its own negligence). Eligible Investments and any other investment required
to be made hereunder shall be held to their maturities except that any such investment may be sold (without regard to its maturity)
by the Subordination Agent without instructions whenever such sale is necessary to make a distribution required under this Agreement.
Uninvested funds held hereunder shall not earn or accrue interest.

 

(c)       The
Subordination Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts
and in all proceeds thereof (including

 

    23

     

    

 

 all income thereon, except as otherwise expressly provided in Section 3.3(b) with respect
to Investment Earnings). The Trust Accounts shall be held in trust by the Subordination Agent under the sole dominion and control
of the Subordination Agent for the benefit of the Trustees, the Certificateholders and the Liquidity Providers, as the case may
be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Subordination Agent shall within 10
Business Days (or such longer period, not to exceed 30 calendar days, for which a Ratings Confirmation for each Class of Certificates
shall have been obtained) establish a new Collection Account, Special Payments Account or Cash Collateral Accounts, as the case
may be, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Collection Account, Special
Payments Account or Cash Collateral Accounts, as the case may be. So long as WTNA is an Eligible Institution, the Trust Accounts
shall be maintained with it as Eligible Deposit Accounts.

 

SECTION 2.3.           
Deposits to the Collection Account and Special Payments Account. (a) The Subordination Agent shall, upon receipt
thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the
express terms hereof is to be deposited to a Cash Collateral Account).

 

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

 

SECTION 2.4.           
Distributions of Special Payments. (a) Notice of Special Payment. Except as provided in Section 2.4(c) below,
upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or, in
the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall promptly
give notice thereof to each Trustee and each Liquidity Provider. The Subordination Agent shall promptly calculate the amount of
the redemption or purchase of Equipment Notes, the amount of any Overdue Scheduled Payment or the proceeds of Equipment Notes or
Collateral, as the case may be, comprising such Special Payment under the Indenture and shall promptly send to each Trustee and
each Liquidity Provider a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice shall also
set the distribution date for such Special Payment (a “Special Distribution Date”), which shall be the Business
Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice and (y) the date the
Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account
shall be distributed in accordance with Sections 2.4(b) and 2.4(c) and Article III hereof, as applicable.

 

For the purposes of the application of any
Equipment Note Special Payment distributed on a Special Distribution Date in accordance with Section 3.2 hereof, so long as no
Indenture Default shall have occurred and be continuing under the Indenture:

 

(i)       the
amount of accrued and unpaid Liquidity Expenses that are not yet due that are payable pursuant to clause “second” thereof
shall be multiplied by the Section 2.4 Fraction;

 

    24

     

    

 

(ii)       clause
 “third” thereof shall be deemed to read as follows: “third, (x) such amount as shall be required
to pay accrued and unpaid interest then in arrears on all Liquidity Obligations (at the rate, or in the amount, provided in the
applicable Liquidity Facility) plus an amount equal to the amount of accrued and unpaid interest on the Liquidity Obligations not
in arrears multiplied by the Section 2.4 Fraction shall be distributed to the Liquidity Providers pro rata on the basis of the
amounts owed to each Liquidity Provider, and (y) if a Special Termination Drawing has been made under any Liquidity Facility and
has not been converted into a Final Drawing, the outstanding amount of such Special Termination Drawing shall be distributed to
the Liquidity Providers, pro rata on the basis of the amounts owed to each Liquidity Provider”;

 

(iii)       clause
 “seventh” thereof shall be deemed to read as follows: “seventh, such amount as shall be required to pay
accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class A Certificates together
with (without duplication) accrued and unpaid interest at the Stated Interest Rate on the outstanding principal amount of the Series
A Equipment Note held in the Class A Trust being redeemed, purchased or prepaid, shall be distributed to the Class A Trustee”;

 

(iv)       clause
 “eighth” thereof shall be deemed to read as follows: “eighth, such amount as shall be required to pay
any accrued, due and unpaid Class B Adjusted Interest shall be distributed to the Class B Trustee”; and

 

(v)       clause
 “tenth” thereof shall be deemed to read as follows: “tenth, such amount as shall be required to pay in
full accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class B Certificates which
was not previously paid pursuant to clause “eighth” above, together with (without duplication) accrued and unpaid interest
at the Stated Interest Rate on the outstanding principal amount of the Series B Equipment Note held in the Class B Trust and being
redeemed, purchased or prepaid, shall be distributed to the Class B Trustee”.

 

(b)       Investment
of Amounts in Special Payments Account. Any amounts on deposit in the Special Payments Account prior to the distribution thereof
pursuant to Section 2.4 or 3.2 shall be invested in accordance with Section 2.2(b). Investment Earnings on such investments shall
be distributed in accordance with Article III hereof.

 

(c)       Certain
Payments. Except for amounts constituting Liquidity Obligations which shall be distributed as provided in Section 3.2, the
Subordination Agent will distribute promptly upon receipt thereof (i) any indemnity payment or expense reimbursement received by
it from United in respect of any Trustee or any Liquidity Provider (collectively, the “Payees”) and (ii) any
compensation received by it from United under any Operative Agreement in respect of any Payee, directly to the Payee entitled thereto.

 

SECTION 2.5.           
Designated Representatives. (a) With the delivery of this Agreement, the Subordination Agent shall furnish to each
Liquidity Provider and each Trustee, and from time to time thereafter may furnish to each Liquidity Provider and each Trustee,
at the Subordination Agent’s discretion, or upon any Liquidity Provider’s or such Trustee’s request (which request
shall not be made more than one time in any 12-month period), a certificate (a

 

    25

     

    

 

 “Subordination Agent Incumbency Certificate”)
of a Responsible Officer of the Subordination Agent certifying as to the incumbency and specimen signatures of the officers of
the Subordination Agent and the attorney-in-fact and agents of the Subordination Agent (the “Subordination Agent Representatives”)
authorized to give Written Notices on behalf of the Subordination Agent hereunder. Until each Liquidity Provider and each Trustee
receives a subsequent Subordination Agent Incumbency Certificate, it shall be entitled to rely on the last Subordination Agent
Incumbency Certificate delivered to it hereunder.

 

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

 

(c)       With
the delivery of this Agreement, each Liquidity Provider shall furnish to the Subordination Agent, and from time to time thereafter
may furnish to the Subordination Agent, at such Liquidity Provider’s discretion, or upon the Subordination Agent’s
request (which request shall not be made more than one time in any 12-month period), a certificate (each, a “Provider
Incumbency Certificate”) of any Responsible Officer of such Liquidity Provider certifying as to the incumbency and specimen
signatures of any officer, attorney-in-fact, agent or other designated representative of such Liquidity Provider (in each case,
the “Provider Representatives” and, together with the Subordination Agent Representatives and the Trustee Representatives,
the “Designated Representatives”) authorized to give Written Notices on behalf of such Liquidity Provider hereunder.
Until the Subordination Agent receives a subsequent Provider Incumbency Certificate, it shall be entitled to rely on the last Provider
Incumbency Certificate delivered to it hereunder by the relevant Liquidity Provider.

 

SECTION 2.6.           
Controlling Party. (a)  The Trustees and the Liquidity Providers hereby agree that, with respect to the
Indenture and each Security Agreement at any given time, the Loan Trustee thereunder will be directed in taking, or refraining
from taking, any action under the Indenture or the Security Agreements or with respect to the Equipment Notes (i) so long as no
Indenture Default has occurred and is continuing, by the holders of at least a majority of the outstanding principal amount of
the Equipment Notes (provided that, for so long as the Subordination Agent is the registered holder of the Equipment Notes, the
Subordination Agent shall act with respect to this clause (i) in accordance with the directions of the Trustees (in the case of
each such Trustee, with respect to the Equipment Note issued under the Indenture and held as Trust Property of such Trust) constituting,
in the aggregate, directions with respect to at least a majority of outstanding principal amount of the Equipment Notes except
as provided in Section 9.1(b)), and (ii) after the occurrence and during the continuance of an Indenture Default thereunder, in
taking, or refraining from taking, any action under the Indenture or with respect to such Equipment Notes, including exercising
remedies thereunder (including Accelerating the 

 

    26

     

    

 

Equipment Notes issued thereunder or foreclosing the Lien on the Collateral securing
such Equipment Notes), by the Controlling Party.

 

(b)       The
 “Controlling Party” shall be (x) the Class A Trustee (y) upon payment of Final Distributions to the holders of Class
A Certificates, the Class B Trustee, and (z) if any Additional Certificates have been issued pursuant to Section 9.1(d), upon payment
of Final Distributions to the holders of Class A Certificates and Final Distributions to the holders of Class B Certificates, the
Additional Trustee of the most senior Class of Additional Certificates for which payment of the applicable Final Distributions
has not occurred. For purposes of giving effect to the provisions of Section 2.6(a) and this Section 2.6(b), the Trustees
(other than the Controlling Party, and, if other than the Class A Trustee and Class B Trustee, upon its entry into this Agreement,
shall) irrevocably agree (and the Certificateholders (other than the Certificateholders represented by the Controlling Party) shall
be deemed to agree by virtue of their purchase of Certificates) that the Subordination Agent, as record holder of the Equipment
Notes, shall exercise its voting rights in respect of the Equipment Notes so held by the Subordination Agent as directed by the
Controlling Party and any vote so exercised shall be binding upon the Trustees and all Certificateholders.

 

The Subordination Agent shall give Written
Notice to all of the other parties to this Agreement promptly upon a change in the identity of the Controlling Party. Each of the
parties hereto agrees that it shall not exercise any of the rights of the Controlling Party at such time as it is not the Controlling
Party hereunder; provided, however, that nothing herein contained shall prevent or prohibit any Non-Controlling Party
from exercising such rights as shall be specifically granted to such Non-Controlling Party hereunder and under the other Operative
Agreements.

 

(c)       Notwithstanding
the foregoing provisions of clauses (a) and (b) above, at any time after 18 months from the earliest to occur of (i) the date
on which the entire Required Amount as of such date under any Liquidity Facility shall have been drawn (excluding a Downgrade
Drawing, a Non-Extension Drawing or a Special Termination Drawing but including a Final Drawing or a Downgrade Drawing, a Non-Extension
Drawing or a Special Termination Drawing that has been converted to a Final Drawing under such Liquidity Facility) and shall remain
unreimbursed, (ii) the date on which the portion of any Downgrade Drawing, Non-Extension Drawing or Special Termination Drawing
equal to the Required Amount as of such date under any Liquidity Facility shall have become and remain “Applied Downgrade
Advances”, “Applied Non-Extension Advances” or “Applied Special Termination Advances”, as the case
may be, under and as defined in such Liquidity Facility and (iii) the date on which all Equipment Notes under the Indenture shall
have been Accelerated (provided that in the event of a bankruptcy proceeding under the Bankruptcy Code in which United
is a debtor, any amounts payable in respect of Equipment Notes which have become immediately due and payable by declaration or
otherwise shall not be considered Accelerated for purposes of this sub-clause (iii) until the expiration of the 60-Day Period
or such longer period as may apply under Section 1110(a)(2)(B) or Section 1110(b) of the Bankruptcy Code), the Liquidity
Provider with the highest outstanding aggregate amount of Liquidity Obligations owed to it (so long as such Liquidity Provider
has not defaulted in its obligation to make any Drawing under any Liquidity Facility) shall have the right to elect, by Written
Notice to the Subordination Agent and each of the Trustees, to become the Controlling Party hereunder at any time from and including
the last

 

    27

     

    

 

 day of such 18-month
period; provided, that, the non-defaulting Liquidity Providers of any Class may, among themselves and by notice to the parties
hereto, agree to different voting rights with respect to the election to become the Controlling Party hereunder. For the avoidance
of doubt, no such agreement will affect the rights of any other Liquidity Provider not a party to such agreement to elect to become
the Controlling Party hereunder.

 

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

 

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

 

ARTICLE
III

RECEIPT, DISTRIBUTION AND APPLICATION

OF AMOUNTS RECEIVED

 

SECTION 3.1.           
Written Notice of Distribution. (a) No later than 3:00 P.M. (New York City time) on the Business Day immediately
preceding each Distribution Date, each of the following Persons shall deliver to the Subordination Agent a Written Notice setting
forth the following information as at the close of business on such Business Day:

 

(i)       with
respect to the Class A Certificates, the Class A Trustee shall separately set forth the amounts to be paid in accordance with clause
 “first” of Section 3.2 hereof (to reimburse payments made by such Trustee or the Class A Certificateholders, as the
case may be, pursuant to subclause (ii) or (iv) of clause “first”), subclauses (ii) and (iii) of clause “sixth”
of Section 3.2 hereof and clauses “seventh” and “ninth” of Section 3.2 hereof;

 

(ii)       with
respect to the Class B Certificates, the Class B Trustee shall separately set forth the amounts to be paid in accordance with clause
 “first” of Section 3.2 hereof (to reimburse payments made by such Trustee or the Class B Certificateholders, as the
case may be, pursuant to subclause (ii) or (iv) of clause “first”), subclauses (ii) and (iii) of clause “sixth”
of Section 3.2 hereof and clauses “eighth”, “tenth” and “eleventh” of Section 3.2 hereof;

 

(iii)       with
respect to each Liquidity Facility, the Liquidity Provider thereunder shall separately set forth the amounts to be paid to it in
accordance with subclauses (iii) and (iv) of clause “first” of Section 3.2 hereof, clause “second” of Section
3.2 hereof, clause “third” of Section 3.2 hereof, clause “fourth” of Section 3.2 hereof and clause “fifth”
of Section 3.2 hereof; and

 

(iv)       each
Trustee shall set forth the amounts to be paid in accordance with clause “sixth” of Section 3.2 hereof.

 

    28

     

    

 

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

 

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

 

(d)       Any
Written Notice delivered by a Trustee, a Liquidity Provider or the Subordination Agent, as applicable, pursuant to Section 3.1(a)
hereof, if made prior to 10:00 A.M. (New York City time) on any Business Day, shall be effective on the date delivered (or if delivered
later on a Business Day or if delivered on a day which is not a Business Day shall be effective as of the next Business Day). Subject
to the terms of this Agreement, the Subordination Agent shall as promptly as practicable comply with any such instructions; provided,
however, that any transfer of funds pursuant to any instruction received after 10:00 A.M. (New York City time) on any
Business Day may be made on the next succeeding Business Day.

 

(e)       In
the event the Subordination Agent shall not receive from any Person any information set forth in paragraph (a) above which is required
to enable the Subordination Agent to make a distribution to such Person pursuant to Section 3.2 hereof, the Subordination Agent
shall request such information and, failing to receive any such information, the Subordination Agent shall not make such distribution(s)
to such Person. In such event, the Subordination Agent shall make distributions pursuant to clauses “first” through
 “eleventh” of Section 3.2 to the extent it shall have sufficient information to enable it to make such distributions,
and shall continue to hold any funds remaining, after making such distributions, until the Subordination Agent shall receive all
necessary information to enable it to distribute any funds so withheld.

 

(f)       On
such dates (but not more frequently than monthly) as any Liquidity Provider or any Trustee shall request, but in any event automatically
at the end of each calendar quarter, the Subordination Agent shall send to such party a written statement reflecting all amounts
on deposit with the Subordination Agent pursuant to Section 3.1(e) hereof.

 

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

 

SECTION 3.2.           
Distribution of Amounts on Deposit in the Collection Account. Except as otherwise provided in Sections 2.4, 3.1(e),
3.3, 3.5(b), 3.5(k) and 3.5(m), amounts on 

 

    29

     

    

 

deposit in the Collection Account (including
amounts on deposit in the Special Payments Account) shall be promptly distributed on each Regular Distribution Date (or, in the
case of any amount described in Section 2.4(a), on the Special Distribution Date thereof) in the following order of priority and
in accordance with the information provided to the Subordination Agent pursuant to Section 3.1(a) hereof:

 

first, such amount as shall
be required to reimburse (i) the Subordination Agent for any reasonable out-of-pocket costs and expenses actually incurred
by it (to the extent not previously reimbursed) or reasonably expected to be incurred by it for the period ending on the next succeeding
Regular Distribution Date (which shall not exceed $150,000 unless approved in writing by the Controlling Party) in the protection
of, or the realization of the value of, the Equipment Notes or any Collateral, shall be applied by the Subordination Agent in reimbursement
of such costs and expenses, (ii) any Trustee for any amounts of the nature described in clause (i) above actually incurred
by it under the applicable Trust Agreement (to the extent not previously reimbursed), shall be distributed to such Trustee, (iii) any
Liquidity Provider for any amounts of the nature described in clause (i) above actually incurred by it (to the extent not
previously reimbursed), shall be distributed to such Liquidity Provider, and (iv) any Liquidity Provider or any Certificateholder
for payments, if any, made by it to the Subordination Agent or any Trustee in respect of amounts described in clause (i) above
actually incurred by it (to the extent not previously reimbursed) (collectively, the “Administration Expenses”),
shall be distributed to such Liquidity Provider or the applicable Trustee for the account of such Certificateholder, in each such
case, pro rata on the basis of all amounts described in clauses (i) through (iv) above;

 

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

 

third, (i) such amount
as shall be required to pay the aggregate amount of accrued and unpaid interest on all Liquidity Obligations (at the rate, or in
the amount, provided in the applicable Liquidity Facility) shall be distributed to the Liquidity Providers pro rata on the basis
of the amounts owed to each Liquidity Provider and (ii) if a Special Termination Drawing has been made under any Liquidity Facility
and has not been converted into a Final Drawing, the outstanding amount of such Special Termination Drawing shall be distributed
to the Liquidity Providers pro rata on the basis of the amounts owed to each Liquidity Provider;

 

fourth, such amount as
shall be required (A) if any Cash Collateral Account had been previously funded as provided in Section 3.5(f), unless (i)
a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the
relevant Liquidity Facility or (ii) a Final Drawing shall have occurred with respect to such Liquidity Facility or an Interest
Drawing for such Liquidity Facility shall have been converted into a Final Drawing, to fund such Cash Collateral Account up to
its Required Amount shall be deposited in such Cash Collateral Account, (B) if any Liquidity Facility shall become a Downgraded
Facility or a Non-Extended Facility at a

 

    30

     

    

 

time when unreimbursed Interest
Drawings under such Liquidity Facility have reduced the Available Amount thereunder to zero, unless (i) a Performing Note Deficiency
exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the relevant Liquidity Facility
or (ii) a Final Drawing shall have occurred with respect to such Liquidity Facility or an Interest Drawing for such Liquidity
Facility shall have been converted into a Final Drawing, to deposit into the related Cash Collateral Account an amount equal to
such Cash Collateral Account’s Required Amount shall be deposited in such Cash Collateral Account, and (C) if, with respect
to any particular Liquidity Facility, neither subclause (A) nor subclause (B) of this clause “fourth” is applicable,
to pay or reimburse the Liquidity Provider in respect of such Liquidity Facility in an amount equal to the amount of all Liquidity
Obligations then due under such Liquidity Facility (other than amounts payable pursuant to clause “second” or “third”
of this Section 3.2), pro rata on the basis of the amounts of all such deficiencies and/or unreimbursed Liquidity Obligations
payable to each Liquidity Provider;

 

fifth, if, with respect
to any particular Liquidity Facility, any amounts are to be distributed pursuant to either subclause (A) or (B) of clause “fourth”
above, then the Liquidity Provider with respect to such Liquidity Facility shall be paid the excess of (x) the aggregate outstanding
amount of unreimbursed Advances (whether or not then due) under such Liquidity Facility over (y) the Required Amount for such
Liquidity Facility, pro rata on the basis of such amounts in respect of each Liquidity Provider;

 

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

 

seventh, such amount as
shall be required to pay in full accrued and unpaid interest at the Stated Interest Rate on the Pool Balance of the Class A Certificates
shall be distributed to the Class A Trustee;

 

eighth, such amount as
shall be required to pay unpaid Class B Adjusted Interest shall be distributed to the Class B Trustee;

 

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

 

    31

     

    

 

tenth, such amount as shall
be required to pay in full accrued and unpaid interest at the Stated Interest Rate on the Pool Balance of the Class B Certificates
which was not previously paid pursuant to clause “eighth” above shall be distributed to the Class B Trustee;

 

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

 

twelfth, the balance, if
any, of any such amount remaining thereafter shall be held in the Collection Account for later distribution in accordance with
this Article III.

 

If Additional Certificates have been issued
pursuant to Section 9.1(d) hereof, distributions of “Adjusted Interest” (calculated in a manner substantially similar
to the calculation of Class B Adjusted Interest) with respect to such Additional Certificates may be made immediately after clause
 “eighth” (and prior to clause “ninth”) above, and all further distributions of interest or Expected Distributions
with respect to such Additional Certificates shall be made following payment of Expected Distributions with respect to the Class
B Certificates, all as provided in an amendment hereto executed and delivered in connection with the issuance of such Additional
Certificates in accordance with such Section 9.1(d).

 

With respect to clauses “first”
and “sixth” above, no amounts shall be reimbursable to the Subordination Agent, any Trustee, any Liquidity Provider
or any Certificateholder for any payments made by any such Person in connection with any Equipment Note that is no longer held
by the Subordination Agent (to the extent that such payments relate to periods after such Equipment Note ceases to be held by the
Subordination Agent).

 

SECTION 3.3.           
Other Payments. (a)  Any payments received by the Subordination Agent for which no provision as to the
application thereof is made in this Agreement shall be distributed by the Subordination Agent (i) in the order of priority specified
in Section 3.2 hereof and (ii) to the extent received or realized at any time after the Final Distributions for each Class of Certificates
have been made, in the manner provided in clause “first” of Section 3.2 hereof.

 

(b)       Notwithstanding
the priority of payments specified in Section 3.2, in the event any Investment Earnings on amounts on deposit in any Cash Collateral
Account resulting from an Unapplied Provider Advance or Unapplied Special Termination Advance are deposited in the Collection Account
or the Special Payments Account, such Investment Earnings shall be used to pay interest payable in respect of such Unapplied Provider
Advance or such Unapplied Special Termination Advance, as the case may be, to the extent of such Investment Earnings.

 

(c)       If
the Subordination Agent receives any Scheduled Payment after the Scheduled Payment Date relating thereto, but prior to such payment
becoming an Overdue Scheduled Payment, then the Subordination Agent shall deposit such Scheduled Payment in the Collection Account
and promptly distribute such Scheduled Payment in accordance with the priority of distributions set forth in Section 3.2 hereof;
provided that, for the purposes of this 

 

    32

     

    

 

Section 3.3(c) only, each reference in clause “ninth” or “eleventh”
of Section 3.2 to “Distribution Date” shall be deemed to refer to such Scheduled Payment Date.

 

SECTION 3.4.           
Payments to the Trustees and the Liquidity Providers. Any amounts distributed hereunder to any Liquidity Provider
shall be paid to such Liquidity Provider by wire transfer of funds to the account that such Liquidity Provider shall provide to
the Subordination Agent. The Subordination Agent shall provide a Written Notice of any such transfer to the applicable Liquidity
Provider at the time of such transfer. Any amounts distributed hereunder by the Subordination Agent to any Trustee which shall
not be the same institution as the Subordination Agent shall be paid to such Trustee by wire transfer to the account such Trustee
shall provide to the Subordination Agent.

 

SECTION 3.5.           
Liquidity Facilities. (a)  Interest Drawings. If on any Distribution Date, after giving effect to the
subordination provisions of this Agreement, the Subordination Agent shall not have sufficient funds for the payment of any amounts
due and owing in respect of accrued interest on the Class A Certificates or the Class B Certificates (at the Stated Interest Rate
for such Class of Certificates), then, prior to 12:30 P.M. (New York City time) on such Distribution Date, (i) the Subordination
Agent shall request a drawing (each such drawing, an “Interest Drawing”) under each Liquidity Facility with
respect to such Class of Certificates in an amount equal to the lesser of, with respect to such Liquidity Facility (x)  the
product of (1) an amount sufficient to pay the amount of such accrued interest (at the applicable Stated Interest Rate for such
Class of Certificates) and (2) the Proportionate Share of such Liquidity Facility and (y) the Available Amount under such
Liquidity Facility, and (ii) the Subordination Agent shall pay such amount to the Trustee with respect to each such Class of Certificates
in payment of such accrued interest.

 

(b)       Application
of Interest Drawings. Notwithstanding anything to the contrary contained in this Agreement, (i) all payments received by the
Subordination Agent in respect of an Interest Drawing under any Class A Liquidity Facility and all amounts withdrawn by the Subordination
Agent from the applicable Class A Cash Collateral Account, and payable in each case to the Class A Certificateholders or the Class
A Trustee, shall be promptly distributed to the Class A Trustee and (ii) all payments received by the Subordination Agent in respect
of an Interest Drawing under any Class B Liquidity Facility and all amounts withdrawn by the Subordination Agent from the applicable
Class B Cash Collateral Account, and payable in each case to the Class B Certificateholders or the Class B Trustee, shall be promptly
distributed to the Class B Trustee.

 

(c)       Downgrade
Drawings. (i) Each Liquidity Provider shall promptly, but in any event within ten days of the occurrence of a Downgrade Event
with respect to it (the date of such occurrence, the “Downgrade Date”), deliver notice of such Downgrade Event
and the related Downgrade Date to the Subordination Agent and United. With respect to each Liquidity Facility, a Downgrade Drawing
shall be requested by the Subordination Agent thereunder as provided in Section 3.5(c)(iii), if at any time a Downgrade Event shall
have occurred with respect to such Liquidity Facility (such Liquidity Facility following a Downgrade Event being referred to as
a “Downgraded Facility”), unless an event described in clause (A) or (B) of Section 3.5(c)(ii) occurs with respect
to such Liquidity Facility.

 

    33

     

    

 

(ii) If at any time any Liquidity Facility
becomes a Downgraded Facility, the Subordination Agent shall request a Downgrade Drawing thereunder in accordance with Section
3.5(c)(iii), unless (A) the Liquidity Provider under such Downgraded Facility or United arranges for a Replacement Liquidity Provider
to issue and deliver a Replacement Liquidity Facility to the Subordination Agent within 35 days after the applicable Downgrade
Date (but not later than the expiration date of such Downgraded Facility) or (B) on or before the date 30 days after such Downgrade
Date, the Rating Agency downgrading, withdrawing or suspending the rating of the applicable Liquidity Provider provides a written
confirmation to the Subordination Agent that such downgrading, withdrawal or suspension will not result in a downgrading, withdrawal
or suspension of the rating then in effect for the related Class of Certificates by such Rating Agency. In the event the relevant
Rating Agency does not provide the written confirmation contemplated in clause (B) of the preceding sentence on or before the 30th
day after such Downgrade Date and no Replacement Liquidity Provider has been arranged in accordance with clause (A) of the preceding
sentence, the Liquidity Provider shall notify the Subordination Agent and United that a Downgrade Drawing will be required on the
date 35 days after such Downgrade Date (but not later than the expiration date of such Downgraded Facility).

 

(iii) Upon the occurrence of any Downgrade
Event with respect to any Liquidity Facility, unless a Replacement Liquidity Facility is arranged as provided in Section 3.5(c)(ii)(A)
or the relevant Rating Agency provides the written confirmation as provided in Section 3.5(c)(ii)(B), the Subordination Agent shall,
on the 35th day after the applicable Downgrade Event (or if such 35th day is not a Business Day, on the next succeeding Business
Day) (or, if earlier, the expiration date of such Downgraded Facility), request a drawing in accordance with and to the extent
permitted by such Downgraded Facility (such drawing, a “Downgrade Drawing”) of the Available Amount thereunder.
Amounts drawn pursuant to a Downgrade Drawing shall be maintained and invested as provided in Section 3.5(f) hereof. The applicable
Liquidity Provider may also arrange for a Replacement Liquidity Provider to issue and deliver a Replacement Liquidity Facility
at any time after such Downgrade Drawing so long as such Downgrade Drawing has not been reimbursed in full to such Liquidity Provider.

 

(iv) For the avoidance of doubt, the provisions
of this Section 3.5(c) shall apply to each occurrence of a Downgrade Event with respect to a Liquidity Provider until a Downgrade
Drawing shall have been made under the applicable Liquidity Facility, regardless of whether or not one or more Downgrade Events
have occurred prior thereto and whether or not any confirmation by a Rating Agency specified in Section 3.5(c)(ii)(B) has been
obtained with respect to any prior occurrence of a Downgrade Event.

 

(v) If at any time after making a Downgrade
Drawing, the applicable Liquidity Provider satisfies the Threshold Rating and delivers Written Notice to such effect to the Subordination
Agent and United, as of the second Business Day following receipt of such notice, (i) the Downgraded Facility shall cease to be
a Downgraded Facility and (ii) the Subordination Agent shall withdraw the unapplied amount of such Downgrade Drawing on deposit
in the applicable Cash Collateral Account and reimburse such amount to the applicable Liquidity Provider.

 

(d)       Non-Extension
Drawings. Except in the case of a Liquidity Facility that is scheduled to expire on a date no earlier than 15 days after the
Final Legal Distribution Date for

 

    34

     

    

 

the related Class of Certificates, if in
any calendar year before the 25th day prior to the anniversary date of the applicable Closing Date for such Class of
Certificates in such calendar year (such 25th day, the “Notice Date”), the Liquidity Provider under
any Liquidity Facility shall have advised the Subordination Agent that the Expiry Date under such Liquidity Facility shall not
be extended beyond such anniversary date and on or before such Notice Date, such Liquidity Facility shall not have been replaced
in accordance with Section 3.5(e), the Subordination Agent shall, on the Notice Date (or as soon as possible thereafter), in accordance
with the terms of such Liquidity Facility (a “Non-Extended Facility”), request a drawing under such expiring
Liquidity Facility (such drawing, a “Non-Extension Drawing”) of the Available Amount thereunder. Amounts drawn
pursuant to a Non-Extension Drawing shall be maintained and invested in accordance with Section 3.5(f) hereof.

 

(e)       Issuance
of Replacement Liquidity Facility. (i)  At any time, United may, at its option, with cause or without cause, arrange
for a Replacement Liquidity Facility to replace any Liquidity Facility of any Class (including any Replacement Liquidity Facility
provided pursuant to Section 3.5(e)(ii) hereof); provided, however, that the Initial Liquidity Provider shall not
be replaced by United as a Class A Liquidity Provider or a Class B Liquidity Provider without the consent of the Initial Liquidity
Provider (such consent not to be unreasonably withheld or delayed) during the period prior to the third anniversary of the applicable
Closing Date for the related Class of Certificates unless (A) there shall have become due to the Initial Liquidity Provider, or
the Initial Liquidity Provider shall have demanded, amounts pursuant to Section 3.01, 3.02 or 3.03 of the applicable Initial Liquidity
Facility for such Class and the replacement of the Initial Liquidity Provider would reduce or eliminate the obligation to pay such
amounts or United determines in good faith that there is a substantial likelihood that the Initial Liquidity Provider will have
the right to claim any such amounts (unless the Initial Liquidity Provider waives, in writing, any right it may have to claim such
amounts), which determination shall be set forth in a certificate delivered by United to the Initial Liquidity Provider setting
forth the basis for such determination and accompanied by an opinion of outside counsel selected by United and reasonably acceptable
to the Initial Liquidity Provider verifying the legal conclusions, if any, of such certificate relating to such basis, provided
that, in the case of any likely claim for such amounts based upon any proposed, or proposed change in, law, rule, regulation, interpretation,
directive, requirement, request or administrative practice, such opinion may assume the adoption or promulgation of such proposed
matter, (B) it shall become unlawful or impossible for the Initial Liquidity Provider (or its Facility Office) to maintain or fund
its LIBOR Advances as described in Section 3.10 of the applicable Initial Liquidity Facility, (C) any Liquidity Facility of the
Initial Liquidity Provider shall become a Downgraded Facility or a Non-Extended Facility or a Downgrade Drawing or a Non-Extension
Drawing shall have occurred under any Liquidity Facility of the Initial Liquidity Provider or (D) such Initial Liquidity Provider
shall have breached any of its payment (including, without limitation, funding) obligations under any Liquidity Facility in respect
of which it is the Liquidity Provider. If such Replacement Liquidity Facility is provided at any time after a Downgrade Drawing,
a Non-Extension Drawing or a Special Termination Drawing has been made, all funds on deposit in the relevant Cash Collateral Account
will be returned to the Liquidity Provider being replaced.

 

(ii)   If any Liquidity Provider shall
determine not to extend any of its Liquidity Facilities in accordance
with Section 3.5(d), then such Liquidity Provider may, at its 

 

    35

     

    

 

option, arrange for a Replacement Liquidity
Facility to replace such Liquidity Facility during the period no earlier than 40 days and no later than 25 days prior to the then
effective Expiry Date of such Liquidity Facility. At any time after a Non-Extension Drawing has been made under any Liquidity
Facility, the Liquidity Provider thereunder may, at its option, arrange for a Replacement Liquidity Facility to replace the Liquidity
Facility under which such Non-Extension Drawing has been made.

 

(iii)   No Replacement Liquidity Facility
arranged by United or a Liquidity Provider in accordance with clause (i) or (ii) above or pursuant to Section 3.5(c), respectively,
shall become effective and no such Replacement Liquidity Facility shall be deemed a “Liquidity Facility” under the
Operative Agreements, unless and until (A) each of the conditions referred to in sub-clauses (iv)(x) and (z) below shall have been
satisfied, (B) if such Replacement Liquidity Facility shall materially adversely affect the rights, remedies, interests or obligations
of the Class A Certificateholders or the Class B Certificateholders under any of the Operative Agreements, the applicable Trustee
shall have consented, in writing, to the execution and issuance of such Replacement Liquidity Facility and (C) in the case of a
Replacement Liquidity Facility arranged by a Liquidity Provider under Section 3.5(e)(ii) or pursuant to Section 3.5(c), such Replacement
Liquidity Facility is acceptable to United.

 

(iv)   In connection with the issuance
of each Replacement Liquidity Facility pursuant to this Section 3.5(e), the Subordination Agent shall (x) prior to the issuance
of such Replacement Liquidity Facility, obtain written confirmation from each Rating Agency that such Replacement Liquidity Facility
will not cause a reduction of the rating then in effect for the related Class of Certificates by such Rating Agency (without regard
to any downgrading of any rating of any Liquidity Provider being replaced pursuant to Section 3.5(c) hereof), (y) pay all
Liquidity Obligations then owing to each replaced Liquidity Provider (which payment shall be made first from available funds in
the applicable Cash Collateral Account as described in clause (iii) of Section 3.5(f) hereof, and thereafter from any other available
source, including, without limitation, a drawing under the Replacement Liquidity Facility) and (z) cause the issuer of the Replacement
Liquidity Facility to deliver the Replacement Liquidity Facility to the Subordination Agent, together with a legal opinion opining
that such Replacement Liquidity Facility is an enforceable obligation of such Replacement Liquidity Provider.

 

(v)   Upon satisfaction of the conditions
set forth in clauses (iii) and (iv) of this Section 3.5(e) with respect to a Replacement Liquidity Facility, (w) each replaced
Liquidity Facility shall terminate, (x) the Subordination Agent shall, if and to the extent so requested by United or a Liquidity
Provider being replaced, execute and deliver any certificate or other instrument required in order to terminate the applicable
replaced Liquidity Facility, shall surrender such replaced Liquidity Facility to the applicable Liquidity Provider being replaced
and shall execute and deliver the Replacement Liquidity Facility and any associated Fee Letter, (y) each of the parties hereto
shall enter into any amendments to this Agreement necessary to give effect to (1) the replacement of the applicable Liquidity Provider
with the applicable Replacement Liquidity Provider and (2) the replacement of each applicable Liquidity Facility with the applicable
Replacement Liquidity Facility and (z) the applicable Replacement Liquidity Provider shall be deemed to be a Liquidity Provider
with the rights and obligations of a Liquidity Provider hereunder and under the other Operative Agreements and such Replacement
Liquidity

 

    36

     

    

 

 Facility shall be deemed to be a Liquidity Facility hereunder and under the other Operative Agreements.

 

(f)       Cash
Collateral Accounts; Withdrawals; Investments. In the event the Subordination Agent shall draw all available amounts under
any Class A Liquidity Facility or any Class B Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(m) hereof, or
in the event amounts are to be deposited in the applicable Class A Cash Collateral Account or the applicable Class B Cash Collateral
Account pursuant to subclause (A) or (B) of clause “fourth” of Section 3.2, amounts so drawn or to be deposited, as
the case may be, shall be deposited by the Subordination Agent in such Class A Cash Collateral Account or such Class B Cash Collateral
Account, as applicable. All amounts on deposit in each Cash Collateral Account shall be invested and reinvested in Eligible Investments
in accordance with Section 2.2(b) hereof.

 

On each Interest Payment Date (or, in the
case of any Special Distribution Date with respect to the distribution of a Special Payment, on such Special Distribution Date),
Investment Earnings on amounts on deposit in each Cash Collateral Account with respect to any Liquidity Facility (or, in the case
of any Special Distribution Date with respect to the distribution of a Special Payment, so long as no Indenture Default shall have
occurred and be continuing under the Indenture, a fraction of such Investment Earnings equal to the Section 2.4 Fraction) shall
be deposited in the Collection Account (or, in the case of any Special Distribution Date with respect to the distribution of a
Special Payment, the Special Payments Account) and applied on such Interest Payment Date (or Special Distribution Date, as the
case may be) in accordance with Section 3.2 or 3.3 (as applicable). The Subordination Agent shall deliver a written statement to
United and each Liquidity Provider one day prior to each Interest Payment Date and Special Distribution Date setting forth the
aggregate amount of Investment Earnings held in the Cash Collateral Accounts as of such date. In addition, from and after the date
funds are so deposited, the Subordination Agent shall make withdrawals from such accounts as follows:

 

(i)       on
each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued and unpaid
interest due and owing on the Class A Certificates (at the Stated Interest Rate for the Class A Certificates) after giving effect
to the subordination provisions of this Agreement, withdraw from each Class A Cash Collateral Account of each Class A Liquidity
Provider that has not already funded its Proportionate Share in full via an Interest Drawing, and pay to the Class A Trustee, an
amount equal to the lesser of (x) the product of (1) an amount necessary to pay accrued and unpaid interest (at the Stated
Interest Rate for the Class A Certificates) on the Class A Certificates and (2) the Proportionate Share (or any outstanding portion
thereof) of the related Liquidity Facility and (y) the amount on deposit in such Class A Cash Collateral Account;

 

(ii)       on
each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued and unpaid
interest due and owing on the Class B Certificates (at the Stated Interest Rate for the Class B Certificates) after giving effect
to the subordination provisions of this Agreement, withdraw from the Class B Cash Collateral Account of each Class B Liquidity
Provider that has not already funded its Proportionate Share in full via an Interest Drawing, and pay to the Class B Trustee, an
amount equal to the lesser of (x) the product of (1) an amount necessary to pay accrued

 

    37

     

    

 

 and unpaid interest (at the Stated Interest
Rate for the Class B Certificates) on the Class B Certificates and (2) the Proportionate Share (or any outstanding portion thereof)
of the related Liquidity Facility and (y) the amount on deposit in such Class B Cash Collateral Account;

 

(iii)       on
each date on which the Pool Balance of the Class A Trust shall have been reduced by payments made to the Class A Certificateholders
pursuant to Section 3.2 hereof for such Class, the Subordination Agent shall withdraw from each Class A Cash Collateral Account
such amount as is necessary so that, after giving effect to the reduction of the Pool Balance on such date (and any reduction in
the amounts on deposit in such Class A Cash Collateral Account resulting from a prior withdrawal of amounts on deposit in such
Class A Cash Collateral Account on such date) and any transfer of Investment Earnings from such Cash Collateral Account to the
Collection Account or the Special Payments Account on such date, an amount equal to the sum of the Required Amount for the applicable
Class A Liquidity Facility plus (if on a Distribution Date not coinciding with an Interest Payment Date) Investment Earnings on
deposit in such Cash Collateral Account (after giving effect to any such transfer of Investment Earnings) will be on deposit in
such Class A Cash Collateral Account and shall first, pay such withdrawn amount to the applicable Class A Liquidity Provider until
the Liquidity Obligations (with respect to the Class A Certificates) owing to such Liquidity Provider shall have been paid in full,
and second, deposit any remaining withdrawn amount in the Collection Account;

 

(iv)       on
each date on which the Pool Balance of the Class B Trust shall have been reduced by payments made to the Class B Certificateholders
pursuant to Section 3.2 hereof for such Class, the Subordination Agent shall withdraw from each Class B Cash Collateral Account
such amount as is necessary so that, after giving effect to the reduction of the Pool Balance on such date (and any reduction in
the amounts on deposit in such Class B Cash Collateral Account resulting from a prior withdrawal of amounts on deposit in such
Class B Cash Collateral Account on such date) and any transfer of Investment Earnings from such Cash Collateral Account to the
Collection Account or the Special Payments Account on such date, an amount equal to the sum of the Required Amount for the applicable
Class B Liquidity Facility plus (if on a Distribution Date not coinciding with an Interest Payment Date) Investment Earnings on
deposit in such Cash Collateral Account (after giving effect to any such transfer of Investment Earnings) will be on deposit in
such Class B Cash Collateral Account and shall first, pay such withdrawn amount to the applicable Class B Liquidity Provider until
the Liquidity Obligations (with respect to the Class B Certificates) owing to such Liquidity Provider shall have been paid in full,
and second, deposit any remaining withdrawn amount in the Collection Account;

 

(v)       if
a Replacement Liquidity Facility for any Liquidity Facility shall be delivered to the Subordination Agent following the date on
which funds have been deposited into the Cash Collateral Account related to the Liquidity Facility to be replaced, and, if applicable,
any required consents pursuant to Section 3.5(l) have been obtained, the Subordination Agent shall withdraw all amounts on deposit
in such Cash Collateral Account and shall pay such amounts to the replaced Liquidity Provider until all 

 

    38

     

    

 

Liquidity Obligations owed
to such Person shall have been paid in full, and shall deposit any remaining amount in the Collection Account;

 

(vi)       if
the Liquidity Provider with respect to a Downgraded Facility satisfies the Threshold Rating and delivers written notice to such
effect to the Subordination Agent and United, on the second Business Day following receipt of such notice, the Subordination Agent
shall withdraw all amounts remaining on deposit in the applicable Cash Collateral Account constituting the unapplied amount of
any Downgrade Drawing and shall pay such amounts to such Liquidity Provider and the obligations of such Liquidity Provider shall
be reinstated in accordance with the applicable Liquidity Facility; and

 

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

 

(g)       Reinstatement.
With respect to any Interest Drawing under any Liquidity Facility for any Trust, upon the reimbursement of the applicable Liquidity
Provider for all or any part of the amount of such Interest Drawing, together with any accrued interest thereon, the Available
Amount of such Liquidity Facility shall be reinstated by an amount equal to the amount of such Interest Drawing so reimbursed to
the applicable Liquidity Provider but not to exceed the Stated Amount for such Liquidity Facility; provided, however,
that such Liquidity Facility shall not be so reinstated in part or in full at any time if (x) both a Performing Note Deficiency
exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the relevant Liquidity Facility or
(y) a Final Drawing, a Non-Extension Drawing, a Downgrade Drawing or a Special Termination Drawing shall have occurred with respect
to such Liquidity Facility or an Interest Drawing for such Liquidity Facility shall have been converted into a Final Drawing. In
the event that, with respect to any Liquidity Facility, (i) funds are withdrawn from the related Cash Collateral Account pursuant
to clause (i) or (ii) of Section 3.5(f) hereof or (ii) such Liquidity Facility shall become a Downgraded Facility or a Non-Extended
Facility at a time when unreimbursed Interest Drawings under such Liquidity Facility have reduced the Available Amount thereunder
to zero, then funds received by the Subordination Agent at any time other than (x) any time when a Liquidity Event of Default shall
have occurred and be continuing with respect to such Liquidity Facility and a Performing Note Deficiency exists or (y) any time
after a Final Drawing shall have occurred with respect to such Liquidity Facility or an Interest Drawing for such Liquidity Facility
shall have been converted into a Final Drawing, shall be deposited in such Cash Collateral Account as and to the extent provided
in clause “fourth” of Section 3.2 and applied in accordance with Section 3.5(f) hereof.

 

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

 

    39

     

    

 

(i)       Final
Drawing. Upon receipt from a Liquidity Provider of a Termination Notice with respect to any Liquidity Facility, the Subordination
Agent shall, not later than the date specified in such Termination Notice, in accordance with the terms of such Liquidity Facility,
request a drawing under such Liquidity Facility of all available and undrawn amounts thereunder (a “Final Drawing”).
Amounts drawn pursuant to a Final Drawing shall be maintained and invested in accordance with Section 3.5(f) hereof.

 

(j)       Adjustments
of Stated Amount. Promptly following each date on which the Required Amount of any Liquidity Facility for a Class of Certificates
is reduced as a result of a reduction in the Pool Balance with respect to such Certificates or otherwise, the Stated Amount of
such Liquidity Facility shall automatically be adjusted to an amount equal to the Required Amount with respect to such Liquidity
Facility (as calculated by the Subordination Agent after giving effect to such payment).

 

(k)       Relation
to Subordination Provisions. Interest Drawings under the Liquidity Facilities and withdrawals from the Cash Collateral Accounts
relating to such Liquidity Facilities, in each case, in respect of interest on the Certificates of any Class, will be distributed
to the Trustee for such Class of Certificates, notwithstanding Section 3.2 hereof.

 

(l)       Assignment
of Liquidity Facility; Transfer of Commitments. The Subordination Agent agrees not to consent to the assignment by any Liquidity
Provider of any of its rights or obligations under any Liquidity Facility or any interest therein, unless (i) United shall
have consented to such assignment (unless such consent is expressly not required or has otherwise been granted pursuant to the
terms of the applicable Fee Letter) and (ii) each Rating Agency shall have provided a Ratings Confirmation in respect of such
assignment (unless, in the case of any assignment or transfer of commitments by the Initial Liquidity Provider with respect to
its Initial Liquidity Facility for the Class A Certificates) prior to the six-month anniversary of the Class A Closing Date, the
applicable Replacement Liquidity Provider satisfies the Threshold Rating and notice of such Replacement Liquidity Facility is provided
to each Rating Agency); provided, that the Subordination Agent shall consent to such assignment if the conditions in the
foregoing clauses (i) and (ii) are satisfied, and the foregoing is not intended to and shall not be construed to limit the rights
of any Liquidity Provider under Section 3.5(e)(ii). Notwithstanding the foregoing, but subject to the satisfaction of clauses (i)
and (ii) above, the Initial Liquidity Provider for the Class A Certificates may at its discretion and from time to time arrange
for the issuance of one or more Replacement Liquidity Facilities with respect to all or a portion of its commitments under the
Initial Liquidity Facility for the Class A Certificates, in each case in accordance with the terms set forth in the applicable
Fee Letter, and with delivery of such Replacement Liquidity Facility to the Subordination Agent, together with a legal opinion
opining that such Replacement Liquidity Facility is an enforceable obligation of such Replacement Liquidity Provider. Upon the
effectiveness of any Replacement Liquidity Facility in compliance with the preceding sentence (including written confirmation from
United as to compliance with the requirements in the applicable Fee Letter), (w) the Stated Amount under the Initial Liquidity
Facility for the Class A Certificates shall be reduced by the Stated Amount of such Replacement Liquidity Facility, (x) each of
the parties hereto shall enter into any amendments to this Agreement necessary to give effect, as to such Initial Liquidity Facility,
to (1) the replacement of such Initial Liquidity Provider (in whole or in part) with the applicable Replacement Liquidity Provider
and (2) the replacement of such Initial Liquidity Facility (in whole or in part) with the

 

    40

     

    

 

 applicable Replacement Liquidity Facility,
(y) the applicable Replacement Liquidity Provider shall be deemed to be a Liquidity Provider (but not an Initial Liquidity Provider)
with the rights and obligations of a Liquidity Provider hereunder and under the other Operative Agreements and such Replacement
Liquidity Facility shall be deemed to be a Liquidity Facility hereunder and under the other Operative Documents (as defined in
the Indenture) and (z) to the extent jointly notified to the Subordination Agent by the Initial Liquidity Provider for the Class
A Certificates and the Liquidity Provider under such Replacement Liquidity Facility, such Initial Liquidity Provider’s interest
in any then outstanding Drawing under such Initial Liquidity Facility shall also be so transferred to such Replacement Liquidity
Provider (including by transfer from the applicable Cash Collateral Account of such Initial Liquidity Provider to the Cash Collateral
Account of the Replacement Liquidity Provider), and such interest shall be reduced in an equivalent amount. Upon any such transfer
of an interest in any Drawing, the Available Amount under the Replacement Liquidity Facility and the applicable Initial Liquidity
Facility shall be adjusted accordingly.

 

(m)       Special
Termination Drawing. Upon receipt of a Special Termination Notice with respect to any Liquidity Facility, the Subordination
Agent shall, not later than the date specified in such Special Termination Notice, in accordance with the terms of such Liquidity
Facility, request a drawing under such Liquidity Facility of all available and undrawn amounts thereunder (a “Special
Termination Drawing”). Amounts drawn pursuant to a Special Termination Drawing shall be maintained and invested in accordance
with Section 3.5(f) hereof.

 

ARTICLE
IV

 

EXERCISE OF REMEDIES

 

SECTION 4.1.           
Directions from the Controlling Party. (a) (i) Following the occurrence and during the continuation of an Indenture
Default, the Controlling Party shall direct the Subordination Agent, as the holder of the Equipment Notes issued under the Indenture
and as a secured party under the Security Agreements, which in turn shall direct the Loan Trustee under the Indenture and the Security
Agreements, in the exercise of remedies available to the holder of such Equipment Note and the secured parties under the Indenture
and the Security Agreements, including, without limitation, the ability to vote such Equipment Notes held by the Subordination
Agent in favor of Accelerating such Equipment Notes in accordance with the provisions of the Indenture. If the Equipment Notes
issued pursuant to the Indenture and held by the Subordination Agent have been Accelerated following an Indenture Default with
respect thereto, the Controlling Party may direct the Subordination Agent to sell, assign, contract to sell or otherwise dispose
of and deliver all (but not less than all) of such Equipment Notes to any Person at public or private sale, at any location at
the option of the Controlling Party, all upon such terms and conditions as it may reasonably deem advisable in accordance with
applicable law.

 

(ii)       Following
the occurrence and during the continuation of an Indenture Default, in the exercise of remedies pursuant to the Indenture and the
Security Agreements, the Loan Trustee may be directed to lease the related Collateral to any Person (including United) so long
as the Loan Trustee in doing so acts in a “commercially reasonable” manner within the meaning of Article 9 of the Uniform
Commercial Code as in effect in any applicable jurisdiction (including Sections 9-610 and 9-627 thereof).

 

    41

     

    

 

(iii)       Notwithstanding
the foregoing, so long as any Certificates remain Outstanding, during the period ending on the date which is nine months after
the earlier of (x) the Acceleration of the Equipment Notes issued pursuant to the Indenture and (y) the occurrence of a United
Bankruptcy Event, without the consent of each Trustee, no Collateral subject to the Lien of the Indenture or the Security Agreements
or such Equipment Notes may be sold if the net proceeds from such sale would be less than the Minimum Sale Price for such Collateral
or such Equipment Notes.

 

(iv)       Upon
the occurrence and continuation of an Indenture Default, the Subordination Agent will obtain three desktop appraisals from the
Appraisers selected by the Controlling Party setting forth the current market value, current lease rate and distressed value (in
each case, as defined by the International Society of Transport Aircraft Trading or any successor organization) of each Aircraft
and Spare Engine, and the current market value and the distressed value of the Spare Parts Collateral, in each case then subject
to the Indenture and the Security Agreements (each such appraisal, an “Appraisal” and the current market value
appraisals being referred to herein as the “Post-Default Appraisals”). For so long as any Indenture Default
shall be continuing, and without limiting the right of the Controlling Party to request more frequent Appraisals, the Subordination
Agent will obtain updated Appraisals on the date that is 364 days from the date of the most recent Appraisal (or if a
United Bankruptcy Event shall have occurred and is continuing, on the date that is 180 days from the date of the most
recent Appraisal).

 

(b)       Following
the occurrence and during the continuance of an Indenture Default, the Controlling Party shall take such actions as it may reasonably
deem most effectual to complete the sale or other disposition of the Collateral or Equipment Notes. In addition, in lieu of any
sale, assignment, contract to sell or other disposition, the Controlling Party may maintain or cause the Subordination Agent to
maintain possession of such Equipment Notes and continue to apply monies received in respect of such Equipment Notes in accordance
with Article III hereof. In addition, in lieu of such sale, assignment, contract to sell or other disposition, or in lieu of such
maintenance of possession, the Controlling Party may, subject to the terms and conditions of the Indenture and the Security Agreements,
instruct the Loan Trustee to foreclose on the Lien on the Collateral or to take any other remedial action permitted under the Indenture
and the Security Agreements or under any applicable law.

 

(c)       If
following a United Bankruptcy Event and during the pendency thereof, the Controlling Party receives a proposal from or on behalf
of United to restructure the financing of all or any part of the Collateral, the Controlling Party shall promptly thereafter give
the Subordination Agent and each Trustee notice of the material economic terms and conditions of such restructuring proposal whereupon
the Subordination Agent acting on behalf of each Trustee shall endeavor using reasonable commercial efforts to make such terms
and conditions of such restructuring proposal available to all Certificateholders (whether by posting on DTC’s Internet board
or otherwise) and to each Liquidity Provider that has not made a Final Advance. Thereafter, neither the Subordination Agent nor
any Trustee, whether acting on instructions of the Controlling Party or otherwise, may, without the consent of each Trustee, enter
into any term sheet, stipulation or other agreement (whether in the form of an adequate protection stipulation, an extension under
Section 1110(b) of the Bankruptcy Code or otherwise) to effect any such restructuring proposal with or on behalf of United unless
and until the material economic terms 

 

    42

     

    

 

and conditions of such restructuring shall have been made available to all Certificateholders
and to each Liquidity Provider that has not made a Final Advance for a period of not less than 15 calendar days (except that such
requirement shall not apply to any such term sheet, stipulation or other agreement that is entered into on or prior to the expiry
of the 60-Day Period and that is effective for a period not longer than three months from the expiry of the 60-Day Period). In
the event that any Class B Certificateholder or Additional Certificateholder gives irrevocable notice of the exercise of its right
to purchase all (but not less than all) of the Class of Certificates represented by the then Controlling Party pursuant to the
applicable Trust Agreement prior to the expiry of the 15-day notice period specified above, such Controlling Party may not direct
the Subordination Agent or any Trustee to enter into any such restructuring proposal with respect to all or any part of the Collateral
unless and until such Certificateholder shall fail to purchase such Class of Certificates on the date that it is required to make
such purchase.

 

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

 

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

 

SECTION 4.4.           
Right of Certificateholders and the Liquidity Providers to Receive Payments Not to Be Impaired. Anything in this
Agreement to the contrary notwithstanding but subject to each Trust Agreement, the right of any Certificateholder or any Liquidity
Provider, respectively, to receive payments hereunder (including without limitation pursuant to Section 3.2 hereof) when due, or
to institute suit for the enforcement of any such payment on or after the applicable Distribution Date, shall not be impaired or
affected without the consent of such Certificateholder or such Liquidity Provider, respectively.

 

SECTION 4.5.           
Undertaking for Costs. In any Proceeding for the enforcement of any right or remedy under this Agreement or in any
Proceeding against any Controlling Party 

 

    43

     

    

 

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

 

ARTICLE
V

 

DUTIES OF THE SUBORDINATION AGENT;

AGREEMENTS OF TRUSTEES, ETC.

 

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

 

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

 

(c)       Securities
Position. Upon the occurrence of an Indenture Default, the Subordination Agent shall instruct the Trustees to, and the Trustees
shall, request that DTC post on its Internet bulletin board a securities position listing setting forth the names of all the parties
reflected on DTC’s books as holding interests in the Certificates.

 

(d)       Reports.
Promptly after the occurrence of a Triggering Event or an Indenture Default resulting from the failure of United to make payments
on any Equipment Note and on every Regular Distribution Date while the Triggering Event or such Indenture Default shall be continuing,
the Subordination Agent will provide to the Trustee, the Liquidity Providers, the Rating Agencies and United a statement setting
forth the following information:

 

(i)    after a United Bankruptcy Event,
with respect to the Collateral, whether such Collateral is (A) subject to the 60-day period of Section 1110(a)(2)(A)
of the 

 

    44

     

    

 

Bankruptcy Code, (B) subject to an election by United under Section 1110(a) of the Bankruptcy Code, (C) covered
by an agreement contemplated by Section 1110(b) of the Bankruptcy Code or (D) not subject to any of (A), (B) or
(C);

 

(ii)    to the best of the Subordination
Agent’s knowledge, after requesting such information from United, (A) whether any Spare Engine or Aircraft is currently
in service or parked in storage, (B) the maintenance status of such Spare Engine or Aircraft and (C) the location of
such Spare Engine or any Engine (as defined in the Indenture) and of the Spare Parts Collateral;

 

(iii)    the current Pool Balance of the
Certificates, the Preferred B Pool Balance and the outstanding principal amount of all Equipment Notes;

 

(iv)    the expected amount of interest
which will have accrued on the Equipment Notes and on the Certificates as of the next Regular Distribution Date;

 

(v)    the amounts paid to each Person
on such Distribution Date pursuant to this Agreement;

 

(vi)   details of the amounts paid on
such Distribution Date identified by reference to the relevant provision of this Agreement and the source of payment (by party
and applicable Spare Parts Collateral, Spare Engine or Aircraft);

 

(vii)    if the Subordination Agent has
made a Final Drawing under any Liquidity Facility;

 

(viii)   the amounts currently owed to
each Liquidity Provider;

 

(ix)    the amounts drawn under each Liquidity
Facility; and

 

(x)    after a United Bankruptcy Event,
any operational reports filed by United with the bankruptcy court which are available to the Subordination Agent on a non-confidential
basis.

 

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

 

    45

     

    

 

on the Subordination Agent to take any action, if the Subordination Agent shall have been advised by
counsel that such action is contrary to the terms hereof or is otherwise contrary to law.

 

SECTION 5.3.           
No Duties Except as Specified in this Intercreditor Agreement. The Subordination Agent shall not have any duty or
obligation to take or refrain from taking any action under, or in connection with, this Agreement, except as expressly provided
by the terms of this Agreement; and no implied duties or obligations shall be read into this Agreement against the Subordination
Agent. The Subordination Agent agrees that it will, in its individual capacity and at its own cost and expense (but without any
right of indemnity in respect of any such cost or expense under Section 5.2 or 7.1 hereof) promptly take such action as may be
necessary to duly discharge all Liens on any of the Trust Accounts or any monies deposited therein which result from claims against
it in its individual capacity not related to its activities hereunder or any other Operative Agreement.

 

SECTION 5.4.           
Notice from the Liquidity Providers and Trustees. If any Liquidity Provider or Trustee has notice of an Indenture
Default or a Triggering Event, such Person shall promptly give notice thereof to each other party hereto, provided, however,
that no such Person shall have any liability hereunder as a result of its failure to deliver any such notice.

 

ARTICLE
VI

 

THE SUBORDINATION AGENT

 

SECTION 6.1.           
Authorization; Acceptance of Trusts and Duties. Each of the Class A Trustee and the Class B Trustee hereby designates
and appoints the Subordination Agent as the agent and trustee of such Trustee under each applicable Liquidity Facility and authorizes
the Subordination Agent to enter into each applicable Liquidity Facility as agent and trustee for such Trustee. Each of the Liquidity
Providers and each Trustee hereby designates and appoints the Subordination Agent as the Subordination Agent under this Agreement.
WTNA hereby accepts the duties hereby created and applicable to it as the Subordination Agent and agrees to perform the same but
only upon the terms of this Agreement and agrees to receive and disburse all monies received by it in accordance with the terms
hereof. The Subordination Agent shall not be answerable or accountable under any circumstances, except (a) for its own willful
misconduct or gross negligence (or ordinary negligence in the handling of funds), (b) as provided in Sections 2.2 or 5.3 hereof
and (c) for liabilities that may result from the material inaccuracy of any representation or warranty of the Subordination Agent
made in its individual capacity in any Operative Agreement. The Subordination Agent shall not be liable for any error of judgment
made in good faith by a Responsible Officer of the Subordination Agent, unless it is proved that the Subordination Agent was negligent
in ascertaining the pertinent facts.

 

SECTION 6.2.           
Absence of Duties. The Subordination Agent shall have no duty to see to any recording or filing of this Agreement
or any other document, or to see to the maintenance of any such recording or filing.

 

SECTION 6.3.           
No Representations or Warranties as to Documents. The Subordination Agent in its individual capacity does not make
nor shall be deemed to have made

 

    46

     

    

 

any representation or warranty as to the
validity, legality or enforceability of this Agreement or any other Operative Agreement or as to the correctness of any statement
contained in any thereof, except for the representations and warranties of the Subordination Agent, made in its individual capacity,
under any Operative Agreement to which it is a party. The Certificateholders, the Trustees and the Liquidity Providers make no
representation or warranty hereunder whatsoever.

 

SECTION 6.4.           
No Segregation of Monies; No Interest. Any monies paid to or retained by the Subordination Agent pursuant to any
provision hereof and not then required to be distributed to any Trustee or any Liquidity Provider as provided in Articles II and
III hereof or deposited into one or more Trust Accounts need not be segregated in any manner except to the extent required by such
Articles II and III and by law, and the Subordination Agent shall not (except as otherwise provided in Section 2.2 hereof) be liable
for any interest thereon; provided, however, that any payments received or applied hereunder by the Subordination
Agent shall be accounted for by the Subordination Agent so that any portion thereof paid or applied pursuant hereto shall be identifiable
as to the source thereof.

 

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

 

SECTION 6.6.           
Capacity in Which Acting. The Subordination Agent acts hereunder solely as agent and trustee herein and not in its
individual capacity, except as otherwise expressly provided in the Operative Agreements.

 

    47

     

    

 

SECTION 6.7.           
Compensation. The Subordination Agent shall be entitled to reasonable compensation, including expenses and disbursements,
for all services rendered hereunder and shall have a priority claim to the extent set forth in Article III hereof on all monies
collected hereunder for the payment of such compensation, to the extent that such compensation shall not be paid by others. The
Subordination Agent agrees that it shall have no right against any Trustee or any Liquidity Provider for any fee as compensation
for its services as agent under this Agreement. The provisions of this Section 6.7 shall survive the termination of this Agreement.

 

SECTION 6.8.           
May Become Certificateholder. The institution acting as Subordination Agent hereunder may become a Certificateholder
and have all rights and benefits of a Certificateholder to the same extent as if it were not the institution acting as the Subordination
Agent.

 

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

 

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

 

SECTION 6.10.       
Money to Be Held in Trust. All Equipment Notes, monies and other property deposited with or held by the Subordination
Agent pursuant to this Agreement shall be held in trust for the benefit of the parties entitled to such Equipment Notes, monies
and other property. All such Equipment Notes, monies or other property shall be held in the trust department of the institution
acting as Subordination Agent hereunder.

 

SECTION 6.11.       
Notice of Substitution of Airframe. If the Subordination Agent, in its capacity as a holder of Equipment Notes issued
under the Indenture, receives a notice of substitution of a Substitute Airframe (as defined in the Indenture) pursuant to Section
4.04(f) of the Indenture, the Subordination Agent shall promptly (i) provide a copy of such 

 

    48

     

    

 

notice to each Trustee, each Liquidity
Provider and each Rating Agency and (ii) on behalf of each Trustee post such notice on DTC’s Internet bulletin board or make
such other commercially reasonable efforts as the Subordination Agent may deem appropriate to make the contents of such notice
available to all Certificateholders.

 

ARTICLE
VII

 

INDEMNIFICATION OF SUBORDINATION AGENT

 

SECTION 7.1.           
Scope of Indemnification. The Subordination Agent shall be indemnified hereunder to the extent and in the manner
described in Section 8.1 of the Original Note Purchase Agreement and Section 8.1 of the Note Purchase Agreement. The indemnities
contained in such Sections of such agreements shall survive the termination of this Agreement.

 

ARTICLE
VIII

 

SUCCESSOR SUBORDINATION AGENT

 

SECTION 8.1.           
Replacement of Subordination Agent; Appointment of Successor. The Subordination Agent may resign at any time by so
notifying each other party hereto. The Controlling Party may remove the Subordination Agent for cause by so notifying the Subordination
Agent and may appoint a successor Subordination Agent. The Controlling Party shall remove the Subordination Agent if:

 

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

 

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

 

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

 

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

 

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

 

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

 

    49

     

    

 

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

 

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

 

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

 

ARTICLE
IX

 

SUPPLEMENTS AND AMENDMENTS

 

SECTION 9.1.           
Amendments, Waivers, Possible Future Issuance of an Additional Class of Certificates, etc. (a)  This Agreement
may not be supplemented, amended or modified without the consent of each Trustee (acting, except in the case of any amendment pursuant
to Section 3.5(e)(v)(y) or the penultimate sentence of Section 3.5(l) hereof with respect to any Replacement Liquidity Facility
or any amendment contemplated by the last sentence of this Section 9.1(a), with the consent of holders of Certificates of the related
Class evidencing interests in the related Trust aggregating not less than a majority in interest in such Trust or as otherwise
authorized pursuant to the relevant Trust Agreement), the Subordination Agent and each Liquidity Provider; provided, however,
that this Agreement may be supplemented, amended or modified without the consent of any Trustee if such supplement, amendment or
modification (i) is in accordance with Section 9.1(c) or Section 9.1(d) hereof or (ii) cures an ambiguity or inconsistency
or does not materially adversely affect such Trustee or the holders of the related Class of Certificates; provided further,
however, that, if such supplement, amendment or modification (A) would (x) directly or indirectly modify or supersede, or
otherwise conflict with, Section 2.2(b), Section 3.5(e), Section 3.5(f) (other than the last sentence thereof), Section 3.5(l),
the last sentence of this Section 9.1(a), Section 9.1(c), Section 9.1(d), the second sentence of Section 10.6 or this proviso (collectively,
the “United Provisions”) or (y) otherwise adversely affect the interests of a potential Replacement Liquidity
Provider or of United with respect to its ability to replace any Liquidity Facility or with respect to its payment obligations
under any Operative Agreement or (B) is made pursuant to the last sentence of this Section 9.1(a) or pursuant to Section 9.1(c)
or Section 9.1(d), then such supplement, amendment or modification shall not be effective without the additional written consent
of United. Notwithstanding the foregoing, without the consent of each Certificateholder and each Liquidity Provider, no supplement,
amendment or modification of this Agreement may (i) reduce the percentage of the interest in any Trust evidenced by the Certificates
issued by such Trust necessary to consent to modify or amend any provision of this Agreement or to waive compliance therewith or
(ii) except as provided in this Section 9.1(a), Section 9.1(c) or Section 9.1(d), modify Section 2.4 or 3.2 hereof, relating to
the distribution of monies received by the Subordination Agent hereunder 

 

    50

     

    

 

from the Equipment Notes or pursuant to the Liquidity
Facilities. Nothing contained in this Section shall require the consent of a Trustee at any time following the payment of Final
Distributions with respect to the related Class of Certificates. If the Replacement Liquidity Facility for any Liquidity Facility
in accordance with Section 3.5(e) hereof is to be comprised of more than one instrument as contemplated by the definition of the
term “Replacement Liquidity Facility”, then each of the parties hereto agrees to amend this Agreement, if necessary,
to incorporate appropriate mechanics for multiple Liquidity Facilities for an individual Trust.

 

(b)       In
the event that the Subordination Agent, as the registered holder of any Equipment Notes, receives a request for the giving of any
notice or for its consent to any amendment, supplement, modification, consent or waiver under such Equipment Notes or the Indenture,
any Security Agreement or other related document, (i) if no Indenture Default shall have occurred and be continuing, the Subordination
Agent shall request directions with respect to each Series of such Equipment Notes from the Trustee of the Trust which holds such
Equipment Notes and shall vote or consent in accordance with the directions of such Trustee, and (ii) if any Indenture Default
shall have occurred and be continuing, the Subordination Agent will exercise its voting rights with respect to such Equipment Notes
as directed by the Controlling Party (subject to Sections 4.1 and 4.4 hereof); provided that no such amendment, supplement,
modification, consent or waiver shall, without the consent of each affected Certificateholder and each Liquidity Provider, reduce
the amount of principal or interest payable by United under any Equipment Note or change the time of payment or method of calculation
of any amount under any Equipment Note.

 

(c)       If
the Series B Equipment Note is repaid and re-issued in accordance with the terms of Section 6.1.5 of the Original Note Purchase
Agreement and Section 6.1.5 of the Note Purchase Agreement, or any series of Additional Equipment Notes issued pursuant to Section
9.1(d) are repaid and re-issued in accordance with Section 6.1.5 of the Original Note Purchase Agreement and Section 6.1.5 of the
Note Purchase Agreement, such series of re-issued Equipment Notes (the “Refinancing Equipment Notes”) shall
be issued to a new pass through trust (a “Refinancing Trust”) that issues a class of pass through certificates
(the “Refinancing Certificates”) to certificateholders (the “Refinancing Certificateholders”)
pursuant to a pass through trust agreement (a “Refinancing Trust Agreement”) with a trustee (a “Refinancing
Trustee”). A Refinancing Trust, a Refinancing Trustee and the Refinancing Certificates shall be subject to all of the
provisions of this Agreement in the same manner as the Class B Trust or the applicable Additional Trust, the Class B Trustee or
the applicable Additional Trustee and the Class B Certificates or the applicable Additional Certificates, whichever corresponds
to the series of the refinanced Equipment Notes, including the subordination of the Refinancing Certificates to the Administration
Expenses, the Liquidity Obligations and the Class A Certificates and, if applicable, the Class B Certificates and, if applicable,
any previously issued class of Additional Certificates. Such issuance of Refinancing Equipment Notes and Refinancing Certificates
and the amendment of this Agreement as provided below shall require Ratings Confirmation and shall not materially adversely affect
any of the Trustees. This Agreement shall be amended by written agreement of United and the Subordination Agent to give effect
to the issuance of any Refinancing Certificates subject to the following terms and conditions:

 

(i)       the
Refinancing Trustee shall be added as a party to this Agreement;

 

    51

     

    

 

(ii)       the
definitions of “Certificate”, “Class”, “Class B Certificates” (if applicable), “Final
Legal Distribution Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such
other applicable definitions) shall be revised, as appropriate, to reflect such issuance (and the subordination of the Refinancing
Certificates and the Refinancing Equipment Notes);

 

(iii)       with
respect to any refinancing of the Series B Equipment Note or any series of Additional Equipment Notes, the Refinancing Certificates
may have the benefit of credit support similar to the Liquidity Facilities, or different therefrom; provided that (A) claims for
fees, interest, expenses, reimbursement of advances and other obligations arising from such credit support (1) may, in the case
of any refinancing of the Class B Certificates or, if issued, Class C Certificates (but not to any other classes of Additional
Certificates), rank pari passu with similar claims in respect of each Class A Liquidity Facility so long as the prior written consent
of each Class A Liquidity Provider, and, in the case of Class C Certificates, each Class B Liquidity Provider, shall have been
obtained or (2) shall, in the case of all Classes of Additional Certificates to which clause (1) is not applicable, be subordinated
to the Administration Expenses, the Liquidity Obligations, the Class A Certificates, the Class B Certificates and any Additional
Certificates that rank senior in right of payment to the applicable Refinancing Certificates and (B) in each case, a Ratings Confirmation
with respect to each such Class of Certificates then rated by the Rating Agencies shall have been obtained from each such Rating
Agency;

 

(iv)       the
Refinancing Certificates cannot be issued to United but may be issued to any of United’s Affiliates so long as such Affiliate
shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents
and any subsequent transfer of the Refinancing Certificates to any Affiliate of United shall be similarly restricted; and

 

(v)       the
scheduled payment dates on the Refinancing Equipment Notes shall be on the Regular Distribution Dates.

 

The issuance of the Refinancing Certificates
in compliance with all of the foregoing terms of this Section 9.1(c) shall not require the consent of any of the Trustees or the
holders of any Class of Certificates. Each of the Liquidity Providers hereby agrees and confirms that it shall be deemed to consent
to any issuance and amendment in accordance with this Section 9.1(c) (subject to each Class A Liquidity Provider’s consent
right in Section 9.1(c)(iii)) and any such issuance and amendment shall not affect any of its respective obligations under the
Liquidity Facilities.

 

(d)       Pursuant
to the terms of Section 2.02 of the Indenture and Section 6.1.5 of the Original Note Purchase Agreement and Section 6.1.5 of the
Note Purchase Agreement, one or more additional series of Equipment Notes (the “Additional Equipment Notes”),
which shall be subordinated in right of payment to the Series A Equipment Note and the Series B Equipment Note under the Indenture,
may be issued at any time, and from time to time, on or after the Class B Closing Date. If any series of Additional Equipment Notes
are issued under the Indenture, each such series of Additional Equipment Notes shall be issued to a new pass through trust (an

 

    52

     

    

 

“Additional Trust”) that
issues a class of pass through certificates (the “Additional Certificates”) to certificateholders (the “Additional
Certificateholders”) pursuant to a pass through trust agreement (an “Additional Trust Agreement”)
with a trustee (an “Additional Trustee”). In such case, this Agreement shall be amended by written agreement
of United and the Subordination Agent to provide for the subordination of the Additional Certificates to the Administration Expenses,
the Liquidity Obligations, the Class A Certificates and the Class B Certificates and, if applicable, any previously issued class
of Additional Certificates (subject to clause (iii) below). Such issuance and the amendment of this Agreement as provided below
shall require Ratings Confirmation and shall not materially adversely affect any of the Trustees. This Agreement shall be amended
by written agreement of United and the Subordination Agent to give effect to the issuance of any Additional Certificates subject
to the following terms and conditions:

 

(i)       the
Additional Trustee shall be added as a party to this Agreement;

 

(ii)       the
definitions of “Certificate”, “Class”, “Equipment Notes”, “Final Legal Distribution Date”,
 “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable definitions)
shall be revised, as appropriate, to reflect the issuance of the Additional Certificates (and the subordination thereof);

 

(iii)       Section
3.2 may be revised to provide for the distribution of “Adjusted Interest” for such class of Additional Certificates
(calculated in a manner substantially similar to the calculation of Class B Adjusted Interest) after the Class B Adjusted Interest
(and, if applicable, any “Adjusted Interest” for any previously issued class of Additional Certificates), but before
Expected Distributions on the Class A Certificates;

 

(iv)        the
Additional Certificates may be rated by the Rating Agencies;

 

(v)       the
Additional Certificates may have the benefit of credit support similar to the Liquidity Facilities, or different therefrom; provided
that (A) claims for fees, interest, expenses, reimbursement of advances and other obligations arising from such credit support
(1) may, in the case of Class C Certificates (but not to any other classes of Additional Certificates), rank pari passu with similar
claims in respect of each Class A Liquidity Facility and each Class B Liquidity Facility so long as the prior written consent of
each Class A Liquidity Provider and each Class B Liquidity Provider shall have been obtained, or (2) shall, in the case of all
Classes of Additional Certificates to which clause (1) is not applicable, be subordinated to the Administration Expenses, the Liquidity
Obligations, the Class A Certificates and the Class B Certificates and (B) Ratings Confirmation with respect to each such Class
of Certificates then rated by the Rating Agencies shall have been obtained from each such Rating Agency;

 

(vi)       the
Additional Certificates cannot be issued to United but may be issued to any of United’s Affiliates so long as such Affiliate
shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents
and any subsequent transfer of the Additional Certificates to any Affiliate of United shall be similarly restricted;

 

(vii)       the
provisions of this Agreement governing payments with respect to Certificates and related notices, including Sections 2.4, 3.1 and
3.2, shall be revised to provide

 

    53

     

    

 

 for distributions on such class of the Additional Certificates after payment of Administration
Expenses, the Liquidity Obligations, the Class A Certificates and the Class B Certificates (and, if applicable, any previously
issued class of Additional Certificates), subject to clause (iii) above;

 

(viii)       the
scheduled payment dates on such series of Additional Equipment Notes shall be on the Regular Distribution Dates; and

 

(ix)       the
applicable provisions of Article X hereof shall be revised to account for such Additional Certificates.

 

The issuance of the Additional Certificates
in compliance with all of the foregoing terms of this Section 9.1(d) shall not require the consent of any of the Trustees or the
holders of any Class of Certificates. Each of the Liquidity Providers hereby agrees and confirms that it shall be deemed to consent
to any issuance and amendment in accordance with this Section 9.1(d) and any such issuance and amendment shall not affect
any of its respective obligations under the Liquidity Facilities.

 

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

 

SECTION 9.3.           
Effect of Supplemental Agreements. Upon the execution of any amendment, consent or supplement hereto pursuant to
the provisions hereof, this Agreement shall be and be deemed to be and shall be modified and amended in accordance therewith and
the respective rights, limitations of rights, obligations, duties and immunities under this Agreement of the parties hereto and
beneficiaries hereof shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such amendment, consent or supplement shall be and be deemed to be and
shall be part of the terms and conditions of this Agreement for any and all purposes. In executing or accepting any amendment,
consent or supplement permitted by this Article IX, the Subordination Agent shall be entitled to receive, and shall be fully protected
in relying upon, an opinion of counsel stating that the execution of such amendment, consent or supplement is authorized or permitted
by this Agreement.

 

SECTION 9.4.           
Notice to Rating Agencies. Promptly upon receipt of any amendment, consent, modification, supplement or waiver contemplated
by this Article IX and prior to taking any action required to be taken thereunder, the Subordination Agent shall send a copy thereof
to each Rating Agency.

 

ARTICLE
X

MISCELLANEOUS

 

SECTION 10.1.       
Termination of Intercreditor Agreement. Following payment of Final Distributions with respect to each Class of Certificates
and the payment in full of all

 

    54

     

    

 

Liquidity
Obligations to the Liquidity Providers and provided that there shall then be no other amounts due to the Certificateholders,
the Trustees, the Liquidity Providers and the Subordination Agent hereunder or under the Trust Agreements, and that the commitment
of the Liquidity Providers under the Liquidity Facilities shall have expired or been terminated, this Agreement and the trusts
created hereby shall terminate and this Agreement shall be of no further force or effect. Except as aforesaid or otherwise provided,
this Agreement and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof.

 

SECTION 10.2.       
Intercreditor Agreement for Benefit of Trustees, Liquidity Providers and Subordination Agent. Subject to the second
sentence of Section 10.6 and the provisions of Sections 4.4 and 9.1, nothing in this Agreement, whether express or implied,
shall be construed to give to any Person other than the Trustees, the Liquidity Providers and the Subordination Agent any legal
or equitable right, remedy or claim under or in respect of this Agreement.

 

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

 

(i)           if
to the Subordination Agent, addressed to at its office at:

 

Wilmington Trust,
National Association

1100 North Market
Square

Wilmington, Delaware
19890-1605

Attention: Corporate
Capital Market Services

Telephone: (302)
636-6296

Telecopy: (302)
636-4140

 

(ii)          if
to any Trustee, addressed to it at its office at:

 

Wilmington Trust,
National Association

1100 North Market
Square

Wilmington, Delaware
19890-1605

Attention: Corporate
Capital Market Services

Telephone: (302)
636-6296

Telecopy: (302)
636-4140

 

(iii)        if
to any Class A Liquidity Provider or Class B Liquidity Provider (in each case, as set forth below), addressed to it at its office
at:

 

		(a)	Goldman Sachs Bank USA
	 	 	200 West Street

New York, NY 10282

Attention: Jordan Travis

Telephone: 972-368-8076

Fax: 917-977-3966

 

    55

     

    

 

Email: gs-pfi-servicing@ny.email.gs.com

 

		(b)	Barclays Bank PLC

745 7th Avenue

New York, NY 10019

Attention: Anh Tran

Telephone: (212) 412-3806

Facsimile: (1) 972 535 5728

Email: Anh.Tran@barclays.com; Ltmny@barclays.com;
xraUSOversightteamCh@barclays.com; 19725355728@tls.ldsprod.com

 

		(c)	Morgan Stanley Bank, N.A.

1300 Thames Street Wharf, 4th Floor

Baltimore, MD 21231

Attention: Gloria Tubene and John M. Badibanga

Telephone: 443-627-4355

Facsimile: 718-233-2140

Email: Gloria.Tubene@morganstanley.com; John.Badibanga@morganstanley.com;
MSLoanNotices@morganstanley.com; msloanservicing@morganstanley.com

 

		(d)	Citibank, N.A.

388 Greenwich Street, 32nd Floor

New York, NY 10013

Attention: Meghan O’Connor

Telephone: +1 212-816-8557

Email: meghan.oconnor@citi.com

Attention: Justin Green

Telephone: +1 212-816-6744

Email: justin.a.green@citi.com

 

		(e)	Credit Suisse AG, New York Branch

Eleven Madison Avenue, 8th Floor

New York, NY 10010

Attn: Loan Operations – Agency Manager

Fax No. 212-322-2291

Email: agency.loanops@credit-suisse.com

Dhadda, Vipul | vipul.dhadda@credit-suisse.com |
+1 212 538 5415

Thierry, Nicolas | nicolas.thierry@credit-suisse.com
| +1 212 325 5423

 

Whenever any notice in writing is required to be given by any
Trustee, any Liquidity Provider or the Subordination Agent to any of the other of them, such notice shall be deemed given and such
requirement satisfied when such notice is received. Any party hereto may change the address to

 

    56

     

    

 

 which notices to such party will
be sent by giving notice of such change to the other parties to this Agreement.

 

SECTION 10.4.       
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

SECTION 10.5.       
No Oral Modifications or Continuing Waivers. No terms or provisions of this Agreement may be changed, waived, discharged
or terminated orally, but only by an instrument in writing signed by the party or other Person against whom enforcement of the
change, waiver, discharge or termination is sought and any other party or other Person whose consent is required pursuant to this
Agreement and any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.

 

SECTION 10.6.       
Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit
of, each of the parties hereto and the successors and assigns of each, all as herein provided. In addition, the United Provisions
shall inure to the benefit of United and its successors and assigns, and (without limitation of the foregoing) United is hereby
constituted, and agreed to be, an express third party beneficiary of the United Provisions.

 

SECTION 10.7.       
Headings. The headings of the various Articles and Sections herein and in the table of contents hereto are for convenience
of reference only and shall not define or limit any of the terms or provisions hereof.

 

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

 

SECTION 10.9.       
Subordination. (a)  As between the Liquidity Providers (and any additional liquidity provider in respect
of any Refinancing Certificates), on the one hand, and the Trustees (and any Refinancing Trustees or Additional Trustee) and the
Certificateholders (and any Refinancing Certificateholders or Additional Certificateholders), on the other hand, and as among the
Trustees (and any Refinancing Trustees or Additional Trustee) and the related Certificateholders (and any Refinancing Certificateholders
or Additional Certificateholders), this Agreement shall be a subordination agreement for purposes of Section 510 of the United
States Bankruptcy Code, as amended from time to time.

 

(b)       Notwithstanding
the provisions of this Agreement, if prior to the payment in full to the Liquidity Providers of all Liquidity Obligations then
due and payable, any party hereto shall have received any payment or distribution in respect of Equipment Notes or any other amount
under the Indenture or other Operative Agreements which, had the subordination provisions of this Agreement been properly applied
to such payment, distribution or other amount, would not have been distributed to such Person, then such payment, distribution
or other 

 

    57

     

    

 

amount shall be received and held in trust by such Person and paid over or delivered to the Subordination Agent for application
as provided herein.

 

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

 

(d)       Each
Trustee (on behalf of itself and the holders of the Certificates for which it acts as Trustee), the Liquidity Providers and the
Subordination Agent confirm that the payment priorities specified in Section 3.2 shall apply in all circumstances, notwithstanding
the fact that the obligations owed to the Trustees and the holders of Certificates are secured by certain assets and the Liquidity
Obligations may not be so secured. Each Trustee expressly agrees (on behalf of itself and the holders of the Certificates for which
it acts as Trustee) not to assert priority over the holders of Liquidity Obligations (except as specifically set forth in Section
3.2) due to their status as secured creditors in any bankruptcy, insolvency or other legal proceeding.

 

(e)       Each
Trustee (on behalf of itself and the holders of the Certificates for which it acts as Trustee), the Liquidity Providers and the
Subordination Agent may take any of the following actions without impairing their rights under this Agreement:

 

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

 

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

 

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

 

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

 

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

 

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

 

    58

     

    

 

SECTION 10.10.   
Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 

SECTION 10.11.   
Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity.

 

(a)       Each
of the parties hereto hereby irrevocably and unconditionally:

 

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

 

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

 

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

 

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

 

(b)       EACH
OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP
THAT IS BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty claims and all other common
law and statutory claims. Each of the parties warrants and represents that it has reviewed this waiver with its legal counsel,
and that it knowingly and voluntarily waives its jury trial rights following consultation with such legal counsel. THIS WAIVER
IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

(c)       To
the extent that any Liquidity Provider or any of the properties of any Liquidity Provider has or may hereafter acquire any right
of immunity, whether characterized as sovereign immunity or otherwise, and whether under the United States Foreign Sovereign Immunities
Act

 

    59

     

    

 

 of 1976 (or any successor legislation) or otherwise, from any legal proceedings, whether in the United States or elsewhere,
to enforce or collect upon this Agreement, including, without limitation, immunity from suit or service of process, immunity from
jurisdiction or judgment of any court or tribunal or execution of a judgment, or immunity of any of its property from attachment
prior to any entry of judgment, or from attachment in aid of execution upon a judgment, such Liquidity Provider hereby irrevocably
and expressly waives any such immunity, and agrees not to assert any such right or claim in any such proceeding, whether in the
United States or elsewhere.

 

SECTION 10.12.   
Acknowledgment; Direction; Amendment and Restatement. Each party hereto (including WTNA) (a) agrees that this Agreement
is entered into pursuant to and consistent with Section 9.1 of the Original Intercreditor Agreement, (b) acknowledges and agrees
that, from and after the date hereof, this Agreement shall constitute the “Intercreditor Agreement” for all purposes
of the Operative Agreements, (c) acknowledges and agrees that, the Class B Certificates are “Additional Certificates”
(and the “Class B Certificates”) as contemplated pursuant to Section 9.1(d) of the Original Intercreditor Agreement
and (d) acknowledges and agrees that, from and after the date hereof, it shall be deemed a party to the Intercreditor Agreement
and it shall have and shall perform all of the rights and obligations relating to it under the Intercreditor Agreement and the
other Operative Agreements. Each Trustee and the Subordination Agent (i)
are authorized to enter into, execute, deliver and perform its obligations under this Agreement and the Note Purchase Agreement and
each other document, instrument or writing as may be contemplated by, or necessary or convenient in connection with, the Note Purchase
Agreement or any of the foregoing and (ii) hereby instruct the Loan Trustee with respect to each Indenture to enter into, execute,
deliver and perform its obligations under the Note Purchase Agreement, the First Amendment to Indenture Agreement and each
other document, instrument or writing as may be contemplated by, or necessary or convenient in connection with, the Note Purchase
Agreement or any of the foregoing.

 

    60

     

    

 

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

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	not in its individual capacity but solely as Trustee for each of the Class A Trust and the Class B Trust
	 	 
	 	By  	/s/ Chad May
	 	Name:  	Chad May
	 	Title:	Vice President
	 	 
	 	GOLDMAN SACHS BANK USA, as a Class A Liquidity Provider and a Class B Liquidity Provider
	 	 
	 	By	/s/ Charles Johnston
	 	Name:  Charles Johnston
	 	Title: Authorized Signatory 
	 	 
	 	 
	 	BARCLAYS BANK PLC, as a Class A Liquidity Provider
	 	 
	 	By	/s/ Craig Malloy 
	 	Name:  Craig Malloy 
	 	Title: Director
	 	 
	 	 
	 	MORGAN STANLEY BANK, N.A., as a Class A Liquidity Provider
	 	 
	 	By	/s/ Jack Kuhns
	 	Name:  Jack Kuhns
	 	Title: Vice President
	 	 
	 	CITIBANK, N.A., as a Class B Liquidity Provider
	 	 
	 	By	/s/ Joseph Shanahan
	 	Name:  Joseph Shanahan
	 	Title: Vice President 

 

    

     

    

 

	 	CREDIT SUISSE AG, NEW YORK BRANCH, as a Class B Liquidity Provider
	 	 
	 	By	/s/ Vipul Dhadda
	 	Name:  Vipul Dhadda
	 	Title: Authorized Signatory 
	 	 
	 	 
	 	By:	/s/ Brady Bingham
	 	Name :  Brady Bingham
	 	Title : Authorized Signatory 
	 	 
	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	not in its individual capacity except as expressly set forth herein but solely as Subordination Agent and Trustee
	 	 
	 	By	/s/ Chad May
	 	Name:  	Chad May
	 	Title:	Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]