Document:

<PAGE>   1
                                                                     Exhibit 4.7

                                                                       EXECUTION

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                           REVOLVING CREDIT AGREEMENT
                                    (2000-1C)

                            Dated as of July 7, 2000

                                     between

                            WILMINGTON TRUST COMPANY,

                    not in its individual capacity but solely
                             as Subordination Agent,
                          as agent and trustee for the
                America West Airlines Pass Through Trust 2000-1C

                                   as Borrower

                                       and

                                 CITIBANK, N.A.

                              as Liquidity Provider

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                                   Relating to

                America West Airlines Pass Through Trust 2000-1C
             9.244% America West Airlines Pass Through Certificates,
                                 Series 2000-1C
<PAGE>   2
                                TABLE OF CONTENTS

<TABLE>
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<S>                                                                                                                <C>
ARTICLE I  DEFINITIONS...........................................................................................    1

   SECTION 1.01.  CERTAIN DEFINED TERMS..........................................................................    1

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

   SECTION 2.01.  THE ADVANCES...................................................................................    7
   SECTION 2.02.  MAKING THE ADVANCES............................................................................    7
   SECTION 2.03.  FEES...........................................................................................    9
   SECTION 2.04.  ADJUSTMENTS OR TERMINATION OF THE MAXIMUM COMMITMENT...........................................    9
   SECTION 2.05.  REPAYMENTS OF INTEREST ADVANCES OR THE FINAL ADVANCE...........................................   10
   SECTION 2.06.  REPAYMENTS OF PROVIDER ADVANCES................................................................   10
   SECTION 2.07.  PAYMENTS TO THE LIQUIDITY PROVIDER UNDER THE INTERCREDITOR AGREEMENT...........................   11
   SECTION 2.08.  BOOK ENTRIES...................................................................................   11
   SECTION 2.09.  PAYMENTS FROM AVAILABLE FUNDS ONLY.............................................................   11
   SECTION 2.10.  EXTENSION OF THE EXPIRY DATE; NON-EXTENSION ADVANCE............................................   12

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

   SECTION 3.01.  INCREASED COSTS................................................................................   12
   SECTION 3.02.  CAPITAL ADEQUACY...............................................................................   13
   SECTION 3.03.  PAYMENTS FREE OF DEDUCTIONS....................................................................   14
   SECTION 3.04.  PAYMENTS.......................................................................................   15
   SECTION 3.05.  COMPUTATIONS...................................................................................   15
   SECTION 3.06.  PAYMENT ON NON-BUSINESS DAYS...................................................................   15
   SECTION 3.07.  INTEREST.......................................................................................   15
   SECTION 3.08.  REPLACEMENT OF BORROWER........................................................................   16
   SECTION 3.09.  FUNDING LOSS INDEMNIFICATION...................................................................   16
   SECTION 3.10.  ILLEGALITY.....................................................................................   17

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

   SECTION 4.01.  CONDITIONS PRECEDENT TO EFFECTIVENESS OF SECTION 2.01..........................................   17
   SECTION 4.02.  CONDITIONS PRECEDENT TO BORROWING..............................................................   19

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

   SECTION 5.01.  AFFIRMATIVE COVENANTS OF THE BORROWER..........................................................   19
   SECTION 5.02.  NEGATIVE COVENANTS OF THE BORROWER.............................................................   19

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

   SECTION 6.01.  LIQUIDITY EVENTS OF DEFAULT....................................................................   20

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

   SECTION 7.01.  AMENDMENTS, ETC................................................................................   20
   SECTION 7.02.  NOTICES, ETC...................................................................................   20
   SECTION 7.03.  NO WAIVER; REMEDIES............................................................................   21
   SECTION 7.04.  FURTHER ASSURANCES.............................................................................   21
   SECTION 7.05.  INDEMNIFICATION; SURVIVAL OF CERTAIN PROVISIONS................................................   21
   SECTION 7.06.  LIABILITY OF THE LIQUIDITY PROVIDER............................................................   22
   SECTION 7.07.  COSTS, EXPENSES AND TAXES......................................................................   22
   SECTION 7.08.  BINDING EFFECT; PARTICIPATIONS.................................................................   23
   SECTION 7.09.  SEVERABILITY...................................................................................   24
   SECTION 7.10.  GOVERNING LAW..................................................................................   24
   SECTION 7.11.  SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL; WAIVER OF IMMUNITY...........................   24
</TABLE>

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<PAGE>   3
                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<S>                                                                                                                 <C>
   SECTION 7.12.  EXECUTION IN COUNTERPARTS......................................................................   25
   SECTION 7.13.  ENTIRETY.......................................................................................   25
   SECTION 7.14.  HEADINGS.......................................................................................   25
   SECTION 7.15.  TRANSFER.......................................................................................   26
   SECTION 7.16.  LIQUIDITY PROVIDER'S OBLIGATION TO MAKE ADVANCES...............................................   26
</TABLE>

                                       ii
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                               TABLE OF CONTENTS
                                  (CONTINUED)

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

                                      iii
<PAGE>   5
                           REVOLVING CREDIT AGREEMENT

                  This REVOLVING CREDIT AGREEMENT dated as of July 7, 2000,
between WILMINGTON TRUST COMPANY, a Delaware banking corporation, 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 C Trust
(as defined below) (the "Borrower"), and CITIBANK, N.A., a national banking
association ("Citibank" or the "Liquidity Provider").

                              W I T N E S S E T H:

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

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

                  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 Cost" has the meaning assigned to such term in
         Section 3.01.

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

                  "Applicable Liquidity Rate" has the meaning assigned to such
         term in Section 3.07(f).

                  "Applicable Margin" means (x) with respect to any Unpaid
         Advance or Applied Provider Advance, 2.00% and (y) with respect to any
         Unapplied Provider Advance, 0.35%.

                  "Applied Downgrade Advance" has the meaning assigned to such
         term in Section 2.06(a).
<PAGE>   6
                                                                               2

                  "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).

                  "Assignment and Assumption Agreement" means the Assignment and
         Assumption to be entered into between the Borrower and the trustee of
         the Successor Trust, substantially in the form of Exhibit D to the
         Class C Trust Agreement.

                  "Base Rate" means a fluctuating interest rate per annum in
         effect from time to time, which rate per annum shall at all times be
         equal to (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.

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

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

                  "Depositary" means Citibank, N.A.

                  "Deposit Agreement" means the Deposit Agreement dated as of
         the date hereof between Wilmington Trust Company, as Escrow Agent and
         Citibank, N.A., as Depositary, pertaining to the Class C Certificates,
         as the same may be amended, modified or supplemented from time to time
         in accordance with the terms thereof.
<PAGE>   7
                                                                               3

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

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

                  "Excluded Taxes" means (i) taxes imposed on the overall net
         income of the Liquidity Provider or of its Lending Office by the
         jurisdiction where such Liquidity Provider's principal office or such
         Lending 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 as a result of any change in
         applicable law (excluding from change in applicable law for this
         purpose a change in an applicable treaty or other change in law
         affecting the applicability of a treaty) after the date hereof, or in
         the case of a successor Liquidity Provider (including a transferee of
         an Advance) or Lending Office, after the date on which such successor
         Liquidity Provider obtains its interest or on which the Lending Office
         is changed, and (ii) any withholding Taxes imposed by the United States
         which are imposed or increased as a result of the Liquidity Provider
         failing to deliver to the Borrower any certificate or document (which
         certificate or document in the good faith judgment of the Liquidity
         Provider it is legally entitled to provide) which is reasonably
         requested by the Borrower to establish that payments under this
         Agreement are exempt from (or entitled to a reduced rate of)
         withholding Tax.

                  "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 July 5, 2001, initially, or any date to
         which the Expiry Date is extended pursuant to Section 2.10.

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

                  "Intercreditor Agreement" means the Intercreditor Agreement
         dated as of the date hereof, among the Trustees, the Liquidity
         Provider, the liquidity provider under each Liquidity Facility (other
         than this Agreement), the Policy Provider and the Subordination Agent,
         as the same may be amended, supplemented or otherwise modified from
         time to time in accordance with its terms.

                  "Interest Advance" means an advance made pursuant to Section
         2.02(a).

                  "Interest Period" means, with respect to any LIBOR Advance,
         each of the following periods:
<PAGE>   8
                                                                               4

                  (i)      the period beginning on the third Business Day
                           following either (x) the Liquidity Provider's receipt
                           of the Notice of Borrowing for such LIBOR Advance or
                           (y) the withdrawal of funds from the Class C Cash
                           Collateral Account for the purpose of paying interest
                           on the Class C Certificates as contemplated by
                           Section 2.06(a) hereof and, in either case, ending on
                           the next Regular Distribution Date; and

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

         provided, however, that (I) if an Unapplied Provider Advance which is a
         LIBOR Advance becomes an Applied Provider Advance, the Interest Period
         then applicable to such Unapplied Provider Advance shall be applicable
         to such Applied Provider Advance and (II) if (x) the Final Advance
         shall have been made, or (y) other outstanding Advances shall have been
         converted into the Final Advance, then the Interest Periods shall be
         successive periods of one month beginning on the third Business Day
         following the Liquidity Provider's receipt of the Notice of Borrowing
         for such Final Advance (in the case of clause (x) above) or the last
         day of the Interest Period then applicable to such outstanding Advances
         (in the case of clause (y) above).

                  "Lending Office" means the lending office of the Liquidity
         Provider in which it books this facility presently located in New York,
         New York, or such other lending office as the Liquidity Provider from
         time to time shall notify the Borrower as its "Lending Office"
         hereunder in which it books this facility; provided that the Liquidity
         Provider shall not change its Lending Office to a Lending Office
         outside the United States of America except in accordance with Section
         3.01, 3.02 or 3.03 hereof.

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

                  "LIBOR Rate" means, with respect to any Interest Period,

                  (i)      the rate per annum appearing on display page 3750
                           (British Bankers Association-LIBOR) of the Dow Jones
                           Markets Service (or any successor or substitute Page
                           of such Service, or any successor to or substitute
                           for such Service, providing rate quotations
                           comparable to those currently provided on such Page
                           applicable to deposits in dollars in the London
                           interbank market) at approximately 11:00 A.M. (London
                           time) two 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
<PAGE>   9
                                                                               5

                           Liquidity Provider in the London interbank market at
                           approximately 11:00 A.M. (London time) two Business
                           Days before the first day of such Interest Period in
                           an amount approximately equal to the principal amount
                           of the LIBOR Advance to which such Interest Period is
                           to apply and for a period comparable to such Interest
                           Period.

                  "Liquidity Event of Default" means the occurrence of either
         (a) the Acceleration of all of the Equipment Notes (provided that, with
         respect to the period prior to the Delivery Period Expiry Date, such
         Equipment Notes have an aggregate outstanding principal balance in
         excess of $100 million) or (b) an America West Bankruptcy Event.

                  "Liquidity Indemnitee" means (i) the Liquidity Provider, (ii)
         each Affiliate of the Liquidity Provider, (iii) the respective
         directors, officers, employees and agents of the Liquidity Provider and
         its Affiliates, and (iv) the successors and permitted assigns of the
         persons described in clauses (i) and (iii), 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 Provider Advance or a Final Advance, the
         Maximum Available Commitment shall be zero.

                  "Maximum Commitment" means initially $2,832,685.14, as the
         same may be reduced from time to time in accordance with Section
         2.04(a).

                  "Non-Excluded Taxes" has the meaning specified in Section
         3.03.

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

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

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

                  "Offering Memorandum" means the Offering Memorandum dated June
         27, 2000 relating to the Certificates, as such Offering Memorandum may
         be amended or supplemented.

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

                  "Provider Advance" means a Downgrade Advance or a
         Non-Extension Advance.
<PAGE>   10
                                                                               6

                  "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 C Certificates, that would be
         payable on the Class C Certificates on each of the three successive
         semiannual Regular Distribution Dates immediately following such day
         or, if such day is a Regular Distribution Date, on such day and the
         succeeding two semiannual Regular Distribution Dates, in each case
         calculated on the basis of the Pool Balance of the Class C Certificates
         on such day and without regard to expected future payments of principal
         on the Class C Certificates. Notwithstanding the above, in the event of
         any Policy Provider Election, for purposes of the definition of the
         Required Amount the Pool Balance shall be deemed to be reduced by the
         amount (if positive) by which (a) the then outstanding principal
         balance of each Series G Equipment Note in respect of which such Policy
         Provider Election has been made shall exceed (b) the amount of any
         Policy Drawings previously paid by the Policy Provider in respect of
         principal on such Series G Equipment Note.

                  "Successor Trust" means America West Airlines Pass Through
         Trust 2000-1C-S.

                  "Termination Date" means the earliest to occur of the
         following: (i) the Expiry Date; (ii) the date on which the Borrower
         delivers to the Liquidity Provider a certificate, signed by a
         Responsible Officer of the Borrower, certifying that all of the Class C
         Certificates have been paid in full (or provision has been made for
         such payment in accordance with the Intercreditor Agreement and the
         Trust Agreements) or are otherwise no longer entitled to the benefits
         of this Agreement; (iii) the date on which the Borrower delivers to the
         Liquidity Provider a certificate, signed by a Responsible Officer of
         the Borrower, certifying that a Replacement Liquidity Facility has been
         substituted for this Agreement in full pursuant to Section 3.6(e) of
         the Intercreditor Agreement; (iv) the fifth Business Day following the
         receipt by the Borrower of a Termination Notice from the Liquidity
         Provider pursuant to Section 6.01 hereof; and (v) the date on which no
         Advance is or may (including by reason of reinstatement as herein
         provided) become available for a Borrowing hereunder.

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

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

                  "Unapplied Provider Advance" means any Provider Advance other
         than an Applied Provider Advance.

                  "Unpaid Advance" has the meaning assigned to such term in
         Section 2.05.
<PAGE>   11
                                                                               7

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

         "Acceleration", "Affiliate", "America West", "America West Bankruptcy
         Event", "Certificates", "Class C Cash Collateral Account", "Class C
         Certificates", "Class C Certificateholders", "Class C Trust", "Class C
         Trust Agreement", "Class C Trustee", "Class G Certificates", "Closing
         Date", "Controlling Party", "Corporate Trust Office", "Delivery Period
         Expiry Date", "Distribution Date", "Downgraded Facility", "Equipment
         Notes", "Fee Letter", "Final Legal Distribution Date", "Financing
         Agreement", "Indenture", "Initial Purchasers", "Interest Payment Date",
         "Investment Earnings", "Liquidity Facility", "Liquidity Obligations",
         "Loan Trustee", "Moody's", "Non-Extended Facility", "Note Purchase
         Agreement", "Operative Agreements", "Performing Equipment Note",
         "Person", "Policy Drawings", "Policy Provider", "Policy Provider
         Election", "Pool Balance", "Purchase Agreement", "Rating Agency",
         "Ratings Confirmation", "Regular Distribution Date", "Replacement
         Liquidity Facility", "Responsible Officer", "Scheduled Payment",
         "Special Payment", "Standard & Poor's", "Stated Interest Rate",
         "Subordination Agent", "Taxes", "Threshold Rating", "Transfer", "Trust
         Agreements", "Trustee", and "Written Notice".

                                   ARTICLE II

                       AMOUNT AND TERMS OF THE COMMITMENT

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

                  Section 2.02. Making the Advances. (a) Interest Advances shall
be made in one or more Borrowings by delivery to the Liquidity Provider of one
or more written and completed Notices of Borrowing in substantially the form of
Annex I attached hereto, signed by a Responsible Officer of the Borrower, in an
amount not exceeding the Maximum Available Commitment at such time and shall be
used solely for the payment when due of interest on the Class C Certificates at
the Stated Interest Rate therefor in accordance with Section 3.6(a) of the
Intercreditor Agreement. Each Interest Advance made hereunder shall
automatically reduce the Maximum Available Commitment and the amount available
to be borrowed hereunder by subsequent Advances by the amount of such Interest
Advance (subject to reinstatement as provided in the next sentence). Upon
repayment by the Borrower to the Liquidity Provider in full of the amount of any
Interest Advance made pursuant to this Section 2.02(a), together with accrued
interest thereon (as provided herein), the Maximum Available Commitment shall be
<PAGE>   12
                                                                               8

reinstated by the amount of such repaid Interest Advance, but not to exceed the
Maximum Commitment; provided, however, that the Maximum Available Commitment
shall not be so reinstated at any time if (i) a Liquidity Event of Default shall
have occurred and be continuing and (ii) there is a Performing Note Deficiency.

                  (b) A Non-Extension Advance shall be made in a single
Borrowing if this Agreement is not extended in accordance with Section 3.6(d) of
the Intercreditor Agreement (unless a Replacement Liquidity Facility to replace
this Agreement shall have been delivered to the Borrower in accordance with said
Section 3.6(d) by delivery to the Liquidity Provider of a written and completed
Notice of Borrowing in substantially the form of Annex II attached hereto,
signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to fund the Class C
Cash Collateral Account in accordance with said Section 3.6(d) and Section
3.6(f) of the Intercreditor Agreement.

                  (c) A Downgrade Advance shall be made in a single Borrowing
upon a downgrading of the Liquidity Provider's short-term unsecured debt rating
issued by either Rating Agency below the applicable Threshold Rating (as
provided for in Section 3.6(c) of the Intercreditor Agreement), unless a
Replacement Liquidity Facility to replace this Agreement shall have been
previously delivered to the Borrower in accordance with said Section 3.6(c), by
delivery to the Liquidity Provider of a written and completed Notice of
Borrowing in substantially the form of Annex III attached hereto, signed by a
Responsible Officer of the Borrower, in an amount equal to the Maximum Available
Commitment at such time, and shall be used to fund the Class C Cash Collateral
Account in accordance with said Section 3.6(c) and Section 3.6(f) of the
Intercreditor Agreement.

                  (d) A Final Advance shall be made in a single Borrowing upon
the receipt by the Borrower of a Termination Notice from the Liquidity Provider
pursuant to Section 6.01 hereof by delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex IV
attached hereto, signed by a Responsible Officer of the Borrower, in an amount
equal to the Maximum Available Commitment at such time, and shall be used to
fund the Class C Cash Collateral Account (in accordance with Section 3.6(i) of
the Intercreditor Agreement and Section 3.6(f) of the Intercreditor Agreement).

                  (e) Each Borrowing shall be made on notice in writing (a
"Notice of Borrowing") in substantially the form required by Section 2.02(a),
2.02(b), 2.02(c) or 2.02(d), as the case may be, given by the Borrower to the
Liquidity Provider. If a Notice of Borrowing is delivered by the Borrower in
respect of any Borrowing no later than 10:00 a.m. (New York City time) on a
Business Day, upon satisfaction of the conditions precedent set forth in Section
4.02 with respect to a requested Borrowing, the Liquidity Provider shall make
available to the Borrower, in accordance with its payment instructions, the
amount of such Borrowing in U.S. dollars and immediately available funds, before
12:00 noon. (New York City time) on such Business Day or on such later Business
Day specified in such Notice of Borrowing. If a Notice of Borrowing is delivered
by the Borrower in respect of any Borrowing after 10:00 a.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
<PAGE>   13
                                                                               9

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 or on such later Business Day specified by the
Borrower in such Notice of Borrowing. Payments of proceeds of a Borrowing shall
be made by wire transfer of immediately available funds to the Borrower in
accordance with such wire transfer instructions as the Borrower shall furnish
from time to time to the Liquidity Provider for such purpose. Each Notice of
Borrowing shall be irrevocable and binding on the Borrower.

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

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

                  Section 2.04. Adjustments or Termination of the Maximum
Commitment.

                  (a) Automatic Adjustments. Promptly following each date on
which the Required Amount is (1) reduced as a result of a reduction in the Pool
Balance of the Class C Certificates or otherwise, (2) increased as a result of
an increase in the Stated Interest Rate or (3) subsequent to such an increase
described in clause (2), reduced pursuant to the definition of "Stated Interest
Rate", the Maximum Commitment shall automatically be reduced or increased, as
the case may be, to an amount equal to the Required Amount (as calculated by the
Borrower). The Borrower shall give notice of any such automatic reduction or
increase, as the case may be, 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 or increase of
the Maximum Commitment.
<PAGE>   14
                                                                              10

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

                  Section 2.05. Repayments of Interest Advances or the Final
Advance. Subject to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby
agrees, without notice of an Advance or demand for repayment from the Liquidity
Provider (which notice and demand are hereby waived by the Borrower), to pay, or
to cause to be paid, to the Liquidity Provider on each date on which the
Liquidity Provider shall make an Interest Advance or the Final Advance, an
amount equal to (a) the amount of such Advance (any such Advance, until repaid,
is referred to herein as an "Unpaid Advance"), plus (b) interest on the amount
of each such Unpaid Advance as provided in Section 3.07 hereof; provided that if
(i) the Liquidity Provider shall make a Provider Advance at any time after
making one or more Interest Advances which shall not have been repaid in
accordance with this Section 2.05 or (ii) this Liquidity Facility shall become a
Downgraded Facility or Non-Extended Facility at any time when unreimbursed
Interest Advances have reduced the Maximum Available Commitment to zero, then
such Interest Advances shall cease to constitute Unpaid Advances and shall be
deemed to have been changed into an Applied Downgrade Advance or an Applied
Non-Extension Advance, as the case may be, for all purposes of this Agreement
(including, without limitation, for the purpose of determining when such
Interest Advance is required to be repaid to the Liquidity Provider in
accordance with Section 2.06 and for the purposes of Section 2.06(b)). The
Borrower and the Liquidity Provider agree that the repayment in full of each
Interest Advance and Final Advance on the date such Advance is made is intended
to be a contemporaneous exchange for new value given to the Borrower by the
Liquidity Provider.

                  Section 2.06. Repayments of Provider Advances. (a) Amounts
advanced hereunder in respect of a Provider Advance shall be deposited in the
Class C Cash Collateral Account, invested and withdrawn from the Class C Cash
Collateral Account as set forth in Sections 3.6(c), (d) and (f) of the
Intercreditor Agreement. The Borrower agrees to pay to the Liquidity Provider,
on each Regular Distribution Date, commencing on the first Regular Distribution
Date after the making of a Provider Advance, interest on the principal amount of
any such Provider Advance as provided in Section 3.07; provided, however, that
amounts in respect of a Provider Advance withdrawn from the Class C Cash
Collateral Account for the purpose of paying interest on the Class C
Certificates in accordance with Section 3.6(f) of the Intercreditor Agreement
(the amount of any such withdrawal being (y) in the case of a Downgrade Advance,
an "Applied Downgrade Advance" and (z) in the case of a Non-Extension Advance,
an "Applied Non-Extension Advance" and, together with an Applied Downgrade
Advance, an "Applied Provider Advance") shall thereafter (subject to Section
2.06(b)) be treated as an Interest Advance under this Agreement for purposes of
determining the Applicable Liquidity Rate for interest payable thereon; provided
further, however, that if, following the making of a Provider Advance, the
Liquidity Provider delivers a Termination Notice to the Borrower pursuant to
Section 6.01 hereof, such Provider Advance shall thereafter be treated as a
Final Advance under this Agreement for purposes of determining the Applicable
Liquidity Rate for interest payable thereon. Subject to Sections 2.07 and 2.09
hereof, immediately upon the withdrawal of any amounts from the Class C Cash
Collateral Account on account of a reduction
<PAGE>   15
                                                                              11

in the Required Amount, the Borrower shall repay to the Liquidity Provider a
portion of the Provider Advances in a principal amount equal to such reduction,
plus interest on the principal amount prepaid as provided in Section 3.07
hereof.

                  (b) At any time when an Applied Provider Advance (or any
portion thereof) is outstanding, upon the deposit in the Class C Cash Collateral
Account of any amount pursuant to clause "third" of Section 2.4(b) of the
Intercreditor Agreement, clause "third" of Section 3.2 of the Intercreditor
Agreement or clause "fourth" of Section 3.3 of the Intercreditor Agreement (any
such amount being a "Replenishment Amount") for the purpose of replenishing or
increasing the balance thereof up to the Required Amount at such time, (i) the
aggregate outstanding principal amount of all Applied Provider Advances (and of
Provider Advances treated as an Interest Advance for purposes of determining the
Applicable Liquidity Rate for interest payable thereon) shall be automatically
reduced by the amount of such Replenishment Amount and (ii) the aggregate
outstanding principal amount of all Unapplied Provider Advances shall be
automatically increased by the amount of such Replenishment Amount.

                  (c) Upon the provision of a Replacement Liquidity Facility in
replacement of this Agreement in accordance with Section 3.6(e) of the
Intercreditor Agreement, amounts remaining on deposit in the Class C Cash
Collateral Account after giving effect to any Applied Provider Advance on the
date of such replacement shall be reimbursed to the Liquidity Provider, but only
to the extent such amounts are necessary to repay in full to the Liquidity
Provider all amounts owing to it hereunder.

                  Section 2.07. Payments to the Liquidity Provider Under the
Intercreditor Agreement. In order to provide for payment or repayment to the
Liquidity Provider of any amounts hereunder, the Intercreditor Agreement
provides that amounts available and referred to in Articles II and III of the
Intercreditor Agreement, to the extent payable to the Liquidity Provider
pursuant to the terms of the Intercreditor Agreement (including, without
limitation, Section 3.6(f) of the Intercreditor Agreement), shall be paid to the
Liquidity Provider in accordance with the terms thereof. Amounts so paid to the
Liquidity Provider shall be applied by the Liquidity Provider to Liquidity
Obligations then due and payable in accordance with the Intercreditor Agreement
or, if not provided for in the Intercreditor Agreement, then in such manner as
the Liquidity Provider shall deem appropriate.

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

                  Section 2.09. Payments from Available Funds Only. All payments
to be made by the Borrower under this Agreement shall be made only from the
amounts that constitute Scheduled Payments, Special Payments or payments under
Section 7.1 or 9.1, as the case may be, of the Participation Agreements 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
<PAGE>   16
                                                                              12

Borrower to make payments in accordance with the terms hereof after giving
effect to the priority of payments provisions set forth in the Intercreditor
Agreement. The Liquidity Provider agrees that it will look solely to such
amounts to the extent available for distribution to it as provided in the
Intercreditor Agreement and this Agreement and that the Borrower, in its
individual capacity, is not personally liable to it for any amounts payable or
liability under this Agreement except as expressly provided in this Agreement,
the Intercreditor Agreement or any Participation Agreement. Amounts on deposit
in the Class C Cash Collateral Account shall be available to the Borrower to
make payments under this Agreement only to the extent and for the purposes
expressly contemplated in Section 3.6(f) of the Intercreditor Agreement.

                  Section 2.10. Extension of the Expiry Date; Non-Extension
Advance. No earlier than the 45th day and no later than the 30th day prior to
the then effective Expiry Date (unless such Expiry Date is on or after the date
that is 15 days after the Final Legal Distribution Date for the Class C
Certificates), the Borrower shall request that the Liquidity Provider extend the
Expiry Date to the earlier of (i) the date which is 15 days after the Final
Legal Distribution Date for the Class C Certificates and (ii) the day that is
the day immediately preceding the 364th day occurring after the then effective
Expiry Date (unless the obligations of the Liquidity Provider are earlier
terminated in accordance with the terms hereof). Whether or not the Borrower has
made such request, the Liquidity Provider shall advise the Borrower, no earlier
than 30 days and no later than 20 days prior to the then effective Expiry Date,
whether, in its sole discretion, it agrees to so extend the Expiry Date. If the
Liquidity Provider advises the Borrower on or before the 20th day prior to the
Expiry Date then in effect that such Expiry Date shall not be so extended, or
does not irrevocably and unconditionally advise the Borrower on or before the
20th day prior to the Expiry Date then in effect that such Expiry Date shall be
so extended (and, in each case, the Liquidity Provider shall not have been
replaced in accordance with Section 3.6(e) of the Intercreditor Agreement), such
Expiry Date shall not be extended and the Borrower shall be entitled on and
after such 20th day (but prior to the then effective Expiry Date) to request a
Non-Extension Advance in accordance with Section 2.02(b) hereof and Section
3.6(d) of the Intercreditor Agreement.

                                   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 reasonably attributable to its making or
maintaining any LIBOR 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 applicable to banks generally), or the adoption or
making after the date of this Agreement of any interpretations, directives, or
requirements
<PAGE>   17
                                                                              13

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 any deposits referred
to in the definition of LIBOR Rate or related definitions). The Liquidity
Provider agrees to use reasonable efforts (consistent with applicable legal and
regulatory restrictions) to change the jurisdiction of its Lending Office if
making such change would avoid the need for, or reduce the amount of, any amount
payable under this Section 3.01 that may thereafter accrue and would not, in the
reasonable judgment of the Liquidity Provider, be otherwise disadvantageous to
the Liquidity Provider.

                  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; provided, that if the Liquidity Provider
fails to give such notice within 180 days after it obtains such knowledge, the
Liquidity Provider shall, with respect to any costs resulting from such event,
only be entitled to payment under this Section 3.01 for costs incurred from and
after the date 180 days prior to the date the Liquidity Provider does give such
notice. 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 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 Borrower agree that any permitted assignee or participant of
the initial Liquidity Provider 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. If (1) the adoption, after the
date hereof, of any applicable governmental law, rule or regulation regarding
capital adequacy, (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
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
requiring an increase in the amount of capital required to be maintained by the
Liquidity Provider or any corporation controlling the Liquidity Provider, and
such increase is based upon the Liquidity Provider's obligations hereunder and
other similar obligations, the Borrower shall pay to the Liquidity Provider from
time to time such additional amount or amounts as are necessary to
<PAGE>   18
                                                                              14

compensate the Liquidity Provider for such portion of such increase as shall be
reasonably allocable to the Liquidity Provider's obligations to the Borrower
hereunder. The Liquidity Provider agrees to use reasonable efforts (consistent
with applicable legal and regulatory restrictions) to change the jurisdiction of
its Lending Office if making such change would avoid the need for, or reduce the
amount of, any 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 amounts owed under this Section; provided, that if the Liquidity Provider
fails to give such notice within 180 days after it obtains such knowledge, the
Liquidity Provider shall, with respect to any costs resulting from such event,
only be entitled to payment under this Section 3.02 for costs incurred from and
after the date 180 days prior to the date the Liquidity Provider does give such
notice. Determinations by the Liquidity Provider for purposes of this Section
3.02 of the effect of any increase in the amount of capital 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 prima facie
evidence of the amounts owed under this Section.

                  Notwithstanding the preceding two paragraphs, the Liquidity
Provider and the Borrower agree that any permitted assignee or participant of
the initial Liquidity Provider 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. All payments made
by the Borrower under this Agreement shall be made free and clear of, and
without reduction for or on account of, any present or future stamp or other
taxes, levies, imposts, duties, charges, fees, deductions, withholdings,
restrictions or conditions of any nature whatsoever now or hereafter imposed,
levied, collected, withheld or assessed, excluding Excluded Taxes (such
non-excluded taxes being referred to herein, collectively, as "Non-Excluded
Taxes" and, individually, as a "Non-Excluded Tax"). If any Non-Excluded Taxes
are required to be withheld from any amounts payable to the Liquidity Provider
under this Agreement, the Borrower shall notify the Liquidity Provider and
America West thereof and from and after such notice, the amounts so payable to
the Liquidity Provider shall be increased to the extent necessary to yield to
the Liquidity Provider (after payment of all Non-Excluded Taxes and taxes
imposed on the receipt of such increase) interest or any other such amounts
payable under this Agreement at the rates or in the amounts specified in this
Agreement. The Liquidity Provider agrees to use reasonable efforts (consistent
with its internal written policy and legal and regulatory restrictions) to
change the jurisdiction of its Lending Office if making such change would avoid
the need for, or reduce the amount of, any such additional amounts that may
thereafter accrue and would not, in the reasonable judgment of the Liquidity
Provider, be otherwise disadvantageous to the Liquidity Provider.
<PAGE>   19
                                                                              15

                  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 of Citibank, N.A.
at Citibank, N.A., New York, New York 10043, ABA # 021000089, Account
#4063-2387, Reference: America West Airlines Pass Through Trust, Series 2000-1C,
Attention: Aviation/Retail.

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

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

                  Section 3.07. Interest. (a) Subject to Section 2.09, the
Borrower shall pay, or shall cause to be paid, without duplication, interest on
(i) the unpaid principal amount of each Advance from and including the date of
such Advance (or, in the case of an Applied Provider Advance, from and including
the date on which the amount thereof was withdrawn from the Class C Cash
Collateral Account to pay interest on the Class C Certificates) to but excluding
the date such principal amount shall be paid in full (or, in the case of an
Applied Provider Advance, the date on which the Class C Cash Collateral Account
is fully replenished in respect of such Advance) and (ii) any other amount due
hereunder (whether fees, commissions, expenses or other amounts or, to the
extent permitted by law, installments of interest on Advances or any such other
amount) which is not paid when due (whether at stated maturity, by acceleration
or otherwise) from and including the due date thereof to but excluding the date
such amount is paid in full, in each such case, at a fluctuating interest rate
per annum for each day equal to the Applicable Liquidity Rate for such Advance
or such other amount as in effect for such day, but in no event at a rate per
annum greater than the maximum rate permitted by applicable law; provided,
however, that, if at any time the otherwise applicable interest rate as set
forth in this Section 3.07 shall exceed the maximum rate permitted by applicable
law, then any subsequent reduction in such interest rate will not reduce the
rate of interest payable pursuant to this Section 3.07 below the maximum rate
permitted by applicable law until the total amount of interest accrued equals
the amount of interest that would have accrued if such otherwise applicable
interest rate as set forth in this Section 3.07 had at all times been in effect.
<PAGE>   20
                                                                              16

                  (b) 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 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 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 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% until paid.

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

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

                  Section 3.09. Funding Loss Indemnification. The Borrower shall
pay to the Liquidity Provider, upon the request of the Liquidity Provider, such
amount or amounts as shall be sufficient (in the reasonable opinion of the
Liquidity Provider) to compensate it for any loss incurred by it 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
<PAGE>   21
                                                                              17

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

                  Section 3.10. Illegality. Notwithstanding any other provision
in this Agreement, if any change in any applicable law, rule or regulation, or
any change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by the Liquidity Provider (or its Lending
Office) with any request or directive (whether or not having the force of law)
of any such authority, central bank or comparable agency shall make it unlawful
or impossible for the Liquidity Provider (or its Lending Office) to maintain or
fund its LIBOR Advances, then upon notice to the Borrower by the Liquidity
Provider, the outstanding principal amount of the LIBOR Advances shall be
converted to Base Rate Advances to the extent necessary to cure such illegality
(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 Lending
Office if making such change would avoid or cure the aforesaid illegality.

                                   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 on or before
         the Closing Date each of the following, and in the case of each
         document delivered pursuant to paragraphs (i), (ii) and (iii), each in
         form and substance satisfactory to the Liquidity Provider:

                           (i) This Agreement duly executed on behalf of the
                  Borrower;

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

                           (iii) Fully executed copies of each of the Operative
                  Agreements executed and delivered on or before the Closing
                  Date (other than this Agreement and the Intercreditor
                  Agreement);

                           (iv) A copy of the Offering Memorandum and specimen
                  copies of the Class C Certificates;

                           (v) An executed copy of each document, instrument,
                  certificate and opinion delivered on or before the Closing
                  Date pursuant to the Class C Trust
<PAGE>   22
                                                                              18

                  Agreement, the Intercreditor Agreement and the other Operative
                  Agreements entered into on or prior to the date hereof (in the
                  case of each such opinion, other than the opinion of counsel
                  for the Initial Purchasers, 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, reasonable advisable, in order to
                  establish, perfect, protect and preserve the right, title and
                  interest, remedies, powers, privileges, liens and security
                  interests of, or for the benefit of, the Trustees, the
                  Borrower and the Liquidity Provider created by the Operative
                  Agreements executed and delivered on or prior to the Closing
                  Date;

                           (vii) An agreement from America West, pursuant to
                  which America West agrees to provide copies of quarterly
                  financial statements and audited annual financial statements
                  to the Liquidity Provider (which obligations may be satisfied
                  by the furnishing of America West's Form 10Q and 10K), in each
                  case, only to the extent that America West is obligated to
                  provide such information pursuant to Section 8.2.1 of the
                  Leases (related to Leased Aircraft) or the corresponding
                  section of the Indentures (related to Owned Aircraft) to the
                  parties thereto; and

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

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

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

                  (d) All conditions precedent to the issuance of the
         Certificates under the Trust Agreements shall have been satisfied or
         waived, all conditions precedent to the effectiveness of the other
         Liquidity Facility shall have been satisfied or waived, and all
         conditions precedent to the purchase of the Certificates by the Initial
         Purchasers under the Purchase Agreement shall have been satisfied
         (unless any of such conditions precedent shall have been waived by the
         Initial Purchasers).
<PAGE>   23
                                                                              19

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

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

                                    ARTICLE V

                                    COVENANTS

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

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

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

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

                  Section 5.02. Negative Covenants of the Borrower. So long as
any Advance shall remain unpaid or the Liquidity Provider shall have any Maximum
Commitment hereunder or the Borrower shall have any obligation to pay any amount
to the Liquidity Provider hereunder, the Borrower will not appoint or permit or
suffer to be appointed any successor Borrower without the prior written consent
of the Liquidity Provider, which consent shall not be unreasonably withheld or
delayed.
<PAGE>   24
                                                                              20

                                   ARTICLE VI

                           LIQUIDITY EVENTS OF DEFAULT

                  Section 6.01. Liquidity Events of Default. If (a) any
Liquidity Event of Default has occurred and is continuing and (b) there is a
Performing Note Deficiency, the Liquidity Provider may, in its discretion,
deliver to the Borrower a Termination Notice, the effect of which shall be to
cause (i) 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 3.6(i) of the Intercreditor Agreement, (iii) all
other outstanding Advances to be automatically converted into Final Advances for
purposes of determining the Applicable Liquidity Rate for interest payable
thereon, and (iv) subject to Sections 2.07 and 2.09 hereof, all Advances
(including, without limitation, any Provider Advance and Applied Provider
Advance), any accrued interest thereon and any other amounts outstanding
hereunder to become immediately due and payable to the Liquidity Provider.

                                   ARTICLE VII

                                  MISCELLANEOUS

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

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

                  Borrower:

                  Wilmington Trust Company
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, DE  19890-0001

                  Attention: Corporate Trust Administration
                  Telephone: 302-651-1000
                  Telecopy: 302-651-8882
<PAGE>   25
                                                                              21

                  Liquidity Provider:

                  CITIBANK, N.A.
                  399 Park Avenue
                  New York, New York 10043

                  Attention:  Aviation/Retail
                  Telecopy:  (212) 793-3734

                  with a copy to:

                  Citicorp North America Inc.
                  787 West 5th Street, 29th Floor
                  Los Angeles, California 90071

                  Attention:  Walter Larsen
                  Telecopy:  (213) 624-9765

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

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

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

                  Section 7.05. Indemnification; Survival of Certain Provisions.
The Liquidity Provider shall be indemnified hereunder to the extent and in the
manner described in Section 7.1 or 9.1, as the case may be, of the Participation
Agreements and Section 6(c) 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 Sections 3.01,
<PAGE>   26
                                                                              22

3.02 or 7.07 hereof or in the Fee Letter (regardless of whether indemnified
against pursuant to said Sections 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, 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 Expenses is (i)
attributable to the gross negligence or willful misconduct of such Liquidity
Indemnitee or any other Liquidity Indemnitee, (ii) ordinary and usual operating
overhead expense, or (iii) attributable to the failure by such Liquidity
Indemnitee or any other Liquidity Indemnitee to perform or observe any
agreement, covenant or condition on its part to be performed or observed in this
Agreement, the Intercreditor Agreement, the Fee Letter or any other Operative
Agreement to which it is a party. The indemnities contained in Section 7.1 or
9.1, as the case may be, of the Participation Agreements, and Section 6(c) 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; or (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.

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

                  Section 7.07. Costs, Expenses and Taxes. The Borrower agrees
to pay, or cause to be paid (A) on the Effective Date and on such later date or
dates on which the Liquidity Provider shall make demand, all reasonable
out-of-pocket costs and expenses (including, without limitation, the reasonable
fees and expenses of outside counsel for the Liquidity Provider) of the
<PAGE>   27
                                                                              23

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) other
than amendments requested by the Liquidity Provider, or (iii) any action or
proceeding relating to any order, injunction, or other process or decree
restraining or seeking to restrain the Liquidity Provider from paying any amount
under this Agreement, the Intercreditor Agreement or any other Operative
Agreement or otherwise affecting the application of funds in the Class C Cash
Collateral Account. In addition, the Borrower shall pay any and all recording,
stamp and other similar taxes and fees payable or determined to be payable in
connection with the execution, delivery, filing and recording of this Agreement,
any other Operative Agreement and such other documents, and agrees to save the
Liquidity Provider harmless from and against any and all liabilities with
respect to or resulting from any delay in paying or omission to pay such taxes
or fees.

                  Section 7.08. Binding Effect; Participations. (a) This
Agreement shall be binding upon and inure to the benefit of the Borrower and the
Liquidity Provider and their respective successors and assigns, except that
neither the Liquidity Provider (except as otherwise provided in this Section
7.08) nor (except as contemplated by Section 3.08) the Borrower shall have the
right to assign its rights or obligations hereunder or any interest herein
without the prior written consent of the other party, subject to the
requirements of Section 7.08(b). The Liquidity Provider may grant participations
herein or in any of its rights hereunder (including, without limitation, funded
participations and participations in rights to receive interest payments
hereunder) and under the other Operative Agreements to such Persons (other than
America West or any of its Affiliates) as the Liquidity Provider may in its sole
discretion select, subject to the requirements of Section 7.08(b). No such
participation 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 and capital adequacy requirements, increased costs,
reduced receipts, additional amounts due pursuant to Section 3.03 and the like
as they pertain to the Liquidity Provider shall be deemed also to include those
of each of its participants that are banks (subject, in each case, to the
maximum amount that would have been incurred by or attributable to the Liquidity
Provider directly if the initial Liquidity Provider, rather than the
participant, had held the interest participated).

                  (b) If, pursuant to subsection (a) above, the Liquidity
Provider sells any participation in this Agreement to any bank or other entity
(each, a "Transferee"), then, concurrently with the effectiveness of such
participation, the Transferee shall (i) represent to the Liquidity Provider (for
the benefit of the Liquidity Provider and the Borrower) either (A) that it
<PAGE>   28
                                                                              24

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

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

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

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

                  Section 7.11. Submission to Jurisdiction; Waiver of Jury
Trial; Waiver of Immunity. (a) Each of the parties hereto hereby irrevocably and
unconditionally:

                  (i) submits for itself and its property in any legal action or
         proceeding relating to this Agreement or any other Operative Agreement,
         or for recognition and enforcement
<PAGE>   29
                                                                              25

         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.

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

                  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.
<PAGE>   30
                                                                              26

                  Section 7.15. Transfer. The Liquidity Provider hereby
acknowledges and consents to the Transfer contemplated by the Assignment and
Assumption Agreement.

                  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.
<PAGE>   31
                  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 COMPANY, not in its
                                      individual capacity but solely as
                                      Subordination Agent, as agent and trustee
                                      for the Class C Trust, as Borrower

                                    By: /s/ signature
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    CITIBANK, N.A.,
                                      as Liquidity Provider

                                    By: /s/ signature
                                        ----------------------------------------
                                        Name:
                                        Title:
<PAGE>   32
                                                                      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 CITIBANK, N.A. (the
"Liquidity Provider"), with reference to the Revolving Credit Agreement
(2000-1C) dated as of July 7, 2000, 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 C Certificates which was payable on ____________, ____ (the
         "Distribution Date") in accordance with the terms and provisions of the
         Class C Trust Agreement and the Class C Certificates, which Advance is
         requested to be made on the date hereof.

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

                  (4) Upon receipt by or on behalf of the Borrower of the amount
         requested hereby, (a) the Borrower will apply the same in accordance
         with the terms of Section 3.6(b) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

                  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

                                      I-1
<PAGE>   33
requested to be made hereby as set forth in clause (i) of paragraph (3) of this
Notice of Borrowing and such reduction shall automatically result in
corresponding reductions in the amounts available to be borrowed pursuant to a
subsequent Advance.

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

                                    WILMINGTON TRUST COMPANY,
                                       not in its individual capacity but solely
                                       as Subordination Agent, as Borrower

                                    By:_________________________________________
                                        Name:
                                        Title:

                                      I-2
<PAGE>   34
               SCHEDULE I TO INTEREST ADVANCE NOTICE OF BORROWING

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

                                      I-2
<PAGE>   35
                                                                     Annex II to
                                                      Revolving Credit Agreement

                    NON-EXTENSION ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned subordination agent (the "Borrower"), hereby certifies to CITIBANK,
N.A. (the "Liquidity Provider"), with reference to the Revolving Credit
Agreement (2000-1C) dated as of July 7, 2000, between the Borrower and the
Liquidity Provider (the "Liquidity Agreement"; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced),
that:

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

                  (2) The Borrower is delivering this Notice of Borrowing for
         the making of the Non-Extension Advance by the Liquidity Provider to be
         used for the funding of the Class C Cash Collateral Account in
         accordance with Section 3.6(d) of the Intercreditor Agreement, which
         Advance is requested to be made on __________, ____.

                  (3) The amount of the Non-Extension Advance requested hereby
         (i) is $______________, which equals the Maximum Available Commitment
         on the date hereof and is to be applied in respect of the funding of
         the Class C Cash Collateral Account in accordance with Section 3.6(d)
         of the Intercreditor Agreement, (ii) does not include any amount with
         respect to the payment of the principal of, or premium on, the Class C
         Certificates, or principal of, or interest or premium on, the Class G
         Certificates, (iii) was computed in accordance with the provisions of
         the Class C Certificates, the Class C Trust Agreement and the
         Intercreditor Agreement (a copy of which computation is attached hereto
         as Schedule I), and (iv) has not been and is not the subject of a prior
         or contemporaneous Notice of Borrowing under the Liquidity Agreement.

                  (4) Upon receipt by or on behalf of the Borrower of the amount
         requested hereby, (a) the Borrower will deposit such amount in the
         Class C Cash Collateral Account and apply the same in accordance with
         the terms of Section 3.6(d) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

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

                                      II-1
<PAGE>   36
                  IN WITNESS WHEREOF, the Borrower has executed and delivered
this Notice of Borrowing as of the ____ day of _________, ____.

                                    WILMINGTON TRUST COMPANY,
                                      not in its individual capacity but solely
                                      as Subordination Agent, as Borrower

                                    By: ________________________________________
                                        Name:
                                        Title:

                                      II-2
<PAGE>   37
             SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE OF BORROWING

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

                                      II-2
<PAGE>   38
                                                                    Annex III to
                                                      Revolving Credit Agreement

                      DOWNGRADE ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned subordination agent (the "Borrower"), hereby certifies to CITIBANK,
N.A. (the "Liquidity Provider"), with reference to the Revolving Credit
Agreement (2000-1C) dated as of July 7, 2000, between the Borrower and the
Liquidity Provider (the "Liquidity Agreement"; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced),
that:

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

                  (2) The Borrower is delivering this Notice of Borrowing for
         the making of the Downgrade Advance by the Liquidity Provider to be
         used for the funding of the Class C Cash Collateral Account in
         accordance with Section 3.6(c) of the Intercreditor Agreement by reason
         of the downgrading of the short-term unsecured debt rating of the
         Liquidity Provider issued by either Rating Agency below the Threshold
         Rating, which Advance is requested to be made on __________, ____.

                  (3) The amount of the Downgrade Advance requested hereby (i)
         is $________________, which equals the Maximum Available Commitment on
         the date hereof and is to be applied in respect of the funding of the
         Class C Cash Collateral Account in accordance with Section 3.6(c) of
         the Intercreditor Agreement, (ii) does not include any amount with
         respect to the payment of the principal of, or premium on, the Class C
         Certificates, or principal of, or interest or premium on, the Class G
         Certificates, (iii) was computed in accordance with the provisions of
         the Class C Certificates, the Class C Trust Agreement and the
         Intercreditor Agreement (a copy of which computation is attached hereto
         as Schedule I), and (iv) has not been and is not the subject of a prior
         or contemporaneous Notice of Borrowing under the Liquidity Agreement.

                  (4) Upon receipt by or on behalf of the Borrower of the amount
         requested hereby, (a) the Borrower will deposit such amount in the
         Class C Cash Collateral Account and apply the same in accordance with
         the terms of Section 3.6(c) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

                  The Borrower hereby acknowledges that, pursuant to the
Liquidity Agreement, (A) the making of the Downgrade Advance as requested by
this Notice of Borrowing shall 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.
<PAGE>   39
                  IN WITNESS WHEREOF, the Borrower has executed and delivered
this Notice of Borrowing as of the ____ day of _________, ____.

                                    WILMINGTON TRUST COMPANY,
                                      not in its individual capacity but solely
                                      as Subordination Agent, as Borrower

                                    By: ________________________________________
                                        Name:
                                        Title:
<PAGE>   40
               SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING

[Insert Copy of computations in accordance with Downgrade Advance Notice of
Borrowing]
<PAGE>   41
                                                                     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 CITIBANK, N.A. (the
"Liquidity Provider"), with reference to the Revolving Credit Agreement
(2000-1C) dated as of July 7, 2000, between the Borrower and the Liquidity
Provider (the "Liquidity Agreement"; the terms defined therein and not otherwise
defined herein being used herein as therein defined or referenced), that:

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

                  (2) The Borrower is delivering this Notice of Borrowing for
         the making of the Final Advance by the Liquidity Provider to be used
         for the funding of the Class C Cash Collateral Account in accordance
         with Section 3.6(i) of the Intercreditor Agreement by reason of the
         receipt by the Borrower of a Termination Notice from the Liquidity
         Provider with respect to the Liquidity Agreement, which Advance is
         requested to be made on ____________, ____.

                  (3) The amount of the Final Advance requested hereby (i) is
         $_________________, which equals the Maximum Available Commitment on
         the date hereof and is to be applied in respect of the funding of the
         Class C Cash Collateral Account in accordance with Section 3.6(i) of
         the Intercreditor Agreement, (ii) does not include any amount with
         respect to the payment of principal of, or premium on, the Class C
         Certificates, or principal of, or interest or premium on, the Class G
         Certificates, (iii) was computed in accordance with the provisions of
         the Class C Certificates, the Class C Trust Agreement and the
         Intercreditor Agreement (a copy of which computation is attached hereto
         as Schedule I), and (iv) has not been and is not the subject of a prior
         or contemporaneous Notice of Borrowing.

                  (4) Upon receipt by or on behalf of the Borrower of the amount
         requested hereby, (a) the Borrower will deposit such amount in the
         Class C Cash Collateral Account and apply the same in accordance with
         the terms of Section 3.6(i) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

                  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.

                                      IV-1
<PAGE>   42
                  IN WITNESS WHEREOF, the Borrower has executed and delivered
this Notice of Borrowing as of the ____ day of _________, ____.

                                    WILMINGTON TRUST COMPANY,
                                      not in its individual capacity but solely
                                      as Subordination Agent, as Borrower

                                    By: ________________________________________
                                        Name:
                                        Title:
<PAGE>   43
                 SCHEDULE I TO FINAL ADVANCE NOTICE OF BORROWING

[Insert Copy of Computations in accordance with Final Advance Notice of
Borrowing]
<PAGE>   44
                                                                      Annex V to
                                                      Revolving Credit Agreement

                              NOTICE OF TERMINATION

                                     [Date]

Wilmington Trust Company,
  as Subordination Agent, as Borrower
Rodney Square North
1100 North Market Square
Wilmington, DE  19890-0001

Re:      Revolving Credit Agreement dated as of July 7, 2000, between Wilmington
         Trust Company, as Subordination Agent, as agent and trustee for the
         America West Airlines Pass Through Trust, 2000-1C-[O/S], as Borrower,
         and CITIBANK, N.A., as the Liquidity Provider (the "Liquidity
         Agreement")

Ladies and Gentlemen:

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

                                      V-1
<PAGE>   45
                  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,

                                         CITIBANK, N.A.,
                                             as Liquidity Provider

                                         By:_________________________________
                                            Name:
                                            Title:

cc:      WILMINGTON TRUST COMPANY,
           as Class C Trustee

                                      V-2
<PAGE>   46
                                                                     Annex VI to
                                                      Revolving Credit Agreement

                    NOTICE OF REPLACEMENT SUBORDINATION AGENT

[Date]
Attention:

         Revolving Credit Agreement dated as of ___________, 2000, between
         WILMINGTON TRUST COMPANY, as Subordination Agent, as agent and trustee
         for the America West Airlines Pass Through Trust, 2000-1C-[O/S], as
         Borrower, and Citibank, N.A., as the Liquidity Provider (the "Liquidity
         Agreement")

Ladies and Gentlemen:

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

                         ------------------------------
                              [Name of Transferee]

                         ------------------------------
                             [Address of Transferee]

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

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

                                      VI-1
<PAGE>   47
         We ask that this transfer be effective as of _______________, ____.

                                    WILMINGTON TRUST COMPANY,
                                      not in its individual capacity but solely
                                      as Subordination Agent, as Borrower

                                    By:_________________________________
                                       Name:
                                       Title:

                                      VI-2<PAGE>   1
                                                                     Exhibit 4.8

                                                                       EXECUTION

        -----------------------------------------------------------------

                           REVOLVING CREDIT AGREEMENT
                                    (2000-1G)

                            Dated as of July 7, 2000

                                     between

                            WILMINGTON TRUST COMPANY,

                    not in its individual capacity but solely
                             as Subordination Agent,
                          as agent and trustee for the
                America West Airlines Pass Through Trust 2000-1G

                                   as Borrower

                                       and

                                 CITIBANK, N.A.

                              as Liquidity Provider

        -----------------------------------------------------------------

                                   Relating to

                America West Airlines Pass Through Trust 2000-1G
             8.057% America West Airlines Pass Through Certificates,
                                 Series 2000-1G
<PAGE>   2
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                     Page
                                                                                                                     ----
<S>                                                                                                                  <C>
ARTICLE I  DEFINITIONS...........................................................................................      1

   SECTION 1.01.  CERTAIN DEFINED TERMS..........................................................................      1

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

   SECTION 2.01.  THE ADVANCES...................................................................................      7
   SECTION 2.02.  MAKING THE ADVANCES............................................................................      7
   SECTION 2.03.  FEES...........................................................................................      9
   SECTION 2.04.  ADJUSTMENTS OR TERMINATION OF THE MAXIMUM COMMITMENT...........................................      9
   SECTION 2.05.  REPAYMENTS OF INTEREST ADVANCES OR THE FINAL ADVANCE...........................................     10
   SECTION 2.06.  REPAYMENTS OF PROVIDER ADVANCES................................................................     10
   SECTION 2.07.  PAYMENTS TO THE LIQUIDITY PROVIDER UNDER THE INTERCREDITOR AGREEMENT...........................     11
   SECTION 2.08.  BOOK ENTRIES...................................................................................     11
   SECTION 2.09.  PAYMENTS FROM AVAILABLE FUNDS ONLY.............................................................     11
   SECTION 2.10.  EXTENSION OF THE EXPIRY DATE; NON-EXTENSION ADVANCE............................................     12

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

   SECTION 3.01.  INCREASED COSTS................................................................................     12
   SECTION 3.02.  CAPITAL ADEQUACY...............................................................................     13
   SECTION 3.03.  PAYMENTS FREE OF DEDUCTIONS....................................................................     14
   SECTION 3.04.  PAYMENTS.......................................................................................     15
   SECTION 3.05.  COMPUTATIONS...................................................................................     15
   SECTION 3.06.  PAYMENT ON NON-BUSINESS DAYS...................................................................     15
   SECTION 3.07.  INTEREST.......................................................................................     15
   SECTION 3.08.  REPLACEMENT OF BORROWER........................................................................     16
   SECTION 3.09.  FUNDING LOSS INDEMNIFICATION...................................................................     16
   SECTION 3.10.  ILLEGALITY.....................................................................................     17

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

   SECTION 4.01.  CONDITIONS PRECEDENT TO EFFECTIVENESS OF SECTION 2.01..........................................     17
   SECTION 4.02.  CONDITIONS PRECEDENT TO BORROWING..............................................................     19

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

   SECTION 5.01.  AFFIRMATIVE COVENANTS OF THE BORROWER..........................................................     19
   SECTION 5.02.  NEGATIVE COVENANTS OF THE BORROWER.............................................................     19

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

   SECTION 6.01.  LIQUIDITY EVENTS OF DEFAULT....................................................................     20

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

   SECTION 7.01.  AMENDMENTS, ETC................................................................................     20
   SECTION 7.02.  NOTICES, ETC...................................................................................     20
   SECTION 7.03.  NO WAIVER; REMEDIES............................................................................     21
   SECTION 7.04.  FURTHER ASSURANCES.............................................................................     21
   SECTION 7.05.  INDEMNIFICATION; SURVIVAL OF CERTAIN PROVISIONS................................................     21
   SECTION 7.06.  LIABILITY OF THE LIQUIDITY PROVIDER............................................................     22
   SECTION 7.07.  COSTS, EXPENSES AND TAXES......................................................................     22
   SECTION 7.08.  BINDING EFFECT; PARTICIPATIONS.................................................................     23
   SECTION 7.09.  SEVERABILITY...................................................................................     24
   SECTION 7.10.  GOVERNING LAW..................................................................................     24
   SECTION 7.11.  SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL; WAIVER OF IMMUNITY...........................     24
</TABLE>

                                       i
<PAGE>   3
                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<S>                                                                                                                   <C>
   SECTION 7.12.  EXECUTION IN COUNTERPARTS......................................................................     25
   SECTION 7.13.  ENTIRETY.......................................................................................     25
   SECTION 7.14.  HEADINGS.......................................................................................     25
   SECTION 7.15.  TRANSFER.......................................................................................     26
   SECTION 7.16.  LIQUIDITY PROVIDER'S OBLIGATION TO MAKE ADVANCES...............................................     26
</TABLE>

                                       ii
<PAGE>   4
                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<S>                      <C>
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
</TABLE>

                                      iii
<PAGE>   5
                           REVOLVING CREDIT AGREEMENT

                  This REVOLVING CREDIT AGREEMENT dated as of July 7, 2000,
between WILMINGTON TRUST COMPANY, a Delaware banking corporation, 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 G Trust
(as defined below) (the "Borrower"), and CITIBANK, N.A., a national banking
association ("Citibank" or the "Liquidity Provider").

                              W I T N E S S E T H:

                  WHEREAS, pursuant to the Class G 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 G Trust is issuing the Class G
Certificates;

                  WHEREAS, the Borrower, in order to support the timely payment
of a portion of the interest on the Class G 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; and

                  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 Cost" has the meaning assigned to such term in
         Section 3.01.

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

                  "Applicable Liquidity Rate" has the meaning assigned to such
         term in Section 3.07(f).

                  "Applicable Margin" means (x) with respect to any Unpaid
         Advance or Applied Provider Advance, 2.00% and (y) with respect to any
         Unapplied Provider Advance, 0.35%.

                  "Applied Downgrade Advance" has the meaning assigned to such
         term in Section 2.06(a).
<PAGE>   6
                                                                               2

                  "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).

                  "Assignment and Assumption Agreement" means the Assignment and
         Assumption to be entered into between the Borrower and the trustee of
         the Successor Trust, substantially in the form of Exhibit D to the
         Class G Trust Agreement.

                  "Base Rate" means a fluctuating interest rate per annum in
         effect from time to time, which rate per annum shall at all times be
         equal to (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.

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

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

                  "Depositary" means Citibank, N.A.

                  "Deposit Agreement" means the Deposit Agreement dated as of
         the date hereof between Wilmington Trust Company, as Escrow Agent and
         Citibank, N.A., as Depositary, pertaining to the Class G Certificates,
         as the same may be amended, modified or supplemented from time to time
         in accordance with the terms thereof.
<PAGE>   7
                                                                               3

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

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

                  "Excluded Taxes" means (i) taxes imposed on the overall net
         income of the Liquidity Provider or of its Lending Office by the
         jurisdiction where such Liquidity Provider's principal office or such
         Lending 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 as a result of any change in
         applicable law (excluding from change in applicable law for this
         purpose a change in an applicable treaty or other change in law
         affecting the applicability of a treaty) after the date hereof, or in
         the case of a successor Liquidity Provider (including a transferee of
         an Advance) or Lending Office, after the date on which such successor
         Liquidity Provider obtains its interest or on which the Lending Office
         is changed, and (ii) any withholding Taxes imposed by the United States
         which are imposed or increased as a result of the Liquidity Provider
         failing to deliver to the Borrower any certificate or document (which
         certificate or document in the good faith judgment of the Liquidity
         Provider it is legally entitled to provide) which is reasonably
         requested by the Borrower to establish that payments under this
         Agreement are exempt from (or entitled to a reduced rate of)
         withholding Tax.

                  "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 July 5, 2001, initially, or any date to
         which the Expiry Date is extended pursuant to Section 2.10.

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

                  "Intercreditor Agreement" means the Intercreditor Agreement
         dated as of the date hereof, among the Trustees, the Liquidity
         Provider, the liquidity provider under each Liquidity Facility (other
         than this Agreement), the Policy Provider and the Subordination Agent,
         as the same may be amended, supplemented or otherwise modified from
         time to time in accordance with its terms.

                  "Interest Advance" means an advance made pursuant to Section
         2.02(a).

                  "Interest Period" means, with respect to any LIBOR Advance,
         each of the following periods:
<PAGE>   8
                                                                               4

                  (i)      the period beginning on the third Business Day
                           following either (x) the Liquidity Provider's receipt
                           of the Notice of Borrowing for such LIBOR Advance or
                           (y) the withdrawal of funds from the Class G Cash
                           Collateral Account for the purpose of paying interest
                           on the Class G Certificates as contemplated by
                           Section 2.06(a) hereof and, in either case, ending on
                           the next Regular Distribution Date; and

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

         provided, however, that (I) if an Unapplied Provider Advance which is a
         LIBOR Advance becomes an Applied Provider Advance, the Interest Period
         then applicable to such Unapplied Provider Advance shall be applicable
         to such Applied Provider Advance and (II) if (x) the Final Advance
         shall have been made, or (y) other outstanding Advances shall have been
         converted into the Final Advance, then the Interest Periods shall be
         successive periods of one month beginning on the third Business Day
         following the Liquidity Provider's receipt of the Notice of Borrowing
         for such Final Advance (in the case of clause (x) above) or the last
         day of the Interest Period then applicable to such outstanding Advances
         (in the case of clause (y) above).

                  "Lending Office" means the lending office of the Liquidity
         Provider in which it books this facility presently located in New York,
         New York, or such other lending office as the Liquidity Provider from
         time to time shall notify the Borrower as its "Lending Office"
         hereunder in which it books this facility; provided that the Liquidity
         Provider shall not change its Lending Office to a Lending Office
         outside the United States of America except in accordance with Section
         3.01, 3.02 or 3.03 hereof.

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

                  "LIBOR Rate" means, with respect to any Interest Period,

                  (i)      the rate per annum appearing on display page 3750
                           (British Bankers Association-LIBOR) of the Dow Jones
                           Markets Service (or any successor or substitute Page
                           of such Service, or any successor to or substitute
                           for such Service, providing rate quotations
                           comparable to those currently provided on such Page
                           applicable to deposits in dollars in the London
                           interbank market) at approximately 11:00 A.M. (London
                           time) two 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
<PAGE>   9
                                                                               5

                           Liquidity Provider in the London interbank market at
                           approximately 11:00 A.M. (London time) two Business
                           Days before the first day of such Interest Period in
                           an amount approximately equal to the principal amount
                           of the LIBOR Advance to which such Interest Period is
                           to apply and for a period comparable to such Interest
                           Period.

                  "Liquidity Event of Default" means the occurrence of either
         (a) the Acceleration of all of the Equipment Notes (provided that, with
         respect to the period prior to the Delivery Period Expiry Date, such
         Equipment Notes have an aggregate outstanding principal balance in
         excess of $100 million) or (b) an America West Bankruptcy Event.

                  "Liquidity Indemnitee" means (i) the Liquidity Provider, (ii)
         each Affiliate of the Liquidity Provider, (iii) the respective
         directors, officers, employees and agents of the Liquidity Provider and
         its Affiliates, and (iv) the successors and permitted assigns of the
         persons described in clauses (i) and (iii), 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 Provider Advance or a Final Advance, the
         Maximum Available Commitment shall be zero.

                  "Maximum Commitment" means initially $28,146,887.79, as the
         same may be reduced from time to time in accordance with Section
         2.04(a).

                  "Non-Excluded Taxes" has the meaning specified in Section
         3.03.

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

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

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

                  "Offering Memorandum" means the Offering Memorandum dated June
         27, 2000 relating to the Certificates, as such Offering Memorandum may
         be amended or supplemented.

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

                  "Provider Advance" means a Downgrade Advance or a
         Non-Extension Advance.
<PAGE>   10
                                                                               6

                  "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 G Certificates, that would be
         payable on the Class G Certificates on each of the three successive
         semiannual Regular Distribution Dates immediately following such day
         or, if such day is a Regular Distribution Date, on such day and the
         succeeding two semiannual Regular Distribution Dates, in each case
         calculated on the basis of the Pool Balance of the Class G Certificates
         on such day and without regard to expected future payments of principal
         on the Class G Certificates. Notwithstanding the above, in the event of
         any Policy Provider Election, for purposes of the definition of the
         Required Amount the Pool Balance shall be deemed to be reduced by the
         amount (if positive) by which (a) the then outstanding principal
         balance of each Series G Equipment Note in respect of which such Policy
         Provider Election has been made shall exceed (b) the amount of any
         Policy Drawings previously paid by the Policy Provider in respect of
         principal on such Series G Equipment Note.

                  "Successor Trust" means America West Airlines Pass Through
         Trust 2000-1G-S.

                  "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 G
         Certificates have been paid in full (or provision has been made for
         such payment in accordance with the Intercreditor Agreement and the
         Trust Agreements) or are otherwise no longer entitled to the benefits
         of this Agreement; (iii) the date on which the Borrower delivers to the
         Liquidity Provider a certificate, signed by a Responsible Officer of
         the Borrower, certifying that a Replacement Liquidity Facility has been
         substituted for this Agreement in full pursuant to Section 3.6(e) of
         the Intercreditor Agreement; (iv) the fifth Business Day following the
         receipt by the Borrower of a Termination Notice from the Liquidity
         Provider pursuant to Section 6.01 hereof; and (v) the date on which no
         Advance is or may (including by reason of reinstatement as herein
         provided) become available for a Borrowing hereunder.

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

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

                  "Unapplied Provider Advance" means any Provider Advance other
         than an Applied Provider Advance.

                  "Unpaid Advance" has the meaning assigned to such term in
         Section 2.05.
<PAGE>   11
                                                                               7

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

         "Acceleration", "Affiliate", "America West", "America West Bankruptcy
         Event", "Certificates", "Class C Certificates", "Class G Cash
         Collateral Account", "Class G Certificates", "Class G
         Certificateholders", "Class G Trust", "Class G Trust Agreement", "Class
         G Trustee", "Closing Date", "Controlling Party", "Corporate Trust
         Office", "Delivery Period Expiry Date", "Distribution Date",
         "Downgraded Facility", "Equipment Notes", "Fee Letter", "Final Legal
         Distribution Date", "Financing Agreement", "Indenture", "Initial
         Purchasers", "Interest Payment Date", "Investment Earnings", "Liquidity
         Facility", "Liquidity Obligations", "Loan Trustee", "Moody's",
         "Non-Extended Facility", "Note Purchase Agreement", "Operative
         Agreements", "Performing Equipment Note", "Person", "Policy Drawings",
         "Policy Provider", "Policy Provider Election", "Pool Balance",
         "Purchase Agreement", "Rating Agency", "Ratings Confirmation", "Regular
         Distribution Date", "Replacement Liquidity Facility", "Responsible
         Officer", "Scheduled Payment", "Special Payment", "Standard & Poor's",
         "Stated Interest Rate", "Subordination Agent", "Taxes", "Threshold
         Rating", "Transfer", "Trust Agreements", "Trustee", and "Written
         Notice".

                                   ARTICLE II

                       AMOUNT AND TERMS OF THE COMMITMENT

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

                  Section 2.02. Making 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 G Certificates at
the Stated Interest Rate therefor in accordance with Section 3.6(a) of the
Intercreditor Agreement. Each Interest Advance made hereunder shall
automatically reduce the Maximum Available Commitment and the amount available
to be borrowed hereunder by subsequent Advances by the amount of such Interest
Advance (subject to reinstatement as provided in the next sentence). Upon
repayment by the Borrower to the Liquidity Provider in full of the amount of any
Interest Advance made pursuant to this Section 2.02(a), together with accrued
interest thereon (as provided herein), the Maximum Available Commitment shall be
<PAGE>   12
                                                                               8

reinstated by the amount of such repaid Interest Advance, but not to exceed the
Maximum Commitment; provided, however, that the Maximum Available Commitment
shall not be so reinstated at any time if (i) a Liquidity Event of Default shall
have occurred and be continuing and (ii) there is a Performing Note Deficiency.

                  (b) A Non-Extension Advance shall be made in a single
Borrowing if this Agreement is not extended in accordance with Section 3.6(d) of
the Intercreditor Agreement (unless a Replacement Liquidity Facility to replace
this Agreement shall have been delivered to the Borrower in accordance with said
Section 3.6(d) 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 G
Cash Collateral Account in accordance with said Section 3.6(d) and Section
3.6(f) of the Intercreditor Agreement.

                  (c) A Downgrade Advance shall be made in a single Borrowing
upon a downgrading of the Liquidity Provider's short-term unsecured debt rating
issued by either Rating Agency below the applicable Threshold Rating (as
provided for in Section 3.6(c) of the Intercreditor Agreement), unless a
Replacement Liquidity Facility to replace this Agreement shall have been
previously delivered to the Borrower in accordance with said Section 3.6(c), by
delivery to the Liquidity Provider of a written and completed Notice of
Borrowing in substantially the form of Annex III attached hereto, signed by a
Responsible Officer of the Borrower, in an amount equal to the Maximum Available
Commitment at such time, and shall be used to fund the Class G Cash Collateral
Account in accordance with said Section 3.6(c) and Section 3.6(f) of the
Intercreditor Agreement.

                  (d) A Final Advance shall be made in a single Borrowing upon
the receipt by the Borrower of a Termination Notice from the Liquidity Provider
pursuant to Section 6.01 hereof by delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex IV
attached hereto, signed by a Responsible Officer of the Borrower, in an amount
equal to the Maximum Available Commitment at such time, and shall be used to
fund the Class G Cash Collateral Account (in accordance with Section 3.6(i) of
the Intercreditor Agreement and Section 3.6(f) of the Intercreditor Agreement).

                  (e) Each Borrowing shall be made on notice in writing (a
"Notice of Borrowing") in substantially the form required by Section 2.02(a),
2.02(b), 2.02(c) or 2.02(d), as the case may be, given by the Borrower to the
Liquidity Provider. If a Notice of Borrowing is delivered by the Borrower in
respect of any Borrowing no later than 10:00 a.m. (New York City time) on a
Business Day, upon satisfaction of the conditions precedent set forth in Section
4.02 with respect to a requested Borrowing, the Liquidity Provider shall make
available to the Borrower, in accordance with its payment instructions, the
amount of such Borrowing in U.S. dollars and immediately available funds, before
12:00 noon. (New York City time) on such Business Day or on such later Business
Day specified in such Notice of Borrowing. If a Notice of Borrowing is delivered
by the Borrower in respect of any Borrowing after 10:00 a.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
<PAGE>   13
                                                                               9

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 or on such later Business Day specified by the
Borrower in such Notice of Borrowing. Payments of proceeds of a Borrowing shall
be made by wire transfer of immediately available funds to the Borrower in
accordance with such wire transfer instructions as the Borrower shall furnish
from time to time to the Liquidity Provider for such purpose. Each Notice of
Borrowing shall be irrevocable and binding on the Borrower.

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

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

                  Section 2.04. Adjustments or Termination of the Maximum
Commitment.

                  (a) Automatic Adjustments. Promptly following each date on
which the Required Amount is (1) reduced as a result of a reduction in the Pool
Balance of the Class G Certificates or otherwise, (2) increased as a result of
an increase in the Stated Interest Rate or (3) subsequent to such an increase
described in clause (2), reduced pursuant to the definition of "Stated Interest
Rate", the Maximum Commitment shall automatically be reduced or increased, as
the case may be, to an amount equal to the Required Amount (as calculated by the
Borrower). The Borrower shall give notice of any such automatic reduction or
increase, as the case may be, 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 or increase of
the Maximum Commitment.
<PAGE>   14
                                                                              10

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

                  Section 2.05. Repayments of Interest Advances or the Final
Advance. Subject to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby
agrees, without notice of an Advance or demand for repayment from the Liquidity
Provider (which notice and demand are hereby waived by the Borrower), to pay, or
to cause to be paid, to the Liquidity Provider on each date on which the
Liquidity Provider shall make an Interest Advance or the Final Advance, an
amount equal to (a) the amount of such Advance (any such Advance, until repaid,
is referred to herein as an "Unpaid Advance"), plus (b) interest on the amount
of each such Unpaid Advance as provided in Section 3.07 hereof; provided that if
(i) the Liquidity Provider shall make a Provider Advance at any time after
making one or more Interest Advances which shall not have been repaid in
accordance with this Section 2.05 or (ii) this Liquidity Facility shall become a
Downgraded Facility or Non-Extended Facility at any time when unreimbursed
Interest Advances have reduced the Maximum Available Commitment to zero, then
such Interest Advances shall cease to constitute Unpaid Advances and shall be
deemed to have been changed into an Applied Downgrade Advance or an Applied
Non-Extension Advance, as the case may be, for all purposes of this Agreement
(including, without limitation, for the purpose of determining when such
Interest Advance is required to be repaid to the Liquidity Provider in
accordance with Section 2.06 and for the purposes of Section 2.06(b)). The
Borrower and the Liquidity Provider agree that the repayment in full of each
Interest Advance and Final Advance on the date such Advance is made is intended
to be a contemporaneous exchange for new value given to the Borrower by the
Liquidity Provider.

                  Section 2.06. Repayments of Provider Advances. (a) Amounts
advanced hereunder in respect of a Provider Advance shall be deposited in the
Class G Cash Collateral Account, invested and withdrawn from the Class G Cash
Collateral Account as set forth in Sections 3.6(c), (d) and (f) of the
Intercreditor Agreement. The Borrower agrees to pay to the Liquidity Provider,
on each Regular Distribution Date, commencing on the first Regular Distribution
Date after the making of a Provider Advance, interest on the principal amount of
any such Provider Advance as provided in Section 3.07; provided, however, that
amounts in respect of a Provider Advance withdrawn from the Class G Cash
Collateral Account for the purpose of paying interest on the Class G
Certificates in accordance with Section 3.6(f) of the Intercreditor Agreement
(the amount of any such withdrawal being (y) in the case of a Downgrade Advance,
an "Applied Downgrade Advance" and (z) in the case of a Non-Extension Advance,
an "Applied Non-Extension Advance" and, together with an Applied Downgrade
Advance, an "Applied Provider Advance") shall thereafter (subject to Section
2.06(b)) be treated as an Interest Advance under this Agreement for purposes of
determining the Applicable Liquidity Rate for interest payable thereon; provided
further, however, that if, following the making of a Provider Advance, the
Liquidity Provider delivers a Termination Notice to the Borrower pursuant to
Section 6.01 hereof, such Provider Advance shall thereafter be treated as a
Final Advance under this Agreement for purposes of determining the Applicable
Liquidity Rate for interest payable thereon. Subject to Sections 2.07 and 2.09
hereof, immediately upon the withdrawal of any amounts from the Class G Cash
Collateral Account on account of a reduction
<PAGE>   15
                                                                              11

in the Required Amount, the Borrower shall repay to the Liquidity Provider a
portion of the Provider Advances in a principal amount equal to such reduction,
plus interest on the principal amount prepaid as provided in Section 3.07
hereof.

                  (b) At any time when an Applied Provider Advance (or any
portion thereof) is outstanding, upon the deposit in the Class G Cash Collateral
Account of any amount pursuant to clause "third" of Section 2.4(b) of the
Intercreditor Agreement, clause "third" of Section 3.2 of the Intercreditor
Agreement or clause "fourth" of Section 3.3 of the Intercreditor Agreement (any
such amount being a "Replenishment Amount") for the purpose of replenishing or
increasing the balance thereof up to the Required Amount at such time, (i) the
aggregate outstanding principal amount of all Applied Provider Advances (and of
Provider Advances treated as an Interest Advance for purposes of determining the
Applicable Liquidity Rate for interest payable thereon) shall be automatically
reduced by the amount of such Replenishment Amount and (ii) the aggregate
outstanding principal amount of all Unapplied Provider Advances shall be
automatically increased by the amount of such Replenishment Amount.

                  (c) Upon the provision of a Replacement Liquidity Facility in
replacement of this Agreement in accordance with Section 3.6(e) of the
Intercreditor Agreement, amounts remaining on deposit in the Class G Cash
Collateral Account after giving effect to any Applied Provider Advance on the
date of such replacement shall be reimbursed to the Liquidity Provider, but only
to the extent such amounts are necessary to repay in full to the Liquidity
Provider all amounts owing to it hereunder.

                  Section 2.07. Payments to the Liquidity Provider Under the
Intercreditor Agreement. In order to provide for payment or repayment to the
Liquidity Provider of any amounts hereunder, the Intercreditor Agreement
provides that amounts available and referred to in Articles II and III of the
Intercreditor Agreement, to the extent payable to the Liquidity Provider
pursuant to the terms of the Intercreditor Agreement (including, without
limitation, Section 3.6(f) of the Intercreditor Agreement), shall be paid to the
Liquidity Provider in accordance with the terms thereof. Amounts so paid to the
Liquidity Provider shall be applied by the Liquidity Provider to Liquidity
Obligations then due and payable in accordance with the Intercreditor Agreement
or, if not provided for in the Intercreditor Agreement, then in such manner as
the Liquidity Provider shall deem appropriate.

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

                  Section 2.09. Payments from Available Funds Only. All payments
to be made by the Borrower under this Agreement shall be made only from the
amounts that constitute Scheduled Payments, Special Payments or payments under
Section 7.1 or 9.1, as the case may be, of the Participation Agreements 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
<PAGE>   16
                                                                              12

Borrower to make payments in accordance with the terms hereof after giving
effect to the priority of payments provisions set forth in the Intercreditor
Agreement. The Liquidity Provider agrees that it will look solely to such
amounts to the extent available for distribution to it as provided in the
Intercreditor Agreement and this Agreement and that the Borrower, in its
individual capacity, is not personally liable to it for any amounts payable or
liability under this Agreement except as expressly provided in this Agreement,
the Intercreditor Agreement or any Participation Agreement. Amounts on deposit
in the Class G Cash Collateral Account shall be available to the Borrower to
make payments under this Agreement only to the extent and for the purposes
expressly contemplated in Section 3.6(f) of the Intercreditor Agreement.

                  Section 2.10. Extension of the Expiry Date; Non-Extension
Advance. No earlier than the 45th day and no later than the 30th day prior to
the then effective Expiry Date (unless such Expiry Date is on or after the date
that is 15 days after the Final Legal Distribution Date for the Class G
Certificates), the Borrower shall request that the Liquidity Provider extend the
Expiry Date to the earlier of (i) the date which is 15 days after the Final
Legal Distribution Date for the Class G Certificates and (ii) the day that is
the day immediately preceding the 364th day occurring after the then effective
Expiry Date (unless the obligations of the Liquidity Provider are earlier
terminated in accordance with the terms hereof). Whether or not the Borrower has
made such request, the Liquidity Provider shall advise the Borrower, no earlier
than 30 days and no later than 20 days prior to the then effective Expiry Date,
whether, in its sole discretion, it agrees to so extend the Expiry Date. If the
Liquidity Provider advises the Borrower on or before the 20th day prior to the
Expiry Date then in effect that such Expiry Date shall not be so extended, or
does not irrevocably and unconditionally advise the Borrower on or before the
20th day prior to the Expiry Date then in effect that such Expiry Date shall be
so extended (and, in each case, the Liquidity Provider shall not have been
replaced in accordance with Section 3.6(e) of the Intercreditor Agreement), such
Expiry Date shall not be extended and the Borrower shall be entitled on and
after such 20th day (but prior to the then effective Expiry Date) to request a
Non-Extension Advance in accordance with Section 2.02(b) hereof and Section
3.6(d) of the Intercreditor Agreement.

                                   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 reasonably attributable to its making or
maintaining any LIBOR 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 applicable to banks generally), or the adoption or
making after the date of this Agreement of any interpretations, directives, or
requirements
<PAGE>   17
                                                                              13

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 any deposits referred
to in the definition of LIBOR Rate or related definitions). The Liquidity
Provider agrees to use reasonable efforts (consistent with applicable legal and
regulatory restrictions) to change the jurisdiction of its Lending Office if
making such change would avoid the need for, or reduce the amount of, any amount
payable under this Section 3.01 that may thereafter accrue and would not, in the
reasonable judgment of the Liquidity Provider, be otherwise disadvantageous to
the Liquidity Provider.

                  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; provided, that if the Liquidity Provider
fails to give such notice within 180 days after it obtains such knowledge, the
Liquidity Provider shall, with respect to any costs resulting from such event,
only be entitled to payment under this Section 3.01 for costs incurred from and
after the date 180 days prior to the date the Liquidity Provider does give such
notice. 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 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 Borrower agree that any permitted assignee or participant of
the initial Liquidity Provider 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. If (1) the adoption, after the
date hereof, of any applicable governmental law, rule or regulation regarding
capital adequacy, (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
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
requiring an increase in the amount of capital required to be maintained by the
Liquidity Provider or any corporation controlling the Liquidity Provider, and
such increase is based upon the Liquidity Provider's obligations hereunder and
other similar obligations, the Borrower shall pay to the Liquidity Provider from
time to time such additional amount or amounts as are necessary to
<PAGE>   18
                                                                              14

compensate the Liquidity Provider for such portion of such increase as shall be
reasonably allocable to the Liquidity Provider's obligations to the Borrower
hereunder. The Liquidity Provider agrees to use reasonable efforts (consistent
with applicable legal and regulatory restrictions) to change the jurisdiction of
its Lending Office if making such change would avoid the need for, or reduce the
amount of, any 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 amounts owed under this Section; provided, that if the Liquidity Provider
fails to give such notice within 180 days after it obtains such knowledge, the
Liquidity Provider shall, with respect to any costs resulting from such event,
only be entitled to payment under this Section 3.02 for costs incurred from and
after the date 180 days prior to the date the Liquidity Provider does give such
notice. Determinations by the Liquidity Provider for purposes of this Section
3.02 of the effect of any increase in the amount of capital 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 prima facie
evidence of the amounts owed under this Section.

                  Notwithstanding the preceding two paragraphs, the Liquidity
Provider and the Borrower agree that any permitted assignee or participant of
the initial Liquidity Provider 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. All payments made
by the Borrower under this Agreement shall be made free and clear of, and
without reduction for or on account of, any present or future stamp or other
taxes, levies, imposts, duties, charges, fees, deductions, withholdings,
restrictions or conditions of any nature whatsoever now or hereafter imposed,
levied, collected, withheld or assessed, excluding Excluded Taxes (such
non-excluded taxes being referred to herein, collectively, as "Non-Excluded
Taxes" and, individually, as a "Non-Excluded Tax"). If any Non-Excluded Taxes
are required to be withheld from any amounts payable to the Liquidity Provider
under this Agreement, the Borrower shall notify the Liquidity Provider and
America West thereof and from and after such notice, the amounts so payable to
the Liquidity Provider shall be increased to the extent necessary to yield to
the Liquidity Provider (after payment of all Non-Excluded Taxes and taxes
imposed on the receipt of such increase) interest or any other such amounts
payable under this Agreement at the rates or in the amounts specified in this
Agreement. The Liquidity Provider agrees to use reasonable efforts (consistent
with its internal written policy and legal and regulatory restrictions) to
change the jurisdiction of its Lending Office if making such change would avoid
the need for, or reduce the amount of, any such additional amounts that may
thereafter accrue and would not, in the reasonable judgment of the Liquidity
Provider, be otherwise disadvantageous to the Liquidity Provider.
<PAGE>   19
                                                                              15

                  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 of Citibank, N.A.
at Citibank, N.A., New York, New York 10043, ABA #021000089, Account #4063-2387,
Reference: America West Airlines Pass Through Trust, Series 2000-1G, Attention:
Aviation/Retail.

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

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

                  Section 3.07. Interest. (a) Subject to Section 2.09, the
Borrower shall pay, or shall cause to be paid, without duplication, interest on
(i) the unpaid principal amount of each Advance from and including the date of
such Advance (or, in the case of an Applied Provider Advance, from and including
the date on which the amount thereof was withdrawn from the Class G Cash
Collateral Account to pay interest on the Class G Certificates) to but excluding
the date such principal amount shall be paid in full (or, in the case of an
Applied Provider Advance, the date on which the Class G Cash Collateral Account
is fully replenished in respect of such Advance) and (ii) any other amount due
hereunder (whether fees, commissions, expenses or other amounts or, to the
extent permitted by law, installments of interest on Advances or any such other
amount) which is not paid when due (whether at stated maturity, by acceleration
or otherwise) from and including the due date thereof to but excluding the date
such amount is paid in full, in each such case, at a fluctuating interest rate
per annum for each day equal to the Applicable Liquidity Rate for such Advance
or such other amount as in effect for such day, but in no event at a rate per
annum greater than the maximum rate permitted by applicable law; provided,
however, that, if at any time the otherwise applicable interest rate as set
forth in this Section 3.07 shall exceed the maximum rate permitted by applicable
law, then any subsequent reduction in such interest rate will not reduce the
rate of interest payable pursuant to this Section 3.07 below the maximum rate
permitted by applicable law until the total amount of interest accrued equals
the amount of interest that would have accrued if such otherwise applicable
interest rate as set forth in this Section 3.07 had at all times been in effect.
<PAGE>   20
                                                                              16

                  (b) 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 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 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 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% until paid.

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

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

                  Section 3.09. Funding Loss Indemnification. The Borrower shall
pay to the Liquidity Provider, upon the request of the Liquidity Provider, such
amount or amounts as shall be sufficient (in the reasonable opinion of the
Liquidity Provider) to compensate it for any loss incurred by it 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
<PAGE>   21
                                                                              17

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

                  Section 3.10. Illegality. Notwithstanding any other provision
in this Agreement, if any change in any applicable law, rule or regulation, or
any change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by the Liquidity Provider (or its Lending
Office) with any request or directive (whether or not having the force of law)
of any such authority, central bank or comparable agency shall make it unlawful
or impossible for the Liquidity Provider (or its Lending Office) to maintain or
fund its LIBOR Advances, then upon notice to the Borrower by the Liquidity
Provider, the outstanding principal amount of the LIBOR Advances shall be
converted to Base Rate Advances to the extent necessary to cure such illegality
(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 Lending
Office if making such change would avoid or cure the aforesaid illegality.

                                   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 on or before
         the Closing Date each of the following, and in the case of each
         document delivered pursuant to paragraphs (i), (ii) and (iii), each in
         form and substance satisfactory to the Liquidity Provider:

                           (i) This Agreement duly executed on behalf of the
                  Borrower;

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

                           (iii) Fully executed copies of each of the Operative
                  Agreements executed and delivered on or before the Closing
                  Date (other than this Agreement and the Intercreditor
                  Agreement);

                           (iv) A copy of the Offering Memorandum and specimen
                  copies of the Class G Certificates;

                           (v) An executed copy of each document, instrument,
                  certificate and opinion delivered on or before the Closing
                  Date pursuant to the Class G Trust
<PAGE>   22
                                                                              18

                  Agreement, the Intercreditor Agreement and the other Operative
                  Agreements entered into on or prior to the date hereof (in the
                  case of each such opinion, other than the opinion of counsel
                  for the Initial Purchasers, 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, reasonable advisable, in order to
                  establish, perfect, protect and preserve the right, title and
                  interest, remedies, powers, privileges, liens and security
                  interests of, or for the benefit of, the Trustees, the
                  Borrower and the Liquidity Provider created by the Operative
                  Agreements executed and delivered on or prior to the Closing
                  Date;

                           (vii) An agreement from America West, pursuant to
                  which America West agrees to provide copies of quarterly
                  financial statements and audited annual financial statements
                  to the Liquidity Provider (which obligations may be satisfied
                  by the furnishing of America West's Form 10Q and 10K), in each
                  case, only to the extent that America West is obligated to
                  provide such information pursuant to Section 8.2.1 of the
                  Leases (related to Leased Aircraft) or the corresponding
                  section of the Indentures (related to Owned Aircraft) to the
                  parties thereto; and

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

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

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

                  (d) All conditions precedent to the issuance of the
         Certificates under the Trust Agreements shall have been satisfied or
         waived, all conditions precedent to the effectiveness of the other
         Liquidity Facility shall have been satisfied or waived, and all
         conditions precedent to the purchase of the Certificates by the Initial
         Purchasers under the Purchase Agreement shall have been satisfied
         (unless any of such conditions precedent shall have been waived by the
         Initial Purchasers).
<PAGE>   23
                                                                              19

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

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

                                    ARTICLE V

                                    COVENANTS

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

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

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

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

                  Section 5.02. Negative Covenants of the Borrower. So long as
any Advance shall remain unpaid or the Liquidity Provider shall have any Maximum
Commitment hereunder or the Borrower shall have any obligation to pay any amount
to the Liquidity Provider hereunder, the Borrower will not appoint or permit or
suffer to be appointed any successor Borrower without the prior written consent
of the Liquidity Provider, which consent shall not be unreasonably withheld or
delayed.
<PAGE>   24
                                                                              20

                                   ARTICLE VI

                           LIQUIDITY EVENTS OF DEFAULT

                  Section 6.01. Liquidity Events of Default. If (a) any
Liquidity Event of Default has occurred and is continuing and (b) there is a
Performing Note Deficiency, the Liquidity Provider may, in its discretion,
deliver to the Borrower a Termination Notice, the effect of which shall be to
cause (i) 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 3.6(i) of the Intercreditor Agreement, (iii) all
other outstanding Advances to be automatically converted into Final Advances for
purposes of determining the Applicable Liquidity Rate for interest payable
thereon, and (iv) subject to Sections 2.07 and 2.09 hereof, all Advances
(including, without limitation, any Provider Advance and Applied Provider
Advance), any accrued interest thereon and any other amounts outstanding
hereunder to become immediately due and payable to the Liquidity Provider.

                                   ARTICLE VII

                                  MISCELLANEOUS

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

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

                  Borrower:

                  WILMINGTON TRUST COMPANY
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, DE  19890-0001

                  Attention: Corporate Trust Administration
                  Telephone: 302-651-1000
                  Telecopy: 302-651-8882
<PAGE>   25
                                                                              21

                  Liquidity Provider:

                  CITIBANK, N.A.
                  399 Park Avenue
                  New York, New York 10043

                  Attention:  Aviation/Retail
                  Telecopy:  (212) 793-3734

                  with a copy to:

                  Citicorp North America Inc.
                  787 West 5th Street, 29th Floor
                  Los Angeles, California 90071

                  Attention:  Walter Larsen
                  Telecopy:  (213) 624-9765

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

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

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

                  Section 7.05. Indemnification; Survival of Certain Provisions.
The Liquidity Provider shall be indemnified hereunder to the extent and in the
manner described in Section 7.1 or 9.1, as the case may be, of the Participation
Agreements and Section 6(c) 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 Sections 3.01,
<PAGE>   26
                                                                              22

3.02 or 7.07 hereof or in the Fee Letter (regardless of whether indemnified
against pursuant to said Sections 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, 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 Expenses is (i)
attributable to the gross negligence or willful misconduct of such Liquidity
Indemnitee or any other Liquidity Indemnitee, (ii) ordinary and usual operating
overhead expense, or (iii) attributable to the failure by such Liquidity
Indemnitee or any other Liquidity Indemnitee to perform or observe any
agreement, covenant or condition on its part to be performed or observed in this
Agreement, the Intercreditor Agreement, the Fee Letter or any other Operative
Agreement to which it is a party. The indemnities contained in Section 7.1 or
9.1, as the case may be, of the Participation Agreements, and Section 6(c) 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; or (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.

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

                  Section 7.07. Costs, Expenses and Taxes. The Borrower agrees
to pay, or cause to be paid (A) on the Effective Date and on such later date or
dates on which the Liquidity Provider shall make demand, all reasonable
out-of-pocket costs and expenses (including, without limitation, the reasonable
fees and expenses of outside counsel for the Liquidity Provider) of the
<PAGE>   27
                                                                              23

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) other
than amendments requested by the Liquidity Provider, or (iii) any action or
proceeding relating to any order, injunction, or other process or decree
restraining or seeking to restrain the Liquidity Provider from paying any amount
under this Agreement, the Intercreditor Agreement or any other Operative
Agreement or otherwise affecting the application of funds in the Class G Cash
Collateral Account. In addition, the Borrower shall pay any and all recording,
stamp and other similar taxes and fees payable or determined to be payable in
connection with the execution, delivery, filing and recording of this Agreement,
any other Operative Agreement and such other documents, and agrees to save the
Liquidity Provider harmless from and against any and all liabilities with
respect to or resulting from any delay in paying or omission to pay such taxes
or fees.

                  Section 7.08. Binding Effect; Participations. (a) This
Agreement shall be binding upon and inure to the benefit of the Borrower and the
Liquidity Provider and their respective successors and assigns, except that
neither the Liquidity Provider (except as otherwise provided in this Section
7.08) nor (except as contemplated by Section 3.08) the Borrower shall have the
right to assign its rights or obligations hereunder or any interest herein
without the prior written consent of the other party, subject to the
requirements of Section 7.08(b). The Liquidity Provider may grant participations
herein or in any of its rights hereunder (including, without limitation, funded
participations and participations in rights to receive interest payments
hereunder) and under the other Operative Agreements to such Persons (other than
America West or any of its Affiliates) as the Liquidity Provider may in its sole
discretion select, subject to the requirements of Section 7.08(b). No such
participation 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 and capital adequacy requirements, increased costs,
reduced receipts, additional amounts due pursuant to Section 3.03 and the like
as they pertain to the Liquidity Provider shall be deemed also to include those
of each of its participants that are banks (subject, in each case, to the
maximum amount that would have been incurred by or attributable to the Liquidity
Provider directly if the initial Liquidity Provider, rather than the
participant, had held the interest participated).

                  (b) If, pursuant to subsection (a) above, the Liquidity
Provider sells any participation in this Agreement to any bank or other entity
(each, a "Transferee"), then, concurrently with the effectiveness of such
participation, the Transferee shall (i) represent to the Liquidity Provider (for
the benefit of the Liquidity Provider and the Borrower) either (A) that it
<PAGE>   28
                                                                              24

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

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

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

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

                  Section 7.11. Submission to Jurisdiction; Waiver of Jury
Trial; Waiver of Immunity. (a) Each of the parties hereto hereby irrevocably and
unconditionally:

                  (i) submits for itself and its property in any legal action or
         proceeding relating to this Agreement or any other Operative Agreement,
         or for recognition and enforcement
<PAGE>   29
                                                                              25

         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.

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

                  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.
<PAGE>   30
                                                                              26

                  Section 7.15. Transfer. The Liquidity Provider hereby
acknowledges and consents to the Transfer contemplated by the Assignment and
Assumption Agreement.

                  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.
<PAGE>   31
                  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 COMPANY,
                              not in its individual capacity
                              but solely as Subordination Agent,
                              as agent and trustee for the Class G Trust,
                              as Borrower

                            By: /s/ signature
                                ________________________________
                              Name:
                              Title:

                             CITIBANK, N.A.,
                              as Liquidity Provider

                             By: /s/ signature
                                 ________________________________
                              Name:
                              Title:
<PAGE>   32
                                                                      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 CITIBANK, N.A. (the
"Liquidity Provider"), with reference to the Revolving Credit Agreement
(2000-1G) dated as of July 7, 2000, 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 G Certificates which was payable on ____________, ____ (the
         "Distribution Date") in accordance with the terms and provisions of the
         Class G Trust Agreement and the Class G Certificates, which Advance is
         requested to be made on the date hereof.

                  (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 G Certificates on the
         Distribution Date, (ii) does not include any amount with respect to the
         payment of principal of, or premium on, the Class G Certificates or the
         Class C Certificates, or interest on the Class C Certificates, (iii)
         was computed in accordance with the provisions of the Class G
         Certificates, the Class G Trust Agreement and the Intercreditor
         Agreement (a copy of which computation is attached hereto as Schedule
         I), (iv) does not exceed the Maximum Available Commitment on the date
         hereof, (v) does not include any amount of interest which was due and
         payable on the Class G Certificates on such Distribution Date but which
         remains unpaid due to the failure of the Depositary to pay any amount
         of accrued interest on the Deposits on such Distribution Date and (vi)
         has not been and is not the subject of a prior or contemporaneous
         Notice of Borrowing.

                  (4) Upon receipt by or on behalf of the Borrower of the amount
         requested hereby, (a) the Borrower will apply the same in accordance
         with the terms of Section 3.6(b) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

                  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

                                      I-1
<PAGE>   33
requested to be made hereby as set forth in clause (i) of paragraph (3) of this
Notice of Borrowing and such reduction shall automatically result in
corresponding reductions in the amounts available to be borrowed pursuant to a
subsequent Advance.

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

                            WILMINGTON TRUST COMPANY,
                             not in its individual capacity but solely as
                             Subordination Agent, as Borrower

                            By:_________________________________
                             Name:
                             Title:

                                      I-2
<PAGE>   34
               SCHEDULE I TO INTEREST ADVANCE NOTICE OF BORROWING

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

                                      I-2

<PAGE>   35
                                                                     Annex II to
                                                      Revolving Credit Agreement

                    NON-EXTENSION ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned subordination agent (the "Borrower"), hereby certifies to CITIBANK,
N.A. (the "Liquidity Provider"), with reference to the Revolving Credit
Agreement (2000-1G) dated as of July 7, 2000, 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 G Cash Collateral Account in
         accordance with Section 3.6(d) of the Intercreditor Agreement, which
         Advance is requested to be made on __________, ____.

                  (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 G Cash Collateral Account in accordance with Section 3.6(d)
         of the Intercreditor Agreement, (ii) does not include any amount with
         respect to the payment of the principal of, or premium on, the Class G
         Certificates, or principal of, or interest or premium on, the Class C
         Certificates, (iii) was computed in accordance with the provisions of
         the Class G Certificates, the Class G 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 G Cash Collateral Account and apply the same in accordance with
         the terms of Section 3.6(d) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

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

                                      II-1
<PAGE>   36
                  IN WITNESS WHEREOF, the Borrower has executed and delivered
this Notice of Borrowing as of the ____ day of _________, ____.

                            WILMINGTON TRUST COMPANY,
                             not in its individual capacity but solely
                             as Subordination Agent, as Borrower

                            By:_________________________________
                             Name:
                             Title:

                                      II-2
<PAGE>   37
             SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE OF BORROWING

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

                                      II-2
<PAGE>   38
                                                                    Annex III to
                                                      Revolving Credit Agreement

                      DOWNGRADE ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned subordination agent (the "Borrower"), hereby certifies to CITIBANK,
N.A. (the "Liquidity Provider"), with reference to the Revolving Credit
Agreement (2000-1G) dated as of July 7, 2000, 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 G Cash Collateral Account in
         accordance with Section 3.6(c) of the Intercreditor Agreement by reason
         of the downgrading of the short-term unsecured debt rating of the
         Liquidity Provider issued by either Rating Agency below the Threshold
         Rating, which Advance is requested to be made on __________, ____.

                  (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 G Cash Collateral Account in accordance with Section 3.6(c) of
         the Intercreditor Agreement, (ii) does not include any amount with
         respect to the payment of the principal of, or premium on, the Class G
         Certificates, or principal of, or interest or premium on, the Class C
         Certificates, (iii) was computed in accordance with the provisions of
         the Class G Certificates, the Class G 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 G Cash Collateral Account and apply the same in accordance with
         the terms of Section 3.6(c) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

                  The Borrower hereby acknowledges that, pursuant to the
Liquidity Agreement, (A) the making of the Downgrade Advance as requested by
this Notice of Borrowing shall 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.
<PAGE>   39
                  IN WITNESS WHEREOF, the Borrower has executed and delivered
this Notice of Borrowing as of the ____ day of _________, ____.

                            WILMINGTON TRUST COMPANY,
                             not in its individual capacity but solely
                             as Subordination Agent, as Borrower

                            By:_________________________________
                             Name:
                             Title:
<PAGE>   40
               SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING

                   [Insert Copy of computations in accordance
                  with Downgrade Advance Notice of Borrowing]
<PAGE>   41
                                                                     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 CITIBANK, N.A. (the
"Liquidity Provider"), with reference to the Revolving Credit Agreement
(2000-1G) dated as of July 7, 2000, 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 G Cash Collateral Account in accordance
         with Section 3.6(i) of the Intercreditor Agreement by reason of the
         receipt by the Borrower of a Termination Notice from the Liquidity
         Provider with respect to the Liquidity Agreement, which Advance is
         requested to be made on ____________, ____.

                  (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 G Cash Collateral Account in accordance with Section 3.6(i) of
         the Intercreditor Agreement, (ii) does not include any amount with
         respect to the payment of principal of, or premium on, the Class G
         Certificates, or principal of, or interest or premium on, the Class C
         Certificates, (iii) was computed in accordance with the provisions of
         the Class G Certificates, the Class G 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 G Cash Collateral Account and apply the same in accordance with
         the terms of Section 3.6(i) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

                  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.

                                      IV-1
<PAGE>   42
                  IN WITNESS WHEREOF, the Borrower has executed and delivered
this Notice of Borrowing as of the ____ day of _________, ____.

                            WILMINGTON TRUST COMPANY,
                             not in its individual capacity but solely
                             as Subordination Agent, as Borrower

                            By:_________________________________
                             Name:
                             Title:
<PAGE>   43
                 SCHEDULE I TO FINAL ADVANCE NOTICE OF BORROWING

                   [Insert Copy of Computations in accordance
                    with Final Advance Notice of Borrowing]
<PAGE>   44
                                                                      Annex V to
                                                      Revolving Credit Agreement

                              NOTICE OF TERMINATION

                                     [Date]

Wilmington Trust Company,
  as Subordination Agent, as Borrower
Rodney Square North
1100 North Market Square
Wilmington, DE  19890-0001

Re:      Revolving Credit Agreement dated as of July 7, 2000, between Wilmington
         Trust Company, as Subordination Agent, as agent and trustee for the
         America West Airlines Pass Through Trust, 2000-1G-[O/S], as Borrower,
         and CITIBANK, N.A., as the Liquidity Provider (the "Liquidity
         Agreement")

Ladies and Gentlemen:

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

                                      V-1
<PAGE>   45
         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,

                              CITIBANK, N.A.,
                               as Liquidity Provider

                            By:_________________________________
                             Name:
                             Title:

cc:      WILMINGTON TRUST COMPANY,
          as Class G Trustee

                                      V-2
<PAGE>   46
                                                                     Annex VI to
                                                      Revolving Credit Agreement

                    NOTICE OF REPLACEMENT SUBORDINATION AGENT

[Date]
Attention:

         Revolving Credit Agreement dated as of ___________, 2000, between
         WILMINGTON TRUST COMPANY, as Subordination Agent, as agent and trustee
         for the America West Airlines Pass Through Trust, 2000-1G-[O/S], as
         Borrower, and Citibank, N.A., as the Liquidity Provider (the "Liquidity
         Agreement")

Ladies and Gentlemen:

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

                         ------------------------------
                              [Name of Transferee]

                         ------------------------------
                             [Address of Transferee]

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

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

                                      VI-1
<PAGE>   47
We ask that this transfer be effective as of _______________, ____.

                            WILMINGTON TRUST COMPANY,
                             not in its individual capacity but solely
                             as Subordination Agent, as Borrower

                            By:_________________________________
                             Name:
                             Title:

                                      VI-2

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