Document:

Form of Indenture

 Exhibit 4.15 
 [FORM OF SENIOR SECURED INDENTURE] 
 INDENTURE 
 dated as of June     , 2009 
 among 
 UNITED AIR LINES, INC. 
 as Issuer 
 and 
 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION 
 as Trustee 
 and 
 WELLS FARGO BANK NORTHWEST, NATIONAL
ASSOCIATION 
 as Collateral Agent 
     % SENIOR SECURED NOTES DUE      

 Table Showing Reflection in Indenture of Certain Provisions 
 of Trust Indenture Act of 1939, 
 as amended by
the Trust Indenture Reform Act of 1990* 
  
  
 Reflected in Indenture

  
  
  

							
	 	 	 Trust Indenture
 Act Section
	 	 Indenture Section
	 	 
		 	 310(a)(1)
	 	7.10	 	
		 	 (a)(2)
	 	7.10	 	
		 	 (a)(3)
	 	N.A.	 	
		 	 (a)(4)
	 	N.A.	 	
		 	 (a)(5)
	 	7.10	 	
		 	 (b)
	 	7.10	 	
		 	 (c)
	 	N.A.	 	
		 	 311(a)
	 	7.11	 	
		 	 (b)
	 	7.11	 	
		 	 (c)
	 	N.A.	 	
		 	 312(a)
	 	2.05	 	
		 	 (b)
	 	11.03	 	
		 	 (c)
	 	11.03	 	
		 	 313(a)
	 	7.06	 	
		 	 (b)(1)
	 	N.A.	 	
		 	 (b)(2)
	 	7.06	 	
		 	 (c)
	 	7.06; 11.02	 	
		 	 (d)
	 	7.06	 	
		 	 314(a)
	 	4.03; 4.04; 11.02	 	
		 	 (b)
	 	10.01(b); 10.02(c)	 	
		 	 (c)(1)
	 	11.04	 	
		 	 (c)(2)
	 	11.04	 	
		 	 (c)(3)
	 	N.A.	 	
		 	 (d)
	 	10.02(c)	 	
		 	 (e)
	 	11.05	 	
		 	 (f)
	 	N.A.	 	
		 	 315(a)
	 	7.01	 	
		 	 (b)
	 	7.05; 11.02	 	
		 	 (c)
	 	7.01	 	

  

	*	N.A. means not applicable. 

 This Cross Reference Table is
not part of the Indenture. 
  

 i 

							
	 	 	 Trust Indenture
 Act Section
	 	 Indenture Section
	 	 
		 	(d)	 	7.01	 	
		 	(e)	 	6.11	 	
		 	316(a), last sentence	 	2.08	 	
		 	(a)(1)(A)	 	6.05	 	
		 	(a)(1)(B)	 	6.04	 	
		 	(a)(2)	 	N.A.	 	
		 	(b)	 	6.07	 	
		 	(c)	 	9.04	 	
		 	317(a)(1)	 	6.08	 	
		 	(a)(2)	 	6.09	 	
		 	(b)	 	2.04	 	
		 	318(a)	 	11.01	 	
		 	(b)	 	N.A.	 	
		 	(c)	 	11.01	 	

  

 ii 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
		
	 ARTICLE I        DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
			
	 Section 1.01
	 	 Definitions
	  	1
	 Section 1.02
	 	 Other Definitions
	  	14
	 Section 1.03
	 	 Incorporation by Reference of Trust Indenture Act
	  	14
	 Section 1.04
	 	 Rules of Construction
	  	15
		
	 ARTICLE II        THE SECURITIES
	  	15
			
	 Section 2.01
	 	 Form and Dating
	  	15
	 Section 2.02
	 	 Execution and Authentication
	  	16
	 Section 2.03
	 	 Registrar and Paying Agent
	  	17
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust
	  	17
	 Section 2.05
	 	 Holder Lists
	  	18
	 Section 2.06
	 	 Transfer and Exchange
	  	18
	 Section 2.07
	 	 Replacement Securities
	  	21
	 Section 2.08
	 	 Outstanding Securities
	  	22
	 Section 2.09
	 	 Temporary Securities
	  	22
	 Section 2.10
	 	 Cancellation
	  	22
	 Section 2.11
	 	 Defaulted Interest
	  	23
	 Section 2.12
	 	 Persons Deemed Owners
	  	23
	 Section 2.13
	 	 CUSIP Numbers
	  	23
	 Section 2.14
	 	 Global Securities
	  	23
	 Section 2.15
	 	 Release of Cash Collateral and/or Additional Pledged Collateral
	  	24
	 Section 2.16
	 	 Securities Account
	  	24
		
	 ARTICLE III        REDEMPTION
	  	25
			
	 Section 3.01
	 	 Notices to Trustee
	  	25
	 Section 3.02
	 	 Selection of Securities to be Redeemed
	  	25
	 Section 3.03
	 	 Notices to Holders
	  	26
	 Section 3.04
	 	 Effect of Notices of Redemption
	  	27
	 Section 3.05
	 	 Deposit of Redemption Price
	  	27
	 Section 3.06
	 	 Securities Redeemed in Part
	  	27
	 Section 3.07
	 	 Redemption
	  	27
	 Section 3.08
	 	 Reduction of Remaining Scheduled Payments Upon Redemption of Securities
	  	27
		
	 ARTICLE IV        COVENANTS
	  	28
			
	 Section 4.01
	 	 Payment of Securities
	  	28
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	28
	 Section 4.03
	 	 SEC Reports; Financial Statements
	  	28
	 Section 4.04
	 	 Compliance Certificate; Opinions
	  	29
	 Section 4.05
	 	 Corporate Existence
	  	29
	 Section 4.06
	 	 Waiver of Stay, Extension or Usury Laws
	  	29

  

 iii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
			
	 Section 4.07
	 	 Notice of Change of Location
	  	30
	 Section 4.08
	 	 Certain Assurances
	  	30
	 Section 4.09
	 	 Negative Pledge
	  	30
	 Section 4.10
	 	 Reports Regarding the Collateral
	  	30
	 Section 4.11
	 	 Collateral Requirements
	  	34
	 Section 4.12
	 	 All Payments in Respect of Securities Secured by A Pledged Collateral
	  	38
	 Section 4.13
	 	 Representation as to the Collateral
	  	39
		
	 ARTICLE V        CONSOLIDATION, MERGER AND SALE
	  	39
			
	 Section 5.01
	 	 Limitation on Mergers and Consolidations
	  	39
	 Section 5.02
	 	 Successors Substituted
	  	40
		
	 ARTICLE VI        DEFAULTS AND REMEDIES
	  	40
			
	 Section 6.01
	 	 Events of Default
	  	40
	 Section 6.02
	 	 Acceleration
	  	42
	 Section 6.03
	 	 Other Remedies
	  	43
	 Section 6.04
	 	 Waiver of Existing Defaults
	  	44
	 Section 6.05
	 	 Control by Majority
	  	44
	 Section 6.06
	 	 Limitations on Suits
	  	44
	 Section 6.07
	 	 Rights of Holders to Receive Payment
	  	45
	 Section 6.08
	 	 Collection Suit by Trustee
	  	45
	 Section 6.09
	 	 Trustee May File Proofs of Claim
	  	45
	 Section 6.10
	 	 Priorities
	  	46
	 Section 6.11
	 	 Undertaking for Costs
	  	46
		
	 ARTICLE VII        TRUSTEE
	  	46
			
	 Section 7.01
	 	 Duties of Trustee
	  	46
	 Section 7.02
	 	 Rights of Trustee
	  	48
	 Section 7.03
	 	 Individual Rights of Trustee
	  	49
	 Section 7.04
	 	 Trustee’s Disclaimer
	  	49
	 Section 7.05
	 	 Notice of Defaults
	  	49
	 Section 7.06
	 	 Reports by Trustee to Holders
	  	49
	 Section 7.07
	 	 Compensation and Indemnity
	  	50
	 Section 7.08
	 	 Replacement of Trustee
	  	50
	 Section 7.09
	 	 Successor Trustee by Merger, etc
	  	52
	 Section 7.10
	 	 Eligibility; Disqualification
	  	52
	 Section 7.11
	 	 Preferential Collection of Claims Against Company
	  	52
		
	 ARTICLE VIII        SATISFACTION AND DISCHARGE OF INDENTURE
	  	52
			
	 Section 8.01
	 	 Satisfaction and Discharge of Indenture
	  	52
		
	 ARTICLE IX        AMENDMENTS
	  	53

  

 iv 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
			
	 Section 9.01
	 	 Without Consent of Holders
	  	53
	 Section 9.02
	 	 With Consent of Holders
	  	54
	 Section 9.03
	 	 Compliance with Trust Indenture Act
	  	56
	 Section 9.04
	 	 Revocation and Effect of Consents
	  	56
	 Section 9.05
	 	 Notation on or Exchange of Securities
	  	56
	 Section 9.06
	 	 Trustee and the Collateral Agent to Sign Amendments, etc
	  	56
		
	 ARTICLE X        AGREEMENTS REGARDING SECURITY
	  	57
			
	 Section 10.01
	 	 Grant of Security Interest
	  	57
	 Section 10.02
	 	 Release of Collateral
	  	57
	 Section 10.03
	 	 Actions to Be Taken by the Collateral Agent
	  	58
	 Section 10.04
	 	 Receipt of Funds by the Collateral Agent
	  	58
		
	 ARTICLE XI        MISCELLANEOUS
	  	58
			
	 Section 11.01
	 	 Trust Indenture Act Controls
	  	58
	 Section 11.02
	 	 Notices
	  	59
	 Section 11.03
	 	 Communication by Holders with Other Holders
	  	60
	 Section 11.04
	 	 Certificate and Opinion as to Conditions Precedent
	  	60
	 Section 11.05
	 	 Statements Required in Certificate or Opinion
	  	60
	 Section 11.06
	 	 Rules by Trustee and Agents
	  	61
	 Section 11.07
	 	 Legal Holidays
	  	61
	 Section 11.08
	 	 Governing Law
	  	61
	 Section 11.09
	 	 No Recourse Against Others
	  	61
	 Section 11.10
	 	 No Adverse Interpretation of Other Agreements
	  	61
	 Section 11.11
	 	 Successors
	  	61
	 Section 11.12
	 	 Severability
	  	61
	 Section 11.13
	 	 Counterpart Originals
	  	61
	 Section 11.14
	 	 Table of Contents, Headings, etc
	  	61
	 Section 11.15
	 	 Agreement as to Fair Market Value
	  	62
	 Section 11.16
	 	 Withholding Taxes and Withholding Agent
	  	62

  

					
	EXHIBITS	  		  	
			
	EXHIBIT A	  	-	  	Form of Security
	EXHIBIT B	  	-	  	Form of A Mortgage
	EXHIBIT C	  	-	  	Form of B Mortgage
	EXHIBIT D	  	-	  	Form of C Mortgage
	EXHIBIT E	  	-	  	Form of Appraisal Compliance Report
			
	SCHEDULES	  		  	
			
	SCHEDULE 1	  	-	  	Scheduled Payments

  

 v 

 THIS INDENTURE dated as of June     , 2009, is among United Air Lines,
Inc., a Delaware corporation (the “Company”), Wells Fargo Bank Northwest, National Association, a national banking association, as trustee (the “Trustee”), and Wells Fargo Bank Northwest, National Association, a
national banking association, as collateral agent (the “Collateral Agent”). 
 This Indenture supplements and, except with
respect to the provisions therein required by the TIA, to the extent inconsistent therewith, amends and restates the form of indenture attached as Exhibit 4.5 to the Company’s and the Guarantor’s registration statement on Form S-3 filed
with the SEC on December 1, 2008. 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable
benefit of the Holders of the Company’s     % Senior Secured Notes due 2012 (the “Securities”): 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 
 “A Pledged Collateral Ratio” shall mean, as of any date of determination, a percentage determined by dividing (i) the Fair Market Value of all A Pledged Spare Parts, all Pledged Aircraft and all Pledged Spare
Engines, in each case, as set forth in the most recent Independent Appraiser’s Certificate delivered by the Company pursuant to Section 4.10, by (ii) the outstanding principal balance of the Securities as of such date minus the sum of
the Cash Collateral then held by the Securities Intermediary. 
 “A Pledged Spare Parts” means the Pledged Spare
Parts secured by the A Mortgage. 
 “A Mortgage” means the A Mortgage and Security Agreement required
to be delivered pursuant to Article X hereof in substantially the form of Exhibit B. 
 “A Mortgage
Supplement” means the A Mortgage Supplement to the A Mortgage, substantially in the form of Exhibit A to the A Mortgage. 
 “Accreted Principal” means, as of any date of determination, the Net Present Value to that date of the sum of the then remaining Scheduled Payments on the Securities. 
 “Act” means Part A of subtitle VII of title 49, United States Code. 
 “Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by, or under direct
or indirect common control with, such specified Person. For purposes of this definition, “control” of a Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise, and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. The Trustee may request and may conclusively rely upon an Officer’s Certificate to
determine whether any Person is an Affiliate of any specified Person. 

 [Indenture] 
  

 “Agent” means any Registrar or Paying Agent. 
 “Aircraft” or “aircraft” means any contrivance invented, used, or designed to navigate or fly in, the
air. 
 “Annual Methodology” means, in determining an opinion as to the Fair Market Value of the Pledged Spare Parts,
taking at least the following actions: (i) reviewing the Parts Inventory Report prepared as of the applicable Valuation Date; (ii) reviewing the Independent Appraiser’s internal value database for values applicable to the Pledged
Spare Parts included in the Collateral; (iii) developing a representative sampling of a reasonable number of the different Pledged Spare Parts included in the Collateral for which a market check will be conducted; (iv) checking other
sources, such as manufacturers, other airlines, U.S. government procurement data and airline parts pooling price lists, for current market prices of the sample parts referred to in clause (iii); (v) establishing an assumed ratio of Serviceable
Parts to Unserviceable Parts as of the applicable Valuation Date based upon information provided by the Company and the Independent Appraiser’s limited physical review of the Collateral referred to in the following clause (vi);
(vi) visiting at least two locations selected by the Independent Appraiser where the Pledged Spare Parts are kept by the Company (neither of which was visited for purposes of the immediately prior appraisal provided pursuant to
Section 4.10(a) or 4.10(b)), provided that at least one such location shall be one of the top three locations at which the Company keeps the largest number of Pledged Spare Parts, to conduct a limited physical inspection of the Collateral;
(vii) conducting a limited review of the inventory reporting system applicable to the Pledged Spare Parts, including checking information reported in such system against information determined through physical inspection pursuant to the
preceding clause (vi); and (viii) reviewing a sampling of the Spare Parts Documents (including tear-down reports). 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Security, the rules and procedures of the Depositary, Euroclear or Clearstream that apply to such
transfer or exchange. 
 “Appraisal Compliance Report” means, as of any date, a report providing information relating
to the calculation of the Collateral Ratio, the A Pledged Collateral Ratio and the Rotable/Repairable Ratio, which shall be substantially in the form of Exhibit E. 
 “Appraised Value” means, with respect to any Collateral, the Fair Market Value of such Collateral as most recently determined pursuant to (i) the report attached as Appendix II to the
Prospectus Supplement or (ii) Section 4.10. 
 “Average Life Date” means for any Security the date which
follows the time of determination by a period equal to the Remaining Weighted Average Life of such Security. “Remaining Weighted Average Life” on a given date with respect to any Security shall be the number of days equal to the
quotient obtained by dividing (a) the sum of each of the products obtained by multiplying (i) the amount of each then remaining scheduled payment of principal of 

  

 2 

 [Indenture] 
  

 
such Security by (ii) the number of days from and including such determination date to but excluding the date on which such payment of principal is
scheduled to be made, by (b) the then outstanding principal amount of such Security. 
 “Bankruptcy Code” means
the United States Bankruptcy Code, 11 U.S.C. Sections 101 et seq. 
 “Bankruptcy Law” means Title 11, U.S.
Code or any similar U.S. or State law for the relief of debtors. 
 “B Mortgage” means the B Mortgage and
Security Agreement required to be delivered pursuant to Article X hereof in substantially the form of Exhibit C. 
 “B Mortgage Supplement” means the B Mortgage Supplement to the B Mortgage, substantially in the form of Exhibit A to the B Mortgage. 
 “Board of Directors” of any Person means the board of directors, board of managers (or other comparable governing body) of such
Person or any committee thereof duly authorized, with respect to any particular matter, to act by or on behalf of the board of directors of such Person. 
 “Business Day” means any day that is not a Legal Holiday. 
 “C
Mortgage: means the C Mortgage and Security Agreement delivered pursuant to Section 4.11 hereof in substantially the form of Exhibit D. 
 “C Mortgage Supplement” means the C Mortgage Supplement to the C Mortgage, substantially in the form of Exhibit A to the C Mortgage. 
 “Capital Stock” means (i) in the case of a corporation or a company, corporate stock or shares; (ii) in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii) in the case of a partnership or limited liability company, partnership or membership
interests (whether general or limited); and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person; but excluding any debt
securities convertible into such Capital Stock. 
 “Cash Collateral” means cash and/or any Investment Security
deposited or to be deposited with the Securities Intermediary in accordance with the provisions of Section 2.16 hereto. 
 “Citizen of the United States” is defined in 49 U.S.C. § 40102(a)(15). 
 “Clearstream” means Clearstream Banking, société anonyme or any successor securities clearing agency. 
  

 3 

 [Indenture] 
  

 “Collateral” has the meaning set forth in the Granting Clauses of
(i) the A Mortgage, (ii) the B Mortgage, and (iii) the C Mortgage, individually or collectively, as the context requires. 
 “Collateral Agent” means the Person named as the “Collateral Agent” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the
applicable provisions of the Mortgages, and thereafter “Collateral Agent” shall mean the successor serving hereunder. 
 “Collateral Ratio” shall mean, as of any date of determination, a percentage determined by dividing (i) the outstanding principal balance of the Securities as of such date minus the sum of the Cash Collateral
then held by the Securities Intermediary by (ii) the Fair Market Value of all Collateral (excluding Cash Collateral), as set forth in the most recent Independent Appraiser’s Certificate delivered by the Company pursuant to
Section 4.10. 
 “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
 “Corporate Trust Office of the Trustee” means the office of the Trustee at which this Indenture shall be principally
administered, which office shall initially be located at the address of the Trustee specified in Section 11.02 and may be located at such other address as the Trustee may give notice to the Company and the Holders or such other address as a
successor Trustee may designate from time to time by notice to the Company and the Holders. 
 “Custodian” means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 “Default” means any event,
act or condition that is, or after notice or the passage of time or both would be, an Event of Default. 
 “Definitive
Security” means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 2.06(a), substantially in the form of Exhibit A hereto, except that such Security shall not bear the
Global Security Legend. 
 “Depositary” means The Depository Trust Company and its successors. 
 “Designated Locations” means any of the locations described in the initial A Mortgage Supplement and/or B Mortgage
Supplement, as applicable, and any subsequent Mortgage Supplement at which Pledged Spare Parts are held by or on behalf of the Company. 
 “Dollars,” “United States Dollars” and “$” mean lawful money for the time being of the United States of America. 
 “Eligible Account” means an account established by and with an Eligible Institution at the request of the Trustee, which
institution agrees, for all purposes of the New York UCC 

  

 4 

 [Indenture] 
  

 
including Article 8 thereof, that (a) such account shall be a “securities account” (as defined in Section 8-501 of the New York
UCC), (b) such institution is a “securities intermediary” (as defined in Section 8-102(a)(14) of the New York UCC), (c) all property (other than cash) credited to such account shall be treated as a “financial
asset” (as defined in Section 8-102(9) of the New York UCC), (d) the Trustee shall be the “entitlement holder” (as defined in Section 8-102(7) of the New York UCC) in respect of such account, (e) it will comply
with all entitlement orders issued by the Trustee to the exclusion of the Company, (f) it will waive or subordinate in favor of the Trustee all claims (including without limitation, claims by way of security interest, lien or right of set-off
or right of recoupment), and (g) the “securities intermediary jurisdiction” (under Section 8-110(e) of the New York UCC) shall be the State of New York. 
 “Eligible Institution” means the corporate trust department of (a) Wells Fargo Bank Northwest, National Association, acting
solely in its capacity as a “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC), or (b) a depository institution organized under the laws of the United States of America or any one of the states thereof or
the District of Columbia (or any U.S. branch of a foreign bank), which has a long-term unsecured debt rating from Moody’s of at least A3 or its equivalent and from S&P of at least A or its equivalent. 
 “Engine” or “engine” means an engine used, or intended to be used, to propel an Aircraft. 
 “Euroclear” means Euroclear Bank N.V./S.A. or any successor securities clearance agency. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute. 
 “Excluded Parts” means (i) Pledged Spare Parts held by the Company at a location that is not a Designated Location,
(ii) branded inventory consisting of Spare Parts that are specific to the Company (such as seat covers, logos, carpet and decals) which have limited value to third parties, (iii) customer or vendor inventory, (iv) Spare Parts that
have been temporarily loaned to other airlines and are not in the Company’s possession, (v) obsolete and retired parts (including, for this purpose, any Spare Parts held for consignment by AirLiance), and (vi) custom Spare Parts
consisting of Expendables designed or modified by the Company which have limited or no demand from other parties. 
 “Expendables” means Pledged Spare Parts, other than Rotables and Repairables. 
 “FAA” means the Federal Aviation Administration of the United States or any Governmental Authority succeeding to the functions of such Federal Aviation Administration. 
 “FAA Filed Documents” means the A Mortgage and any A Mortgage Supplement thereto, the B Mortgage and any
B Mortgage Supplement thereto and the C Mortgage and any C Mortgage Supplement thereto. 
  

 5 

 [Indenture] 
  

 “FAA Regulations” means the Federal Aviation Regulations issued or
promulgated pursuant to the Act from time to time. 
 “Fair Market Value” means, with respect to any Collateral, its
fair market value determined on the basis of a hypothetical sale negotiated in an arm’s length free market transaction between a willing and able seller and a willing and able buyer, neither of whom is under undue pressure to complete the
transaction, under then current market conditions, provided that cash shall be valued at its Dollar amount. 
 “Financing
Statements” means, collectively, UCC-1 (and, where appropriate, UCC 3) financing statements covering the Collateral, by the Company, as debtor, showing the Collateral Agent as the secured party, for filing in Delaware and each
other jurisdiction that, in the opinion of the Collateral Agent, is necessary to perfect its Lien on the Collateral. 
 “GAAP” means generally accepted accounting principles in the United States, as in effect from time to time. 
 “Global Securities” means a permanent global security substantially in the form of Exhibit A hereto that bears the Global Security Legend and that is deposited with or on behalf of and registered in the name of
the Depositary or its nominee. 
 “Global Security Legend” means the legend set forth in Section 2.06(d) which
is required to be placed on all Global Securities issued under this Indenture. 
 “Government Securities” shall mean
direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit. 
 “Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as
the European Union or the European Central Bank). 
 “Guarantee” shall mean the Guarantee dated as of
June     , 2009 by the Guarantor. 
 “Guarantor” shall mean UAL Corporation, a Delaware
corporation. 
 “Holder” means a Person in whose name a Security is registered on the Registrar’s books.

 “Indebtedness” means any indebtedness for money borrowed or representing the deferred purchase price of property
or assets purchased. 
 “Indenture” means this Indenture as amended or supplemented from time to time. 
  

 6 

 [Indenture] 
  

 “Independent Appraiser” means Simat, Helliesen & Eichner, Inc.,
Morton, Beyer & Agnew, Inc. or any other Person certified by ISTAT (or any successor organization thereto) selected by the Company and approved by the Trustee, such approval not to be unreasonably withheld or delayed, (i) engaged in a
business which includes appraising Aircraft and assets relating to the operation and maintenance of Aircraft from time to time and (ii) who does not have any material financial interest in the Company and is not connected with the Company or
any of its Affiliates as an officer, director, employee, promoter, underwriter, partner or person performing similar functions. 
 “Independent Appraiser’s Certificate” means a certificate signed by an Independent Appraiser required to be delivered pursuant to Section 4.10. 
 “Interest Payment Date” has the meaning assigned to such term in the Securities. 
 “Investment Security” means (a) any bond, note or other obligation which is a direct obligation of or guaranteed by the U.S.
or any agency thereof; (b) any obligation which is a direct obligation of or guaranteed by any State of the U.S. or any subdivision thereof or any agency of any such State or subdivision, and which has the highest rating published by
Moody’s or S&P; (c) any commercial paper issued by a U.S. obligor and rated at least P-1 by Moody’s or A-1 by S&P; (d) any money market investment instrument relying upon the credit and backing of any bank or trust
company which is a member of the Federal Reserve System and which has a combined capital (including capital reserves to the extent not included in capital) and surplus and undivided profits of not less than $250,000,000 (including the Collateral
Agent and its Affiliates if such requirements as to Federal Reserve System membership and combined capital and surplus and undivided profits are satisfied), including, without limitation, certificates of deposit, time and other interest-bearing
deposits, bankers’ acceptances, commercial paper, loan and mortgage participation certificates and documented discount notes accompanied by irrevocable letters of credit and money market funds investing solely in securities backed by the full
faith and credit of the United States; or (e) repurchase agreements collateralized by any of the foregoing. 
 “Issue
Date” means the date on which the Securities are issued under this Indenture. 
 “Law” means
(a) any constitution, treaty, statute, law, decree, regulation, order, rule or directive of any Governmental Authority, and (b) any judicial or administrative interpretation or application of, or decision under, any of the foregoing.

 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in any of New York, New York or
Chicago, Illinois are authorized or obligated by law, regulation or executive order to remain closed. 
 “Lien” means
any mortgage, lien, pledge, charge, encumbrance or other security interest or any preferential arrangement that has the practical effect of creating a security interest. 
 “Make-Whole Amount” means, with respect to a Security, an amount (as determined by an independent investment bank of national standing selected by the Company) equal to the 

  

 7 

 [Indenture] 
  

 
excess, if any, of (a) the present value of the remaining scheduled payments of principal and interest from the determination date to maturity of such
Security computed by discounting such payments on a quarterly basis on each Interest Payment Date (assuming a 360-day year of twelve 30-day months) using a discount rate equal to the Treasury Yield plus      basis points per
annum (assuming a 360-day year of twelve 30-day months), over (b) the outstanding principal amount of such Security plus accrued interest to the date of determination. For purposes of determining the Make-Whole Amount, “Treasury
Yield” means, at the date of determination with respect to a Security, the interest rate (expressed as a decimal and, in the case of United States Treasury bills, converted to a bond equivalent yield) determined to be the per annum rate
equal to the quarterly yield to maturity for United States Treasury securities maturing on the Average Life Date of such Security and trading in the public securities markets either as determined by interpolation between the most recent weekly
average yield to maturity for two series of United States Treasury securities, trading in the public securities markets, (A) one maturing as close as possible to, but earlier than, the Average Life Date of such Security and (B) the other
maturing as close as possible to, but later than, the Average Life Date of such Security, in each case as published in the most recent H.15(519) or, if a weekly average yield to maturity for United States Treasury securities maturing on the Average
Life Date of such Security is reported in the most recent H.15(519), such weekly average yield to maturity as published in such H.15(519). “H.15(519)” means the weekly statistical release designated as such, or any successor
publication, published by the Board of Governors of the Federal Reserve System. The date of determination of a Make-Whole Amount shall be the third Business Day prior to the applicable payment or redemption date and the “most recent
H.15(519)” means the H.15(519) published prior to the close of business on the third Business Day prior to the applicable payment or redemption date. 
 “Maturity” when used with respect to any Security, means the date on which the outstanding principal amount or the Accreted Principal, as applicable, of such Security becomes due and payable as
therein or herein provided, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise. 
 “Maximum Collateral Ratio” means thirty-five percent (35%). 
 “Minimum A Pledged Collateral
Ratio” means one-hundred forty percent (140%). 
 “Minimum Rotable/Repairable Ratio” means one-hundred
fifty percent (150%). 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Mortgages” means, collectively, the A Mortgage, the B Mortgage and the C Mortgage. 
 “Mortgage Supplement” means any A Mortgage Supplement, B Mortgage Supplement and C Mortgage Supplement, as
applicable. 
 “Net Present Value” means the discounted value of a series of future amounts determined in accordance
with GAAP (or, in the absence of GAAP standards, in accordance with the customary practice of investment dealers), calculated on a quarterly basis and employing an annual discount rate equal to the Target Annual Yield Rate (assuming a 360-day year
of twelve 30-day months). 
  

 8 

 [Indenture] 
  

 “Obligations” means all liabilities and obligations of every nature of the
Company from time to time owed under this Indenture, the Securities or any other Transaction Document, whether for principal (including Accreted Principal), interest (including interest which, but for the filing of a petition in bankruptcy with
respect to Company, would have accrued on any Obligation, whether or not a claim is allowed against the Company for such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise and whether primary, secondary,
direct, indirect, contingent, fixed or otherwise (including obligations of performance). 
 “Officer” means the
Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer, the Assistant Treasurer, the Controller, the Secretary or any Assistant Secretary of a Person. 
 “Officer’s Certificate” means a certificate signed by an Officer of a Person, and that complies with Sections 11.04 and
11.05 of this Indenture. 
 “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the
Trustee and that complies with Sections 11.04 and 11.05 of this Indenture. Such counsel may be an employee of or counsel to the Company or the Trustee. 
 “Original Number of Aircraft” means: (a) initially, (i) with respect to A319-100 and A320-200 aircraft, 152, (ii) with respect to Boeing 757-200 aircraft, 97, (iii) with
respect to Boeing 747-400 aircraft, 24; (iv) with respect to Boeing 767-300 aircraft, 35; and (v) with respect to Boeing 777-200 aircraft, 52; and (b) following any redemption of Securities required by any Fleet Reduction of an
Aircraft Model pursuant to Section 4.11, the Original Number of Aircraft with respect to such Aircraft Model shall be the Reduced Number of Aircraft with respect to such Fleet Reduction. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary,
Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
 “Parts Inventory
Report” means, as of any date, a list (i) identifying the Pledged Spare Parts by manufacturer’s part number and brief description, (ii) stating the quantity of each such part included in the Pledged Spare Parts, in each
case, and (iii) indicating whether or not such Pledged Spare Parts were first placed in service after the Section 1110 Date as of such specified date. 
 “Permitted Government Entity” means the U.S. Government. 
 “Permitted
Lease” means a lease permitted under Section 3.02(b)(iv) of each of the A Mortgage and B Mortgage and Section 3.02(b)(ix) of the C Mortgage. 
  

 9 

 [Indenture] 
  

 “Permitted Lessee” has the meaning set forth in Section 3.02(b)(iv) of
each of the A Mortgage and B Mortgage and Section 3.02(b)(ix) of the C Mortgage. 
 “Permitted
Liens” has the meaning set forth in each Mortgage. 
 “Person” means any individual, corporation,
limited liability company, limited or general partnership, joint venture, incorporated or unincorporated association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof or other
entity of any kind. 
 “Pledged Aircraft” has the meaning given to the term “Aircraft” in the
C Mortgage; provided that, in order for such “Aircraft” to be a “Pledged Aircraft”, it must be of a Qualified Aircraft Type. 
 “Pledged Spare Engine” has the meaning given to the term “Spare Engine” in the C Mortgage; provided that, in order for such “Spare Engine” to be a “Pledged Spare
Engine”, it must be of a Qualified Spare Engine Type. 
 “Pledged Spare Parts” has the meaning set forth in
clause (1) of the Granting Clauses of (i) the A Mortgage and (ii) the B Mortgage, individually or collectively, as the context requires. 
 “Post-Acceleration Rate” means a rate per annum equal to the Target Annual Yield Rate plus 2%. 
 “Property” or “property” of any Person means any property or assets, or interest therein, of such Person. 
 “Prospectus Supplement” means the final Prospectus Supplement, dated June     , 2009, to the Prospectus,
dated December 1, 2008, of the Company relating to the offering of the Securities. 
 “Qualified Aircraft Type”
means any of (i) a Boeing model 767-300 aircraft, (ii) a Boeing model 777-200 aircraft, (iii) an Airbus model A319-100 aircraft or (iv) an Airbus model 320-200 aircraft. 
 “Qualified Spare Engine Type” means, in respect of a Pledged Aircraft, any engine type that is customarily used on such Pledged
Aircraft type by the Company in the ordinary course of its business. 
 “Quarterly Methodology” means the Annual
Methodology, excluding actions referred to in clauses (iii), (iv), (vi), (vii) and (viii) of the definition of Annual Methodology. 
 “Rating Agencies” means S&P and Moody’s. 
 “Rating Confirmation” means,
with respect to any action proposed to be taken, a written confirmation from each of the Rating Agencies with respect to the Securities that such action would not result in (i) a reduction of the rating for the Securities below the then current
rating for the Securities or (ii) a withdrawal or suspension of the rating of the Securities. 
  

 10 

 [Indenture] 
  

 “Redemption Date” when used with respect to any Security to be redeemed,
means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Percentage” with respect to
any Aircraft Model, means, as of any date of determination, the percentage determined by multiplying (a) the fraction with (i) a numerator equal to the Original Number of Aircraft for such Aircraft Model minus the Reduced Number of
Aircraft for such Aircraft Model, and (ii) a denominator equal to the Original Number of Aircraft for such Aircraft Model by (b) the fraction with (i) a numerator equal to the aggregate Fair Market Value of the Pledged Spare Parts (as
set forth in the Independent Appraiser’s Certificate most recently delivered prior to such date of determination) that are appropriate for installation on, or use in, only such Aircraft Model, or the Engines or Spare Parts utilized only on such
Aircraft Model, and (ii) a denominator equal to the aggregate Fair Market Value of the Pledged Spare Parts for all models of Aircraft (as set forth in such Independent Appraiser’s Certificate). 
 “Redemption Price” means the price at which the Securities may be redeemed, as set forth in paragraph 4 of the Securities.

 “Reduced Number of Aircraft” means in the case of an Aircraft Model as to which the Company’s in-service
fleet of such Aircraft Model is below the then applicable Specified Minimum for such Aircraft Model during each day of a period of any 60 consecutive days as provided in Section 4.11, the number of Aircraft of such Aircraft Model remaining in
the Company’s in-service fleet as of the last day of such sixty-day period. 
 “Repairable” means a Pledged
Spare Part that can be economically restored to a serviceable condition, but has a life that is materially shorter than the life of the flight equipment to which it relates (for the avoidance of doubt, a Repairable cannot be a Rotable and vice
versa). 
 “Responsible Officer” means, when used with respect to the Trustee, any officer assigned by the Trustee to
administer corporate trust matters or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “Rotable” means a Pledged Spare Part that wears over time and can be repeatedly restored to a
serviceable condition over a period approximating the life of the flight equipment to which it relates. 
 “Rotable/Repairable
Ratio” shall mean, as of any date of determination a percentage determined by dividing (i) the Fair Market Value of the Rotables and Repairables, as set forth in the most recent Independent Appraiser’s Certificate delivered by
the Company pursuant to Section 4.10, by (ii) the outstanding principal balance of the Securities as of such date minus the sum of the Cash Collateral then held by the Securities Intermediary. 
  

 11 

 [Indenture] 
  

 “S&P” means Standard & Poor’s Ratings Services, a
Standard & Poor’s Financial Services LLC business, and its successors. 
 “Scheduled Payments” means
the sum of expected interest and principal payable on the Securities on each Interest Payment Date and the Stated Maturity as initially set forth on the Schedule 1 hereto, as “Scheduled Payments” in such Schedule 1 may be reduced
from time to time in accordance with Section 3.08 hereto. 
 “SEC” means the Securities and Exchange Commission.

 “Section 1110” means Section 1110 of the Bankruptcy Code. 
 “Section 1110 Date” means October 22, 1994. 
 “Section 1110 Period” means the continuous period of (i) 60 days specified in Section 1110(a)(2)(A) of the
Bankruptcy Code (or such longer period, if any, agreed to under Section 1110(b) of the Bankruptcy Code), plus (ii) an additional period, if any, commencing with the trustee or debtor-in-possession in such proceeding entering into an
agreement of the kind described in Section 1110(a)(2)(A) of the Bankruptcy Code and continuing until such time as such trustee or debtor-in-possession fails to perform its obligations thereunder such that the Collateral Agent is entitled to
take possession of the applicable Pledged Spare Parts pursuant to the A Mortgage. 
 “Secured Parties” means,
collectively, the Trustee, the Holders and the Collateral Agent. 
 “Securities” has the meaning set forth in the
third paragraph of this Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended, and any
successor statute. 
 “Securities Custodian” means the Trustee, as custodian on behalf of the Depositary with respect
to the Global Securities, or any successor entity thereto. 
 “Security” means a permanent Global Security
substantially in the form of Exhibit A attached hereto that bears the Global Security Legend and that is deposited with or on behalf of and registered in the name of the Depositary or its nominee. 
 “Security Documents” means, collectively, the Mortgages and the Mortgage Supplements. 
 “Serviceable Parts” means Pledged Spare Parts in condition satisfactory for incorporation in, installation on, attachment or
appurtenance to or use in an Aircraft, Engine or other Spare Parts. 
 “Spare Parts” means an accessory,
appurtenance, appliance or part of an Aircraft (except an Engine) or Engine that is to be installed at a later time in an Aircraft or Engine. 
  

 12 

 [Indenture] 
  

 “Spare Parts Documents” has the meaning set forth in clause (6) of the
Granting Clause of the A Mortgage and the B Mortgage. 
 “Special Default” means the occurrence of any
Default referred to in Section 6.01(i), (ii), (ix) and (x) hereunder. 
 “Stated Maturity” means, with
respect to any Security, the date specified in such Security as the fixed date on which the outstanding principal balance of such Security is due and payable. 
 “Subsidiary” of any Person means any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other
interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by
(i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person. 
 “Taxes” means all taxes, charges, fees, levies or other assessments (including income, gross receipts, profits, withholding, excise, property, sales, use, license, occupation and franchise taxes and including any
related interest, penalties or other additions thereto) imposed by any Governmental Authority (whether international, foreign or domestic). 
 “Target Annual Yield Rate” means a rate per annum equal to     %. 
 “TIA” or “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. Sections 77aaa-77bbbb), as in effect on the Issue Date, except as provided in
Section 9.03. 
 “Transaction Documents” means, collectively, this Indenture, the Securities, the Guarantee and
the Security Documents. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean the successor serving hereunder. 
 “UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction. 
 “Underwriting Agreement” means the Underwriting Agreement, dated as of June     , 2009 between the
Company, the Guarantor and the underwriters identified therein, relating to the sale and purchase of the Securities. 
 “United
States” or “U.S.” means the United States of America; provided that for geographic purposes, “United States” means, in aggregate, the 50 States and the District of Columbia of the United States of
America. 
 “Unserviceable Parts” means Pledged Spare Parts that are not Serviceable Parts. 
  

 13 

 [Indenture] 
  

 “U.S. Certificated Air Carrier” means any United States air carrier that is a
Citizen of the United States holding an air carrier operating certificate issued pursuant to chapter 447 of title 49 of the United States Code for aircraft capable of carrying 10 or more individuals or 6000 pounds or more of cargo, and as to which
there is in force an air carrier operating certificate issued pursuant to Part 121 of the FAA Regulations, or which may operate as an air carrier by certification or otherwise under any successor or substitute provisions therefor or in the absence
thereof. 
 “U.S. Government” means the federal government of the United States, or any instrumentality or agency
thereof the obligations of which are guaranteed by the full faith and credit of the federal government of the United States. 
 Section
1.02 Other Definitions. 
  

			
	 Term
	  	Defined in
Section
		
	 “Acquisition”
	  	4.11
	 “Additional A Parts”
	  	4.11
	 “Additional Parts”
	  	4.11
	 “Additional Pledged Collateral”
	  	4.11
	 “Additional Rotables/Repairables”
	  	4.11
	 “Aircraft Model”
	  	4.11
	 “Annual Valuation Date”
	  	4.10
	 “DTC”
	  	2.03
	 “Event of Default
	  	6.01
	 “Move”
	  	4.11
	 “New Appraiser Notice”
	  	4.10
	 “New Location”
	  	4.11
	 “Paying Agent”
	  	2.03
	 “Permitted Days”
	  	4.10
	 “Quarterly Valuation Date”
	  	4.10
	 “Registrar”
	  	2.03
	 “Securities Intermediary”
	  	2.16
	 “Securities Account”
	  	2.16
	 “Special Valuation Date”
	  	4.10
	 “Specified Minimum”
	  	4.11
	 “Valuation Date”
	  	4.10

 Section 1.03 Incorporation by Reference of Trust Indenture Act. This
Indenture is subject to the mandatory provisions of the TIA, which are incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “commission” means the SEC; 
  

 14 

 [Indenture] 
  

 “indenture securities” means the Securities; 
 “indenture security holder” means a Holder; 
 “indenture to be qualified” means this Indenture; 
 “indenture trustee” or
“institutional trustee” means the Trustee; and 
 “obligor” on the indenture securities means the Company and the
Guarantor. 
 All other terms used in this Indenture, and not otherwise defined herein, that are defined by the TIA, defined by a TIA
reference to another statute or defined by an SEC rule under the TIA have the meanings so assigned to them. All references in this Indenture to “Sections” or “Articles” are to Sections or Articles, as applicable, of this
Indenture, unless otherwise expressly indicated. 
 Section 1.04 Rules of Construction. Unless the context otherwise
requires: (1) a term has the meaning assigned to it; (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; (3) “or” is not exclusive; (4) words in the singular include the
plural, and in the plural include the singular; (5) words implying any gender shall apply to all genders; (6) the term “merger” includes a statutory compulsory share exchange and a conversion of a corporation into a limited
liability company, a partnership or other entity and vice versa and (7) “including” means including without limitation. 
 ARTICLE II 
 THE SECURITIES 
 Section 2.01 Form and Dating. 
 (a) General. The Securities and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A to this Indenture, the terms of which are hereby incorporated into this Indenture. The Securities may have notations, legends or endorsements required by law,
securities exchange rules, the Company’s articles of incorporation, bylaws, agreements to which the Company is subject, if any, or usage, provided that any such notation, legend or endorsement is in a form acceptable to the Company. Each
Security shall be dated the date of its authentication The Securities shall be in registered form without coupons and issued only in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. The terms and provisions
contained in the Securities shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any provision of any Security conflicts with the express provisions of this Indenture, the provisions of this Indenture (to the extent permitted by law) shall govern and be controlling.

  

 15 

 [Indenture] 
  

 (b) Global Securities. Securities issued in global form shall be substantially in the form of
Exhibit A attached hereto (including the Global Security Legend thereon. Securities issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the Global Security Legend thereon). Each Global
Security shall represent such of the outstanding Securities as shall be specified therein, and each shall provide that it shall represent the aggregate principal amount of outstanding Securities from time to time endorsed thereon and that the
aggregate principal amount of outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the amount of any increase
or decrease in the aggregate principal amount of outstanding Securities represented thereby shall be made by the Trustee or the Securities Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as
required by Section 2.06. 
 (c) Definitive Securities. Notwithstanding any other provision of this Article II, Definitive
Securities shall only be issued in the specific circumstances set forth in Section 2.06(a). 
 Section 2.02 Execution and
Authentication. One Officer of the Company shall sign the Securities on behalf of the Company by manual or facsimile signature. The Company’s seal may be (but shall not be required to be) impressed, affixed, imprinted or reproduced on
the Securities and may be in facsimile form. 
 If an Officer of the Company whose signature is on a Security no longer holds that office at
the time the Trustee authenticates such Security or at any time thereafter, the Security shall be valid nevertheless. 
 A Security shall not
be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated by the manual or facsimile signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that the
Security has been authenticated under this Indenture. 
 The Trustee shall authenticate and deliver a Global Security for original issue in
an aggregate face principal amount of up to $175,000,000 upon a written order of the Company signed by one Officer of the Company. 
 The
aggregate face principal amount of Securities outstanding at any time may not exceed the aggregate face principal amount of Securities authorized for issuance by the Company pursuant to such written orders of the Company, except as provided in
Section 2.07. Subject to the foregoing, the aggregate face principal amount of Securities that may be issued under this Indenture shall not be limited. 
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the
Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or any of its respective Affiliates.

  

 16 

 [Indenture] 
  

 Section 2.03 Registrar and Paying Agent. The Company shall maintain in the
continental United States an office or agency where Securities may be presented for registration of transfer or exchange (“Registrar”) and an office or agency where Securities may be presented for payment (“Paying
Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. 
 The Company shall enter into an appropriate
agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any Agent
not a party to this Indenture. The Company may change any Paying Agent or Registrar without notice to any Holder. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company may
act as its own Paying Agent or Registrar. 
 The Company initially appoints Wells Fargo Bank Northwest, National Association, as Registrar
and Paying Agent for the Securities at its Corporate Trust Office. The place of payment with respect to the Securities, in addition to the Corporate Trust Office of the Trustee, shall be The City of New York, and the Company hereby appoints Wells
Fargo Bank Northwest, National Association, as its Paying Agent in The City of New York at its corporate trust office in such city, which, at the date hereof, is located at 45 Broadway, 14th Floor, New York, New York 10006-3007, the intention of the
Company being that the Securities shall at all times be payable in The City of New York. 
 The immunities, protections and exculpations
available to the Trustee under this Indenture shall also be available to each Agent, and the Company’s obligations under Section 7.07 to compensate and indemnify the Trustee shall extend likewise to each Agent. 
 The Company may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee, provided, however,
that no such removal shall become effective until (1) acceptance of any appointment by a successor as evidenced by an appropriate agreement entered into by the Company and such successor Registrar or Paying Agent, as the case may be, and
delivered to the Trustee or (2) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (1) above. The Registrar or Paying Agent may resign at any
time upon written notice to the Trustee and the Company; provided, however, that the Trustee may resign as Registrar or Paying Agent only if the Trustee also resigns as Trustee in accordance with Section 7.08. 
 The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Security issued
hereunder. 
 Section 2.04 Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than
the Trustee to agree in writing that the Paying Agent will hold in trust 

  

 17 

 [Indenture] 
  

 
for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities, and will notify
the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. The Company at any time
may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon payment over to the Trustee and upon accounting for any funds disbursed, the Paying Agent (if other than the Company) shall have no
further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. 
 Section 2.05 Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least 7 Business Days before each Interest Payment Date,
and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders, and the Company shall otherwise comply with TIA Section 312(a).

 Section 2.06 Transfer and Exchange. 
 (a) Transfer and Exchange of Global Securities. A Global Security may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or
to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Global Securities also may be exchanged or replaced, in whole, as provided in Section 2.07.
Owners of beneficial interests in Global Securities shall not be entitled to receive Definitive Securities unless: 
 (1) the
Company delivers to the Trustee and the Registrar notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Company within 90 days; or 
 (2) there has occurred and is continuing an Event of Default
and owners of beneficial interests in the Global Securities in an amount not less than a majority of the aggregate outstanding principal amount of the Global Securities have delivered to the Company and the Trustee a notice indicating that the
continuation of the book-entry system through the Depositary is no longer in the best interests of the holders of the beneficial interests. 
 Upon the
occurrence of either of the events in clause (1) or (2) above and surrender to the Trustee of the Global Securities held by the Depositary, Definitive Securities shall be issued in such names and authorized denominations as the Depositary
shall instruct the Trustee and the Registrar in accordance with the Applicable Procedures. Neither the Company nor the Trustee 

  

 18 

 [Indenture] 
  

 
or the Registrar will be liable for any delay by the Depositary in identifying the owners of beneficial interests in a Global Security, and each of the
Company, the Trustee and the Registrar may conclusively rely on, and will be protected in relying on, instructions from the Depositary for all purposes of this Indenture. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Securities. The transfer and exchange of beneficial interests in the Global Securities shall be effected through the Depositary, in accordance
with the provisions of this Indenture and the Applicable Procedures. 
 (c) Transfer and Exchange of Definitive Securities for Definitive
Securities. Upon request by a Holder of Definitive Securities and such Holder’s compliance with the provisions of this Section 2.06(c), the Registrar shall register the transfer or exchange of Definitive Securities. Prior to such
registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed
by such Holder or by its attorney, duly authorized in writing. 
 (d) Global Security Legend. Each Global Security shall bear a legend
in substantially the following form: 
 THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE INDENTURE. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY
THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”) 

  

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TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. HOLDERS MAY CONTACT THE VICE
PRESIDENT AND TREASURER OF THE COMPANY, 77 WEST WACKER DRIVE, CHICAGO, ILLINOIS 60601, TELEPHONE (312) 997-8000, WHO WILL PROVIDE, UPON REQUEST, THE INFORMATION RELATING TO ORIGINAL ISSUE DISCOUNT FOR THIS SECURITY, INCLUDING THE ISSUE PRICE,
THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE AND THE YIELD TO MATURITY THEREOF. THE COMPANY SHALL PROMPTLY NOTIFY THE TRUSTEE OF ANY CHANGE TO SUCH CONTACT INFORMATION AND THE TRUSTEE, UPON RECEIPT OF SUCH NOTICE FROM THE COMPANY, SHALL
PROMPTLY PROVIDE THE HOLDERS WITH THE NEW CONTACT INFORMATION. 
 (e) General Provisions Relating to Transfers and Exchanges.

 (1) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global
Securities and Definitive Securities upon the Company’s order or at the Registrar’s request. 
 (2) No service
charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge or other fee required by law and payable in connection therewith
(other than any such transfer Taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.09, 3.06 and 9.05). 
 (3) All Global Securities and Definitive Securities issued upon any registration of transfer or exchange of Global Securities or Definitive Securities shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Global Securities or Definitive Securities surrendered upon such registration of transfer or exchange. 
  

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 (4) None of the Company, the Trustee or the Registrar shall be required (A) to
issue, to register the transfer of or to exchange any Securities during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption under Section 3.03 and ending at the close of business on such day
or (B) to register the transfer of or to exchange any Securities so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 (5) [Intentionally omitted]. 
 (6) The Trustee shall authenticate Global Securities and Definitive Securities upon receipt of a written order of the Company signed by one of its Officers and in accordance with the other provisions of
Section 2.02 to the extent applicable. 
 (7) All certifications, certificates and Opinions of Counsel required to be
submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07 Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Company shall issue
and the Trustee shall authenticate a replacement Security with the same Stated Maturity and principal amount (including any Accreted Principal due) if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the
Holder (a) provides evidence satisfactory to the Company and the Trustee of such loss, destruction or wrongful taking within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar has not
registered a transfer prior to receiving such notification, (b) makes such request to the Company or Trustee prior to the Security being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a
“protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company, such Holder must furnish an indemnity bond that is sufficient in the judgment of the Trustee and the
Company to protect the Company, the Trustee, any Agent or any authenticating agent from any loss which any of them may suffer if a Security is replaced. The Company and the Trustee may charge for their expenses in replacing a Security and may
require payment of a sum sufficient to cover any Tax or other governmental charge that may be imposed in relation thereto. If, after the delivery of such replacement Security, a protected purchaser of the original Security in lieu of which such
replacement Security was issued presents for payment or registration such original Security, the Trustee shall be entitled to recover such replacement Security from the Person to whom it was delivered or any Person taking therefrom, except a
protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Trustee or the Company in connection therewith. Every replacement Security is a
contractual obligation of the Company. 
 In case any such mutilated, destroyed, lost or wrongfully taken Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
  

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 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or wrongfully taken Securities. 
 Section
2.08 Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a
Global Security effected by the Trustee hereunder and those described in this Section 2.08 as not outstanding; provided, however, that in determining whether the Holders of the requisite principal amount of outstanding Securities are present at
a meeting of Holders of Securities for quorum purposes or have consented to or voted in favor of any request, demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder, Securities held for the account of the
Company or any of its Affiliates shall be disregarded and deemed not to be outstanding, except that in determining whether the Trustee shall be protected in making such a determination or relying upon any such quorum, consent or vote, only
Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded; provided, that (i) if any such Person owns 100% of the Securities or beneficial interest therein, such Securities shall not be
so disregarded as aforesaid, and (ii) if any amount of Securities so owned by any such Person have been pledged in good faith, such Securities shall not be disregarded as aforesaid if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any Affiliate thereof. 
 If a
Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a protected purchaser. 
 If the principal amount (including any Accreted Principal) of any Security is considered paid under Section 4.01, it ceases to be outstanding and
interest on it ceases to accrue. 
 Section 2.09 Temporary Securities. Until Definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of Definitive Securities, but may have variations that the Company considers appropriate for temporary
Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Securities in exchange for temporary Securities. Until so exchanged, temporary Securities shall in all respects be entitled to the same
benefits under this Indenture as Definitive Securities. 
 Section 2.10 Cancellation. The Company at any time may deliver
Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for
registration of transfer, exchange, payment, replacement or cancellation. All canceled Securities held by the Trustee shall be disposed of in accordance with the usual disposal procedures of the Trustee. The Company may not issue new Securities to
replace Securities that have been paid or that have been delivered to the Trustee for cancellation. 
  

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 Section 2.11 Defaulted Interest. If the Company defaults in a payment of
interest on the Securities, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest on the defaulted interest, in each case at the applicable rate provided in the Securities and in the manner provided in
Section 4.01. The Company may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. At least 15 days before any special record date, the Company (or the Trustee, in the name of and at the expense of the
Company) shall mail to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
 Section 2.12 Persons Deemed Owners. The Company, the Trustee, any Agent and any authenticating agent may treat the Person in whose name any Security is registered as the owner of such Security for the purpose of
receiving payments of principal of (including any Accreted Principal due) or interest on such Security and for all other purposes. None of the Company, the Trustee, any Agent or any authenticating agent shall be affected by any notice to the
contrary. 
 Section 2.13 CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” or similar
numbers (if then generally in use), and, if so, the Trustee shall use such numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee of any change in any such number. 
 Section 2.14 Global
Securities. (a) The Securities will initially be issued as a Global Security, to be delivered to DTC, the initial Depositary, by, or on behalf of, the Company. The Global Security delivered to DTC shall initially be registered on
the Register in the name of Cede & Co., the nominee of the initial Depositary, and no beneficial owner will receive a definitive certificate representing such beneficial owner’s interest in the Securities, except as provided in
Section 2.06(a). Unless and until Definitive Securities have been issued pursuant to Section 2.06(a): 
 (i) the
provisions of this Section 2.14 shall be in full force and effect; 
 (ii) the Company, the Paying Agent, the Registrar
and the Trustee may deal with the Participants for all purposes (including the making of distributions on the Securities) as the authorized representatives of the beneficial owners; 
 (iii) the rights of beneficial owners shall be exercised only through the Depositary and shall be limited to those established by law and
agreements between such beneficial owners and the Participants; and until Definitive Securities are issued pursuant to Section 2.06(a), the Depositary will make book-entry transfers among the Participants and receive and transmit distributions
of principal and interest and premium, if any, on the Securities to such Participants; and 
  

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 [Indenture] 
  

 (iv) whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Holders of the Securities holding Securities evidencing a specified percentage of the outstanding principal amount of the Securities, the Depositary shall be deemed to represent such percentage only to the extent that
it has received instructions to such effect from beneficial owners and/or Participants owning or representing, respectively, such required percentage of the beneficial interest in the Global Securities and has delivered such instructions to the
Trustee. The Trustee shall have no obligation to determine whether the Depositary has in fact received any such instructions. 
 (b) Whenever
notice or other communication to the Holders is required under this Indenture, unless and until Definitive Securities shall have been issued pursuant to Section 2.06(a), the Trustee shall give all such notices and communications specified
herein to be given to Holders to the Depositary and/or the Participants, and shall make available additional copies as requested by such Participants. 
 Section 2.15 Release of Cash Collateral and/or Additional Pledged Collateral. 
 (a) If
(i) the Collateral Ratio is less than the Maximum Collateral Ratio, (ii) the A Pledged Collateral Ratio is greater than the Minimum A Pledged Collateral Ratio, and (iii) the Rotable/Repairable Ratio is greater than the Minimum
Rotable/Repairable Ratio, in each case as most recently determined pursuant to Section 4.10, and the Trustee at such time holds any Cash Collateral and/or Additional Pledged Collateral as of the Valuation Date for such Collateral Ratio, A
Pledged Collateral Ratio or Rotable/Repairable Ratio (or subsequent date as of which such ratio was recalculated pursuant to Section 4.10), then upon at least 5 Business Days prior written notice of the Company to the Trustee and so long as no
Event of Default or Special Default has occurred and is continuing, the Trustee shall distribute to the Company an amount of the Cash Collateral and/or Additional Pledged Collateral, as requested by the Company, such that (x) the Collateral
Ratio would not be greater than the Maximum Collateral Ratio, (y) the A Pledged Collateral Ratio would not be less than the Minimum A Pledged Collateral Ratio, and (z) the Rotable/Repairable Ratio would not be less than the Minimum
Rotable/Repairable Ratio, giving effect to such payment or such release (but otherwise using the information used as of such most recent determination date to determine such ratio). 
 (b) Upon the termination of this Indenture pursuant to Section 8.01, the Trustee shall promptly distribute to the Company any Cash Collateral,
Investment Security, investment earnings thereon, and other property, if any, then remaining in the Securities Account (defined below). 
 Section 2.16 Securities Account. 
 Wells Fargo Bank Northwest, National Association (“Wells Fargo”)
agrees to act as an Eligible Institution under this Indenture in accordance with the provisions of this Indenture (in such capacity, the “Securities Intermediary”) for the purpose of holding any Cash Collateral. Except in its
capacity as Trustee, Wells Fargo waives any claim or lien against any Eligible 

  

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 [Indenture] 
  

 
Account it may have, by operation of law or otherwise, for any amount owed to it by Company. The Securities Intermediary hereby agrees that, notwithstanding
anything to the contrary in the Indenture, (i) any amounts of Cash Collateral to be held by the Trustee and any investment earnings thereon or other Investment Security will be credited to an Eligible Account (the “Securities
Account”) for which it is a “securities intermediary” (as defined in Section 8-102(a)(14) of the NY UCC) and the Trustee is the “entitlement holder” (as defined in Section 8-102(a)(7) of the NY UCC) of the
“securities entitlement” (as defined in Section 8-102(a)(17) of the NY UCC) with respect to each “financial asset” (as defined in Section 8-102(a)(9) of the NY UCC) credited to such Eligible Account, (ii) all such
amounts, any Investment Security and all other property acquired with cash credited to the Securities Account will be credited to the Securities Account, (iii) all items of property (whether cash, investment property, Investment Security, other
investments, securities, instruments or other property) credited to the Securities Account will be treated as a “financial asset” under Article 8 of the NY UCC, (iv) its “securities intermediary’s jurisdiction” (as
defined in Section 8-110(e) of the NY UCC) with respect to the Securities Account is the State of New York, and (v) all securities, instruments and other property in order or registered from and credited to the Securities Account shall be
payable to or to the order of, or registered in the name of, the Securities Intermediary or shall be endorsed to the Securities Intermediary or in blank, and in no case whatsoever shall any financial asset credited to the Securities Account be
registered in the name of the Company, payable to or to the order of the Company or specially indorsed to the Company except to the extent the foregoing have been specially endorsed by the Company to the Securities Intermediary or endorsed in blank.
The Trustee agrees that it will hold (and will indicate clearly in its books and records that it holds) its “securities entitlement” to the “financial assets” credited to the Securities Account in trust for the benefit of the
Holders as set forth in this Indenture. The Company acknowledges that, by reason of the Trustee being the “entitlement holder” in respect of the Securities Account as provided above, the Trustee shall have the sole right and discretion,
subject only to the terms of this Indenture, to give all “entitlement orders” (as defined in Section 8-102(a)(8) of the NY UCC) with respect to the Securities Account and any and all financial assets and other property credited
thereto to the exclusion of the Company; provided, however, in no event shall the consent of the Company be required as a condition to Wells Fargo complying with any such entitlement order of the Trustee. 
 ARTICLE III 
 REDEMPTION 

 Section 3.01 Notices to Trustee. If the Company shall redeem the Securities pursuant to the redemption provisions of
Section 3.07, it shall furnish to the Trustee, at least 5 days before notice of such redemption is to be given pursuant to Section 3.03, an Officer’s Certificate setting forth the Redemption Date, the aggregate principal amount of
such Securities to be redeemed and the Redemption Price. 
 Section 3.02 Selection of Securities to be Redeemed. If less
than all of the Securities are to be redeemed, the Trustee shall select the Securities to be redeemed by such method as the Trustee in its sole discretion shall deem fair and appropriate. The particular Securities to be redeemed shall be selected by
the Trustee from the outstanding Securities not previously called for redemption. 
  

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 [Indenture] 
  

 The Trustee shall promptly notify the Company in writing of the Securities selected for redemption
and, in the case of any Security selected for partial redemption, the aggregate principal amount thereof to be redeemed. Securities and portions of them selected shall be in minimum amounts of $1,000 and integral multiples of $1,000 in excess
thereof. Except as provided in the preceding sentence, provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. 
 Section 3.03 Notices to Holders. 
 (a) At least 20 days but not more than 75 days before a Redemption Date (unless a different notice period is specified in the Securities), the Company shall mail in conformity with Section 11.02 a notice of redemption to each Holder
whose Securities are to be redeemed. The notice shall identify the Securities to be redeemed (including CUSIP or similar numbers, if any) and shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) if any Security is being redeemed in part, the portion of the outstanding principal balance of such Security to be redeemed and
that, after the Redemption Date, upon surrender of such Security, a new Security or Securities in principal amount equal to the principal amount deemed to be outstanding will be issued; 
 (iv) the name and address of the Paying Agent; 
 (v) that Securities called for redemption must be surrendered to the Paying Agent at the address specified in such notice to collect the
Redemption Price; 
 (vi) that unless the Company defaults in making the redemption payment, interest on Securities called for
redemption ceases to accrue on and after the Redemption Date and the only remaining right of the Holders is to receive payment of the Redemption Price upon surrender to the Paying Agent of the Securities; and 
 (vii) the aggregate principal amount of Securities being redeemed. 
 If any of the Securities to be redeemed is in the form of a Global Security, then the Company shall modify such notice to the extent necessary to accord
with the procedures of the Depositary applicable to redemptions. 
 (b) At the Company’s request, the Trustee shall give the notice
required in Section 3.03(a) in the Company’s name; provided, however, that the Company shall deliver to the Trustee, at least 15 days prior to the requested mailing date (unless the Trustee consents in writing to a shorter period), an
Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in Section 3.03(a). 
  

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 Section 3.04 Effect of Notices of Redemption. Once notice of redemption is
mailed pursuant to Section 3.03, Securities called for redemption become due and payable on the Redemption Date at the Redemption Price. Upon surrender to the Paying Agent, such Securities shall be paid out at the Redemption Price. Failure to
give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 
 Section 3.05
Deposit of Redemption Price. At or prior to 11:00 a.m., New York City time, on the Redemption Date, the Company shall deposit with the Trustee or with the Paying Agent immediately available funds sufficient to pay the
Redemption Price of all Securities to be redeemed on that date. The Trustee or the Paying Agent shall return to the Company any money not required for that purpose. 
 If the Company complies with the preceding paragraph, interest on the Securities or portions thereof to be redeemed (whether or not such Securities are presented for payment) will cease to accrue on the applicable
Redemption Date. If any Security called for redemption shall not be so paid upon surrender because of the failure of the Company to comply with the preceding paragraph, then interest will be paid on the unpaid principal from the Redemption Date
until such outstanding principal is paid and, to the extent lawful, on any interest not paid on such unpaid principal, in each case at the rate provided in the Securities. 
 Section 3.06 Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall issue and the
Trustee shall authenticate for the Holder, at the expense of the Company, a new Security equal in principal amount to the principal amount deemed outstanding of the Security surrendered. 
 Section 3.07 Redemption. The Securities are subject to redemption on such terms and subject to such conditions as are specified in
paragraph 4 of such Securities. 
 Any redemption pursuant to this Section 3.07 shall be made, to the extent applicable, pursuant to the
provisions of Sections 3.01 through 3.06. 
 Section 3.08 Reduction of Remaining Scheduled Payments Upon Redemption of
Securities. Upon any redemption of the Securities in accordance with the terms hereof, the then outstanding principal balance of the Securities shall be reduced pro tanto and interest on such reduced outstanding principal balance of
the Securities shall accrue thereafter at the then applicable rate set forth in the Securities and the then remaining Scheduled Payments set forth in Schedule 1 hereto shall be reduced accordingly. The aforementioned reduction of the then
remaining Scheduled Payments set forth in Schedule 1 hereto shall be calculated by the Trustee (and agreed to by the Company) using the same methodology as was used in connection with the preparation of the original Schedule 1 and the Trustee shall
provide the updated Schedule 1 to the Company and the Collateral Agent and such updated Schedule 1 shall replace the then existing Schedule 1 in its entirety and shall be made a part of this Indenture. 
  

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 [Indenture] 
  

 ARTICLE IV 
 COVENANTS 
 Section 4.01 Payment of Securities. The Company shall duly and
punctually pay the aggregate principal amount of and interest on the Securities on the dates and in the manner provided in the Securities and this Indenture. Principal and interest shall be considered paid on the date due if the Paying Agent, other
than the Company or a Subsidiary of the Company, holds by 11:00 a.m., New York City time, on that date money deposited by or on behalf of the Company designated for and sufficient to pay all aggregate outstanding principal and interest then
due. 
 Further, to the extent lawful, the Company shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and interest (without regard to any applicable grace period), from time to time on demand at the applicable rate specified in the Securities. 
 Section 4.02 Maintenance of Office or Agency. So long as any of the Securities shall remain outstanding, the Company will, in
accordance with Section 2.03, maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, or the Registrar) in the continental United States where the Securities may be surrendered for exchange or
registration of transfer as provided in this Indenture, where notices and demands to or upon the Company in respect to the Securities may be served, and where the Securities may be presented or surrendered for payment. The Company may also from time
to time designate one or more other offices or agencies in the continental United States where Securities may be presented or surrendered for any and all such purposes and may from time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company of its obligation under Section 2.03 to maintain an office or agency in The City of New York where any Securities may be presented or surrendered for payment. The Company
will give to the Trustee prompt written notice of the location of any such office or agency and of any change of location thereof. In case the Company shall fail to maintain any such office or agency or shall fail to give such notice of the location
or of any change in the location thereof, such surrenders, presentations and demands may be made and notices may be served at the designated Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee its agent to receive at
the aforesaid office all such surrenders, presentations, notices and demands. 
 Section 4.03 SEC Reports; Financial
Statements. The Company covenants and agrees, so long as any Securities are outstanding, to provide the Trustee with copies, within 30 days after the Company files the same with the SEC, of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) which the Company may be required to file with the SEC pursuant to Section 13 or
Section 15(d) of the Exchange Act. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s 

  

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compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Company also
shall comply with the other provisions of TIA Section 314(a). Notwithstanding the foregoing, (a) if the Company is exempt from the registration requirements of Section 13 or 15(d) of the Exchange Act under Rule 12h-5 of the Exchange
Act, the Company shall not be required to provide such annual reports and such information, documents and other reports to the Trustee so long as (i) the Guarantor files such annual reports and such information, documents and other reports with
the SEC, (ii) the Guarantor and the Company are in compliance with the requirements set forth in Rule 3-10 of Regulation S-X under the Exchange Act and (iii) the Company provides the Trustee with such annual reports and such information,
documents and other reports filed by the Guarantor and (b) the Company will be deemed to have furnished such reports referred to above to the Trustee if the Company or the Guarantor, as applicable, has filed such reports with the SEC via the
EDGAR filing system and such reports are publicly available. 
 Section 4.04 Compliance Certificate; Opinions. 
 (a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s Certificate stating that
in the course of performance by the signing Officer of the Company of its duties as such Officer, it would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred during such period. If it does, the
certificate shall describe the Default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also shall comply with TIA Section 314(a)(4). 
 (b) The Company shall deliver to the Trustee promptly following any request therefor, such other nonconfidential information regarding the Collateral,
the operations, business affairs and financial condition of the Company or compliance with the terms of the Transaction Documents, as the Collateral Agent or any Holder may reasonably request. 
 Section 4.05 Corporate Existence. The Company shall at all times maintain its corporate existence under the laws of its jurisdiction
of incorporation or formation, except as permitted by Article V, and shall at all times remain a U.S. Certificated Air Carrier. 
 Section 4.06 Waiver of Stay, Extension or Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law or any usury law or other law, which would prohibit or forgive the Company from paying all or any portion of the principal of (including any Accreted Principal due) or interest on the Securities as
contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that they may lawfully do so) the Company hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

  

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 [Indenture] 
  

 Section 4.07 Notice of Change of Location. The Company will give the Trustee and
the Collateral Agent timely written notice (but in any event within 30 days prior to the expiration of the period of time specified under applicable Law to prevent lapse of perfection) of any change in its “location” (as such term is used
in Section 9-307 of the UCC) or legal name and will promptly take any action required by Section 3.07(a) of the Mortgages as a result of such change in location or legal name. 
 Section 4.08 Certain Assurances. 
 (a) The Company shall duly execute, acknowledge and deliver, or shall cause to be executed, acknowledged and delivered, all such further agreements, instruments, certificates or documents, and shall do and cause to be done such further acts
and things, in any case, as Collateral Agent shall reasonably request for accomplishing the purposes of this Indenture and the other Transaction Documents, provided that any instrument or other document so executed by Company will not expand any
obligations or limit any rights of Company in respect of the transactions contemplated by the Indenture or any other Transaction Document. 
 (b) The Company shall promptly take such action with respect to the recording, filing, re-recording and refiling of the Mortgages and any other action, as shall be necessary to continue the perfection and priority of the Lien created by the
Mortgages and the other Security Documents. 
 (c) The Company, at its sole cost and expense, will cause the FAA Filed Documents, the
Financing Statements and all continuation statements (and any amendments necessitated by any combination, consolidation or merger of the Company, or any change in location described in Section 4.07) in respect of the Financing Statements to be
prepared and, subject only to the execution and delivery thereof by the Collateral Agent, duly and timely filed and recorded, or filed for recordation, to the extent permitted under the Act (with respect to the FAA Filed Documents) or the UCC or
similar law of any other applicable jurisdiction (with respect to such other documents). The Collateral Agent, and not the Company, shall be responsible for any amendments to the foregoing documents and filings, recordings and registrations thereof
necessitated in any such case by any combination, consolidation or merger of the Collateral Agent or change in the Collateral Agent’s name, status, jurisdiction of organization or address. 
 (d) The Company will perform in full each of its obligations under each of the other Transaction Documents. 
 Section 4.09 Negative Pledge. The Company will not create, assume or suffer to exist any Lien on any Collateral, whether owned on
the Issue Date or thereafter acquired by it, except Permitted Liens. 
 Section 4.10 Reports Regarding the Collateral.

 (a) Annual Appraisal. So long as the Securities are outstanding, by the 10th Business Day of July in 2010 and by the 10th
Business Day of July of each year thereafter, the 

  

 30 

 [Indenture] 
  

 
Company shall furnish the Trustee and the Rating Agencies an Independent Appraiser’s Certificate signed by an Independent Appraiser, dated as of a date
between the preceding June 25th and July 10th (inclusive). Each such Independent Appraiser’s Certificate shall state, in the opinion of such Independent Appraiser, based upon use of the Annual Methodology, the following: 

(i) the Fair Market Value of the Collateral (excluding any Cash Collateral and, for the avoidance of doubt, any Excluded Parts) as of a
specified date within 45 days (the “Permitted Days”) preceding the date of such Independent Appraiser’s Certificate (the “Annual Valuation Date”); 
 (ii) the Fair Market Value of the Rotables, Repairables and Expendables included in the Collateral as of the applicable Annual Valuation
Date (and shall separately state the quantity of such Rotables, Repairables and Expendables); 
 (iii) the Fair Market Value
of the Serviceable Parts and the Unserviceable Parts included in the Collateral as of the applicable Annual Valuation Date; 
 (iv) the Fair Market Value of the A Pledged Spare Parts (excluding, for the avoidance of doubt, any Excluded Parts) included in the Collateral as of the applicable Annual Valuation Date; 
 (v) the Fair Market Value of the Pledged Aircraft, if any, included in the Collateral as of the applicable Annual Valuation Date; and

 (vi) the Fair Market Value of the Pledged Spare Engines, if any, included in the Collateral as of the applicable Annual
Valuation Date. 
 Each annual Independent Appraiser’s Certificate shall be accompanied by an Appraisal Compliance Report determined
using data as of the applicable Annual Valuation Date. The Appraisal Compliance Report shall set forth the calculation of the Collateral Ratio, the A Pledged Collateral Ratio and the Rotable/Repairable Ratio based on the Fair Market Value of the
Collateral, the A Pledged Spare Parts, the Pledged Aircraft, the Pledged Spare Engines and the Rotables set forth in such Independent Appraiser’s Certificate, the Fair Market Value of Cash Collateral held by the Collateral Agent and the
principal balance of the Securities outstanding, each as of the applicable Annual Valuation Date. 
 (b) Quarterly Appraisal. So long
as the Securities are outstanding, by the 10th Business Day of October in 2009 and by the 10th Business Day of January, April and October in each year thereafter, the Company shall furnish the Trustee and the Rating Agencies an Independent
Appraiser’s Certificate signed by an Independent Appraiser, dated as of a date between the preceding December 21st and January 10th, March 25th and April 10th, and September 25th and October 10th (inclusive),
as applicable. Each such quarterly Independent Appraiser’s Certificate shall state, in the opinion of such Independent Appraiser, based upon the use of the Quarterly Methodology, the following: 
 (i) the Fair Market Value of the Collateral (excluding any Cash Collateral and, for the avoidance of doubt, any Excluded Parts) as of a
specified date within the Permitted Days preceding the date of such Certificate (the “Quarterly Valuation Date”); 
  

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 (ii) the Fair Market Value of the Rotables, Repairables and Expendables (in each
case, excluding for the avoidance of doubt, any Excluded Parts) included in the Collateral as of the applicable Quarterly Valuation Date (and shall separately state the quantity of such Rotables, Repairables and Expendables); 
 (iii) the Fair Market Value of the Serviceable Parts and the Unserviceable Parts included in the Collateral as of the applicable Quarterly
Valuation Date; 
 (iv) the Fair Market Value of the A Pledged Spare Parts (excluding, for the avoidance of doubt, any
Excluded Parts) included in the Collateral as of the applicable Quarterly Valuation Date; 
 (v) the Fair Market Value of the
Pledged Aircraft, if any, included in the Collateral as of the applicable Quarterly Valuation Date; and 
 (vi) the Fair
Market Value of the Pledged Spare Engines, if any, included in the Collateral as of the applicable Quarterly Valuation Date. 
 Each
quarterly Independent Appraiser’s Certificate shall be accompanied by an Appraisal Compliance Report determined using data as of the applicable Quarterly Valuation Date. The Appraisal Compliance Report provided with the quarterly Independent
Appraiser’s Certificate shall set forth the calculation of the Collateral Ratio, the A Pledged Collateral Ratio, and the Rotable/Repairable Ratio based on the Fair Market Value of the Collateral, the A Pledged Spare Parts, the Pledged Aircraft,
the Pledged Spare Engines and Rotables and Repairables set forth in such Independent Appraiser’s Certificate, the Fair Market Value of Cash Collateral held by the Collateral Agent and the outstanding principal balance of the Securities, each as
of the applicable Quarterly Valuation Date. 
 (c) [intentionally omitted.] 
 (d) Special Reports. The Trustee may if an Event of Default occurs, at any time while such Event of Default is continuing, request by written
notice to the Company that the Company furnish to the Trustee and each Rating Agency a special Independent Appraiser’s Certificate. Any such special Independent Appraiser’s Certificate shall state, in the opinion of such Independent
Appraiser, based upon use of the Annual Methodology, the following: 
 (i) the Fair Market Value of the Collateral (excluding
any Cash Collateral and, for the avoidance of doubt, any Excluded Parts) as of a specified date within the Permitted Days preceding the date of such Certificate (the “Special Valuation Date” and, together with each Annual Valuation
Date and Quarterly Valuation Date, the “Valuation Dates”); 
  

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 [Indenture] 
  

 (ii) the Fair Market Value of the Rotables, Repairables and the Expendables included
in the Collateral as of the applicable Special Valuation Date (and shall separately state the quantity of such Rotables, Repairables and Expendables); 
 (iii) the Fair Market Value of the Serviceable Parts and the Unserviceable Parts included in the Collateral as of the applicable Special Valuation Date; 
 (iv) the Fair Market Value of the A Pledged Spare Parts (excluding, for the avoidance of doubt, any Excluded Parts) included in the
Collateral as of the applicable Special Valuation Date; 
 (v) the Fair Market Value of the Pledged Aircraft, if any, included
in the Collateral as of the applicable Special Valuation Date; and 
 (vi) the Fair Market Value of the Pledged Spare Engines,
if any, included in the Collateral as of the applicable Special Valuation Date. 
 The Company shall furnish to the Trustee and each Rating
Agency any such requested special Independent Appraiser’s Certificate reasonably promptly after receipt of such request. Notwithstanding the foregoing, the Company shall not be obligated (i) to furnish any Independent Appraiser’s
Certificate under this Section 4.10 during the Section 1110 Period (excluding any extension of the sixty (60) day period specified in Section 1110(a)(i) pursuant to Section 1110(b)) or (ii) to deliver pursuant to this
Section 4.10 an Independent Appraiser’s Certificate more than twice in any six (6) month period. Upon written request of the Trustee following the occurrence and during the continuance of any Event of Default, the Company shall
furnish to the Trustee and each Rating Agency a recent Parts Inventory Report and a report showing the percentage of the total cost of the Pledged Spare Parts located at each Designated Location (determined, with respect to each model of Spare Part
included in the Pledged Spare Parts, using the average cost of the Pledged Spare Parts of such model multiplied by the quantity of such model included in the Pledged Spare Parts) as of the same date as the date of such Parts Inventory Report.

 (e) Information from the Trustee. The Fair Market Value of any Investment Security included in the Cash Collateral for purposes of
this Agreement shall be determined by the Trustee in accordance with customary financial market practices. The Trustee shall inform the Company of the Accreted Principal of the Securities outstanding and the Fair Market Value of any Investment
Security included in the Collateral, in each case as of any Valuation Date or for purposes of Section 4.11, promptly after the Company’s request for such information. 
 (f) Independent Appraiser. If the Trustee has a reasonable basis for concluding that the performance of the Independent Appraiser that executed
the most recent Independent Appraiser’s Certificate delivered pursuant to this Section 4.10 was not satisfactory, 

  

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the Trustee may designate another Independent Appraiser to perform the next required appraisal under this Section 4.10 by written notice (“New
Appraiser Notice”) given to the Company within 30 days after such most recent Independent Appraiser’s Certificate. The Company shall use such other Independent Appraiser designated by the Trustee for the next appraisal. 
 Section 4.11 Collateral Requirements. 
 (a) Maintenance of Collateral Ratio, A Pledged Collateral Ratio and Rotable/Repairable Ratio. 
 (i) If
the Collateral Ratio, as most recently determined pursuant to an Appraisal Compliance Report, is greater than the Maximum Collateral Ratio, the Company shall within 90 days after the date of the Appraisal Compliance Report setting forth the
calculation of such ratios: 
 (A) subject additional Spare Parts (the “Additional Parts”) to the Lien of
either the A Mortgage or the B Mortgage, provided that all Additional Parts subjected to the Lien of the A Mortgage shall have been first placed in service after October 22, 1994, and no other Additional Parts not so placed in service
shall at any time be subjected to the Lien of the A Mortgage; 
 (B) grant a security interest in any Pledged Spare
Engine(s) and/or Pledged Aircraft to secure the Obligations for the benefit of the Holders (which thereafter will be included as “Collateral”), provided that (1) the Company shall subject any new Pledged Spare Engine(s) and/or
Pledged Aircraft to the Lien of the C Mortgage, (2) the Company shall have furnished one or more legal opinions of counsel satisfactory to the Collateral Agent to the effect that any Pledged Spare Engine(s) and/or Pledged Aircraft is
entitled to the benefits of Section 1110 and to a first priority perfected security interest for the benefit of the Collateral Agent and that the security interest and international interest therein has been perfected at the FAA Aircraft
Registry and at the International Registry and is effective against third parties without any prior registered interests and (3) the Company shall have furnished a certificate of an Independent Appraiser stating its opinion that the Fair Market
Value of such Pledged Spare Engine(s) and/or Pledged Aircraft equals at least the value of the additional Spare Parts that would have been necessary to meet such Collateral Ratio; 
 (C) grant a security interest to the Collateral Agent in other property to secure the Obligations for the benefit of the Holders, provided
that the Company shall have received, with respect to the use for purposes of this Section 4.11 of such additional collateral, Rating Confirmation with respect to the Securities; 
 (D) provide additional cash and/or Investment Securities to the Trustee; provided that the amount of Cash Collateral included in the
Collateral, after giving effect to the action taken pursuant to Sections 4.11(a)(i), 4.11(a)(ii) and 4.11(a)(iii) with respect to such Valuation Date, shall not exceed $45,000,000; 
  

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 [Indenture] 
  

 (E) redeem some or all of the Securities pursuant to Article III of this
Indenture to the extent necessary to satisfy the Collateral Ratio requirement; or 
 (F) any combination of the foregoing;
such that, the Collateral Ratio, as recalculated giving effect to such action taken pursuant to this Section 4.11(a)(i) and, in the case of clauses (A), (B), (C) and (D) of this Section 4.11(a)(i), using the Fair Market Value of
any such additional Collateral determined pursuant to Section 4.11(a)(v) (but otherwise using the information used to determine the Collateral Ratio as most recently determined pursuant to Section 4.10), would not be greater than the
Maximum Collateral Ratio. 
 (ii) If the A Pledged Collateral Ratio, as most recently determined pursuant to an Appraisal
Compliance Report, is less than the Minimum A Pledged Collateral Ratio, as most recently determined pursuant to an Appraisal Compliance Report, the Company shall within 90 days after the date of the Appraisal Compliance Report setting forth the
calculation of such ratios: 
 (A) subject additional Spare Parts first placed in service after October 22, 1994 (the
“Additional A Parts”) to the Lien of the A Mortgage; 
 (B) grant a security interest in any Pledged Spare
Engine(s) and/or Pledged Aircraft to secure the Obligations for the benefit of the Holders (which thereafter will be included as “Collateral”), provided that (1) the Company shall subject any such Pledged Spare Engine(s) and/or
Pledged Aircraft to the Lien of the C Mortgage, (2) the Company shall have furnished one or more legal opinions of counsel satisfactory to the Collateral Agent to the effect that any Pledged Spare Engine(s) and/or Pledged Aircraft is
entitled to the benefits of Section 1110 and to a first priority perfected security interest for the benefit of the Collateral Agent and that the security interest and international interest therein has been perfected at the FAA Aircraft
Registry and at the International Registry and is effective against third parties without any prior registered interests and (3) the Company shall have furnished a certificate of an Independent Appraiser stating its opinion that the Fair Market
Value of such Pledged Spare Engine(s) and/or Pledged Aircraft equals at least the value of the additional Spare Parts that would have been necessary to meet such A Pledged Collateral Ratio; 
 (C) provide additional cash and/or Investment Securities to the Trustee; provided that the amount of Cash Collateral included in the
Collateral, after giving effect to the action taken pursuant to Sections 4.11(a)(i), 4.11(a)(ii) and 4.11(a)(iii) with respect to such Valuation Date, shall not exceed $45,000,000; 
  

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 [Indenture] 
  

 (D) redeem some or all of the Securities pursuant to Article III of this Indenture to
the extent necessary to satisfy the A Pledged Collateral Ratio requirement; or 
 (E) any combination of the foregoing; such
that, the A Pledged Collateral Ratio, as recalculated giving effect to such action taken pursuant to this Section 4.11(a)(ii) and, in the case of clauses (A), (B) and (C) of this Section 4.11(a)(ii), using the Fair Market Value
of any such additional Collateral determined pursuant to Section 4.11(a)(v) (but otherwise using the information used to determine the A Pledged Collateral Ratio as most recently determined pursuant to Section 4.10), would not be less than
the Minimum A Pledged Collateral Ratio. 
 (iii) If the Rotable/Repairable Ratio, as most recently determined pursuant to an
Appraisal Compliance Report, is less than the Minimum Rotable/Repairable Ratio, the Company shall within 90 days after the date of the Appraisal Compliance Report setting forth the calculation of such Rotable/Repairable Ratio; 
 (A) subject additional Rotables or Repairables (the “Additional Rotables/Repairables”) to the Lien of either of the
A Mortgage or B Mortgage, provided that all Additional Rotables/Repairables subjected to the Lien of the A Mortgage shall have been first placed in service after October 22, 1994, and no other Additional Rotables/Repairables not so
placed in service shall at any time be subjected to the Lien of the A Mortgage; 
 (B) provide additional cash and/or
Investment Securities to the Trustee; provided that the amount of Cash Collateral included in the Collateral, after giving effect to the action taken pursuant to Sections 4.11(a)(i), 4.11(a)(ii) and 4.11(a)(iii) with respect to such Valuation
Date, shall not exceed $45,000,000; 
 (C) redeem some or all of the Securities pursuant to Article III of this Indenture
to the extent necessary to satisfy the Rotable/Repairable Ratio requirement; or 
 (D) any combination of the foregoing; such
that, the Rotable/Repairable Ratio, as recalculated giving effect to such action taken pursuant to this Section 4.11(a)(iii) and, in the case of clauses (A) and (B) of this Section 4.11(a)(iii), using the Fair Market Value of any
such additional Collateral determined pursuant to Section 4.11(a)(v) (but otherwise using the information used to determine the Rotable/Repairable Ratio as most recently determined pursuant to Section 4.10), would not be less than the
Minimum Rotable/Repairable Ratio. 
  

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 [Indenture] 
  

 (iv) In order to comply with Section 4.11(a)(i)(A), Section 4.11(a)(ii)(A)
or Section 4.11(a)(iii)(A), the Company shall (i) add one or more locations as Designated Locations pursuant to the Mortgages, in which case the Spare Parts, Rotables or Repairables, as the case may be, at such new Designated Locations, to
the extent not included in the Pledged Spare Parts on the preceding Valuation Date, shall be deemed Additional Parts, Additional A Parts or Additional Rotables/Repairables, as the case may be; and/or (ii) add to a Designated Location Spare
Parts, Rotables or Repairables, as the case may be, that were not included as Pledged Spare Parts on the preceding Valuation Date, which shall be deemed Additional Parts, Additional A Parts or Additional Rotables/Repairables, as the case may be.

 (v) In connection with the provision of additional Collateral pursuant to clause (A), (B) or (C) of
Section 4.11(a)(i) or clause (A) or (B) of Section 4.11(a)(ii), or clause (A) of Section 4.11(a)(iii) the Company shall furnish to the Trustee (with a copy to the Rating Agencies) an Independent Appraiser’s
Certificate signed by an Independent Appraiser, dated as of a date after the most recent Valuation Date, stating, in the opinion of such Independent Appraiser, the Fair Market Value of such additional Collateral (other than Cash Collateral), as of a
date not earlier than 60 days prior to the date of such Independent Appraiser’s Certificate (but not earlier than the most recent Valuation Date) and using, in the case of Additional Parts, Additional A Parts or Additional Rotables/Repairables,
the Annual Methodology. Notwithstanding the foregoing, if the Company shall have provided additional Collateral in the form of Pledged Aircraft and/or Pledged Spare Engine Collateral pursuant to Sections 4.11(a)(i)(B) or 4.11(a)(ii)(B) of this
Indenture and Sections 3.04(e) and 3.05(a) of the C Mortgage (the “Additional Pledged Collateral”) the maximum amount of Fair Market Value of such Additional Pledged Collateral (including Additional Pledged Collateral then
to become part of the Collateral) as then determined by an Independent Appraiser which may be used for purposes of determining the Collateral Ratio and/or the A Pledged Collateral Ratio shall not be in excess of twenty percent (20%) of the
required Fair Market Value of the A Pledged Spare Parts necessary in order for the A Pledged Collateral Ratio to equal the Minimum A Pledged Collateral Ratio. 
 (vi) If the Company shall have provided Cash Collateral pursuant to Section 4.11(a)(i)(D), 4.11(a)(ii)(C) or
Section 4.11(a)(iii)(B) (the “Temporary Cash Collateral”), it shall within 90 days after providing such Temporary Cash Collateral (i) in the case of Section 4.11(a)(i)(D), take additional action pursuant to
Section 4.11(a)(i) (excluding the right to provide Cash Collateral) to cause the Collateral Ratio, calculated to exclude such Temporary Cash Collateral, not to be greater than the Maximum Collateral Ratio and (ii) in the case of
Section 4.11(a)(ii)(C) and Section 4.11(a)(iii)(B), take additional action pursuant to Section 4.11(a)(ii) and Section 4.11(a)(iii) (excluding the right to provide Cash Collateral), as applicable, to cause the A Pledged
Collateral Ratio and the Rotable/Repairable Ratio, calculated to exclude such Temporary Cash Collateral, not to be less than the Minimum A Pledged Collateral Ratio and Minimum Rotable/Repairable Ratio, respectively. 
  

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 [Indenture] 
  

 (b) Certain Limitations Regarding the Collateral. The Company agrees that in the event that it
shall either (x) move, either in a single move or series of moves, (any such move(s), a “Move”) Pledged Spare Parts from one or more then existing Designated Locations owned or leased by the Company to, or (y) acquire, either in
a single acquisition or series of acquisitions (any such acquisition(s), an “Acquisition”) new Spare Parts from a vendor or supplier which are thereafter stored at, in each case, another single location in the United States which
shall, at such time, not be a Designated Location but shall also be owned or leased by the Company (any such location, a “New Location”), it shall, within 30 days following the arrival of such Pledged Spare Parts or Spare Parts, as
applicable, at the relevant New Location and provided that following such Move or Acquisition there shall be in aggregate at such New Location Spare Parts in excess of 1% of the Appraised Value of all Pledged Spare Parts, cause such New Location to
become a Designated Location in accordance with the requirements set forth in Section 3.02(b)(ii) of the A Mortgage and/or the B Mortgage, as applicable. 
 (c) Fleet Reduction. If at any time after the Closing Date so long as any Securities are outstanding, the total number of Aircraft of any Aircraft Model (as defined below) in the Company’s in-service fleet
during any period of 60 consecutive days is less than the Specified Minimum (as defined below) (other than due to restrictions on operating such Aircraft imposed by the FAA or any other instrumentality or agency of the United States and other than
during periods (not to exceed 90 days) of temporary storage), then, (i) within thirty (30) days after the officers of the Company gain knowledge of such occurrence, the Company shall notify the Trustee of such occurrence, and
(ii) within 90 days after such occurrence the Company shall redeem the Securities pursuant to Section 3.07 in an aggregate principal amount equal to the product of (A) the Redemption Percentage multiplied by (B) the aggregate
principal amount of the Securities outstanding. 
 For purposes of this Section “Aircraft Model” shall mean each of the
models or groups of models of Aircraft set forth below the and “Specified Minimum” for any Aircraft Model shall mean the number of Aircraft set forth opposite such Aircraft Model below: 
  

			
	 Aircraft Model
	  	Specified Minimum
	 1. Airbus A319-100 and A320-200
	  	100
	 2. Boeing 757-200
	  	64
	 3. Boeing 747-400
	  	16
	 4. Boeing 767-300
	  	23
	 5. Boeing 777-200
	  	34

 Section 4.12 All Payments in Respect of Securities Secured by A Pledged
Collateral. Without limiting the effect of any other Security Document and for the avoidance of doubt, it is acknowledged and agreed by each of the parties hereto that the Company’s obligations under the Securities (which are
incorporated into the A Mortgage pursuant to Section 3.04 thereof) constitute “obligations of the debtor under the security agreement” for purposes of 11 U.S.C. § 1110(a)(2). 
  

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 [Indenture] 
  

 Section 4.13 Representation as to the Collateral. The Spare Parts constituting the
Pledged Spare Parts represent, on the Closing Date, all of the Spare Parts owned by the Company which are located in the United States excluding (x) Excluded Parts (other than Excluded Parts described in clause (i) of the definition
thereof), (y) Spare Parts in transit in the ordinary course of the Company’s business, and (z) Spare Parts (which are immaterial in amount) held by vendors, sub-vendors, suppliers or other third parties, in each case for purposes of
this clause (z) holding such Spare Parts in the ordinary course of the Company’s business at locations which are not Designated Locations. 
 ARTICLE V 
 CONSOLIDATION, MERGER AND SALE 
 Section 5.01 Limitation on Mergers and Consolidations. The Company shall not consolidate with or merge into any other Person under
circumstances in which the Company is not the surviving corporation, or convey, transfer or lease in one or more transactions all or substantially all of its assets to any other Person, unless: 
 (i) such Person is organized, existing and in good standing under the Laws of the United States, any State of the United States or the
District of Columbia and, upon consummation of such transaction, such Person will be a U.S. Certificated Air Carrier; 
 (ii)
such Person executes and delivers to the Trustee a duly authorized, legal, valid, binding and enforceable agreement, reasonably satisfactory in form and substance to the Trustee, containing an express, effective assumption by such Person of the due
and punctual payment of the principal of and interest on all the Securities and any other amounts payable by the Company under the Transaction Documents and the performance and observance of each covenant, agreement and condition in the Transaction
Documents to be performed or observed by the Company; 
 (iii) such Person makes such filings and recordings with the FAA
pursuant to the Act as shall be necessary to evidence such consolidation or merger; 
 (iv) immediately after giving effect to
such consolidation or merger no Event of Default shall have occurred and be continuing; and 
 (v) the Company shall have
delivered to the Trustee, an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and the assumption agreement mentioned in clause (ii) above comply with this
Section 5.01 and that all conditions precedent herein provided relating to such transaction have been complied with (except that such opinion need not cover the matters referred to in clause (iv) above and may rely, as to factual matters,
on a certificate of an officer of the Company) and, in the case of such opinion, that such assumption agreement has been duly authorized, executed and delivered by such successor Person and is enforceable against such successor Person in accordance
with its 

  

 39 

 [Indenture] 
  

 
terms, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors
generally and by general principles of equity. 
 Section 5.02 Successors Substituted. Upon any consolidation of the Company
with, or merger of the Company into, any other Person, or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety in accordance with Section 5.01, the successor Person formed by such
consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the other Transaction
Documents with the same effect as if such successor Person had been named as the Company herein and therein. 
 ARTICLE VI 

DEFAULTS AND REMEDIES 
 Section
6.01 Events of Default. “Event of Default” means any one of the following events (whatever the reason for such Event of Default and whether such event shall be voluntary or involuntary or be effected by operation of Law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (i) default in the payment of the principal amount of any Security at its Maturity; or 
 (ii) default in the payment
of interest on the principal amount of any Security or Make-Whole Amount when it becomes due and payable, and continuance of such default for a period of 10 Business Days; or 
 (iii) default in the payment of any amount payable under any other Transaction Document when due and such failure shall continue for a
period of 30 days after receipt by the Company of written notice that such payment is overdue given to the Company by the Trustee or the Collateral Agent; or 
 (iv) failure by the Company (x) to comply with Section 4.11(a) of this Indenture or (y) to redeem the Securities when
required pursuant to Section 4.11(c) of this Indenture; or 
 (v) any representation or warranty made by the Company in
Sections 1(v), 1(vii), 1(viii), 1(ix), 1(x), 1(xi), 1(xii), 1(xiv) (limited solely to the first sentence therein), 1(xxvi), 1(xxvii), 1(xxviii), 1(xxix), 1(xxx) and 1(xxxi) of the Underwriting Agreement, Section 4.13 hereof, in any
Transaction Document or in any certificate delivered in connection with any such representation or warranty shall prove to have been incorrect in any material respect when made, such incorrect representation or warranty is material at the time in
question, and, if curable, the same shall remain uncured (to the extent of the adverse impact of such incorrectness on the interest of any Secured Party) for a period in excess of 60 days from and after the date of written notice thereof to the
Company from the Trustee or the Collateral Agent; or 
  

 40 

 [Indenture] 
  

 (vi) failure of the Company to carry and maintain, or cause to be carried and
maintained, insurance in accordance with the provisions of Section 3.06 of any Mortgage; provided that no such lapse or cancellation shall constitute an Event of Default until the earlier of (i) 30 days after receipt by the Collateral
Agent of written notice of such lapse or cancellation (or 7 days or such shorter time as may be standard in the industry with respect to war risk insurance) or (ii) the date that such lapse or cancellation is effective as to the Collateral
Agent or any other Secured Party; or 
 (vii) default in the observance or performance, or breach, of any covenant of the
Company in this Indenture or any other Transaction Document (other than a covenant a default in whose performance or whose breach is elsewhere in this Section 6.01 specifically dealt with), and continuance of such default or breach for a period
of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or the Collateral Agent, unless such failure is capable of being corrected and the Company shall be diligently proceeding to correct such failure,
in which case there shall be no Event of Default unless and until such failure shall continue unremedied for a period of 270 days after receipt of such notice; or 
 (viii) the Company shall consent to the appointment of or taking possession by a receiver, trustee or liquidator of itself or of a
substantial part of its property, or the Company shall admit in writing its inability to pay its debts generally as they come due or shall make a general assignment for the benefit of its creditors, or the Company shall file a voluntary petition in
bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief under any Bankruptcy Laws or insolvency laws (as in effect at such time), or an answer admitting the material allegations of a petition filed against
it in any such case, or the Company shall seek relief by voluntary petition, answer or consent, under the provisions of any other Bankruptcy Law or similar law providing for the reorganization or winding-up of corporations (as in effect at such
time), or the Company shall seek an agreement, composition, extension or adjustment with its creditors under such laws or the Company’s board of directors shall adopt a resolution authorizing corporate action in furtherance of any of the
foregoing; or 
 (ix) an order, judgment or decree shall be entered by any court of competent jurisdiction appointing, without
the consent of the Company, a receiver, trustee or liquidator of the Company or of any substantial part of its property, or any substantial part of the property of the Company shall be sequestered, or granting any other relief in respect of the
Company as a debtor under any Bankruptcy Laws or other insolvency laws (as in effect at such time), and any such order, judgment, decree, or decree of appointment or sequestration shall remain in force undismissed, unstayed or unvacated for a period
of 90 days after the date of entry thereof; or 
  

 41 

 [Indenture] 
  

 (x) a petition against the Company in a proceeding under any Bankruptcy Laws or other
insolvency laws (as in effect at such time) is filed and not withdrawn or dismissed within 90 days thereafter, or if, under the provisions of any law providing for reorganization or winding-up of corporations which may apply to the Company, any
court of competent jurisdiction shall assume jurisdiction, custody or control of the Company of any substantial part of its property and such jurisdiction, custody or control shall remain in force unrelinquished, unstayed or unterminated for a
period of 90 days; or 
 (xi) the Company shall cease to be a U.S. Certificated Air Carrier as a result of the revocation of
the Company’s air carrier operating certificate or such operating certificate shall have been suspended and such suspension shall not have been terminated within a period of 30 days thereafter. 
 The Trustee shall not be deemed to know of a Default or Event of Default unless a Responsible Officer at the Corporate Trust Office of the Trustee has
actual knowledge of such Default or Event of Default or the Trustee receives written notice at the Corporate Trust Office of the Trustee of such Default or Event of Default with specific reference to such Default, the Securities and this Indenture.

 When a Default is cured, or when an Event of Default is deemed cured pursuant to Section 6.04, such Default or Event of Default, as
the case may be, shall cease. 
 Section 6.02 Acceleration. If an Event of Default (other than an Event of Default
specified in clause (viii), (ix) or (x) of Section 6.01) occurs and is continuing, the Trustee by notice to the Company may declare the Accreted Principal and all accrued and unpaid interest on all then outstanding Securities to be
due and payable immediately. Upon any such declaration, the Accreted Principal plus all accrued and unpaid interest on the outstanding principal amount of the Securities as of such date of declaration (but without any Make-Whole Amount)
(x) shall be immediately due and payable and (y) all such amounts shall accrue interest at the Post-Acceleration Rate until paid in full. If an Event of Default specified in clause (viii), (ix) or (x) of Section 6.01 occurs,
the Accreted Principal plus all accrued and unpaid interest on the outstanding principal amount of the Securities as of such date of acceleration (but without any Make-Whole Amount) shall thereby automatically become and be immediately due and
payable without any declaration, notice or other act on the part of the Trustee or any Holder and all such amounts shall accrue interest at the Post-Acceleration Rate until paid in full. Upon an acceleration of the Securities, any remedy based on,
or claim for payment of, the principal amount of the Securities shall be limited to the Accreted Principal thereof unless such acceleration is rescinded or annulled or such principal amount is reinstated, by agreement, operation of law or otherwise.
No Make-Whole Amount shall be due and payable as a consequence of the acceleration of the Securities as a result of an Event of Default. 
 At any time after such an acceleration has occurred and before a judgment for payment of the money due has been obtained by the Trustee as hereinafter in this Article VI provided, the Holders of a majority in aggregate principal amount
of the outstanding Securities, by written notice to the Company and the Trustee, may rescind and annul such acceleration and its consequences if: 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay: 
 (A) the
Accreted Principal of any Securities which have become due otherwise than by such declaration of acceleration and any interest at the rate or rates prescribed therefor in such Securities or in this Indenture, 
  

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 (B) all overdue interest on the Accreted Principal of all Securities, 
 (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate prescribed therefor in such
Securities or in this Indenture, and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default,
other than the non-payment of the principal of Securities which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.04. 
 No such rescission shall affect any subsequent Event of Default or impair any right consequent thereon. 
 If the Maturity of the Securities is accelerated pursuant to this Section 6.02, 100% of the Accreted Principal thereof plus unpaid interest on the
outstanding principal amount of the Securities to the date of such acceleration shall immediately become due and payable and all such amounts shall accrue interest at the Post-Acceleration Rate until paid in full. Upon payment in full of such
amounts (including accrued interest at the Post-Acceleration Rate as aforesaid), the principal amount of the Securities in excess of the Accreted Principal thereof shall be deemed to have been paid in full unless such acceleration is rescinded or
annulled or such principal amount is reinstated, by agreement, operation of law or otherwise. 
 Section 6.03 Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal (prior to an acceleration of the Securities) or Accreted Principal (following an acceleration of the
Securities), as applicable, or interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture and the Collateral Agent may exercise all of its rights and remedies under the Transaction Documents. The
Holders, or the Collateral Agent on their behalf, shall be entitled, at any sale or similar disposition of Collateral pursuant to the exercise of remedies, to credit against any purchase price bid at such sale by such Holder all or any part of the
unpaid Obligations owing to such Holders. 
  

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 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event
of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Existing Defaults.
Subject to Sections 6.07 and 9.02, the Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may waive an existing Default or Event of Default and its consequences (including waivers
obtained in connection with a tender offer or exchange offer for the Securities or a solicitation of consents in respect of the Securities, provided that in each case such offer or solicitation is made to all Holders of the Securities then
outstanding on equal terms), except (1) a continuing Default or Event of Default in the payment of the principal or interest on the Securities or (2) a continuing Default in respect of a provision that under Section 9.02 cannot be
amended without the consent of each Holder affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05 Control by Majority.
The Holders of a majority in aggregate principal amount of the Securities then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it
hereunder. The Trustee, however, may refuse to follow any direction that conflicts with applicable law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders, or that may involve the Trustee in
personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to receive reasonable
indemnification satisfactory to it against all losses and expenses caused by taking or not taking such action subject to the Trustee’s duty to act with the required standard of care during a default. 
 Section 6.06 Limitations on Suits. Subject to Section 6.07, a Holder may pursue a remedy with respect to this Indenture or the
Securities only if: 
 (i) such Holder gives to the Trustee written notice of a continuing Event of Default; 
 (ii) the Holders of at least 25% in aggregate principal amount of the Securities then outstanding make a written request to the Trustee to
pursue the remedy; 
 (iii) such Holder or Holders furnish to the Trustee reasonable indemnity satisfactory to the Trustee
against any loss, liability or expense; 
 (iv) the Trustee does not comply with the request within 60 days after receipt of
the request and the furnishing of indemnity; and 
  

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 (v) during such 60-day period the Holders of a majority in aggregate principal amount
of the Securities then outstanding do not give the Trustee a direction inconsistent with the request. 
 A Holder may not use this Indenture
to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 
 Section 6.07 Rights of
Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of Accreted Principal or principal, as applicable and interest on the Security, on or after the
respective due dates expressed in the Security, or to bring suit against the Company for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent
of such Holder. 
 Section 6.08 Collection Suit by Trustee. If an Event of Default specified in clause (i) or
(ii) of Section 6.01 occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company (i) for the principal and interest remaining unpaid on any Securities
and (ii) interest on overdue principal, and, to the extent lawful, interest on overdue interest, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, the Collateral Agent and their respective agents and counsel. 
 Section 6.09 Trustee
May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents and to take such actions, including participating as a member, voting or otherwise, of any committee of creditors, as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings
relative to the Company or its creditors or properties and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any Custodian in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out
of, any and all distributions, dividends, money, securities and other properties which the Holders of the Securities may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or
otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the
rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

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 Section 6.10 Priorities. If the Trustee collects any money pursuant to this
Article VI, it shall pay out the money in the following order: 
 First: to the Trustee and the Collateral Agent
for amounts due under Section 7.07; 
 Second: except as otherwise provided in Section 5.02 of the Mortgages
and subject to the provisions of Section 11.16, to Holders for amounts due and unpaid on the Securities for principal and interest ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities
for principal and interest, respectively; and 
 Third: to the Company. 
 The Trustee, upon prior written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this
Article VI. At least 15 days before such record date, the Trustee shall mail to each Holder and the Company a notice that states the record date, the payment date and amount to be paid. 
 Section 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit
by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in aggregate principal amount of the Securities then outstanding. 
 ARTICLE VII 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, each of the Trustee and the Collateral Agent shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in such exercise,
as a prudent individual would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (b) Except during the
continuance of an Event of Default: 
 (i) each of the Trustee and the Collateral Agent need perform only those duties that
are specifically set forth in this Indenture or the Mortgages, as the case may be, and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee or the Collateral Agent; and 
  

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 (ii) in the absence of bad faith on its part, each of the Trustee and the Collateral
Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to it and conforming to the requirements of this Indenture or the Mortgages, as the case
may be. However, the Trustee and the Collateral Agent shall examine such certificates and opinions to determine whether or not, on their face, they appear to conform to the requirements of this Indenture or the Mortgages, as the case may be.

 (c) Neither the Trustee nor the Collateral Agent shall be relieved from liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of
this Section 7.01; 
 (ii) it shall not be liable for any error of judgment made in good faith by a Responsible Officer,
unless it is proved that it was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable
with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee or the Collateral Agent is subject to paragraphs (a), (b) and (c) of this Section 7.01.

 (e) No provision of this Indenture shall require either the Trustee or the Collateral Agent to expend or risk its own funds or incur any
liability. Each of the Trustee and the Collateral Agent may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in
trust by the Trustee need not be segregated from other funds except to the extent required by law. All money received by the Trustee shall, until applied as herein provided, be held in trust for the payment of the principal of and interest on the
Securities. 
 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
  

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 (h) To the extent required under applicable Law, withhold and remit all United States federal Taxes
with respect to any payments by it (or its designee). 
 Section 7.02 Rights of Trustee. 
 (a) The Trustee may rely conclusively on any resolution, certificate, statement, direction, consent, order, bond, note or other paper or document believed
by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in any such paper or document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel in the form of a legal opinion addressed to the Company shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may
act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by
an Officer of the Company. 
 (f) The Trustee is not required to give any bond or surety with respect to the performance of its duties or the
exercise of its powers under this Indenture. 
 (g) In the event the Trustee receives inconsistent or conflicting requests and indemnity from
two or more groups of Holders of Securities, each representing less than a majority in aggregate principal amount of the outstanding Securities, pursuant to the provisions of this Indenture, the Trustee may determine what action, if any, shall be
taken. 
 (h) The Trustee’s immunities and protections from liability and its right to indemnification in connection with the
performance of its duties under this Indenture shall extend and be enforceable by the Trustee in each of its capacities hereunder and shall extend to the Trustee’s officers, directors, agents, attorneys and employees. Such immunities and
protections and right to indemnity, together with the Trustee’s right to compensation, shall survive the Trustee’s resignation or removal, the discharge of this Indenture and final payment of the Securities. 
  

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 (i) The permissive right of the Trustee to take the actions permitted by this Indenture shall not be
construed as an obligation or duty to do so. 
 (j) Except for information provided by the Trustee concerning the Trustee, the Trustee shall
have no responsibility for any information in any disclosure material distributed with respect to the Securities, and the Trustee shall have no responsibility for compliance with any U.S. Federal or State securities or employee benefit plan laws in
connection with the Securities. 
 (k) The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded. 
 (l) The rights, privileges,
protections, immunities and benefits given to Wells Fargo Bank Northwest, National Association, as Trustee hereunder (including its right to be compensated and indemnified as provided in Section 7.07) are hereby extended to, and shall be
enforceable by, Wells Fargo Bank Northwest, National Association in each of its several other capacities hereunder (including as Collateral Agent and Paying Agent). 
 Section 7.03 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or any of its
Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Sections 7.10 and 7.11. 
 Section 7.04 Trustee’s Disclaimer. The Trustee makes no representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities or any money paid to the Company or upon the Company’s direction under any provision hereof, it shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee and it shall not be responsible for any statement or recital herein or any statement in the Securities other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. If a Default or Event of Default occurs and is continuing and it is actually known to a Responsible
Officer of the Trustee, the Trustee shall mail to Holders a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal or interest on any Security, the
Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders. 
 Section 7.06 Reports by Trustee to Holders. Within 60 days after June 15 of each year, beginning with June 15, 2010,
the Trustee shall mail to Holders a brief report dated as of June 15 of such year that complies with TIA Section 313(a); provided, however, that if no event described in TIA Section 313(a) has occurred within the 12 months preceding
the reporting date, no report need be transmitted. The Trustee also shall comply with TIA Section 313(b). The Trustee shall also transmit by mail all reports as required by TIA Sections 313(c) and 313(d). 
  

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 A copy of each report at the time of its mailing to Holders shall be filed with the SEC and each
securities exchange, if any, on which the Securities are listed. The Company shall notify the Trustee if and when the Securities are listed on any securities exchange. 
 Section 7.07 Compensation and Indemnity. The Company agrees to pay to the Trustee from time to time such compensation as agreed to by the Company and the Trustee, for its acceptance of this
Indenture and its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company agrees to reimburse the Trustee upon request for all reasonable out-of-pocket
disbursements, advances and expenses incurred by it in connection with the transactions contemplated by the Transaction Documents. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and
counsel. 
 The Company agrees to indemnify (on an after-tax basis) the Trustee or any predecessor Trustee and their respective agents,
employees, stockholders, officers and directors for and to hold them harmless against any and all loss, liability, damage, claim, or expense (including reasonable fees and expenses of counsel and Taxes, other than Taxes based upon, measured by or
determined by the income of the Trustee) incurred by it arising out of or in connection with this Indenture or the administration of this trust, including the costs and expenses of enforcing this Indenture against the Company and of defending itself
against any claim (whether asserted by the Company, any Holder or any other Person), except as set forth in the next paragraph. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity; however, failure to give such
notice shall not relieve the Company of its obligations. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel, and the Company shall pay the reasonable fees and expenses of such
counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
 The
Company shall not be obligated to reimburse any expense or indemnify against any loss or liability incurred by the Trustee through negligence, willful misconduct or bad faith. 
 To secure the payment obligations of the Company in this Section 7.07, the Trustee shall have a Lien prior to the Securities on all money or
property held or collected by the Trustee, except that held in trust to pay principal and interest on the Securities. Such Lien shall survive the satisfaction and discharge of this Indenture. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(viii), (ix) or (x) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 Section
7.08 Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this
Section 7.08. 
  

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 The Trustee may resign and be discharged from the trust hereby created by so notifying the Company.
The Holders of a majority in aggregate principal amount of the then outstanding Securities may remove the Trustee by so notifying the Trustee and the Company. The Company may remove the Trustee if: 
 (i) the Trustee fails to comply with Section 7.10; 
 (ii) the Trustee is adjudged a bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; 
 (iii) a Custodian or public officer takes charge of the Trustee or its property; or 
 (iv) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office,
the Holders of a majority in the outstanding principal amount of the Securities then outstanding may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or
the Holders of at least 10% in aggregate principal amount of the Securities then outstanding may petition any court of competent jurisdiction at the expense of the Company for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and
to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a
notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant
to this Section 7.08, the obligations of the Company under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 The preceding provisions of this Section 7.08 shall apply, mutatis mutandis, to any Collateral Agent if the Person acting in such capacity is not also then acting as Trustee. If the same Person is then acting in the capacities of both
Trustee and Collateral Agent, then the resignation or removal of the Trustee, and the appointment of a successor Trustee, shall be deemed to effect the resignation or removal of the Collateral Agent and the appointment of its successor hereunder
without any further action on the part of any Person. 
  

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 Section 7.09 Successor Trustee by Merger, etc. Subject to Section 7.10, if
the Trustee or the Collateral Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another Person, the successor Person without any further act shall be the successor Trustee or
Collateral Agent, as the case may be; provided, however, that in the case of a transfer of all or substantially all of its corporate trust business to another Person, the transferee Person expressly assumes all of its predecessor’s liabilities
hereunder. 
 In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by
merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the
Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in
this Indenture provided that the certificate of the Trustee shall have. 
 Section 7.10 Eligibility; Disqualification.
There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia and authorized under such laws to exercise
corporate trust power, shall be subject to supervision or examination by Federal or State (or the District of Columbia) authority and shall have, or be a Subsidiary of a bank or bank holding company having, a combined capital and surplus of at least
$100,000,000 as set forth in its most recent published annual report of condition. 
 This Indenture shall always have a Trustee that
satisfies the requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is subject to and shall comply with the provisions of TIA Section 310(b) during the period of time required by this Indenture. Nothing in this
Indenture shall prevent the Trustee from filing with the SEC the application referred to in the penultimate paragraph of TIA Section 310(b). 
 Section 7.11 Preferential Collection of Claims Against Company. The Trustee is subject to and shall comply with the provisions of TIA Section 311(a), excluding any creditor relationship listed in TIA
Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 
 ARTICLE VIII 
 SATISFACTION AND DISCHARGE OF INDENTURE 
 Section 8.01 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect (except as provided in the
last sentence of this Section 8.01), the Lien of the Mortgages shall be released, and the Trustee, on demand of the Company, shall execute proper instruments acknowledging the satisfaction and discharge of this Indenture, when: 
 (1) either 
  

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 (A) all outstanding Securities theretofore authenticated and issued (other than
destroyed, lost or wrongfully taken Securities that have been replaced or paid) have been delivered to the Trustee for cancellation; or 
 (B) (x) prior to the acceleration of the Securities, the principal and accrued interest (including any applicable interest on all such amounts that are overdue) or (y) after acceleration of the Securities,
the Accreted Principal and accrued interest on the outstanding principal amount of the Securities (including any applicable interest on all such amounts that are overdue), in each case, with respect to all outstanding Securities not theretofore
delivered to the Trustee for cancellation have been paid in full; 
 (2) the Company has paid all other sums payable by it
hereunder and under the other Transaction Documents; and 
 (3) the Company has delivered to the Trustee an Officer’s
Certificate stating that all conditions precedent to satisfaction and discharge of this Indenture have been complied with, together with an Opinion of Counsel to the same effect. 
 However, the Company’s obligations in Section 7.07 shall survive. 
 ARTICLE IX 
 AMENDMENTS 
 Section 9.01 Without Consent of Holders. The Company, the Trustee and the Collateral Agent may amend or supplement this Indenture or
any of the Securities or waive any provision hereof or thereof without the consent of any Holder: 
 (i) to convey, transfer,
assign, mortgage or pledge to the Trustee as security for the Securities any property or assets; 
 (ii) to evidence the
succession of another Person to the Company, or successive successions, and the assumption by the successor Person of the covenants, agreements and obligations of the Company pursuant to Section 5.01 or 5.02; 
 (iii) to add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the Company and the Trustee
shall consider to be for the protection of the Holders of Securities, to surrender any right or power herein conferred upon the Company, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture, provided that in respect of any such additional covenant, restriction, condition or provision
such amendment or supplement may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement 

  

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upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a
majority in aggregate principal amount of the Securities to waive such an Event of Default; 
 (iv) to cure any ambiguity or
omission or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, provided that no such action
shall adversely affect the interests of the Holders of the Securities; 
 (v) to effect any provision of this Indenture;

 (vi) to make any other change that does not adversely affect the rights of any Holder; or 
 (vii) to revise the then remaining Scheduled Payments set forth in Schedule 1 in accordance with the terms set forth in
Section 3.08. 
 Upon the request of the Company and upon receipt by the Trustee of the documents described in Section 9.06, the
Trustee and the Collateral Agent shall join with the Company in the execution of such supplemental indenture. 
 Section 9.02
With Consent of Holders. Except as provided below in this Section 9.02, the Company, the Trustee and the Collateral Agent may amend or supplement this Indenture with the consent (including consents obtained in connection with a
tender offer or exchange offer for the Securities or a solicitation of consents in respect of the Securities, provided that in each case such offer or solicitation is made to all Holders of the Securities then outstanding on equal terms) of the
Holders of at least a majority in aggregate principal amount of the Securities then outstanding affected thereby. 
 The Holders of a
majority in aggregate principal amount of the Securities then outstanding may waive compliance in a particular instance by the Company with any provision of this Indenture or the Securities (including waivers obtained in connection with a tender
offer or exchange offer for the Securities or a solicitation of consents in respect of the Securities, provided that in each case such offer or solicitation is made to all Holders of the Securities then outstanding on equal terms). 
 Upon the request of the Company accompanied by a resolution of the Board of Directors of the Company authorizing the execution of any supplemental
indenture entered into to effect any such amendment, supplement or waiver, and upon the filing with the Trustee of evidence of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.06,
the Trustee and the Collateral Agent shall join with the Company in the execution of such supplemental indenture. After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Trustee shall mail to the Holders of each
Security affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver. 
  

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 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the
particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 Without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not: 
 (i) extend the final maturity of the principal of any of the Securities; 
 (ii) reduce the Accreted Principal or the
outstanding principal balance of any of the Securities; 
 (iii) reduce the rate or extend the time of payment of interest,
including default interest on any of the Securities; 
 (iv) reduce any amount payable on redemption of any of the Securities;

 (v) change the currency in which the Accreted Principal, principal or interest on any of the Securities is payable;

 (vi) impair the right to institute suit for the enforcement of any payment of Accreted Principal, principal or interest on
any Security pursuant to Sections 6.07 and 6.08, except as limited by Section 6.06; 
 (vii) make any change in the
percentage of principal amount of the Securities necessary to make any determinations or waive any rights hereunder or modify any provision hereof, including, without limitation, Section 6.04 or 6.07 or this clause of this Section 9.02;

 (viii) waive a continuing Default or Event of Default in the payment of Accreted Principal, principal or interest,
including default interest, on the Securities; or 
 (ix) release from, or alter the priority of, the Lien of the Security
Documents in respect of any Collateral or modify any provisions of the Security Documents, in each case, other than in accordance with the terms of this Indenture or the Security Documents. 
 The right of any Holder to participate in any consent required or sought pursuant to any provision of this Indenture (and the obligation of the Company
to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of the Securities as of a record date fixed by the Company in accordance with Section 9.04
of this Indenture. 
  

 55 

 [Indenture] 
  

 Section 9.03 Compliance with Trust Indenture Act. Every amendment or supplement
to this Indenture or the Securities shall comply in form and substance with the TIA as then in effect. 
 Section 9.04
Revocation and Effect of Consents. A consent to an amendment, a supplement or a waiver by a Holder shall bind the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent or waiver is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as to its Security or portion of a Security if the Trustee receives written
notice of revocation at any time prior to (but not after) the date the Trustee receives an Officer’s Certificate certifying that the Holders of the requisite principal amount of Securities have consented (and not theretofore revoked such
consent) to the amendment, supplement or waiver. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder, and a consent thereto given in connection with a tender of a Holder’s
Securities shall not be rendered invalid by such tender. 
 The Company may, but shall not be obligated to, fix a record date for the purpose
of determining the Holders entitled to consent to any amendment, supplement or waiver or to take any other action with respect to the Securities under this Indenture. If a record date is fixed, then notwithstanding the provisions of the immediately
preceding paragraph, those Persons who were Holders at the close of business on such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any
consent previously given, whether or not such Persons continue to be Holders after such record date, and for this purpose the Securities then outstanding shall be computed as of such record date. No consent shall be valid or effective for more than
90 days after such record date unless consents from Holders of the principal amount of the Securities required hereunder for such amendment, supplement or waiver to be effective shall have also been given and not revoked within such 90-day period.

 Section 9.05 Notation on or Exchange of Securities. If an amendment or supplement changes the terms of a Security,
the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so
determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of
such amendment or supplement. 
 Section 9.06 Trustee and the Collateral Agent to Sign Amendments, etc. The Trustee and
the Collateral Agent shall sign any amendment or supplemental indenture authorized pursuant to this Article IX if the amendment or supplemental indenture does not adversely affect their respective rights, duties, liabilities or immunities. If
it does, the Trustee and the Collateral Agent may, but need not, sign it. In signing or refusing to sign such supplemental indenture, the Trustee and the Collateral Agent shall receive, and subject to Section 7.01, shall be fully 

  

 56 

 [Indenture] 
  

 
protected in relying upon, an Opinion of Counsel and an Officer’s Certificate, as conclusive evidence that all conditions precedent to such amendment or
supplemental indenture have been complied with, that such amendment or supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding upon the Company in accordance
with its terms. 
 ARTICLE X 
 AGREEMENTS REGARDING SECURITY 
 Section 10.01 Grant of Security Interest. 
 (a) To secure the due and punctual payment of the principal (including, without limitation, the principal) of and interest on the Securities and any other
amounts due hereunder when and as the same shall be due and payable, whether on an Interest Payment Date, at Stated Maturity, by acceleration, repurchase, redemption or otherwise, and interest on any overdue principal of and interest (to the extent
permitted by Law) on the Securities and the performance of all other Obligations of the Company to the Holders, the Collateral Agent or the Trustee under this Indenture and the other Transaction Documents, the Company agrees to cause the Security
Documents to be executed and delivered concurrently with this Indenture, granting to the Collateral Agent Liens (which are subject to Permitted Liens) on all the Collateral. 
 (b) To the extent applicable, the Company shall furnish to the Trustee and the Collateral Agent such initial and subsequent Opinions of Counsel as
required, and in the manner stipulated by, the provisions of TIA § 314(b). 
 Section 10.02 Release of Collateral.

 (a) The Collateral Agent shall not at any time release the Collateral from the Liens of the Security Documents unless such release is in
accordance with the provisions of the applicable Security Documents. 
 (b) The release of any Collateral from the Liens of the Security
Documents shall not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the Security Documents. 
 (c) To the extent applicable, the Company will comply with TIA § 314(b), with respect to Opinions of Counsel and TIA § 314(d) with respect to
certificates or opinions of fair value, relating to the release of property or securities or relating to the substitution therefor of any property or securities to be subjected to the Lien of the Security Documents. Any certificate or opinion
required by TIA § 314(d) may be made by an Officer of the Company, except in cases where TIA § 314(d) requires that such certificate or opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or
other expert selected or reasonably satisfactory to the Trustee. Notwithstanding anything to the contrary in this Section 10.02, the Company shall not be required to comply with all or any portion of TIA § 314(d) if it determines, in good
faith based on advice of counsel, that the terms of TIA § 314(d) 

  

 57 

 [Indenture] 
  

 
or any interpretation or guidance as to the meaning thereof of the SEC and its staff, including “no action” letters or exemptive orders, whether or
not issued to the Company by the SEC, or any portion of TIA § 314(d) is inapplicable to one or a series of released Collateral. 
 Section 10.03 Actions to Be Taken by the Collateral Agent. 
 (a) Wells Fargo Bank Northwest, National
Association is hereby appointed to act in its capacity as the Collateral Agent. Subject to the provisions of the applicable Security Documents: 
 (1) the Collateral Agent shall execute and deliver the Security Documents and act in accordance with the terms thereof; and 
 (2) the Collateral Agent may, in its sole discretion and without the consent of the Trustee or the Holders, take all actions it deems necessary or appropriate in order to: 
 (A) enforce any of the terms of the Security Documents, and 
 (B) collect and receive any and all amounts payable in respect of the Obligations of the Company hereunder and under the Securities and
the Security Documents. 
 (b) Anything contained in any of the Security Documents to the contrary notwithstanding, no Holder shall have any
right individually to realize upon any of the Collateral. All powers, rights and remedies of the Collateral Agent hereunder and under the Security Documents may be exercised solely by the Collateral Agent. 
 Section 10.04 Receipt of Funds by the Collateral Agent. The Collateral Agent is authorized to receive any funds for the benefit of
itself, the Trustee and the Holders distributed under the Security Documents, for turnover to the Trustee to make further distributions of such funds to itself, the Collateral Agent and the Holders in accordance with the provisions of
Section 6.10 and the other provisions of this Indenture. 
 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.01 Trust Indenture Act Controls.
If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA (or in any other indenture qualified thereunder), the provision required by the TIA shall control.

  

 58 

 [Indenture] 
  

 Section 11.02 Notices. Any notice or communication by the Company, the
Collateral Agent or the Trustee to the others is duly given if in writing and delivered in person, by facsimile or by overnight air courier guaranteeing next day delivery or if mailed by first-class mail (registered or certified, return receipt
requested), in each case to the other’s address: 
 If to the Company, to it at: 
 United Air Lines, Inc. 
 77 West Wacker
Drive 
 Chicago, IL 60601 
 Attention: Stephen R. Lieberman, Vice President & Treasurer 
 Telephone/Facsimile: 312-997-8000, and 
 Attention: Paul R. Lovejoy, Senior Vice President, General Counsel and Secretary 
 Telephone/Facsimile: 312-997-8000 
 with a
copy to 
 Vedder Price P.C. 
 222 N. LaSalle Street, Suite 2400 
 Chicago, IL 60601 
 Attention: Dean N. Gerber, Shareholder 
 Facsimile: (312) 609-5005 
 Telephone: (312) 609-7638 
 If to the Trustee or the Collateral Agent: 
 Wells Fargo Bank Northwest, National Association 
 MAC U1228-120 
 299 South Main Street 
 Salt Lake City, UT
84111 
 Attention: Corporate Trust Services 
 Telephone: (801) 246-5630 
 Fax: (801) 246-5053 
 Each of the Company, the Collateral Agent and the Trustee by notice to the others may designate additional or different addresses for subsequent notices
or communications. 
 Each such notice or other communication shall be effective when received or, if made, given, furnished or filed by
facsimile or other telecommunication transmission, when received unless received outside of business hours, in which case on the next open of business on a Business Day. 
 Any notice or communication to a Holder shall be mailed by first-class mail, postage prepaid, to the Holder’s address shown on the register kept by the Registrar. Failure to mail a notice or communication to a
Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  

 59 

 [Indenture] 
  

 If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee at the
same time. 
 All notices or communications, including, without limitation, notices to the Trustee or the Company by Holders, shall be in
writing, except as set forth below, and in the English language. 
 In case by reason of the suspension of regular mail service, or by reason
of any other cause, it shall be impossible to mail any notice required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice. 
 Section 11.03 Communication by Holders with Other Holders. Holders may communicate pursuant to TIA Section 312(b) with other
Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 
 Section 11.04 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to
take or refrain from taking any action under this Indenture, the Company shall, if requested by the Trustee, furnish to the Trustee: 
 (i) an Officer’s Certificate (which shall include the statements set forth in Section 11.05) stating that, in the opinion of the signatory, all conditions precedent and covenants, if any, provided for in this Indenture relating to
the proposed action have been complied with; and 
 (ii) an Opinion of Counsel (which shall include the statements set forth
in Section 11.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with. 
 Notwithstanding the foregoing, no such Officer’s Certificate or Opinion of Counsel shall be required in connection with the authentication and delivery of the Securities pursuant to Section 2.02. 
 Section 11.05 Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture shall include: 
 (i) a statement that the Person making such certificate or
opinion has read such covenant or condition; 
 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  

 60 

 [Indenture] 
  

 (iii) a statement that, in the opinion of such Person, he has made such examination
or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
 Section 11.06 Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or the Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 11.07 Legal Holidays. If a payment date is a Legal Holiday, payment
may be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a record date is a Legal Holiday, the record date shall not be affected. 
 Section 11.08 Governing Law. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 11.09 No Recourse Against Others. A director, officer, employee or stockholder of the Company, as such, shall not have any
liability for any obligations of the Company under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security waives and releases all such
liability. The waiver and release shall be part of the consideration for the issue of the Securities. 
 Section 11.10 No Adverse
Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 11.11 Successors. All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements
of the Trustee and the Collateral Agent in this Indenture shall bind their respective successor. 
 Section 11.12
Severability. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 Section 11.13 Counterpart Originals. The parties may sign any number of copies of this Indenture by manual or
facsimile signature. Each signed copy shall be an original, but all of them together represent the same agreement. 
 Section 11.14
Table of Contents, Headings, etc. The Table of Contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way
modify or restrict any of the terms or provisions hereof. 
  

 61 

 [Indenture] 
  

 Section 11.15 Agreement as to Fair Market Value. The Company and the Trustee
acknowledge that the use of Fair Market Value herein or in the Mortgages is strictly and solely for convenience in establishing the amount of Collateral and any substitutions therefor under this Indenture and the Mortgages. Accordingly, the Fair
Market Value of any Collateral subjected to the Lien of the Mortgages is not an indication of and shall not be deemed an agreement by the parties as the basis for valuation of such Collateral for purposes of determining the value of the
Trustee’s secured claim against the Company, adequate protection of the Trustee’s interest in the Collateral or for any other purpose in any bankruptcy, receivership or insolvency proceeding involving the Company or any remedial action
brought by the Trustee or Collateral Agent except to the extent such valuations are mandated by applicable law, or any court with jurisdiction over such proceedings, in either case without regard to the use of the concept of Fair Market Value by the
parties hereto. 
 Section 11.16 Withholding Taxes and Withholding Agent. The Company, the Trustee, and their respective
paying agents, shall have the right to exclude and withhold from each payment of Accreted Principal, interest, Make-Whole Amount, if applicable, and other amounts due hereunder or under the Securities any and all United States withholding taxes
required to be withheld under applicable Law. Any amounts so withheld shall constitute a payment in respect of the Securities. The Trustee, or its designees, shall act as the withholding agent with respect to any such payments, and, in connection
therewith, whenever any present or future United States taxes or similar charges are required to be withheld from any amounts payable hereunder or in respect of the Securities, the Trustee, or its designee, as the withholding agent, shall withhold
the appropriate amounts, timely pay the same to the relevant authority and file any necessary United States withholding tax returns or statements when due, all of which shall be in accordance with applicable Law. If a Holder which is a non-U.S.
Person, or which holds an interest in a Security for the benefit of a non-U.S. Person, has furnished to the Trustee or the relevant designee a properly completed and accurate U.S. Internal Revenue Service Form W-8BEN, W-8EXP or W-8IMY (or such
successor form or forms as may be required by the United States Treasury Department) that is effective at the time a payment hereunder or under the Security held by such holder is made and has not notified the Trustee (or the relevant designee) of
the withdrawal or inaccuracy of such form prior to the date of such payment, only the amount, if any, required by Law (after taking into account any applicable exemptions properly claimed) shall be withheld from payments hereunder or under the
Security held by such Holder. If a Holder (x) which is a non-U.S. Person has furnished to the Trustee (or its designee) a properly completed, accurate and currently effective U.S. Internal Revenue Service Form W-8ECI in duplicate (or such
successor certificate, form or forms as may be required by the United States Treasury Department as necessary in order to properly avoid withholding of United States withholding tax), for each calendar year in which a payment is made (but prior to
the making of any payment for such year), and has not notified the Trustee (or its designee) of the withdrawal or inaccuracy of such certificate or form prior to the date of such payment (and the Trustee has no reason to believe that any information
set forth in such form is inaccurate), or (y) which is a U.S. Person has furnished to the Trustee (or its designee) a properly completed, accurate and 

  

 62 

 [Indenture] 
  

 
currently effective U.S. Internal Revenue Service Form W-9, if applicable, prior to a payment hereunder or under the Securities held by such holder, no
amount shall be withheld from payments in respect of United States withholding tax. 
  

 63 

 [Indenture] 
  

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

			
	Company:
	
	UNITED AIR LINES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WELLS FARGO BANK NORTHWEST,
	NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 WELLS FARGO BANK NORTHWEST,
 NATIONAL ASSOCIATION, as Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 64 

 [Indenture] 
  

 EXHIBIT A 
 FACE OF SECURITY 
 GLOBAL SECURITY LEGEND 
 THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS
GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE
INDENTURE. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.* 
 THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. HOLDERS MAY CONTACT THE VICE PRESIDENT AND
TREASURER OF THE COMPANY, 77 WEST WACKER DRIVE, CHICAGO, ILLINOIS 60601, TELEPHONE (312) 997-8000, WHO WILL PROVIDE, UPON REQUEST, THE INFORMATION RELATING TO ORIGINAL 
  

 

	*
	This paragraph should be included only if the Security is a Global Security. 

  

 EXHIBIT A 
 Page 1 

 [Indenture] 
  

 
ISSUE DISCOUNT FOR THIS SECURITY, INCLUDING THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE AND THE YIELD TO MATURITY THEREOF. THE
COMPANY SHALL PROMPTLY NOTIFY THE TRUSTEE OF ANY CHANGE TO SUCH CONTACT INFORMATION AND THE TRUSTEE, UPON RECEIPT OF SUCH NOTICE FROM THE COMPANY, SHALL PROMPTLY PROVIDE THE HOLDERS WITH THE NEW CONTACT INFORMATION. 
  

 EXHIBIT A 
 Page 2 

 [Indenture] 
  

 UNITED AIR LINES, INC. 
 SENIOR SECURED NOTE DUE 2012 
 No.
             
  

			
	CUSIP No.             	 	$             

 United Air Lines, Inc., a Delaware corporation (the “Company”), for value
received promises to pay to                              or registered assigns, the principal sum of
             Dollars on July 15, 2012. For each $[        ] principal amount at Maturity of this Security, the issue price is
$[        ] and the amount of original issue discount is $[        ]. The yield to maturity is [        ]%. 
 Interest Payment Dates: January 15, April 15, July 15 and October 15, with the first 
 Interest Payment Date being October 15, 2009 
 Record Dates: January 1, April 1, July 1 and October 1 
 Reference is hereby made to the further provisions of
this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  

 EXHIBIT A 
 Page 3 

 [Indenture] 
  

 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by facsimile
by one of its duly authorized officers. 
 Dated: 
  

			
	 UNITED AIR LINES, INC.

		
	 By:
	 	  

	
	 Certificate of Authentication:

	
	WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, as Trustee, certifies that this is one of the Securities referred to in the within- mentioned Indenture
		
	 By:
	 	  

		 	Authorized Signatory

  

 EXHIBIT A 
 Page 4 

 [Indenture] 
  

 REVERSE OF SECURITY 
 UNITED AIR LINES, INC. 
 SENIOR SECURED NOTE DUE 2012 
 This Security is one of a duly authorized issue of Senior Secured Notes due 2012 (the “Securities”) of United Air Lines, Inc., a
Delaware corporation (the “Company”). 
 1. Interest. The Company promises to pay interest on the principal balance
from time to time outstanding of this Security at             % per annum until Maturity. The Company will pay interest quarterly on January 15, April 15, July 15 and
October 15 of each year (each an “Interest Payment Date”), beginning October 15, 2009, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on this Security will accrue from the most
recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from June     , 2009. Further, (x) prior to the Maturity of the Securities being accelerated pursuant to Section 6.02 of the
Indenture, to the extent lawful, the Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and interest (without regard to any applicable grace period), from time to time on
demand at the same coupon rate plus 2% per annum and (y) upon the Maturity of the Securities being accelerated pursuant to Section 6.02 of the Indenture, to the extent lawful, the Company shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on the Accreted Principal and overdue interest (without regard to any applicable grace period) at the Post-Acceleration Rate as set forth in Section 6.02 of the Indenture. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of Payment. The Company will pay interest on this
Security (except defaulted interest) to the Persons who are registered Holders of this Security at the close of business on the record date next preceding the Interest Payment Date, even if this Security is canceled after such record date and on or
before such Interest Payment Date. The Holder must surrender this Security to a Paying Agent to collect payments of the outstanding principal amount and interest at Stated Maturity. The Company will pay the principal of and interest on this Security
in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal and interest) will be made by
wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Company will make all payments in respect of a Definitive Security (including principal and interest) at the office or agency of the Paying
Agent maintained for such purpose in The City of New York or by mailing a check to the registered address of each Holder thereof; provided, however, that payments on a Definitive Security will be made by wire transfer to a U.S. dollar account
maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding
the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

 EXHIBIT A 
 Page 5 

 [Indenture] 
  

 3. Ranking and Collateral. This Security is a senior obligation of the Company, secured by the
Lien of the A Mortgage and Security Agreement dated as of June     , 2009, the B Mortgage and Security Agreement dated as of June     , 2009 and the C Mortgage and Security Agreement dated as of
June     , 2009, in each case between the Company and the Collateral Agent, and the payment obligations of the Company under the Indenture and the Securities are guaranteed by the Guarantor pursuant to the terms of the Guarantee.

 4. Redemption. If (x) the Company elects to redeem some or all of the outstanding principal balance of the Securities pursuant
to Section 4.11(a)(i)(E), Section 4.11(a)(ii)(D) or Section 4.11(a)(iii)(C) or (y) the Company is required to pay a portion of the outstanding principal balance of the Securities pursuant to Section 4.11(c), the Company
shall redeem the Securities at a Redemption Price equal to 100% of the outstanding principal balance of the Securities payable pursuant to the terms of the Indenture, plus accrued and unpaid interest on such outstanding principal balance of the
Securities up to, but not including the Redemption Date, but without any Make-Whole Amount. The Company may, at any time, redeem all or part of the Securities at a Redemption Price equal to 100% of the outstanding principal balance of the Securities
payable pursuant to the terms of the Indenture, plus accrued and unpaid interest on such outstanding principal balance of the Securities up to, but not including the Redemption Date, plus the Make-Whole Amount, if any. 
 5. Paying Agent and Registrar. Initially, Wells Fargo Bank Northwest, National Association (the “Trustee”), the Trustee and the
Collateral Agent under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar, co-registrar or additional paying agent without notice to any Holder. 
 6. Indenture. The Company issued this Security under an Indenture dated as of June     , 2009 (as amended, supplemented or
otherwise modified from time to time, the “Indenture”) among the Company, the Collateral Agent and the Trustee. The terms of this Security include those stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). This Security is subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any
provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling (to the extent permitted by law). The Company has issued $175,000,000 aggregate principal amount of
Securities. 
 7. Denominations, Transfer, Exchange. The Securities are issuable only in registered form without coupons in minimum
denominations of $250,000 and integral multiples of $1,000 in excess thereof. The transfer of this Security may be registered and this Security may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not exchange or register the transfer of this Security during the period between
a record date and the corresponding Interest Payment Date. 
  

 EXHIBIT A 
 Page 6 

 [Indenture] 
  

 8. Persons Deemed Owners. The registered Holder of a Security shall be treated as its owner
for all purposes. 
 9. Amendments and Waivers. Subject to certain exceptions and limitations, the Indenture or this Security may be
amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Securities, and compliance in a particular instance by the Company with any provision of the Indenture with respect
to the Securities may be waived (other than certain provisions, including any continuing Default or Event of Default in the payment of the principal of or interest on the Securities) by the Holders of at least a majority in aggregate principal
amount of the Securities then outstanding in accordance with the terms of the Indenture. The Company, the Trustee and the Collateral Agent may amend or supplement the Indenture or this Security or waive any provision hereof or thereof without notice
to or consent of any Holder: (i) to convey, transfer, assign, mortgage or pledge to the Trustee as security for this Security any property or assets; (ii) to evidence the succession of another Person to the Company, or successive
successions, and the assumption by the successor Person of the covenants, agreements and obligations of the Company pursuant to Section 5.01 or 5.02 of the Indenture; (iii) to add to the covenants of the Company such further covenants,
restrictions, conditions or provisions as the Company and the Trustee shall consider to be for the protection of the Holders of Securities, to surrender any right or power conferred upon the Company in the Indenture, and to make the occurrence, or
the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in the Indenture, provided that in
respect of any such additional covenant, restriction, condition or provision such amendment or supplement may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other
defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of
the Securities to waive such an Event of Default; (iv) to cure any ambiguity or omission or to correct or supplement any provision contained in the Indenture or in any supplemental indenture which may be defective or inconsistent with any other
provision contained in the Indenture or in any supplemental indenture, provided that no such action shall adversely affect the interests of the Holders of this Security; (v) to effect any provision of the Indenture; (vi) to make any other
change that does not adversely affect the rights of any Holder or (vii) to revise the then remaining Scheduled Payments set forth in Schedule 1 of the Indenture in accordance with the terms set forth in Section 3.08 of the Indenture.

 The right of any Holder to participate in any consent required or sought pursuant to any provision of the Indenture (and the obligation of
the Company to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of this Security as of a record date fixed by the Company in accordance with the
terms of the Indenture. 
 10. Defaults and Remedies. Events of Default include: (i) default in the payment of the principal
amount of any Security at its Maturity; or (ii) default in the payment of interest on 

  

 EXHIBIT A 
 Page 7 

 [Indenture] 
  

 
the principal amount of any Security or Make-Whole Amount when it becomes due and payable, and continuance of such default for a period of 10 Business Days;
or (iii) default in the payment of any amount payable under any other Transaction Document when due and such failure shall continue for a period of 30 days after receipt by the Company of written notice that such payment is overdue given to the
Company by the Trustee or the Collateral Agent; or (iv) failure by the Company (x) to comply with Section 4.11(a) of the Indenture or (y) to redeem the Securities when required pursuant to Section 4.11(c) of the Indenture;
or (v) any representation or warranty made by the Company in Sections 1(v), 1(vii), 1(viii), 1(ix), 1(x), 1(xi), 1(xii), 1(xiv) (limited solely to the first sentence therein), 1(xxvi), 1(xxvii), 1(xxviii), 1(xxix), 1(xxx) and 1(xxxi) of
the Underwriting Agreement, Section 4.13 of the Indenture, in any Transaction Document or in any certificate delivered in connection with any such representation or warranty shall prove to have been incorrect in any material respect when made,
such incorrect representation or warranty is material at the time in question, and, if curable, the same shall remain uncured (to the extent of the adverse impact of such incorrectness on the interest of any Secured Party) for a period in excess of
60 days from and after the date of written notice thereof to the Company from the Trustee or the Collateral Agent; or (vi) failure of the Company to carry and maintain, or cause to be carried and maintained, insurance in accordance with the
provisions of Section 3.06 of any Mortgage; provided that no such lapse or cancellation shall constitute an Event of Default until the earlier of (a) 30 days after receipt by the Collateral Agent of written notice of such lapse or
cancellation (or seven days or such shorter time as may be standard in the industry with respect to war risk insurance) or (b) the date that such lapse or cancellation is effective as to the Collateral Agent or any other Secured Party; or
(vii) default in the observance or performance, or breach, of any covenant of the Company in the Indenture or any other Transaction Document (other than a covenant a default in whose performance or whose breach is elsewhere in Section 6.01
of the Indenture specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or the Collateral Agent, unless such failure is
capable of being corrected and the Company shall be diligently proceeding to correct such failure, in which case there shall be no Event of Default unless and until such failure shall continue unremedied for a period of 270 days after receipt of
such notice; or (viii) the Company shall consent to the appointment of or taking possession by a receiver, trustee or liquidator of itself or of a substantial part of its property, or the Company shall admit in writing its inability to pay its
debts generally as they come due or shall make a general assignment for the benefit of its creditors, or the Company shall file a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other
relief under any Bankruptcy Laws or insolvency laws (as in effect at such time), or an answer admitting the material allegations of a petition filed against it in any such case, or the Company shall seek relief by voluntary petition, answer or
consent, under the provisions of any other Bankruptcy Law or similar law providing for the reorganization or winding-up of corporations (as in effect at such time), or the Company shall seek an agreement, composition, extension or adjustment with
its creditors under such laws or the Company’s board of directors shall adopt a resolution authorizing corporate action in furtherance of any of the foregoing; or (ix) an order, judgment or decree shall be entered by any court of competent
jurisdiction appointing, without the consent of the Company, a receiver, trustee or liquidator of the Company or of any substantial part of its property, or any substantial part of the property of the Company shall be sequestered, or granting any
other relief in respect 

  

 EXHIBIT A 
 Page 8 

 [Indenture] 
  

 
of the Company as a debtor under any Bankruptcy Laws or other insolvency laws (as in effect at such time), and any such order, judgment, decree, or decree of
appointment or sequestration shall remain in force undismissed, unstayed or unvacated for a period of 90 days after the date of entry thereof; or (x) a petition against the Company in a proceeding under any Bankruptcy Laws or other insolvency
laws (as in effect at such time) is filed and not withdrawn or dismissed within 90 days thereafter, or if, under the provisions of any law providing for reorganization or winding-up of corporations which may apply to the Company, any court of
competent jurisdiction shall assume jurisdiction, custody or control of the Company of any substantial part of its property and such jurisdiction, custody or control shall remain in force unrelinquished, unstayed or unterminated for a period of 90
days; or (xi) the Company shall cease to be a U.S. Certificated Air Carrier as a result of the revocation of the Company’s air carrier operating certificate or such operating certificate shall have been suspended and such suspension shall
not have been terminated within a period of 30 days thereafter. 
 If an Event of Default (other than an Event of Default specified in
clause (viii), (ix) or (x) above) occurs and is continuing, the Trustee by notice to the Company may declare the Accreted Principal and all accrued and unpaid interest on all then outstanding Securities to be due and payable
immediately. Upon any such declaration, the Accreted Principal plus all accrued and unpaid interest on the outstanding principal amount of the Securities as of such date of declaration (but without any Make-Whole Amount) (x) shall be
immediately due and payable and (y) all such amounts shall accrue interest at the Post-Acceleration Rate until paid in full. If an Event of Default specified in clause (viii), (ix) or (x) above occurs, the Accreted Principal plus all
accrued and unpaid interest on the outstanding principal amount of the Securities as of such date of acceleration (but without any Make-Whole Amount) shall thereby automatically become and be immediately due and payable without any declaration,
notice or other act on the part of the Trustee or any Holder and all such amounts shall accrue interest at the Post-Acceleration Rate until paid in full. Upon an acceleration of the Securities, any remedy based on, or claim for payment of, the
principal amount of the Securities shall be limited to the Accreted Principal thereof, unless such acceleration is rescinded or annulled or such principal amount is reinstated, by agreement, operation of law or otherwise. No Make-Whole Amount shall
be due and payable as a consequence of the acceleration of the Securities as a result of an Event of Default. 
 If the Maturity of the
Securities is accelerated pursuant to Section 6.02 of the Indenture, 100% of the Accreted Principal thereof plus unpaid interest on the outstanding principal amount of the Securities to the date of such acceleration shall immediately become due
and payable and all such amounts shall accrue interest at the Post-Acceleration Rate until paid in full. Upon payment in full of such amounts (including accrued interest at the Post-Acceleration Rate), the principal amount of the Securities in
excess of the Accreted Principal shall be deemed to have been paid in full unless such acceleration is rescinded or annulled or such principal amount is reinstated, by agreement, operation of law or otherwise. 
 11. Satisfaction and Discharge. The Indenture shall be satisfied and discharged upon the payment of all of the Securities or the defeasance
thereof, subject to certain other conditions set forth in the Indenture. 
  

 EXHIBIT A 
 Page 9 

 [Indenture] 
  

 12. Trustee Dealings with the Company. The Trustee in its individual or any other capacity may
become the owner or pledgee of this Security and may otherwise deal with the Company or any of its Affiliates with the same rights it would have if it were not the Trustee. 
 13. No Recourse Against Others. A director, officer, employee or stockholder of the Company, as such, shall not have any liability for any
obligations of the Company under this Security or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting this Security waives and releases all such liability. The waiver
and release are part of the consideration for the issuance of this Security. 
 14. Authentication. This Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that this Security has been
authenticated under the Indenture. 
 15. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused a CUSIP number to be printed on this Security as a convenience to the Holders of this Security. No representation is made as to the correctness of such number either as printed on this Security or as
contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on this Security. 
 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not
as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 17. Governing Law. THE INDENTURE AND THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY. 
  

 EXHIBIT A 
 Page 10 

 [Indenture] 
  

 The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Request may be made to it at: 
 United Air Lines, Inc. 
 77 W. Wacker Drive 
 Chicago, IL 60601

 Attention: Vice President & Treasurer 
 Facsimile: 312-997-8000 
  

 EXHIBIT A 
 Page 11 

 [Indenture] 
  

 ASSIGNMENT FORM 
  

			
	 To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to:

	  

	 (Insert assignee’s social security or tax I.D. number)

	  

	 (Print or type assignee’s name, address and zip code)

	
	and irrevocably appoint
                                         
            as agent to transfer this Security on the books of the Company. The agent may substitute another to act for him.

  

					
	Date:	 	  
	 	
		
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Security)
		
	Signature Guarantee:	 	  

		 	(Participant in a Recognized Signature Guaranty Medallion Program)

  

 EXHIBIT A 
 Page 12 

 [Indenture] 
  

 EXHIBIT B 
 [FORM OF A MORTGAGE] 
  

 EXHIBIT B 
 Page 1 

 [Indenture] 
  

 EXHIBIT C 
 [FORM OF B MORTGAGE] 
  

 EXHIBIT C 
 Page 1 

 [Indenture] 
  

 EXHIBIT D 
 [FORM OF C MORTGAGE] 
  

 EXHIBIT D 
 Page 1 

 [Indenture] 
  

 EXHIBIT E 
 APPRAISAL COMPLIANCE REPORT 
 [Addressed to Trustee and the Rating Agencies] 
 Ladies and Gentlemen: 
 We refer to the Indenture, dated as
of June     , 2009 (the “Agreement”), among United Air Lines, Inc. (the “Company”), Wells Fargo Bank Northwest, National Association, as Trustee and Wells Fargo Bank Northwest, National
Association, as Collateral Agent. Terms defined in the Agreement and used herein have such respective defined meanings. The Company hereby certifies that: 
 1. This Compliance Report is accompanied by an Independent Appraiser’s Certificate (the “Relevant Appraisal”) dated [            ]. The
Valuation Date for purposes of the Relevant Appraisal was [            ] (the “Relevant Valuation Date”). 
 2. The following sets forth the calculation of the Collateral Ratio as of the Relevant Valuation Date: 
 (a) The outstanding principal balance of all Securities outstanding as of the Relevant Valuation Date
$[            ] 
 (b) The Fair Market Value of the Cash Collateral as of the
Relevant Valuation Date $[            ] 
 (c) The Fair Market Value of the
Collateral (excluding Cash Collateral) as of the Relevant Valuation Date, as set forth in the accompanying Independent Appraiser’s Certificate $[            ] 
 The Collateral Ratio 
 ((a - b) / c)
[            ]% 
 3. The following sets forth the calculation of the A Pledged
Collateral Ratio as of the Relevant Valuation Date: 
 (a) The Fair Market Value of the A Pledged Spare Parts as of the Relevant Valuation
Date, as set forth in the accompanying Independent Appraiser’s Certificate $[            ] 
 (b) the Fair Market Value of the Pledged Aircraft, if any, as of the Relevant Valuation Date, as set forth in the accompanying Independent Appraiser’s Certificate
$[            ] 
  

 EXHIBIT E 
 Page 1 

 [Indenture] 
  

 (c) the Fair Market Value of the Pledged Spare Engines, if any, as of the Relevant Valuation Date, as
set forth in the accompanying Independent Appraiser’s Certificate $[            ] 
 (d) The outstanding principal balance of all Securities outstanding as of the Relevant Valuation Date $[            ] 
 (e) The Fair Market Value of the Cash Collateral as of the Relevant Valuation Date
$[            ] 
 The A Pledged Collateral Ratio ((a+b+c) / (d-e))
[            ]% 
 4. The following sets forth the calculation of the
Rotable/Repairable Ratio as of the Relevant Valuation Date: 
 (a) The Fair Market Value of the Rotables and Repairables as of the Relevant
Valuation Date, as set forth in the accompanying Independent Appraiser’s Certificate $[            ] 
 (b) The outstanding principal balance of all Securities outstanding as of the Relevant Valuation Date $[            ] 
 (c) The Fair Market Value of the Cash Collateral as of the Relevant Valuation Date
$[            ] 
 The Rotable/Repairable Ratio (a/(b-c))
[            ]% 
 Dated:
[            ] 
  

			
	 Very truly yours,

	
	 UNITED AIR LINES, INC.

		
	 By:
	 	  

  

 EXHIBIT E 
 Page 2 

 SCHEDULE 1 
 Accreted Principal 
  

					
	 Payment Date
	  	Scheduled Payment Amounts	  	Outstanding Principal Balance of the SecuritiesForm A Mortgage and Security Agreement

 Exhibit 4.16 
 [FORM OF A MORTGAGE AND SECURITY AGREEMENT] 
  
  
 A MORTGAGE AND SECURITY 
 AGREEMENT 
 dated as of June
    , 2009 
 between 
 UNITED AIR LINES, INC., 
 the Company 
 and 
 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, 
 the Collateral Agent 
  
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	 ARTICLE I
	  	DEFINITIONS	  	1
			
	 ARTICLE II
	  	GRANT OF SECURITY INTEREST	  	1
				
		 	Section 2.01.	  	Grant of Security Interest	  	1
			
	 ARTICLE III
	  	COVENANTS OF THE COMPANY	  	4
				
		 	Section 3.01.	  	Liens	  	4
		 	Section 3.02.	  	Maintenance, Use. Designated Location and Possession	  	4
		 	Section 3.03.	  	Inspection	  	7
		 	Section 3.04.	  	Indenture Obligations	  	8
		 	Section 3.05.	  	[Intentionally Omitted.]	  	8
		 	Section 3.06.	  	Insurance	  	8
		 	Section 3.07.	  	Filings; Change of Office	  	9
			
	 ARTICLE IV
	  	REMEDIES	  	10
				
		 	Section 4.01.	  	Remedies	  	10
		 	Section 4.02.	  	Return of Collateral, Etc	  	10
		 	Section 4.03.	  	Remedies Cumulative	  	12
		 	Section 4.04.	  	Discontinuance of Proceedings	  	12
		 	Section 4.05.	  	Appointment of Receiver	  	12
		 	Section 4.06.	  	The Collateral Agent Authorized to Execute Bills of Sale, Etc	  	12
			
	 ARTICLE V
	  	RECEIPT, DISTRIBUTION AND APPLICATION OF PAYMENTS	  	13
				
		 	Section 5.01.	  	Payments Prior to Event of Default	  	13
		 	Section 5.02.	  	Payments After Event of Default	  	13
		 	Section 5.03.	  	Certain Payments	  	13
			
	 ARTICLE VI
	  	DUTIES OF THE COLLATERAL AGENT	  	14
				
		 	Section 6.01.	  	Notice of Event of Default; Action Upon Event of Default	  	14
		 	Section 6.02.	  	Action Upon Instructions	  	14
		 	Section 6.03.	  	Indemnification	  	14
		 	Section 6.04.	  	No Duties Except as Specified in A Mortgage or Instructions	  	15
		 	Section 6.05.	  	No Action Except Under A Mortgage or Instructions	  	15
		 	Section 6.06.	  	Reports, Notices, Etc	  	15
		 	Section 6.07.	  	No Charges	  	15
		 	Section 6.08.	  	Scope of Indemnification	  	15
			
	 ARTICLE VII
	  	THE COLLATERAL AGENT	  	16
				
		 	Section 7.01.	  	Acceptance of Duties	  	16
		 	Section 7.02.	  	Absence of Duties	  	16
		 	Section 7.03.	  	No Representations or Warranties as to any Pledged Spare Parts or Documents	  	16

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

  

							
	 	 	 	  	 	  	Page
		 	Section 7.04.	  	No Segregation of Moneys; No Interest	  	16
		 	Section 7.05.	  	Reliance; Advice of Counsel	  	16
		 	Section 7.06.	  	Capacity in Which Acting	  	17
		 	Section 7.07.	  	Compensation and Reimbursement	  	17
		 	Section 7.08.	  	Investment of Security Funds	  	17
			
	 ARTICLE VIII
	  	SUPPLEMENTS AND AMENDMENTS TO THIS MORTGAGE AND OTHER DOCUMENTS	  	17
				
		 	Section 8.01.	  	Amendments	  	18
		 	Section 8.02.	  	No Request Necessary for an A Mortgage Supplement	  	18
			
	 ARTICLE IX
	  	MISCELLANEOUS	  	18
				
		 	Section 9.01.	  	Termination of A Mortgage	  	18
		 	Section 9.02.	  	Bankruptcy	  	18
		 	Section 9.03.	  	No Legal Title to Collateral in Secured Parties	  	19
		 	Section 9.04.	  	Sale of Collateral by Collateral Agent Is Binding	  	19
		 	Section 9.05.	  	A Mortgage for Benefit of the Company, Collateral Agent and Secured Parties	  	19
		 	Section 9.06.	  	Notices	  	19
		 	Section 9.07.	  	Severability	  	19
		 	Section 9.08.	  	No Oral Modification or Continuing Waivers	  	20
		 	Section 9.09.	  	Successors and Assigns	  	20
		 	Section 9.10.	  	Headings	  	20
		 	Section 9.11.	  	Governing Law; Submission to Jurisdiction; Venue	  	20
		 	Section 9.12.	  	Waiver of Trial by Jury	  	21
		 	Section 9.13.	  	Counterparts	  	21

							
				
	 ANNEX A
	  	–	  	Defined Terms	  	
	 ANNEX B
	  	–	  	Insurance	  	
				
	 EXHIBIT A
	  	–	  	Form of A Mortgage Supplement	  	

  

 ii 

 A MORTGAGE AND SECURITY AGREEMENT 
 A MORTGAGE AND SECURITY AGREEMENT dated as of June     , 2009 (this “A Mortgage”), between
UNITED AIR LINES, INC., a Delaware corporation (the “Company”), and WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national banking association, as Collateral Agent (the “Collateral Agent”).

 W I T N E S S E T H: 
 WHEREAS, pursuant to the terms and conditions of that certain Indenture dated as of June     , 2009 (the
“Indenture”) among the Company and Wells Fargo Bank Northwest, National Association, as the Trustee and as the Collateral Agent, the Company has issued to the Holders certain Senior Secured Notes due 2012 (the
“Securities”); 
 WHEREAS, the Company desires by this A Mortgage, among other things, to grant to the
Collateral Agent for the benefit of the Trustee and other Secured Parties a first priority perfected security interest in the Collateral (as defined below) in accordance with the terms hereof, as security for the Securities and all other Secured
Obligations; 
 WHEREAS, all things necessary to make this A Mortgage the valid, binding and legal obligation of the Company for
the uses and purposes herein set forth, in accordance with its terms, have been done and performed and have happened; and 
 WHEREAS,
the Company is a U.S. Certificated Air Carrier; 
 NOW, THEREFORE, the Company and the Collateral Agent agree as follows: 

ARTICLE I 
 DEFINITIONS

 Capitalized terms used but not defined herein shall have the respective meanings set forth or incorporated by reference, and shall be
construed in the manner described, in Annex A hereto or Section 1.01 of the Indenture, as the case may be. 
 ARTICLE II

 GRANT OF SECURITY INTEREST 
 Section 2.01. Grant of Security Interest. In order to secure the prompt payment and performance of the Secured Obligations from time to time outstanding according to their tenor and effect and to secure the performance
and observance by the Company of all the agreements, covenants and provisions contained herein, in the Indenture, the Securities and each of the other Transaction Documents for the benefit of the Secured Parties, and in consideration of the premises
and of the covenants herein contained, and of the acceptance of the Securities by the holders thereof, and for other good and valuable consideration the receipt and adequacy whereof are hereby acknowledged, the Company has granted, bargained, sold,
assigned, transferred, conveyed, mortgaged, pledged and confirmed, and does hereby grant, bargain, sell, assign, 

 [A Mortgage and Security Agreement] 
  

 
transfer, convey, mortgage, pledge and confirm, unto the Collateral Agent, its successors and assigns, for the security and benefit of the Secured Parties, a
first priority security interest in, and mortgage lien on, all right, title and interest of the Company in, to and under the following described property, rights and privileges, whether now or hereafter acquired (which, collectively, together with
all property hereafter specifically subject to the Lien of this A Mortgage by the terms hereof or any supplement hereto, are included within, and are referred to as, the “Collateral”), to wit: 
 (1) All Spare Parts, first placed in service after October 22, 1994 and currently owned or hereafter acquired by the Company,
including without limitation the Spare Parts for the Company’s Boeing 777 fleet and the Expendables, provided; however, that the following shall be excluded from the Lien of this A Mortgage: (v) any Spare Part so long as it is
incorporated in, installed on, attached or appurtenant to, or being used on, an Aircraft, Engine or Spare Part that is so incorporated, installed, attached, appurtenant or being used; (w) any Spare Part that has been incorporated in, installed
on, attached or appurtenant to, or used on an Aircraft, Engine or Spare Part that is so incorporated, installed, attached, appurtenant or being used, for so long after its removal from such Aircraft or Engine as it remains owned by a lessor or
conditional seller of, or subject to a Lien applicable to, such Aircraft or Engine; (x) the Excluded Parts; (y) any Spare Part leased to, loaned to, or held on consignment by, the Company; and (z) any Spare Part first placed in
service on or prior to October 22, 1994 and currently owned or hereafter acquired by the Company (such Spare Parts, giving effect to such exclusions, the “Pledged Spare Parts”); 
 (2) The rights of the Company under any warranty or indemnity, express or implied, regarding title, materials, workmanship, design or
patent infringement or related matters in respect of the Pledged Spare Parts (the “Warranties”); 
 (3) All
proceeds with respect to the sale or other disposition by the Collateral Agent of any Pledged Spare Part or other Collateral pursuant to the terms of this A Mortgage, and all property insurance proceeds with respect to any Pledged Spare Part,
but excluding any insurance maintained by the Company and not required under Section 3.06; 
 (4) All rents, revenues and
other proceeds collected by the Collateral Agent pursuant to Section 4.02(b) and all monies and securities from time to time deposited or required to be deposited with the Collateral Agent by or for the account of the Company pursuant to any
terms of this A Mortgage held or required to be held by the Collateral Agent hereunder, including all Eligible Accounts (including the Securities Account); 
 (5) All cash, Investment Securities and other financial assets held in any Eligible Account by the Collateral Agent or an Eligible
Institution; all Cash Collateral; and all security entitlements with respect thereto; 
  

 2 

 [A Mortgage and Security Agreement] 
  

 (6) All repair, maintenance and inventory records, logs, manuals and all other
documents and materials similar thereto (including, without limitation, any such records, logs, manuals, documents and materials that are computer print-outs) at any time maintained, created or used by the Company, and all records, logs, documents
and other materials required at any time to be maintained by the Company pursuant to the FAA or under the Act, in each case with respect to any of the Pledged Spare Parts (the “Spare Parts Documents”); and 
 (7) All proceeds of the foregoing. 
 PROVIDED, HOWEVER, that notwithstanding any of the foregoing provisions, so long as no Event of Default shall have occurred and be continuing, (a) the Collateral Agent shall not (and shall not permit any of its Affiliates or any
other Person claiming by, through or under it to) take or cause to be taken any action contrary to the Company’s rights set forth herein and in the Indenture to the quiet enjoyment of the Pledged Spare Parts, and to possess, use, retain and
control the Pledged Spare Parts and all revenues, income and profits derived therefrom without hindrance and (b) the Company shall have the right, to the exclusion of the Collateral Agent and the other Secured Parties, with respect to the
warranties and indemnities referred to in clause (2) above, to exercise in the Company’s name all rights and powers (other than to amend, modify or waive any of the warranties or indemnities contained therein, except in the exercise of the
Company’s reasonable business judgment) and to retain any recovery or benefit resulting from the enforcement of any warranty or indemnity under any of the warranties or indemnities. 
 TO HAVE AND TO HOLD all and singular the aforesaid property unto the Collateral Agent, and its successors and assigns, in trust for the equal and
proportionate benefit and security of the Secured Parties for the uses and purposes and in all cases and as to all property specified in clauses (1) through (7) inclusive above, subject to the terms and provisions set forth in this
A Mortgage. 
 It is expressly agreed that anything herein contained to the contrary notwithstanding, the Company shall remain liable
under each Pledged Agreement to perform all of the obligations assumed by it thereunder, except to the extent prohibited or excluded from doing so pursuant to the terms and provisions thereof, and the Secured Parties shall have no obligation or
liability under any Pledged Agreement by reason of or arising out of the assignment hereunder, nor shall the Secured Parties be required or obligated in any manner to perform or fulfill any obligations of the Company under or pursuant to any Pledged
Agreement, or to make any payment, or to make any inquiry as to the nature or sufficiency of any payment received by it, or present or file any claim, or take any action to collect or enforce the payment of any amounts which may have been assigned
to it or to which it may be entitled at any time or times. 
 The Company does hereby constitute the Collateral Agent the true and lawful
attorney of the Company, irrevocably, granted for good and valuable consideration and coupled with an interest and with full power of substitution, and with full power (in the name of the Company or otherwise) to ask for, require, demand, receive,
compound and give acquittance for any and all monies and claims for monies (in each case including insurance and requisition proceeds) due 

  

 3 

 [A Mortgage and Security Agreement] 
  

 
and to become due under or arising out of any Pledged Agreement, and all other property which now or hereafter constitutes part of the Collateral, to endorse
any checks or other instruments or orders in connection therewith and to file any claims or to take any action or to institute any proceedings which the Collateral Agent may deem to be necessary or advisable in the premises; provided that the
Collateral Agent shall not exercise any such rights except upon the occurrence and during the continuance of an Event of Default. 
 The
Company agrees that at any time and from time to time, upon the written request of the Collateral Agent, the Company will promptly and duly execute and deliver or cause to be duly executed and delivered any and all such further instruments and
documents (including without limitation UCC continuation statements) as the Collateral Agent may reasonably deem necessary to perfect, preserve or protect the mortgage, security interests and assignments created or intended to be created hereby or
to obtain for the Collateral Agent the full benefits of the assignment hereunder and of the rights and powers herein granted. 
 ARTICLE III 
 COVENANTS OF THE COMPANY 
 Section 3.01. Liens. The Company will not directly or indirectly create, incur, assume or suffer to exist any Lien on or with respect
to the Company’s right, title and interest in and to the Collateral, except Permitted Liens. The Company shall promptly, at its own expense, take such action as may be necessary to duly discharge (by bonding or otherwise) any such Lien other
than a Permitted Lien arising at any time. 
 Section 3.02. Maintenance, Use. Designated Location and Possession.

 (a) Maintenance. The Company, at its own cost and expense: 
 (i) shall maintain, or cause to be maintained, at all times the Pledged Spare Parts in accordance with all applicable Laws issued by the
FAA or any other Government Entity having jurisdiction over the Company or any such Pledged Spare Parts, including making any modifications, alterations, replacements and additions necessary therefor, and shall utilize, or cause to be utilized, the
same manner and standard of maintenance with respect to each model of Spare Part included in the Pledged Spare Parts as is utilized for such model of Spare Part owned by the Company and not included in the Pledged Spare Parts; 
 (ii) shall maintain, or cause to be maintained, all records, logs and other materials required by the FAA or under the Act to be
maintained in respect of the Pledged Spare Parts and shall not modify its record retention procedures in respect of the Pledged Spare Parts if such modification would materially diminish the value of the Pledged Spare Parts, taken as a whole;

 (iii) shall maintain, or cause to be maintained, the Pledged Spare Parts in good working order and condition and shall
perform all maintenance thereon necessary 

  

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for that purpose, excluding (x) Pledged Spare Parts that have become worn out or unfit for use and not reasonably repairable or that have become
obsolete, (y) Pledged Spare Parts that are not required for the Company’s normal operations and (z) Expendables that have been consumed or used in the Company’s operations; and 
 (iv) shall maintain, or cause to be maintained, all Spare Parts Documents in respect of the Pledged Spare Parts in the English language.

 (b) Use, Designated Location and Possession. 
 (i) Subject to the terms of Section 4.11 of the Indenture, the Company shall have the right, at any time and from time to time at its
own cost and expense, without any release from or consent by the Collateral Agent, to deal with the Pledged Spare Parts in any manner consistent with the Company’s ordinary course of business, including without limitation any of the following:

 (A) to incorporate in, install on, attach or make appurtenant to, or use in, any Aircraft, Engine or Spare Part leased to
or owned by the Company (whether or not subject to any Lien) any Pledged Spare Part, free from the Lien of this A Mortgage; 
 (B) to dismantle any Pledged Spare Part that has become worn out or obsolete or unfit for use, and to sell or dispose of any such Pledged Spare Part or any salvage resulting from such dismantling, free from the Lien of this A Mortgage;
and 
 (C) to transfer any or all of the Pledged Spare Parts located at one or more Designated Locations to one or more other
Designated Locations or to one or more locations which are not Designated Locations. 
 (ii) The Company shall keep the
Pledged Spare Parts at one or more of the Designated Locations, except as otherwise permitted under Section 3.02(b)(i) or 3.02(c) of this A Mortgage. If and whenever the Company shall wish to add a location as a Designated Location, the
Company will furnish to the Collateral Agent the following: 
 (A) an A Mortgage Supplement duly executed by the Company,
identifying each location that is to become a Designated Location and specifically subjecting the Pledged Spare Parts at such location to the Lien of this A Mortgage; 
 (B) an opinion of counsel, dated the date of execution of said A Mortgage Supplement, stating that said A Mortgage Supplement
has been duly filed for recording in accordance with the provisions of the Act, and either: (a) no other filing or recording is required in any other place within the United States in order to perfect the Lien of this A Mortgage on the
Spare Parts held at the Designated Locations specified in such A Mortgage Supplement under the laws of 

  

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the United States, or (b) if any such other filing or recording shall be required that said filing or recording has been accomplished in such other
manner and places, which shall be specified in such opinion of counsel, as are necessary to so perfect the Lien of this A Mortgage; and 
 (C) An Officer’s Certificate stating that in the opinion of the officer executing such Officer’s Certificate, all conditions precedent provided for in this A Mortgage relating to the subjection of such
property to the Lien of this A Mortgage have been complied with. 
 (iii) Without the prior written consent of the
Collateral Agent, the Company will not sell, lease or otherwise in any manner deliver, transfer or relinquish possession of any Pledged Spare Part to anyone other than the grant of the security interest to the Collateral Agent pursuant to this
A Mortgage and the other Security Documents, except as permitted by the provisions of Section 4.11 of the Indenture and Sections 3.02(b) and 3.02(c) of this A Mortgage and except that, notwithstanding the foregoing, the Company
shall have the right, in the ordinary course of business, (i) to transfer possession of any Pledged Spare Part to the manufacturer thereof or any other organization for testing, overhaul, repairs, maintenance, alterations or modifications or to
any Person for the purpose of transport to any of the foregoing or (ii) to subject any Pledged Spare Part to a pooling, exchange, borrowing or maintenance servicing agreement or arrangement customary in the airline industry and entered into by
the Company in the ordinary course of its business; provided, however, that if the Company’s title to any such Pledged Spare Part shall be divested under any such agreement or arrangement, such divestiture shall be deemed to be a Sale with
respect to such Pledged Spare Part subject to the provisions of Section 4.11 of the Indenture. 
 (iv) So long as no
Event of Default shall have occurred and be continuing and subject to the other terms of this Section 3.02 and to the terms of Section 4.11 of the Indenture, the Company may enter into a lease with respect to any Pledged Spare Part to any
U.S. Certificated Air Carrier that is not then subject to any bankruptcy, insolvency, liquidation, reorganization, dissolution or similar proceeding and shall not have substantially all of its property in the possession of any liquidator, trustee,
receiver or similar person (a “Permitted Lessee”). In the case of any such lease, the Company will include in such lease appropriate provisions which (t) make such lease expressly subject and subordinate to all of the terms of
this A Mortgage, including the rights of the Collateral Agent to repossess such Pledged Spare Part and avoid such lease in the exercise of its rights to repossession of the Pledged Spare Parts under this A Mortgage, and the Company shall
remain primarily liable for the performance and observance of all of the terms of this A Mortgage and all the terms and conditions of this A Mortgage and the other Transaction Documents shall remain in effect, in each case to the same
extent as if such lease or transfer had not occurred; (u) require the Permitted Lessee to comply with the terms of Section 3.06; and (v) require that the Pledged Spare Parts subject thereto be used in accordance with the limitations
applicable to the Company’s use, possession and location of such Pledged Spare Parts provided in this 

  

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A Mortgage (including, without limitation, that such Pledged Spare Parts be kept at one or more Designated Locations), it being understood that such
Permitted Lessee shall be entitled to incorporate in, install on, attach or make appurtenant to, or use in, any Aircraft or Engine leased to, or owned by, such Permitted Lessee (whether or not subject to any Lien) any Pledged Spare Part subject
thereto, free from the Lien of this A Mortgage. No lease permitted under this Section shall be entered into unless (w) the Company shall provide written notice to the Collateral Agent (promptly after entering into any such lease);
(x) the Company shall furnish to the Collateral Agent evidence reasonably satisfactory to the Collateral Agent that the insurance required by Section 3.06(a) remains in effect; (y) all necessary documents shall have been duly filed,
registered or recorded in such public offices as may be required fully to preserve the first priority security interest (subject to Permitted Liens) of the Collateral Agent in the Pledged Spare Parts; and (z) the Company shall reimburse the
Collateral Agent for all of its reasonable out-of-pocket fees and expenses, including, without limitation, reasonable fees and disbursements of counsel, incurred by the Collateral Agent in connection with any such lease. Except as otherwise provided
herein and without in any way relieving the Company from its primary obligation for the performance of its obligations under this A Mortgage and the Indenture (including Section 4.11 thereof), the Company may in its sole discretion permit
a Permitted Lessee to exercise any or all rights which the Company would be entitled to exercise under this Section 3.02, and may cause a Permitted Lessee to perform any or all of the Company’s obligations under Article III hereof,
and the Collateral Agent agrees to accept actual and full performance thereof by a Permitted Lessee in lieu of performance by the Company. No pooling agreement, permitted lease or other relinquishment of possession of any Pledged Spare Part shall in
any way discharge or diminish any of the Company’s obligations under this A Mortgage or constitute a waiver by the Collateral Agent of any rights or remedies hereunder. 
 (c) Permitted Sale or Dispositions. 
 (i) So long as no Special Default or Event of Default has occurred and is continuing, the Company may sell, transfer or dispose of Pledged Spare Parts free from the Lien of the A Mortgage, subject to compliance
with Section 4.11 of the Indenture. 
 (ii) No purchaser in good faith of property purporting to be transferred pursuant
to this Section 3.02 shall be bound to ascertain or inquire into the authority of the Company to make any such transfer, free and clear of the Lien of this A Mortgage. Any instrument of transfer executed by the Company under this
Section 3.02 shall be sufficient for the purposes of this A Mortgage and shall constitute a good and valid release, assignment and transfer of the property therein described free from the Lien of this A Mortgage. 
 Section 3.03. Inspection. 
 (a) At all reasonable times, upon at least fifteen days prior written notice to the Company, the Secured Parties and their respective authorized representatives (the 

  

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“Inspecting Parties”) may (not more than once every 12 months unless an Event of Default has occurred and is continuing, then such
inspection right shall not be so limited) inspect the Pledged Spare Parts (including without limitation, the Spare Parts Documents) and any such Inspecting Party may make copies of such Spare Parts Documents not reasonably deemed confidential by
Company or any Permitted Lessee. 
 (b) Any inspection of the Pledged Spare Parts hereunder shall be limited to a visual inspection and shall
not include the disassembling or opening of any components of any Pledged Spare Parts, and no such inspection shall interfere with the Company’s or any Permitted Lessee’s maintenance and use of the Pledged Spare Parts. 
 (c) With respect to such rights of inspection, no Secured Party shall have any duty or liability to make, or any duty or liability by reason of not
making, any such visit, inspection or survey. 
 (d) Each Inspecting Party shall bear its own expenses in connection with any such inspection
(including the cost of any copies made in accordance with Section 3.03(a)) provided that all such expenses incurred while an Event of Default shall have occurred shall be paid by the Company. 
 Section 3.04. Indenture Obligations. 
 The Company agrees to perform and observe all of the agreements, covenants and obligations of the Company set forth in the Indenture (including, without limitation, the payment in full of the principal of, interest on
and all other amounts owing in respect of the Securities), the Securities and the other Transaction Documents (it being understood that this Section 3.04 shall not restrict the ability to amend or supplement, or waive compliance with, any
Transaction Document in accordance with its terms). 
 Section 3.05. [Intentionally Omitted.] 
 Section 3.06. Insurance. 
 (a) Obligation to Insure. The Company shall comply with, or cause to be complied with, each of the provisions of Annex B, which provisions are hereby incorporated by this reference as if set forth in full herein.

 (b) Insurance for Own Account. Nothing in this Section 3.06 shall limit or prohibit (a) the Company from maintaining the
policies of insurance required under Annex B with higher coverage than those specified in Annex B, or (b) the Collateral Agent or any other Additional Insured from obtaining insurance for its own account (and any
proceeds payable under such separate insurance shall be payable as provided in the policy relating thereto); provided, however, that no insurance may be obtained or maintained that would limit or otherwise adversely affect the coverage
of any insurance required to be obtained or maintained by the Company pursuant to this Section 3.06 and Annex B. 
  

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 (c) Indemnification by Government in Lieu of Insurance. The Collateral Agent agrees to accept,
in lieu of insurance against any risk with respect to any Pledged Spare Part described in Annex B, indemnification from, or insurance provided by, the U.S. Government, or upon the written consent of the Collateral Agent, other Government
Authority, against such risk in an amount that, when added to the amount of insurance (including permitted self-insurance), if any, against such risk that the Company (or any Permitted Lessee) may continue to maintain, in accordance with this
Section 3.06, shall be at least equal to the amount of insurance against such risk otherwise required by this Section 3.06. 
 (d)
Application of Insurance Proceeds. All losses will be adjusted by the Company with the insurers. As between the Company and the Collateral Agent, all insurance proceeds shall be distributed in accordance with the provisions of Annex B.
At any time or from time to time after the receipt by the Collateral Agent of insurance proceeds following an Event of Loss, upon submission to the Collateral Agent of an Officer’s Certificate stating that the Company has after the occurrence
of such Event of Loss purchased additional Spare Parts that are located at or have been shipped by vendor(s) to a Designated Location and stating the aggregate purchase price for such additional Pledged Spare Parts, the Collateral Agent shall pay
the amount of such purchase price, up to the amount of such insurance proceeds not previously disbursed pursuant to this sentence or otherwise distributed under this A Mortgage to the Company or its designee. If either the Collateral Agent or the
Company receives a payment of such insurance proceeds in excess of its entitlement pursuant to this A Mortgage, it shall promptly pay such excess to the other. 
 (e) Application of Payments During Existence of a Special Default or Event of Default. Any amount described in this Section 3.06 that is payable or creditable to, or retainable by, the Company shall not be paid
or credited to, or retained by, the Company if at the time such payment, credit or retention would otherwise occur a Special Default or Event of Default shall have occurred and be continuing, but shall instead be held by or paid over to the
Collateral Agent as security for the obligations of the Company under the Transaction Documents and shall be invested pursuant to Section 7.08 hereof. At such time as there shall not be continuing any Special Default or Event of Default, such
amount and any gains thereon shall be paid to the Company to the extent not previously applied in accordance with this A Mortgage or the other Transaction Documents. 
 Section 3.07. Filings; Change of Office. 
 (a) The Company, at its sole cost and expense,
will cause the FAA Filed Documents with respect to the Pledged Spare Parts, the Financing Statements with respect to the Pledged Spare Parts, and all continuation statements (and any amendments necessitated by any combination, consolidation or
merger of the Company, any conveyance, transfer or lease of all or substantially all of the assets of the Company, or any change of the Company’s location) in respect of such Financing Statements, to be prepared and duly and timely filed and
recorded, or filed for recordation, to the extent permitted under the Act (with respect to such FAA Filed Documents) or the UCC. 
  

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 (b) The Company will give the Collateral Agent timely written notice (but in any event within 30 days
prior to the expiration of the period of time specified under applicable law to prevent lapse of perfection) of any change of (x) its “location” (as such term is used in Section 9-307 of the UCC) from its then present location or
(y) its legal name, and will promptly take any action required by Section 3.07(a) as a result of such relocation or change of its legal name. 
 ARTICLE IV 
 REMEDIES 
 Section 4.01. Remedies. If an Event of Default shall have occurred and be continuing and so long as the same shall continue
unremedied, then and in every such case the Collateral Agent may exercise any or all of the rights and powers and pursue any and all of the remedies pursuant to this Article IV and shall have and may exercise all of the rights and remedies of a
secured party under the UCC and may take possession of all or any part of the properties covered or intended to be covered by the Lien created hereby or pursuant hereto and may exclude the Company and all persons claiming under it wholly or partly
therefrom and may sell the Collateral as a whole or in part from time to time; provided, that the Collateral Agent shall give the Company twenty days’ prior written notice of its intention to sell any Collateral. Without limiting any of
the foregoing, it is understood and agreed that the Collateral Agent may exercise any right of sale, lease or other disposition of any Collateral available to it, even though it shall not have taken possession of such Collateral and shall not have
possession thereof at the time of such sale, may pursue all or part of the Collateral wherever it may be found and may enter any of the premises of the Company wherever the Collateral may be or is supposed to be and search for the Collateral and
take possession of and remove the Collateral. 
 Section 4.02. Return of Collateral, Etc. 
 (a) If an Event of Default shall have occurred and be continuing and the unpaid Accreted Principal on any Security, together with interest accrued
thereon, have become due and payable in accordance with Section 6.02 of the Indenture, at the request of the Collateral Agent, the Company shall assemble the Collateral and make it available to the Collateral Agent at the Designated Locations
and shall promptly execute and deliver to the Collateral Agent such instruments of title and other documents as the Collateral Agent may deem necessary or advisable to enable the Collateral Agent or an agent or representative designated by the
Collateral Agent, at such time or times and place or places as the Collateral Agent may specify, to obtain possession of all or any part of the Collateral to which the Collateral Agent shall at the time be entitled hereunder. If the Company shall
for any reason fail to execute and deliver such instruments and documents after such request by the Collateral Agent, the Collateral Agent may (i) obtain a judgment conferring on the Collateral Agent the right to immediate possession and
requiring the Company to execute and deliver such instruments and documents to the Collateral Agent, to the entry of which judgment the Company hereby specifically consents to the fullest extent permitted by Law and (ii) pursue all or part of
such Collateral wherever it may be found and may enter any of the premises of the Company wherever such Collateral may be or is 

  

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supposed to be and search for such Collateral and take possession of and remove such Collateral. All expenses of obtaining such judgment or of pursuing,
searching for and taking such property shall, until paid, be secured by the Lien of this A Mortgage. 
 (b) Upon every such taking of
possession, the Collateral Agent may, from time to time, at the expense of the Company, make all such expenditures for maintenance, use, operation, storage, insurance, leasing, control, management, disposition, modifications or alterations to and of
the Collateral, as it may deem proper. In each such case, the Collateral Agent shall have the right to maintain, use, operate, store, insure, lease, control, manage, dispose of, modify or alter the Collateral and to exercise all rights and powers of
the Company relating to the Collateral, as the Collateral Agent shall deem best, including the right to enter into any and all such agreements with respect to the maintenance, use, operation, storage, insurance, leasing, control, management,
disposition, modification or alteration of the Collateral or any part thereof as the Collateral Agent may determine, and the Collateral Agent shall be entitled to collect and receive directly all rents, revenues and other proceeds of the Collateral
and every part thereof, without prejudice, however, to the right of the Collateral Agent under any provision of this A Mortgage to collect and receive all cash held by, or required to be deposited with, the Collateral Agent hereunder. Such
rents, revenues and other proceeds shall be applied to pay the expenses of the maintenance, use, operation, storage, insurance, leasing, control, management, disposition, improvement, modification or alteration of the Collateral and of conducting
the business thereof, and to make all payments which the Collateral Agent may be required or may elect to make, if any, for taxes, assessments, insurance or other proper charges upon the Collateral or any part thereof (including the employment of
engineers and accountants to examine, inspect and make reports upon the properties and books and records of the Company), and all other payments which the Collateral Agent may be required or authorized to make under any provision of this
A Mortgage, as well as just and reasonable compensation for the services of the Collateral Agent, and of all persons properly engaged and employed by the Collateral Agent with respect hereto. 
 (c) To the extent permitted by applicable Law, the Collateral Agent and each other Secured Party may be a purchaser of the Collateral or any part thereof
or any interest therein at any such sale thereof, whether pursuant to foreclosure or power of sale or otherwise. The Collateral Agent or any other Secured Party, upon any such purchase, shall acquire good title to the property so purchased, to the
extent permitted by applicable Law, free of the Company’s rights of redemption. The Holders, or the Collateral Agent on their behalf, shall be entitled, at any sale or similar disposition of Collateral pursuant to the exercise of remedies, to
credit against any purchase price bid at such sale by such Holder all or any part of the unpaid Obligations owing to such Holders. 
 (d)
Upon any sale of the Collateral or any part thereof or interest therein pursuant hereto, whether pursuant to foreclosure or power of sale or otherwise, the receipt of the official making the sale by judicial proceeding or of the Collateral Agent
shall be sufficient discharge to the purchaser for the purchase money and neither such official nor such purchaser shall be obligated to see to the application thereof. 
  

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 (e) Any sale of the Collateral or any part thereof or any interest therein, whether pursuant to
foreclosure or power of sale or otherwise hereunder, shall be a perpetual bar against the Company, after the expiration of the period, if any, during which such Person shall have the benefit of redemption laws which may not be waived as provided
above. 
 (f) Any sale or other conveyance of any Collateral or any interest therein by the Collateral Agent made pursuant to the terms of
this A Mortgage shall bind the Company and the Secured Parties and shall be effective to transfer or convey all right, title and interest of the Collateral Agent, the Company and the other Secured Parties in and to such Collateral. No purchaser
or other grantee shall be required to inquire as to the authorization, necessity, expediency or regularity of such sale or conveyance or as to the application of any sale or other proceeds with respect thereto by the Collateral Agent. 
 Section 4.03. Remedies Cumulative. Each and every right, power and remedy given to the Collateral Agent specifically or otherwise in
this A Mortgage shall be cumulative and shall be in addition to every other right, power and remedy herein specifically given or now or hereafter existing at Law, in equity or by statute, and each and every right, power and remedy whether
specifically herein given or otherwise existing may be exercised from time to time and as often and in such order as may be deemed expedient by the Collateral Agent, and the exercise or the beginning of the exercise of any power or remedy shall not
be construed to be a waiver of the right to exercise at the same time or thereafter any other right, power or remedy. No delay or omission by the Collateral Agent in the exercise of any right, remedy or power or in the pursuance of any remedy shall
impair any such right, power or remedy or be construed to be a waiver of any default on the part of the Company or to be an acquiescence therein. 
 Section 4.04. Discontinuance of Proceedings. In case the Collateral Agent shall have instituted any proceeding to enforce any right, power or remedy under this A Mortgage by foreclosure, entry or otherwise, and such
proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Collateral Agent, then and in every such case the Company and the Collateral Agent shall, subject to any determination in such
proceedings, be restored to their former positions and rights hereunder with respect to the Collateral, and all rights, remedies and powers of the Company or the Collateral Agent shall continue as if no such proceedings had been instituted.

 Section 4.05. Appointment of Receiver. The Collateral Agent shall, as a matter of right, be entitled to the appointment
of a receiver (who may be the Collateral Agent or any successor or nominee thereof) for all or any part of the Collateral after the occurrence and during the continuance of an Event of Default, whether such receivership be incidental to a proposed
sale of the Collateral or the taking of possession thereof or otherwise, and the Company hereby consents to the appointment of such a receiver and will not oppose any such appointment. Any receiver appointed for all or any part of the Collateral
shall be entitled to exercise all the rights and powers of the Collateral Agent with respect to the Collateral. 
 Section 4.06.
The Collateral Agent Authorized to Execute Bills of Sale, Etc. The Company irrevocably appoints, while an Event of Default has occurred and is continuing, the 

  

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Collateral Agent the true and lawful attorney-in-fact of the Company (which appointment is coupled with an interest) in its name and stead and on its behalf,
for the purpose of effectuating any sale, assignment, transfer or delivery for the enforcement of the Lien of this A Mortgage, whether pursuant to foreclosure or power of sale, assignments and other instruments as may be necessary or
appropriate or entering into any agreement described in Section 4.02(b), with full power of substitution, the Company hereby ratifying and confirming all that such attorney or any substitute shall do by virtue hereof in accordance with
applicable law. Nevertheless, if so requested by the Collateral Agent or any purchaser, the Company shall ratify and confirm any such sale, assignment, transfer or delivery, by executing and delivering to the Collateral Agent or such purchaser all
bills of sale, assignments, releases and other proper instruments to effect such ratification and confirmation as may be designated in any such request. 
 ARTICLE V 
 RECEIPT, DISTRIBUTION AND APPLICATION OF PAYMENTS 
 Section 5.01. Payments Prior to Event of Default. Subject to Section 5.02, if the Collateral Agent shall receive any payment of
principal (including, for this purpose, Accreted Principal) or interest on the Securities, it shall distribute such funds to the Paying Agent for payment to the Holders entitled thereto in accordance with the terms of the Indenture and the
Securities. 
 Section 5.02. Payments After Event of Default. Except as otherwise provided in Section 5.03 hereof,
all payments received from the Company or otherwise on account of the Secured Obligations and amounts held or realized by the Collateral Agent (including any amounts realized by the Collateral Agent from the exercise of any remedies pursuant to
Article IV hereof), in each case after an Event of Default shall have occurred and be continuing, as well as all payments or amounts then held by the Collateral Agent as part of the Collateral, shall be applied in accordance with
Section 6.10 of the Indenture; provided that, notwithstanding the provisions of Section 6.10 of the Indenture, after an Event of Default shall have occurred and be continuing and the Maturity of the Securities has been accelerated
pursuant to Section 6.02 of the Indenture, such payments or amounts then held by the Collateral Agent as part of the Collateral shall be applied as follows under clause “Second” of Section 6.10 of the Indenture: Second:
(i) first, to Holders for amounts due and unpaid on the Securities for all interest (including all interest on any applicable amounts accruing at the Post-Acceleration Rate) ratably, without preference or priority of any kind, according to the
amounts due and payable on the Securities for interest and (ii) second, any remaining amounts to Holders for amounts due and unpaid on the Securities for Accreted Principal ratably, without preference or priority of any kind, according to the
amounts due and payable on the Securities for Accreted Principal. 
 Section 5.03. Certain Payments. 
 (a) Any payments received by the Collateral Agent for which no provision as to the application thereof is made in this A Mortgage and for which such
provision is made in the Indenture or any other Transaction Document shall be applied forthwith to the purpose for which such payment was made in accordance with the terms of the Indenture or such other Transaction Document, as the case may be.

  

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 (b) Notwithstanding anything to the contrary contained in this Article V, the Collateral Agent
will distribute promptly upon receipt by it of any indemnity payment from the Company directly to the Person entitled thereto. 
 ARTICLE VI 
 DUTIES OF THE COLLATERAL AGENT 
 Section 6.01. Notice of Event of Default; Action Upon Event of Default. If the Collateral Agent has knowledge of an Event of Default,
the Collateral Agent shall promptly give notice of such Event of Default to the Secured Parties and to the Company. The Collateral Agent shall take such action, or refrain from taking such action, with respect to such Event of Default (including
with respect to the exercise of any rights or remedies hereunder), only as the Trustee shall instruct the Collateral Agent in writing. For all purposes of this A Mortgage, in the absence of knowledge by a Responsible Officer, the Collateral
Agent shall not be deemed to have knowledge of a Default, an Event of Default or an Event of Loss unless notified in writing by the Company or any Secured Party. 
 Section 6.02. Action Upon Instructions. Subject to the terms of this Article VI, upon the written instructions at any time of the Trustee, the Collateral Agent shall promptly (i) give such
notice, direction, consent, waiver or approval, or exercise such right, remedy or power hereunder in respect of all or any part of the Collateral, or (ii) take such other action in accordance with the terms hereof, the Indenture and the other
Transaction Documents as shall be specified in such instruction. The Collateral Agent will execute such continuation statements with respect to Financing Statements relating to the security interest created hereunder in the Collateral as the Trustee
may specify from time to time in written instructions, which instructions shall be accompanied by the form of continuation statement to be executed by the Collateral Agent, such continuation statement to be filed by either the Collateral Agent or
the Company. The Collateral Agent shall not be liable to the Company with respect to any action taken or omitted to be taken by it hereunder, except for any actions or omissions constituting the gross negligence or willful misconduct of the
Collateral Agent. 
 Section 6.03. Indemnification. The Collateral Agent shall not be required to take any action or
refrain from taking any action under Section 6.01 (other than the first sentence thereof), Section 6.02 or Article IV or to take any action or refrain from taking any action at the direction or instructions of the Trustee under any
other Section hereof, the Indenture or under any other Transaction Document unless it shall have received indemnification against any risks or costs incurred in connection therewith in form and substance reasonably satisfactory to it, including,
without limitation, adequate advances against costs which may be incurred by it in connection therewith. 
  

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 Section 6.04. No Duties Except as Specified in A Mortgage or Instructions.
The Collateral Agent shall not have any duty or obligation to manage, control, lease, use, sell, operate, store, dispose of or otherwise deal with any of the Collateral, or to otherwise take or refrain from taking any action under, or in connection
with, this A Mortgage, except as expressly provided by the terms of this A Mortgage or as expressly provided in written instructions received pursuant to the terms of Section 6.01 or 6.02; and no implied duties or obligations shall be
read into this A Mortgage, the Indenture or the other Transaction Documents against the Collateral Agent. The Collateral Agent agrees that it will in its individual capacity and at its own costs and expense (but without any right of indemnity
in respect of any such cost or expense under Section 6.08 hereof) promptly take such action as may be necessary duly to discharge all liens and encumbrances on any part of the Collateral which result from claims against it in its individual
capacity not related to the administration of the Collateral or any other transaction pursuant to this A Mortgage or any document included in the Collateral. 
 Section 6.05. No Action Except Under A Mortgage or Instructions. The Collateral Agent agrees that it will not manage, control, use, sell, lease, operate, store, dispose of or otherwise deal
with any Pledged Spare Parts or other property constituting part of the Collateral except in accordance with the powers granted to, or the authority conferred upon, the Collateral Agent pursuant to this A Mortgage, the Indenture and the other
Transaction Documents and in accordance with the express terms hereof and thereof. 
 Section 6.06. Reports, Notices, Etc.
The Collateral Agent will furnish to the other Secured Parties, promptly upon receipt thereof, duplicates or copies of all reports, opinions, notices, requests, demands, certificates, financial statements and other instruments furnished to the
Collateral Agent, to the extent that the same shall not have been otherwise furnished to the other Secured Parties pursuant to this A Mortgage, the Indenture or any other Transaction Document; provided, the failure of the Collateral
Agent to furnish the other Secured Parties with such duplicates or copies shall not impair or affect the validity of any such report, opinion, notice, request, demand, certificate, financial statement or other instrument. The Collateral Agent’s
sole responsibility with respect to such reports, opinions, notices, requests, demands, certificates, financial statements and other instruments shall be to furnish them to the other Secured Parties to the extent provided in this Section.

 Section 6.07. No Charges. The Collateral Agent agrees that it will not impose any lifting charge, cable charge,
remittance charge or any other charge or fee on any transfer by the Company of funds to, through or by the Collateral Agent pursuant to the Indenture or any other Transaction Document, except as may be otherwise agreed in writing by the Company.

 Section 6.08. Scope of Indemnification. The Collateral Agent shall be indemnified by the Company to the extent and in
the manner provided in Section 6 of the Underwriting Agreement. 
  

 15 

 [A Mortgage and Security Agreement] 
  

 ARTICLE VII 
 THE COLLATERAL AGENT 
 Section 7.01. Acceptance of Duties. The Collateral Agent
accepts the duties created pursuant to Article VI of this A Mortgage. The Collateral Agent shall have no liability hereunder, under the Indenture or under any other Transaction Document except as provided in Article VI of this
A Mortgage. 
 Section 7.02. Absence of Duties. Except in accordance with written instructions, requests or consents
furnished pursuant to Sections 6.01, 6.02 or 9.01 and except as provided in, and without limiting the generality of, Section 6.04, the Collateral Agent shall have no duty (a) to see to any recording or filing of this A Mortgage
or any other document, or to see to the maintenance of any such recording or filing, (b) to see to any insurance on any of the Pledged Spare Parts or to effect or maintain any such insurance, whether or not the Company shall be in default with
respect thereto, (c) to confirm, verify or inquire into the failure to receive any financial statements of the Company, (d) to inspect any of the Pledged Spare Parts at any time or ascertain or inquire as to the performance or observance
of any of the Company’s covenants under this A Mortgage with respect to any of the Pledged Spare Parts or (e) to give any consent, make any election or determination or exercise any discretion, it being understood that, except as
otherwise expressly provided herein, the duties of the Collateral Agent hereunder, under the Indenture and under any other Transaction Document shall be wholly ministerial in nature. 
 Section 7.03. No Representations or Warranties as to any Pledged Spare Parts or Documents. The Collateral Agent shall not be deemed to
have made any representation or warranty as to the validity, legality or enforceability of this A Mortgage, the Indenture, the Securities, any A Mortgage Supplement, any other Transaction Document or any other document or instrument, or as
to the correctness of any statement (other than a statement by the Collateral Agent) contained herein or therein. 
 Section 7.04.
No Segregation of Moneys; No Interest. Subject to Section 7.08, no moneys received by the Collateral Agent hereunder need be segregated in any manner except to the extent required by law, and any such moneys may be deposited under
such general conditions for the holding of trust funds as may be prescribed by law applicable to the Collateral Agent, and, except as otherwise provided herein or as agreed in writing by the Collateral Agent, the Collateral Agent shall not be liable
for any interest thereon; provided that any payments received or applied hereunder by the Collateral Agent shall be accounted for by the Collateral Agent so that any portion thereof paid or applied pursuant hereto shall be identifiable as to
the source thereof. 
 Section 7.05. Reliance; Advice of Counsel. The Collateral Agent shall incur no liability to anyone
in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by the Collateral Agent to be genuine and reasonably believed by it to be signed
by the proper party or parties as provided in Section 7.02 of the Indenture. 
  

 16 

 [A Mortgage and Security Agreement] 
  

 Section 7.06. Capacity in Which Acting. The Collateral Agent has entered into this
A Mortgage in its capacity as agent for the other Secured Parties. In performing its functions and duties hereunder, the Collateral Agent shall act solely as an agent of the other Secured Parties and does not assume nor shall be deemed to have
assumed any obligation or relationship of trust or agency with or for the Company or any of its successors and assigns. 
 Section 7.07.
Compensation and Reimbursement. The Company agrees: 
 (a) to pay to the Collateral Agent from time to time reasonable
compensation for all services rendered by it hereunder, under the Indenture or under any other Transaction Document as separately agreed between them; and 
 (b) except as otherwise expressly provided herein, to reimburse the Collateral Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with
any provision of this A Mortgage, the Indenture or any other Transaction Document (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be
attributable to its gross negligence or bad faith; provided that, the Collateral Agent agrees that it shall have no rights against the Holders for any fee as compensation for its services as collateral agent under this A Mortgage. 
 Section 7.08. Investment of Security Funds. Any monies paid to or received by the Collateral Agent which are required to be paid to
the Company or applied for the benefit of the Company, but which the Collateral Agent is entitled to hold under the terms hereof pending the occurrence of some event or the performance of some act (including, without limitation, the remedying of a
Special Default or an Event of Default), shall, until paid to the Company or applied as provided herein, be invested by the Collateral Agent at the written authorization and direction of the Company (except when a Special Default or an Event of
Default has occurred and is continuing or when the Company fails to give the Collateral Agent such written authorization and direction, during which time the Collateral Agent shall invest such funds in accordance with its automated cash investment
system) from time to time at the sole expense and risk of the Company in Investment Securities. All Investment Securities held by the Collateral Agent shall either be (a) registered in the name of, payable to the order of, or specially endorsed
to, the Collateral Agent or (b) held in an Eligible Account. There shall be remitted to the Company any gain (including interest received) realized as the result of any such investment (net of any fees, commissions, other expenses or losses, if
any, incurred in connection with such investment) unless a Special Default or an Event of Default shall have occurred and be continuing. The Collateral Agent shall not be liable for any loss relating to any Investment Security made pursuant to this
Section 7.08. The Company will promptly pay to the Collateral Agent, on demand, the amount of any loss (net of any gains, including interest received) realized as the result of any such investment (together with any fees, commissions and other
expenses, if any, incurred in connection with such investment). 
  

 17 

 [A Mortgage and Security Agreement] 
  

 ARTICLE VIII 
 SUPPLEMENTS AND AMENDMENTS TO THIS MORTGAGE 
 AND OTHER DOCUMENTS 
 Section 8.01. Amendments. Except as set forth in Section 8.02, no amendment or modification hereof shall be effective unless
signed by the Company and the Collateral Agent (at the written direction of the Trustee). 
 Section 8.02. No Request Necessary
for an A Mortgage Supplement. No written request or consent of the Holders or the Trustee shall be required to enable the Collateral Agent to execute and deliver an A Mortgage Supplement specifically required by the terms hereof,
the Indenture or any other Transaction Document. 
 ARTICLE IX 
 MISCELLANEOUS 
 Section 9.01. Termination of A Mortgage.
Upon (or at any time after) payment in full of the Secured Obligations (provided that no Default or Event of Default shall have occurred and be continuing), then upon request of the Company, the Collateral Agent shall execute and deliver to or as
directed in writing by the Company an appropriate instrument furnished to it by the Company releasing the Pledged Spare Parts and all other Collateral from the Lien of the A Mortgage and, in such event, this A Mortgage shall terminate and
be of no further force or effect; provided that, this A Mortgage and the Lien created hereby shall earlier terminate and this A Mortgage shall be of no further force or effect upon any sale or other final disposition by the
Collateral Agent of all property constituting part of the Collateral and the final distribution by the Collateral Agent of all monies or other property or proceeds constituting part of the Collateral in accordance with the terms hereof. In
connection with any release of the Collateral pursuant to the first sentence of this Section 9.01, the Collateral Agent shall, at the Company’s expense, procure the discharge of the Lien granted under this A Mortgage in the Pledged
Spare Parts. Except as aforesaid otherwise provided and as provided elsewhere herein, this A Mortgage and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof. 
 Section 9.02. Bankruptcy. It is the intention of the parties that the Collateral Agent shall be entitled to the benefits of
Section 1110 with respect to the financing of the Pledged Spare Parts under the Indenture and the other Transaction Documents in the event of a case under Chapter 11 of the Bankruptcy Code in which the Company is a debtor, and in any
instance where more than one construction is possible of the terms and conditions hereof, the Indenture or any other pertinent Transaction Document, each such party agrees that a construction which would preserve such benefits shall control over any
construction which would not preserve such benefits. In furtherance of the foregoing, the Company hereby confirms to the Collateral Agent that all Spare Parts subjected to the Lien of this A Mortgage shall have been first placed in service after
October 22, 1994, and no other Spare Parts not so placed in service shall at any time be subjected to the Lien of this A Mortgage. 
  

 18 

 [A Mortgage and Security Agreement] 
  

 Section 9.03. No Legal Title to Collateral in Secured Parties. No Secured Party
shall have legal title to any part of the Collateral. No transfer, by operation of law or otherwise, of a Security or other right, title and interest of any Secured Party in and to the Collateral or hereunder shall operate to terminate this
A Mortgage or entitle such holder or any successor or transferee of such holder to an accounting or to the transfer to it of any legal title to any part of the Collateral. 
 Section 9.04. Sale of Collateral by Collateral Agent Is Binding. Any sale or other conveyance of the Collateral, or any part thereof
(including any part thereof or interest therein), by the Collateral Agent made pursuant to the terms of this A Mortgage shall bind the Secured Parties and shall be effective to transfer or convey all right, title and interest of the Collateral
Agent, the Company, and the other Secured Parties in and to such Collateral or part thereof. No purchaser or other grantee shall be required to inquire as to the authorization, necessity, expediency or regularity of such sale or conveyance or as to
the application of any sale or other proceeds with respect thereto by the Collateral Agent. 
 Section 9.05. A Mortgage for
Benefit of the Company, Collateral Agent and Secured Parties. Nothing in this A Mortgage, whether express or implied, shall be construed to give any Person other than the Company, the Collateral Agent and the other Secured Parties any
legal or equitable right, remedy or claim under or in respect of this A Mortgage, except that the Persons referred to in the last paragraph of Section 3.02(b) shall be third party beneficiaries of such paragraph. 
 Section 9.06. Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands,
authorizations, directions, consents, waivers or documents provided or permitted by this A Mortgage to be made, given, furnished or filed shall be in writing in the English language, personally delivered, sent by recognized overnight carrier or
mailed by certified mail, postage prepaid, or by facsimile, and (i) if to the Company, addressed to it at 77 W. Wacker Drive, Chicago, Illinois 60601, Attention: Vice President and Treasurer, facsimile: (312) 997-8333 or (ii) if to
the Collateral Agent or the Trustee, addressed to it at its office 299 South Main Street, Salt Lake City, UT 84111, Attention: Corporate Trust Services, facsimile number (801) 246-5053. Whenever any notice in writing is required to be given by
the Company or the Collateral Agent to the other of them, such notice shall be deemed given and such requirement satisfied when such notice is received at such address. Any of the foregoing Persons may change the address or telefax number to which
notices to such party will be sent by giving notice of such change to the other Persons. 
 Section 9.07. Severability.
Any provision of this A Mortgage which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
to the fullest extent permitted by law. Any such prohibition or unenforceability in any particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction, to the fullest extent permitted by law.

  

 19 

 [A Mortgage and Security Agreement] 
  

 Section 9.08. No Oral Modification or Continuing Waivers. No term or provision of
this A Mortgage may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the Company and the Collateral Agent. Any waiver of the terms hereof shall be effective only in the specific instance and
for the specific purpose given. 
 Section 9.09. Successors and Assigns. All covenants and agreements contained herein
shall be binding upon, and inure to the benefit of, each of the parties hereto, the other Secured Parties and the permitted successors and assigns of each, all as herein provided. Any request, notice, direction, consent, waiver or other instrument
or action by any Secured Party shall bind the successors and assigns of such Secured Party. 
 Section 9.10. Headings. The
headings of the various Articles and sections herein and in the table of contents hereto are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 9.11. Governing Law; Submission to Jurisdiction; Venue. 
 (a) THIS A MORTGAGE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. Any legal action or proceeding with respect to this
A Mortgage may be brought in the courts of the State of New York or the United States for the Southern District of New York located in the Borough of Manhattan, and, by execution and delivery of this A Mortgage, each party hereto hereby
irrevocably accepts for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts. Each party hereto hereby further irrevocably waives any claim that any such courts lack
jurisdiction over such party, and agrees not to plead or claim, in any legal action or proceeding with respect to this A Mortgage brought in any of the aforesaid courts, that any such court lacks jurisdiction over such party. Each party hereto
further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to it at its address specified
pursuant to Section 9.06, such service to become effective 30 days after such mailing. Nothing herein shall affect the right of either party hereto to serve process in any other manner permitted by law or to commence legal proceedings or
otherwise proceed against any other party hereto in any other jurisdiction. 
 (b) Each party hereto hereby irrevocably waives any objection
which it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this A Mortgage brought in the courts referred to in clause (a) above and hereby further
irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. 
  

 20 

 [A Mortgage and Security Agreement] 
  

 Section 9.12. Waiver of Trial by Jury. TO THE EXTENT PERMITTED BY APPLICABLE LAW,
EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS A MORTGAGE OR ANY MATTER ARISING HEREUNDER. 
 Section 9.13. Counterparts. This A Mortgage may be executed by the parties hereto in separate counterparts (or upon separate
signature pages bound together into one or more counterparts), each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 *     *     * 
  

 21 

 [A Mortgage and Security Agreement] 
  

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

			
	 UNITED AIR LINES, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 WELLS FARGO BANK NORTHWEST,
 NATIONAL ASSOCIATION, as
 Collateral Agent

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 22 

 [A Mortgage and Security Agreement] 
  

 ANNEX A 
 DEFINED TERMS 
 “A Mortgage” means this A Mortgage and Security
Agreement. 
 “A Mortgage Supplement” means an A Mortgage Supplement, substantially in the form of
Exhibit A to this A Mortgage, with appropriate modifications to reflect the purpose for which it is being used. 
 “Act” means part A of subtitle VII of title 49, United States Code. 
 “Additional
Insured” is defined in Section C(i) of Annex B. 
 “Aircraft” means any contrivance
invented, used, or designed to navigate or fly in, the air. 
 “Default” means any event, act or condition that is,
or after notice or the passage of time or both would be, an Event of Default. 
 “Debt Balance” is defined in
Section B of Annex B. 
 “Designated Locations” means any of the locations in the U.S. described in
the initial A Mortgage Supplement and any subsequent A Mortgage Supplement (meeting the requirements of Section 3.02(b)) at which Spare Parts are held by or on behalf of the Company. 
 “Eligible Account” means an account established by and with an Eligible Institution at the request of the Collateral Agent, which
institution agrees, for all purposes of the UCC including Article 8 thereof, that (a) such account shall be a “securities account” (as defined in Section 8-501 of the UCC), (b) such institution is a “securities
intermediary” (as defined in Section 8-102(a)(14) of the UCC), (c) all property (other than cash) credited to such account shall be treated as a “financial asset” (as defined in Section 8-102(9) of the UCC),
(d) the Collateral Agent shall be the “entitlement holder” (as defined in Section 8-102(7) of the UCC) in respect of such account, (e) it will comply with all entitlement orders issued by the Collateral Agent to the
exclusion of the Company, (f) it will waive or subordinate in favor of the Collateral Agent all claims (including, without limitation, claims by way of security interest, lien or right of set-off or right of recoupment) and (g) the
“securities intermediary jurisdiction” (under Section 8-110(e) of the UCC) shall be the State of New York. 
 “Eligible Institution” means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any
U.S. branch of a foreign bank), which has a long-term unsecured debt rating from Moody’s of at least A3 or its equivalent and from S&P of at least A- or its equivalent. 
 “Engine” means an engine used, or intended to be used, to propel an Aircraft. 
  

 ANNEX A 
 Page 1 

 [A Mortgage and Security Agreement] 
  

 “Event of Default” has the meaning set forth in Section 6.01 of the
Indenture. 
 “Event of Loss” means, with respect to any Pledged Spare Part, any of the following circumstances,
conditions or events with respect to such Pledged Spare Part, for any reason whatsoever: 
  

	 	(a)	the loss of such Pledged Spare Part or of the use thereof due to the destruction of such Pledged Spare Part, damage to such Pledged Spare Part beyond economic repair or rendition of
such Pledged Spare Part permanently unfit for normal use by Company; 

  

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

  

	 	(c)	any theft or disappearance of such Pledged Spare Part for a period of 180 consecutive days or more; and 

  

	 	(d)	any seizure, condemnation, confiscation, taking or requisition (including loss of title) of such Pledged Spare Part by any Government Entity or purported Government Entity (other
than a requisition of use by the U.S. Government) for a period exceeding 6 consecutive months. 

 “Expendables” means Pledged Spare Parts, other than Rotables and Repairables. 
 “FAA” means the Federal Aviation Administration of the United States or any Government Authority succeeding to the functions of such Federal Aviation Administration. 
 “FAA Filed Documents” means the A Mortgage and any A Mortgage Supplement thereto. 
 “FAA Regulations” means the Federal Aviation Regulations issued or promulgated pursuant to the Act from time to time. 

“Government Entity” means (a) any federal, state, provincial or similar government, and any body, board, department,
commission, court, tribunal, authority, agency or other instrumentality of any such government or otherwise exercising any executive, legislative, judicial, administrative or regulatory functions of such government or (b) any other government
entity having jurisdiction over any matter contemplated by the Transaction Documents or relating to the observance or performance of the obligations of any of the parties to the Transaction Documents. 
 “Investment Security” means (a) any bond, note or other obligation which is a direct obligation of or guaranteed by the U.S.
or any agency thereof; (b) any obligation which is a direct obligation of or guaranteed by any state of the U.S. or any subdivision thereof or any 

  

 ANNEX A 
 Page 2 

 [A Mortgage and Security Agreement] 
  

 
agency of any such state or subdivision, and which has the highest rating published by Moody’s or S&P; (c) any commercial paper issued by a
U.S. obligor and rated at least P-1 by Moody’s or A-1 by S&P; (d) any money market investment instrument relying upon the credit and backing of any bank or trust company which is a member of the Federal Reserve System and which has a
combined capital (including capital reserves to the extent not included in capital) and surplus and undivided profits of not less than $250,000,000 (including the Collateral Agent and its Affiliates if such requirements as to Federal Reserve System
membership and combined capital and surplus and undivided profits are satisfied), including, without limitation, certificates of deposit, time and other interest-bearing deposits, bankers’ acceptances, commercial paper, loan and mortgage
participation certificates and documented discount notes accompanied by irrevocable letters of credit and money market fund investing solely in securities backed by the full faith and credit of the United States; or (e) repurchase agreements
collateralized by any of the foregoing. 
 “Indenture” means the “Indenture” as described in the first
WHEREAS clause to this A Mortgage. 
 “Law” means (a) any constitution, treaty, statute, law, decree,
regulation, order, rule or directive of any Government Entity, and (b) any judicial or administrative interpretation or application of, or decision under, any of the foregoing. 
 “Lien” means any mortgage, lien, pledge, charge, claim, encumbrance, lease or other security interest or any preferential
arrangement that has the practical effect of creating a security interest. 
 “Paying Agent” has the meaning assigned
thereto in Section 2.03 of the Indenture. 
 “Permitted Lease” is a lease permitted under
Section 3.02(b)(iv) hereof. 
 “Permitted Lessee” has the meaning set forth in Section 3.02(b)(iv) hereof.

 “Permitted Liens” means, with respect to any Pledged Spare Part, (a) the rights of the Collateral Agent under
the Transaction Documents, or of any Permitted Lessee under any Permitted Lease; (b) Liens attributable to the Collateral Agent; (c) the rights of others under agreements or arrangements to the extent expressly permitted by the terms of
Section 3.02(b); (d) Liens of Taxes of the Company (and its U.S. federal tax law consolidated group) or which are assessed with respect to or against any Pledged Spare Part, either not yet delinquent or being contested in good faith by
appropriate proceedings so long as such Liens and such proceedings do not involve any material risk of the sale, forfeiture or loss of the Pledged Spare Parts or the interest of Collateral Agent therein or impair the Lien of the A Mortgage;
(e) materialmen’s, mechanics’, workers’, repairers’, employees’ or other like Liens arising in the ordinary course of business for amounts the payment of which is either not yet delinquent for more than 60 days or is
being contested in good faith by appropriate proceedings, so long as such Liens and such proceedings do not involve any material risk of the sale, forfeiture or loss of the Pledged Spare Parts or the interest of Collateral Agent therein or impair
the Lien of the A Mortgage; (f) Liens arising out of any judgment or award against the Company (or any Permitted Lessee), so long as such judgment shall, within 60 days after the entry thereof, have been discharged or vacated, or 

  

 ANNEX A 
 Page 3 

 [A Mortgage and Security Agreement] 
  

 
execution thereof stayed pending appeal or shall have been discharged, vacated or reversed within 60 days after the expiration of such stay, and so long as
during any such 60 day period there is not, or any such judgment or award does not involve, any material risk of the sale, forfeiture or loss of the Pledged Spare Parts or the interest of Collateral Agent therein or impair the Lien of the Mortgage;
(g) salvage or similar rights of insurers under policies required to be maintained by Company under Section 3.06 of the A Mortgage; and (h) any other Lien with respect to which the Company (or any Permitted Lessee) shall have
provided a bond, cash collateral or other security adequate in the reasonable opinion of Collateral Agent. 
 “Pledged
Agreement” means each contract, agreement or instrument included in the Collateral. 
 “Pledged Spare
Parts” has the meaning set forth in clause (1) of the Granting Clauses of this A Mortgage. 
 “Repairable” means a Pledged Spare Part that can be economically restored to a serviceable condition, but has a life that is materially shorter than the life of the flight equipment to which it relates (for the
avoidance of doubt, a Repairable cannot be a Rotable and vice versa). 
 “Rotable” means a Pledged Spare Part that
wears over time and can be repeatedly restored to a serviceable condition over a period approximating the life of the flight equipment to which it relates. 
 “Secured Obligations” means the “Obligations” as defined in the Indenture. 
 “Securities Account” is defined in Section 2.16 of the Indenture. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Securities Intermediary” is defined in
Section 2.16 of the Indenture. 
 “Spare Parts” means an accessory appurtenance or part of an Aircraft (except
an Engine) or Engine that is to be installed at a later time in an Aircraft or Engine. 
 “Spare Parts Documents” has
the meaning set forth in clause (6) of the Granting Clause of this A Mortgage. 
 “Special Default” means
the occurrence of any Default referred to in Section 6.01(i), (ii), (ix) and (x) of the Indenture. 
 “Threshold
Amount” means $2,000,000. 
 “United States” or “U.S.” means the United States
of America; provided that for geographic purposes, “United States” means, in aggregate, the 50 States and the District of Columbia of the United States of America. 
  

 ANNEX A 
 Page 4 

 [A Mortgage and Security Agreement] 
  

 “U.S. Certificated Air Carrier” means any United States air carrier that is a
Citizen of the United States holding an air carrier operating certificate issued pursuant to chapter 447 of title 49 of the United States Code for aircraft capable of carrying 10 or more individuals or 6000 pounds or more of cargo, and as to which
there is in force an air carrier operating certificate issued pursuant to Part 121 of the FAA Regulations, or which may operate as an air carrier by certification or otherwise under any successor or substitute provisions therefor or in the absence
thereof. 
 “U.S. Government” means the federal government of the United States, or any instrumentality or agency
thereof the obligations of which are guaranteed by the full faith and credit of the federal government of the United States. 
 RULES OF
CONSTRUCTION 
 Unless the context otherwise requires: (1) a term has the meaning assigned to it; (2) an accounting term not
otherwise defined has the meaning assigned to it in accordance with GAAP; (3) “or” is not exclusive; (4) words in the singular include the plural, and in the plural include the singular; (5) words implying any gender shall
apply to all genders and (6) “including” means including without limitation. 
  

 ANNEX A 
 Page 5 

 [A Mortgage and Security Agreement] 
  

 ANNEX B 
 INSURANCE 
 Capitalized terms used but not defined herein shall have the respective meanings set
forth or incorporated by reference in the A Mortgage. 
  

	A.	Liability Insurance 

 The Company will carry or
cause to be carried at all times, at no expense to any Additional Insured, third party liability insurance with respect to the Pledged Spare Parts, which is (i) of an amount and scope as may be customarily maintained by the Company for
equipment similar to the Pledged Spare Parts and (ii) maintained in effect with insurers of nationally or internationally recognized responsibility (such insurers being referred to herein as “Approved Insurers”). 
  

	B.	Property Insurance 

 The Company will carry or cause
to be carried at all times, at no expense to any Additional Insured, with Approved Insurers insurance covering physical damage to the Pledged Spare Parts providing for the reimbursement of the actual expenditure incurred in repairing or replacing
any damaged or destroyed Pledged Spare Part or, if not repaired or replaced, for the payment of the amount it would cost to repair or replace such Pledged Spare Part, on the date of loss, with proper deduction for obsolescence and physical
depreciation. The Collateral Agent shall be named as a loss payee as its interests may appear. 
 Any policies of insurance carried in
accordance with this Annex B covering the Pledged Spare Parts and any policies taken out in substitution or replacement for any such policies shall provide that (A) all insurance proceeds up to 110% of the outstanding Accreted Principal (the
“Debt Balance”) paid under such policies as a result of the occurrence of an Event of Loss with respect to any Pledged Spare Part involving proceeds in excess of the Threshold Amount will be paid to the Collateral Agent, it being
agreed that the Collateral Agent shall pay the amount of such proceeds to the Company or its order to the extent required under Section 3.06(d) and (B) the entire amount of any insurance proceeds not involving an Event of Loss with respect
to any Pledged Spare Parts or involving proceeds of the Threshold Amount or less and the amount of insurance proceeds in excess of the Debt Balance shall be paid to the Company or its order; provided that if a Special Default or an Event of Default
shall have occurred and be continuing and the insurers have been notified thereof by the Collateral Agent or the Trustee, the amount of any proceeds of any loss with respect to the Pledged Spare Parts shall be paid to the Collateral Agent.

  

	C.	General Provisions 

 Any policies of insurance
carried in accordance with Sections A and B, including any policies taken out in substitution or replacement for such policies: 
 (i) in the case of Section A, shall name the Collateral Agent and the Trustee as an additional insured (collectively, the “Additional Insureds”), as their respective interests may appear; 
  

 ANNEX B 
 Page 1 

 [A Mortgage and Security Agreement] 
  

 (ii) shall provide that, in respect of the respective interests of each Additional
Insured in such policies, the insurance shall not be invalidated or impaired by any action or inaction (including misrepresentation and non-disclosure) of the Company (or any Permitted Lessee) or any other Person and shall insure the respective
interests of the Additional Insureds, as they appear, regardless of any breach or violation of any representation, warranty, declaration, term or condition contained in such policies by the Company (or any Permitted Lessee) or by any other Person;

 (iii) shall provide that if the insurers cancel such insurance for any reason whatsoever, or if the same is allowed to
lapse for non-payment of premium, or if any material change is made in the insurance which adversely affects the interest of any Additional Insured, such lapse, cancellation or change shall not be effective as to any Additional Insured for thirty
days (10 days for nonpayment of premiums or cancellation by the Company) after receipt by such Additional Insured of written notice by such insurers of such lapse, cancellation or change, provided, however, that if any notice period specified above
is not reasonably obtainable, such policies shall provide for as long a period of prior notice as shall then be reasonably obtainable; 
 (iv) shall waive any right of the insurers to recourse, subrogation, recoupment, set-off or counterclaim or any other deduction, whether by attachment or otherwise, against any Additional Insured; 
 (v) shall be primary without right of contribution from any other insurance that may be available to any Additional Insured; 

(vi) shall provide that all of the liability insurance provisions thereof, except the limits of liability and agreed value, shall
operate in all respects as if a separate policy had been issued covering each party insured thereunder; 
 (vii) shall provide
that none of the Additional Insureds shall be liable for any insurance premium; and 
 (viii) may provide for self-insurance
to the extent permitted in Section F hereof. 
  

	D.	Reports and Certificates; Other Information 

 On or
prior to the Closing Date and on or prior to each renewal date of the insurance policies required hereunder, the Company will furnish or cause to be furnished to the Collateral Agent insurance certificates describing in reasonable detail the
insurance maintained by the Company hereunder and a report, signed by Aon Risk Services, Inc. of Illinois, or any other independent firm of insurance brokers which brokers may be in the regular employ of the Company or any Permitted Lessee (the
“Insurance Broker”), describing in reasonable detail the 

  

 ANNEX B 
 Page 2 

 [A Mortgage and Security Agreement] 
  

 
property and liability insurance then carried and maintained with respect to the Pledged Spare Parts and stating the opinion of such firm that such insurance
complies with the requirements of this Annex B; provided, however, that such opinion shall not be required if the then Insurance Broker generally does not provide such an opinion or will provide such an opinion only for material additional
cost. The Company will cause the Insurance Broker to agree to advise the Collateral Agent in writing of any act or omission on the part of the Company of which it has knowledge and which might invalidate or render unenforceable, in whole or in part,
any insurance on the Pledged Spare Parts or cause the cancellation, termination or interruption of such insurance and to advise such Persons in writing at least 30 days prior to the cancellation or material adverse change of any insurance
maintained pursuant to this Annex B, provided that if the notice period specified above is not reasonably obtainable, the Insurance Broker shall provide for as long a period of prior notice as shall then be reasonably obtainable. 
  

	E.	Right to Pay Premiums 

 The Additional Insureds
shall have the rights but not the obligations of an additional named insured. None of the Collateral Agent and the other Additional Insured shall have any obligation to pay any premium, commission, assessment or call due on any such insurance
(including reinsurance). Notwithstanding the foregoing, in the event of cancellation of any insurance due to the non-payment of premiums, the Collateral Agent shall have the option, in its sole discretion, to pay any such premium in respect of the
Pledged Spare Parts that is due in respect of the coverage pursuant to this A Mortgage and to maintain such coverage, as the Collateral Agent may require, until the scheduled expiry date of such insurance and, in such event, the Company shall,
upon demand, reimburse the Collateral Agent for amounts so paid by it. 
  

	F.	Deductibles; Self-insurance 

 The Company may
self-insure by way of deductible, premium adjustment or franchise provisions or otherwise in the insurance covering the risks required to be insured against pursuant to this Annex B in such amounts as shall be consistent with its normal practices.

  

 ANNEX B 
 Page 3 

 [A Mortgage and Security Agreement] 
  

 EXHIBIT A 
 FORM OF A MORTGAGE SUPPLEMENT 
 This A MORTGAGE SUPPLEMENT
NO.     , dated             , 20     (herein called this “A Mortgage Supplement”) of UNITED AIR LINES, INC., as
the borrower (the “Company”). 
 W I T N E S S E T H:

 WHEREAS, the A Mortgage and Security Agreement, dated as of June     , 2009 (the
“A Mortgage”), between the Company and Wells Fargo Bank Northwest, National Association, as the Collateral Agent (the “Collateral Agent”), provides for the execution and delivery of a supplement thereto
substantially in the form hereof, which shall particularly describe the Designated Locations and shall specifically mortgage the Pledged Spare Parts to the Collateral Agent; and 
 WHEREAS, the A Mortgage grants a Lien on, among other things, certain Spare Parts first placed in service after October 22, 1994, to secure
(subject to the provisions of the A Mortgage), among other things, the Secured Obligations; 
 [WHEREAS, the
A Mortgage relates to the Spare Parts at the Designated Locations described on the attached Schedule 1, and a counterpart of the A Mortgage is attached hereto and made a part hereof and this A Mortgage Supplement, together with such
counterpart of the A Mortgage, is being filed for recordation on the date hereof with the FAA as one document;]1 
 WHEREAS, the Company has previously designated the locations at which the
Pledged Spare Parts may be maintained by or on behalf of the Company in the A Mortgage [and in A Mortgage Supplement No.     ;]2 
 WHEREAS, the A
Mortgage and the A Mortgage Supplements have been duly recorded with the FAA at Oklahoma City, Oklahoma pursuant to the Act on the following date(s) as a document or conveyance bearing the following number(s): 
  

					
	 	  	 DATE OF RECORDING
	  	 DOCUMENT OR
 CONVEYANCE NO.

	 A Mortgage
	  	[-]	  	[-]3

  

	1
	 To be included for A Mortgage Supplement No. 1. 

	2
	 To be included for all A Mortgage Supplements after A Mortgage Supplement No. 1. 

	3
	 To be included for all A Mortgage Supplements after A Mortgage Supplement No. 1. 

  

 EXHIBIT A 
 Page 1 

 [A Mortgage and Security Agreement] 
  

 NOW, THEREFORE, the Company confirms that there is hereby granted and that the
A Mortgage grants, a Lien on, among other things, all Pledged Spare Parts first placed in service after October 22, 1994 (to secure (subject to the provisions of the A Mortgage), among other things, the Company’s obligations to
the Secured Parties) at the Designated Locations listed in Schedule 1 hereto. 
 TO HAVE AND TO HOLD all and singular the
aforesaid property unto the Collateral Agent, its successors and assigns, in trust for the equal and proportionate benefit and security of the Secured Parties without any preference, distinction or priority of any one Security over any other by
reason of priority of time of issue, sale, negotiation, date of maturity thereof or otherwise for any reason whatsoever, except as provided in the A Mortgage, and for the uses and purposes and subject to the terms and provisions set forth in
the A Mortgage. 
 This A Mortgage Supplement shall be construed as supplemental to the A Mortgage and shall form a part
thereof. The A Mortgage is hereby incorporated by reference herein and is hereby ratified, approved and confirmed. 
 THIS A MORTGAGE
SUPPLEMENT IS DELIVERED IN THE STATE OF NEW YORK. THIS A MORTGAGE SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Delivery of an executed counterpart of a signature page to this A Mortgage Supplement by telecopier shall be effective as delivery of an original executed counterpart of this A Mortgage Supplement. 
 *    *    * 
  

 EXHIBIT A 
 Page 2 

 [A Mortgage and Security Agreement] 
  

 IN WITNESS WHEREOF, the Company has caused this A Mortgage Supplement to be duly executed
by one of its officers, thereunto duly authorized, on the day and year first above written. 
  

			
	 UNITED AIR LINES, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 EXHIBIT A 
 Page 3 

 [A Mortgage and Security Agreement] 
  

 SCHEDULE 1 
 to Exhibit A 
 DESIGNATED LOCATIONS: 
  

			
	 No.
	  	Name and Address

  

 EXHIBIT A 
 Page 4

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