Document:

FIRST AMENDMENT

Exhibit 4.7

WAIVER AND FIFTH AMENDMENT

TO REVOLVING CREDIT, TERM LOAN AND

GUARANTY AGREEMENT

               
WAIVER AND FIFTH AMENDMENT, dated as of May 15, 2003 (the "Amendment"),
to the REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT, dated as of
December 24, 2002, among UNITED AIR LINES, INC., a Delaware corporation
(the "Borrower"), a debtor and a debtor-in-possession in a case
pending under Chapter 11 of the Bankruptcy Code, UAL CORPORATION, a Delaware
corporation and the parent company of the Borrower (the "Parent")
and all of the direct and indirect subsidiaries of the Borrower and the
Parent signatory thereto (the "Subsidiaries" and together with the
Parent, each a "Guarantor" and collectively the "Guarantors"),
each of which Guarantors referred to in this paragraph is a debtor and
a debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy
Code, JPMORGAN CHASE BANK, a New York banking corporation ("JPMorgan
Chase"), CITICORP USA, INC., a Delaware corporation ("CUSA"),
BANK ONE, NA, a national banking corporation ("Bank One"), THE CIT
GROUP/BUSINESS CREDIT, INC., a New York corporation ("CIT Group"),
each of the other financial institutions from time to time party hereto
(together with JPMorgan Chase, CUSA, Bank One and CIT Group, the "Lenders"),
JPMORGAN CHASE BANK and CUSA, as co-administrative agents (together, the
"Agents") for the Lenders and JPMORGAN CHASE BANK, as paying agent
(in such capacity, the "Paying Agent") for the Lenders.

W I T N E S S E T H:

        WHEREAS, the Borrower,
the Guarantors, the Lenders, the Paying Agent and the Agents are parties
to that certain Revolving Credit, Term Loan and Guaranty Agreement, dated
as of  December 24, 2002 (as heretofore amended and as the same may
be further amended, modified or supplemented from time to time, the "Credit
Agreement");

        WHEREAS, the Borrower
and the Guarantors have requested that from and after the Effective Date
(as hereinafter defined) of this Amendment, the Credit Agreement shall
be amended as set forth herein subject to and upon the terms and conditions
set forth herein;

        NOW, THEREFORE, the
parties hereto hereby agree as follows:

        1.     
As used herein, all terms that are defined in the Credit Agreement shall
have the same meanings herein.

        2.    
Waivers.  The Lenders hereby waive any Event of Default under
Section 7.01(d) of the Credit Agreement or the occurrence of any event
which with the passage of time or giving of notice or both would constitute
an Event of Default under Section 7.01(d) of the Credit Agreement as a
result of each of the following:  (i) the Borrower's failure to make
certain principal and interest payments in connection with certain Section
1110 Assets; and (ii) the Borrower's and the Guarantors' failure to (x)
provide the 45-day notice required by Section 6(c)(iii) of the SGR Agreement
for the discontinuation or material modification of service on any Route
and the 60-day notice required by Section 6(c)(iii) of the SGR Agreement
for the suspension of service on Primary Routes in connection with the
temporary suspension of service on the Routes reflected on Schedule 2 attached
hereto for the periods set forth on such Schedule and (y) to the
extent such provisions are applicable, comply, as a result of such temporary
suspension, with any provisions of the Credit Agreement, including, but
not limited to, the affirmative covenants set forth in Sections 5.14 and
5.15 of the Credit Agreement with respect to Primary Foreign Slot utilization
and Primary Route and Supporting Route Facilities utilization, respectively. 
The Lenders also hereby waive the Event of Default under Section 7.01(f)
of the Credit Agreement as a result of the occurrence of corresponding
defaults under the Bank One DIP, provided that the waiver set forth
in this sentence shall not become effective until such similar defaults
under the Bank One DIP have been waived and each Agent has received evidence
satisfactory to it of such waiver.

        3.    
Consent to Suspension of Routes.  (a) Notwithstanding anything
to the contrary in the Credit Agreement and the SGR Agreement, the Lenders
hereby consent to the temporary suspension of service on the Primary Routes
reflected on Schedule 2, including the corresponding non-use of the Supporting
Route Facilities relating to such Primary Routes, for the periods set forth
on such Schedule.

               
(b)       Notwithstanding anything to the
contrary in the Credit Agreement and the SGR Agreement, the Lenders hereby
consent to the reduced utilization of the Primary Foreign Slots reflected
on Schedule 3(b) attached hereto for the period set forth on such Schedule
as a result of the temporary suspension of service on the Primary Routes
consented to in paragraph 3(a) of this Amendment.

               
(c)       The Lenders hereby authorize the
Collateral Agent to execute an amendment to the SGR Agreement (the "SGR
Agreement Amendment"), substantially in the form of Exhibit A attached
hereto.

        4.    
Amendment to Section 5.04.  Section 5.04 of the Credit Agreement
is hereby amended by inserting the following proviso at the end thereof:

"; and provided, further, however, that this
Section shall not be construed to require the Borrower to pay any obligation
arising under any agreement with respect to Section 1110 Assets unless
the Borrower is compelled by the Bankruptcy Court to make such payment
(it being understood that the Borrower shall deliver to the Agents, as
soon as available, but no later than 15 days after the end of each fiscal
month, a report setting forth, for the immediately preceding month, all
payments not made under any Section 1110 Asset agreements that have not
yet been rejected)."

        5.     Amendment
to Section 6.01.  Section 6.01 of the Credit Agreement is hereby
amended by (A) amending clause (xv) thereof in its entirety as follows:
"(xv) Liens on cash collateral and fuel inventory (and the proceeds
thereof) or Letters of Credit in an aggregate amount not in excess of $50,000,000
for all of such cash, fuel and Letters of Credit securing Indebtedness
permitted pursuant to Section 6.03(vi) and (vii);";

(B) deleting the word "and" appearing at the end of clause (xvi); and (C)
inserting the following new clause at the end thereof:
"; and (xviii) Liens on the Borrower's right to receive a refund of
unearned insurance premiums the payment of which is financed by Indebtedness
permitted pursuant to Section 6.03(xv) granted in order to secure the Borrower's
obligation in respect of such Indebtedness.".

        6.     Amendment
to Section 6.03. Section 6.03 of the Credit Agreement is hereby amended
by (A) amending clause (ix) thereof by inserting the following text at
the end of sub-clause (A) appearing therein:
"unless (1) the interest expense, if any, on any scheduled payments
deferred as a result of such refinancing is not paid currently but is recapitalized
as principal or (2) such refinancing increases the principal amount of
such refinanced Indebtedness but the overall effect on the aggregate amount
of existing Indebtedness secured directly or indirectly by "equipment"
described in Section 1110(a)(3) of the Bankruptcy Code is reduced, or the
financing expenses in connection with all such Indebtedness is reduced
(it being understood that any such increase in Indebtedness may not be
granted Superpriority Claim status pursuant to Section 364(c)(1) of the
Bankruptcy Code),";

(B) deleting the word "and" appearing at the end of clause (xiii); and
(C) inserting the following new clause at the end thereof:
"; and (xv) Indebtedness of the Borrower owed to one or more Persons
in connection with the financing of certain insurance premiums in an aggregate
amount not to exceed $20,000,000.".

        7.     Conditions
to Effectiveness.  This Amendment shall not become effective until
the date (the "Effective Date") on which this Amendment shall have
been executed by the Borrower, the Guarantors and the Required Lenders,
and each Agent shall have received evidence satisfactory to it of such
execution; provided that notwithstanding the occurrence of the Effective
Date, the effect of this Amendment shall terminate and be of no further
force or effect if (x) on or before June 20, 2003, the Bankruptcy Court
shall not have entered an order satisfactory in form and substance to the
Agents authorizing the payment by no later than June 20, 2003 by the Borrower
(i) to the Paying Agent for the respective account of each Lender that
has executed and delivered to each Agent a counterpart of this Amendment
by not later than 5:00 p.m. (New York City time) on May 30, 2003, an amendment
fee in an amount equal to 1/10 of 1% of such Lender's Tranche A Commitment
and Tranche B Commitment on May 30, 2003 and (ii) of other fees referred
to in that certain Fifth Amendment Fee Letter dated the date hereof, and
(y) such amendment and other fees shall not have been paid in cash to the
Paying Agent within one Business Day after entry of the order referred
to above.
        8.    
Ratification.  Except to the extent hereby amended, the Credit
Agreement and each of the Loan Documents remain in full force and effect
and are hereby ratified and affirmed.

        9.    
Costs and Expenses.  The Borrower agrees that its obligations
set forth in Section 10.05 of the Credit Agreement shall extend to the
preparation, execution and delivery of this Amendment, including the reasonable
fees and disbursements of special counsel to the Agents.

        10.    References. 
This Amendment shall be limited precisely as written and shall not be deemed
(a) to be a consent granted pursuant to, or a waiver or modification of,
any other term or condition of the Credit Agreement or any of the instruments
or agreements referred to therein or (b) to prejudice any right or rights
which the Agents or the Lenders may now have or have in the future under
or in connection with the Credit Agreement or any of the instruments or
agreements referred to therein.  Whenever the Credit Agreement is
referred to in the Credit Agreement or any of the instruments, agreements
or other documents or papers executed or delivered in connection therewith,
such reference shall be deemed to mean the Credit Agreement as modified
by this Amendment.

        11.    Counterparts. 
This Amendment may be executed in any number of counterparts and by the
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which
taken together shall constitute but one and the same instrument. 
A fax copy of a counterpart signature page shall serve as the functional
equivalent of a manually executed copy for all purposes.

        12.    Applicable
Law.  This Amendment shall be governed by, and construed in accordance
with, the laws of the State of New York.

 

 

[SIGNATURE PAGES TO FOLLOW]

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

BORROWER:
UNITED AIR LINES, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Executive Vice President and

Chief Financial Officer

 

GUARANTOR:

UAL CORPORATION

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Executive Vice President and

Chief Financial Officer

 

GUARANTOR:

UAL LOYALTY SERVICES, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

UAL COMPANY SERVICES, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President and Treasurer

 

GUARANTOR:

CONFETTI, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

MILEAGE PLUS HOLDINGS, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

MILEAGE PLUS MARKETING, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

MYPOINTS.COM, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

CYBERGOLD, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

ITARGET.COM, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

MYPOINTS OFFLINE SERVICES, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

UAL BENEFITS MANAGEMENT, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

 

GUARANTOR:

UNITED BIZ JET HOLDINGS, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

BIZJET CHARTER, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

BIZJET FRACTIONAL, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

BIZJET SERVICES, INC.

By: /s/  Steven M. Rasher

Name:

Title:

 

GUARANTOR:

KION LEASING, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

 

GUARANTOR:

PREMIER MEETING AND TRAVEL SERVICES, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President and Treasurer

 

GUARANTOR:

UNITED AVIATION FUELS CORPORATION

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President

 

GUARANTOR:

UNITED COGEN, INC.

By: /s/  Francesca M. Maher

Name: Francesca M. Maher

Title: Senior Vice President

        General Counsel and
Secretary

GUARANTOR:

MILEAGE PLUS, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President

 

GUARANTOR:

UNITED GHS, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

 

GUARANTOR:

UNITED WORLDWIDE CORPORATION

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

 

GUARANTOR:

UNITED VACATIONS, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President

 

GUARANTOR:

FOUR STAR LEASING, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

 

GUARANTOR:

AIR WIS SERVICES, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

 

GUARANTOR:

AIR WISCONSIN, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

 

GUARANTOR:

DOMICILE MANAGEMENT SERVICES, INC.

By: /s/  Francesca M. Maher

Name: Francesca M. Maher

Title: Senior Vice President

        General Counsel and Secretary

 

LENDERS:

JPMORGAN CHASE BANK,

By: /s/  Matthew H. Massie

Name: Matthew H. Massie

Title: Managing Director

 

CITICORP USA, INC.

By: /s/  James J. McCarthy

Name: James J. McCarthy

Title: Director and Vice President

 

BANK ONE, NA,

By: /s/  Patrick Fravel

Name: /s/  Patrick Fravel

Title: Vice President

 

THE CIT GROUP/BUSINESS CREDIT, INC.,

By: /s/  Vincent Belcastro

Name: Vincent Belcastro

Title: Vice President

 

ARES LEVERAGED INVESTMENT FUND II, L.P.

By: ARES Management II, L.P.

Its: General Partner

By: /s/  Seth J. Brufsky

Name: Seth J. Brufsky

Title: Vice President

ARE VI CLO LTD.

By: ARES CLO GP VI, LLC

Its Management Member

By: /s/  Seth J. Brufsky

Name: Seth J. Brufsky

Title: Vice President

ARES VII CLO LTD.

By: ARES CLO Management VII, L.P.,

Investment Manager

By: Ares CLO GP VII, LLC,

Its General Partner

By: /s/  Seth J. Brufsky

Name: Seth J. Brufsky

Title: Vice President

 

AURUM CLO 2002-1 LTD.
By: Columbia Management Advisors, Inc.(f/k/a Stein Roe & Farnham
Incorporated), As Investment Manager

By: /s/  Kathleen A Zarn

Name: Kathleen A Zarn

Title: Senior Vice President

 

BANK OF LINCOLNWOOD
By: /s/  Richard R. Robbins

Name: Richard R. Robbins

Title: President/COO

 

CASPIAN CAPITAL PARTNERS, LP
By: /s/  Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

 

CONNECTICUT GENERAL LIFE

INSURANCE COMPANY
By: /s/  Michael Ashton

Name: Michael Ashton

Title: Vice President

 

CREDIT AGRICOLE INDOSUEZ
By: /s/ Joseph D. Catarina

Name: Joseph D. Catarina

Title: Vice President

 

CREDIT AGRICOLE INDOSUEZ

By: /s/  Jean Flecheux

Name: Jean Flecheux

Title: First Vice President

 

DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP
By: /s/  Marc K. Furstein

Name: Marc K. Furstein

Title: Chief Operating Officer

 

GOLDMAN SACHS CREDIT PARTNERS L.P.
By: /s/  Sandra Stulberger

Name: Sandra Stulberger

Title: Authorized Signatory

 

GULF STREAM - COMPASS CLO 2002-I, Ltd.
By: Gulf Stream Asset Management, LLC

By: /s/  Barry K. Love

Name: Barry K. Love

Title: Chief Credit Officer

 

HBK MASTER FUND, L.P.
By: /s/  David C. Daley

Name: David C. Daley

Title: Authorized Signatory

 

HEWETT'S ISLAND CDO, LTD.
By: CypressTree Investment Management Company, Inc., as Portfolio Manager

By: /s/  Preston I. Carnes, Jr.

Name: Preston I. Carnes, Jr.

Title: Managing Director

 

INDOSUEZ CAPITAL FUNDING IIA, LIMITED
By: Indosuez Capital as Portfolio Advisor

By: /s/  Andrew Brady

Name: Andrew Brady

Title: Vice President

 

INDOSUEZ CAPITAL FUNDING III, LIMITED

By: Indosuez Capital as Portfolio Advisor

By: /s/  Andrew Brady

Name: Andrew Brady

Title: Vice President

 

INDOSUEZ CAPITAL FUNDING VI, LIMITED

By: Indosuez Capital as Collateral Manager

By: /s/  Andrew Brady

Name: Andrew Brady

Title: Vice President

 

LIBERTY FLOATING RATE ADVANTAGE FUND
By: Columbia Management Advisors, Inc.(f/k/a Stein Roe & Farnham
Incorporated), As Advisor

By: /s/  Kathleen A. Zarn

Name: Kathleen A. Zarn

Title: Senior Vice President

 

MARINER LDC
By: /s/  Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

 

MARINER OPPORTUNITIES FUND, LP
By: /s/  Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

 

MARINER OPPORTUNITIES II, LP
By: /s/  Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

 

PERRY PRINCIPALS, L.L.C.
By: /s/  N. Klipper

Name: N. Klipper

Title: Managing Director

 

REGIMENT CAPITAL, LTD.
By: /s/  Chris Kaster

Name: Chris Kaster

Title: Chief Operating Officer

 

RIVIERA FUNDING LLC
By: /s/  Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

 

SOF INVESTMENTS, L.P.
By: /s/  Marc R. Lisker

Name: Marc R. Lisker

Title: General Counsel

 

SPECIAL SITUATIONS INVESTING GROUP, INC.
By: /s/  Michael Mansour

Name: Michael Mansour

Title: Authorized Signatory

 

STANWICH LOAN FUNDING LLC
By: /s/  Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

 

SRF 2003, INC.
By: /s/  Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

 

SRF TRADING, INC.
By: /s/  Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

 

STARK EVENT TRADING LTD.
By: /s/  Michael A. Roth

Name: Michael A. Roth

Title: Managing Member of the

        Investment Manager of Stark

        Event Trading Ltd.

With immediate effect from February 18, 2003, Start Event Trading, Ltd.
Expressly requests that it not be provided with any non-public information
(including any non-public portions of the materials described in Section
5.01 of the Revolving Credit, Term Loan and Guarantee Agreement) relating
to Borrower or any Guarantor.  Stark Event Trading Ltd. Reserves the
right to revoke this election by providing the Borrower with express written
notice of such revocation.

 

STEIN ROE FLOATING RATE

LIMITED LIABILITY COMPANY
By: Columbia Management Advisors, Inc. (f/k/a Stein Roe & Farnham
Incorporated), As Advisor

By: /s/  Kathleen A. Zarn

Name: Kathleen A. Zarn

Title: Senior Vice President

 

STONEHILL INSTITUTIONAL PARTNERS, L.P.
By: /s/  Christopher Wilson

Name: Christopher Wilson

Title: General Partner

 

SUN TRUST BANK
By: /s/  Kenneth M. Uchiyama

Name: Kenneth M. Uchiyama

Title: Managing Director

 

TORONTO DOMINION (NEW YORK), INC.
By: /s/  Stacey Malek

Name: Stacey Malek

Title: Vice President

 

TRILOGY PORTFOLIO COMPANY, LLC
By: /s/  Charles R. Howe II

Name: Charles R Howe II

Title: Treasurer

 

UAL INVESTORS, L.L.C.
By: /s/  William F. Mellin

Name: William F. Mellin

Title: Managing Member

 

WATERSHED CAPITAL PARTNERS, L.P.
By: WS Partners, L.L.C.

By: /s/  Meridee Moore

Name: Meridee Moore

Title: Senior Managing Member

 

WATERSHED CAPITAL INSTITUTIONAL PARTNERS, L.P.
By: WS PARTNERS, L.L.C.

By: /s/  Meridee Moore

Name: Meridee Moore

Title: Senior Managing Member

 

WATERSHED CAPITAL PARTNERS (OFFSHORE) LTD.
By: Watershed Asset Management, L.L.C.

By: /s/  Meridee Moore

Name: Meridee Moore

Title: Senior Managing MemberFIRST AMENDMENT

Exhibit 4.8

WAIVER AND SIXTH AMENDMENT

TO REVOLVING CREDIT, TERM LOAN AND

GUARANTY AGREEMENT

               
WAIVER AND SIXTH AMENDMENT, dated as of October 10, 2003 (the "Amendment"),
to the REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT, dated as of
December 24, 2002, among UNITED AIR LINES, INC., a Delaware corporation
(the "Borrower"), a debtor and a debtor-in-possession in a case
pending under Chapter 11 of the Bankruptcy Code, UAL CORPORATION, a Delaware
corporation and the parent company of the Borrower (the "Parent")
and all of the direct and indirect subsidiaries of the Borrower and the
Parent signatory thereto (the "Subsidiaries" and together with the
Parent, each a "Guarantor" and collectively the "Guarantors"),
each of which Guarantors referred to in this paragraph is a debtor and
a debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy
Code, JPMORGAN CHASE BANK, a New York banking corporation ("JPMorgan
Chase"), CITICORP USA, INC., a Delaware corporation ("CUSA"),
BANK ONE, NA, a national banking corporation ("Bank One"), THE CIT
GROUP/BUSINESS CREDIT, INC., a New York corporation ("CIT Group"),
each of the other financial institutions from time to time party hereto
(together with JPMorgan Chase, CUSA, Bank One and CIT Group, the "Lenders"),
JPMORGAN CHASE BANK and CUSA, as co-administrative agents (together, the
"Agents") for the Lenders and JPMORGAN CHASE BANK, as paying agent
(in such capacity, the "Paying Agent") for the Lenders.

W I T N E S S E T H:

        WHEREAS, the Borrower,
the Guarantors, the Lenders, the Paying Agent and the Agents are parties
to that certain Revolving Credit, Term Loan and Guaranty Agreement, dated
as of December 24, 2002 (as heretofore amended and as the same may be further
amended, modified or supplemented from time to time, the "Credit Agreement");

        WHEREAS, the Borrower
and the Guarantors have requested that from and after the (i) Waiver and
Fuel Agreement Effective Date (as hereinafter defined), the Lenders agree
to waive the Events of Default described in paragraph 2 hereof and consent
to the amendments set forth in paragraphs 3, 4, 7(C) and 8 hereof and (ii)
Amendment Effective Date (as hereinafter defined), the Credit Agreement
be amended as set forth in paragraphs 5, 6, 7(A) and 7(B) hereof, subject
to and upon the terms and conditions set forth herein;

        NOW, THEREFORE, the
parties hereto hereby agree as follows:

        1.     
As used herein, all terms that are defined in the Credit Agreement shall
have the same meanings herein.

        2.   
Waivers.
The Lenders hereby waive any Event of Default under (i) Section 7.01(d)
of the Credit Agreement or the occurrence of any event which with the passage
of time or giving of notice or both would constitute an Event of Default
under Section 7.01(d) of the Credit Agreement as a result of the Borrower's
and the Guarantors' failure to provide the 14-day notice required by Section
6(c)(iii) of the SGR Agreement for the discontinuation or material modification
of service on any Route in connection with discontinuation of service on
the San Francisco/Taipei Route as set forth on Schedule 1 attached hereto
and (ii) under Section 7.01(f) of the Credit Agreement as a result of the
occurrence of any corresponding default under the Bank One DIP, provided
that the waiver set forth in this sentence shall not become effective until
any such similar default under the Bank One DIP has been waived and each
Agent has received evidence satisfactory to it of such waiver. The Lenders
hereby further waive any Event of Default under Section 7.01(c) of the
Credit Agreement as a result of the Borrower's having heretofore filed
a motion with the Bankruptcy Court seeking approval of the restructuring
that is referred to in paragraph 5 hereof, provided that the Borrower
may not enter into such restructuring until the Amendment Effective Date
has occurred.

        3.    

Amendment to Section 1.01. Section 1.01 of the Credit Agreement
is hereby amended by inserting the following new definitions in the appropriate
alphabetical order:

"Jet Fuel Supply Agreement" shall mean that certain Jet Fuel
Supply Agreement, dated as of October __, 2003, as it may be amended from
time to time, among the Borrower, UAFC and MSCG, pursuant to which MSCG
will supply jet fuel for the Borrower's domestic operations, will assume
certain of the Borrower's and UAFC's existing supply and third-party sale
agreements and will sublease certain of the Borrower's and UAFC's existing
infrastructure agreements.
"MSCG" shall mean Morgan Stanley Capital Group Inc.

"UAFC" shall mean United Aviation Fuels Corporation."

        4.    
Amendment
to Section 6.01. Section 6.01 of the Credit Agreement is hereby
amended by (A) deleting the word "and" appearing at the end of clause (xvii)
and (B) inserting the following new clause at the end thereof:

"; and (xix) Liens on cash in an aggregate amount not in excess of
$18,000,000 representing a deposit securing the obligations of the Borrower
and UAFC under the Jet Fuel Supply Agreement.".

        5.    
Amendment
to Section 6.03. Section 6.03 of the Credit Agreement is hereby amended
by (A) deleting the word "and" appearing at the end of clause (xiv) and
(B) inserting the following new clause at the end thereof:
"; and (xvi) the restructuring of certain Indebtedness owed to Export
Development Canada secured by Liens on five (5) flight simulators (in connection
and concurrently with the refinancing of certain Indebtedness that is secured
by two 757 aircraft, which refinancing is permitted by clause (ix) of this
Section) pursuant to which principal payments will be deferred until August
1, 2004 (with principal payments to be made every February and August thereafter
according to an agreed upon amortization) and accrued and unpaid interest
will be paid upon the closing of such restructuring and in February 2004
and thereafter on any dates on which a principal payment is made (it being
understood that any such restructured Indebtedness may not be granted Superpriority
Claim status pursuant to Section 364(c)(1) of the Bankruptcy Code)."

        6.    
Amendment
to Section 6.10.  Section 6.10 of the Credit Agreement is hereby
amended by (A) deleting the word "and" appearing at the end of clause (xiii)
and (B) inserting the following new clauses at the end thereof:
"; (xv) following the distribution of UAL Loyalty Services, Inc.'s
ownership interests in Orbitz, Inc. and Orbitz, LLC (together, "Orbitz")
to the Parent, the Parent may transfer such ownership interests in Orbitz
to the Borrower through a capital contribution in connection with the sale
of such ownership interests permitted by Section 6.11(xiv); and (xvi) additional
capital contributions by the Parent to the Borrower."

        7.    
Amendment
to Section 6.11. Section 6.11 of the Credit Agreement is hereby amended
by (A) deleting the word "and" appearing at the end of clause (xii), (B)
inserting the following new clause (xiv) at the end thereof:
"; (xiv) the sale or other disposition by the Borrower of (A) 100%
of the ownership interests which it holds in Hotwire, Inc. for net cash
proceeds of no less than $80,000,000 and (B) the sale or other disposition
by the Borrower of a portion of the ownership interests which it holds
in Orbitz in a public offering of the common stock of Orbitz for cash proceeds
of no less than $26,000,000, provided, that 100% of the Net Proceeds
of each disposition permitted by this clause 6.11(xiv) shall be applied
as a prepayment of the Loans in accordance with Section 2.13(e);"

and (C) inserting the following new clause (xv) immediately thereafter:
"and (xv) the assignment of local supply agreements, bulk supply agreements
and third-party sale agreements, the sublease of infrastructure agreements
and the transfer of historical pipeline capacity contemplated under the
Jet Fuel Supply Agreement.".

        8.    
Amendment
to Section 6. Section 6 of the Credit Agreement is hereby amended by
adding the following new Section 6.15:
"SECTION 6.15. Modification of Jet Fuel Supply Agreement.
Enter into or permit any material amendment or modification to the Jet
Fuel Supply Agreement that would materially and adversely affect the interests
of the Lenders."

        9.    
Condition
to Waiver and Fuel Agreement Effective Date.  The waivers set
forth in paragraph 2 hereof and the consents to the amendments set forth
in paragraphs 3, 4, 7(C) and 8 hereof shall not become effective until
the date (the "Waiver and Fuel Agreement Effective Date") on which
this Amendment shall have been executed by the Borrower, the Guarantors
and the Required Lenders, and each Agent shall have received evidence satisfactory
to it of such execution.
        10.    

Conditions to Amendment Effective Date.  The amendments set
forth in paragraphs 5, 6, 7(A) and 7(B) of this Amendment shall not become
effective until the date (the "Amendment Effective Date") on which
(i) this Amendment shall have been executed by the Borrower, the Guarantors
and the Required Lenders, and each Agent shall have received evidence satisfactory
to it of such execution, (ii) the Bankruptcy Court shall have entered an
order satisfactory in form and substance to the Agents authorizing the
payment by no later than October 27, 2003 by the Borrower (x) to the Paying
Agent for the respective account of each Lender that has executed and delivered
to each Agent a counterpart of this Amendment by not later than 5:00 p.m.
(New York City time) on October 10, 2003, an amendment fee in an amount
equal to 1/10 of 1% of such Lender's Tranche A Commitment and Tranche B
Commitment on October 10, 2003 and (y) of other fees referred to in that
certain Sixth Amendment Fee Letter dated the date hereof, and (iii) such
amendment and other fees referred to above shall have been paid in cash
to the Paying Agent within one Business Day after entry of the order referred
to above (it being understood and agreed that the fees referred to in clause
(ii) are being paid in consideration of all of the waivers and amendments
set forth herein).

        11.    

Ratification.  Except to the extent hereby amended, the Credit
Agreement and each of the Loan Documents remain in full force and effect
and are hereby ratified and affirmed.

        12.    

Costs and Expenses.  The Borrower agrees that its obligations
set forth in Section 10.05 of the Credit Agreement shall extend to the
preparation, execution and delivery of this Amendment, including the reasonable
fees and disbursements of special counsel to the Agents.

        13.    

References.  This Amendment shall be limited precisely as
written and shall not be deemed (a) to be a consent granted pursuant to,
or a waiver or modification of, any other term or condition of the Credit
Agreement or any of the instruments or agreements referred to therein or
(b) to prejudice any right or rights which the Agents or the Lenders may
now have or have in the future under or in connection with the Credit Agreement
or any of the instruments or agreements referred to therein.  Whenever
the Credit Agreement is referred to in the Credit Agreement or any of the
instruments, agreements or other documents or papers executed or delivered
in connection therewith, such reference shall be deemed to mean the Credit
Agreement as modified by this Amendment.

        14.    

Counterparts.  This Amendment may be executed in any number
of counterparts and by the different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original
and all of which taken together shall constitute but one and the same instrument. 
A fax copy of a counterpart signature page shall serve as the functional
equivalent of a manually executed copy for all purposes.

        15.    

Applicable Law.  This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York.

 

 

[SIGNATURE PAGES TO FOLLOW]

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

BORROWER:
UNITED AIR LINES, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Executive Vice President and

         Chief Financial Officer

GUARANTOR:
UAL CORPORATION

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Executive Vice President and

        Chief Financial Officer

GUARANTOR:
UAL COMPANY SERVICES, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President and Treasurer

GUARANTOR:
UAL BENEFITS MANAGEMENT, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

GUARANTOR:
KION LEASING, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

GUARANTOR:
PREMIER MEETING AND TRAVEL SERVICES, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President and Treasurer

GUARANTOR:
UNITED AVIATION FUELS CORPORATION

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President

GUARANTOR:
MILEAGE PLUS, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President

GUARANTOR:
UNITED GHS, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

GUARANTOR:
UNITED WORLDWIDE CORPORATION

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

GUARANTOR:
UNITED VACATIONS, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: Vice President

GUARANTOR:
FOUR STAR LEASING, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

GUARANTOR:
AIR WIS SERVICES, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

GUARANTOR:
AIR WISCONSIN, INC.

By: /s/  Frederic F. Brace

Name: Frederic F. Brace

Title: President

GUARANTOR:
UNITED COGEN, INC.

By: /s/  Paul R. Lovejoy

Name: Paul R. Lovejoy

Title: Vice President and Secretary

GUARANTOR:
DOMICILE MANAGEMENT SERVICES, INC.

By: /s/  Paul R. Lovejoy

Name: Paul R. Lovejoy

Title: Vice President and Secretary

GUARANTOR:
UAL LOYALTY SERVICES, INC.

By: /s/  Steven M. Rasher

Name:

Title:

GUARANTOR:
UNITED BIZ JET HOLDINGS, INC.

By: /s/  Steven M. Rasher

Name:

Title:

GUARANTOR:
CONFETTI, INC.

By: /s/  Steven M. Rasher

Name:

Tiyle:

GUARANTOR:
MILEAGE PLUS HOLDINGS, INC.

By: /s/  Steven M. Rasher

Name:

Title:

GUARANTOR:
MYPOINTS.COM, INC.

By: /s/  Steven M. Rasher

Name:

Title:

GUARANTOR:
BIZJET CHARTER, INC.

By: /s/  Steven M. Rasher

Name:

Title:

GUARANTOR:
BIZJET FRACTIONAL, INC.

By: /s/  Steven M. Rasher

Name:

Title:

GUARANTOR:
BIZJET SERVICES, INC.

By: /s/  Steven M. Rasher

Name:

Title:

GUARANTOR:
MILEAGE PLUS MARKETING, INC.

By: /s/  Steven M. Rasher

Name:

Title:

GUARANTOR:
CYBERGOLD, INC.

By: /s/  Steven M. Rasher

Name:

Title:

GUARANTOR:
ITARGET.COM, INC.

By: /s/  Steven M. Rasher

Name:

Title:

GUARANTOR:
MYPOINTS OFFLINE SERVICES, INC.

By: /s/  Steven M. Rasher

Name:

Title:

LENDERS:
JPMORGAN CHASE BANK

By: /s/  Matthew H. Massie

Name: Matthew H. Massie

Title: Managing Director

CITICORP USA, INC.
By: /s/  James J. McCarthy

Name: James J. McCarthy

Title: Director/Vice President

BANK ONE, NA
By: /s/  Patrick J. Fravel

Name: Patrick J. Fravel

Title: Associate Director

THE CIT GROUP/BUSINESS CREDIT, INC.
By: /s/  Vincent Belcastro

Name: Vincent Belcastro

Title: Vice President

ABLECO FINANCE LLC
By: /s/  Kevin Genda

Name: Kevin Genda

Title: Senior Vice President

ARES LEVERAGED INVESTMENT FUND II, L.P.
By: ARES Management II, L.P.

Its General Partner

By: /s/  Seth J. Brufsky

Name: Seth J. Brufsky

Title:  Vice President

ARES VI CLO LTD.

By: ARES CLO Management VI, L.P.

Investment Manager

By: ARES CLO GP VI, LLC

Its Managing Member

By: /s/  Seth J. Brufsky

Name: Seth J. Brufsky

Title:  Vice President

ARES VII CLO LTD.

By: ARES CLO Management VII, L.P.,

Investment Manager

By: Ares CLO GP VII, LLC,

Its General Partner

By: /s/  Seth J. Brufsky

Name: Seth J. Brufsky

Title: Vice President

AURUM CLO 2002-1 LTD.
By: Columbia Management Advisors, Inc. (f/k/a Stein Roe & Farnham
Incorporated), As Investment Manager

By: /s/  James R. Fellows

Name: James R. Fellows

Title: Sr. Vice President & Portfolio         
Manager

BANK OF LINCOLNWOOD
By: /s/  Richard R. Robbins

Name: Richard R. Robbins

Title: President/COO

Canyon Capital Advisors

9665 Wilshire Blvd., #200

Beverly Hills, CA 90212
PROPORTIONATE VOTING PROVISION

The undersigned, Canyon Capital CDO 2001-1 LTD. ("Canyon"), is
a Lender to UNITED AIRLINES, INC., REVOLVING CREDIT, TERM LOAN AND GUARANTY
AGREEMENT dated as of December 24, 2002 (the "Credit Agreement"). Canyon's
approval of a proposed WAIVER AND SIXTH AMENDMENT has been requested pursuant
to the terms of the Credit Agreement. The WAIVER AND SIXTH AMENDMENT must
be approved by the Required Lenders under the Credit Agreement.

Canyon hereby votes its percentage interest as a Lender in favor of
and/or against the approval of the WAIVER AND SIXTH AMENDMENT in direct
proportion to the votes of those other Lenders under the Credit Agreement
that have voted for or against the approval of the WAIVER AND SIXTH AMENDMENT
(without counting failure to vote or abstentions.)

Canyon Capital CDO 2001-1 LTD.

        a California limited liability
company

        By: /s/  Christian
B. Evensen     Date: 10/10/03

        Name: Christian B. Evensen

        Title: Authorized Member

Canyon Capital Advisors

9665 Wilshire Blvd., #200

Beverly Hills, CA 90212

PROPORTIONATE VOTING PROVISION

The undersigned, Canyon Capital CDO 2002-1 LTD. ("Canyon"), is
a Lender to UNITED AIRLINES, INC., REVOLVING CREDIT, TERM LOAN AND GUARANTY
AGREEMENT dated as of December 24, 2002 (the "Credit Agreement"). Canyon's
approval of a proposed WAIVER AND SIXTH AMENDMENT has been requested pursuant
to the terms of the Credit Agreement. The WAIVER AND SIXTH AMENDMENT must
be approved by the Required Lenders under the Credit Agreement.

Canyon hereby votes its percentage interest as a Lender in favor of
and/or against the approval of the WAIVER AND SIXTH AMENDMENT in direct
proportion to the votes of those other Lenders under the Credit Agreement
that have voted for or against the approval of the WAIVER AND SIXTH AMENDMENT
(without counting failure to vote or abstentions.)

Canyon Capital CDO 2002-1 LTD.

        a California limited liability
company

        By: /s/  Christian
B. Evensen     Date: 10/10/03

        Name: Christian B. Evensen

        Title: Authorized Member

Canyon Capital Advisors

9665 Wilshire Blvd., #200

Beverly Hills, CA 90212

PROPORTIONATE VOTING PROVISION

The undersigned, Canyon Capital CDO 2004-1 LTD. ("Canyon"), is
a Lender to UNITED AIRLINES, INC., REVOLVING CREDIT, TERM LOAN AND GUARANTY
AGREEMENT dated as of December 24, 2002 (the "Credit Agreement"). Canyon's
approval of a proposed WAIVER AND SIXTH AMENDMENT has been requested pursuant
to the terms of the Credit Agreement. The WAIVER AND SIXTH AMENDMENT must
be approved by the Required Lenders under the Credit Agreement.

Canyon hereby votes its percentage interest as a Lender in favor of
and/or against the approval of the WAIVER AND SIXTH AMENDMENT in direct
proportion to the votes of those other Lenders under the Credit Agreement
that have voted for or against the approval of the WAIVER AND SIXTH AMENDMENT
(without counting failure to vote or abstentions.)

Canyon Capital CDO 2004-1 LTD.

        a California limited liability
company

        By: /s/  Christian
B. Evensen     Date: 10/10/03

        Name: Christian B. Evensen

        Title: Authorized Member

CASPIAN CAPITAL PARTNERS, LP
By: Mariner Investment Group

By: /s/  Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

CONNECTICUT GENERAL LIFE

INSURANCE COMPANY
By: /s/  Michael Bacevich

Name: Michael Bacevich

Title: Managing Director

CONTINENTAL CASUALTY COMPANY
By: /s/  Dennis R. Hemme

Name: Dennis R. Hemme

Title: Vice President and Treasurer

DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP
By: /s/  Mark K. Furstein

Name: Mark K. Furstein

Title: Chief Operating Officer

GULF STREAM - COMPASS CLO 2003-I, LTP.
By: Gulf Stream Asset Management, LLC as Collateral Manager

By: /s/  Mark B. Mahoney

Name: Mark B. Mahoney

Title: President

GULF STREAM - COMPASS CLO 2002-I, LTD.
By: Gulf Stream Asset Management, LLC as Collateral Manager

By: /s/  Mark B. Mahoney

Name: Mark B. Mahoney

Title: President

HEWETT'S ISLAND CDO, LTD.
By: CypressTree Investment Management Company, Inc., as Portfolio Manager

By: /s/  Preston I. Carnes, Jr.

Name: Preston I. Carnes, Jr.

Title: Managing Director

INDOSUEZ CAPITAL FUNDING IIA, LIMITED
By: Indosuez Capital as Portfolio Advisor

By: /s/  Charles Kobayashi

Name: Charles Kobayashi

Title: Principal and Portfolio Manager

INDOSUEZ CAPITAL FUNDING III, LIMITED

By: Indosuez Capital as Portfolio Advisor

By: /s/  Charles Kobayashi

Name: Charles Kobayashi

Title: Principal and Portfolio Manager

INDOSUEZ CAPITAL FUNDING VI, LIMITED

By: Indosuez Capital as Collateral Manager

By: /s/  Charles Kobayashi

Name: Charles Kobayashi

Title: Principal and Portfolio Manager

LAUREL RIDGE CAPITAL LP
By: /s/  Van Nguyen

Name: Van Nguyen

Title: Managing Partner

LIBERTY FLOATING RATE ADVANTAGE FUND
By: Columbia Management Advisors, Inc. (f/k/a Stein Roe & Farnham
Incorporated), As Advisor

By: /s/  James R. Fellows

Name: James R. Fellows

Title: Sr. Vice President & Portfolio Manager

MADELEINE L.L.C.
By: /s/  Kevin Genda

Name: Kevin Genda

Title: Vice President

MARINER LDC
By: Mariner Investment Group

By: /s/  Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

MARINER OPPORTUNITIES FUND, LP
By: Mariner Investment Group

By: /s/  Charles R. Howe II

Name: Charles R. Howe II

Title: Treasurer

MARINER OPPORTUNITIES II, LP
By: Mariner Investment Group

By: /s/  Charles R. Howe II

Name: Charles R. Howe II

Title: Treasuer

PERRY PRINCIPALS INVESTMENTS, LLC
By: /s/  Nathaniel J. Klipper

Name: Nathaniel J. Klipper

Title: Managing Director

RIVERA FUNDING LLC
By: /s/  Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

SRF 2000, INC.
By: /s/  Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

SRF TRADING, INC.
By: /s/  Diana M. Himes

Name: Diana M. Himes

Title: Assistant Vice President

SPECIAL SITUATIONS INVESTING GROUP, INC.
By: /s/  Michael Mansour

Name: Michael Mansour

Title: Authorized Signatory

STANWICH LOAN FUNDING LLC
By: /s/  Ann E. Morris

Name: Ann E. Morris

Title: Assistant Vice President

STARK EVENT TRADING LTD.
By: /s/  Michael A. Roth

Name: Michael A. Roth

Title: Managing Member of the

                                              
Investment Manager of Stark Event Trading Ltd.

With immediate effect from February 18, 2003, Start Event Trading, Ltd.
expressly requests that it not be provided with any non-public information
(including any non-public portions of the materials described in Section
5.01 of the Revolving Credit, Term Loan and Guarantee Agreement) relating
to Borrower or any Guarantor. Stark Event Trading Ltd. reserves the right
to revoke this election by providing the Borrower with express written
notice of such revocation.

STEIN ROE FLOATING RATE

LIMITED LIABILITY COMPANY
By: Columbia Management Advisors, Inc. (f/k/a Stein Roe & Farnham
Incorporated), As Advisor

By: /s/  James R. Fellows

Name: James R. Fellows

Title: Sr. Vice President & Portfolio Manager

STONEHILL INSTITUTIONAL PARTNERS, L.P.
By: /s/  Christopher Wilson

Name: Christopher Wilson

Title: General Partner

SUNRISE PARTNERS LIMITED PARTNERSHIP
By: /s/  Michael J. Berner

Name: Michael J. Berner

Title: Vice President, Dawn General Partner Corp., General Partner

TORONTO DOMINION (NEW YORK), INC.
By: /s/  Stacey L. Malek

Name: Stacey L. Malek

Title: Vice President

TRUMBULL THC, LTD.
By: /s/  Stacey L. Malek

Name: Stacey L. Malek

Title: Attorney in Fact

UAL INVESTORS, L.L.C.
By: Farallon Capital Management, L.L.C., Its Manager

By: /s/  Derek Schrier

Name: Derek Schrier

Title: Managing Member

WATERSHED CAPITAL PARTNERS, L.P.
WATERSHED CAPITAL INSTITUTIONAL PARTNERS, L.P.

By: WS Partners, L.L.C.

By: /s/  Merdee A. Moore

Name: Meridee A. Moore

Title: Senior Managing Member

WATERSHED CAPITAL PARTNERS (OFFSHORE) LTD.

By: Watershed Asset Management, L.L.C.

By: /s/  Meridee A. Moore

Name: Meridee A. Moore

Title: Senior Managing Member

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