Document:

Exhibit 4.6

 

Execution Version

 

 

REVOLVING CREDIT AGREEMENT

(2020-1AA)

 

Dated as of August 13, 2020

 

between

 

WILMINGTON TRUST COMPANY,

as Subordination Agent,

as agent and trustee for the trustee of

FedEx Pass Through Trust 2020-1AA,

 

as Borrower

 

and

 

BNP PARIBAS, acting through its New York
Branch,

 

as Liquidity Provider

 

FedEx Pass Through Trust 2020-1AA

FedEx

Pass Through Certificates,

Series 2020-1AA

 

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

     

     

    

 

Table of Contents

 

Page

 

	Article I
    DEFINITIONS	1
	 	 
	Section 1.01	Definitions	1
	 	 	 
	Article II
    Amount and Terms of the Commitment	12
	 	 
	Section 2.01	The Advances	12
	Section 2.02	Making of Advances	12
	Section 2.03	Fees	14
	Section 2.04	Reduction or Termination of the Maximum Commitment	14
	Section 2.05	Repayments of Interest Advances, the Special
    Termination Advance or the Final Advance	15
	Section 2.06	Repayments of Provider Advances	16
	Section 2.07	Payments to the Liquidity Provider Under the
    Intercreditor Agreement	17
	Section 2.08	Book Entries	17
	Section 2.09	Payments from Available Funds Only	17
	Section 2.10	Extension of the Expiry Date; Non-Extension
    Advance	18
	 	 	 
	Article III
    Obligations of the Borrower	18
	 	 
	Section 3.01	Increased Costs	18
	Section 3.02	Reserved	19
	Section 3.03	Withholding Taxes	20
	Section 3.04	Payments	21
	Section 3.05	Computations	22
	Section 3.06	Payment on Non-Business Days	22
	Section 3.07	Interest	22
	Section 3.08	Replacement of Borrower	24
	Section 3.09	Funding Loss Indemnification	24
	Section 3.10	Illegality	25
	 	 	 
	Article IV
    CONDITIONS PRECEDENT	25
	 	 
	Section 4.01	Conditions Precedent to Effectiveness of Section 2.01	25
	Section 4.02	Conditions Precedent to Borrowing	27
	Section 4.03	Representations and Warranties	27
	 	 	 
	Article V
    COVENANTS	27
	 	 
	Section 5.01	Affirmative Covenants of the Borrower	27
	Section 5.02	Negative Covenants of the Borrower	28

 

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Table of Contents

(Continued)

 

Page

 

	Article VI
    LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION	28
	 	 
	Section 6.01	Liquidity Events of Default	28
	 	 	 
	Article VII
    MISCELLANEOUS	29
	 	 
	Section 7.01	No Oral Modifications or Continuing Waivers	29
	Section 7.02	Notices	29
	Section 7.03	No Waiver; Remedies	31
	Section 7.04	Further Assurances	31
	Section 7.05	Indemnification; Survival of Certain Provisions	31
	Section 7.06	Liability of the Liquidity Provider	31
	Section 7.07	Certain Costs and Expenses	32
	Section 7.08	Binding Effect; Participations	33
	Section 7.09	Severability	34
	Section 7.10	Governing Law	35
	Section 7.11	Submission to Jurisdiction; Waiver of Jury Trial;
    Waiver of Immunity	35
	Section 7.12	Counterparts	36
	Section 7.13	Entirety	36
	Section 7.14	Headings	36
	Section 7.15	Liquidity Provider’s Obligation to Make
    Advances	36
	Section 7.16	Patriot Act	36
	Section 7.17	Acknowledgment and Consent to Bail-In of EEA
    Financial Institutions	37
	Section 7.18	Head Office Obligations	37

 

	Annex I	- Form of Interest Advance
    Notice of Borrowing
	Annex II	- Form of Non-Extension Advance Notice
    of Borrowing
	Annex III	- Form of Downgrade Advance Notice of Borrowing
	Annex IV	- Form of Final Advance Notice of Borrowing
	Annex V	- Form of Special Termination Advance Notice
    of Borrowing
	Annex VI	- Form of Notice of Termination
	Annex VII	- Form of Notice of Special Termination
	Annex VIII	- Form of Notice of Replacement Subordination
    Agent

 

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REVOLVING CREDIT AGREEMENT

(2020-1AA)

 

This REVOLVING CREDIT AGREEMENT (2020-1AA),
dated as of August 13, 2020, is made by and between WILMINGTON TRUST COMPANY, a Delaware trust company, not in its individual
capacity but solely as Subordination Agent (such term and other capitalized terms used herein without definition being defined
as provided in Article I) under the Intercreditor Agreement (as defined below), as agent and trustee for the Class AA
Trustee (in such capacity, together with its successors in such capacity, the “Borrower”), and BNP PARIBAS,
a société anonyme organized under the laws of France, acting through its New York branch (the “Liquidity
Provider”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Class AA
Trust Agreement, the Class AA Trust is issuing the Class AA Certificates; and

 

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

 

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

 

Article I

 

DEFINITIONS

 

Section 1.01     Definitions.
(a) The definitions stated herein apply equally to both the singular and the plural forms of the terms defined.

 

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

 

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

 

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

 

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

 

(f)            For
the purposes of this Agreement, unless the context otherwise requires, the following capitalized terms shall have the following
meanings:

 

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

 

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

 

“Agreement” means
this Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Applicable Liquidity Rate”
has the meaning specified in Section 3.07(h).

 

“Applicable Margin”
means (a) with respect to any Interest Advance, Final Advance, Applied Provider Advance or Applied Special Termination Advance,
2.50% per annum, (b) with respect to any Unapplied Provider Advance, the rate per annum specified in the Fee Letter or (c) with
respect to any Unapplied Special Termination Advance, the rate per annum specified in the Fee Letter.

 

“Applied Downgrade Advance”
has the meaning specified in Section 2.06(a).

 

“Applied Non-Extension Advance”
has the meaning specified in Section 2.06(a).

 

“Applied Provider Advance”
means an Applied Downgrade Advance or an Applied Non- Extension Advance.

 

“Applied Special Termination
Advance” has the meaning specified in Section 2.05.

 

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

 

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

 

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“Base Rate” means
a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the sum
of (a) the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published for each day in the period for which the Base Rate is to be determined (or, if
such day is not a Business Day, for the preceding Business Day) by the Federal Reserve Bank of New York, or if such rate is not
so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by
the Liquidity Provider from three Federal funds brokers of recognized standing selected by it (and reasonably satisfactory to
FedEx) plus (b) one-quarter of one percent (0.25%).

 

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

 

“Benchmark Replacement Event”
means, in respect of the London Interbank Offered Rate or any successor Benchmark Replacement Rate, an event where the applicable
administrator (or other applicable source) for such rate permanently or indefinitely ceases to provide such rate, without any
successor administrator (or other applicable source) continuing to provide such rate.

 

“Benchmark Replacement Rate”
means, following the occurrence of a Benchmark Replacement Event (with respect to the London Interbank Offered Rate or any then
applicable successor Benchmark Replacement Rate (the “Terminating Rate”)), or at the request of FedEx Express or the
Liquidity Provider in anticipation thereof following any applicable public statement from the administrator or regulatory supervisor
(or other applicable authority or source) identifying a specific date for occurrence of such Benchmark Replacement Event, an applicable
alternate rate of interest (including any relevant adjusting spread) to such Terminating Rate that gives due consideration to
(i) the then prevailing market convention for determining a rate of interest for U.S. dollar-denominated credit facilities
at such time (as the applicable market replacement for such Terminating Rate) and (ii) the requirements under proposed U.S.
Treasury regulations section 1.1001-6 and any successor regulations or guidance relating thereto, to the extent applicable, for
the replacement of such Terminating Rate with such alternate rate of interest and any associated alteration not to be treated
as a taxable exchange for U.S. federal income tax purposes, as determined pursuant to mutual written agreement of FedEx Express
and the Liquidity Provider, each acting reasonably.

 

“Borrower” has
the meaning specified in the introductory paragraph to this Agreement.

 

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

 

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

 

“Code” means
the United States Internal Revenue Code of 1986, as amended.

 

“Covered Taxes”
means any Taxes imposed by the United States, or any political subdivision or taxing authority thereof or therein, that are required
by law to be deducted or withheld from any amounts payable to the Liquidity Provider under this Agreement other than (i) any
such Tax on, based on or measured by net income, franchises or conduct of business, (ii) any such Tax imposed, levied, withheld
or assessed as a result of any connection between the Liquidity Provider and the United States or such political subdivision or
taxing authority, other than a connection arising solely from the Liquidity Provider’s having executed, delivered, performed
its obligations or received a payment under, or enforced, any Operative Agreement, (iii) any such Tax attributable to the
inaccuracy in or breach by the Liquidity Provider of any of its representations, warranties or covenants contained in any Operative
Agreement to which it is a party or the inaccuracy of any form, certificate or document furnished pursuant thereto, (iv) any
such withholding Taxes imposed by the United States except to the extent such withholding Taxes would not have been required to
be deducted or withheld from payments hereunder but for a change after the date hereof in the Code or the Treasury Regulations
thereunder that affects the exemption for income that is effectively connected with the conduct of a trade or business within
the United States, (v) any withholding Taxes imposed by the United States which are imposed or increased as a result of the
Liquidity Provider failing to deliver to the Borrower any form, certificate or document (which form, certificate or document,
in the good faith judgment of the Liquidity Provider, it is legally entitled to provide) which is reasonably requested by the
Borrower to establish that payments under this Agreement are exempt from (or entitled to a reduced rate of) withholding Tax, (vi) any
such Taxes that would not have been imposed but for any change in the Lending Office without the prior written consent of FedEx
(such consent not to be unreasonably withheld), or (vii) any Taxes imposed under FATCA.

 

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

 

“Downgrade Event”
means any downgrading of, or any suspension or withdrawal of any applicable rating of, the Liquidity Provider by any Rating Agency
such that after such downgrading, suspension or withdrawal the Liquidity Provider does not have the minimum Long-Term Rating specified
for such Rating Agency in the definition of “Threshold Rating”. The occurrence of a Downgrade Event shall be determined
separately for each Rating Agency. For the avoidance of doubt, a Downgrade Event shall not occur with respect to a Rating Agency
so long as the Liquidity Provider has either of the applicable Threshold Ratings specified for such Rating Agency.

 

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

 

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

 

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

 

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

 

“EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time.

 

“Excluded Taxes”
means (a) Taxes imposed on the overall net income of the Liquidity Provider, (b) Taxes imposed on the “effectively
connected income” of its Lending Office, (c) Covered Taxes that are indemnified pursuant to Section 3.03 hereof,
and (d) Taxes described in clauses (i) through (vii) in the definition of “Covered Taxes”.

 

“Expenses” means
liabilities, obligations, losses, damages, costs, penalties, claims, actions, suits, expenses and disbursements (including, without
limitation, reasonable fees and disbursements of legal counsel), provided that Expenses shall not include any Taxes other
than sales, use and V.A.T. taxes imposed on fees and expenses payable pursuant to Section 7.07.

 

“Expiry Date”
means the earlier of (a) the anniversary date of the Closing Date immediately following the date on which the Liquidity Provider
has provided a Non-Extension Notice to the Borrower pursuant to Section 2.10 and (b) the 15th day after the
Final Legal Distribution Date of the Class AA Certificates.

 

“FATCA” means
Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor provisions that are substantively
comparable and not materially more onerous to comply with); any current or future regulations or official interpretations thereof;
any agreements entered into pursuant to Section 1471(b)(1) of the Code; any intergovernmental agreement entered into
in connection with any of the foregoing; and any fiscal or regulatory legislation, rules or practices adopted pursuant to
any such intergovernmental agreement.

 

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

 

“Head Office”
has the meaning specified in Section 7.18.

 

“Increased Cost”
has the meaning specified in Section 3.01.

 

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

 

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

 

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

 

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

 

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

 

provided, however, that if (x) the Final
Advance shall have been made pursuant to Section 2.02(c) or (y) other outstanding Advances shall have been converted
into the Final Advance pursuant to Section 6.01(a), then the Interest Periods shall be successive periods of one month beginning
on (A) the third Business Day following the Liquidity Provider’s receipt of the Notice of Borrowing for such Final
Advance (in the case of clause (x) above) or (B) the Regular Distribution Date following such conversion (in the case
of clause (y) above).

 

“Lending Office”
means the lending office of the Liquidity Provider through which it acts for purposes of this Agreement, which is presently located
at 525 Washington Blvd # 600, Jersey City, NJ 07310 or such other lending office as the Liquidity Provider from time to time shall
notify the Borrower as its lending office hereunder; provided that the Liquidity Provider shall not change its Lending
Office without the prior written consent of FedEx (such consent not to be unreasonably withheld).

 

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

 

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“LIBOR Rate”
means, with respect to any Interest Period, (a) the interest rate per annum equal to the London Interbank Offered Rate per
annum administered by ICE Benchmark Administration Limited (or any other successor person which takes over administration of that
rate) for Dollar deposits, which rate is displayed on the Reuters Screen LIBOR01 (or such other page or screen as may replace
such Reuters Screen) at approximately 11:00 a.m. (London time) on the day that is two Business Days prior to the first day
of such Interest Period, for a period comparable to such Interest Period, or (b) if no such rate appears on such Reuters
Screen (or otherwise as aforesaid), the interest rate per annum equal to the average (rounded up, if necessary, to the nearest
1/100th of 1%) of the rates per annum at which deposits in Dollars are offered by the Reference Banks (or, if fewer than all of
the Reference Banks are quoting a rate for deposits in Dollars for the applicable period and amount, such fewer number of Reference
Banks) at approximately 11:00 a.m. (London time) on the day that is two Business Days prior to the first day of such Interest
Period to prime banks in the London interbank market for a period comparable to such Interest Period and in an amount approximately
equal to the principal amount of the LIBOR Advance to be outstanding during such Interest Period, or (c) if none of the Reference
Banks is quoting a rate for deposits in Dollars in the London interbank market for such a period and amount, the interest rate
per annum equal to the average (rounded up, if necessary, to the nearest 1/100th of 1%) of the rates at which deposits in Dollars
are offered by the principal New York offices of the Reference Banks (or, if fewer than all of the Reference Banks are quoting
a rate for deposits in Dollars in the New York interbank market for the applicable period and amount, such fewer number of Reference
Banks) at approximately 11:00 a.m. (New York time) on the day that is two Business Days prior to the first day of such Interest
Period to prime banks in the New York interbank market for a period comparable to such Interest Period and in an amount approximately
equal to the principal amount of the LIBOR Advance to be outstanding during such Interest Period, or (d) if none of the principal
New York offices of the Reference Banks is quoting a rate for deposits in Dollars in the New York interbank market for the applicable
period and amount, the Base Rate; provided that, if a Benchmark Replacement Event has occurred (or an applicable Benchmark
Replacement Rate has otherwise been established with agreed effectiveness prior to such Benchmark Replacement Event), the LIBOR
Rate shall be the lower of (i) the Base Rate and (ii) the Benchmark Replacement Rate (if then established and effective);
provider, further, that, if the LIBOR Rate determined as provided above with respect to any LIBOR Advance for any
Interest Period would be less than zero, then the LIBOR Rate with respect to such LIBOR Advance shall be deemed to be zero.

 

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

 

“Liquidity Indemnitee”
means the Liquidity Provider, its directors, officers, employees and agents, and its successors and permitted assigns.

 

“Liquidity Provider”
has the meaning specified in the introductory paragraph to this Agreement.

 

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

 

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“Maximum Commitment”
means $27,634,896.00, as the same may be reduced from time to time in accordance with Section 2.04(a).

 

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

 

“Non-Extension Notice”
has the meaning specified in Section 2.10.

 

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

 

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

 

“Participation”
has the meaning specified in Section 7.08(b).

 

“Performing Note Deficiency”
means any time that less than 65% of the then aggregate outstanding principal amount of all Series AA Equipment Notes and
Series A Equipment Notes are Performing Equipment Notes.

 

“Permitted Transferee”
means any Person that:

 

(a)            is
not a commercial air carrier, FedEx or any affiliate of FedEx; and

 

(b)            is
any one of:

 

(1)            a
commercial banking institution organized under the laws of the United States or any state thereof or the District of Columbia;

 

(2)            a
commercial banking institution that (x) is organized under the laws of France, Germany, The Netherlands, Switzerland or the
United Kingdom, (y) is entitled on the date it acquires any Participation to a complete exemption from United States federal
income Taxes for all income derived by it from the transactions contemplated by the Operative Agreements under an income tax treaty,
as in effect on such date, between the United States and such jurisdiction of its organization and (z) is engaged in the
active conduct of a banking business in such jurisdiction of its organization, holds its Participation in connection with such
banking business in such jurisdiction and is regulated as a commercial banking institution by the appropriate regulatory authorities
in such jurisdiction; or

 

(3)            a
commercial banking institution that (x) is organized under the laws of Canada, France, Germany, Ireland, Japan, Luxembourg,
The Netherlands, Sweden, Switzerland or the United Kingdom and (y) is entitled on the date it acquires any Participation
to a complete exemption from withholding of United States federal income Taxes for all income derived by it from the transactions
contemplated by the Operative Agreements under laws as in effect on such date by reason of such income being effectively connected
with the conduct of a trade or business within the United States.

 

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“Prospectus Supplement”
means the Prospectus Supplement, dated July 30, 2020, relating to the Class AA Certificates, as such Prospectus Supplement
may be amended or supplemented.

 

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

 

“Rate Determination Notice”
has the meaning specified in Section 3.07(g).

 

“Reference Banks”
means the principal London offices of: Deutsche Bank AG; Citibank, N.A. and JPMorgan Chase Bank; and/or such other or additional
banking institutions as may be designated from time to time by mutual agreement of FedEx and the Liquidity Provider.

 

“Regulatory Change”
means (x) the enactment, adoption or promulgation, after the date of this Agreement, of any law or regulation or the adoption
or making of any interpretations, directives or requirements applying to a class of banks including the Liquidity Provider, in
each by a United States federal or state government or by any government having jurisdiction over the Liquidity Provider, or any
change, after the date of this Agreement, in any such law, regulation, interpretation, directive or requirements, or in the interpretation
thereof by any governmental authority, court, central bank or comparable agency of the United States or any government having
jurisdiction over the Liquidity Provider charged with responsibility for the administration or application thereof, that shall
impose, modify or deem applicable, or (y) the compliance by the Liquidity Provider (or its Head Office) with any applicable
direction or requirement (whether or not having the force of law) of any central bank or competent governmental or other authority,
after the date of this Agreement, with respect to: (a) any reserve, special deposit or similar requirement against extensions
of credit or other assets of, or deposits with or other liabilities of, the Liquidity Provider including, or by reason of, the
Advances, or (b) any capital adequacy requirement requiring the maintenance by the Liquidity Provider of additional capital
in respect of any Advances or the Liquidity Provider’s obligation to make any such Advances, or (c) any requirement
to maintain liquidity or liquid assets in respect of the Liquidity Provider’s obligation to make any such Advances, or (d) any
Taxes (other than Excluded Taxes) with respect to the amounts payable or paid hereunder to the Liquidity Provider or any change
in the basis of taxation of any amounts payable hereunder to the Liquidity Provider (other than in respect of Excluded Taxes).

 

“Replenishment Amount”
has the meaning specified in Section 2.06(b).

 

“Required Amount”
means, for any day, the sum of the aggregate amount of interest, calculated at the rate per annum equal to the Stated Interest
Rate for the Class AA Certificates on the basis of a 360-day year comprised of twelve 30-day months, that would be distributable
on the Class AA Certificates on each of the three successive semiannual Regular Distribution Dates immediately following
such day or, if such day is a Regular Distribution Date, on such day and the succeeding two semiannual Regular Distribution Dates,
in each case calculated on the basis of the Pool Balance of the Class AA Certificates on such day and without regard to expected
future distributions of principal on the Class AA Certificates.

 

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

 

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

 

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

 

“Termination Date”
means the earliest to occur of the following: (i) the Expiry Date; (ii) the date on which the Borrower delivers to the
Liquidity Provider a certificate, signed by a Responsible Officer of the Borrower, certifying that all of the Class AA Certificates
have been paid in full (or provision has been made for such payment in accordance with the Intercreditor Agreement and the Class AA
Trust Agreement) or are otherwise no longer entitled to the benefits of this Agreement; (iii) the date on which the Borrower
delivers to the Liquidity Provider a certificate, signed by a Responsible Officer of the Borrower, certifying that a Replacement
Liquidity Facility has been substituted for this Agreement in full pursuant to Section 3.05(e) of the Intercreditor
Agreement; (iv) the fifth Business Day following the receipt by the Borrower of a Termination Notice or a Special Termination
Notice from the Liquidity Provider pursuant to Section 6.01(a) or 6.01(b), as applicable; and (v) the date on which
no Advance is or may (including by reason of reinstatement as herein provided) become available for a Borrowing hereunder.

 

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

 

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

 

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

 

“Unapplied Advance”
has the meaning specified in Section 3.07(e).

 

“Unapplied Downgrade Advance”
means the portion of any Downgrade Advance that is not an Applied Downgrade Advance.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    10 

     

    

 

“Unapplied Non-Extension Advance”
means the portion of any Non-Extension Advance that is not an Applied Non-Extension Advance.

 

“Unapplied Provider Advance”
means the portion of any Provider Advance that is not an Applied Provider Advance.

 

“Unapplied Special Termination
Advance” means the portion of any Special Termination Advance that is not an Applied Special Termination Advance.

 

“Unpaid Advance”
has the meaning specified in Section 2.05.

 

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

 

For the purposes of this Agreement, the
following terms shall have the respective meanings specified in the Intercreditor Agreement:

 

“Acceleration”, “Additional
Certificates”, “Aircraft”, “Certificate”, “Class AA Cash Collateral Account” “Class AA
Certificates”, “Class AA Certificateholders”, “Class AA Trust”, “Class AA Trust
Agreement”, “Class AA Trustee”, “Closing Date”, “Collection Account”, “Corporate
Trust Office”, “Distribution Date”, “Dollars”, “Downgrade Drawing”, “Downgraded
Facility”, “Equipment Notes”, “FedEx”, “FedEx Bankruptcy Event”, “Fee Letter”,
“Final Legal Distribution Date”, “Indenture”, “Interest Payment Date”, “Investment Earnings”,
“Liquidity Facility”, “Loan Trustee”, “Long-Term Rating”, “Non- Extended Facility”,
“Operative Agreements”, “Participation Agreements”, “Performing Equipment Note”, “Person”,
“Pool Balance”, “Rating Agencies”, “Regular Distribution Date”, “Replacement Liquidity
Facility”, “Responsible Officer”, “Scheduled Payment”, “Series AA Equipment Notes”,
“Series A Equipment Notes”, “Special Payment”, “Stated Interest Rate”, “Subordination
Agent”, “Taxes”, “Threshold Rating”, “Treasury Regulations”, “Trust Agreement”,
“Trustee”, “Underwriters”, “Underwriting Agreement”, and “United States”.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    11 

     

    

 

Article II

 

Amount
and Terms of the Commitment

 

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

 

Section 2.02     Making
of Advances. (a) Each Interest Advance shall be made by the Liquidity Provider upon delivery to the Liquidity
Provider of a written and completed Notice of Borrowing in substantially the form of Annex I, signed by a Responsible Officer
of the Borrower, such Interest Advance to be in an amount not exceeding the Maximum Available Commitment at such time and used
solely for the payment when due of interest with respect to the Class AA Certificates at the Stated Interest Rate therefor
in accordance with Section 3.05(a) and 3.05(b) of the Intercreditor Agreement. Each Interest Advance made hereunder
shall automatically reduce the Maximum Available Commitment and the amount available to be borrowed hereunder by subsequent Advances
by the amount of such Interest Advance (subject to reinstatement as provided in the next sentence). Upon repayment to the Liquidity
Provider in full or in part of the amount of any Interest Advance made pursuant to this Section 2.02(a), together with accrued
interest thereon (as provided herein), the Maximum Available Commitment shall be reinstated by an amount equal to the amount of
such Interest Advance so repaid, but not to exceed the Maximum Commitment; provided, however, that the Maximum Available
Commitment shall not be so reinstated at any time if (x) both a Performing Note Deficiency exists and a Liquidity Event of
Default shall have occurred and be continuing or (y) a Final Advance, a Downgrade Advance, a Non-Extension Advance or a Special
Termination Advance shall have occurred, except as provided in Section 2.06(d) with respect to a Downgrade Drawing.

 

(b)            (i) A
Non-Extension Advance shall be made by the Liquidity Provider in a single Borrowing if this Agreement is not extended in accordance
with Section 3.05(d) of the Intercreditor Agreement unless a Replacement Liquidity Facility to replace this Agreement
shall have been previously delivered to the Borrower in accordance with said Section 3.05(d), upon delivery to the Liquidity
Provider of a written and completed Notice of Borrowing in substantially the form of Annex II, signed by a Responsible
Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be used to fund the Class AA
Cash Collateral Account in accordance with Sections 3.05(d) and 3.05(f) of the Intercreditor Agreement.

 

(ii)            A
Downgrade Advance shall be made by the Liquidity Provider in a single Borrowing upon this Liquidity Facility becoming a Downgraded
Facility (as provided for in Section 3.05(c) of the Intercreditor Agreement) unless a Replacement Liquidity Facility
to replace this Agreement shall have been previously delivered to the Borrower in accordance with said Section 3.05(c), upon
delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form of Annex III,
signed by a Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall
be used to fund the Class AA Cash Collateral Account in accordance with Sections 3.05(c) and 3.05(f) of the Intercreditor
Agreement.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    12 

     

    

 

(c)            A
Final Advance shall be made by the Liquidity Provider in a single Borrowing following the receipt by the Borrower of a Termination
Notice from the Liquidity Provider pursuant to Section 6.01(a) upon delivery to the Liquidity Provider of a written
and completed Notice of Borrowing in substantially the form of Annex IV, signed by a Responsible Officer of the Borrower,
in an amount equal to the Maximum Available Commitment at such time, and shall be used to fund the Class AA Cash Collateral
Account in accordance with Sections 3.05(f) and 3.05(i) of the Intercreditor Agreement.

 

(d)            A
Special Termination Advance shall be made in a single Borrowing upon the receipt by the Borrower of a Special Termination Notice
from the Liquidity Provider pursuant to Section 6.01(b), by delivery to the Liquidity Provider of a written and completed
Notice of Borrowing in substantially the form of Annex V, signed by a Responsible Officer of the Borrower, in an amount
equal to the Maximum Available Commitment at such time, and shall be used to fund the Class AA Cash Collateral Account in
accordance with Section 3.05(f) and Section 3.05(k) of the Intercreditor Agreement.

 

(e)            Each
Borrowing shall be made by notice in writing (a “Notice of Borrowing”) in substantially the form required
by Section 2.02(a), 2.02(b), 2.02(c) or 2.02(d), as the case may be, given by the Borrower to the Liquidity Provider.
If a Notice of Borrowing is delivered by the Borrower in respect of any Borrowing no later than 12:30 p.m. (New York City
time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to such requested
Borrowing, the Liquidity Provider shall make available to the Borrower, in accordance with its payment instructions, the amount
of such Borrowing in Dollars and immediately available funds, before 4:00 p.m. (New York City time) on such Business Day
or before 12:30 p.m. (New York City time) on such later Business Day specified in such Notice of Borrowing. If a Notice of
Borrowing is delivered by the Borrower in respect of any Borrowing after 12:30 p.m. (New York City time) on a Business Day,
upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to such requested Borrowing, the Liquidity
Provider shall make available to the Borrower, in accordance with its payment instructions, the amount of such Borrowing in Dollars
and immediately available funds, before 1:00 p.m. (New York City time) on the first Business Day next following the day of
receipt of such Notice of Borrowing or on such later Business Day specified by the Borrower in such Notice of Borrowing. Payments
of proceeds of a Borrowing shall be made by wire transfer of immediately available funds to the Borrower in accordance with such
wire transfer instructions as the Borrower shall furnish from time to time to the Liquidity Provider for such purpose. Each Notice
of Borrowing shall be irrevocable and binding on the Borrower. Each Notice of Borrowing shall be effective upon delivery of a
copy thereof to the Liquidity Provider at the address and in the manner specified in Section 7.02 hereof.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    13 

     

    

 

(f)            Upon
the making of any Advance requested pursuant to a Notice of Borrowing in accordance with the Borrower’s payment instructions,
the Liquidity Provider shall be fully discharged of its obligation hereunder with respect to such Notice of Borrowing, and the
Liquidity Provider shall not thereafter be obligated to make any further Advances hereunder in respect of such Notice of Borrowing
to the Borrower or to any other Person (including the Class AA Trustee or any Class AA Certificateholder). If the Liquidity
Provider makes an Advance requested pursuant to a Notice of Borrowing before 12:00 noon (New York City time) on the second Business
Day after the date of payment specified in Section 2.02(e), the Liquidity Provider shall have fully discharged its obligations
hereunder with respect to such Advance and an event of default shall not have occurred hereunder. Following the making of any
Advance pursuant to Section 2.02(b), 2.02(c) or 2.02(d) to fund the Class AA Cash Collateral Account, the
Liquidity Provider shall have no interest in or rights to the Class AA Cash Collateral Account, such Advance or any other
amounts from time to time on deposit in the Class AA Cash Collateral Account; provided that the foregoing shall not
affect or impair the obligations of the Subordination Agent to make the distributions contemplated by Section 3.05(c)(v),
3.05(e) or 3.05(f) of the Intercreditor Agreement and provided, further, that the foregoing shall not
affect or impair the rights of the Liquidity Provider to provide written instructions with respect to the investment and reinvestment
of amounts in the Class AA Cash Collateral Account to the extent the Liquidity Provider is entitled to do so pursuant to
Section 2.02(b) of the Intercreditor Agreement. By paying to the Borrower proceeds of Advances requested by the Borrower
in accordance with the provisions of this Agreement, the Liquidity Provider makes no representation as to, and assumes no responsibility
for, the correctness or sufficiency for any purpose of the amount of the Advances so made and requested.

 

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

 

Section 2.04     Reduction
or Termination of the Maximum Commitment. (a) Automatic Reduction. Promptly following each date on which
the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class AA Certificates, the Maximum Commitment
shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower
shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider and FedEx within two Business
Days thereof. The failure by the Borrower to furnish any such notice shall not affect any such automatic reduction of the Maximum
Commitment.

 

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

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    14 

     

    

 

Section 2.05     Repayments
of Interest Advances, the Special Termination Advance or the Final Advance. Subject to Sections 2.06, 2.07 and 2.09
hereof, the Borrower hereby agrees, without notice of an Advance or demand for repayment from the Liquidity Provider (which notice
and demand are hereby waived by the Borrower), to pay, or to cause to be paid, to the Liquidity Provider (a) on each date
on which the Liquidity Provider shall make an Interest Advance, the Special Termination Advance or the Final Advance, an amount
equal to the amount of such Advance (any such Advance, until repaid, is referred to herein as an “Unpaid Advance”)
(if multiple Interest Advances are outstanding any such repayment to be applied in the order in which such Interest Advances have
been made, starting with the earliest), plus (b) interest on the amount of each such Unpaid Advance in the amounts and on
the dates determined as provided in Section 3.07; provided that if (i) the Liquidity Provider shall make a Provider
Advance at any time after making one or more Interest Advances which shall not have been repaid in accordance with this Section 2.05
or (ii) this Liquidity Facility shall become a Downgraded Facility or Non-Extended Facility at any time when unreimbursed
Interest Advances have reduced the Maximum Available Commitment to zero, then such Interest Advances shall cease to constitute
Unpaid Advances and shall be deemed to have been changed into an Applied Downgrade Advance or an Applied Non-Extension Advance,
as the case may be, for all purposes of this Agreement (including, without limitation, for the purpose of determining when such
Interest Advance is required to be repaid to the Liquidity Provider in accordance with Section 2.06 and for the purposes
of Section 2.06(b)); provided, further, that amounts in respect of a Special Termination Advance withdrawn
from the Class AA Cash Collateral Account for the purpose of paying interest on the Class AA Certificates in accordance
with Section 3.05(f) of the Intercreditor Agreement (the portion of the outstanding Special Termination Advance equal
to the amount of any such withdrawal, but not in excess of the outstanding Special Termination Advance, being an “Applied
Special Termination Advance”) shall thereafter (subject to Section 2.06(b)) be treated as an Interest Advance
under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon; provided,
further, that if, following the making of a Special Termination Advance, the Liquidity Provider delivers a Termination
Notice to the Borrower pursuant to Section 6.01(a), such Special Termination Advance (including any portion thereof that
is an Applied Special Termination Advance) shall thereafter be treated as a Final Advance under this Agreement for purposes of
determining the Applicable Liquidity Rate for interest payable thereon; and, provided, further, that if, after making
a Provider Advance, the Liquidity Provider delivers a Special Termination Notice to the Borrower pursuant to Section 6.01(b),
any Unapplied Provider Advance shall be converted to and treated as a Special Termination Advance under this Agreement for purposes
of determining the Applicable Liquidity Rate for interest payable thereon and the obligation for repayment thereof under the Intercreditor
Agreement. The Borrower and the Liquidity Provider agree that the repayment in full of each Interest Advance, Special Termination
Advance and Final Advance on the date such Advance is made is intended to be a contemporaneous exchange for new value given to
the Borrower by the Liquidity Provider. For the avoidance of doubt, interest payable on an Interest Advance, Special Termination
Advance or the Final Advance shall not be regarded as overdue unless such interest is not paid when due under Section 3.07.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    15 

     

    

 

Section 2.06     Repayments
of Provider Advances. (a) Amounts advanced hereunder in respect of a Provider Advance shall be deposited in the
Class AA Cash Collateral Account and invested and withdrawn from the Class AA Cash Collateral Account as set forth in
Sections 3.05(c), 3.05(d), 3.05(e) and 3.05(f) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09, the
Borrower agrees to pay to the Liquidity Provider, on each Regular Distribution Date, commencing on the first Regular Distribution
Date after the making of a Provider Advance, interest on the principal amount of any such Provider Advance, in the amounts determined
as provided in Section 3.07; provided, however, that amounts in respect of a Provider Advance withdrawn from
the Class AA Cash Collateral Account for the purpose of paying interest on the Class AA Certificates in accordance with
Section 3.05(f) of the Intercreditor Agreement (the amount of any such withdrawal being (y), in the case of a Downgrade
Advance, an “Applied Downgrade Advance” and (z) in the case of a Non-Extension Advance, an “Applied
Non-Extension Advance” and together with an Applied Downgrade Advance, an “Applied Provider Advance”)
shall thereafter (subject to Section 2.06(b)) be treated as an Interest Advance under this Agreement for purposes of determining
the Applicable Liquidity Rate for interest payable thereon and the dates on which interest is payable; provided, further,
however, that if, following the making of a Provider Advance, the Liquidity Provider delivers a Termination Notice to the
Borrower pursuant to Section 6.01(a), such Provider Advance shall thereafter be treated as a Final Advance under this Agreement
for purposes of determining the Applicable Liquidity Rate for interest payable thereon. Subject to Sections 2.07 and 2.09, immediately
upon the withdrawal of any amounts from the Class AA Cash Collateral Account on account of a reduction in the Required Amount,
the Borrower shall repay to the Liquidity Provider a portion of the Provider Advances in a principal amount equal to such reduction,
plus interest on the principal amount so repaid as provided in Section 3.07.

 

(b)            At
any time when an Applied Provider Advance or Applied Special Termination Advance (or any portion thereof) is outstanding, upon
the deposit in the Class AA Cash Collateral Account of any amount pursuant to clause “fourth” of Section 3.02
of the Intercreditor Agreement (any such amount being a “Replenishment Amount”) for the purpose of replenishing
or increasing the balance thereof up to the Required Amount at such time, (i) the aggregate outstanding principal amount
of all Applied Provider Advances and Applied Special Termination Advances (and of Provider Advances and Special Termination Advances
treated as Interest Advances for purposes of determining the Applicable Liquidity Rate for interest payable thereon) shall be
automatically reduced by the amount of such Replenishment Amount (if multiple Applied Provider Advances are outstanding any such
repayment to be applied in the order in which such Applied Provider Advances have been made, starting with the earliest), and
(ii) the aggregate outstanding principal amount of all Unapplied Provider Advances or of the Unapplied Special Termination
Advances shall be automatically increased by the amount of such Replenishment Amount.

 

(c)            Upon
the provision of a Replacement Liquidity Facility in replacement of this Agreement in accordance with Section 3.05(e) of
the Intercreditor Agreement, as provided in Section 3.05(f) of the Intercreditor Agreement, amounts remaining on deposit
in the Class AA Cash Collateral Account after giving effect to any Applied Provider Advance or Applied Special Termination
Advance on the date of such replacement shall be reimbursed to the replaced Liquidity Provider, but only to the extent such amounts
are necessary to repay in full to the replaced Liquidity Provider all amounts owing to it hereunder.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    16 

     

    

 

(d)            If,
at any time after making a Downgrade Advance, the Liquidity Provider satisfies the Threshold Rating and delivers written notice
to that effect to the Borrower and FedEx, as of the second Business Day following receipt of such notice, (i) this Liquidity
Facility shall cease to be a Downgraded Facility, (ii) any Unapplied Downgrade Advance shall be withdrawn from the Class AA
Cash Collateral Account and reimbursed to the Liquidity Provider, (iii) any Applied Downgrade Advance shall be converted
to an Interest Advance, (iv) the Maximum Available Commitment shall be reinstated by an amount equal to the amount of such
Unapplied Downgrade Advance so reimbursed, but not to exceed the Maximum Commitment, and the obligation of the Liquidity Provider
to make Advances shall be reinstated in an equal amount, (v) the Borrower shall be entitled to request Borrowings and (vi) the
proviso in the definition of Maximum Available Commitment and clause (y) of the proviso in the final sentence of Section 2.02(a) shall,
in each case, no longer apply to such Downgrade Advance.

 

Section 2.07     Payments
to the Liquidity Provider Under the Intercreditor Agreement. In order to provide for payment or repayment to the Liquidity
Provider of any amounts hereunder, the Intercreditor Agreement provides that amounts available and referred to in Articles II
and III of the Intercreditor Agreement, to the extent payable to the Liquidity Provider pursuant to the terms of the Intercreditor
Agreement (including, without limitation, Section 3.05(f) of the Intercreditor Agreement), shall be paid to the Liquidity
Provider in accordance with the terms thereof (but, for the avoidance of doubt, without duplication of or increase in any amounts
payable hereunder). Amounts so paid to the Liquidity Provider shall be applied by the Liquidity Provider in the order of priority
required by the applicable provisions of Articles II and III of the Intercreditor Agreement and shall discharge in full the corresponding
obligations of the Borrower hereunder.

 

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

 

Section 2.09     Payments
from Available Funds Only. All payments to be made by the Borrower under this Agreement shall be made only from the
amounts that constitute Scheduled Payments, Special Payments and other payments under the Operative Agreements, including payment
under Section 4.02 of the Participation Agreements and payments under Section 2.14 of the Indentures, and only to the
extent that the Borrower shall have sufficient income or proceeds therefrom to enable the Borrower to make payments in accordance
with the terms hereof after giving effect to the priority of payments provisions set forth in the Intercreditor Agreement. The
Liquidity Provider agrees that it will look solely to such amounts to the extent available for distribution to it as provided
in the Intercreditor Agreement and this Agreement and that the Borrower, in its individual capacity, is not personally liable
to it for any amounts payable or liability under this Agreement except as expressly provided in this Agreement, the Intercreditor
Agreement or any Participation Agreement. Amounts on deposit in the Class AA Cash Collateral Account shall be available to
the Borrower to make payments under this Agreement only to the extent and for the purposes expressly contemplated in Section 3.05(f) of
the Intercreditor Agreement.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    17 

     

    

 

Section 2.10     Extension
of the Expiry Date; Non-Extension Advance. If the Liquidity Provider notifies the Borrower and FedEx in writing before
the 60th day prior to any anniversary date of the Closing Date that occurs prior to the 15th day after the
Final Legal Distribution Date for the Class AA Certificates (such notice, a “Non-Extension Notice”)
that its obligations to make Advances hereunder shall not be extended beyond the immediately following anniversary date of the
Closing Date (and if the Liquidity Provider shall not have been replaced in accordance with Section 3.05(e) of the Intercreditor
Agreement), the Borrower shall be entitled on and after the 25th day prior to such anniversary date (but prior to such
anniversary date and in any event prior to the then applicable Expiry Date) to request a Non-Extension Advance in accordance with
Section 2.02(b)(i) hereof and Section 3.05(d) of the Intercreditor Agreement.

 

Article III

 

Obligations
of the Borrower

 

Section 3.01     Increased
Costs. Without duplication of any rights created by Section 3.03, if as a result of any Regulatory Change there
shall be any increase by an amount reasonably deemed by the Liquidity Provider to be material in the actual cost to the Liquidity
Provider of making, funding or maintaining any Advances or its obligation to make any such Advances or there shall be any reduction
by an amount reasonably deemed by the Liquidity Provider to be material in the amount receivable by the Liquidity Provider under
this Agreement or the Intercreditor Agreement in respect thereof, and in case of either such an increase or reduction, such event
does not arise from the gross negligence or willful misconduct of the Liquidity Provider, from its breach of any of its representations,
warranties, covenants or agreements contained herein or in the Intercreditor Agreement or from its failure to comply with any
such Regulatory Change (any such increase or reduction being referred to herein as an “Increased Cost”),
then, subject to Sections 2.07 and 2.09, the Borrower shall from time to time pay to the Liquidity Provider an amount equal to
such Increased Cost within 10 Business Days after delivery to the Borrower and FedEx of a certificate of an officer of the Liquidity
Provider describing in reasonable detail the event by reason of which it claims such Increased Cost and the basis for the determination
of the amount of such Increased Cost; provided that the Borrower shall be obligated to pay amounts only with respect to
any Increased Costs accruing from the date 120 days prior to the date of delivery of such certificate. Such certificate, in the
absence of manifest error, shall be considered prima facie evidence of the amount of the Increased Costs for purposes of this
Agreement; provided that any determinations and allocations by the Liquidity Provider of the effect of any Regulatory Change
on the costs of maintaining the Advances or the obligation to make Advances are made on a reasonable basis. For the avoidance
of doubt, the Liquidity Provider shall not be entitled to assert any claim under this Section 3.01 in respect of or attributable
to Excluded Taxes. The Liquidity Provider will notify the Borrower and FedEx as promptly as practicable upon its knowledge of
any event occurring after the date of this Agreement that will entitle the Liquidity Provider to compensation under this Section 3.01.
The Liquidity Provider agrees to investigate all commercially reasonable alternatives for reducing any Increased Costs and to
use all commercially reasonable efforts to avoid or minimize, to the greatest extent possible, any claim in respect of Increased
Costs, including, without limitation, by designating a different Lending Office, if such designation or other action would avoid
the need for, or reduce the amount of, any such claim; provided that the foregoing shall not obligate the Liquidity Provider
to take any action that would, in its reasonable judgment, cause the Liquidity Provider to take any action that is not materially
consistent with its internal policies or is otherwise materially disadvantageous to the Liquidity Provider or that would cause
the Liquidity Provider to incur any material loss or cost, unless the Borrower or FedEx agrees to reimburse or indemnify the Liquidity
Provider therefor in a manner reasonably acceptable to the Liquidity Provider. If no such designation or other action is effected,
or, if effected, such notice fails to avoid the need for any claim in respect of Increased Costs, FedEx may arrange for a Replacement
Liquidity Facility in accordance with Section 3.05(e) of the Intercreditor Agreement.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    18 

     

    

 

Notwithstanding the foregoing provisions,
in no event shall the Borrower be required to make payments under this Section 3.01: (a) in respect of any Regulatory
Change proposed by any applicable governmental authority (including any branch of a legislature), court, central bank or comparable
agency of the United States or the Liquidity Provider’s jurisdiction of organization or in which its Lending Office is located
and pending as of the date of this Agreement (it being agreed that the Regulatory Changes contemplated by (i) the frameworks
published by the Basel Committee on Banking Supervision entitled “Basel III: A global regulatory framework for more resilient
banks and banking systems” dated December 2010 (revised June 2011), “Basel III: The Liquidity Coverage Ratio
and liquidity risk monitoring tools,” dated January 2013, and (ii) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith, shall not be considered
to have been proposed or pending as of the date of this Agreement); (b) if a claim hereunder in respect of an Increased Cost
arises through circumstances peculiar to the Liquidity Provider and that do not affect similarly organized commercial banking
institutions in the same jurisdiction generally that are in compliance with the law, rule, regulation or interpretation giving
rise to the Regulatory Change relating to such Increased Cost; (c) if the Liquidity Provider shall fail to comply with its
obligations under this Section 3.01 or (d) if the Liquidity Provider is not also seeking payment for similar increased
costs in other similarly situated transactions related to the airline industry.

 

Section 3.02     Reserved.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    19 

     

    

 

Section 3.03     Withholding
Taxes. (a) All payments made by the Borrower under this Agreement shall be made without deduction or withholding
for or on account of any Taxes, unless such deduction or withholding is required by law. If any Taxes are so required to be withheld
or deducted from any amounts payable to the Liquidity Provider under this Agreement, then, subject to Sections 2.07 and 2.09,
the Borrower shall pay to the relevant authorities the full amount so required to be deducted or withheld and, without duplication
of any rights created by Section 3.01, if such Taxes are Covered Taxes, pay to the Liquidity Provider such additional amounts
as shall be necessary to ensure that the net amount actually received by the Liquidity Provider (after deduction or withholding
of all Covered Taxes) shall be equal to the full amount that would have been received by the Liquidity Provider had no withholding
or deduction of Covered Taxes been required. The Liquidity Provider agrees to use reasonable efforts (consistent with applicable
legal and regulatory restrictions) to change the jurisdiction of its Lending Office if making such change would avoid the need
for, or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable judgment
of the Liquidity Provider, be otherwise materially disadvantageous to the Liquidity Provider.

 

If the Liquidity Provider receives a refund
of, or realizes a net Tax benefit not otherwise available to it as a result of, any Taxes for which additional amounts were paid
by the Borrower pursuant to this Section 3.03, the Liquidity Provider shall pay to the Borrower (for deposit into the Collection
Account) the amount of such refund (and any interest thereon received from the taxing authority) or net Tax benefit.

 

The Liquidity Provider will (i) provide
(on its behalf and on behalf of any participant holding a Participation pursuant to Section 7.08) to the Borrower (x) on
or prior to the Effective Date two valid completed and executed copies of Internal Revenue Service Form W-9, W-8BEN-E or
W-8ECI (whichever is applicable), including thereon a valid U.S. taxpayer identification number (or, with respect to any such
participant, such other form or documentation as may be applicable) covering all amounts receivable by it in connection with the
transactions contemplated by the Operative Agreements and (y) thereafter from time to time such additional forms or documentation
as may be necessary to establish an available exemption from withholding of United States Tax on payments hereunder so that such
forms or documentation are effective for all periods during which it is the Liquidity Provider and (ii) provide timely notice
to the Borrower if any such form or documentation is or becomes inaccurate. The Liquidity Provider shall deliver to the Borrower
such other forms or documents as may be reasonably requested by the Borrower or required by applicable law to establish that payments
hereunder are exempt from or entitled to a reduced rate of Covered Taxes.

 

(b)            All
payments (including, without limitation, Advances) made by the Liquidity Provider under this Agreement shall be made free and
clear of, and without reduction for or on account of, any Taxes. If any Taxes are required to be withheld or deducted from any
amounts payable to the Borrower under this Agreement, the Liquidity Provider shall (i) within the time prescribed therefor
by applicable law pay to the appropriate governmental or taxing authority the full amount of any such Taxes (and any additional
Taxes in respect of the additional amounts payable under clause (ii) hereof) and make such reports or returns in connection
therewith at the time or times and in the manner prescribed by applicable law, and (ii) pay to the Borrower an additional
amount which (after deduction of all such Taxes) will be sufficient to yield to the Borrower the full amount which would have
been received by it had no such withholding or deduction been made. Within 30 days after the date of each payment hereunder, the
Liquidity Provider shall furnish to the Borrower the original or a certified copy of (or other documentary evidence of) the payment
of the Taxes applicable to such payment.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    20 

     

    

 

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

 

(c)            If
a payment made hereunder to the Liquidity Provider would be subject to U.S. federal withholding Tax imposed by FATCA if the Liquidity
Provider were to fail to comply with the applicable reporting requirement of FATCA (including without limitation those contained
in Section 1471(b) or 1472(b) of the Code, as applicable), the Liquidity Provider shall deliver to the Borrower
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower such documentation prescribed
by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower as may be necessary for the Borrower to comply with the Borrower’s obligations under
FATCA and to determine whether the Liquidity Provider has complied with the Liquidity Provider’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this paragraph, “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

Section 3.04     Payments.
Subject to Sections 2.07 and 2.09, the Borrower shall make or cause to be made each payment to the Liquidity Provider under this
Agreement so as to cause the same to be received by the Liquidity Provider not later than 1:00 p.m. (New York City time)
on the day when due. The Borrower shall make all such payments in Dollars, to the Liquidity Provider in immediately available
funds, by wire transfer to the account of [     ]; or to such other U.S. bank account as the Liquidity
Provider may from time to time direct the Subordination Agent.

 

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(2020-1 EETC)

 

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

 

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

 

Section 3.07     Interest.
(a) Subject to Sections 2.07 and 2.09, the Borrower shall pay, or shall cause to be paid, without duplication, interest on
(i) the unpaid principal amount of each Advance from and including the date of such Advance (or, in the case of an Applied
Provider Advance or Applied Special Termination Advance, from and including the date on which the amount thereof was withdrawn
from the Class AA Cash Collateral Account to pay interest on the Class AA Certificates) to but excluding the date such
principal amount shall be paid in full (or, in the case of an Applied Provider Advance or Applied Special Termination Advance,
the date on which the Class AA Cash Collateral Account is fully replenished in respect of such Advance) and (ii), to the
extent permitted by law, any other amount due hereunder (whether fees, commissions, expenses or other amounts or installments
of interest on Advances or any such other amount) that is not paid when due (whether at stated maturity, by acceleration or otherwise)
from and including the due date thereof to but excluding the date such amount is paid in full, in each such case, at the interest
rate per annum for each day that such amount remains overdue and unpaid equal to the Applicable Liquidity Rate for such Advance
or such other amount, as the case may be, as in effect for such day, but in no event in any case referred to in clause (i) or
(ii) above at a rate per annum greater than the maximum rate permitted by applicable law; provided, however,
that, if at any time the otherwise applicable interest rate as set forth in this Section 3.07 shall exceed the maximum rate
permitted by applicable law, then to the maximum extent permitted by applicable law any subsequent reduction in such interest
rate will not reduce the rate of interest payable pursuant to this Section 3.07 below the maximum rate permitted by applicable
law until the total amount of interest accrued equals the absolute amount of interest that would have accrued (without additional
interest thereon) if such otherwise applicable interest rate as set forth in this Section 3.07 had at all relevant times
been in effect.

 

(b)            Each
Advance (other than a Provider Advance or a Special Termination Advance) will be a Base Rate Advance for the period from the date
of its Borrowing to (but excluding) the third Business Day following the Liquidity Provider’s receipt of the Notice of Borrowing
for such Advance. Thereafter, such Advance shall be a LIBOR Advance, and an Applied Provider Advance and an Applied Special Termination
Advance shall be a LIBOR Advance from the date of its withdrawal from the Class AA Cash Collateral Account unless the Borrower
otherwise elects in writing that such Applied Provider Advance or Applied Special Termination Advance, as applicable, shall be
a Base Rate Advance.

 

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(2020-1 EETC)

 

    22 

     

    

 

(c)            Each
LIBOR Advance shall bear interest during each Interest Period at a rate per annum equal to the LIBOR Rate for such Interest Period
plus the Applicable Margin for such LIBOR Advance, payable in arrears on the last day of such Interest Period and, in the event
of the payment of principal of such LIBOR Advance on a day other than such last day, on the date of such payment (to the extent
of interest accrued on the amount of principal repaid).

 

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

 

(e)            Each
outstanding Unapplied Non-Extension Advance, Unapplied Downgrade Advance or Unapplied Special Termination Advance (each, an “Unapplied
Advance”), as the case may be, shall bear interest, payable in arrears on each Regular Distribution Date, in an amount
equal to (i) the Investment Earnings on the amounts on deposit in the Class AA Cash Collateral Account on account of
such Unapplied Advance during the period beginning on the later of the date of deposit of such Unapplied Advance and the preceding
Regular Distribution Date and ending on the last day prior to such Regular Distribution Date, plus (ii) an amount equal to
interest at the Applicable Margin on the amount of such Unapplied Advance during such period.

 

(f)            Each
amount not paid when due hereunder (whether fees, commissions, expenses or other amounts or installments of interest on Advances
but excluding Advances) shall bear interest, to the extent permitted by applicable law, at a rate per annum equal to the Base
Rate plus 2.0% per annum until paid.

 

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

 

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(2020-1 EETC)

 

    23 

     

    

 

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

 

(i)             Without
prejudice to any other provision of this Agreement, each party hereto acknowledges for the benefit of the other party: (i) the
London Interbank Offered Rate (A) may be subject to methodological or other changes which could affect its value and/or (B) may
be permanently discontinued; and (ii) the occurrence of either of the aforementioned events and/or a Benchmark Replacement
Event may have adverse consequences which may materially impact the economics of the transactions contemplated by the Operative
Agreements.

 

Section 3.08     Replacement
of Borrower. Subject to Section 5.02, from time to time and subject to the successor Borrower’s meeting
the eligibility requirements set forth in Section 6.09 of the Intercreditor Agreement applicable to the Subordination Agent,
upon the effective date and time specified in a written and completed Notice of Replacement Subordination Agent in substantially
the form of Annex VIII (a “Notice of Replacement Subordination Agent”) delivered to the Liquidity
Provider by the then Borrower, the successor Borrower designated therein shall become the Borrower for all purposes hereunder.

 

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

 

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

 

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

 

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(2020-1 EETC)

 

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Section 3.10     Illegality.
Notwithstanding any other provision in this Agreement, if any change in any law, rule or regulation applicable to or binding
on the Liquidity Provider, or any change in the interpretation or administration thereof by any governmental authority, court
central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Liquidity Provider
(or its Head Office) with any request or directive (whether or not having the force of law) of any such authority, central bank
or comparable agency shall make it unlawful or impossible for the Liquidity Provider (or its Head Office) to maintain or fund
its LIBOR Advances, then upon notice to the Borrower and FedEx by the Liquidity Provider, the outstanding principal amount of
the LIBOR Advances shall be converted to Base Rate Advances (a) immediately upon demand of the Liquidity Provider, if such
change or compliance with such request, in the reasonable judgment of the Liquidity Provider, requires immediate conversion; or
(b) at the expiration of the last Interest Period to expire before the effective date of any such change or request. The
Liquidity Provider will notify the Borrower and FedEx as promptly as practicable of any event that will or to its knowledge is
reasonably likely to lead to the conversion of LIBOR Advances to Base Rate Advances under this Section 3.10; provided
that a failure by the Liquidity Provider to notify the Borrower or FedEx of an event that is reasonably likely to lead to
such a conversion prior to the time that it is determined that such event will lead to such a conversion shall not prejudice the
rights of the Liquidity Provider under this Section 3.10. The Liquidity Provider agrees to investigate all commercially reasonable
alternatives for avoiding the need for such conversion, including, without limitation, designating a different Lending Office,
if such designation or other action would avoid the need to convert such LIBOR Advances to Base Rate Advances; provided
that the foregoing shall not obligate the Liquidity Provider to take any action that would, in its reasonable judgment, cause
the Liquidity Provider to incur any material loss or cost, unless the Borrower or FedEx agrees to reimburse or indemnify the Liquidity
Provider therefor. If no such designation or other action is effected, or, if effected, fails to avoid the need for conversion
of the LIBOR Advances to Base Rate Advances, FedEx may arrange for a Replacement Liquidity Facility in accordance with Section 3.05(e) of
the Intercreditor Agreement.

 

Article IV

 

CONDITIONS
PRECEDENT

 

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

 

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

 

(i)            This
Agreement and the Fee Letter duly executed on behalf of the Borrower and, in the case of the Fee Letter, FedEx;

 

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

 

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

 

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

 

(v)           An
executed copy of each opinion (other than the negative assurance letters of internal counsel of FedEx and of Davis Polk &
Wardwell LLP, special counsel to FedEx, and the opinion and the negative assurance letter of Milbank LLP, special counsel to the
Underwriters) delivered on the Closing Date pursuant to the Underwriting Agreement (in the case of each such opinion, either addressed
to the Liquidity Provider or accompanied by a letter from the counsel rendering such opinion to the effect that the Liquidity
Provider is entitled to rely on such opinion as of its date as if it were addressed to the Liquidity Provider);

 

(vi)          An
executed copy of each document, instrument, certificate and opinion delivered on or before the Closing Date pursuant to the Class AA
Trust Agreement, the Intercreditor Agreement and the other Operative Agreements (in the case of each such opinion, either addressed
to the Liquidity Provider or accompanied by a letter from the counsel rendering such opinion to the effect that the Liquidity
Provider is entitled to rely on such opinion as of its date as if it were addressed to the Liquidity Provider);

 

(vii)         An
agreement from FedEx, pursuant to which (x) FedEx agrees to provide copies of either (A) a consolidated balance sheet
of FedEx and its consolidated subsidiaries prepared by it as of each of the first three quarterly periods in each fiscal year,
together with the related consolidated statements of income for such period or (B) a report of FedEx Corporation on Form 10-Q
in respect of such period in the form filed with the Securities and Exchange Commission and either (A) a consolidated balance
sheet of FedEx and its consolidated subsidiaries as of the close of each fiscal year, together with the related consolidated statements
of income for such fiscal year, certified by independent public accountants, or (B) a report of FedEx Corporation on Form 10-K
in respect of such year in the form filed with the Securities and Exchange Commission and (y) FedEx agrees to allow the Liquidity
Provider to discuss the transactions contemplated by the Operative Agreements with officers of FedEx; provided that such
discussions shall not take place more frequently than once per year unless a Liquidity Event of Default has occurred and is continuing
and there is a Performing Note Deficiency; and

 

(viii)            Such
other documentation as the Liquidity Provider shall have reasonably requested to satisfy its “know your customer”
policies.

 

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(b)            On
and as of the Effective Date no event shall have occurred and be continuing, or would result from the entering into of this Agreement
or the making of any Advance, which constitutes a Liquidity Event of Default.

 

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

 

(d)            All
conditions precedent to the issuance of the Certificates under the Trust Agreements shall have been satisfied or waived, all conditions
precedent to the effectiveness of the other Liquidity Facilities shall have been satisfied or waived, and all conditions precedent
to the purchase of the Class AA Certificates by the Underwriters under the Underwriting Agreement shall have been satisfied
(unless any of such conditions precedent under the Underwriting Agreement shall have been waived by the Underwriters).

 

(e)            The
Borrower and FedEx shall have received a certificate, dated the Effective Date signed by a duly authorized representative of the
Liquidity Provider, certifying that all conditions precedent specified in this Section 4.01 have been satisfied or waived
by the Liquidity Provider.

 

Section 4.02     Conditions
Precedent to Borrowing. The obligation of the Liquidity Provider to make an Advance on the occasion of each Borrowing
shall be subject to the conditions precedent that the Effective Date shall have occurred and, prior to the time of such Borrowing,
the Borrower shall have delivered a Notice of Borrowing which conforms to the terms and conditions of this Agreement.

 

Section 4.03     Representations
and Warranties. The representations and warranties of the Borrower as Subordination Agent in Sections 5.01(a), (b),
(c), and (d) of the Participation Agreements shall be deemed to be incorporated into this Agreement as if set out in full
herein and as if such representations and warranties were made by the Borrower to the Liquidity Provider.

 

Article V

 

COVENANTS

 

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

 

(a)            Performance
of Agreements. Subject to Sections 2.07 and 2.09, punctually pay or cause to be paid all amounts payable by it under this
Agreement and the Intercreditor Agreement and observe and perform in all material respects the conditions, covenants and requirements
applicable to it contained in this Agreement and the Intercreditor Agreement;

 

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

 

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

 

Section 5.02     Negative
Covenants of the Borrower. Subject to the first and fourth paragraphs of Section 7.01(a) of the Intercreditor
Agreement and Section 7.01(b) of the Intercreditor Agreement, so long as any Advance shall remain unpaid or the Liquidity
Provider shall have any Maximum Available Commitment hereunder or the Borrower shall have any obligation to pay any amount to
the Liquidity Provider hereunder, the Borrower will not appoint or permit or suffer to be appointed any successor Borrower without
the prior written consent of the Liquidity Provider, which consent shall not be unreasonably withheld or delayed.

 

Article VI

 

LIQUIDITY
EVENTS OF DEFAULT AND SPECIAL TERMINATION

 

Section 6.01     Liquidity
Events of Default. (a) If any Liquidity Event of Default has occurred and is continuing and there is a Performing
Note Deficiency, the Liquidity Provider may, in its discretion, deliver to the Borrower and FedEx a Termination Notice, the effect
of which shall be to cause (i) the Termination Date to occur on the fifth Business Day after the date on which such Termination
Notice is received by the Borrower and FedEx, (ii) the Borrower to promptly request, and the Liquidity Provider to promptly
make, a Final Advance in accordance with Section 2.02(c) hereof and Section 3.05(i) of the Intercreditor Agreement,
(iii) all other outstanding Advances to be automatically converted into Final Advances for purposes of determining the Applicable
Liquidity Rate for interest payable thereon and (iv) subject to Sections 2.07 and 2.09, all Advances, any accrued interest
thereon and any other amounts outstanding hereunder to become immediately due and payable to the Liquidity Provider.

 

(b)            If
the aggregate Pool Balance of the Class AA Certificates is greater than the aggregate outstanding principal amount of the
Series AA Equipment Notes (other than any Series AA Equipment Notes previously sold by the Borrower or with respect
to which the Aircraft related to such Series AA Equipment Notes has been disposed of by the Loan Trustee) at any time during
the 18-month period ending on February 20, 2034, the Liquidity Provider may, in its discretion, deliver to the Borrower and
FedEx a Special Termination Notice, the effect of which shall be to cause (i) the Termination Date to occur on the fifth
Business Day after the date on which such Special Termination Notice is received by the Borrower and FedEx, (ii) the Borrower
to promptly request, and the Liquidity Provider to promptly make, a Special Termination Advance in accordance with Section 2.02(d) hereof
and Section 3.05(k) of the Intercreditor Agreement, and (iii) subject to Sections 2.07 and 2.09, all Advances (including,
without limitation, any Unapplied Provider Advance), to be automatically treated as Special Termination Advances, subject to Section 6.01(a).

 

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Article VII

 

MISCELLANEOUS

 

Section 7.01     No
Oral Modifications or Continuing Waivers. No terms or provisions of this Agreement may be changed, waived, discharged
or terminated orally, but only by an instrument in writing signed by the Borrower and the Liquidity Provider and any other Person
whose consent is required pursuant to this Agreement; provided that no such change or other action shall affect the payment
obligations of FedEx or the rights of FedEx without FedEx’s prior written consent; and any waiver of the terms hereof shall
be effective only in the specific instance and for the specific purpose given.

 

Section 7.02     Notices.
Unless otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands, authorizations, directions,
consents, waivers or documents required or permitted under the terms and provisions of this Agreement shall be in English and
in writing, and given by United States registered or certified mail, by hand, courier service or facsimile, and any such notice
shall be effective when delivered (or, if delivered by facsimile, upon completion of transmission and confirmation by the sender
(by a telephone call to a representative of the recipient or by machine confirmation) that such transmission was received) addressed
as follows:

 

If to the Borrower, to:

 

Wilmington Trust Company

1100 North Market Square

Wilmington, DE 19890-1605

		Attention:	Global
                                         Capital Market Services

		Ref:	FedEx
                                         2020-1AA EETC

		Telephone:	[     ]

		Telecopy:	[     ]

 

If to the Liquidity Provider, to:

 

Middle office

BNP Paribas

525 Washington Blvd # 600

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    29 

     

    

 

Jersey City NJ 07310

United States

Attention:  Luis Montanti

Email: ito.credit.mo@us.bnpparibas.com

 

Loan Servicing

 

Loan Servicing Team

BNP Paribas

2001, Robert-Bourassa boulevard, Suite 900

Montreal, OC H3A 2A6

Canada

Attention: Patrizia Rizzo, Team Leader – Loan
Servicing

Email: dl.nyk_ls_regional@us.bnpparibas.com

 

If to FedEx, to:

 

Federal Express Corporation

3610 Hacks Cross Road

Memphis, TN 38125

Attn: General Counsel

 

With copies to:

 

FedEx Corporation

942 S. Shady Grove Road

Memphis, TN 38120

Attn: Treasurer

 

With a separate FedEx Corporation copy to: Corporate
Vice President, Securities & Corporate Law

 

Any party, by notice to the other party
hereto, may designate additional or different addresses for subsequent notices or communications. Whenever the words “notice”
or “notify” or similar words are used herein, they mean the provision of formal notice as set forth in this Section 7.02.

 

Notwithstanding anything to the contrary
in this Agreement or any other Operative Agreement to which the Liquidity Provider is a party, the Liquidity Provider shall not
be required to provide any notices under this Agreement or such other Operative Agreement to FedEx to the extent the giving of
such notice is not permitted under applicable law, including as a result of a pending case under the Bankruptcy Code.

 

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

 

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

 

Section 7.05     Indemnification;
Survival of Certain Provisions. The Liquidity Provider shall be indemnified hereunder to the extent and in the manner
described in Section 4.02 of the Participation Agreements. In addition, the Borrower agrees to indemnify, protect, defend
and hold harmless each Liquidity Indemnitee from and against, and shall pay on demand, all Expenses of any kind or nature whatsoever
(other than any Expenses of the nature described in Sections 3.01, 3.03, 3.09 or 7.07 or in the Fee Letter (regardless of whether
indemnified against pursuant to said Sections or in such Fee Letter)), that may be imposed on or incurred by or asserted against
such Liquidity Indemnitee, in any way relating to, resulting from, or arising out of or in connection with, any action, suit or
proceeding by any third party against such Liquidity Indemnitee and relating to this Agreement, the Fee Letter, the Intercreditor
Agreement or any Participation Agreement; provided, however, that the Borrower shall not be required to indemnify,
protect, defend and hold harmless any Liquidity Indemnitee in respect of any Expense of such Liquidity Indemnitee to the extent
such Expense is (i) attributable to the gross negligence or willful misconduct of such Liquidity Indemnitee or any other
Liquidity Indemnitee, (ii) an ordinary and usual operating overhead expense, (iii) attributable to the failure by such
Liquidity Indemnitee or any other Liquidity Indemnitee to perform or observe any agreement, covenant or condition on its part
to be performed or observed in this Agreement, the Intercreditor Agreement, the Fee Letter or any other Operative Agreement to
which it is a party or (iv) otherwise excluded from the indemnification provisions contained in Section 4.02 of the
Participation Agreements. The provisions of Sections 3.01, 3.03, 3.09, 7.05 and 7.07 and the indemnities contained in Section 4.02
of the Participation Agreements shall survive the termination of this Agreement.

 

Section 7.06     Liability
of the Liquidity Provider. (a) Neither the Liquidity Provider nor any of its officers, employees or directors
or Affiliates shall be liable or responsible for: (i) the use which may be made of the Advances or any acts or omissions
of the Borrower or any beneficiary or transferee in connection therewith; (ii) the validity, sufficiency or genuineness of
documents, or of any endorsement thereon, even if such documents should prove to be in any or all respects invalid, insufficient,
fraudulent or forged; or (iii) the making of Advances by the Liquidity Provider against delivery of a Notice of Borrowing
and other documents which do not comply with the terms hereof; provided, however, that the Borrower shall have a
claim against the Liquidity Provider, and the Liquidity Provider shall be liable to the Borrower, to the extent of any damages
suffered by the Borrower that were the result of (A) the Liquidity Provider’s willful misconduct or gross negligence
in determining whether documents presented hereunder comply with the terms hereof or (B) any breach by the Liquidity Provider
of any of its obligations under this Agreement or the Intercreditor Agreement, including, but not limited to, the Liquidity Provider’s
failure to make lawful payment hereunder after the delivery to it by the Borrower of a Notice of Borrowing complying with the
terms and conditions hereof. In no event, however, shall the Liquidity Provider be liable on any theory of liability for any special,
indirect, consequential or punitive damages (including, without limitation, loss of profits, business or anticipated savings).

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    31 

     

    

 

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

 

Section 7.07     Certain
Costs and Expenses. The Borrower agrees promptly to pay, or cause to be paid, (a) the reasonable fees, expenses
and disbursements of Hughes Hubbard & Reed LLP, special counsel for the Liquidity Provider, in connection with the preparation,
negotiation, execution, delivery, filing and recording of the Operative Agreements and any other document delivered in connection
therewith, any waiver or consent thereunder or any amendment thereof (including any amendment relating to the replacement of the
London Interbank Offered Rate as a component of the LIBOR Rate or otherwise in connection with a Benchmark Replacement Event or
the establishment of a Benchmark Replacement Rate), (b) if a Liquidity Event of Default occurs, or otherwise in connection
with the enforcement of any Operative Agreement, all out-of-pocket expenses incurred by the Liquidity Provider, including reasonable
fees and disbursements of a single legal counsel, in connection with such Liquidity Event of Default or enforcement and any collection,
bankruptcy, insolvency and other enforcement proceedings in connection therewith, (c) to the extent not paid by FedEx, any
expenses incurred by the Liquidity Provider, including reasonable fees and disbursements of counsel, in connection with the replacement
of this Agreement by a Replacement Liquidity Facility pursuant to Section 3.05(d)(i) of the Intercreditor Agreement,
and (d) any and all expenses incurred by the Liquidity Provider in connection with any action or proceeding relating to any
order, injunction, or other process or decree restraining or seeking to restrain the Liquidity Provider from paying any amount
under this Agreement, the Intercreditor Agreement or any other Operative Agreement or otherwise affecting the application of funds
in the Class AA Cash Collateral Account. In addition, the Borrower shall pay any and all recording, stamp and other similar
Taxes and fees payable or determined to be payable in the United States in connection with the execution, delivery, filing and
recording of this Agreement, any other Operative Agreement and such other documents, and agrees to save the Liquidity Provider
harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such
Taxes or fees.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    32 

     

    

 

Section 7.08     Binding
Effect; Participations. (a) This Agreement shall be binding upon and inure to the benefit of the Borrower and
the Liquidity Provider and their respective successors and permitted assigns, except that neither the Liquidity Provider (except
as otherwise provided in this Section 7.08) nor (except as contemplated by Section 3.08) the Borrower shall have the
right to assign, pledge or otherwise transfer its rights or obligations hereunder or any interest herein, subject to the Liquidity
Provider’s right to grant Participations pursuant to Section 7.08(b).

 

(b)            The
Liquidity Provider agrees that it will not grant any participation (including, without limitation, a “risk participation”)
(any such participation, a “Participation”) in or to all or a portion of its rights and obligations
hereunder or under the other Operative Agreements, unless all of the following conditions are satisfied: (i) such Participation
is to a Permitted Transferee, (ii) such Participation is made in accordance with all applicable laws, including, without
limitation, the Securities Act of 1933, as amended, the Trust Indenture Act of 1939, as amended, any laws or regulations imposing
U.S. economic sanctions measures or any orders or licenses issued thereunder and any other applicable laws relating to the transfer
of similar interests and (iii) such Participation shall not be made under circumstances that require registration under the
Securities Act of 1933, as amended, or qualification of any indenture under the Trust Indenture Act of 1939, as amended. Notwithstanding
any such Participation, the Liquidity Provider agrees that (1) the Liquidity Provider’s obligations under the Operative
Agreements shall remain unchanged, and such participant shall have no rights or benefits as against FedEx or the Borrower or under
any Operative Agreement, (2) the Liquidity Provider shall remain solely responsible to the other parties to the Operative
Agreements for the performance of such obligations, (3) the Liquidity Provider shall remain the maker of any Advances, and
the other parties to the Operative Agreements shall continue to deal solely and directly with the Liquidity Provider in connection
with the Advances and the Liquidity Provider’s rights and obligations under the Operative Agreements, (4) the Liquidity
Provider shall be solely responsible for any withholding Taxes or any filing or reporting requirements relating to such Participation
and shall hold the Borrower and FedEx and their respective successors, permitted assigns, affiliates, agents and servants harmless
against the same and (5) neither FedEx nor the Borrower shall be required to pay to the Liquidity Provider any amount under
Section 3.01 or Section 3.03 greater than it would have been required to pay had there not been any grant of a Participation
by the Liquidity Provider. The Liquidity Provider may, in connection with any Participation or proposed Participation pursuant
to this Section 7.08(b), disclose to the participant or proposed participant any information relating to the Operative Agreements
or to the parties thereto furnished to the Liquidity Provider thereunder or in connection therewith and permitted to be disclosed
by the Liquidity Provider; provided, however, that prior to any such disclosure, the participant or proposed participant
shall agree in writing for the express benefit of the Borrower and FedEx to preserve the confidentiality of any confidential information
included therein (subject to customary exceptions).

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    33 

     

    

 

The Borrower acknowledges and agrees that
the Liquidity Provider’s source of funds may derive in part from its participants. Accordingly, in determining amounts due
by the Borrower to the Liquidity Provider pursuant to Section 3.01 and Section 3.03 of this Agreement, references in
this Agreement to determinations, reserve, liquidity and capital adequacy requirements, increased costs, reduced receipts, additional
amounts due pursuant to Section 3.03 as they pertain to the Liquidity Provider shall be deemed also to include those of each
of its participants that are commercial banking institutions and of whose participation the Borrower has been notified, in each
case up to the maximum amount that would have been incurred by or attributable to the Liquidity Provider directly had there not
been any grant of a Participation by the Liquidity Provider, and references to the Liquidity Provider therein and in related definitions
shall be treated as references to such participants where applicable; provided that in any event, neither FedEx nor the Borrower
shall be required to pay any amount under Section 3.01 or Section 3.03 greater than it would have been required to pay
had there not been any grant of a Participation by the Liquidity Provider.

 

The Liquidity Provider shall, acting solely
for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each
participant and the principal amounts (and stated interest) of each participant’s interest under this Agreement (the “Participant
Register”); provided that the Liquidity Provider shall not have any obligation to disclose all or any portion
of the Participant Register (including the identity of any participant or any information relating to a participant’s interest
in any commitments, loans or its other obligations) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and the Liquidity Provider
shall treat each Person whose name is recorded in the Participant Register as the owner of such Participation for all purposes
of this Agreement notwithstanding any notice to the contrary.

 

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

 

Section 7.09     Severability.
To the extent permitted by applicable law, any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    34 

     

    

 

Section 7.10     Governing
Law. THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK AND THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 

Section 7.11     Submission
to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity. (a) Each of the parties hereto, to the extent it may
do so under applicable law, for purposes hereof hereby (i) irrevocably submits itself to the non-exclusive jurisdiction of
the courts of the State of New York sitting in the City of New York and to the non-exclusive jurisdiction of the United States
District Court for the Southern District of New York located in the Borough of Manhattan for the purposes of any suit, action
or other proceeding arising out of this Agreement, the subject matter hereof or any of the transactions contemplated hereby brought
by any party or parties hereto or thereto, or their successors or permitted assigns, (ii) waives, and agrees not to assert,
by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, that the suit, action or proceeding is brought
in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter
hereof or any of the transactions contemplated hereby may not be enforced in or by such courts, (iii) agrees that service
of process in any such suit, action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or
any substantially similar form of mail), postage prepaid, to each party hereto at its address set forth in Section 7.02 hereof,
or at such other address of which each party shall have been notified pursuant thereto and (iv) agrees that nothing herein
shall affect the right to effect service of process in any other manner permitted by law or shall limit the right of the Liquidity
Provider to sue in any other jurisdiction.

 

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

 

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

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    35 

     

    

 

Section 7.12     Counterparts.
This Agreement may be executed in any number of counterparts (and each party shall not be required to execute the same counterpart).
Each counterpart of this Agreement including a signature page or pages executed by each of the parties hereto shall
be an original counterpart of this Agreement, but all of such counterparts together shall constitute one instrument.

 

Section 7.13     Entirety.
This Agreement and the Intercreditor Agreement constitute the entire agreement of the parties hereto with respect to the subject
matter hereof and supersede all prior understandings and agreements of such parties.

 

Section 7.14     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 7.15     Liquidity
Provider’s Obligation to Make Advances. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS OF THE
LIQUIDITY PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE BORROWER’S RIGHTS TO DELIVER NOTICES OF BORROWING REQUESTING THE
MAKING OF ADVANCES HEREUNDER, SHALL BE ABSOLUTE, UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH CASE
STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.

 

Section 7.16     Patriot
Act. The Liquidity Provider hereby notifies the Borrower that pursuant to the requirements of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”)
it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and
address of the Borrower and other information that will allow the Liquidity Provider to identify the Borrower in accordance with
such Act.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    36 

     

    

 

Section 7.17     Acknowledgment
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in this Agreement or
in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any Affected Financial Institution arising under this Agreement, to the extent such liability is unsecured, may be subject
to Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees
to be bound by:

 

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

 

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

 

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

 

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

 

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

 

Section 7.18     Head
Office Obligations. The Liquidity Provider is BNP Paribas, acting through its New York branch. The Liquidity Provider
hereby agrees that, notwithstanding the place of booking or its jurisdiction of incorporation or organization, the obligations
of the Liquidity Provider hereunder are also the obligations of the head office of BNP Paribas in Paris, France (the “Head
Office”). Accordingly, any beneficiary of this Agreement will be able to proceed directly against the Head Office
(subject to the effect of any applicable bankruptcy, liquidation, winding-up, insolvency, reorganization or similar laws affecting
the rights of creditors generally, including all laws relating to administration or insolvency proceedings, to conciliation, nomination
of an ad-hoc receiver or similar procedures), if the Liquidity Provider defaults in its obligations to such beneficiary under
this Agreement.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    37 

     

    

 

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

 

	 	WILMINGTON TRUST COMPANY,
	 	not in its individual capacity but solely as Subordination Agent, as
    agent and trustee for the Class AA Trust, as Borrower

 

	 	By:	/s/ Adam R. Vogelsong
	 	 	Name: Adam R. Vogelsong
	 	 	Title: Vice President

 

Signature Page

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    

     

    

 

 

	 	BNP PARIBAS, acting through its New York branch, as Liquidity Provider
	 	 	 
	 	By:	/s/
    Advait Joshi
	 	 	Name: Advait Joshi
	 	 	Title: Director

 

	 	By:	/s/
    Chris Fukuoka
	 	 	Name: Chris Fukuoka
	 	 	Title: Vice President

 

Signature Page

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    

     

    

 

ANNEX I to

REVOLVING CREDIT AGREEMENT

 

FORM OF INTEREST ADVANCE NOTICE
OF BORROWING

 

INTEREST ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to BNP Paribas (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2020-1AA), dated as of August 13, 2020, between
the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced), that:

 

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

 

(2)            The
Borrower is delivering this Notice of Borrowing for the making of an Interest Advance by the Liquidity Provider to be used for
the payment of the interest on the Class AA Certificates which is payable on __________, _____ (the “Distribution
Date”) in accordance with the terms and provisions of the Class AA Trust Agreement and the Class AA Certificates,
which Advance is requested to be made on __________, ____. The Interest Advance should be remitted to [insert wire and account
details].

 

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

 

(4)            Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will apply the same in accordance
with the terms of Section 3.05(b) of the Intercreditor Agreement, (b) no portion of such amount shall be applied
by the Borrower for any other purpose and (c) no portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

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

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    I-1

     

    

 

IN WITNESS WHEREOF, the Borrower has executed
and delivered this Notice of Borrowing as of the ______ day of __________, _____.

 

	 	WILMINGTON
                                         TRUST COMPANY,

as Subordination Agent,
as Borrower

	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    I-2

     

    

 

SCHEDULE I TO INTEREST ADVANCE NOTICE OF
BORROWING

 

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

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    I-3

     

    

 

ANNEX II to

REVOLVING CREDIT AGREEMENT

 

FORM OF NON-EXTENSION ADVANCE
NOTICE OF BORROWING

 

NON-EXTENSION ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned subordination agent (the “Borrower”), hereby certifies to BNP Paribas (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2020-1AA), dated as of August 13, 2020, between
the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced), that:

 

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

 

(2)            The
Borrower is delivering this Notice of Borrowing for the making of the Non-Extension Advance by the Liquidity Provider to be used
for the funding of the Class AA Cash Collateral Account in accordance with Section 3.05(d) of the Intercreditor
Agreement, which Advance is requested to be made on ________, ____. The Non-Extension Advance should be remitted to [insert wire
and account details].

 

(3)            The
amount of the Non-Extension Advance requested hereby (i) is $ _____________, which equals the Maximum Available Commitment
on the date hereof and is to be applied in respect of the funding of the Class AA Cash Collateral Account in accordance with
Sections 3.05(d) and 3.05(f) of the Intercreditor Agreement, (ii) does not include any amount with respect to the
payment of the principal of, or premium on, the Class AA Certificates, or principal of, or interest or premium on, any Additional
Certificates, if issued, (iii) was computed in accordance with the provisions of the Class AA Certificates, the Liquidity
Agreement, the Class AA Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as
Schedule I) and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity
Agreement.

 

(4)            Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will deposit such amount in the
Class AA Cash Collateral Account and apply the same in accordance with the terms of Sections 3.05(d) and 3.05(f) of
the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

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

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    II-1

     

    

 

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

 

 

	 	WILMINGTON TRUST COMPANY,

as Subordination Agent, as Borrower

	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    II-2

     

    

 

SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE
OF BORROWING

 

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

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    II-3

     

    

 

ANNEX III to

REVOLVING CREDIT AGREEMENT

 

FORM OF DOWNGRADE ADVANCE NOTICE
OF BORROWING

 

DOWNGRADE ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned subordination agent (the “Borrower”), hereby certifies to BNP Paribas (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2020-1AA), dated as of August 13, 2020, between
the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced), that:

 

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

 

(2)            The
Borrower is delivering this Notice of Borrowing for the making of the Downgrade Advance by the Liquidity Provider to be used for
the funding of the Class AA Cash Collateral Account in accordance with Section 3.05(c)(iii) of the Intercreditor
Agreement by reason of the Liquidity Facility provided under the Liquidity Agreement becoming a Downgraded Facility which has
not been replaced by a Replacement Liquidity Facility, which Advance is requested to be made on __________, ____. The Downgrade
Advance should be remitted to [insert wire and account details].

 

(3)            The
amount of the Downgrade Advance requested hereby (i) is $ _____________, which equals the Maximum Available Commitment on
the date hereof and is to be applied in respect of the funding of the Class AA Cash Collateral Account in accordance with
Sections 3.05(c) and 3.05(f) of the Intercreditor Agreement, (ii) does not include any amount with respect to the
payment of the principal of, or premium on, the Class AA Certificates, or principal of, or interest or premium on, any Additional
Certificates, if issued, (iii) was computed in accordance with the provisions of the Class AA Certificates, the Class AA
Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I) and (iv) has
not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement.

 

(4)            Upon
receipt by or on behalf of the Borrower of the amount requested hereby,

 

the Borrower will deposit such amount in
the Class AA Cash Collateral Account and apply the same in accordance with the terms of Sections 3.05(c) and 3.05(f) of
the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

The Borrower hereby acknowledges that,
pursuant to the Liquidity Agreement, (A) the making of the Downgrade Advance as requested by this Notice of Borrowing shall
automatically reduce, subject to reinstatement in accordance with the terms of the Liquidity Agreement, the Maximum Available
Commitment to zero and (B) following the making by the Liquidity Provider of the Downgrade Advance requested by this Notice
of Borrowing, subject to reinstatement in accordance with the terms of the Liquidity Agreement, the Borrower shall not be entitled
to request any further Advances under the Liquidity Agreement.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    III-1

     

    

 

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

 

	 	WILMINGTON TRUST COMPANY,
 as Subordination Agent, as
    Borrower
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    III-2

     

    

 

SCHEDULE I TO DOWNGRADE ADVANCE NOTICE
OF BORROWING

 

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

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    III-3

     

    

 

ANNEX IV to

REVOLVING CREDIT AGREEMENT

 

FORM OF FINAL ADVANCE NOTICE
OF BORROWING

 

FINAL ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to BNP Paribas (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2020-1AA), dated as of August 13, 2020, between
the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced), that:

 

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

 

(2)            The
Borrower is delivering this Notice of Borrowing for the making of the Final Advance by the Liquidity Provider to be used for the
funding of the Class AA Cash Collateral Account in accordance with Section 3.05(i) of the Intercreditor Agreement
by reason of the receipt by the Borrower of a Termination Notice from the Liquidity Provider with respect to the Liquidity Agreement,
which Advance is requested to be made on ___________, ____. The Final Advance should be remitted to [insert wire and account details].

 

(3)            The
amount of the Final Advance requested hereby (i) is $ ____________, which equals the Maximum Available Commitment on the
date hereof and is to be applied in respect of the funding of the Class AA Cash Collateral Account in accordance with Sections
3.05(f) and 3.05(i) of the Intercreditor Agreement, (ii) does not include any amount with respect to the payment
of principal of, or premium on, the Class AA Certificates, or principal of, or interest or premium on, any Additional Certificates,
if issued, (iii) was computed in accordance with the provisions of the Class AA Certificates, the Class AA Trust
Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I) and (iv) has not
been and is not the subject of a prior or contemporaneous Notice of Borrowing.

 

(4)            Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will deposit such amount in the
Class AA Cash Collateral Account and apply the same in accordance with the terms of Sections 3.05(f) and 3.05(i) of
the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    IV-1

     

    

 

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

 

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

 

	 	WILMINGTON TRUST COMPANY,
 as Subordination Agent, as
    Borrower
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[* Bracketed language may be included at Borrower’s option.]

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    IV-2

     

    

 

SCHEDULE 1 TO FINAL ADVANCE NOTICE OF BORROWING

 

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

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    IV-3

     

    

 

ANNEX V to

REVOLVING CREDIT AGREEMENT

 

FORM OF SPECIAL TERMINATION

ADVANCE NOTICE OF BORROWING

 

SPECIAL TERMINATION ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly authorized signatory
of the undersigned borrower (the “Borrower”), hereby certifies to BNP Paribas (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2020-1AA), dated as of August 13, 2020, between
the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced), that:

 

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

 

(2)            The
Borrower is delivering this Notice of Borrowing for the making of the Special Termination Advance by the Liquidity Provider to
be used for the funding of the Class AA Cash Collateral Account in accordance with Section 3.05(k) of the Intercreditor
Agreement by reason of the receipt by the Borrower of a Special Termination Notice from the Liquidity Provider with respect to
the Liquidity Agreement, which Advance is requested to be made on ________________.

 

(3)            The
amount of the Special Termination Advance requested hereby (i) is $ ________________, which equals the Maximum Available
Commitment on the date hereof and is to be applied in respect of the funding of the Class AA Cash Collateral Account in accordance
with Sections 3.05(f) and 3.05(k) of the Intercreditor Agreement, (ii) does not include any amount with respect
to the payment of principal of, or premium on, the Class AA Certificates, or principal of, or interest or premium on, any
Additional Certificates, if issued, (iii) was computed in accordance with the provisions of the Class AA Certificates,
the Class AA Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule
I) and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing.

 

(4)            Upon
receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower shall deposit such amount in the
Class AA Cash Collateral Account and apply the same in accordance with the terms of Sections 3.05(f) and 3.05(k) of
the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held by the Borrower.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    V-1

     

    

 

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

 

IN WITNESS WHEREOF, the Borrower has executed
and delivered this Notice of Borrowing as of the _____ day of ___________, ___.

 

	 	WILMINGTON TRUST COMPANY,
 as Subordination Agent, as
    Borrower
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    V-2

     

    

 

SCHEDULE 1 TO SPECIAL TERMINATION ADVANCE
NOTICE OF BORROWING

 

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

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    V-3

     

    

 

ANNEX VI to

REVOLVING CREDIT AGREEMENT

 

FORM OF NOTICE OF TERMINATION

 

NOTICE OF TERMINATION

 

[Date]

 

Wilmington Trust Company,

as Subordination Agent,

as Borrower

[1100 North Market Square

Wilmington, DE 19890-1605

Attention: Global Capital Market Services

Ref: FedEx 2020-1 EETC]

 

		Re:	Revolving Credit Agreement (2020-1AA), dated as of August 13,
                                         2020, between Wilmington Trust Company, as Subordination Agent, as agent and trustee
                                         for the FedEx Pass Through Trust 2020-1AA, as Borrower, and BNP Paribas (the “Liquidity
                                         Agreement”)

 

Ladies and Gentlemen:

 

You are hereby notified that pursuant to
Section 6.01(a) of the Liquidity Agreement, by reason of the occurrence and continuance of a Liquidity Event of Default
and the existence of a Performing Note Deficiency (each as defined in the Liquidity Agreement), we are giving this notice to you
in order to cause (i) our obligations to make Advances (as defined in the Liquidity Agreement) under such Liquidity Agreement
to terminate on the fifth Business Day after the date on which you receive this notice and (ii) you to request a Final Advance
under the Liquidity Agreement pursuant to Section 2.02(c) of the Liquidity Agreement and Section 3.05(i) of
the Intercreditor Agreement (as defined in the Liquidity Agreement) as a consequence of your receipt of this notice.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    VI-1

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	BNP PARIBAS, acting through its New York branch, as Liquidity
    Provider
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		cc:	Wilmington Trust Company, as Class AA Trustee

                                         FedEx

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    VI-2

     

    

 

ANNEX VII to

REVOLVING CREDIT AGREEMENT

 

FORM OF NOTICE OF SPECIAL TERMINATION

 

NOTICE OF SPECIAL TERMINATION

 

[Date]

 

Wilmington Trust Company,

as Subordination Agent,

as Borrower

[1100 North Market Square

Wilmington, DE 19890-1605

Attention: Global Capital Market Services

Ref: FedEx 2020-1 EETC]

 

		Re:	Revolving Credit Agreement (2020-1AA), dated as of August 13,
                                         2020, between Wilmington Trust Company, as Subordination Agent, as agent and trustee
                                         for the FedEx Pass Through Trust 2020-1AA, as Borrower, and BNP Paribas (the “Liquidity
                                         Agreement”)

 

Ladies and Gentlemen:

 

You are hereby notified that pursuant to
Section 6.01(b) of the Liquidity Agreement, by reason of the aggregate Pool Balance of the Class AA Certificates
exceeding the aggregate outstanding principal amount of the Series AA Equipment Notes (other than any Series AA Equipment
Notes previously sold or with respect to which the Aircraft related to such Series AA Equipment Notes has been disposed of)
during the 18-month period prior to February 20, 2034, we are giving this notice to you in order to cause (i) our obligations
to make Advances (as defined in the Liquidity Agreement) under such Liquidity Agreement to terminate on the fifth Business Day
after the date on which you receive this notice and (ii) you to request a Special Termination Advance under the Liquidity
Agreement pursuant to Section 2.02(d) of the Liquidity Agreement and Section 3.05(k) of the Intercreditor
Agreement (as defined in the Liquidity Agreement) as a consequence of your receipt of this notice.

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    VII-1

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	BNP PARIBAS, acting through its New York branch, as Liquidity
    Provider
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		cc:	Wilmington Trust Company, as Class AA Trustee

                                         FedEx

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    VII-2

     

    

 

ANNEX VIII to

REVOLVING CREDIT AGREEMENT

 

FORM OF NOTICE OF REPLACEMENT
SUBORDINATION AGENT

 

NOTICE OF REPLACEMENT SUBORDINATION AGENT

 

[Date]

 

Attention:

 

		Re:	Revolving Credit Agreement (2020-1AA), dated as of August 13,
                                         2020, between Wilmington Trust Company, as Subordination Agent, as agent and trustee
                                         for the FedEx Pass Through Trust 2020-1AA, as Borrower, and BNP Paribas (the “Liquidity
                                         Agreement”)

 

Ladies and Gentlemen:

 

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

 

[Name of Transferee]

 

[Address of Transferee]

 

all rights and obligations of the undersigned as Borrower under
the Liquidity Agreement referred to above. The transferee has succeeded the undersigned as Subordination Agent under the Intercreditor
Agreement referred to in the first paragraph of the Liquidity Agreement, pursuant to the terms of Section 7.01 of the Intercreditor
Agreement.

 

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

 

This transfer shall be effective as of
[specify time and date].

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    VIII-1

     

    

 

	 	WILMINGTON TRUST COMPANY,
 as Subordination Agent, as
    Borrower
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Revolving Credit Agreement (Class AA)

(2020-1 EETC)

 

    VIII-2Exhibit 4.7

 

EXECUTION VERSION

 

 

PARTICIPATION AGREEMENT

(N126FE)

 

Dated as of August 13, 2020

 

among

 

FEDERAL EXPRESS CORPORATION,

 

WILMINGTON TRUST COMPANY,

as Pass Through Trustee under the

Pass Through Trust Agreement,

 

WILMINGTON TRUST COMPANY,

as Subordination Agent,

 

WILMINGTON TRUST COMPANY,

as Loan Trustee,

 

and

 

WILMINGTON TRUST COMPANY,

in its individual capacity as set forth herein

 

One Boeing 767-3S2F

 

(Generic Manufacturer and Model Boeing
767-300F) Aircraft

U.S. Registration No. N126FE

 

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE 1	 	DEFINITIONS	 	2
	 	 	 	 	 
	Section 1.01.	 	Definitions	 	2
	Section 1.02.	 	Other Definitional Provisions	 	2
	 	 	 	 	 
	ARTICLE 2	 	THE LOANS	 	2
	 	 	 	 	 
	Section 2.01.	 	The Loans	 	2
	Section 2.02.	 	Issuance of Equipment Notes	 	3
	Section 2.03.	 	The Closing	 	4
	 	 	 	 	 
	ARTICLE 3	 	CONDITIONS PRECEDENT	 	4
	 	 	 	 	 
	Section 3.01.	 	Conditions Precedent to Obligations
    of Pass Through Trustees	 	4
	Section 3.02.	 	Conditions Precedent to Obligations
    of Company	 	8
	 	 	 	 	 
	ARTICLE 4	 	REPRESENTATIONS, WARRANTIES AND
    INDEMNITIES OF COMPANY	 	10
	 	 	 	 	 
	Section 4.01.	 	Representations and Warranties
    of Company	 	10
	Section 4.02.	 	General Indemnity	 	13
	 	 	 	 	 
	ARTICLE 5	 	REPRESENTATIONS, WARRANTIES AND
    COVENANTS OF WTC	 	19
	 	 	 	 	 
	Section 5.01.	 	Representations, Warranties and
    Covenants of WTC	 	19
	 	 	 	 	 
	ARTICLE 6	 	OTHER COVENANTS AND AGREEMENTS	 	22
	 	 	 	 	 
	Section 6.01.	 	Other Agreements	 	22
	Section 6.02.	 	Certain Covenants of Company	 	24
	 	 	 	 	 
	ARTICLE 7	 	MISCELLANEOUS	 	27
	 	 	 	 	 
	Section 7.01.	 	Notices	 	27
	Section 7.02.	 	Survival of Representations, Warranties, Indemnities,
    Covenants and Agreements	 	28
	Section 7.03.	 	Governing Law	 	28
	Section 7.04.	 	Severability	 	28
	Section 7.05.	 	No Oral Modifications or Continuing
    Waivers; Consents	 	28
	Section 7.06.	 	Effect of Headings and Table of
    Contents	 	28
	Section 7.07.	 	Successors and Assigns	 	28
	Section 7.08.	 	Benefits of Agreement	 	29
	Section 7.09.	 	Counterparts	 	29
	Section 7.10.	 	Submission to Jurisdiction	 	29

 

    i

     

    

 

	Section 7.11.	 	Further Assurances	 	29
	Section 7.12.	 	Section 1110	 	29
	 	 	 	 	 
	Schedule I	-	Equipment Notes, Purchasers and Original
    Principal Amounts	 	 
	Schedule II	-	Trust Supplement
	 	 	 
	Exhibit A-1	-	Form of Opinion
    of Counsel for FedEx Corporation
	Exhibit A-2	-	Form of Opinion
    of Davis Polk & Wardwell LLP, special counsel for Company
	Exhibit B	-	Form of Opinion
    of Special Counsel for Loan Trustee, Pass Through Trustee, Subordination Agent and WTC
	Exhibit C	-	Form of Opinion
    of Special FAA Counsel
	Exhibit D	-	Form of Manufacturer’s
    Consent
	Exhibit E	-	Form of Opinion
    of Special Delaware UCC Counsel for Company
	 	 	 
	Annex A	-	Definitions

 

    ii

     

    

 

PARTICIPATION AGREEMENT

(N126FE)

 

This
PARTICIPATION AGREEMENT (N126FE), dated as of August 13, 2020, is made by and among FEDERAL EXPRESS CORPORATION, a Delaware
corporation (together with its successors and permitted assigns, “Company”), WILMINGTON TRUST COMPANY, a Delaware
trust company (in its individual capacity, together with its successors and permitted assigns, “WTC”), not
in its individual capacity except as otherwise expressly provided in any of the Operative Documents or the Pass Through Documents,
but solely as Pass Through Trustee under the Pass Through Trust Agreement (such terms and other capitalized terms used herein
without definition being defined as provided in ‎Section 1.01), WILMINGTON TRUST
COMPANY, a Delaware trust company, as subordination agent and trustee (in such capacity, together with any successor trustee in
such capacity, “Subordination Agent”) under the Intercreditor Agreement, and WILMINGTON TRUST COMPANY, a Delaware
trust company, as loan trustee (in such capacity, together with any successor trustee in such capacity, “Loan Trustee”)
under the Indenture.

 

WITNESSETH:

 

WHEREAS, Company is
the owner of that certain Boeing Model 767-3S2F aircraft more particularly described in the Indenture Supplement originally executed
and delivered under the Indenture;

 

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

 

WHEREAS, pursuant
to the Basic Pass Through Trust Agreement and the Trust Supplement set forth in Schedule II, the Pass Through Trust was created
and the Pass Through Certificates issued and sold;

 

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

 

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

 

    

     

    

 

ARTICLE 1

 

DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 2

 

THE LOANS

 

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

 

    2

     

    

 

Section 2.02.     Issuance
of Equipment Notes. Upon the occurrence of the above payments by Pass Through Trustee for each Pass Through Trust to Company,
Company shall issue, pursuant to and in accordance with Article II of the Indenture, to Subordination Agent as agent and
trustee for Pass Through Trustee for each Pass Through Trust, one or more Equipment Notes of the maturity and aggregate original
principal amount and bearing the interest rate set forth in Schedule I opposite the name of such Pass Through Trust. Each such
Equipment Note shall be duly authenticated by Loan Trustee pursuant to the Indenture, registered in the name of Subordination
Agent and dated the Closing Date and shall be delivered by Loan Trustee to Subordination Agent. In addition, subject to Section 8.01(c) or
8.01(d) of the Intercreditor Agreement, as applicable, Company shall have the option after the Closing Date, at any time
and from time to time, (i) to issue one or more Series of Additional Series Equipment Notes under the Indenture
(including, for the avoidance of doubt, multiple issuances at the same or different times resulting in more than one Series of
Additional Series Equipment Notes being outstanding at any time) and (ii) at any time following the payment in
full at maturity or otherwise of all but not less than all of any Series of Additional Series Equipment Notes, to issue,
to a grantor trust newly formed for such purpose, under the Indenture new Equipment Notes with the same Series designation
as, but with terms that may be the same as or different from those of, such Equipment Notes that have been paid in full. If Additional
Series Equipment Notes or new Additional Series Equipment Notes are so issued after the Closing Date, each Noteholder
of such Equipment Notes shall be deemed to be a party hereto without further act, and shall be entitled to execute, and at the
request of Company shall execute, a counterpart to this Agreement. Subject to Section 8.01(c) or 8.01(d) of the
Intercreditor Agreement, as applicable, each of the parties hereto agrees, at the Company’s request, to enter into any amendments
to (or any amendment and restatement of) this Agreement, any of the other Operative Documents and the Pass Through Documents as
may be necessary or desirable (A) to give effect to (x) any redemption and issuance, any issuance or any
payment and issuance of any such Additional Series Equipment Notes or new Additional Series Equipment Notes, as applicable,
and the issuance of pass through certificates by any pass through trust that acquires any such Additional Series Equipment
Notes or new Additional Series Equipment Notes, as applicable, or (y) any redemption and issuance, any issuance
or any payment and issuance of any new or “Additional Series Equipment Notes” of any Series or new “Additional
Series Equipment Notes” of any Series, in each case under any Related Indenture, and the issuance of pass through certificates
by any pass through trust that acquires any such Additional Series Equipment Notes” or new “Additional Series Equipment
Notes”, as applicable, and (B) to make changes relating to any of the foregoing (including, without limitation,
to provide for any prefunding mechanism in connection therewith) and to provide for any credit support for any pass through certificates
relating to any such Additional Series Equipment Notes or new Additional Series Equipment Notes or “Additional
Series Equipment Notes” of any Series or new “Additional Series Equipment Notes” of any Series in
each case under any Related Indenture (including, without limitation, to provide for payment of fees, interest, expenses, reimbursement
of advances and other obligations arising from such credit support (including, without limitation, to specify such credit support
as a “Liquidity Facility” and the provider of any such credit support as a “Liquidity Provider” and, if
such Liquidity Facility is to be comprised of more than one instrument, to incorporate appropriate mechanics for multiple Liquidity
Facilities for a single Pass Through Trust)). For the avoidance of doubt, if Company shall issue “Additional Series Equipment
Notes” of any Series or new “Additional Series Equipment Notes” of any Series, in each case under
any Related Indenture, Company may, but shall not be required to, issue, as the case may be, Additional Series Equipment
Notes of the same Series or new Additional Series Equipment Notes of the same Series, in each case under the Indenture.

 

    3

     

    

 

Section 2.03.     The
Closing. The closing (the “Closing”) of the transactions contemplated hereby shall take place via teleconference
at [10:00] a.m. (New York City time) on August 13, 2020, or at such other time or place as the parties shall agree.

 

ARTICLE 3

 

CONDITIONS PRECEDENT

 

Section 3.01.     Conditions
Precedent to Obligations of Pass Through Trustees. The obligation of each Pass Through Trustee to make the loan contemplated
by Article ‎2 is subject to the fulfillment (or the waiver by such Pass Through
Trustee) prior to or on the Closing Date of the following conditions precedent:

 

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

 

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

 

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

 

    4

     

    

 

(i)            the
Intercreditor Agreement;

 

(ii)           the
Liquidity Facility;

 

(iii)          the
Pass Through Trust Agreements;

 

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

 

(v)           the
Guarantee

 

(vi)          the
Manufacturer’s Consent;

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

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

 

    6

     

    

 

(h)           Opinion
of Counsel to WTC, Loan Trustee, Pass Through Trustee and Subordination Agent. Each Pass Through Trustee and Loan Trustee
shall have received an opinion addressed to it from Morris James LLP, special counsel for WTC, Loan Trustee, Pass Through Trustees
and Subordination Agent, substantially in the form set forth in Exhibit B.

 

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

 

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

 

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

 

(l)            [Reserved.]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)          Documentation.
The documents referred to in ‎Section 3.01(c) shall have been duly authorized,
executed and delivered by the respective party or parties thereto (other than Company and Guarantor), shall be in full force and
effect and executed counterparts (or copies thereof where indicated) thereof shall have been delivered to Company, and Company
shall have received such documents and evidence with respect to WTC, the Liquidity Provider, Loan Trustee, Subordination Agent
and each Pass Through Trustee as Company reasonably requests in order to establish the consummation of the transactions contemplated
by this Agreement, the taking of all corporate and other proceedings in connection therewith and compliance with the conditions
herein set forth.

 

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

 

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

 

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

 

(f)            Certain
Opinion of Special Delaware Counsel. Company shall have received an opinion addressed to it from Richards, Layton &
Finger, P.A., special Delaware counsel for Company as to UCC matters, substantially in the form set forth in Exhibit E.

 

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

 

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

 

    9

     

    

 

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

 

(j)           Tax
Forms. Each of the Pass Through Trustee and the Subordination Agent shall have provided a completed and executed copy of IRS
Form W-9 to each of the Company, the Subordination Agent and the Liquidity Provider.

 

ARTICLE 4

 

REPRESENTATIONS, WARRANTIES AND INDEMNITIES
OF COMPANY

 

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

 

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

 

(b)          Corporate
Action and Authorization; No Violations. The execution, delivery and performance by Company of this Agreement and the other
Operative Documents to which Company is a party have been duly authorized by all necessary corporate action on the part of Company,
do not require any stockholder approval or approval or consent of any trustee or holder of any indebtedness or obligations of
Company, except such as have been duly obtained and are in full force and effect, and do not contravene any law, governmental
rule, regulation, judgment or order binding on Company or the certificate of incorporation or by-laws of Company or contravene
or result in a breach of, or constitute a default under, or result in the creation of any Lien (other than as permitted under
the Indenture) upon the property of Company under, any material indenture, mortgage, contract or other agreement to which Company
is a party or by which it or any of its properties may be bound or affected.

 

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

 

(d)           Valid
and Binding Agreements. This Agreement and each other Operative Document to which Company is a party have been duly executed
and delivered by Company and constitute the legal, valid and binding obligations of Company enforceable against Company in accordance
with their terms, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the rights of creditors generally and by general principles of equity and except, in the case of the Indenture, as limited
by applicable laws that may affect the remedies provided in the Indenture, which laws, however, do not make the remedies provided
in the Indenture inadequate for the practical realization of the rights and benefits intended to be provided thereby.

 

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

 

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

 

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

 

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

 

(i)            Security
Interest. The Indenture creates in favor of Loan Trustee, for the benefit of Noteholders, Indenture Indemnitees and Related
Indenture Indemnitees, a valid and (subject to the filings and registrations referred to in ‎Section 4.01(e))
perfected Lien on the Aircraft purported to be subjected to the Lien of the Indenture on the Closing Date, subject to no equal
or prior Lien, except Permitted Liens.

 

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

 

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

 

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

 

(b)          Claims
Indemnified. Subject to the exclusions stated in ‎Section 4.02(d), Company agrees
to indemnify, protect, defend and hold harmless on an After-Tax Basis each Indemnitee against Claims resulting from or arising
out of the sale, purchase, acceptance, non-acceptance or rejection of the Aircraft under the Purchase Agreement or the ownership,
possession, use, non-use, substitution, airworthiness, control, maintenance, repair, operation, registration, re-registration,
condition, sale, lease, sublease, storage, modification, alteration, return, transfer or other disposition of the Aircraft, the
Airframe, any Engine or any Part (including, without limitation, latent or other defects, whether or not discoverable, and
any claim for patent, trademark or copyright infringement) by Company, any Permitted Lessee or any other Person. Without limiting
the foregoing and subject to, and without duplication of, the provisions of ‎Section 6.01(a),
Company agrees to pay the reasonable ongoing fees, and the reasonable out-of-pocket costs and expenses actually incurred (including,
without limitation, reasonable attorney’s fees and disbursements actually incurred and, to the extent payable as provided
in the Indenture, reasonable compensation and expenses of Loan Trustee’s agents actually incurred), of Loan Trustee in connection
with the transactions contemplated hereby.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    14

     

    

 

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

 

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

 

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

 

(xi)          any
Claim to the extent such Claim is incurred on account of or asserted as a result of (A) any “prohibited transaction”
within the meaning of Section 406 of ERISA or Section 4975 of the Code or any foreign, federal, state or local law which
is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code
(“Similar Law”) or (B) any breach of fiduciary duty under ERISA;

 

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

 

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

 

    15

     

    

 

 

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

 

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

 

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

 

(e)          Claims
Procedure. An Indemnitee shall promptly notify Company of any Claim as to which indemnification is sought. The failure to
provide such prompt notice shall not release Company from any of its obligations to indemnify hereunder except to the extent that
Company is prejudiced by such failure or Company’s indemnification obligations are increased as a result of such failure
(in which event Company shall not be responsible for such additional indemnification obligations). Such Indemnitee shall promptly
submit to Company all additional information in such Indemnitee’s possession to substantiate such Claim as Company reasonably
requests. Subject to the rights of Company’s insurers, Company may, at its sole cost and expense, investigate any Claim,
and may in its sole discretion defend or compromise any Claim. At Company’s expense, any Indemnitee shall cooperate with
all reasonable requests of Company in connection therewith. Such Indemnitee shall not enter into a settlement or other compromise
with respect to any Claim without the prior written consent of Company, which consent shall not be unreasonably withheld or delayed,
unless such Indemnitee waives its right to be indemnified with respect to such Claim. Where Company or its insurers undertake
the defense of an Indemnitee with respect to a Claim, no additional legal fees or expenses of such Indemnitee in connection with
the defense of such Claim shall be indemnified hereunder unless such fees or expenses were incurred at the written request of
Company or such insurers. Subject to the requirements of any policy of insurance, an Indemnitee may participate at its own expense
in any judicial proceeding controlled by Company pursuant to the preceding provisions; provided that such party’s
participation does not, in the opinion of outside counsel appointed by Company or its insurers to conduct such proceedings, interfere
with such control. Such participation shall not constitute a waiver of the indemnification provided in this ‎Section 4.02.
Notwithstanding anything to the contrary contained herein, Company shall not under any circumstances be liable for the fees and
expenses of more than one counsel for all Indemnitees with respect to any one Claim. Notwithstanding anything to the contrary
contained herein, an Indemnitee shall not under any circumstances be required or deemed to be required to contest any Claim or
to assume responsibility for or control of any judicial proceeding with respect thereto. Company will provide the relevant Indemnitee
with such information not within the control of such Indemnitee, as is in Company’s control or is reasonably available to
Company, which such Indemnitee may reasonably request and will otherwise cooperate with such Indemnitee so as to enable such Indemnitee
to fulfill its obligations under this Section. If an Indemnitee is not a party to this Agreement, Company may require such Indemnitee
to agree in writing to the terms of this ‎Section 4.02 and ‎Section 7.10
of this Agreement prior to making any payment to such Indemnitee under this ‎Section 4.02.

 

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

 

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

 

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

 

(i)            Tax
Deduction or Credit. If, by reason of any payment made to or for the account of any Indemnitee by Company, or by reason of
any Claim of any Indemnitee paid or indemnified against by Company, in each case pursuant to ‎Section 4.02,
such Indemnitee realizes a Tax deduction or credit not previously taken into account in computing such payment, such Indemnitee
shall promptly pay to Company an amount equal to the sum of (i) the actual reduction in Taxes realized by such Indemnitee
which is attributable to such deduction or credit, and (ii) the actual reduction in Taxes realized by such Indemnitee
as a result of any payment made by such Indemnitee pursuant to this sentence; provided that the amount payable by such
Indemnitee pursuant to this sentence shall not exceed the sum of all amounts previously paid by Company to such Indemnitee pursuant
to this ‎Section 4.02; provided, further, that any such excess shall
be carried forward and applied to reduce pro tanto any subsequent obligations of Company to make payments to such Indemnitee
pursuant to ‎Section 4.02. If such Tax deduction or credit is subsequently disallowed
or lost, upon written notice from the Indemnitee Company shall promptly repay all amounts paid to it pursuant to this ‎Section 4.02(j) in
respect of such disallowed or lost deduction or credit. If, at the time an amount would otherwise be payable to Company under
this ‎Section 4.02(j), any Event of Default shall have occurred and be continuing,
such amount shall be held by the relevant Indemnitee as security for the obligations of Company under the Operative Documents.
At such time as no Event of Default is continuing, such amount or portion thereof shall be applied to offset Company’s outstanding
obligations under the Operative Documents and any remaining amount after such application shall be paid to Company.

 

    18

     

    

 

ARTICLE 5

 

REPRESENTATIONS, WARRANTIES AND COVENANTS
OF WTC

 

Section 5.01.        Representations,
Warranties and Covenants of WTC. WTC, generally, and as each of Loan Trustee, Subordination Agent and Pass Through Trustee
as it relates to it, represents, warrants and covenants that:

 

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

 

(b)          Due
Authorization; No Violations. The execution, delivery and performance by WTC, individually or in its capacity as Loan Trustee,
Subordination Agent or Pass Through Trustee, as the case may be, of this Agreement, each of the other Operative Documents and
each of the Pass Through Documents to which WTC, Loan Trustee, Subordination Agent or any Pass Through Trustee is a party, the
performance by WTC, individually or in its capacity as Loan Trustee, Subordination Agent or Pass Through Trustee, as the case
may be, of its obligations thereunder and the consummation on the Closing Date or the Issuance Date, as the case may be, of the
transactions contemplated thereby, and the authentication of the Equipment Notes and the Pass Through Certificates, respectively,
to be delivered on the Closing Date or the Issuance Date, as the case may be: (i) have been duly authorized by all
necessary action on the part of WTC, Loan Trustee, Subordination Agent and each Pass Through Trustee, as the case may be, (ii) do
not violate any law or regulation of the United States or of the state of the United States in which WTC is located and which
governs the trust powers of WTC or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable
to WTC, Loan Trustee, Subordination Agent or any Pass Through Trustee or any of their assets, (iii) will not violate
any provision of the charter or by-laws of WTC and (iv) will not violate any provision of, or constitute a default
under, any mortgage, indenture, contract, agreement or undertaking to which any of WTC, Loan Trustee, Subordination Agent or any
Pass Through Trustee is a party or by which any of them or their respective properties may be bound or affected.

 

    19

     

    

 

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

 

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

 

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

 

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

 

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

 

    20

     

    

 

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

 

(i)           Certain
Tax Matters. There are no Taxes payable by (i) WTC, Loan Trustee, Subordination Agent or any Pass Through Trustee
imposed by the State of Delaware or any political subdivision or taxing authority thereof, in connection with the execution, delivery
or performance by WTC, Loan Trustee or Subordination Agent on the one hand, or WTC or any Pass Through Trustee, on the other,
of any Operative Document or any Pass Through Document (other than franchise or other Taxes based on or measured by any fees or
compensation received by any such Person for services rendered in connection with the transactions contemplated by the Operative
Documents or the Pass Through Documents), and there are no Taxes payable by any Pass Through Trustee imposed by the State of Delaware
or any political subdivision thereof in connection with the acquisition, possession or ownership by such Pass Through Trustee
of any of the Equipment Notes (other than franchise or other Taxes based on or measured by any fees or compensation received by
such Pass Through Trustee for services rendered in connection with the transactions contemplated by the Operative Documents or
the Pass Through Documents) and, assuming that the Pass Through Trusts will not be taxable for federal income tax purposes as
corporations, but, rather, will be characterized for such purposes as grantor trusts or partnerships, the Pass Through Trusts
will not be subject to any Taxes imposed by the State of Delaware or any political subdivision thereof.

 

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

 

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

 

    21

     

    

 

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

 

ARTICLE 6

 

OTHER COVENANTS AND AGREEMENTS

 

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

 

(i)               the
reasonable fees, expenses and disbursements of (A) Morris James LLP, special counsel for Loan Trustee, Subordination
Agent and Pass Through Trustees, (B) Richards, Layton & Finger, P.A., special Delaware counsel for the Company,
and (C) Crowe & Dunlevy, a Professional Corporation, special FAA counsel in Oklahoma City, Oklahoma, in each
case to the extent actually incurred; and

 

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

 

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

 

    22

     

    

 

(c)          Quiet
Enjoyment. Each of WTC, Loan Trustee, Subordination Agent, each Pass Through Trustee, any other Noteholder, Class AA
Liquidity Provider (by having entered into the Class AA Liquidity Facility) agrees that, unless an Event of Default shall
have occurred and be continuing, it shall not (and shall not permit any Affiliate or other Person claiming by, through or under
it to) take any action contrary to, or otherwise in any way interfere with or disturb (and then only in accordance with the Indenture),
the quiet enjoyment of the use and possession of the Aircraft, the Airframe, any Engine or any Part by Company or any transferee
of any interest in any thereof permitted under the Indenture.

 

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

 

(e)           Agreement
to be Bound; Transfer. By its acceptance of its Equipment Notes, each Noteholder unconditionally agrees for the benefit of
Company and Loan Trustee: (i) to be bound by and to perform and comply with all of the terms of such Equipment Notes,
the Indenture and this Agreement applicable to such Noteholder and (ii) that it will not transfer any Equipment Note
(or any part thereof) to any entity unless such transfer complies with and does not violate the Transportation Code, the Securities
Act (or require registration under such Act) or any other law (including, without limitation, ERISA, the Code and Similar Law),
and does not create a relationship that would be in violation thereof, or result in a “prohibited transaction” under
Section 406 of ERISA, Section 4975 of the Code or Similar Law or require qualification of an indenture under the Trust
Indenture Act.

 

(f)           Tax
Returns. Each Pass Through Trustee shall file any Tax returns required to be filed by the related Pass Through Trust and the
Company shall pay the Applicable Portion of any expenses relating to the preparation thereof. For purposes of this ‎Section 6.01(f),
the “Applicable Portion” of any amount shall equal such amount multiplied by a fraction, the numerator of which
shall be the sum of the then outstanding aggregate principal amount of the Equipment Notes held by the relevant Pass Through Trustee,
and the denominator of which shall be the sum of the outstanding aggregate principal amount of all “Equipment Notes”
issued under each of the “Indentures” (in each case as defined in the Intercreditor Agreement) held by such Pass Through
Trustee.

 

    23

     

    

 

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

 

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

 

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

 

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

 

    24

     

    

 

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

 

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

 

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

 

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

 

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

 

    25

     

    

 

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

 

(iv)            Company
shall deliver to Loan Trustee and the Liquidity Provider a certificate signed by a Responsible Officer of Company stating that
such consolidation, merger, conveyance, transfer or lease and the assumption agreement mentioned in clause ‎(i) above
comply with this ‎Section 6.02(e) and that all conditions precedent herein
relating to such transaction have been complied with.

 

Upon
any consolidation or merger, or any conveyance, transfer or lease of substantially all of the assets of Company as an entirety
in accordance with this ‎Section 6.02(e), the successor Person formed by such consolidation
or into which Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for,
and may exercise every right and power of, Company under this Agreement and the other Operative Documents with the same effect
as if such successor Person had been named as Company herein.

 

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

 

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

 

ARTICLE 7

 

MISCELLANEOUS

 

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

 

    26

     

    

 

if to Company, addressed to:

 

Federal Express Corporation

3610 Hacks Cross Road

Memphis, TN 38125

Attn: General Counsel

 

with a copy to:

 

FedEx Corporation

942 S. Shady Grove Road

Memphis, TN 38120

Attn: Treasurer

 

with a separate FedEx Corporation
copy to: Corporate Vice President, Securities & Corporate Law

 

if to WTC, Pass Through Trustee, Loan Trustee, Subordination
Agent or Pass Through Agent, addressed to:

 

Wilmington Trust Company

 

1100 North Market Square

Wilmington, DE 19890-1605

Attention:         Global Capital Market Services

Ref:                   FedEx
2020-1AA EETC

Telephone:       [     ]

Telecopy:         [     ]

 

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

 

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

 

    27

     

    

 

Section 7.02.         Survival
of Representations, Warranties, Indemnities, Covenants and Agreements. The indemnities set forth in ‎Section 4.02
of this Agreement and the confidentiality obligations set forth in ‎Section 5.01(h) of
this Agreement shall survive the making of the loans, the transfer of any interest by any Noteholder of its Equipment Note and
the expiration or termination of any Operative Documents (in the case of the indemnities, to the extent arising out of acts or
events occurring prior to such expiration or termination).

 

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

 

Section 7.04.         Severability.
To the extent permitted by applicable law, any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

Section 7.05.         No
Oral Modifications or Continuing Waivers; Consents. Subject to Section 9.03 of the Indenture, no terms or provisions
of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the
party against which the enforcement of the change, waiver, discharge or termination is sought. No such change, waiver, discharge
or termination shall be effective unless a signed copy thereof is delivered to Loan Trustee.

 

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

 

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

 

    28

     

    

 

Section 7.08.         Benefits
of Agreement. Subject to the next sentence, nothing in this Agreement, express or implied, gives to any Person, other than
the parties hereto and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Agreement,
except as expressly provided herein. Company agrees and acknowledges that the Liquidity Provider, and each separate or additional
trustee appointed pursuant to Section 8.02 of the Indenture shall be third party beneficiaries of the covenants and agreements
of Company with respect to the indemnities contained in ‎Section 4.02 and may rely
on the covenants and agreements of Company with respect to such indemnities to the same extent as if the covenants and agreements
of Company with respect to such indemnities were made to the Liquidity Provider or such trustee, as the case may be, directly.
WTC generally, and each of the Loan Trustee, the Subordination Agent and each Pass Through Trustee, insofar as relating to each
such Person, agrees and acknowledges that the Liquidity Provider is a third party beneficiary of the representations and warranties
set forth in ‎Section 5.01, and that the Liquidity Provider may rely on such representations
and warranties to the same extent as if such representations and warranties were made to the Liquidity Provider directly.

 

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

 

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

 

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

 

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

 

    29

     

    

 

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

 

	 	FEDERAL EXPRESS CORPORATION
	 	 	 
	 	By:	/s/ Herbert C. Nappier
	 	 	Name: Herbert C. Nappier
	 	 	Title: Treasurer
	 	 	 
	 	WILMINGTON TRUST COMPANY, as Pass Through Trustee under
    the Pass Through Trust Agreement
	 	 	 
	 	By:	/s/ Chad May
	 	 	Name: Chad May
	 	 	Title: Vice President
	 	 	                       
                                               
	 	WILMINGTON TRUST COMPANY, as Subordination Agent
	 	 	 
	 	By:	/s/ Chad May
	 	 	Name: Chad May
	 	 	Title: Vice President

 

    

     

    

 

	 	WILMINGTON TRUST COMPANY, as Loan Trustee
	 	 	 
	 	By:	/s/ Chad May
	 	 	Name: Chad May
	 	 	Title: Vice President
	 	 	 
	 	WILMINGTON TRUST COMPANY, in its individual capacity
    as set forth herein
	 	 	                                                             
	 	By:	/s/ Chad May
	 	 	Name: Chad May
	 	 	Title: Vice President

 

    

     

    

 

SCHEDULE I to

PARTICIPATION AGREEMENT

 

EQUIPMENT NOTES,

PURCHASERS AND ORIGINAL PRINCIPAL AMOUNTS

 

	Purchaser	 	Description of 
 Equipment 
 Notes	 	Maturity	 	Interest
 Rate	 	 	Original
 Principal 
 Amount	 
	FedEx Pass Through Trust 2020-1AA	 	Series 2020-1AA-N126FE Equipment Note	 	February 20, 2034	 	 	1.875	%	 	$	32,875,000.00	 

 

    

     

    

 

SCHEDULE II to

PARTICIPATION AGREEMENT

 

TRUST SUPPLEMENT

 

Trust Supplement No. 2020-1AA,
dated as of the Issuance Date, between Company and Pass Through Trustee in respect of Federal Express Corporation Pass Through
Trust 2020-1AA.

 

    

     

    

 

EXHIBIT A-1
to

PARTICIPATION AGREEMENT

 

FORM OF OPINION OF

COUNSEL FOR FEDEX CORPORATION

 

[Attached.]

 

    

     

    

 

EXHIBIT A-2 to

PARTICIPATION AGREEMENT

 

FORM OF OPINION OF

SPECIAL COUNSEL FOR COMPANY

 

[Attached.]

 

    

     

    

 

 

EXHIBIT B to

PARTICIPATION AGREEMENT

 

 

FORM OF OPINION OF

SPECIAL COUNSEL FOR LOAN TRUSTEE, PASS THROUGH TRUSTEES,

SUBORDINATION AGENT AND WTC

 

[Attached.]

 

    

     

    

 

EXHIBIT C to

PARTICIPATION AGREEMENT

 

 

FORM OF OPINION OF

SPECIAL FAA COUNSEL

 

[Attached.]

 

    

     

    

 

EXHIBIT D to

PARTICIPATION AGREEMENT

 

 

FORM OF MANUFACTURER’S CONSENT

 

[Attached.]

 

    

     

    

 

EXHIBIT E to

PARTICIPATION AGREEMENT

 

 

FORM OF OPINION OF SPECIAL DELAWARE
UCC COUNSEL FOR COMPANY

 

[Attached.]

 

    

     

    

 

Annex A to

Participation Agreement and

Indenture and Security Agreement

(N126FE)

 

DEFINITIONS

(N126FE)

 

“Additional
Series” or “Additional Series Equipment Notes” means Equipment Notes issued under the Indenture
and designated as a Series (other than “Series AA”) thereunder in the principal amounts and maturities and
bearing interest as specified in Schedule I to the Indenture amended at the time of original issuance of such Additional Series under
the heading for such Series.

 

“Additional
Series Pass Through Trust” means a grantor trust created to facilitate the issuance and sale of pass through certificates
in connection with the issuance of any Additional Series Equipment Notes.

 

“Affiliate”
means with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with
such Person. For the purposes of this definition, “control” (including “controlled by” and “under
common control with”) shall mean the power, directly or indirectly, to direct or cause the direction of the management and
policies of such Person whether through the ownership of voting securities or by contract or otherwise. In no event shall WTC
be deemed to be an Affiliate of Loan Trustee or vice versa.

 

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

 

“Agreement”
and “Participation Agreement” mean that certain Participation Agreement (N126FE), dated on or before the Closing
Date, among Company, WTC, Pass Through Trustee under the Pass Through Trust Agreement, Subordination Agent and Loan Trustee, as
the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

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

 

    

     

    

 

“Airframe”
means (a) the Boeing 767-3S2F (generic manufacturer and model Boeing 767-300F) aircraft (except (i) the Engines
or engines from time to time installed thereon and any and all Parts related to such Engine or engines and (ii) Excluded
Equipment) specified on Annex A to the Indenture Supplement originally executed and delivered under the Indenture and (b) any
and all related Parts. The term “Airframe” includes any Substitute Airframe or Replacement Airframe that is substituted
for the Airframe pursuant to Section 7.04 or Section 7.05, respectively, of the Indenture. At such time as any Substitute
Airframe or Replacement Airframe is so substituted and the Airframe for which such substitution is made is released from the Lien
of the Indenture, such replaced Airframe shall cease to be an Airframe under the Indenture.

 

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

 

“Basic Pass
Through Trust Agreement” means that certain Pass Through Trust Agreement, dated as of August 13, 2020, between
Company and WTC, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms
(but does not include any Trust Supplement).

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

“Class AA
Pass Through Trust” means the FedEx Pass Through Trust 2020-1AA created pursuant to the Basic Pass Through Trust Agreement,
as supplemented by Trust Supplement No. 2020-1AA, dated as of the Issuance Date, between Company and Wilmington Trust Company,
as Class AA Trustee.

 

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

 

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

 

“Closing
Date” means the Issuance Date.

 

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

 

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

 

“Company”
means Federal Express Corporation, and its successors and permitted assigns.

 

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

 

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

 

“Debt Rate”
means (i) with respect to any Series of Equipment Notes, the rate per annum specified for the applicable Series as
such in Schedule I to the Indenture (as amended, in the case of any Series of Additional Series Equipment Notes, or
new Additional Series Equipment Notes of any Series issued pursuant to Section 2.02 of the Indenture, at the time
of issuance of such Series), and (ii) for any other purpose, with respect to any period, the weighted average interest
rate per annum during such period borne by the outstanding Equipment Notes, excluding in each case any interest payable at the
Past Due Rate.

 

    3

     

    

 

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

 

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

 

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

 

“Engine”
means (a) each of the two CF6-80C2B6F engines (generic manufacturer and model CF6-80C2) listed by manufacturer’s
serial number and further described on Annex A to the Indenture Supplement originally executed and delivered under the Indenture,
whether or not from time to time installed on the Airframe or installed on any other airframe or on any other aircraft and (b) any
Replacement Engine substituted for an Engine pursuant to Section 7.04 or 7.05 of the Indenture; together in each case with
any and all related Parts but excluding Excluded Equipment. At such time as a Replacement Engine is so substituted and the Engine
for which substitution is made is released from the Lien of the Indenture, such replaced Engine shall cease to be an Engine under
the Indenture.

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

(d)            the
requisition for use or hire of such property by any government (other than a requisition for use or hire by a Government or the
government of the country of registry of the Aircraft) that results in the loss of possession of such property by Company (or
any Permitted Lessee) for a period in excess of 12 consecutive months;

 

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

 

(f)            any
Compulsory Acquisition;

 

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

 

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

 

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

 

    5

     

    

 

“Excluded
Equipment” means (i) defibrillators, enhanced emergency medical kits and other medical equipment, (ii) any
items, equipment or systems leased by Company or any Permitted Lessee (other than items, equipment, or systems that are leased
from Company pursuant to the applicable Lease) or owned by Company or any Permitted Lessee subject to a conditional sales agreement
or a security interest (other than the security interest granted under the Indenture) and (iii) cargo containers.

 

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

 

“FAA Bill
of Sale” means the bill of sale for the Aircraft on AC Form 8050-2 (or such other form as may be approved by the
FAA) executed by Manufacturer or an affiliate of Manufacturer in favor of Company and recorded with the FAA.

 

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

 

“Guarantee”
means the guarantee dated as of the date hereof, provided by FedEx Corporation, a Delaware corporation, and its successors and
assigns, as the same may be amended, supplemented or otherwise modified from time to time.

 

“Guarantor”
means the Guarantor (as defined in the Guarantee).

 

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

 

“Indenture”
means that certain Indenture and Security Agreement (N126FE), dated as of the Closing Date, between Company and Loan Trustee,
as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms, including supplementation
by an Indenture Supplement pursuant to the Indenture.

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

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

 

“Issuance
Date” means August 13, 2020.

 

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

 

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

 

“Liquidity
Facility” means, collectively, the Class AA Liquidity Facility.

 

“Liquidity
Provider” means, collectively, Class AA Liquidity Provider.

 

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

 

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

 

    7

     

    

 

“Make-Whole
Amount” means, with respect to any Equipment Note, the amount (as determined by an independent investment banker selected
by Company (and, following the occurrence and during the continuance of an Event of Default, reasonably acceptable to Loan Trustee)),
if any, by which (i) the present value of the remaining scheduled payments of principal and interest from the redemption date
to maturity of such Equipment Note computed by discounting each such payment on a semiannual basis from its respective Payment
Date (assuming a 360-day year of twelve 30 day months) using a discount rate equal to the Treasury Yield plus the Make-Whole Spread
exceeds (ii) the outstanding principal amount of such Equipment Note plus accrued but unpaid interest thereon to the
date of redemption. For purposes of determining the Make-Whole Amount, “Treasury Yield” means, at the date
of determination, the interest rate (expressed as a semiannual equivalent and as a decimal rounded to the number of decimal places
as appears in the Debt Rate of such Equipment Note and, in the case of United States Treasury bills, converted to a bond equivalent
yield) determined to be the per annum rate equal to the semiannual yield to maturity for United States Treasury securities maturing
on the Average Life Date and trading in the public securities market either as determined by interpolation between the most recent
weekly average constant maturity, non- inflation-indexed series yield to maturity for two series of United States Treasury securities,
trading in the public securities markets, (A) one maturing as close as possible to, but earlier than, the Average
Life Date and (B) the other maturing as close as possible to, but later than, the Average Life Date, in each case
as reported in the most recent H.15 Page or, if a weekly average constant maturity, non-inflation indexed series yield to
maturity for United States Treasury securities maturing on the Average Life Date is reported in the most recent H.15 Page, such
weekly average yield to maturity as reported in such H.15 Page. “H.15 Page” means the H.15 Page published
by the Board of Governors of the Federal Reserve System on its website (or successor publication of such information by such Board
of Governors). The date of determination of a Make-Whole Amount shall be the third Business Day prior to the applicable redemption
date and the “most recent H.15 Page” means the H.15 Page published prior to the close of business on the
third Business Day prior to the applicable redemption date. “Average Life Date” means, for each Equipment Note
to be redeemed, the date which follows the redemption date by a period equal to the Remaining Weighted Average Life at the redemption
date of such Equipment Note. “Remaining Weighted Average Life” of an Equipment Note, at the redemption date
of such Equipment Note, means the number of days equal to the quotient obtained by dividing: (i) the sum of the products
obtained by multiplying (A) the amount of each then remaining installment of principal, including the payment due
on the maturity date of such Equipment Note, by (B) the number of days from and including the redemption date to but
excluding the scheduled Payment Date of such principal installment by (ii) the then unpaid principal amount of such
Equipment Note. Loan Trustee shall have no obligation to calculate, or verify the calculation of, the Make-Whole Amount.

 

“Make-Whole
Spread” means, with respect to any Series of Equipment Notes, the percentage specified for the applicable Series as
such in Schedule I to the Indenture (as amended, in the case of any Additional Series or new Additional Series issued
pursuant to Section 2.02 of the Indenture, at the time of issuance of such Series).

 

    8

     

    

 

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

 

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

 

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

 

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

 

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

 

“Operative
Indentures” means, as of any date, each “Indenture” (as such term is defined in the Intercreditor Agreement),
dated as of the date of the Indenture, including the Indenture, but only if as of such date all “Equipment Notes”
(as defined in each such “Indenture”) are held by “Subordination Agent” under the “Intercreditor
Agreement”, as such terms are defined in each such “Indenture”.

 

“Other Party
Liens” means any Lien attributable to any Pass Through Trustee (other than in its capacity as Noteholder), Subordination
Agent (other than in its capacity as Noteholder) or the Liquidity Provider on or against the Aircraft, any interest therein, or
any other portion of the Collateral arising out of any claim against such party that is not related to the Operative Documents
or Pass Through Documents, or out of any act or omission of such party that is not related to the transactions contemplated by,
or that constitutes a breach by such party of its obligations under, the Operative Documents or the Pass Through Documents.

 

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

 

    9

     

    

 

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

 

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

 

“Pass Through
Documents” means the Class AA Pass Through Trust Agreement, the Intercreditor Agreement and the Liquidity Facility.

 

“Pass Through
Trust” means the grantor trust that has been created pursuant to the Class AA Pass Through Trust Agreement to facilitate
certain of the transactions contemplated by the Operative Documents.

 

“Pass Through
Trust Agreement” means the Trust Supplement relating to the Class AA Pass Through Trust, together with the Basic
Pass Through Trust Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance with
its terms.

 

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

 

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

 

“Payment
Date” means, for any Equipment Note, each February 20 and August 20, commencing with February 20, 2021.

 

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

 

“Permitted
Lien” has the meaning specified in Section 7.01 of the Indenture. “Person” means any person,
including any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company,
trust, trustee, unincorporated organization or government or any agency or political subdivision thereof.

 

    10

     

    

 

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

 

“Purchase
Agreement” means Purchase Agreement No. 3712, dated as of December 14, 2011, which incorporates by reference
the Aircraft General Terms Agreement AGTA-FED, dated as of November 7, 2006, between Manufacturer and Company, as the same
may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

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

 

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

 

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

 

“Related
Indenture Indemnitee” means each Related Noteholder.

 

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

 

“Replacement
Aircraft” means the Aircraft of which a Replacement Airframe is part. “Replacement Airframe” means
a Boeing 767-3S2F aircraft or a comparable or improved model of Manufacturer (except (a) Engines or engines from time
to time installed thereon and any and all Parts related to such Engine or engines and (b) Excluded Equipment), that
shall have been made subject to the Lien of the Indenture pursuant to Section 7.05 thereof, together with all Parts relating
to such aircraft.

 

“Replacement
Engine” means a CF6-80C2B6F engine (or an engine of the same or another manufacturer of a comparable or an improved
model and suitable for installation and use on the Airframe with the other Engine (or any other Replacement Engine being substituted
simultaneously therewith)) that is made subject to the Lien of the Indenture pursuant to Section 7.04 or Section 7.05
thereof, together with all Parts relating to such engine.

 

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

 

    11

     

    

 

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

 

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

 

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

 

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

 

“Similar
Law” has the meaning specified in ‎Section 4.02(d)(xi) of the Participation
Agreement.

 

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

 

“Substitute
Airframe” means a Boeing 767-3S2F aircraft or a comparable or improved model of Manufacturer (except (a) Engines
or engines from time to time installed thereon and any and all Parts related to such Engine or engines and (b) Excluded
Equipment), that shall have been made subject to the Lien of the Indenture pursuant to Section 7.04 thereof, together with
all Parts relating to such aircraft.

 

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

 

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

 

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

 

“Trust Officer”
means any officer within the Corporate Trust Office of Loan Trustee, including any vice president, assistant vice president, assistant
secretary, assistant treasurer or any other officer of Loan Trustee who shall have direct responsibility for the administration
of the Indenture, or any other officer of Loan Trustee to whom such matter is referred because of his or her knowledge of and
familiarity with the particular subject.

 

    12

     

    

 

“Trust Supplement”
means that agreement supplemental to the Basic Pass Through Trust Agreement referred to in Schedule II to the Participation Agreement.

 

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

 

“United States”
means the United States of America.

 

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

 

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

 

    13

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