Document:

Revolving Credit Agreement  (2009-2B)

 Exhibit 4.6 
  
  
  
 REVOLVING CREDIT AGREEMENT 

 (2009-2B) 
 dated as of November 24, 2009 
 between 
 WILMINGTON TRUST COMPANY, 
 not in its individual capacity, but solely as Subordination Agent, 
 as Agent and
Trustee for the 
 United Air Lines Pass Through Trust 2009-2B, 
 as Borrower 
 and 
 GOLDMAN SACHS BANK USA, 
 as Liquidity Provider 
  
  
 Relating to United
Air Lines 
 Pass Through Trust 2009-2B 
 United Air Lines Pass Through Certificates, Series 2009-2B 
  
  
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
	  	DEFINITIONS	  	1
	 Section 1.01
	  	Certain Defined Terms	  	1
			
	 ARTICLE II
	  	AMOUNT AND TERMS OF THE COMMITMENT	  	8
	 Section 2.01
	  	The Advances	  	8
	 Section 2.02
	  	Making the Advances	  	8
	 Section 2.03
	  	Fees	  	10
	 Section 2.04
	  	Automatic Reductions and Termination of the Maximum Commitment	  	10
	 Section 2.05
	  	Repayments of Interest Advances, the Special Termination Advance or the Final Advance	  	11
	 Section 2.06
	  	Repayments of Provider Advances	  	11
	 Section 2.07
	  	Payments to the Liquidity Provider Under the Intercreditor Agreement	  	13
	 Section 2.08
	  	Book Entries	  	13
	 Section 2.09
	  	Payments from Available Funds Only	  	13
	 Section 2.10
	  	Extension of the Expiry Date; Non-Extension Advance	  	13
			
	 ARTICLE III
	  	OBLIGATIONS OF THE BORROWER	  	14
	 Section 3.01
	  	Increased Costs	  	14
	 Section 3.02
	  	Capital Adequacy	  	15
	 Section 3.03
	  	Payments Free of Deductions	  	16
	 Section 3.04
	  	Payments	  	17
	 Section 3.05
	  	Computations	  	17
	 Section 3.06
	  	Payment on Non-Business Days	  	17
	 Section 3.07
	  	Interest	  	17
	 Section 3.08
	  	Replacement of Borrower	  	19
	 Section 3.09
	  	Funding Loss Indemnification	  	19
	 Section 3.10
	  	Illegality	  	19
			
	 ARTICLE IV
	  	CONDITIONS PRECEDENT	  	20
	 Section 4.01
	  	Conditions Precedent to Effectiveness of Section 2.01	  	20
	 Section 4.02
	  	Conditions Precedent to Borrowing	  	21
	 Section 4.03
	  	Representations and Warranties	  	21
			
	 ARTICLE V
	  	COVENANTS	  	21
	 Section 5.01
	  	Affirmative Covenants of the Borrower	  	21
	 Section 5.02
	  	Negative Covenants of the Borrower	  	22
			
	 ARTICLE VI
	  	LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION	  	22

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Section 6.01
	  	Liquidity Events of Default and Special Termination	  	22
			
	 ARTICLE VII
	  	MISCELLANEOUS	  	23
	 Section 7.01
	  	Amendments, Etc	  	23
	 Section 7.02
	  	Notices, Etc	  	23
	 Section 7.03
	  	No Waiver; Remedies	  	24
	 Section 7.04
	  	Further Assurances	  	24
	 Section 7.05
	  	Indemnification; Survival of Certain Provisions	  	24
	 Section 7.06
	  	Liability of the Liquidity Provider	  	25
	 Section 7.07
	  	Costs, Expenses and Taxes	  	25
	 Section 7.08
	  	Binding Effect; Participations	  	26
	 Section 7.09
	  	Severability	  	27
	 Section 7.10
	  	GOVERNING LAW	  	27
	 Section 7.11
	  	Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity	  	27
	 Section 7.12
	  	Execution in Counterparts	  	28
	 Section 7.13
	  	Entirety	  	28
	 Section 7.14
	  	Headings	  	28
	 Section 7.15
	  	Transfer	  	28
	 Section 7.16
	  	LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES	  	28
	 Section 7.17
	  	Patriot Act	  	28
	 Section 7.18
	  	Fiduciary Duty	  	29

  

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

  

 ii 

 REVOLVING CREDIT AGREEMENT (2009-2B) 
 THIS REVOLVING CREDIT AGREEMENT (2009-2B) dated as of November 24, 2009 (this “Agreement”), between
WILMINGTON TRUST COMPANY, a Delaware banking corporation (“WTC”), not in its individual capacity but solely as Subordination Agent under the Intercreditor Agreement (each as defined below), as agent and trustee for the
Class B Trust (as defined below) (the “Borrower”), and GOLDMAN SACHS BANK USA, a corporation organized under the banking law of the State of New York (the “Liquidity Provider”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the Class B Trust Agreement (such term and all other capitalized terms used in these recitals having the
meanings set forth or referred to in Section 1.01), the Class B Trust is issuing the Class B Certificates; 
 WHEREAS, the Borrower, in order to support the timely payment of a portion of the interest on the Class B Certificates in accordance with their terms, has requested the Liquidity Provider to enter into this Agreement, providing in
part for the Borrower to request in specified circumstances that Advances be made hereunder; and 
 WHEREAS, The Goldman
Sachs Group, Inc., a Delaware corporation (the “Guarantor”), will guarantee in full, pursuant to a General Guarantee Agreement dated December 1, 2008 and issued by the Guarantor (the “Guarantee Agreement”), the
payment obligations of the Liquidity Provider under this Agreement. 
 NOW, THEREFORE, in consideration of the premises,
the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Certain Defined
Terms. (a) Definitions. As used in this Agreement and unless otherwise expressly indicated, or unless the context clearly requires otherwise, the following capitalized terms shall have the following respective meanings for all
purposes of this Agreement: 
 “Additional Costs” has the meaning assigned to such term in
Section 3.01. 
 “Advance” means an Interest Advance, a Final Advance, a Provider Advance, a
Special Termination Advance, an Applied Special Termination Advance or an Applied Provider Advance, as the case may be. 
 “Applicable Liquidity Rate” has the meaning assigned to such term in Section 3.07(g). 
 “Applicable Margin” means (x) with respect to any Unpaid Advance (other than an Unapplied Special Termination Advance) or Applied Provider Advance, the rate per annum specified in the Fee Letter, or
(y) with respect to any Unapplied Provider Advance, the rate per annum specified in the Fee Letter, or (z) with respect to any Unapplied Special Termination Advance, the rate per annum specified in the Fee Letter. 
  

 [Revolving Credit Agreement (2009-2B)] 
  
 “Applied Downgrade Advance” has the
meaning assigned to such term in Section 2.06(a). 
 “Applied Non-Extension Advance” has the
meaning assigned to such term in Section 2.06(a). 
 “Applied Provider Advance” has the meaning
assigned to such term in Section 2.06(a). 
 “Applied Special Termination Advance” has the meaning
assigned to such term in Section 2.05. 
 “Assignment and Assumption Agreement” means the
Assignment and Assumption Agreement to be entered into between the Borrower and the trustee of the Successor Trust, substantially in the form of Exhibit C to the Trust Supplement No. 2009-2B-O, dated as of the date of execution and
delivery thereof, relating to the Class B Trust. 
 “Base Rate” means, for any given
day, a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to (a) the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the 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 (the “Federal Funds Rate”), plus (b) one-quarter of one
percent ( 1/4 of 1%). 
 “Base Rate Advance” means an Advance that bears interest at a rate based upon the Base Rate. 
 “Borrower” has the meaning assigned to such term in the recital of parties to this Agreement. 
 “Borrowing” means the making of Advances requested by delivery of a Notice of Borrowing. 
 “Business Day” means any day other than a Saturday or Sunday or a day on which commercial banks are required or
authorized to close in Chicago, Illinois, New York, New York or, so long as any Class B Certificate is outstanding, the city and state in which the Class B Trustee, the Borrower or any Loan Trustee maintains its corporate trust office or receives or
disburses funds, and, if the applicable Business Day relates to any Advance or other amount bearing interest based on the LIBOR Rate, on which dealings in dollars are carried on in the London interbank market. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
  

 2 

 [Revolving Credit Agreement (2009-2B)] 
  
 “Consent Period” has the meaning
assigned to such term in Section 2.10. 
 “Covered Affiliates” means any Affiliate of the Liquidity
Provider that provides services for the Liquidity Provider in connection with the transactions contemplated by this Agreement, the Intercreditor Agreement, the Fee Letter applicable to this Agreement or any other Operative Agreement. 
 “Deposit Agreement” means the Deposit Agreement dated as of the date hereof between Wilmington Trust Company, as
Escrow Agent, and the Depositary pertaining to the Class B Certificates, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 
 “Depositary” has the meaning assigned to such term in the Deposit Agreement. 
 “Deposits” has the meaning assigned to such term in the Deposit Agreement. 
 “Downgrade Advance” means an Advance made pursuant to Section 2.02(c). 
 “Effective Date” has the meaning assigned to such term in Section 4.01. The delivery of the certificate of the
Liquidity Provider contemplated by Section 4.01(e) shall be conclusive evidence that the Effective Date has occurred. 
 “Excluded Taxes” means (i) Taxes imposed on, based on, or measured by the overall net income, capital, franchises or receipts (other than Taxes which are or are in the nature of sales or use Taxes or value added
Taxes) of the Liquidity Provider or of its Lending Office by the jurisdiction where such Liquidity Provider’s principal office or such Lending Office is located or any other taxing jurisdiction in which such Tax is imposed as a result of the
Liquidity Provider being, or having been, organized in, or conducting, or having conducted, any activities unrelated to the transactions contemplated by the Operative Agreements in such jurisdiction, and (ii) Excluded Withholding Taxes.

 “Excluded Withholding Taxes” means (i) withholding Taxes imposed by the United States except
(but only in the case of a successor Liquidity Provider organized under the laws of a jurisdiction outside the United States) to the extent that such United States withholding Taxes are imposed or increased as a result of any change in applicable
law (excluding from change in applicable law for this purpose a change in the “limitation on benefits” or similar provisions of an applicable treaty) after the date hereof, or in the case of a successor Liquidity Provider (including a
transferee of an Advance), after the date on which such successor Liquidity Provider obtains its interest, (ii) any withholding Taxes imposed by the United States which are imposed or increased as a result of the Liquidity Provider failing to
deliver to the Borrower any certificate or document (which certificate or document in the good faith judgment of the Liquidity Provider it is legally entitled to provide) which is reasonably requested by the Borrower to establish that payments under
this Agreement are exempt from (or entitled to a reduced rate of) withholding Tax, and (iii) withholding Taxes imposed by the United States on payments to a recipient in any other jurisdiction to which such Lending Office is moved if, under the
laws in effect at the time of such move, such laws would require greater withholding of Taxes on payments to such Liquidity Provider acting from an office in such jurisdiction than would be required on payments to such Liquidity Provider acting from
an office in the jurisdiction from which such Lending Office was moved. 
  

 3 

 [Revolving Credit Agreement (2009-2B)] 
  
 “Expenses” means liabilities,
obligations, damages, settlements, penalties, claims, actions, suits, costs, expenses, and disbursements (including, without limitation, reasonable fees and disbursements of legal counsel and costs of investigation), provided that Expenses shall not
include any Taxes. 
 “Expiry Date” means November 22, 2010, initially, or any date to which the
Expiry Date is extended pursuant to Section 2.10. 
 “Federal Funds Rate” has the meaning assigned
to such term in the definition of “Base Rate”. 
 “Final Advance” means an Advance made
pursuant to Section 2.02(d). 
 “GAAP” means generally accepted accounting principles as set forth
in the statements of financial accounting standards issued by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants, as such principles may at any time or from time to time be varied by any applicable
financial accounting rules or regulations issued by the Securities and Exchange Commission and, with respect to any person, shall mean such principles applied on a basis consistent with prior periods except as may be disclosed in such person’s
financial statements. 
 “Guarantee Agreement” has the meaning assigned to such term in the recitals to
this Agreement. 
 “Guarantor” has the meaning assigned to such term in the recitals to this Agreement.

 “Indemnified Tax” has the meaning assigned to such term in Section 3.03(a). 
 “Intercreditor Agreement” means the Intercreditor Agreement dated as of the date hereof among the Trustees, the
Liquidity Provider, the liquidity provider under the other Liquidity Facility 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 (x) the date of the Liquidity Provider’s
receipt of the Notice of Borrowing for such LIBOR Advance or (y) the date of the withdrawal of funds from the Class B Cash Collateral Account for the purpose of paying interest on the Class B Certificates as contemplated by Section 2.06(a)
hereof and, in either case, ending on the next Regular Distribution Date (or, if such day is not a Business Day, the next succeeding Business Day); and 
  

 4 

 [Revolving Credit Agreement (2009-2B)] 
  
 (ii) each subsequent period commencing on the
last day of the immediately preceding Interest Period and ending on the next Regular Distribution Date (or, if such day is not a Business Day, the next succeeding Business Day); 
 provided, however, that if (x) the Final Advance shall have been made, or (y) other outstanding Advances shall have been converted into the Final Advance, then the Interest Periods shall be
successive periods of one month beginning on the third Business Day following the Liquidity Provider’s receipt of the Notice of Borrowing for such Final Advance (in the case of clause (x) above) or the Regular Distribution Date (or, if
such day is not a Business Day, the next succeeding Business Day) following such conversion (in the case of clause (y) above). 
 “Lending Office” means the office of the Liquidity Provider presently located in New York, New York, or such other office as the Liquidity Provider from time to time shall notify the Borrower as its Lending Office
hereunder; provided that the Liquidity Provider shall not change its Lending Office to another Lending Office outside the United States of America except in accordance with Section 3.01, 3.02 or 3.03 hereof. 
 “LIBOR Advance” means an Advance bearing interest at a rate based upon the LIBOR Rate or the Market Disruption Base
Rate Advance pursuant to Section 3.07(h). 
 “LIBOR Business Day” means any day on which dealings
in dollars are carried on in the London interbank market. 
 “LIBOR Rate” means, with respect to any
Interest Period, 
 (i) the rate per annum appearing on display page Reuters Screen LIBOR01 Page (or
any successor or substitute therefor) at approximately 11:00 a.m. (London time) two LIBOR Business Days before the first day of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period, or

 (ii) if the rate calculated pursuant to clause (i) above is not available, the average (rounded upwards,
if necessary, to the next 1/16 of 1%) of the rates per annum at which deposits in dollars are offered for the relevant Interest Period by three banks of recognized standing selected by the Liquidity Provider in the London interbank market at
approximately 11:00 a.m. (London time) two LIBOR Business Days before the first day of such Interest Period in an amount approximately equal to the principal amount of the LIBOR Advance to which such Interest Period is to apply and for a period
comparable to such Interest Period. 
 “Liquidity Event of Default” means the occurrence of either
(a) the Acceleration of all of the Equipment Notes or (b) a United Bankruptcy Event. 
 “Liquidity
Indemnitee” means (i) the Liquidity Provider, (ii) the Guarantor, (iii) the Covered Affiliates, (iv) the directors, officers, employees and agents of the Liquidity Provider, the Guarantor and the Covered Affiliates,
and (v) the successors and permitted assigns of the persons described in clauses (i) through (iv) inclusive. 
  

 5 

 [Revolving Credit Agreement (2009-2B)] 
  
 “Liquidity Provider” has the meaning
assigned to such term in the recital of parties to this Agreement. 
 “Market Disruption Base
Rate” means, with respect to any Interest Period, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus  1/2 of 1.00%, (b) the rate of interest per annum from time to time
published in the “Money Rates” section of The Wall Street Journal as being the “Prime Lending Rate” or, if more than one rate is published as the Prime Lending Rate, then the highest of such rates (each change in the Prime
Lending Rate to be effective as of the date of publication in The Wall Street Journal of a “Prime Lending Rate” that is different from that published on the preceding Business Day), provided that in the event that The Wall Street Journal
shall, for any reason, fail or cease to publish the Prime Lending Rate, the Liquidity Provider shall choose a reasonably comparable index or source to use as the basis for the “Prime Lending Rate” and (c) the LIBOR Rate plus 1.00%.
Each change in any interest rate provided for herein based upon the Market Disruption Base Rate shall take effect at the time of such change in the Prime Lending Rate. 
 “Maximum Available Commitment” means, subject to the proviso contained in the third sentence of
Section 2.02(a), at any time of determination, (a) the Maximum Commitment at such time less (b) the aggregate amount of each Interest Advance outstanding at such time; provided that following a Provider Advance, a Special Termination
Advance or a Final Advance, the Maximum Available Commitment shall be zero. 
 “Maximum Commitment”
means initially $22,183,382, as such amount 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). 
 “Notice of Borrowing” has the meaning assigned to such term in Section 2.02(e). 
 “Notice of Replacement Subordination Agent” has the meaning assigned to such term in Section 3.08. 
 “Performing Note Deficiency” means any time that less than 65% of the then aggregate outstanding principal amount of all Equipment Notes (other than any Additional Equipment Notes
issued under any Indenture) are Performing Equipment Notes. 
 “Prospectus Supplement” means the final
Prospectus Supplement dated November 16, 2009 relating to the Certificates, as such Prospectus Supplement may be amended or supplemented. 
 “Provider Advance” means a Downgrade Advance or a Non-Extension Advance. 
 “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System. 
 “Regulatory Change” has the meaning assigned to such term in Section 3.01. 
 “Replenishment Amount” has the meaning assigned to such term in Section 2.06(b). 
  

 6 

 [Revolving Credit Agreement (2009-2B)] 
  
 “Required Amount” means, for any day,
the sum of the aggregate amount of interest, calculated at the rate per annum equal to the Stated Interest Rate for the Class B Certificates, that would be payable on the Class B Certificates on each of the three successive semi-annual Regular
Distribution Dates immediately following such day or, if such day is a Regular Distribution Date, on such day and the succeeding two semi-annual Regular Distribution Dates, in each case calculated on the basis of the Pool Balance of the Class B
Certificates on such day and without regard to expected future distributions of principal on the Class B Certificates. 
 “Special Termination Advance” means an Advance made pursuant to Section 2.02(g). 
 “Special Termination Notice” means the Notice of Termination substantially in the form of Annex VIII to this Agreement. 
 “Special Termination Replenishment Amount” has the meaning assigned to such term in Section 2.06(c). 
 “Successor Trust” means United Air Lines Pass Through Trust 2009-2B-S. 
 “Termination Date” means the earliest to occur of the following: (i) the Expiry Date; (ii) the date on
which the Borrower delivers to the Liquidity Provider a certificate, signed by a Responsible Officer of the Borrower, certifying that all of the Class B Certificates have been paid in full (or provision has been made for such payment in accordance
with the Intercreditor Agreement and the Class B Trust Agreement) or are otherwise no longer entitled to the benefits of this Agreement; (iii) the date on which the Borrower delivers to the Liquidity Provider a certificate, signed by a
Responsible Officer of the Borrower, certifying that a Replacement Liquidity Facility has been substituted for this Agreement in full pursuant to Section 3.5(e) of the Intercreditor Agreement; (iv) the fifth Business Day following the
receipt by the Borrower of a Termination Notice or Special Termination Notice from the Liquidity Provider pursuant to Section 6.01 hereof; and (v) the date on which no Advance is or may (including by reason of reinstatement as herein
provided) become available for a Borrowing hereunder. 
 “Termination Notice” means the Notice of
Termination substantially in the form of Annex V to this Agreement. 
 “Transferee” has the meaning
assigned to such term in Section 7.08(b). 
 “Unapplied Downgrade Advance” means any Downgrade
Advance other than an Applied Downgrade Advance. 
 “Unapplied Non-Extension Advance” means any
Non-Extension Advance other than an Applied Non-Extension Advance. 
 “Unapplied Provider Advance” means
any Provider Advance other than an Applied Provider Advance. 
 “Unapplied Special Termination Advance”
means any Special Termination Advance other than an Applied Special Termination Advance. 
  

 7 

 [Revolving Credit Agreement (2009-2B)] 
  
 “Unpaid Advance” has the meaning
assigned to such term in Section 2.05. 
 (b) Terms Defined in the Intercreditor Agreement. Capitalized terms not
otherwise defined in this Agreement shall have the respective meanings assigned to such terms in the Intercreditor Agreement. 
 ARTICLE II 
 AMOUNT AND TERMS OF THE COMMITMENT 
 Section 2.01 The Advances. The Liquidity Provider hereby irrevocably agrees, on the terms and conditions hereinafter set forth, to
make Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until 1:00 p.m. (New York City time) on the Expiry Date (unless the obligations of the Liquidity Provider shall be earlier terminated
in accordance with the terms of Section 2.04(b)) in an aggregate amount at any time outstanding not to exceed the Maximum Commitment. 
 Section 2.02 Making the Advances. (a) Interest Advances shall be made in one or more Borrowings by delivery to the Liquidity Provider of one or more written and completed Notices of Borrowing
in substantially the form of Annex I attached hereto, signed by a Responsible Officer of the Borrower, in an amount not exceeding the Maximum Available Commitment at such time and shall be used solely for the payment when due of interest on the
Class B Certificates at the Stated Interest Rate therefor in accordance with Section 3.5(a) of the Intercreditor Agreement. Each Interest Advance made hereunder shall automatically reduce the Maximum Available Commitment and the amount
available to be borrowed hereunder by subsequent Advances by the amount of such Interest Advance (subject to reinstatement as provided in the next sentence). Upon repayment to the Liquidity Provider in full or in part of the amount of any Interest
Advance made pursuant to this Section 2.02(a), together with accrued interest thereon (as provided herein), the Maximum Available Commitment shall be reinstated by an amount equal to the amount of the Interest Advance so repaid but not to
exceed the Maximum Commitment; provided, however, that the Maximum Available Commitment shall not be so reinstated (x) at any time if (i) a Liquidity Event of Default shall have occurred and be continuing and (ii) there is a
Performing Note Deficiency or (y) at any time after the making of a Provider Advance, a Final Advance or a Special Termination Advance or after any Interest Advance shall have been converted into a Final Advance. 
 (b) A Non-Extension Advance shall be made in a single Borrowing if this Agreement is not extended in accordance with Section 3.5(d) of
the Intercreditor Agreement (unless a Replacement Liquidity Facility to replace this Agreement shall have been delivered to the Borrower as contemplated by said Section 3.5(d) within the time period specified in such Section) by delivery to the
Liquidity Provider of a written and completed Notice of Borrowing in substantially the form of Annex II attached hereto, signed by a Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and
shall be used solely to fund the Class B Cash Collateral Account in accordance with said Section 3.5(d) and Section 3.5(f) of the Intercreditor Agreement. 
  

 8 

 [Revolving Credit Agreement (2009-2B)] 
  
 (c) A Downgrade Advance shall be made in a single Borrowing upon
the occurrence of a Downgrade Event (as provided for in Section 3.5(c) of the Intercreditor Agreement) unless a Replacement Liquidity Facility to replace this Agreement shall have been previously delivered to the Borrower in accordance with
said Section 3.5(c), by delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form of Annex III attached hereto, signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used solely to fund the Class B Cash Collateral Account in accordance with said Section 3.5(c) and Section 3.5(f) of the Intercreditor Agreement. Upon the occurrence of a Downgrade
Event, the Liquidity Provider shall promptly deliver notice thereof to the Borrower, the Class B Trustee and United. 
 (d) A
Final Advance shall be made in a single Borrowing upon the receipt by the Borrower of a Termination Notice from the Liquidity Provider pursuant to Section 6.01 hereof by delivery to the Liquidity Provider of a written and completed Notice of
Borrowing in substantially the form of Annex IV attached hereto, signed by a Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be used solely to fund the Class B Cash Collateral
Account (in accordance with Sections 3.5(f) and 3.5(i) of the Intercreditor Agreement). 
 (e) Each Borrowing shall be made
on notice in writing (a “Notice of Borrowing”) in substantially the form required by Section 2.02(a), 2.02(b), 2.02(c), 2.02(d) or 2.02(g), as the case may be, given by the Borrower to the Liquidity Provider. Each Notice
of Borrowing shall be effective upon receipt of a copy thereof by the Liquidity Provider’s office at the address specified in Section 7.02. If a Notice of Borrowing is delivered by the Borrower in respect of any Borrowing no later than
1:00 p.m. (New York City time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to a requested Borrowing, the Liquidity Provider shall make available to the Borrower, in accordance
with its payment instructions, the amount of such Borrowing in U.S. dollars and immediately available funds, before 4:00 p.m. (New York City time) on such Business Day or on such later Business Day specified in such Notice of Borrowing. If a
Notice of Borrowing is delivered by the Borrower in respect of any Borrowing on a day that is not a Business Day or after 1:00 p.m. (New York City time) on a Business Day, upon satisfaction of the conditions precedent set forth in
Section 4.02 with respect to a requested Borrowing, the Liquidity Provider shall make available to the Borrower, in accordance with its payment instructions, the amount of such Borrowing in U.S. dollars and in immediately available funds,
before 12:00 Noon (New York City time) on the first Business Day next following the day of receipt of such Notice of Borrowing or on such later Business Day specified by the Borrower in such Notice of Borrowing. Payments of proceeds of a Borrowing
shall be made by wire transfer of immediately available funds to the Borrower in accordance with such wire transfer instructions as the Borrower shall furnish from time to time to the Liquidity Provider for such purpose. Each Notice of Borrowing
shall be irrevocable and binding on the Borrower. 
 (f) Upon the making of any Advance requested pursuant to a Notice of
Borrowing, in accordance with the Borrower’s payment instructions, the Liquidity Provider shall be fully discharged of its obligation hereunder with respect to such Notice of Borrowing, and the Liquidity Provider shall not thereafter be
obligated to make any further Advances hereunder in respect of such Notice of Borrowing to the Borrower or to any other Person. If the Liquidity Provider makes an Advance requested pursuant to a Notice of 
  

 9 

 [Revolving Credit Agreement (2009-2B)] 
  
 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), (c), (d) or (g) hereof to fund the Class B Cash Collateral Account, the Liquidity Provider shall have no interest in or rights to the Class B Cash Collateral Account, the funds constituting
such Advance or any other amounts from time to time on deposit in the Class B Cash Collateral Account; provided that the foregoing shall not affect or impair the obligations of the Subordination Agent to make the distributions contemplated by
Section 3.5(e) or (f) of the Intercreditor Agreement, and provided further, that the foregoing shall not affect or impair the rights of the Liquidity Provider to provide written instructions with respect to the investment and
reinvestment of amounts in the Class B Cash Collateral Account to the extent provided in Section 2.2(b) of the Intercreditor Agreement. By paying to the Borrower proceeds of Advances requested by the Borrower in accordance with the provisions
of this Agreement, the Liquidity Provider makes no representation as to, and assumes no responsibility for, the correctness or sufficiency for any purpose of the amount of the Advances so made and requested. 
 (g) 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 VII, signed by a Responsible Officer of the Borrower, in an amount equal
to the Maximum Available Commitment at such time, and shall be used solely to fund the Class B Cash Collateral Account (in accordance with Section 3.5(f) and Section 3.5(k) of the Intercreditor Agreement). 
 Section 2.03 Fees. The Borrower agrees to pay to the Liquidity Provider the fees set forth in the Fee Letter applicable to this
Agreement. 
 Section 2.04 Automatic Reductions and Termination of the Maximum Commitment. 
 (a) Automatic Reduction. Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool
Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower); provided that on the first Regular Distribution Date, the
Maximum Commitment shall automatically be reduced to the then Required Amount. The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the
Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment. 
 (b)
Termination. Upon the making of any Provider Advance or Special Termination Advance or the making of or conversion to a Final Advance hereunder or the occurrence of the Termination Date, the obligation of the Liquidity Provider to make
further Advances hereunder shall automatically and irrevocably terminate, and the Borrower shall not be entitled to request any further Borrowing hereunder. 
  

 10 

 [Revolving Credit Agreement (2009-2B)] 
  
 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 on each date on which the Liquidity Provider shall make an Interest Advance, the Special Termination Advance or the Final Advance, an amount equal to (a) the
amount of such Advance (any such Advance, until repaid, is referred to herein as an “Unpaid Advance”) (if multiple Interest Advances are outstanding any such repayment to be applied in the order in which such Interest
Advances have been made, starting with the earliest), plus (b) interest on the amount of each such Unpaid Advance as provided in Section 3.07 hereof; provided that if (i) the Liquidity Provider shall make a Provider Advance at any
time after making one or more Interest Advances which shall not have been repaid in accordance with this Section 2.05 or (ii) this Liquidity Facility shall become a Downgraded Facility or Non-Extended Facility at any time when unreimbursed
Interest Advances have reduced the Maximum Available Commitment to zero, then such Interest Advances shall cease to constitute Unpaid Advances and shall be deemed to have been changed into an Applied Downgrade Advance or an Applied Non-Extension
Advance, as the case may be, for all purposes of this Agreement (including, without limitation, for the purpose of determining when such Interest Advance is required to be repaid to the Liquidity Provider in accordance with Section 2.06 and for
the purposes of Section 2.06(b)); provided, further, that amounts in respect of a Special Termination Advance withdrawn from the Class B Cash Collateral Account for the purpose of paying interest on the Class B Certificates in
accordance with Section 3.5(f) of the Intercreditor Agreement (the amount of any such withdrawal being an “Applied Special Termination Advance”) shall thereafter (subject to Section 2.06(b)) be treated as an Interest
Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon; and 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 shall thereafter be converted to and treated as a Final Advance under this Agreement for purposes of determining the Applicable Liquidity Rate
for interest payable thereon and the obligation for repayment thereof and as an Applied Special Termination Advance for purposes of Section 2.6(c) of 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. 
 Section 2.06 Repayments of Provider Advances. (a) Amounts advanced hereunder in respect of a Provider Advance shall be deposited
in the Class B Cash Collateral Account, invested and withdrawn from the Class B Cash Collateral Account as set forth in Sections 3.5(c), (d), (e) and (f) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09, the
Borrower agrees to pay to the Liquidity Provider, on each Regular Distribution Date, commencing on the first Regular Distribution Date after the making of a Provider Advance, interest on the principal amount of any such Provider Advance as provided
in Section 3.07; provided, however, that amounts in respect of a Provider Advance withdrawn from the Class B Cash Collateral Account for the purpose of paying interest on the Class B Certificates in accordance with Section 3.5(f) of
the Intercreditor Agreement (the amount of any such withdrawal being (y) in the case of a Downgrade Advance, an “Applied Downgrade Advance” and (z) in the case of a Non-Extension Advance, an “Applied
Non-Extension Advance” and, together with an Applied Downgrade Advance, an “Applied Provider Advance”) 
  

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 [Revolving Credit Agreement (2009-2B)] 
  
 shall thereafter (subject to Section 2.06(b)) be treated as an Interest
Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the dates on which such interest is payable; provided further, however, that if, following the making of a Provider Advance, the
Liquidity Provider delivers a Termination Notice to the Borrower pursuant to Section 6.01(a) hereof, such Provider Advance shall thereafter be converted to and treated as a Final Advance under this Agreement for purposes of determining the
Applicable Liquidity Rate for interest payable thereon and the obligation for repayment thereof and as an Applied Downgrade Advance or Applied Non-Extension Advance, as the case may be, for the purposes of Section 2.6(c) of the Intercreditor
Agreement. Subject to Sections 2.07 and 2.09 hereof, immediately upon the withdrawal of any amounts from the Class B Cash Collateral Account on account of a reduction in the Required Amount, the Borrower shall repay to the Liquidity Provider a
portion of the Provider Advances in a principal amount equal to the amount of such reduction, plus interest on the principal amount prepaid as provided in Section 3.07 hereof. 
 (b) At any time when an Applied Provider Advance (or any portion thereof) is outstanding, upon the deposit in the Class B Cash Collateral
Account of any amount pursuant to clause “fourth” of Section 3.2 of the Intercreditor Agreement (any such amount being a “Replenishment Amount”) for the purpose of replenishing or increasing the balance
thereof up to the amount of the Required Amount at such time, (i) the aggregate outstanding principal amount of all Applied Provider Advances (and of Provider Advances treated as an Interest Advance for purposes of determining the Applicable
Liquidity Rate for interest payable thereon) shall be automatically reduced by the amount of such Replenishment Amount (if multiple Applied Provider Advances are outstanding, such Replenishment Amount to be applied in the order in which such Applied
Provider Advances have been made, starting with the earliest) and (ii) the aggregate outstanding principal amount of all Unapplied Provider Advances shall be automatically increased by the amount of such Replenishment Amount. 
 (c) At any time when an Applied Special Termination Advance (or any portion thereof) is outstanding, upon the deposit in the Class B Cash
Collateral Account of any amount pursuant to clause “fourth” of Section 3.2 of the Intercreditor Agreement (any such amount being a “Special Termination 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 Special Termination Advances (and of Special Termination Advances treated as an Interest Advance for purposes
of determining the Applicable Liquidity Rate for interest payable thereon) shall be automatically reduced by the amount of such Special Termination Replenishment Amount and (ii) the aggregate outstanding principal amount of all Unapplied
Special Termination Advances shall be automatically increased by the amount of such Special Termination Replenishment Amount. 
 (d) Upon the provision of a Replacement Liquidity Facility in replacement of this Agreement in accordance with Section 3.5(e) of the Intercreditor Agreement, amounts remaining on deposit in the Class B Cash Collateral Account 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. 
  

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 [Revolving Credit Agreement (2009-2B)] 
  
 Section 2.07 Payments to the Liquidity Provider Under the
Intercreditor Agreement. In order to provide for payment or repayment to the Liquidity Provider of any amounts hereunder, the Intercreditor Agreement provides that amounts available and referred to in Articles II and III of the
Intercreditor Agreement, to the extent payable to the Liquidity Provider pursuant to the terms of the Intercreditor Agreement (including, without limitation, Section 3.5(f) of the Intercreditor Agreement), shall be paid to the Liquidity
Provider in accordance with the terms thereof. Amounts so paid to, and not required to be returned by, the Liquidity Provider shall be applied by the Liquidity Provider to Liquidity Obligations then due and payable in accordance with the
Intercreditor Agreement and shall discharge in full the corresponding obligations of the Borrower hereunder (or, if not provided for in the Intercreditor Agreement, then in such manner as the Liquidity Provider shall deem appropriate). 

Section 2.08 Book Entries. The Liquidity Provider shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower resulting from Advances made from time to time and the amounts of principal and interest payable hereunder and paid from time to time in respect thereof; provided, however, that the failure by the
Liquidity Provider to maintain such account or accounts shall not affect the obligations of the Borrower in respect of Advances. 
 Section 2.09 Payments from Available Funds Only. All payments to be made by the Borrower under this Agreement, including, without limitation, Sections 7.05 and 7.07, shall be made only from the amounts that constitute Scheduled
Payments, Special Payments or payments under the Fee Letter, Section 4(a)(v) of the Note Purchase Agreement and Section 7.1 of the Participation Agreements and only to the extent that the Borrower shall have sufficient income or proceeds
therefrom to enable the Borrower to make payments in accordance with the terms hereof after giving effect to the priority of payments provisions set forth in the Intercreditor Agreement. The Liquidity Provider agrees that it will look solely to such
amounts in respect of payments to be made by the Borrower hereunder to the extent available for distribution to it as provided in the Intercreditor Agreement and this Agreement and that the Borrower, in its individual capacity, is not personally
liable to it for any amounts payable or liability under this Agreement except as expressly provided in this Agreement, the Intercreditor Agreement or any Participation Agreement. Amounts on deposit in the Class B 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 3.5(f) of the Intercreditor Agreement. 
 Section 2.10 Extension of the Expiry Date; Non-Extension Advance. No earlier than the 45th day and no later than the 30th day prior
to the then effective Expiry Date (unless such Expiry Date is on or after the date that is 15 days after the Final Legal Distribution Date for the Class B Certificates), the Borrower shall request that the Liquidity Provider extend the Expiry Date
to the earlier of (i) the date that is 15 days after the Final Legal Distribution Date for the Class B Certificates and (ii) the date that is the day immediately preceding the 364th day occurring after the last day of the Consent Period
(as hereinafter defined). Whether or not the Borrower has made such request, the Liquidity Provider shall advise the Borrower no earlier than the 30th day (or, if earlier, the date of the Liquidity Provider’s receipt of such request, if
any, from the Borrower) and no later than the 25th day prior to the then effective Expiry Date (such period, the “Consent Period”), whether, in its sole discretion, it agrees to so extend the Expiry Date. If the
Liquidity Provider advises the Borrower on or before the date on which the Consent Period ends that such Expiry Date shall not be so 
  

 13 

 [Revolving Credit Agreement (2009-2B)] 
  
 extended, or fails to irrevocably and unconditionally advise the Borrower on or
before the date on which the Consent Period ends that such Expiry Date shall be so extended (and, in each case, if the Liquidity Provider shall not have been replaced in accordance with Section 3.5(e) of the Intercreditor Agreement), the
Borrower shall be entitled on and after the date on which the Consent Period ends (but prior to the then effective Expiry Date) to request a Non-Extension Advance in accordance with Section 2.02(b) hereof and Section 3.5(d) of the
Intercreditor Agreement. 
 ARTICLE III 
 OBLIGATIONS OF THE BORROWER 
 Section 3.01 Increased Costs. The
Borrower shall pay to the Liquidity Provider from time to time such amounts as may be necessary to compensate the Liquidity Provider for any increased costs incurred by the Liquidity Provider which are attributable to its making or maintaining any
Advances hereunder or its obligation to make any such Advances hereunder, or any reduction in any amount receivable by the Liquidity Provider under this Agreement or the Intercreditor Agreement in respect of any such Advances or such obligation
(such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any change after the date of this Agreement in U.S. federal, state, municipal, or foreign laws or
regulations (including Regulation D of the Board of Governors of the Federal Reserve System), or the adoption or making after the date of this Agreement of any interpretations, directives, or requirements applying to a class of banks including the
Liquidity Provider under any U.S. federal, state, municipal, or any foreign laws or regulations (whether or not having the force of law) by any court, central bank or monetary authority charged with the interpretation or administration thereof (a
“Regulatory Change”), which: (1) changes the basis of taxation of any amounts payable to the Liquidity Provider under this Agreement in respect of any such Advances or such obligation (other than with respect to Excluded
Taxes or Indemnified Taxes); or (2) imposes or modifies any reserve, special deposit, compulsory loan or similar requirements relating to any extensions of credit or other assets of, or any deposits with other liabilities of, the Liquidity
Provider (including any such Advances or such obligation or any deposits referred to in the definition of LIBOR Rate or Market Disruption Base Rate or related definitions). The Liquidity Provider agrees to use reasonable efforts (consistent with its
internal policies and applicable legal and regulatory restrictions) to change the jurisdiction of its Lending Office if making such change would avoid the need for, or reduce the amount of, any amount payable under this Section that may
thereafter accrue and would not, in the reasonable judgment of the Liquidity Provider, be otherwise disadvantageous to the Liquidity Provider. 
 The Liquidity Provider will notify the Borrower of any event occurring after the date of this Agreement that will entitle the Liquidity Provider to compensation pursuant to this Section 3.01 as
promptly as practicable after it obtains knowledge thereof and determines to request such compensation, which notice shall describe in reasonable detail the calculation of the amounts owed under this Section; provided, that if the Liquidity Provider
fails to give such notice within 180 days after it obtains such knowledge, the Liquidity Provider shall, with respect to any costs resulting from such event, only be entitled to payment under this Section 3.01 for costs incurred from and after
the date 180 days prior to the date the Liquidity Provider does give such notice. Determinations by the Liquidity Provider for purposes of this Section 3.01 of the effect of any Regulatory Change on its costs of making or maintaining Advances
or on amounts receivable by it in respect of Advances, and of the additional amounts required to compensate the Liquidity Provider in respect of any Additional Costs, shall be prima facie evidence of the amount owed under this Section. 

 

 14 

 [Revolving Credit Agreement (2009-2B)] 
  
 Notwithstanding the preceding two paragraphs, the Liquidity
Provider and the Subordination Agent agree that any permitted assignee or participant of the initial Liquidity Provider which is not a bank, shall not be entitled to the benefits of the preceding two paragraphs (but without limiting the provisions
of Section 7.08 hereof). 
 Section 3.02 Capital Adequacy. If (1) the adoption, after the date hereof, of any
applicable governmental law, rule or regulation regarding capital adequacy, (2) any change, after the date hereof, in the interpretation or administration of any such law, rule or regulation by any central bank or other governmental authority
charged with the interpretation or administration thereof or (3) compliance by the Liquidity Provider or any corporation or bank controlling the Liquidity Provider with any applicable guideline or request of general applicability, issued after
the date hereof, by any central bank or other governmental authority (whether or not having the force of law) that constitutes a change of the nature described in clause (2), has the effect of (x) requiring an increase in the amount of
capital required to be maintained by the Liquidity Provider or any corporation or bank controlling the Liquidity Provider and such increase is based upon the Liquidity Provider’s obligations hereunder (including funded obligations) and other
similar obligations or (y) reducing the rate of return on assets or capital of the Liquidity Provider (or such corporation or bank) and such adoption, change or compliance, as the case may be, relates to the Liquidity Provider’s
obligations hereunder (including funded obligations) and similar obligations, the Borrower shall, subject to the provisions of the next paragraph, pay to the Liquidity Provider from time to time such additional amount or amounts as are necessary to
compensate the Liquidity Provider for such portion of such increase as shall be reasonably allocable to the Liquidity Provider’s obligations to the Borrower hereunder. 
 The Liquidity Provider will notify the Borrower of any event occurring after the date of this Agreement that will entitle the Liquidity
Provider to compensation pursuant to this Section 3.02 as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, which notice shall describe in reasonable detail the calculation of the amounts
owed under this Section; provided, that if the Liquidity Provider fails to give such notice within 180 days after it obtains such knowledge, the Liquidity Provider shall, with respect to any costs resulting from such event, only be entitled to
payment under this Section 3.02 for costs incurred from and after the date 180 days prior to the date the Liquidity Provider does give such notice. Determinations by the Liquidity Provider for purposes of this Section 3.02 of the effect of
any increase in the amount of capital required to be maintained by the Liquidity Provider and of the amount allocable to the Liquidity Provider’s obligations to the Borrower hereunder shall be prima facie evidence of the amounts owed under this
Section, absent manifest error. 
 Notwithstanding the preceding two paragraphs, the Liquidity Provider and the Subordination
Agent agree that any permitted assignee or participant of the initial Liquidity Provider which is not a bank, shall not be entitled to the benefits of the preceding two paragraphs (but without limiting the provisions of Section 7.08 hereof).

  

 15 

 [Revolving Credit Agreement (2009-2B)] 
  
 Section 3.03 Payments Free of Deductions. (a) Unless
required by applicable law, all payments made by the Borrower under this Agreement shall be made free and clear of, and without reduction for or on account of, any present or future Taxes of any nature whatsoever now or hereafter imposed, levied,
collected, withheld or assessed. If any Taxes are required to be withheld from any amounts payable to the Liquidity Provider under this Agreement, (i) the Borrower shall within the time prescribed therefor by applicable law pay to the
appropriate governmental or taxing authority the full amount of any such 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) in the case of Taxes, other than Excluded Taxes (such non-excluded Taxes being referred to herein, collectively, as “Indemnified Taxes” and each,
individually, as a “Indemnified Tax”), the amounts so payable to the Liquidity Provider shall be increased to the extent necessary to yield to the Liquidity Provider (after payment of all Taxes) interest or any other such
amounts payable under this Agreement at the rates or in the amounts specified in this Agreement. The Liquidity Provider agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to change the
jurisdiction of its Lending Office if making such change would avoid the need for, or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of the Liquidity Provider, be otherwise
disadvantageous to the Liquidity Provider. From time to time upon the reasonable request of the Borrower, the Liquidity Provider agrees to provide to the Borrower such original Internal Revenue Service Forms (including W-8BEN, W-8ECI or W-9), as
appropriate with respect to Liquidity Provider, or any successor or other form prescribed by the Internal Revenue Service, certifying as to any available exemption from or reduction in the rate of United States withholding tax on payments pursuant
to this Agreement. Within 30 days after the date of each payment hereunder, the Borrower shall furnish to the Liquidity Provider the original or a certified copy of (or other documentary evidence of) the payment of the Indemnified Taxes applicable
to such payment. 
 (b) Unless required by applicable law, all payments (including, without limitation, Advances) made by the
Liquidity Provider under this Agreement shall be made free and clear of, and without reduction for or on account of, any Taxes. If any Taxes are required to be withheld or deducted from any amounts payable to the Borrower under this Agreement, the
Liquidity Provider shall (i) within the time prescribed therefor by applicable law pay to the appropriate governmental or taxing authority the full amount of any such Taxes (and any additional Taxes in respect of the additional amounts payable
under clause (ii) hereof) and make such reports or returns in connection therewith at the time or times and in the manner prescribed by applicable law, and (ii) pay to the Borrower an additional amount which (after deduction of all such
Taxes) will be sufficient to yield to the Borrower the full amount which would have been received by it had no such withholding or deduction been made. Within 30 days after the date of each payment hereunder, the Liquidity Provider shall furnish to
the Borrower the original or a certified copy of (or other documentary evidence of) the payment of the Taxes applicable to such payment. 
 (c) If any exemption from, or reduction in the rate of, any Taxes is reasonably available to the Borrower to establish that payments under this Agreement are exempt from (or entitled to a reduced rate of)
tax, the Borrower shall deliver to the Liquidity Provider such form or forms and such other evidence of the eligibility of the Borrower for such exemption or reduction 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, any Taxes. 
  

 16 

 [Revolving Credit Agreement (2009-2B)] 
  
 Section 3.04 Payments. The Borrower shall make or cause
to be made each payment to the Liquidity Provider under this Agreement so as to cause the same to be received by the Liquidity Provider not later than 1:00 P.M. (New York City time) on the day when due. The Borrower shall make all such payments
in lawful money of the United States of America, to the Liquidity Provider in immediately available funds, by wire transfer to the account of Goldman Sachs Bank USA at Citibank, N.A., New York, ABA No. 021000089, Account No. 30627664,
Reference: United Air Lines, Attn: Bank Loan Operations, or to such other account as the Liquidity Provider may from time to time direct the Borrower. 
 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 or the Market Disruption Base 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 to the Liquidity
Provider shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day without any additional interest (and if so made, shall be deemed to have been made when due). 
 Section 3.07 Interest. (a) Subject to Section 2.09, the Borrower shall pay, or shall cause to be paid, without duplication,
interest on (i) the unpaid principal amount of each Advance from and including the date of such Advance (or, in the case of an Applied Provider Advance or Applied Special Termination Advance, from and including the date on which the amount
thereof was withdrawn from the Class B Cash Collateral Account to pay interest on the Class B Certificates) to but excluding the date such principal amount shall be paid in full (or, in the case of an Applied Provider Advance or Applied Special
Termination Advance, the date on which the Class B Cash Collateral Account is fully replenished in respect of such Advance) and (ii) any other amount due hereunder (whether fees, commissions, expenses or other amounts or, to the extent
permitted by law, installments of interest on Advances or any such other amount) 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 a fluctuating interest rate per annum for each day equal to the Applicable Liquidity Rate (as defined below) for such Advance or such other amount, as the case may be, as in effect for such day, but in no event at
a rate per annum greater than the maximum rate permitted by applicable law; provided, however, that, if at any time the otherwise applicable interest rate as set forth in this Section 3.07 shall exceed the maximum rate permitted
by applicable law, then any subsequent reduction in such interest rate will not reduce the rate of interest payable pursuant to this Section 3.07 below the maximum rate permitted by applicable law until the total amount of interest accrued
equals the amount of interest that would have accrued if such otherwise applicable interest rate as set forth in this Section 3.07 had at all times been in effect. 
 (b) Except as provided in clause (e) below, each Advance (other than any Unapplied Provider Advance or Unapplied Special Termination Advance) will be either a Base Rate Advance or a LIBOR Advance as
provided in this Section. Each such Advance will be a Base Rate Advance for the period from the date of its borrowing to (but excluding) the third LIBOR Business Day following the Liquidity Provider’s receipt of the Notice of Borrowing for such
Advance. Thereafter, such Advance shall be a LIBOR Advance. 
  

 17 

 [Revolving Credit Agreement (2009-2B)] 
  
 (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 and Unapplied Special Termination Advance shall bear
interest in an amount equal to the Investment Earnings on amounts on deposit in the Class B Cash Collateral Account plus the Applicable Margin for such Unapplied Non-Extension Advance, Unapplied Downgrade Advance or Unapplied Special Termination
Advance, as applicable, on the amount of such Unapplied Non-Extension Advance, Unapplied Downgrade Advance or Unapplied Special Termination Advance from time to time, payable in arrears on each Regular Distribution Date. 
 (f) Each amount not paid when due hereunder (whether fees, commissions, expenses or other amounts or, to the extent permitted by applicable
law, installments of interest on Advances but excluding Advances) shall bear interest at a rate per annum equal to the Base Rate plus 2.00% per annum until paid. 
 (g) 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”. 
 (h) 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, the LIBOR Rate determined or to be determined for such 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. Following the receipt of a Rate Determination Notice by the Borrower, the LIBOR Rate shall be the Market Disruption Base Rate until the Interest Period that immediately follows
the withdrawal of such Rate Determination Notice. 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. 
  

 18 

 [Revolving Credit Agreement (2009-2B)] 
  
 Section 3.08 Replacement of Borrower. From time to time
and subject to the successor Borrower’s meeting the eligibility requirements set forth in Section 6.9 of the Intercreditor Agreement applicable to the Subordination Agent, upon the effective date and time specified in a written and
completed Notice of Replacement Subordination Agent in substantially the form of Annex VI attached hereto (a “Notice of Replacement Subordination Agent”) delivered to the Liquidity Provider by the then Borrower, the successor
Borrower designated therein shall be substituted for the Borrower for all purposes hereunder. 
 Section 3.09 Funding Loss
Indemnification. The Borrower shall pay to the Liquidity Provider, upon the request of the Liquidity Provider, such amount or amounts as shall be sufficient (in the reasonable opinion of the Liquidity Provider) to compensate it for any loss,
cost, or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by the Liquidity Provider to fund or maintain any LIBOR Advance (but excluding loss of anticipated profits) incurred as a result of:

 (1) Any repayment of a LIBOR Advance on a date other than the last day of the Interest Period for such
Advance; or 
 (2) Any failure by the Borrower to borrow a LIBOR Advance on the date for borrowing specified in
the relevant notice under Section 2.02. 
 Section 3.10 Illegality. Notwithstanding any other provision in this
Agreement, if any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance by the Liquidity Provider (or its Lending Office) with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for the
Liquidity Provider (or its Lending Office) to maintain or fund its LIBOR Advances, then upon notice to the Borrower by the Liquidity Provider, the outstanding principal amount of the LIBOR Advances shall be converted to Base Rate Advances
(a) immediately upon demand of the Liquidity Provider, if such change or compliance with such request, in the judgment of the Liquidity Provider, requires immediate repayment; or (b) at the expiration of the last Interest Period to expire
before the effective date of any such change or request. The Liquidity Provider agrees to use reasonable efforts (consistent with its internal policies and applicable legal and regulatory restrictions) to change the jurisdiction of its Lending
Office if making such change would avoid or cure the aforesaid illegality and would not, in the reasonable judgment of the Liquidity Provider, be otherwise disadvantageous to the Liquidity Provider. 
  

 19 

 [Revolving Credit Agreement (2009-2B)] 
  
 ARTICLE IV 
 CONDITIONS PRECEDENT 
 Section 4.01 Conditions Precedent to Effectiveness of Section 2.01. Section 2.01 of this Agreement shall become effective on and as of the first date (the “Effective
Date”) on which the following conditions precedent have been satisfied or waived: 
 (a) The Liquidity Provider
shall have received each of the following, and in the case of each document delivered pursuant to paragraphs (i), (ii) and (iii), each in form and substance satisfactory to the Liquidity Provider: 
 (i) This Agreement duly executed on behalf of the Borrower and the Fee Letter applicable to this Agreement duly executed on behalf of the
Borrower and United; 
 (ii) The Intercreditor Agreement duly executed on behalf of each of the parties thereto (other than the
Liquidity Provider); 
 (iii) Fully executed copies of each of the Operative Agreements executed and delivered on or before the
Issuance Date (other than this Agreement, the Guarantee Agreement, the Fee Letter and the Intercreditor Agreement); 
 (iv) A
copy of the Prospectus Supplement and specimen copies of the Class B Certificates; 
 (v) An executed copy of each document,
instrument, certificate and opinion delivered on or before the Issuance Date pursuant to the Class B Trust Agreement, the Note Purchase Agreement, the Intercreditor Agreement and the other Operative Agreements (in the case of each such opinion,
other than the opinion of counsel for the Underwriters, either addressed to the Liquidity Provider or accompanied by a letter from the counsel rendering such opinion to the effect that the Liquidity Provider is entitled to rely on such opinion as of
its date as if it were addressed to the Liquidity Provider); 
 (vi) Evidence that there shall have been made and shall be in
full force and effect, all filings, recordings and/or registrations, and there shall have been given or taken any notice or other similar action as may be reasonably necessary or, to the extent reasonably requested by the Liquidity Provider,
reasonably advisable, in order to establish, perfect, protect and preserve the right, title and interest, remedies, powers, privileges, liens and security interests of, or for the benefit of, the Trustees, the Borrower and the Liquidity Provider
created by the Operative Agreements executed and delivered on or before the Closing Date; 
 (vii) An agreement from United,
pursuant to which United agrees to provide copies of quarterly financial statements and audited annual financial statements to the Liquidity Provider provided that so long as United is subject to the reporting requirements of the Securities Exchange
Act of 1934, such information will be considered provided if it is made available on the EDGAR database of the Securities and Exchange Commission; 
 (viii) Legal opinions from (a) Morris James, LLP, special Delaware counsel to the Borrower and (b) Vedder Price P.C., special counsel to United, each in form and substance reasonably
satisfactory to the Liquidity Provider; and 
 (ix) Such other documents, instruments, opinions and approvals pertaining to the
transactions contemplated hereby or by the other Operative Agreements as the Liquidity Provider shall have reasonably requested, including, without limitation, such documentation as the Liquidity Provider may require to satisfy its “know your
customer” policies. 
  

 20 

 [Revolving Credit Agreement (2009-2B)] 
  
 (b) The following statement shall be true on and as of the
Effective Date: no event has occurred and is continuing, or would result from the entering into of this Agreement or the making of any Advance, which constitutes a Liquidity Event of Default. 
 (c) The Liquidity Provider shall have received payment in full of all fees and other sums required to be paid to or for the account of the
Liquidity Provider on or prior to the Effective Date. 
 (d) All conditions precedent to the issuance of the Certificates under
the Trust Agreements shall have been satisfied or waived and all conditions precedent to the purchase of the Class A Certificates and the Class B Certificates by the Underwriters under the Underwriting Agreement shall have been satisfied or
waived. 
 (e) The Borrower shall have received a certificate, dated the date hereof, signed by a duly authorized representative
of the Liquidity Provider, certifying that the Effective Date is the date hereof. Upon receipt by the Borrower of such certificate, all conditions precedent to the effectiveness of Section 2.01 shall be deemed to have been satisfied or waived.

 Section 4.02 Conditions Precedent to Borrowing. The obligation of the Liquidity Provider to make an Advance on the
occasion of each Borrowing shall be subject to the conditions precedent that the Effective Date shall have occurred and, on or prior to the date of such Borrowing, the Borrower shall have delivered a Notice of Borrowing which conforms to the terms
and conditions of this Agreement and has been completed as may be required by the relevant form of the Notice of Borrowing for the type of Advance requested. 
 Section 4.03 Representations and Warranties. The representations and warranties of the Borrower in Section 4.2 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 as of the date hereof. In addition, the Borrower represents and warrants to the Liquidity Provider that:

 (a) the Borrower is not an “investment company” under the Investment Company Act of 1940; and 
 (b) the Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose,
whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U, and no part of the proceeds of the Advances will be used for the purpose, whether immediate, incidental or ultimate, of
buying or carrying any such “margin stock”. 
 ARTICLE V 
 COVENANTS 
 Section 5.01 Affirmative Covenants of the Borrower. So long as any Advance shall remain unpaid or the Liquidity Provider shall have any Maximum Commitment hereunder or the Borrower shall have any obligation to pay any amount to the
Liquidity Provider hereunder, the Borrower will, unless the Liquidity Provider shall otherwise consent in writing: 
 (a)
Performance of this and Other Agreements. Punctually pay or cause to be paid all amounts payable by it under this Agreement and the other Operative Agreements and observe and perform in all material respects the conditions, covenants and
requirements applicable to it contained in this Agreement and the other Operative Agreements. 
  

 21 

 [Revolving Credit Agreement (2009-2B)] 
  
 (b) Reporting Requirements. Furnish to the Liquidity
Provider with reasonable promptness, such information and data with respect to the transactions contemplated by the Operative Agreements as from time to time may be reasonably requested by the Liquidity Provider; and permit the Liquidity Provider,
upon reasonable notice, to inspect the Borrower’s books and records with respect to such transactions and to meet with officers and employees of the Borrower to discuss such transactions. 
 (c) Certain Operative Agreements. Furnish to the Liquidity Provider with reasonable promptness, such Operative Agreements entered
into after the date hereof as from time to time may be reasonably requested by the Liquidity Provider. 
 Section 5.02
Negative Covenants of the Borrower. So long as any Advance shall remain unpaid or the Liquidity Provider shall have any Maximum Commitment hereunder or the Borrower shall have any obligation to pay any amount to the Liquidity Provider
hereunder, the Borrower will not appoint or permit or suffer to be appointed any successor Borrower without 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 and Special
Termination. (a) If (i) any Liquidity Event of Default has occurred and is continuing and (ii) there is a Performing Note Deficiency, the Liquidity Provider may, in its discretion, deliver to the Borrower a Termination Notice, the
effect of which shall be to cause (A) the obligation of the Liquidity Provider to make Advances hereunder to expire on the fifth Business Day after the date on which such Termination Notice is received by the Borrower, (B) the Borrower to
promptly request, and the Liquidity Provider to promptly make, a Final Advance in accordance with Section 2.02(d) hereof and Section 3.5(i) of the Intercreditor Agreement, (C) all other outstanding Advances to be automatically
converted into Final Advances for purposes of determining the Applicable Liquidity Rate for interest payable thereon, and (D) subject to Sections 2.07 and 2.09 hereof, all Advances (including, without limitation, any Provider Advance and
Applied Provider Advance), any accrued interest thereon and any other amounts outstanding hereunder to become immediately due and payable to the Liquidity Provider. 
 (b) If the aggregate Pool Balance of the Class B Certificates is greater than the aggregate outstanding principal amount of the Series B Equipment Notes (other than any Series B Equipment Notes previously
sold or with respect to which the collateral securing such Series B Equipment Notes has been disposed of) at any time during the 18 month period prior to January 15, 2016 the Liquidity Provider may, in its discretion, deliver to the Borrower a
Special Termination Notice, the effect of which shall be to cause (i) the obligation of the Liquidity Provider to make Advances hereunder to expire on the fifth Business Day after the date on which such 
  

 22 

 [Revolving Credit Agreement (2009-2B)] 
  
 Special Termination Notice is received by the Borrower, (ii) the Borrower
to promptly request, and the Liquidity Provider to promptly make, a Special Termination Advance in accordance with Section 2.02(g) and Section 3.5(m) of the Intercreditor Agreement, and (iii) subject to Sections 2.07 and 2.09,
all Advances (including, without limitation, any Provider Advance and Applied Provider Advance), any accrued interest thereon and any other amounts outstanding hereunder to become immediately due and payable to the Liquidity Provider. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement,
nor consent to any departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Liquidity Provider, and, in the case of an amendment or of a waiver by the Borrower, the Borrower, and then
such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 Section
7.02 Notices, Etc. Except as otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including telecopier and mailed or delivered or sent by telecopier) addressed to the applicable
party at its address set forth below: 
  

							
		  	Borrower:	  		  	
			
		  	 Wilmington Trust Company
 1100 North Market Street
 Wilmington, DE 19890-0001
 Attention: Corporate Trust Administration
 Telephone: (302) 676-6002
 Fax: (302) 676-4140
	  	
			
		  	 with a copy to:
  
 United Air Lines, Inc.
 77 West Wacker
Drive
 Chicago, IL 60601
 Attention:
Stephen R. Lieberman, Vice
                     President & Treasurer
 E-Mail: stephen.lieberman@united.com
 Telephone: (312) 997-8000
 Facsimile: (312) 997-8333; and
	  	
			
		  	 General Counsel
 Telephone: (312) 997-8000
 Facsimile: (312) 997-8333
	  	

  

 23 

 [Revolving Credit Agreement (2009-2B)] 
  

							
			
		  	 Liquidity Provider:
  
 Goldman Sachs Bank USA
 30 Hudson Street, 36th Floor

 Jersey City, NJ 07302
 Attention:
Muhammad Khan
 Telephone: (212) 357-4350
 Fax: (917) 977-3966
	  	

 or to such other address as shall be designated by such Person in a written notice to the others. All
such notices and communications shall be effective (i) if given by telecopier, when transmitted to the telecopier number specified above with receipt confirmed electronically, and received in legible form, (ii) if given by mail, five
Business Days after being deposited in the mails addressed as specified above, and (iii) if given by other means, when delivered at the address specified above, except that written notices to the Liquidity Provider pursuant to the provisions of
Article II and Article III hereof shall not be effective until received by the Liquidity Provider. The Borrower shall give all Notices of Borrowing via telecopier; provided, that, in the event of a transmission failure, the Borrower
shall use reasonable efforts to deliver the applicable Notice of Borrowing to the Liquidity Provider on the same Business Day using such other means as may be reasonably deemed necessary by the Borrower. A copy of all notices delivered hereunder to
either party shall in addition be delivered to each of the parties to the Participation Agreements at their respective addresses set forth therein. 
 Section 7.03 No Waiver; Remedies. No failure on the part of the Liquidity Provider to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver thereof; nor
shall any single or partial exercise of any right under this Agreement preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 Section 7.04 Further Assurances. The Borrower agrees to do such further acts and things and to execute and deliver to
the Liquidity Provider such additional assignments, agreements, powers and instruments as the Liquidity Provider may reasonably require or deem advisable to carry into effect the purposes of this Agreement and the other Operative Agreements or to
better assure and confirm unto the Liquidity Provider its rights, powers and remedies hereunder and under the other Operative Agreements. 
 Section 7.05 Indemnification; Survival of Certain Provisions. The Liquidity Provider shall be indemnified hereunder to the extent and in the manner described in Section 7.1 of the
Participation Agreements. In addition, the Borrower agrees to indemnify, protect, defend and hold harmless the Liquidity Provider from, against and in respect of, and shall pay on demand, all Expenses of any kind or nature whatsoever (other than any
Expenses of the nature described in Section 3.01, 3.02 or 7.07 hereof or in the Fee Letter applicable to this Agreement (regardless of whether indemnified against pursuant to said Sections or in such Fee Letter)), that may be imposed on,
incurred by or asserted against any Liquidity Indemnitee, in any way relating to, resulting from, or arising out of or in connection with any action, suit or proceeding by any third party against such Liquidity Indemnitee and relating to this
Agreement, the Fee Letter, the Intercreditor Agreement or any Financing Agreement; provided, however, that the Borrower shall not 
  

 24 

 [Revolving Credit Agreement (2009-2B)] 
  
 be required to indemnify, protect, defend and hold harmless any Liquidity
Indemnitee in respect of any Expense of such Liquidity Indemnitee to the extent such Expense is (i) attributable to the gross negligence or willful misconduct of such Liquidity Indemnitee or any other Liquidity Indemnitee, (ii) ordinary
and usual operating overhead expense, (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 applicable to this Agreement or any other Operative Agreement to which it is a party; or (iv) a Tax. The indemnities contained in Section 7.1 of the Participation Agreements, and the
provisions of Sections 3.01, 3.02, 3.03, 3.09, 7.05 and 7.07 hereof, shall survive the termination of this Agreement. 
 Section 7.06 Liability of the Liquidity Provider. (a) Neither the Liquidity Provider nor any of its officers, employees, directors or Affiliates shall be liable or responsible for: (i) the use which may be made of the
Advances or any acts or omissions of the Borrower or any beneficiary or transferee in connection therewith; (ii) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents should prove to be in
any or all respects invalid, insufficient, fraudulent or forged; or (iii) the making of Advances by the Liquidity Provider against delivery of a Notice of Borrowing and other documents which do not comply with the terms hereof; provided,
however, that the Borrower shall have a claim against the Liquidity Provider, and the Liquidity Provider shall be liable to the Borrower, to the extent of any damages suffered by the Borrower which were the result of (A) the Liquidity
Provider’s willful misconduct or negligence in determining whether documents presented hereunder comply with the terms hereof, or (B) any breach by the Liquidity Provider of any of the terms of this Agreement 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 strictly complying with the terms and conditions hereof. In no event,
however, shall the Liquidity Provider be liable on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings). 
 (b) Neither the Liquidity Provider nor any of its officers, employees, directors or Affiliates shall be liable or responsible in any respect
for (i) any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with this Agreement or any Notice of Borrowing delivered hereunder, or (ii) any action,
inaction or omission which may be taken by it in good faith, absent willful misconduct or gross negligence (in which event the extent of the Liquidity Provider’s potential liability to the Borrower shall be limited as set forth in the
immediately preceding paragraph), in connection with this Agreement or any Notice of Borrowing. 
 Section 7.07 Costs,
Expenses and Taxes. The Borrower agrees to pay, or cause to be paid (A) on the Effective Date and on such later date or dates on which the Liquidity Provider shall make demand, all reasonable out-of-pocket costs and expenses (including,
without limitation, the reasonable fees and expenses of outside counsel for the Liquidity Provider) of the Liquidity Provider in connection with the preparation, negotiation, execution, delivery, filing and recording of this Agreement, any other
Operative Agreement and any other documents which may be delivered in connection with this Agreement and (B) on demand, all reasonable costs and expenses (including reasonable counsel fees and expenses) of the Liquidity Provider in connection
with (i) the 
  

 25 

 [Revolving Credit Agreement (2009-2B)] 
  
 enforcement of this Agreement or any other Operative Agreement, (ii) the
modification or amendment of, or supplement to, this Agreement or any other Operative Agreement or such other documents which may be delivered in connection herewith or therewith (whether or not the same shall become effective) or any waiver or
consent thereunder (whether or not the same shall become effective) or (iii) any action or proceeding relating to any order, injunction, or other process or decree restraining or seeking to restrain the Liquidity Provider from paying any amount
under this Agreement, the Intercreditor Agreement or any other Operative Agreement or otherwise affecting the application of funds in the Class B Cash Collateral Account. In addition, the Borrower shall pay any and all recording, stamp and other
similar taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement, any other Operative Agreement and such other documents, and agrees to hold the Liquidity Provider harmless
from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such taxes or fees. 
 Section 7.08 Binding Effect; Participations. (a) This Agreement shall be binding upon and inure to the benefit of the Borrower and the Liquidity Provider and their respective successors and assigns, except that neither the
Liquidity Provider (except as otherwise provided in this Section 7.08 and in Section 3.5(l) of the Intercreditor Agreement) nor (except as contemplated by Section 3.08) the Borrower shall have the right to assign its rights or
obligations hereunder or any interest herein without the prior written consent of the other party, subject to the requirements of Section 7.08(b). The Liquidity Provider may grant participations herein or in any of its rights hereunder
(including, without limitation, funded participations and participations in rights to receive interest payments hereunder) and under the other Operative Agreements to such Persons (other than United and its Affiliates) as the Liquidity Provider may
in its sole discretion select, subject to the requirements of Section 7.08(b). No such granting of participations by the Liquidity Provider, however, will relieve the Liquidity Provider of its obligations hereunder. In connection with any
participation or any proposed participation, the Liquidity Provider may disclose to the participant or the proposed participant any information that the Borrower is required to deliver or to disclose or is otherwise provided to the Liquidity
Provider pursuant to this Agreement. The Borrower acknowledges and agrees that the Liquidity Provider’s source of funds may derive in part from its participants. Accordingly, references in this Agreement and the other Operative Agreements to
determinations, reserve and capital adequacy requirements, increased costs, reduced receipts, additional amounts due pursuant to Section 3.03 and the like as they pertain to the Liquidity Provider shall be deemed also to include those of each
of its participants that are banks (subject, in each case, to the maximum amount that would have been incurred by or attributable to the Liquidity Provider directly if the Liquidity Provider, rather than the participant, had held the interest
participated). 
 (b) If, pursuant to subsection (a) above, the Liquidity Provider sells any participation in this
Agreement to any bank or other entity (each, a “Transferee”), the Transferee shall not be entitled to receive any greater payment under Section 3.01, 3.02 or 3.03 than the Liquidity Provider would have been entitled to
receive with respect to the participation sold to such Transferee unless the sale of such participation is made with the prior written consent of the Borrower and United. A Transferee shall not be entitled to the benefits of Section 3.03 unless
the Borrower and United is notified of the participation sold to such Transferee and such Transferee agrees, for the benefit of the Borrower, to comply with the certification requirements of Section 3.03 as though it were the Liquidity
Provider. Unless the Borrower has received forms or other documents reasonably satisfactory to it (and required by applicable law) indicating that payments hereunder are not subject to United States federal withholding tax, the Borrower will
withhold any such taxes as required by law from such payments at the applicable statutory rate. 
  

 26 

 [Revolving Credit Agreement (2009-2B)] 
  
 (c) Notwithstanding the other provisions of this
Section 7.08, the Liquidity Provider may assign and pledge all or any portion of the Advances owing to it to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the
Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Advances made by the Borrower to the Liquidity Provider in accordance with the terms of this Agreement shall
satisfy the Borrower’s obligations hereunder in respect of such assigned Advance to the extent of such payment. No such assignment shall release the Liquidity Provider from its obligations hereunder. 
 Section 7.09 Severability. Any provision of this Agreement which is prohibited, unenforceable or not authorized in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in
any other jurisdiction. 
 Section 7.10 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS 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 hereby irrevocably and unconditionally: 
 (i) submits for itself and its property in any legal action or proceeding relating to this Agreement or any other Operative Agreement, or for recognition and enforcement of any judgment in respect hereof
or thereof, to the exclusive jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and the appellate courts from any thereof; provided, that, in the case United is a
debtor in a proceeding under the Bankruptcy Code, each party also submits for itself and its property to the court that has jurisdiction over the bankruptcy proceedings; 
 (ii) consents that any such action or proceeding may be brought in such courts, and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court
or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
 (iii)
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to each party hereto at its address set forth in
Section 7.02 hereof, or at such other address of which the Liquidity Provider shall have been notified pursuant thereto; and 
  

 27 

 [Revolving Credit Agreement (2009-2B)] 
  
 (iv) agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction. 
 (b) THE
BORROWER AND THE LIQUIDITY PROVIDER EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS
AGREEMENT AND THE RELATIONSHIP THAT IS BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty claims and all other common law and statutory claims. The Borrower and the Liquidity Provider each warrant and
represent that it has reviewed this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following consultation with such legal counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR
IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 
 Section 7.12 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be
deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 
 Section 7.13 Entirety. This Agreement, the Intercreditor Agreement and the other Operative Agreements to which the Liquidity Provider is a party constitute the entire agreement of the parties hereto with respect to the subject matter
hereof and supersedes all prior understandings and agreements of such parties. 
 Section 7.14 Headings.
Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 Section 7.15 Transfer. The Liquidity Provider hereby acknowledges and consents to the Transfer contemplated by the Assignment and Assumption Agreement. 
 Section 7.16 LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS
OF THE LIQUIDITY PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE BORROWER’S RIGHTS TO DELIVER NOTICES OF BORROWING REQUESTING THE MAKING OF ADVANCES HEREUNDER, SHALL BE UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH CASE
STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT. 
 Section 7.17 Patriot Act. In compliance with the USA Patriot
Act and 31 CFR Part 103.121 and, in the case of a non-U.S. entity, any other similar requirements of the relevant foreign jurisdiction, when requested WTC shall provide to the Liquidity Provider certain information relating to WTC that the Liquidity
Provider may be required to obtain and keep on file, including WTC’s name, address and various identifying documents. 
  

 28 

 [Revolving Credit Agreement (2009-2B)] 
  
 Section 7.18 Fiduciary Duty. The Liquidity Provider and
its Affiliates may have economic interests that conflict with those of WTC, its stockholders and/or its Affiliates. WTC agrees that nothing in the Operative Agreements or otherwise will be deemed to create an advisory, fiduciary or agency
relationship or fiduciary or implied duty between the Liquidity Provider or its Affiliates, on the one hand, and WTC, its stockholders or its Affiliates, on the other. WTC acknowledges and agrees that (a) the transactions contemplated by the
Operative Agreements (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Liquidity Provider and its Affiliates, on the one hand, and WTC, on the other, and (b) in
connection therewith and with the process leading thereto, (i) neither the Liquidity Provider or its Affiliates have assumed an advisory or fiduciary responsibility in favor of WTC, its stockholders or its Affiliates with respect to the
transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether the Liquidity Provider or its Affiliates have advised, are currently advising or will advise WTC,
its stockholders or its Affiliates on other matters) or any other obligation to WTC except the obligations expressly set forth in the Operative Agreements and (ii) each of the Liquidity Provider and its Affiliates is acting solely as principal
and not as the agent or fiduciary of WTC, its management, stockholders, creditors or any other Person. WTC acknowledges and agrees that WTC has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is
responsible for making its own independent judgment with respect to such transactions and the process leading thereto. WTC agrees that it will not claim that the Liquidity Provider or its Affiliates have rendered advisory services of any nature or
respect, or owes a fiduciary or similar duty to WTC, in connection with such transaction or the process leading thereto. 
  

 29 

 [Revolving Credit Agreement (2009-2B)] 
  
 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 B Trust, as
Borrower
		
	 By:
	 	  

		 	 Name:
 Title:

	
	 GOLDMAN SACHS BANK USA, as
 Liquidity Provider

		
	 By:
	 	  

		 	 Name:
 Title:

  

 30 

 [Revolving Credit Agreement (2009-2B)] 
  
 ANNEX I 
 TO 
 REVOLVING CREDIT AGREEMENT 
 INTEREST ADVANCE NOTICE OF BORROWING 
 The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Goldman
Sachs Bank USA (the “Liquidity Provider”), with reference to the Revolving Credit Agreement (2009-2B) dated as of November 24, 2009, between the Borrower and the Liquidity Provider (the “Liquidity
Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that: 
 (1) The Borrower is the Subordination Agent under the Intercreditor Agreement. 
 (2) The Borrower is delivering this Notice of Borrowing for the making of an Interest Advance by the Liquidity Provider to be used, subject to clause (3)(v) below, for the payment of interest on the
Class B Certificates which was payable on                     ,
             (the “Distribution Date”) in accordance with the terms and provisions of the Class B Trust Agreement and the Class B Certificates, which Advance
is requested to be made on                     ,             . The Interest
Advance should be transferred to [name of bank/wire instructions/ABA number] in favor of account number [            ], reference
[            ]. 
 (3) The amount of the Interest
Advance requested hereby (i) is $[                    ], to be applied in respect of the payment of the interest which was due and
payable on the Class B Certificates on the Distribution Date, (ii) does not include any amount with respect to the payment of principal of, or premium on, the Class B Certificates, or principal of, or interest or premium on, the Class A
Certificates or any Additional Certificates, (iii) was computed in accordance with the provisions of the Class B Certificates, the Liquidity Agreement, the Class B Trust Agreement and the Intercreditor Agreement (a copy of which computation is
attached hereto as Schedule I), (iv) does not exceed the Maximum Available Commitment on the date hereof, (v) does not include any amount of interest which was due and payable on the Class B Certificates on such Distribution Date but
which remains unpaid due to the failure of the Depositary to pay any amount of accrued interest on the Deposits on such Distribution Date and (vi) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing.

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

 ANNEX I 
 Page 1 

 [Revolving Credit Agreement (2009-2B)] 
  
 The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, the making of the Interest Advance as requested by this Notice of Borrowing shall automatically reduce, subject to reinstatement in accordance with the terms of the Liquidity Agreement, the Maximum Available Commitment by an amount equal
to the amount of the Interest Advance requested to be made hereby as set forth in clause (i) of paragraph (3) of this Notice of Borrowing and such reduction shall automatically result in corresponding reductions in the amounts available to
be borrowed pursuant to a subsequent Advance. 
  

 ANNEX I 
 Page 2 

 [Revolving Credit Agreement (2009-2B)] 
  
 IN WITNESS WHEREOF, the Borrower has executed and
delivered this Notice of Borrowing as of the              day of
                    ,             . 
  

			
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-2B, as Borrower
		
	 By:
	 	  

		 	 Name:
 Title:

  

 ANNEX I 
 Page 3 

 [Revolving Credit Agreement (2009-2B)] 
  
 SCHEDULE I 
 TO 
 INTEREST ADVANCE NOTICE OF BORROWING 
 [Insert copy of computations in accordance with Interest Advance Notice
of Borrowing] 
  

 ANNEX I 
 Page 4 

 [Revolving Credit Agreement (2009-2B)] 
  
 ANNEX II 
 TO 
 REVOLVING CREDIT AGREEMENT 
 NON-EXTENSION ADVANCE NOTICE OF BORROWING 
 The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Goldman
Sachs Bank USA (the “Liquidity Provider”), with reference to the Revolving Credit Agreement (2009-2B) dated as of November 24, 2009, between the Borrower and the Liquidity Provider (the “Liquidity
Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that: 
 (1) The Borrower is the Subordination Agent under the Intercreditor Agreement. 
 (2) The Borrower is delivering this Notice of Borrowing for the making of the Non-Extension Advance by the Liquidity Provider to be used for the funding of the Class B Cash Collateral Account in
accordance with Section 3.5(d) of the Intercreditor Agreement, which Advance is requested to be made on                     ,
            . The Non-Extension Advance should be transferred to [name of bank/wire instructions/ABA number] in favor of account number
[        ], reference [            ]. 
 (3) The amount of the Non-Extension Advance requested hereby (i) is
$                    .    , which equals the Maximum Available Commitment on the date hereof and is to be applied
in respect of the funding of the Class B Cash Collateral Account in accordance with Section 3.5(d) of the Intercreditor Agreement, (ii) does not include any amount with respect to the payment of the principal of, or premium on, the Class B
Certificates, or principal of, or interest or premium on, the Class A Certificates or any Additional Certificates, (iii) was computed in accordance with the provisions of the Class B Certificates, the Liquidity Agreement, the Class B Trust
Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement.

 (4) Upon receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will
deposit such amount in the Class B Cash Collateral Account and apply the same in accordance with the terms of Section 3.5(d) of the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower for any other
purpose and (c) no portion of such amount until so applied shall be commingled with other funds held by the Borrower. 
 The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Non-Extension Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the obligation of the
Liquidity Provider to make further Advances under the Liquidity Agreement; and (B) following the making by the Liquidity Provider of the Non-Extension Advance requested by this Notice of Borrowing, the Borrower shall not be entitled to request
any further Advances under the Liquidity Agreement. 
  

 ANNEX II 
 Page 1 

 [Revolving Credit Agreement (2009-2B)] 
  
 IN WITNESS WHEREOF, the Borrower has executed and
delivered this Notice of Borrowing as of the              day of
                    ,             . 
  

			
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-2B, as Borrower
		
	 By:
	 	  

		 	 Name:
 Title:

  

 ANNEX II 
 Page 2 

 [Revolving Credit Agreement (2009-2B)] 
  
 SCHEDULE I 
 TO 
 NON-EXTENSION ADVANCE NOTICE OF BORROWING 
 [Insert copy of computations in accordance with Non-Extension
Advance Notice of Borrowing] 
  

 ANNEX II 
 Page 3 

 [Revolving Credit Agreement (2009-2B)] 
  
 ANNEX III 
 TO 
 REVOLVING CREDIT AGREEMENT 
 DOWNGRADE ADVANCE NOTICE OF BORROWING 
 The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to
Goldman Sachs Bank USA (the “Liquidity Provider”), with reference to the REVOLVING CREDIT AGREEMENT (2009-2B) dated as of November 24, 2009, between the Borrower and the Liquidity Provider (the
“Liquidity Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that: 
 (1) The Borrower is the Subordination Agent under the Intercreditor Agreement. 
 (2) The Borrower is delivering this Notice of Borrowing for the making of the Downgrade Advance by the Liquidity Provider to
be used for the funding of the Class B Cash Collateral Account in accordance with Section 3.5(c) of the Intercreditor Agreement by reason of the occurrence of a Downgrade Event, which Advance is requested to be made on
                    ,             . The Downgrade Advance should be
transferred to [name of bank/wire instructions/ABA number] in favor of account number [        ], reference [            ]. 
 (3) The amount of the Downgrade Advance requested hereby (i) is
$                    .    , which equals the Maximum Available Commitment on the date hereof and is to be applied
in respect of the funding of the Class B Cash Collateral Account in accordance with Section 3.5(c) of the Intercreditor Agreement, (ii) does not include any amount with respect to the payment of the principal of, or premium on, the Class B
Certificates, or principal of, or interest or premium on, the Class A Certificates or any Additional Certificates, (iii) was computed in accordance with the provisions of the Class B Certificates, the Liquidity Agreement, the Class B Trust
Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement.

 (4) Upon receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will
deposit such amount in the Class B Cash Collateral Account and apply the same in accordance with the terms of Section 3.5(c) of the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower for any other
purpose and (c) no portion of such amount until so applied shall be commingled with other funds held by the Borrower. 
 The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Downgrade Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the obligation of the Liquidity
Provider to make further Advances under the Liquidity Agreement; and (B) following the making by the Liquidity Provider of the Downgrade Advance requested by this Notice of Borrowing, the Borrower shall not be entitled to request any further
Advances under the Liquidity Agreement. 
  

 ANNEX III 
 Page 1 

 [Revolving Credit Agreement (2009-2B)] 
  
 IN WITNESS WHEREOF, the Borrower has executed and
delivered this Notice of Borrowing as of the              day of
                    ,             . 
  

			
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-2B, as Borrower
		
	 By:
	 	  

		 	 Name:
 Title:

  

 ANNEX III 
 Page 2 

 [Revolving Credit Agreement (2009-2B)] 
  
 SCHEDULE I 
 TO 
 DOWNGRADE ADVANCE NOTICE OF BORROWING 
 [Insert copy of computations in accordance with Downgrade Advance Notice
of Borrowing] 
  

 ANNEX III 
 Page 3 

 [Revolving Credit Agreement (2009-2B)] 
  
 ANNEX IV 
 TO 
 REVOLVING CREDIT AGREEMENT 
 FINAL ADVANCE NOTICE OF BORROWING 
 The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to
Goldman Sachs Bank USA (the “Liquidity Provider”), with reference to the REVOLVING CREDIT AGREEMENT (2009-2B) dated as of November 24, 2009, between the Borrower and the Liquidity Provider (the
“Liquidity Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that: 
 (1) The Borrower is the Subordination Agent under the Intercreditor Agreement. 
 (2) The Borrower is delivering this Notice of Borrowing for the making of the Final Advance by the Liquidity Provider to be
used for the funding of the Class B Cash Collateral Account in accordance with Section 3.5(i) of the Intercreditor Agreement by reason of the receipt by the Borrower of a Termination Notice from the Liquidity Provider with respect to the
Liquidity Agreement, which Advance is requested to be made on                     ,
            . The Final Advance should be transferred to [name of bank/wire instructions/ABA number] in favor of account number [        ],
reference [            ]. 
 (3) The amount of the
Final Advance requested hereby (i) is $                    .    , which equals the Maximum Available
Commitment on the date hereof and is to be applied in respect of the funding of the Class B Cash Collateral Account in accordance with Section 3.5(i) of the Intercreditor Agreement, (ii) does not include any amount with respect to the
payment of principal of, or premium on, the Class B Certificates, or principal of, or interest or premium on, the Class A Certificates or any Additional Certificates, (iii) was computed in accordance with the provisions of the Class B
Certificates, the Liquidity Agreement, the Class B Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous
Notice of Borrowing. 
 (4) Upon receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower will deposit such amount in the Class B Cash Collateral Account and apply the same in accordance with the terms of Section 3.5(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. 
 (5) The Borrower hereby requests that the Advance requested hereby be a Base Rate Advance and that such Base Rate Advance be converted into a LIBOR Advance on the third Business Day following your receipt
of this notice. 
  

 ANNEX IV 
 Page 1 

 [Revolving Credit Agreement (2009-2B)] 
  
 The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Final Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the obligation of the Liquidity Provider to make further Advances under the Liquidity Agreement; and
(B) following the making by the Liquidity Provider of the Final Advance requested by this Notice of Borrowing, the Borrower shall not be entitled to request any further Advances under the Liquidity Agreement. 
  

 ANNEX IV 
 Page 2 

 [Revolving Credit Agreement (2009-2B)] 
  
 IN WITNESS WHEREOF, the Borrower has executed and
delivered this Notice of Borrowing as of the              day of
                    ,             . 
  

			
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-2B, as Borrower
		
	 By:
	 	  

		 	 Name:
 Title:

  

 ANNEX IV 
 Page 3 

 [Revolving Credit Agreement (2009-2B)] 
  
 SCHEDULE I 
 TO 
 FINAL
ADVANCE NOTICE OF BORROWING 
 [Insert copy of computations in accordance with Final Advance Notice of Borrowing] 

 

 ANNEX IV 
 Page 4 

 [Revolving Credit Agreement (2009-2B)] 
  
 ANNEX V 
 TO 
 REVOLVING CREDIT AGREEMENT 
 NOTICE OF TERMINATION 
 [Date] 
 Wilmington Trust Company,

 as Subordination Agent, as Borrower 
 1100 North Market Square 
 Wilmington, DE 19890-0001 
 Attention: Corporate Trust Administration 
  

	    	Revolving Credit Agreement dated as of November 24, 2009 between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the United Air Lines
Pass Through Trust, 2009-2B-[O/S], as Borrower, and Goldman Sachs Bank USA (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 of a Liquidity Event of Default and the existence of a Performing Note Deficiency (each as defined therein), we are giving this notice to you in order to cause (i) our obligations to make Advances (as defined therein)
under such Liquidity Agreement to terminate on the fifth Business Day after the date on which you receive this notice, (ii) you to request a Final Advance under the Liquidity Agreement pursuant to Section 3.5(i) of the Intercreditor
Agreement (as defined in the Liquidity Agreement) as a consequence of your receipt of this notice and (iii) any Interest Advance, Provider Advance or Special Termination Advance to be converted to and treated as a Final Advance. 
  

 ANNEX V 
 Page 1 

 [Revolving Credit Agreement (2009-2B)] 
  
 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,
  
 GOLDMAN SACHS BANK USA,
 as Liquidity Provider

		
	 By:
	 	  

		 	 Name:
 Title:

 cc: Wilmington Trust Company, 
       as Class B Trustee 
  

 ANNEX V 
 Page 2 

 [Revolving Credit Agreement (2009-2B)] 
  
 ANNEX VI 
 TO 
 REVOLVING CREDIT AGREEMENT 
 NOTICE OF REPLACEMENT SUBORDINATION AGENT 
 [Date] 
 Attention: 

	 	  	Revolving Credit Agreement dated as of November 24, 2009, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the United Air Lines
Pass Through Trust, 2009-2B-[O/S], as Borrower, and Goldman Sachs Bank USA (the “Liquidity Agreement”) 

 Ladies and Gentlemen: 
 For value received, the undersigned beneficiary hereby irrevocably transfers to: 
  
  
 [Name of Transferee] 
  
  
 [Address of
Transferee] 
 all rights and obligations of the undersigned as Borrower under the Liquidity Agreement referred to above. The transferee has
succeeded the undersigned as Subordination Agent under the Intercreditor Agreement referred to in the first paragraph of the Liquidity Agreement, pursuant to the terms of Section 8.1 of the Intercreditor Agreement. 
 By this transfer, all rights of the undersigned as Borrower under the Liquidity Agreement are transferred to the transferee and the
transferee shall hereafter have the sole rights and obligations as Borrower thereunder. The undersigned shall pay any costs and expenses of such transfer, including, but not limited to, transfer taxes or governmental charges. 
 We ask that this transfer be effective as of
                    ,             . 
  

			
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-2B, as Borrower
		
	 By:
	 	  

		 	 Name:
 Title:

  

 ANNEX VI 
 Page 1 

 [Revolving Credit Agreement (2009-2B)] 
  
 ANNEX VII TO 
 REVOLVING CREDIT AGREEMENT 
 SPECIAL TERMINATION ADVANCE NOTICE OF BORROWING 
 The undersigned, a duly
authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Goldman Sachs Bank USA (the “Liquidity Provider”), with reference to the Revolving Credit Agreement (2009-2B), dated as of
November 24, 2009, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”); the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that: 

(1) The Borrower is the Subordination Agent under the Intercreditor Agreement. 
 (2) The Borrower is delivering this Notice of Borrowing for the making of the Special Termination Advance by the Liquidity
Provider to be used for the funding of the Class B Cash Collateral Account in accordance with Section 3.5(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                     . The Special Termination Advance should
be transferred to [name of bank/wire instructions/ABA number] in favor of account number [        ], reference [            ]. 
 (3) The amount of the Special Termination Advance requested hereby (i) is
$                    , which equals the Maximum Available Commitment on the date hereof and is to be applied in respect of the funding of the
Class B Cash Collateral Account in accordance with Section 3.5(k) of the Intercreditor Agreement, (ii) does not include any amount with respect to the payment of principal of, or premium on, the Class B Certificates or principal of, or
interest or premium on, the Class A Certificates or any Additional Certificates, (iii) was computed in accordance with the provisions of the Class B Certificates, the Class B Trust Agreement and the Intercreditor Agreement (a copy of which
computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing. 
 (4) Upon receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower shall deposit such amount in the Class B Cash Collateral Account and apply the same in accordance
with the terms of Section 3.5(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. 
 The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making
of the Special Termination Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the obligation of the Liquidity Provider to make further Advances under the Liquidity Agreement; and (B) following the
making by the Liquidity Provider of the Special Termination Advance requested by this Notice of Borrowing, the Borrower shall not be entitled to request any further Advances under the Liquidity Agreement. 
  

 ANNEX VII 
 Page 1 

 [Revolving Credit Agreement (2009-2B)] 
  
 IN WITNESS WHEREOF, the Borrower has executed and
delivered this Notice of Borrowing as of the              day of
                    ,         . 
  

			
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-2B, as Borrower
		
	 By:
	 	  

		 	 Name:
 Title:

  

 ANNEX VII 
 Page 2 

 [Revolving Credit Agreement (2009-2B)] 
  
 SCHEDULE I TO SPECIAL TERMINATION ADVANCE NOTICE OF
BORROWING 
 [Insert Copy of Computations in accordance with 
 Special Termination Advance Notice of Borrowing] 
  

 ANNEX VII 
 Page 3 

 [Revolving Credit Agreement (2009-2B)] 
  
 ANNEX VIII TO 
 REVOLVING CREDIT AGREEMENT 
 NOTICE OF SPECIAL TERMINATION 
 [Date] 
 Wilmington Trust Company 
 1100 North Market Square

 Wilmington, DE 19890-0001 
 Attention: Corporate Trust Administration 
  

	 	Re:	Revolving Credit Agreement, dated as of November 24, 2009, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the United Airlines
Pass Through Trust, 2009-2B-[O/S], as Borrower, and Goldman Sachs Bank USA (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 B Certificates exceeding the aggregate outstanding principal amount of the Series B Equipment Notes (other than any Series B Equipment Notes previously sold or with respect to which the collateral securing
such Series B Equipment Notes has been disposed of) during the 18 month period prior to January 15, 2016, we are giving this notice to you in order to cause (i) our obligations to make Advances (as defined therein) under such
Liquidity Agreement to terminate on the fifth Business Day after the date on which you receive this notice and (ii) you to request a Special Termination Advance under the Liquidity Agreement pursuant to Section 3.5(k) of the Intercreditor
Agreement (as defined in the Liquidity Agreement) as a consequence of your receipt of this notice. 
 THIS NOTICE IS THE
“NOTICE OF SPECIAL TERMINATION” PROVIDED FOR UNDER THE LIQUIDITY AGREEMENT. OUR OBLIGATIONS TO MAKE ADVANCES UNDER THE LIQUIDITY AGREEMENT SHALL TERMINATE ON THE FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE THIS NOTICE.

  

			
	 Very truly yours,
  
 GOLDMAN SACHS BANK USA, as Liquidity
Provider

		
	 By:
	 	  

		 	 Name:
 Title:

 cc: Wilmington Trust Company, as Trustee 
  

 ANNEX VIII 
 Page 1Intercreditor Agreement

 Exhibit 4.7 
 EXECUTION VERSION 
  
  
  
 INTERCREDITOR AGREEMENT 
 (2009-2) 
 Dated as of 
 November 24, 2009 
 AMONG 
 WILMINGTON TRUST COMPANY, 
 not in its individual capacity 
 but solely as Trustee under the 
 United Air Lines Pass Through Trust 2009-2A 
 and 

United Air Lines Pass Through Trust 2009-2B, 
 GOLDMAN SACHS BANK USA, 
 as Class A Liquidity Provider 
 and 
 as Class B
Liquidity Provider 
 AND 
 WILMINGTON TRUST COMPANY, 
 not in its individual capacity except 
 as expressly set forth herein but 
 solely as Subordination Agent and Trustee 
  
  
  

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	 ARTICLE I DEFINITIONS
	  	2
			
	 SECTION 1.1.
	  	Definitions	  	2
		
	 ARTICLE II TRUST ACCOUNTS; CONTROLLING PARTY
	  	20
			
	 SECTION 2.1.
	  	Agreement to Terms of Subordination; Payments from Monies Received Only	  	20
	 SECTION 2.2.
	  	Trust Accounts	  	20
	 SECTION 2.3.
	  	Deposits to the Collection Account and Special Payments Account	  	22
	 SECTION 2.4.
	  	Distributions of Special Payments	  	22
	 SECTION 2.5.
	  	Designated Representatives	  	23
	 SECTION 2.6.
	  	Controlling Party	  	24
		
	 ARTICLE III RECEIPT, DISTRIBUTION AND APPLICATION OF AMOUNTS RECEIVED
	  	26
			
	 SECTION 3.1.
	  	Written Notice of Distribution	  	26
	 SECTION 3.2.
	  	Distribution of Amounts on Deposit in the Collection Account	  	27
	 SECTION 3.3.
	  	Other Payments	  	30
	 SECTION 3.4.
	  	Payments to the Trustees and the Liquidity Providers	  	30
	 SECTION 3.5.
	  	Liquidity Facilities	  	30
		
	 ARTICLE IV EXERCISE OF REMEDIES
	  	37
			
	 SECTION 4.1.
	  	Directions from the Controlling Party	  	37
	 SECTION 4.2.
	  	Remedies Cumulative	  	39
	 SECTION 4.3.
	  	Discontinuance of Proceedings	  	39
	 SECTION 4.4.
	  	Right of Certificateholders and the Liquidity Providers to Receive Payments Not to Be Impaired	  	39
	 SECTION 4.5.
	  	Undertaking for Costs	  	40
		
	 ARTICLE V DUTIES OF THE SUBORDINATION AGENT; AGREEMENTS OF TRUSTEES, ETC.
	  	40
			
	 SECTION 5.1.
	  	Notice of Indenture Event of Default or Triggering Event	  	40
	 SECTION 5.2.
	  	Indemnification	  	41
	 SECTION 5.3.
	  	No Duties Except as Specified in this Intercreditor Agreement	  	42
	 SECTION 5.4.
	  	Notice from the Liquidity Providers and Trustees	  	42
		
	 ARTICLE VI THE SUBORDINATION AGENT
	  	42
			
	 SECTION 6.1.
	  	Authorization; Acceptance of Trusts and Duties	  	42
	 SECTION 6.2.
	  	Absence of Duties	  	43
	 SECTION 6.3.
	  	No Representations or Warranties as to Documents	  	43
	 SECTION 6.4.
	  	No Segregation of Monies; No Interest	  	43

  

 i 

					
	  	  	 	  	Page
	 SECTION 6.5.
	  	Reliance; Agents; Advice of Counsel	  	43
	 SECTION 6.6.
	  	Capacity in Which Acting	  	44
	 SECTION 6.7.
	  	Compensation	  	44
	 SECTION 6.8.
	  	May Become Certificateholder	  	44
	 SECTION 6.9.
	  	Subordination Agent Required; Eligibility	  	44
	 SECTION 6.10.
	  	Money to Be Held in Trust	  	45
		
	 ARTICLE VII INDEMNIFICATION OF SUBORDINATION AGENT
	  	45
			
	 SECTION 7.1.
	  	Scope of Indemnification	  	45
		
	 ARTICLE VIII SUCCESSOR SUBORDINATION AGENT
	  	45
			
	 SECTION 8.1.
	  	Replacement of Subordination Agent; Appointment of Successor	  	45
		
	 ARTICLE IX SUPPLEMENTS AND AMENDMENTS
	  	46
			
	 SECTION 9.1.
	  	Amendments, Waivers, Possible Future Issuance of an Additional Class of Certificates, etc.	  	46
	 SECTION 9.2.
	  	Subordination Agent Protected	  	49
	 SECTION 9.3.
	  	Effect of Supplemental Agreements	  	49
	 SECTION 9.4.
	  	Notice to Rating Agencies	  	50
		
	 ARTICLE X MISCELLANEOUS
	  	50
			
	 SECTION 10.1.
	  	Termination of Intercreditor Agreement	  	50
	 SECTION 10.2.
	  	Intercreditor Agreement for Benefit of Trustees, Liquidity Providers and Subordination Agent	  	50
	 SECTION 10.3.
	  	Notices	  	50
	 SECTION 10.4.
	  	Severability	  	51
	 SECTION 10.5.
	  	No Oral Modifications or Continuing Waivers	  	51
	 SECTION 10.6.
	  	Successors and Assigns	  	51
	 SECTION 10.7.
	  	Headings	  	52
	 SECTION 10.8.
	  	Counterpart Form	  	52
	 SECTION 10.9.
	  	Subordination	  	52
	 SECTION 10.10.
	  	Governing Law	  	53
	 SECTION 10.11.
	  	Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity	  	53

  

 ii 

 INTERCREDITOR AGREEMENT 
 INTERCREDITOR AGREEMENT (this “Agreement”) dated as of November 24, 2009, among WILMINGTON TRUST COMPANY, a Delaware
banking corporation (“WTC”), not in its individual capacity but solely as Trustee of each Trust (each as defined below); GOLDMAN SACHS BANK USA, a corporation organized under the banking law of the State of New York, as Class A
Liquidity Provider and Class B Liquidity Provider; and WILMINGTON TRUST COMPANY, not in its individual capacity except as expressly set forth herein, but solely as Subordination Agent and trustee hereunder (in such capacity, together with any
successor appointed pursuant to Article VIII hereof, the “Subordination Agent”). 
 WHEREAS, all capitalized
terms used herein shall have the respective meanings referred to in Article I hereof; 
 WHEREAS, pursuant to each Indenture,
United will issue on a recourse basis on or before the Cut-Off Date up to (and including) two series of Equipment Notes and may (at any time after the Deposit Period Termination Date) issue a single additional series of Equipment Notes to finance or
refinance, as the case may be, the related Aircraft; 
 WHEREAS, pursuant to the Financing Agreements, each Trust will acquire
Equipment Notes having an interest rate equal to the Stated Interest Rate applicable to the Certificates to be issued by such Trust; 
 WHEREAS, pursuant to each Trust Agreement, the Trust created thereby proposes to issue a single class of Certificates (a “Class”) having the interest rate and the final distribution date described in such Trust Agreement on
the terms and subject to the conditions set forth herein and therein; 
 WHEREAS, pursuant to the Underwriting Agreement, the
Underwriters propose to purchase the Class A Certificates issued by the Class A Trust and the Class B Certificates issued by the Class B Trust on the Issuance Date in the aggregate face amount set forth opposite the name of such Trust on
Schedule I thereto on the terms and subject to the conditions set forth therein; 
 WHEREAS, the Class A Liquidity Provider
proposes to enter into a revolving credit agreement relating to the Class A Certificates and the Class B Liquidity Provider proposes to enter into a revolving credit agreement relating to the Class B Certificates, in each case with the
Subordination Agent, as agent for the Trustee of the applicable Trust, respectively, for the benefit of the Certificateholders of such Trust; 
 WHEREAS, The Goldman Sachs Group, Inc., a Delaware corporation (the “Guarantor”), will guarantee in full, pursuant to a General Guarantee Agreement, dated as of December 1, 2008,
made by the Guarantor (the “Guarantee Agreement”), the payment obligations of Goldman Sachs Bank USA under each Liquidity Facility; and 
 WHEREAS, it is a condition precedent to the obligations of the Underwriters under the Underwriting Agreement that the Subordination Agent, the Trustees and the Liquidity Providers agree to the terms of
subordination set forth in this Agreement in respect of each Class of Certificates, and the Subordination Agent, the Trustees and the Liquidity Providers, by entering into this Agreement, hereby acknowledge and agree to such terms of subordination
and the other provisions of this Agreement. 

 NOW, THEREFORE, in consideration of the mutual agreements herein contained, and for other
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Definitions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms used herein that are defined in this Article have the meanings assigned to them in this Article, and include
the plural as well as the singular; 
 (2) all references in this Agreement to designated “Articles”,
“Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Agreement; 
 (3) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other
subdivision; and 
 (4) the term “including” means “including without limitation”.

 “Acceleration” means, with respect to the amounts payable in respect of the Equipment Notes issued under any
Indenture, such amounts becoming immediately due and payable by declaration or otherwise. “Accelerate”, “Accelerated” and “Accelerating” have meanings correlative to the foregoing. 
 “Actual Disposition Event” means, in respect of any Equipment Note: (i) the disposition of the Aircraft securing such
Equipment Note, (ii) the occurrence of the mandatory redemption date for such Equipment Note following an Event of Loss (as defined in such Indenture) with respect to the Aircraft which secured such Equipment Note or (iii) the sale of such
Equipment Note. 
 “Additional Certificateholders” has the meaning specified in Section 9.1(d).

 “Additional Certificates” has the meaning specified in Section 9.1(d). 
 “Additional Equipment Notes” has the meaning specified in Section 9.1(d). 
 “Additional Trust” has the meaning specified in Section 9.1(d). 
  

 2 

 “Additional Trust Agreement” has the meaning specified in
Section 9.1(d). 
 “Additional Trustee” has the meaning specified in Section 9.1(d). 
 “Administration Expenses” has the meaning specified in clause “first” of Section 3.2. 
 “Advance”, with respect to any Liquidity Facility, means any Advance as defined in such Liquidity Facility. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such Person. For the purposes of this definition, “control” means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person whether through the ownership of voting
securities or by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Aircraft” means, with respect to each Indenture, the “Aircraft” referred to therein. 
 “Appraisal” has the meaning specified in Section 4.1(a)(iv). 
 “Appraised Current Market Value” of any Aircraft means the lower of the average and the median of the three most recent Post-Default Appraisals of such Aircraft. 
 “Appraisers” means Aircraft Information Services, Inc., BK Associates, Inc. and Morten Beyer and Agnew, Inc. or, so long as
the Person entitled or required hereunder to select such Appraiser acts reasonably, any other nationally recognized appraiser reasonably satisfactory to the Subordination Agent and the Controlling Party. 
 “Assignment and Assumption Agreements” means each of the Assignment and Assumption Agreements to be executed between a
Trustee and trustee of the relevant Successor Trust in accordance with the relevant Trust Agreement, as the same may be amended, modified or supplemented from time to time. 
 “Available Amount” means, with respect to any Liquidity Facility on any date, the Maximum Available Commitment (as defined
therein) on such date. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Sections 101
et seq. 
 “Basic Agreement” means the Pass Through Trust Agreement dated as of June 26, 2007
between United and WTC, not in its individual capacity, except as otherwise expressly provided therein, but solely as trustee thereunder. 
 “Business Day” means any day other than a Saturday or Sunday or a day on which commercial banks are required or authorized to close in Chicago, Illinois, New York, New York, or, so long
as any Certificate is outstanding, the city and state in which any Trustee, the Subordination Agent or any Loan Trustee maintains its Corporate Trust Office and that, solely with respect to the making and repayment of Advances under any Liquidity
Facility, also is a “Business Day” as defined in such Liquidity Facility. 
  

 3 

 “Cash Collateral Account” means the Class A Cash Collateral Account or
the Class B Cash Collateral Account, as applicable. 
 “Certificate” means a Class A Certificate or a
Class B Certificate, as applicable. 
 “Certificateholder” means any holder of one or more Certificates.

 “Class” has the meaning assigned to such term in the preliminary statements to this Agreement. 

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

“Class A Certificateholder” means, at any time, any holder of one or more Class A Certificates. 
 “Class A Certificates” means the certificates issued by the Class A Trust, substantially in the form of Exhibit A to
the Class A Trust Agreement, and authenticated by the Class A Trustee, representing fractional undivided interests in the Class A Trust, and any certificates issued in exchange therefor or replacement thereof pursuant to the terms of
the Class A Trust Agreement. 
 “Class A Liquidity Facility” means, initially, the Revolving Credit
Agreement dated as of the date hereof, between the Subordination Agent, as agent and trustee for the Class A Trust, and the initial Class A Liquidity Provider, and from and after the replacement of such Revolving Credit Agreement pursuant
hereto, the Replacement Liquidity Facility therefor, if any, in each case as amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Class A Liquidity Provider” means Goldman Sachs Bank USA, or, if applicable, any Replacement Liquidity Provider which has issued a Replacement Liquidity Facility to replace any
Class A Liquidity Facility pursuant to Section 3.5(e). 
 “Class A Trust” means (i) prior to the
Transfer, the United Air Lines Pass Through Trust 2009-2A-O created and administered pursuant to the Class A Trust Agreement and (ii) after the Transfer, the United Air Lines Pass Through Trust 2009-2A-S created and administered pursuant
to the Class A Trust Agreement. 
 “Class A Trust Agreement” means (i) prior to the Transfer, the
Basic Agreement, as supplemented by the Supplement No. 2009-2A-O thereto dated as of the date hereof, governing the creation and administration of the United Air Lines Pass Through Trust 2009-2A-O (the “Original Class A
Trust”) and the issuance of the Class A Certificates, as the same may be amended,

  

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supplemented or otherwise modified from time to time in accordance with its terms, and (ii) after the Transfer, the Basic Agreement, as supplemented by the Supplement No. 2009-2A-S
thereto, governing the creation and administration of the United Air Lines Pass Through Trust 2009-2A-S (the “Successor Class A Trust”) and the issuance of the Class A Certificates, as the same may be amended, supplemented
or otherwise modified from time to time in accordance with its terms. 
 “Class A Trustee” means WTC, not in
its individual capacity except as expressly set forth in the Class A Trust Agreement, but solely as trustee under the Class A Trust Agreement, together with any successor trustee appointed pursuant thereto. 
 “Class B Adjusted Interest” means, as of any Current Distribution Date: (I) any interest described in clause (II)
of this definition accruing prior to the immediately preceding Distribution Date which remains unpaid and (II) interest at the Stated Interest Rate for the Class B Certificates (A) for the number of days during the period commencing on,
and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the Issuance Date) and ending on, but excluding the Current Distribution Date, on the Preferred B Pool Balance on such
Current Distribution Date and (B) on the principal amount calculated pursuant to clauses (B)(i), (ii), (iii) and (iv) of the definition of Preferred B Pool Balance for each Series B Equipment Note with respect to which a
disposition, distribution, sale or Deemed Disposition Event has occurred since the immediately preceding Distribution Date (but only if no such event has previously occurred with respect to such Series B Equipment Note), for each day during the
period, for each such Series B Equipment Note, commencing on, and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the Issuance Date) and ending on, but excluding the date
of disposition, distribution, sale or Deemed Disposition Event with respect to such Series B Equipment Note, Aircraft or Collateral, as the case may be. 
 “Class B Cash Collateral Account” means an Eligible Deposit Account in the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if
it shall so qualify, into which all amounts drawn under the Class B Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(m) shall be deposited. 
 “Class B Certificateholder” means, at any time, any holder of one or more Class B Certificates. 
 “Class B Certificates” means the certificates issued by the Class B Trust, substantially in the form of Exhibit A to the Class B Trust Agreement, and authenticated by the Class B Trustee,
representing fractional undivided interests in the Class B Trust, and any certificates issued in exchange therefor or replacement thereof pursuant to the terms of the Class B Trust Agreement. 
 “Class B Liquidity Facility” means, initially, the Revolving Credit Agreement dated as of the date hereof, between the
Subordination Agent, as agent and trustee for the Class B Trust, and the initial Class B Liquidity Provider, and from and after the replacement of such Revolving Credit Agreement pursuant hereto, the Replacement Liquidity Facility therefor, if any,
in each case as amended, supplemented or otherwise modified from time to time in accordance with its terms. 
  

 5 

 “Class B Liquidity Provider” means Goldman Sachs Bank USA, or, if
applicable, any Replacement Liquidity Provider which has issued a Replacement Liquidity Facility to replace any Class B Liquidity Facility pursuant to Section 3.5(e). 
 “Class B Trust” means (i) prior to the Transfer, the United Air Lines Pass Through Trust 2009-2B-O created and
administered pursuant to the Class B Trust Agreement and (ii) after the Transfer, the United Air Lines Pass Through Trust 2009-2B-S created and administered pursuant to the Class B Trust Agreement. 
 “Class B Trust Agreement” means (i) prior to the Transfer, the Basic Agreement, as supplemented by the Supplement
No. 2009-2B-O thereto dated as of the date hereof, governing the creation and administration of the United Air Lines Pass Through Trust 2009-2B-O (the “Original Class B Trust”) and the issuance of the Class B Certificates, as
the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms, and (ii) after the Transfer, the Basic Agreement, as supplemented by the Supplement No. 2009-2B-S thereto, governing the creation
and administration of the United Air Lines Pass Through Trust 2009-2B-S (the “Successor Class B Trust”) and the issuance of the Class B Certificates, as the same may be amended, supplemented or otherwise modified from time to time
in accordance with its terms. 
 “Class B Trustee” means WTC, not in its individual capacity except as
expressly set forth in the Class B Trust Agreement, but solely as trustee under the Class B Trust Agreement, together with any successor trustee appointed pursuant thereto. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated
thereunder. 
 “Collateral” has the meaning specified in the Indentures. 
 “Collection Account” means the Eligible Deposit Account established by the Subordination Agent pursuant to
Section 2.2(a)(i) which the Subordination Agent shall make deposits in and withdrawals from in accordance with this Agreement. 
 “Consent Period” has the meaning specified in Section 3.5(d). 
 “Controlling
Party” means the Person entitled to act as such pursuant to the terms of Section 2.6. 
 “Corporate Trust
Office” means, with respect to any Trustee, the Subordination Agent or any Loan Trustee, the office of such Person in the city at which, at any particular time, its corporate trust business shall be principally administered. 
 “Current Distribution Date” means a Distribution Date specified as a reference date for calculating the Expected
Distributions with respect to the Certificates of any Trust as of such Distribution Date. 
  

 6 

 “Cut-Off Date” means the earlier of (i) the Deposit Period Termination
Date and (b) the date on which a Triggering Event occurs. 
 “Deemed Disposition Event” means, in respect
of any Equipment Note, the continuation of an Indenture Event of Default in respect of such Equipment Note without an Actual Disposition Event occurring in respect of such Equipment Note for a period of five years from the date of the occurrence of
such Indenture Event of Default. 
 “Deposit Period Termination Date” means the earlier of (a) the date
that is 75 days after the Issuance Date and (b) the date on which the Equipment Notes issued with respect to all of the Aircraft (as defined in the Note Purchase Agreement) have been purchased by the Trusts in accordance with the Note Purchase
Agreement and the Participation Agreements. 
 “Deposit Agreement” means, with respect to any Class of
Certificates, the Deposit Agreement pertaining to such Class, dated as of the date hereof, between the Escrow Agent and the Depositary, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof.

 “Depositary” means JPMorgan Chase Bank, N.A., as depositary under each Deposit Agreement. 
 “Deposits”, with respect to any Class of Certificates, has the meaning set forth in the Deposit Agreement pertaining to
such Class. 
 “Designated Representatives” means the Subordination Agent Representatives, the Trustee
Representatives and the Provider Representatives identified under Section 2.5. 
 “Distribution Date”
means a Regular Distribution Date or a Special Distribution Date. 
 “Dollars” or “$” means
United States dollars. 
 “Downgrade Drawing” has the meaning specified in Section 3.5(c). 
 “Downgrade Event” means, with respect to any Liquidity Facility, (i) the short-term unsecured debt rating or
short-term issuer credit rating, as the case may be, of the Liquidity Provider thereunder (other than the initial Liquidity Provider thereunder) then issued by either Rating Agency being lower than the applicable Threshold Rating, and (ii) in
the case of any initial Liquidity Facility, the short-term unsecured debt rating or short-term issuer credit rating, as the case may be, of the Guarantor then issued by either Rating Agency being lower than the applicable Threshold Rating or the
Guarantee ceasing to be in full force and effect or becoming invalid or unenforceable or the Guarantor repudiating its liability thereunder, unless each Rating Agency shall have confirmed in writing on or prior to the date of any downgrading of the
Liquidity Provider thereunder or the Guarantor, as the case may be, that such downgrading will not result in the downgrading, withdrawal or suspension of the ratings of the related Class of Certificates, in which case such downgrading of such
short-term unsecured debt rating or short-term issuer credit rating, as the case may be, shall not constitute a Downgrade Event. 
  

 7 

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

 “Drawing” means an Interest Drawing, a Final Drawing, a Special Termination Drawing, a Non-Extension Drawing
or a Downgrade Drawing, as the case may be. 
 “Eligible Deposit Account” means either (a) a segregated
account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of
Columbia (or any U.S. branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution has a long-term unsecured debt rating of at
least A3 from Moody’s and a long-term issuer credit rating of at least A- from Standard & Poor’s. An Eligible Deposit Account may be maintained with a Liquidity Provider so long as such Liquidity Provider is an Eligible
Institution; provided that such Liquidity Provider shall have waived all rights of set-off and counterclaim with respect to such account. 
 “Eligible Institution” means (a) the corporate trust department of the Subordination Agent or any Trustee, as applicable, or (b) a depository institution organized under the
laws of the United States of America or any one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), which has a long-term unsecured debt rating or issuer credit rating, as the case may be, from each Rating
Agency of at least A-3 or its equivalent. 
 “Eligible Investments” means (a) investments in obligations
of, or guaranteed by, the United States government having maturities no later than 90 days following the date of such investment, (b) investments in open market commercial paper of any corporation incorporated under the laws of the United
States of America or any state thereof with a short-term unsecured debt rating issued by Moody’s of at least P-1 and a short-term issuer credit rating issued by Standard & Poor’s of at least A-1 having maturities no later than 90
days following the date of such investment or (c) investments in negotiable certificates of deposit, time deposits, banker’s acceptances, commercial paper or other direct obligations of, or obligations guaranteed by, commercial banks
organized under the laws of the United States or of any political subdivision thereof (or any U.S. branch of a foreign bank) with a short-term unsecured debt rating by Moody’s of at least P-1 and a short-term issuer credit rating by
Standard & Poor’s of at least A-1, having maturities no later than 90 days following the date of such investment; provided, however, that (x) all Eligible Investments that are bank obligations shall be denominated in
Dollars; and (y) the aggregate amount of Eligible Investments at any one time that are bank obligations issued by any one bank shall not be in excess of 5% of such bank’s capital surplus; provided further that any investment of the
types described in clauses (a), (b) and (c) above may be made through a repurchase agreement in commercially reasonable form with a bank or other financial institution qualifying as an Eligible Institution so long as such investment is
held by a third party custodian also qualifying as an Eligible Institution; provided further, however, that in the case of any Eligible Investment issued by a domestic branch of a foreign bank, the income from such investment
shall be from sources within the United States for purposes of the Code. Notwithstanding the foregoing, no investment of the types described in clause (b) above which is issued or guaranteed by United or any of its Affiliates, and no investment
in the obligations of any one bank in excess of $10,000,000, shall be an Eligible Investment unless a Ratings Confirmation shall have been received with respect to the making of such investment. 
  

 8 

 “Equipment Note Special Payment” means a Special Payment on account of the
redemption, purchase or prepayment of all of the Equipment Notes issued pursuant to an Indenture. 
 “Equipment
Notes” means, at any time, the Series A Equipment Notes and the Series B Equipment Notes, collectively, and in each case, any Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of the Indentures.

 “Escrow Agent” means WTC, as escrow agent under each Escrow Agreement, together with its successors in such
capacity. 
 “Escrow Agreement” means, with respect to either Class of Certificates, the Escrow and Paying
Agent Agreement pertaining to such Class dated as of the date hereof among the Escrow Agent, the Underwriters, the Trustee for such Class and the Paying Agent, as the same may be amended, modified or supplemented from time to time in accordance with
the terms thereof. 
 “Expected Distributions” means, with respect to the Certificates of any Trust on any
Current Distribution Date, the difference between (A) the Pool Balance of such Certificates as of the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date next following the Issuance Date,
the original aggregate face amount of the Certificates of such Trust) and (B) the Pool Balance of such Certificates as of the Current Distribution Date calculated on the basis that (i) the principal of the Non-Performing Equipment Notes
held in such Trust has been paid in full and such payments have been distributed to the holders of such Certificates, (ii) the principal of the Performing Equipment Notes held in such Trust has been paid when due (without giving effect to any
Acceleration of Performing Equipment Notes) and such payments have been distributed to the holders of such Certificates and (iii) the principal of any Equipment Notes formerly held in such Trust that have been sold pursuant to the terms hereof
has been paid in full and such payments have been distributed to the holders of such Certificates, but without giving effect to any reduction in the Pool Balance as a result of any distribution attributable to Deposits occurring after the
immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, occurring after the Issuance Date). For purposes of calculating Expected Distributions with respect to the Certificates of any Trust, any
Premium paid on the Equipment Notes held in such Trust which has not been distributed to the Certificateholders of such Trust (other than such Premium or a portion thereof applied to the payment of interest on the Certificates of such Trust or the
reduction of the Pool Balance of such Trust) shall be added to the amount of such Expected Distributions. 
 “Expiry
Date”, with respect to any Liquidity Facility, has the meaning set forth in such Liquidity Facility. 
 “Facility Office” means, with respect to any Liquidity Facility, the office of the Liquidity Provider thereunder, presently located in New York, New York, or such other office as such Liquidity Provider from time to time
shall notify the applicable Trustee

  

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as its “Facility Office” under any such Liquidity Facility; provided that such Liquidity Provider shall not change its Facility Office to another Facility Office outside the
United States of America except in accordance with Section 3.01, 3.02 or 3.03 of any such Liquidity Facility. 
 “Fee Letters” means, collectively, (i) the Fee Letter dated as of the date hereof among Goldman Sachs Bank USA, the Subordination Agent and United with respect to the initial Liquidity Facilities and (ii) any fee
letter entered into among the Subordination Agent, any Replacement Liquidity Provider and United in respect of either or both of such Liquidity Facilities. 
 “Final Distributions” means, with respect to the Certificates of any Trust on any Distribution Date, the sum of (x) the aggregate amount of all accrued and unpaid interest on such
Certificates (excluding interest, if any, payable with respect to the Deposits relating to such Trust) and (y) the Pool Balance of such Certificates as of the immediately preceding Distribution Date (less the amount of the Deposits for such
Class of Certificates as of such preceding Distribution Date other than any portion of such Deposits thereafter used to acquire Equipment Notes pursuant to the Note Purchase Agreement). For purposes of calculating Final Distributions with respect to
the Certificates of any Trust, any Premium paid on the Equipment Notes held in such Trust which has not been distributed to the Certificateholders of such Trust (other than such Premium or a portion thereof applied to the payment of interest on the
Certificates of such Trust or the reduction of the Pool Balance of such Trust) shall be added to the amount of such Final Distributions. 
 “Final Drawing” has the meaning specified in Section 3.5(i). 
 “Final Legal Distribution Date” means (i) with respect to the Class A Certificates, July 15, 2018, and (ii) with respect to the Class B Certificates, July 15, 2017. 
 “Financing Agreement” means each of the Participation Agreements, the Indentures and the Equipment Notes issued thereunder.

 “Guarantee Agreement” has the meaning assigned to such term in the preliminary statements to this Agreement.

 “Guarantor” has the meaning assigned to such term in the preliminary statements to this Agreement.

 “Indenture” means each of the Trust Indentures entered into by the Loan Trustee and United, pursuant to the
Note Purchase Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Indenture Event of Default” means, with respect to any Indenture, any Event of Default (as such term is defined in such Indenture) thereunder. 
 “Interest Drawing” has the meaning specified in Section 3.5(a). 
  

 10 

 “Interest Payment Date” means, with respect to any Liquidity Facility, each
date on which interest is due and payable under such Liquidity Facility on a Downgrade Drawing, Non-Extension Drawing, a Special Termination Drawing or Final Drawing thereunder, other than any such date on which interest is due and payable under
such Liquidity Facility only on an Applied Provider Advance or Applied Special Termination Advance (as such terms are defined in such Liquidity Facility). 
 “Interest Period” has the meaning specified in the Indentures. 
 “Investment Earnings” means investment earnings on funds on deposit in the Trust Accounts net of losses and investment expenses of the Subordination Agent in making such investments. 
 “Issuance Date” means November 24, 2009. 
 “Lien” means any mortgage, pledge, lien, charge, claim, disposition of title, encumbrance, lease, sublease, sub-sublease or
security interest of any kind, including, without limitation, any thereof arising under any conditional sales or other title retention agreement. 
 “Liquidity Event of Default”, with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility. 
 “Liquidity Expenses” means all Liquidity Obligations other than (i) the principal amount of any Drawings under the
Liquidity Facilities and (ii) any interest accrued on any Liquidity Obligations. 
 “Liquidity Facility”
means, at any time, the Class A Liquidity Facility or the Class B Liquidity Facility, as applicable. 
 “Liquidity Obligations” means all principal, interest, fees and other amounts owing to the Liquidity Providers under the Liquidity Facilities, Section 4(a)(v) of the Note Purchase Agreement, Section 7.1 of the
Participation Agreements or the Fee Letters. 
 “Liquidity Provider” means, at any time, the Class A
Liquidity Provider or the Class B Liquidity Provider, as applicable. 
 “Loan Trustee” means, with respect to
any Indenture, the mortgagee thereunder. 
 “Minimum Sale Price” means, with respect to any Aircraft or the
Equipment Notes issued in respect of such Aircraft, at any time, in the case of the sale of an Aircraft, 75%, or in the case of the sale of related Equipment Notes, 85%, of the Appraised Current Market Value of
such Aircraft. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Non-Controlling Party” means, at any time, any Trustee, Liquidity Provider or other Person which is not the Controlling
Party at such time. 
  

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

 “Non-Extension Drawing” has the meaning specified in Section 3.5(d). 
 “Non-Performing Equipment Note” means an Equipment Note issued pursuant to an Indenture that is not a Performing Equipment
Note. 
 “Note Purchase Agreement” means the Note Purchase Agreement, dated as of the date hereof, among
United, each Trustee, the Escrow Agent, the Subordination Agent and the Paying Agent, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Operative Agreements” means this Agreement, the Liquidity Facilities, the Note Purchase Agreement, the Guarantee
Agreement, the Trust Agreements, the Underwriting Agreement, the Financing Agreements, the Fee Letters and the Certificates, together with all exhibits and schedules included with any of the foregoing. 
 “Original Class A Trust” has the meaning assigned to such term in the definition of “Class A Trust
Agreement”. 
 “Original Class B Trust” has the meaning assigned to such term in the definition of
“Class B Trust Agreement”. 
 “Outstanding” means, when used with respect to each Class of
Certificates, as of the date of determination, all Certificates of such Class theretofore authenticated and delivered under the related Trust Agreement, except: 
 (i) Certificates of such Class theretofore canceled by the Registrar (as defined in such Trust Agreement) or delivered to the
Trustee thereunder or such Registrar for cancellation; 
 (ii) Certificates of such Class for which money in the
full amount required to make the Final Distribution with respect to such Certificates pursuant to Section 11.01 of such Trust Agreement has been theretofore deposited with the related Trustee in trust for the holders of such Certificates as
provided in Section 4.01 of such Trust Agreement pending distribution of such money to such Certificateholders pursuant to such Final Distribution payment; and 
 (iii) Certificates of such Class in exchange for or in lieu of which other Certificates have been authenticated and delivered
pursuant to such Trust Agreement; 
 provided, however, that in determining whether the holders of the requisite Outstanding
amount of such Certificates have given any request, demand, authorization, direction, notice, consent or waiver hereunder, any Certificates owned by United or any of its Affiliates shall be disregarded and deemed not to be Outstanding, except that,
in determining whether such Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Certificates that such Trustee knows to be so owned shall be so disregarded. Certificates so
owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the applicable Trustee the pledgee’s right so to act with respect to such Certificates and that the pledgee is not
United or any of its Affiliates. 
  

 12 

 “Overdue Scheduled Payment” means any Scheduled Payment which is not in
fact received by the Subordination Agent within ten Business Days after the Scheduled Payment Date relating thereto. 
 “Participation Agreement” means, with respect to each Indenture, the “Participation Agreement” referred to therein. 
 “Payee” has the meaning specified in Section 2.4(c). 
 “Paying Agent” means WTC, as paying agent under each Escrow Agreement, together with its successors in such capacity. 
 “Paying Agent Account” has the meaning assigned to such term in the Escrow Agreements. 
 “Performing Equipment Note” means an Equipment Note with respect to which no payment default has occurred and is continuing (without giving effect to any Acceleration); provided
that in the event of a bankruptcy proceeding under the Bankruptcy Code in which United is a debtor any payment default existing during the 60-Day Period (or such longer period as may apply under Section 1110(b) of the Bankruptcy Code or as may
apply for the cure of such payment default under Section 1110(a)(2)(B) of the Bankruptcy Code) shall not be taken into consideration until the expiration of the applicable period. 
 “Performing Note Deficiency” means any time that less than 65% of the then aggregate outstanding principal amount of all
Equipment Notes (other than any Additional Equipment Notes issued under any Indenture) are Performing Equipment Notes. 
 “Person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, trustee, unincorporated organization or government or any agency or political
subdivision thereof. 
 “Pool Balance” means, with respect to each Trust or the Certificates issued by any
Trust, as of any date, (i) the original aggregate face amount of the Certificates of such Trust less (ii) the aggregate amount of all payments made as of such date in respect of the Certificates of such Trust or in respect of
Deposits relating to such Trust other than payments made in respect of interest or Premium thereon or reimbursement of any costs and expenses in connection therewith. The Pool Balance for each Trust or for the Certificates issued by any Trust as of
any date shall be computed after giving effect to any special distribution with respect to unused Deposits, if any, payment of principal of the Equipment Notes or payment with respect to other Trust Property held in such Trust and the distribution
thereof to be made on that date. 
 “Post-Default Appraisals” has the meaning specified in
Section 4.1(a)(iv). 
 “Preferred B Pool Balance” means, as of any date, the excess of (A) the Pool
Balance of the Class B Certificates as of the immediately preceding Distribution Date (or, if such date is on or before the first Distribution Date, the original aggregate face

  

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amount of the Class B Certificates) (after giving effect to distributions made on such date) over (B) the sum of (i) the outstanding principal amount of each Series B Equipment Note
that remains unpaid as of such date subsequent to the disposition of the Aircraft under the Indenture pursuant to which such Series B Equipment Note was issued and after giving effect to any distributions of the proceeds of such disposition applied
under such Indenture to the payment of each such Series B Equipment Note, (ii) the outstanding principal amount of each Series B Equipment Note that remains unpaid as of such date subsequent to the scheduled date of mandatory redemption of such
Series B Equipment Note following an Event of Loss (as defined in such Indenture) with respect to the Aircraft which secured such Series B Equipment Note and after giving effect to the distributions of any proceeds in respect of such Event of Loss
applied under such Indenture to the payment of each such Series B Equipment Note, (iii) the excess, if any, of (x) the outstanding amount of principal and interest as of the date of sale of each Series B Equipment Note previously sold over
(y) the purchase price received with respect to the sale of such Series B Equipment Note (net of any applicable costs and expenses of sale) and (iv) the outstanding principal amount of any Series B Equipment Note with respect to which a
Deemed Disposition Event has occurred; provided, however, that if more than one of the clauses (i), (ii), (iii) and (iv) is applicable to any one Series B Equipment Note, only the amount determined pursuant to the clause that
first became applicable shall be counted with respect to such Series B Equipment Note. 
 “Premium” means any
“Make-Whole Amount”, as such term is defined in any Indenture. 
 “Proceeding” means any suit in
equity, action at law or other judicial or administrative proceeding. 
 “Provider Incumbency Certificate” has
the meaning specified in Section 2.5(c). 
 “Provider Representatives” has the meaning specified in
Section 2.5(c). 
 “PTC Event of Default” means, with respect to each Trust Agreement, the failure to pay
within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution
Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest
and shall have distributed such amount to the Trustee entitled thereto). 
 “Rating Agencies” means,
collectively, at any time, each nationally recognized rating agency which shall have been requested to rate the Certificates and which shall then be rating the Certificates. The initial Rating Agencies will be Moody’s and Standard &
Poor’s. 
 “Ratings Confirmation” means, with respect to any action proposed to be taken, a written
confirmation from each of the Rating Agencies that such action would not result in (i) a reduction of the rating for any Class of Certificates below the then current rating for such Class of Certificates or (ii) a withdrawal or suspension
of the rating of any Class of Certificates. 
  

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

 “Refinancing Equipment Notes” has the meaning specified in Section 9.1(c). 
 “Refinancing Trust Agreement” has the meaning specified in Section 9.1(c). 
 “Refinancing Trust” has the meaning specified in Section 9.1(c). 
 “Refinancing Trustee” has the meaning specified in Section 9.1(c). 
 “Regular Distribution Dates” means each January 15 and July 15, commencing on July 15, 2010;
provided, however, that, if any such day shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day. 
 “Replacement Liquidity Facility” means, for any Liquidity Facility, an irrevocable revolving credit agreement (or agreements) in substantially the form of the replaced Liquidity Facility,
including reinstatement provisions, or in such other form (which may include a letter of credit) as shall permit the Rating Agencies to confirm in writing their respective ratings then in effect for the related Certificates (before downgrading of
such ratings, if any, as a result of the downgrading of the applicable Liquidity Provider or the related Guarantor, as the case may be), in a face amount (or in an aggregate face amount) equal to the then Required Amount and issued by a Person (or
Persons) having unsecured short-term debt rating or issuer credit rating, as the case may be, issued by both Rating Agencies which are equal to or higher than the Threshold Rating. Without limitation of the form that a Replacement Liquidity Facility
otherwise may have pursuant to the preceding sentence, a Replacement Liquidity Facility for any Class of Certificates may have a stated expiration date earlier than 15 days after the Final Legal Distribution Date of such Class of Certificates so
long as such Replacement Liquidity Facility provides for a Non-Extension Drawing as contemplated by Section 3.5(d) hereof. 
 “Replacement Liquidity Provider” means a Person (or Persons) who issues a Replacement Liquidity Facility. 
 “Required Amount” means with respect to each Liquidity Facility or Cash Collateral Account, for any day, the sum of the aggregate amount of interest, calculated at the rate per annum equal to the Stated Interest Rate for
the related Class of Certificates, that would be payable on such Class of Certificates on each of the three successive Regular Distribution Dates immediately following such day or, if such day is a Regular Distribution Date, on such day and the
succeeding two Regular Distribution Dates, in each case calculated on the basis of the Pool Balance of such Class of Certificates on such day and without regard to expected future distributions of principal on such Class of Certificates. 

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

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 “Scheduled Payment” means, with respect to any Equipment Note, (i) any
payment of principal or interest on such Equipment Note (other than an Overdue Scheduled Payment) due from the obligor thereon, which payment represents the installment of principal at the stated maturity of such installment of principal on such
Equipment Note, the payment of regularly scheduled interest accrued on the unpaid principal amount of such Equipment Note, or both or (ii) any payment of interest on the corresponding Class of Certificates with funds drawn under any Liquidity
Facility or withdrawn from any Cash Collateral Account, which payment represents the payment of regularly scheduled interest accrued on the unpaid principal amount of the related Equipment Note; provided that any payment of principal of,
Premium, if any, or interest resulting from the redemption or purchase of any Equipment Note shall not constitute a Scheduled Payment. 
 “Scheduled Payment Date” means, with respect to any Scheduled Payment, the date on which such Scheduled Payment is scheduled to be made. 
 “Section 2.4 Fraction” means, with respect to any Special Distribution Date, a fraction, the numerator of which shall be the amount of principal of the applicable Series A Equipment Notes
and Series B Equipment Notes being redeemed, purchased or prepaid on such Special Distribution Date, and the denominator of which shall be the aggregate unpaid principal amount of all Series A Equipment Notes and Series B Equipment Notes outstanding
as of such Special Distribution Date. 
 “Series A Equipment Notes” means the Series A Equipment Notes issued
pursuant to any Indenture by United and authenticated by the Loan Trustee thereunder, and any such Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture. 
 “Series B Equipment Notes” means the Series B Equipment Notes issued pursuant to any Indenture by United and authenticated
by the Loan Trustee thereunder, and any such Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture. 
 “60-Day Period” means 60-day period specified in Section 1110(a)(2)(A) of the Bankruptcy Code. 
 “Special Distribution Date” means, with respect to any Special Payment, the date chosen by the Subordination Agent pursuant to Section 2.4(a) for the distribution of such Special
Payment in accordance with this Agreement, whether distributed pursuant to Section 2.4 or Section 3.2 hereof. 
 “Special Payment” means any payment (other than a Scheduled Payment) in respect of, or any proceeds of, any Equipment Note or Collateral. 
 “Special Payments Account” means the Eligible Deposit Account created pursuant to Section 2.2(a)(ii) as a sub-account to the Collection Account. 
  

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 “Special Termination Drawing” has the meaning specified in
Section 3.5(m). 
 “Special Termination Notice”, with respect to any Liquidity Facility, has the meaning
specified in such Liquidity Facility. 
 “Standard & Poor’s” means Standard &
Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business. 
 “Stated
Amount”, with respect to any Liquidity Facility, means the Maximum Commitment (as defined in such Liquidity Facility) of the applicable Liquidity Provider. 
 “Stated Expiration Date” has the meaning specified in Section 3.5(d). 
 “Stated Interest Rate” means (i) with respect to the Class A Certificates, 9.75% per annum and (ii) with respect to the Class B Certificates, 12% per annum.

 “Subordination Agent” has the meaning specified in the recital of parties to this Agreement. 
 “Subordination Agent Incumbency Certificate” has the meaning specified in Section 2.5(a). 
 “Subordination Agent Representatives” has the meaning specified in Section 2.5(a). 
 “Successor Class A Trust” has the meaning assigned to such term in the definition of “Class A Trust
Agreement”. 
 “Successor Class B Trust” has the meaning assigned to such term in the definition of
“Class B Trust Agreement”. 
 “Tax” and “Taxes” mean any and all taxes, fees,
levies, duties, tariffs, imposts, and other charges of similar kind (together with any and all interest, penalties, loss, damage, liability, expense, additions to tax and additional amounts or costs incurred or imposed with respect thereto) imposed
or otherwise assessed by the United States of America or by any state, local or foreign government (or any subdivision or agency thereof) or other taxing authority, including, without limitation: taxes or other charges on or with respect to income,
franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social security, workers’ compensation, unemployment compensation, or net worth and similar charges; taxes or other charges in the
nature of excise, withholding, ad valorem, stamp, transfer, value added, taxes on goods and services, gains taxes, license, registration and documentation fees, customs duties, tariffs, and similar charges. 
 “Termination Notice”, with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity
Facility. 
 “Threshold Rating” means the short-term unsecured debt rating of P-1 by Moody’s and the
short-term issuer credit rating of A-1 by Standard & Poor’s. 
  

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 “Transfer” means, with respect to any particular Trust, the transfers
contemplated by the Assignment and Assumption Agreement with respect to such Trust. 
 “Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other
successor Treasury Regulations. 
 “Triggering Event” means (x) the occurrence of an Indenture Event of
Default under all of the Indentures resulting in a PTC Event of Default with respect to the most senior Class of Certificates then Outstanding, (y) the Acceleration of all of the outstanding Equipment Notes (provided that, with respect
to the period prior to the Deposit Period Termination Date, the aggregate principal balance of such Equipment Notes is in excess of $150,000,000) or (z) the occurrence of a United Bankruptcy Event. 
 “Trust” means either of the Class A Trust or the Class B Trust. 
 “Trust Accounts” has the meaning specified in Section 2.2(a). 
 “Trust Agreement” means either of the Class A Trust Agreement or the Class B Trust Agreement. 
 “Trust Property” with respect to any Trust, has the meaning set forth in the Trust Agreement for such Trust. 
 “Trustee” means either of the Class A Trustee or the Class B Trustee. 
 “Trustee Incumbency Certificate” has the meaning specified in Section 2.5(b). 
 “Trustee Representatives” has the meaning specified in Section 2.5(b). 
 “Unapplied Provider Advance”, with respect to any Liquidity Facility, has the meaning specified in such Liquidity Facility.

 “Underwriters” means J.P. Morgan Securities Inc, Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. 
 “Underwriting Agreement” means the Underwriting Agreement dated November 16, 2009 among the Underwriters, the Depositary and United, relating to the purchase of the Certificates by the Underwriters, as the same may be
amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Unindemnified
Tax” means (i) any Tax imposed on the net income, net worth or capital, any franchise Tax or similar doing business Tax of the Subordination Agent and (ii) any withholding Tax imposed by the United States (including, without
limitation, any withholding Tax imposed by the United States which is imposed or increased as a result of the Subordination Agent’s failing to deliver to the Company any certificate or document necessary to establish that payments under this
Agreement are exempt from withholding Tax). 
  

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 “United” means United Air Lines, Inc., a Delaware corporation, and its
successors and assigns. 
 “United Bankruptcy Event” means the occurrence and continuation of any of the
following: 
 (a) United shall consent to the appointment of or the taking of possession by a receiver, trustee
or liquidator of itself or of a substantial part of its property, or United shall admit in writing its inability to pay its debts generally as they come due, or does not pay its debts generally as they become due or shall make a general assignment
for the benefit of creditors, or United shall file a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief in a case under any bankruptcy laws or other insolvency laws (as in effect
at such time) or an answer admitting the material allegations of a petition filed against United in any such case, or United shall seek relief by voluntary petition, answer or consent, under the provisions of any other bankruptcy or other similar
law providing for the reorganization or winding-up of corporations (as in effect at such time) or United shall seek an agreement, composition, extension or adjustment with its creditors under such laws, or United’s board of directors shall
adopt a resolution authorizing corporate action in furtherance of any of the foregoing; or 
 (b) an order,
judgment or decree shall be entered by any court of competent jurisdiction appointing, without the consent of United, a receiver, trustee or liquidator of United or of any substantial part of its property, or any substantial part of the property of
United shall be sequestered, or granting any other relief in respect of United as a debtor under any bankruptcy laws or other insolvency laws (as in effect at such time), and any such order, judgment or decree of appointment or sequestration shall
remain in force undismissed, unstayed and unvacated for a period of 90 days after the date of entry thereof; or 
 (c) a petition against United in a case under any bankruptcy laws or other insolvency laws (as in effect at such time) is filed and not withdrawn or dismissed within 90 days thereafter, or if, under the provisions of any law providing for
reorganization or winding-up of corporations which may apply to United, any court of competent jurisdiction assumes jurisdiction, custody or control of United or of any substantial part of its property and such jurisdiction, custody or control
remains in force unrelinquished, unstayed and unterminated for a period of 90 days. 
 “United Provisions” has
the meaning specified in Section 9.1(a). 
 “Written Notice” means, from the Subordination Agent, any
Trustee or the Liquidity Provider, a written instrument executed by the Designated Representative of such Person. An invoice delivered by a Liquidity Provider pursuant to Section 3.1 in accordance with its normal invoicing procedures shall
constitute Written Notice under such Section. 
 “WTC” has the meaning specified in the recital of parties to
this Agreement. 
  

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 ARTICLE II 
 TRUST ACCOUNTS; CONTROLLING PARTY 
 SECTION 2.1. Agreement to Terms of
Subordination; Payments from Monies Received Only. (a) Each Trustee hereby acknowledges and agrees to the terms of subordination and distribution set forth in this Agreement in respect of each Class of Certificates and agrees to enforce
such provisions and cause all payments in respect of the Equipment Notes held by the Subordination Agent and the Liquidity Facilities to be applied in accordance with the terms of this Agreement. In addition, each Trustee hereby agrees to cause the
Equipment Notes purchased by the related Trust to be registered in the name of the Subordination Agent or its nominee, as agent and trustee for such Trustee, to be held in trust by the Subordination Agent solely for the purpose of facilitating the
enforcement of the subordination and other provisions of this Agreement. 
 (b) Except as otherwise expressly provided in the
next succeeding sentence of this Section 2.1(b), all payments to be made by the Subordination Agent hereunder shall be made only from amounts received by it that constitute Scheduled Payments, Special Payments or payments under the Fee Letter,
Section 7.1 of the Participation Agreements or Section 4(a)(v) of the Note Purchase Agreement, and only to the extent that the Subordination Agent shall have received sufficient income or proceeds therefrom to enable it to make such
payments in accordance with the terms hereof. Each of the Trustees and the Subordination Agent hereby agrees and, as provided in each Trust Agreement, each Certificateholder, by its acceptance of a Certificate and each Liquidity Provider, by
entering into the Liquidity Facility to which it is a party, has agreed to look solely to such amounts to the extent available for distribution to it as provided in this Agreement and to the relevant Deposits and that none of the Trustees, Loan
Trustees nor the Subordination Agent is personally liable to any of them for any amounts payable or any liability under this Agreement, any Trust Agreement, any Liquidity Facility or such Certificate, except (in the case of the Subordination Agent)
as expressly provided herein or (in the case of the Trustees) as expressly provided in each Trust Agreement or (in the case of the Loan Trustees) as expressly provided in any Operative Agreement. 
 SECTION 2.2. Trust Accounts. (a) Upon the execution of this Agreement, the Subordination Agent shall establish and maintain in
its name (i) the Collection Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Trustees, the Certificateholders and the Liquidity Providers
and (ii) as a sub-account in the Collection Account, the Special Payments Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Trustees, the
Certificateholders and the Liquidity Providers. The Subordination Agent shall establish and maintain the Cash Collateral Accounts pursuant to and under the circumstances set forth in Section 3.5(f) hereof. Upon such establishment and
maintenance under Section 3.5(f) hereof, the Cash Collateral Accounts shall, together with the Special Payments Account and the Collection Account, constitute the “Trust Accounts” hereunder. Without limiting the foregoing, all
monies credited to the Trust Accounts shall be, and shall remain, the property of the relevant Trust(s). 
  

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 (b) Funds on deposit in the Trust Accounts shall be invested and reinvested by the
Subordination Agent in Eligible Investments selected by the Subordination Agent if such investments are reasonably available and have maturities no later than the earlier of (i) 90 days following the date of such investment and (ii) the
Business Day immediately preceding the Regular Distribution Date or the date of the related distribution pursuant to Section 2.4 hereof, as the case may be, next following the date of such investment; provided, however, that
following the making of a Non-Extension Drawing, a Downgrade Drawing or a Special Termination Drawing under any Liquidity Facility, the Subordination Agent shall invest and reinvest such funds in Eligible Investments at the direction of United (or,
if and to the extent so specified to the Subordination Agent by United with respect to any Liquidity Facility, the Liquidity Provider with respect to such Liquidity Facility); provided further, however, that, notwithstanding the
foregoing proviso, following the making of a Non-Extension Drawing, Downgrade Drawing or a Special Termination Drawing under any Liquidity Facility, the Subordination Agent shall invest and reinvest the amounts in the Cash Collateral Account with
respect to such Liquidity Facility in Eligible Investments pursuant to the written instructions of the Liquidity Provider funding such Drawing; provided further, however, that notwithstanding the foregoing provisos, upon the
occurrence of and during the continuation of a Triggering Event, the Subordination Agent shall invest and reinvest such amounts in Eligible Investments in accordance with the written instructions of the Controlling Party. Unless otherwise expressly
provided in this Agreement (including, without limitation, with respect to Investment Earnings on amounts on deposit in the Cash Collateral Accounts pursuant to Section 3.5(f) hereof), any Investment Earnings shall be deposited in the
Collection Account when received by the Subordination Agent and shall be applied by the Subordination Agent in the same manner as the other amounts on deposit in the Collection Account are to be applied and any losses shall be charged against the
principal amount invested, in each case net of the Subordination Agent’s reasonable fees and expenses in making such investments. The Subordination Agent shall not be liable for any loss resulting from any investment, reinvestment or
liquidation required to be made under this Agreement other than by reason of its willful misconduct or gross negligence (or, with respect to the handling or transfer of funds, its own negligence). Eligible Investments and any other investment
required to be made hereunder shall be held to their maturities except that any such investment may be sold (without regard to its maturity) by the Subordination Agent without instructions whenever such sale is necessary to make a distribution
required under this Agreement. Uninvested funds held hereunder shall not earn or accrue interest. 
 (c) The Subordination Agent
shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof (including all income thereon, except as otherwise expressly provided in Section 3.3(b) with respect to
Investment Earnings). The Trust Accounts shall be held in trust by the Subordination Agent under the sole dominion and control of the Subordination Agent for the benefit of the Trustees, the Certificateholders and the Liquidity Providers, as the
case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Subordination Agent shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, for which a Ratings Confirmation for each
Class of Certificates shall have been obtained) establish a new Collection Account, Special Payments Account or Cash Collateral Account, as the case may be, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such
new Collection Account, Special Payments Account or Cash Collateral Account, as the case may be. So long as WTC is an Eligible Institution, the Trust Accounts shall be maintained with it as Eligible Deposit Accounts. 
  

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 SECTION 2.3. Deposits to the Collection Account and Special Payments Account.
(a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral
Account). 
 (b) The Subordination Agent shall, on each date when one or more Special Payments are made to the Subordination
Agent as holder of the Equipment Notes, deposit in the Special Payments Account the aggregate amount of such Special Payments. 
 SECTION 2.4. Distributions of Special Payments. (a) Notice of Special Payment. Except as provided in Section 2.4(c) below, upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any
notice of a Special Payment (or, in the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall promptly give notice thereof to each Trustee and the Liquidity Providers. The
Subordination Agent shall promptly calculate the amount of the redemption or purchase of Equipment Notes, the amount of any Overdue Scheduled Payment or the proceeds of Equipment Notes or Collateral, as the case may be, comprising such Special
Payment under the applicable Indenture or Indentures and shall promptly send to each Trustee and each Liquidity Provider a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice shall also set the distribution date
for such Special Payment (a “Special Distribution Date”), which shall be the Business Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice and (y) the date the
Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account shall be distributed in accordance with Sections 2.4(b) and 2.4(c) and Article III hereof, as applicable.

 For the purposes of the application of any Equipment Note Special Payment distributed on a Special Distribution Date in
accordance with Section 3.2 hereof, so long as no Indenture Event of Default shall have occurred and be continuing under any Indenture: 
 (i) the amount of accrued and unpaid Liquidity Expenses that are not yet due that are payable pursuant to clause “second” thereof shall be multiplied by the Section 2.4 Fraction;

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

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 (iii) clause “seventh” thereof shall be deemed to read as follows:
“seventh, such amount as shall be required to pay accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class A Certificates together with (without duplication) accrued and unpaid
interest at the Stated Interest Rate on the outstanding principal amount of the Series A Equipment Notes held in the Class A Trust being redeemed, purchased or prepaid, in each case excluding interest, if any, payable with respect to the
Deposits relating to the Class A Trust”; 
 (iv) clause “eighth” thereof shall be deemed to read as follows:
“eighth, such amount as shall be required to pay any accrued, due and unpaid Class B Adjusted Interest shall be distributed to the holders of the Class B Certificates (excluding interest, if any, payable with respect to the Deposits
relating to the Class B Trust)”; and 
 (v) clause “tenth” thereof shall be deemed to read as follows:
“tenth, such amount as shall be required to pay in full accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class B Certificates which was not previously paid pursuant to clause
“eighth” above to the holders of the Class B Certificates, together with (without duplication) accrued and unpaid interest at the Stated Interest Rate on the outstanding principal amount of the Series B Equipment Notes held in the Class B
Trust and being redeemed, purchased or prepaid, in each case excluding interest, if any, payable with respect to the Deposits relating to the Class B Trust;”. 
 (b) Investment of Amounts in Special Payments Account. Any amounts on deposit in the Special Payments Account prior to the distribution thereof pursuant to Section 2.4 or 3.2 shall be invested
in accordance with Section 2.2(b). Investment Earnings on such investments shall be distributed in accordance with Article III hereof. 
 (c) Certain Payments. Except for amounts constituting Liquidity Obligations which shall be distributed as provided in Section 3.2, the Subordination Agent will distribute promptly upon receipt
thereof (i) any indemnity payment or expense reimbursement received by it from United in respect of any Trustee, any Liquidity Provider, any Paying Agent, any Depositary, the Guarantor or any Escrow Agent (collectively, the
“Payees”) and (ii) any compensation received by it from United under any Operative Agreement in respect of any Payee, directly to the Payee entitled thereto. 
 SECTION 2.5. Designated Representatives. (a) With the delivery of this Agreement, the Subordination Agent shall furnish to each
Liquidity Provider and each Trustee, and from time to time thereafter may furnish to each Liquidity Provider and each Trustee, at the Subordination Agent’s discretion, or upon any Liquidity Provider’s or any Trustee’s request (which
request shall not be made more than one time in any 12-month period), a certificate (a “Subordination Agent Incumbency Certificate”) of a Responsible Officer of the Subordination Agent certifying as to the incumbency and specimen
signatures of the officers of the Subordination Agent and the attorney-in-fact and agents of the Subordination Agent (the “Subordination Agent Representatives”) authorized to give Written Notices on behalf of the Subordination Agent
hereunder. Until each Liquidity Provider and each Trustee receives a subsequent Subordination Agent Incumbency Certificate, it shall be entitled to rely on the last Subordination Agent Incumbency Certificate delivered to it hereunder. 
  

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 (b) With the delivery of this Agreement, each Trustee shall furnish to the Subordination
Agent, and from time to time thereafter may furnish to the Subordination Agent, at such Trustee’s discretion, or upon the Subordination Agent’s request (which request shall not be made more than one time in any 12-month period), a
certificate (a “Trustee Incumbency Certificate”) of a Responsible Officer of such Trustee certifying as to the incumbency and specimen signatures of the officers of such Trustee and the attorney-in-fact and agents of such Trustee
(the “Trustee Representatives”) authorized to give Written Notices on behalf of such Trustee hereunder. Until the Subordination Agent receives a subsequent Trustee Incumbency Certificate, it shall be entitled to rely on the last
Trustee Incumbency Certificate delivered to it hereunder. 
 (c) With the delivery of this Agreement, each Liquidity Provider
shall furnish to the Subordination Agent, and from time to time thereafter each Liquidity Provider may furnish to the Subordination Agent, at such Liquidity Provider’s discretion, or upon the Subordination Agent’s request (which request
shall not be made more than one time in any 12-month period), a certificate (each, a “Provider Incumbency Certificate”) of any Responsible Officer of such Liquidity Provider certifying as to the incumbency and specimen signatures of
any officer, attorney-in-fact, agent or other designated representative of such Liquidity Provider (in each case, the “Provider Representatives” and, together with the Subordination Agent Representatives and the Trustee
Representatives, the “Designated Representatives”) authorized to give Written Notices on behalf of such Liquidity Provider hereunder. Until the Subordination Agent receives a subsequent Provider Incumbency Certificate, it shall be
entitled to rely on the last Provider Incumbency Certificate delivered to it hereunder by the relevant Liquidity Provider. 
 SECTION 2.6. Controlling Party. (a) The Trustees and the Liquidity Providers hereby agree that, with respect to any Indenture at any given time, the Loan Trustee thereunder will be directed in taking, or refraining from taking,
any action under such Indenture or with respect to the Equipment Notes issued thereunder (i) so long as no Indenture Event of Default has occurred and is continuing thereunder, by the holders of at least a majority of the outstanding principal
amount of such Equipment Notes (provided that, for so long as the Subordination Agent is the registered holder of the Equipment Notes, the Subordination Agent shall act with respect to this clause (i) in accordance with the directions of the
Trustees (in the case of each such Trustee, with respect to the Equipment Notes issued under such Indenture and held as Trust Property of such Trust) constituting, in the aggregate, directions with respect to at least a majority of outstanding
principal amount of Equipment Notes except as provided in Section 9.1(b)), and (ii) after the occurrence and during the continuance of an Indenture Event of Default thereunder, in taking, or refraining from taking, any action under such
Indenture or with respect to such Equipment Notes, including exercising remedies thereunder (including Accelerating the Equipment Notes issued thereunder or foreclosing the Lien on the Aircraft securing such Equipment Notes), by the Controlling
Party (except as otherwise provided in Section 2.6(d)). 
 (b) The “Controlling Party” shall be (x) the
Class A Trustee and (y) upon payment of Final Distributions to the holders of Class A Certificates, the Class B Trustee. For purposes of giving effect to the provisions of Section 2.6(a) and this Section 2.6(b), the Trustees
(other than the Controlling Party) irrevocably agree (and the Certificateholders (other than the Certificateholders represented by the Controlling Party) shall be deemed to agree by virtue of their purchase of Certificates) that the Subordination
Agent, as record holder of the Equipment Notes, shall exercise its voting rights in respect of the Equipment Notes so held by the Subordination Agent as directed by the Controlling Party and any vote so exercised shall be binding upon the Trustees
and all Certificateholders. 
  

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 The Subordination Agent shall give Written Notice to all of the other parties to this
Agreement promptly upon a change in the identity of the Controlling Party. Each of the parties hereto agrees that it shall not exercise any of the rights of the Controlling Party at such time as it is not the Controlling Party hereunder;
provided, however, that nothing herein contained shall prevent or prohibit any Non-Controlling Party from exercising such rights as shall be specifically granted to such Non-Controlling Party hereunder and under the other Operative
Agreements. 
 (c) Notwithstanding the foregoing provisions of clauses (a) and (b) above, at any time
after 18 months from the earliest to occur of (i) the date on which the entire Available Amount as of such date under any Liquidity Facility shall have been drawn (excluding a Downgrade Drawing, a Non-Extension Drawing or a Special Termination
Drawing but including a Final Drawing or a Downgrade Drawing, a Non-Extension Drawing or a Special Termination Drawing that has been converted to a Final Drawing under such Liquidity Facility) and shall remain unreimbursed, (ii) the date on
which the portion of any Downgrade Drawing, Non-Extension Drawing or Special Termination Drawing equal to the Required Amount as of such date under any Liquidity Facility shall have become and remain “Applied Downgrade Advances”,
“Applied Non-Extension Advances” or “Applied Special Termination Advances”, as the case may be, under and as defined in such Liquidity Facility and (iii) the date on which all Equipment Notes under all Indentures shall have
been Accelerated (provided that (x) with respect to the period prior to the Deposit Period Termination Date, such Equipment Notes have an aggregate outstanding principal balance in excess of $150,000,000, and (y) in the event of a
bankruptcy proceeding under the Bankruptcy Code in which United is a debtor, any amounts payable in respect of Equipment Notes which have become immediately due and payable by declaration or otherwise shall not be considered Accelerated for purposes
of this sub-clause (iii) until the expiration of the 60-day period under Section 1110(a)(2)(A) of the Bankruptcy Code or such longer period as may apply under Section 1110(a)(2)(B) or Section 1110(b) of the Bankruptcy Code), the Liquidity
Provider with the highest outstanding aggregate amount of Liquidity Obligations owed to it (so long as such Liquidity Provider has not defaulted in its obligation to make any Drawing under any Liquidity Facility) shall have the right to elect, by
Written Notice to the Subordination Agent and each of the Trustees, to become the Controlling Party hereunder at any time from and including the last day of such 18-month period. 
 (d) The exercise of remedies by the Controlling Party under this Agreement shall be expressly limited by Sections 4.1(a)(ii) and 4.1(a)(iii)
hereof. 
 (e) The Controlling Party shall not be entitled to require or obligate any Non-Controlling Party to provide funds
necessary to exercise any right or remedy hereunder. 
  

 25 

 ARTICLE III 
 RECEIPT, DISTRIBUTION AND APPLICATION 
 OF AMOUNTS RECEIVED 
 SECTION 3.1. Written Notice of Distribution. (a) No later than 3:00 P.M. (New York City time) on the Business Day immediately
preceding each Distribution Date, each of the following Persons shall deliver to the Subordination Agent a Written Notice setting forth the following information as at the close of business on such Business Day: 
 (i) with respect to the Class A Certificates, the Class A Trustee shall separately set forth the amounts to be paid
in accordance with clause “first” of Section 3.2 hereof (to reimburse payments made by such Trustee or the Class A Certificateholders, as the case may be, pursuant to subclause (ii) or (iv) of clause “first”),
subclauses (ii) and (iii) of clause “sixth” of Section 3.2 hereof and clauses “seventh” and “ninth” of Section 3.2 hereof; 
 (ii) with respect to the Class B Certificates, the Class B Trustee shall separately set forth the amounts to be paid in
accordance with clause “first” of Section 3.2 hereof (to reimburse payments made by such Trustee or the Class B Certificateholders, as the case may be, pursuant to subclause (ii) or (iv) of clause “first”),
subclauses (ii) and (iii) of clause “sixth” of Section 3.2 hereof and clauses “eighth”, “tenth” and “eleventh” of Section 3.2 hereof; 
 (iii) with respect to each Liquidity Facility, the Liquidity Provider thereunder shall separately set forth the amounts to be
paid to it in accordance with subclauses (iii) and (iv) of clause “first” of Section 3.2 hereof, clause “second” of Section 3.2 hereof, clause “third” of Section 3.2 hereof, clause
“fourth” of Section 3.2 hereof and clause “fifth” of Section 3.2 hereof; and 
 (iii) each Trustee shall set forth the amounts, if any, to be paid to it in accordance with clause “sixth” of Section 3.2 hereof. 
 (b) At such time as a Trustee or a Liquidity Provider shall have received all amounts owing to it (and, in the case of a Trustee, the Certificateholders for which it is acting) pursuant to
Section 3.2 hereof and, in the case of a Liquidity Provider, its commitment or obligations under the related Liquidity Facility shall have terminated or expired, such Person shall, by a Written Notice, so inform the Subordination Agent and each
other party to this Agreement. 
 (c) As provided in Section 6.5 hereof, the Subordination Agent shall be fully protected
in relying on any of the information set forth in a Written Notice provided by any Trustee or any Liquidity Provider pursuant to paragraphs (a) and (b) above and shall have no independent obligation to verify, calculate or recalculate any
amount set forth in any Written Notice delivered in accordance with such paragraphs. 
  

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 (d) Any Written Notice delivered by a Trustee, a Liquidity Provider or the Subordination
Agent, as applicable, pursuant to Section 3.1(a) hereof, if made prior to 10:00 A.M. (New York City time) on any Business Day, shall be effective on the date delivered (or if delivered later on a Business Day or if delivered on a day which is
not a Business Day shall be effective as of the next Business Day). Subject to the terms of this Agreement, the Subordination Agent shall as promptly as practicable comply with any such instructions; provided, however, that any
transfer of funds pursuant to any instruction received after 10:00 A.M. (New York City time) on any Business Day may be made on the next succeeding Business Day. 
 (e) In the event the Subordination Agent shall not receive from any Person any information set forth in paragraph (a) above which is required to enable the Subordination Agent to make a distribution
to such Person pursuant to Section 3.2 hereof, the Subordination Agent shall request such information and, failing to receive any such information, the Subordination Agent shall not make such distribution(s) to such Person. In such event, the
Subordination Agent shall make distributions pursuant to clauses “first” through “eleventh” of Section 3.2 to the extent it shall have sufficient information to enable it to make such distributions, and shall continue to
hold any funds remaining, after making such distributions, until the Subordination Agent shall receive all necessary information to enable it to distribute any funds so withheld. 
 (f) On such dates (but not more frequently than monthly) as any Liquidity Provider or any Trustee shall request, but in any event
automatically at the end of each calendar quarter, the Subordination Agent shall send to such party a written statement reflecting all amounts on deposit with the Subordination Agent pursuant to Section 3.1(e) hereof. 
 The notices required under Section 3.1(a) hereof may be in the form of a schedule or similar document provided to the Subordination
Agent by the parties referenced therein or by any one of them, which schedule or similar document may state that, unless there has been a prepayment of any Equipment Note, such schedule or similar document is to remain in effect until any substitute
notice or amendment shall be given to the Subordination Agent by the party providing such notice. 
 SECTION 3.2.
Distribution of Amounts on Deposit in the Collection Account. Except as otherwise provided in Sections 2.4, 3.1(e), 3.3, 3.5(b) and 3.5(k), amounts on deposit in the Collection Account (including amounts on deposit in the Special Payments
Account) shall be promptly distributed on each Regular Distribution Date (or, in the case of any amount described in Section 2.4(a), on the Special Distribution Date thereof) in the following order of priority and in accordance with the
information provided to the Subordination Agent pursuant to Section 3.1(a) hereof: 
 first, such
amount as shall be required to reimburse (i) the Subordination Agent for any reasonable out-of-pocket costs and expenses actually incurred by it (to the extent not previously reimbursed) or reasonably expected to be incurred by it for the
period ending on the next succeeding Regular Distribution Date (which shall not exceed $150,000 unless approved in writing by the Controlling Party) in the protection of, or the realization of the value of, the Equipment Notes or any Collateral,
shall be applied by the Subordination Agent in reimbursement of such costs and expenses, (ii) any Trustee for any amounts of the nature described in clause (i) above actually incurred by it under the applicable Trust Agreement (to the
extent not previously reimbursed), shall be distributed to such Trustee, (iii) any Liquidity Provider for any amounts of the nature described in

  

 27 

 
clause (i) above actually incurred by it (to the extent not previously reimbursed), shall be distributed to such Liquidity Provider, and (iv) any Liquidity Provider or any
Certificateholder for payments, if any, made by it to the Subordination Agent or any Trustee in respect of amounts described in clause (i) above actually incurred by it (to the extent not previously reimbursed) (collectively, the
“Administration Expenses”), shall be distributed to such Liquidity Provider or the applicable Trustee for the account of such Certificateholder, in each such case, pro rata on the basis of all amounts described in clauses (i)
through (iv) above; 
 second, such amount as shall be required to pay all accrued and unpaid
Liquidity Expenses owed to each Liquidity Provider shall be distributed to the Liquidity Providers pro rata on the basis of the amount of Liquidity Expenses owed to each Liquidity Provider; 
 third, (i) such amount as shall be required to pay the aggregate amount of accrued and unpaid interest on all
Liquidity Obligations (at the rate, or in the amount, provided in the applicable Liquidity Facility) and (ii) if a Special Termination Drawing has been made under any Liquidity Facility and has not been converted into a Final Drawing, the
outstanding amount of such Special Termination Drawing shall be distributed to the Liquidity Providers pro rata on the basis of the amounts described in clauses (i) and (ii) above owed to each Liquidity Provider; 
 fourth, such amount as shall be required (A) if any Cash Collateral Account had been previously funded as
provided in Section 3.5(f), unless (i) a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the relevant Liquidity Facility or (ii) a Final Drawing shall have
occurred with respect to such Liquidity Facility, to fund such Cash Collateral Account up to its Required Amount shall be deposited in such Cash Collateral Account, (B) if any Liquidity Facility shall become a Downgraded Facility or a
Non-Extended Facility at a time when unreimbursed Interest Drawings under such Liquidity Facility have reduced the Available Amount thereunder to zero, unless (i) a Performing Note Deficiency exists and a Liquidity Event of Default shall have
occurred and be continuing with respect to the relevant Liquidity Facility or (ii) a Final Drawing shall have occurred with respect to such Liquidity Facility, to deposit into the related Cash Collateral Account an amount equal to such Cash
Collateral Account’s Required Amount shall be deposited in such Cash Collateral Account, and (C) if, with respect to any particular Liquidity Facility, neither subclause (A) nor subclause (B) of this clause “fourth” is
applicable, to pay or reimburse the Liquidity Provider in respect of such Liquidity Facility in an amount equal to the amount of all Liquidity Obligations then due under such Liquidity Facility (other than amounts payable pursuant to clause
“second” or “third” of this Section 3.2), pro rata on the basis of amounts of all such deficiencies and/or unreimbursed Liquidity Obligations payable to each Liquidity Provider; 
 fifth, if, with respect to any particular Liquidity Facility, any amounts are to be distributed pursuant to either
subclause (A) or (B) of clause “fourth” above, then the Liquidity Provider with respect to such Liquidity Facility shall be paid the excess of (x) the aggregate outstanding amount of unreimbursed Advances (whether or not
then due) under such Liquidity Facility over (y) the Required Amount for the relevant Class, pro rata on the basis of such amounts in respect of each Liquidity Provider; 
  

 28 

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

 seventh, such amount as shall be required to pay in full accrued and unpaid interest at the Stated
Interest Rate on the Pool Balance of the Class A Certificates (excluding interest, if any, payable with respect to the Deposits relating to the Class A Trust) shall be distributed to the Class A Trustee; 
 eighth, such amount as shall be required to pay unpaid Class B Adjusted Interest shall be distributed to the holders
of the Class B Certificates (excluding interest, if any, payable with respect to the Deposits relating to the Class B Trust); 
 ninth, such amount as shall be required to pay in full Expected Distributions to the holders of the Class A Certificates on such Distribution Date shall be distributed to the Class A
Trustee; 
 tenth, such amount as shall be required to pay in full accrued and unpaid interest at the
Stated Interest Rate on the Pool Balance of the Class B Certificates which was not previously paid pursuant to clause “eighth” above to the holders of the Class B Certificates (excluding interest, if any, payable with
respect to the Deposits related to the Class B Trust); 
 eleventh, such amount as shall be required
to pay in full Expected Distributions to the holders of the Class B Certificates on such Distribution Date shall be distributed to the Class B Trustee; and 
 twelfth, the balance, if any, of any such amount remaining thereafter shall be held in the Collection Account for later distribution in accordance with this Article III. 
 With respect to clauses “first” and “sixth” above, no amounts shall be reimbursable to the Subordination Agent, any
Trustee, any Liquidity Provider or any Certificateholder for any payments made by any such Person in connection with any Equipment Note that is no longer held by the Subordination Agent (to the extent that such payments relate to periods after such
Equipment Note ceases to be held by the Subordination Agent). 
  

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 SECTION 3.3. Other Payments. (a) Any payments received by the Subordination
Agent for which no provision as to the application thereof is made in this Agreement shall be distributed by the Subordination Agent (i) in the order of priority specified in Section 3.2 hereof and (ii) to the extent received or
realized at any time after the Final Distributions for each Class of Certificates have been made, in the manner provided in clause “first” of Section 3.2 hereof. 
 (b) Notwithstanding the priority of payments specified in Section 3.2, in the event any Investment Earnings on amounts on deposit in
any Cash Collateral Account resulting from an Unapplied Provider Advance are deposited in the Collection Account or the Special Payments Account, such Investment Earnings shall be used to pay interest payable in respect of such Unapplied Provider
Advance to the extent of such Investment Earnings. 
 (c) If the Subordination Agent receives any Scheduled Payment after the
Scheduled Payment Date relating thereto, but prior to such payment becoming an Overdue Scheduled Payment, then the Subordination Agent shall deposit such Scheduled Payment in the Collection Account and promptly distribute such Scheduled Payment in
accordance with the priority of distributions set forth in Section 3.2 hereof; provided that, for the purposes of this Section 3.3(c) only, each reference in clause “ninth” or “eleventh” of Section 3.2 to
“Distribution Date” shall be deemed to refer to such Scheduled Payment Date. 
 (d) Payments in respect of Liquidity
Obligations under Section 3.2 shall be without duplication of any indemnity payment, expense reimbursement or compensation previously paid to any Liquidity Provider under Section 2.4(c). 
 SECTION 3.4. Payments to the Trustees and the Liquidity Providers. Any amounts distributed hereunder to any Liquidity Provider shall
be paid to such Liquidity Provider by wire transfer of funds to the account that such Liquidity Provider shall provide to the Subordination Agent. The Subordination Agent shall provide a Written Notice of any such transfer to the applicable
Liquidity Provider at the time of such transfer. Any amounts distributed hereunder by the Subordination Agent to any Trustee which shall not be the same institution as the Subordination Agent shall be paid to such Trustee by wire transfer of funds
to the account that such Trustee shall provide to the Subordination Agent. 
 SECTION 3.5. Liquidity Facilities.
(a) Interest Drawings. If on any Distribution Date, after giving effect to the subordination provisions of this Agreement, the Subordination Agent shall not have sufficient funds for the payment of any amounts due and owing in respect of
accrued interest on the Class A Certificates or the Class B Certificates (at the Stated Interest Rate for such Class of Certificates) (other than any amount of interest which was due and payable on the Class A Certificates or the Class B
Certificates on such Distribution Date but which remains unpaid due to the failure of the Depositary to pay any amount of accrued interest on the Deposits on or prior to such Distribution Date), then, prior to 12:30 p.m. (New York City time) on such
Distribution Date, (i) the Subordination Agent shall request a drawing (each such drawing, an “Interest Drawing”) under the Liquidity Facility with respect to such Class of Certificates in an amount equal to the lesser of
(x) an amount sufficient to pay the amount of such accrued interest (at the applicable Stated Interest Rate for such Class of Certificates) and (y) the Available Amount under such Liquidity Facility, and shall pay such amount to the
Trustee with respect to such Class of Certificates in payment of such accrued interest. 
  

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 (b) Application of Interest Drawings. Notwithstanding anything to the contrary
contained in this Agreement, (i) all payments received by the Subordination Agent in respect of an Interest Drawing under the Class A Liquidity Facility and all amounts withdrawn by the Subordination Agent from the Class A Cash
Collateral Account, and payable in each case to the Class A Certificateholders or the Class A Trustee, shall be promptly distributed to the Class A Trustee and (ii) all payments received by the Subordination Agent in respect of
an Interest Drawing under the Class B Liquidity Facility and all amounts withdrawn by the Subordination Agent from the Class B Cash Collateral Account, and payable in each case to the Class B Certificateholders or the Class B Trustee, shall be
promptly distributed to the Class B Trustee. 
 (c) Downgrade Drawings. (i) With respect to each Liquidity Facility,
a Downgrade Drawing shall be requested by the Subordination Agent thereunder as provided in Section 3.5(c)(iii), if at any time a Downgrade Event shall have occurred with respect to such Liquidity Facility (such Liquidity Facility following a
Downgrade Event being referred to as a “Downgraded Facility”), unless an event described in Section 3.5(c)(ii) occurs with respect to such Liquidity Facility. 
 (ii) If at any time any Liquidity Facility becomes a Downgraded Facility, the Subordination Agent shall request a Downgrade Drawing
thereunder in accordance with Section 3.5(c)(iii), unless the Liquidity Provider under such Downgraded Facility or United arranges for a Replacement Liquidity Provider to issue and deliver a Replacement Liquidity Facility to the Subordination
Agent within 10 days after receiving notice of a Downgrade Event (but not later than the expiration date of such Downgraded Facility). 
 (iii) Upon the occurrence of any Downgrade Event with respect to any Liquidity Facility, unless a Replacement Liquidity Facility is arranged as provided in Section 3.5(c)(ii), the Subordination Agent
shall, on the 10th day referred to in Section 3.5(c)(ii) (or if such 10th day is not a Business Day, on the next succeeding Business Day) (or, if earlier, the expiration date of such Downgraded Facility), request a drawing in accordance with
and to the extent permitted by such Downgraded Facility (such drawing, a “Downgrade Drawing”) of the Available Amount thereunder. Amounts drawn pursuant to a Downgrade Drawing shall be maintained and invested as provided in
Section 3.5(f) hereof. The applicable Liquidity Provider may also arrange for a Replacement Liquidity Provider to issue and deliver a Replacement Liquidity Facility at any time after such Downgrade Drawing so long as such Downgrade Drawing has
not been reimbursed in full to such Liquidity Provider. 
 (d) Non-Extension Drawings. If at any time any Liquidity
Facility with respect to any Class of Certificates is scheduled to expire on a date (the “Stated Expiration Date”) prior to the date that is 15 days after the Final Legal Distribution Date for such Class of Certificates, then, no
earlier than the 45th day and no later than the 30th day prior to the then Stated Expiration Date, the Subordination Agent shall request that the applicable Liquidity Provider extend the Stated Expiration Date until the earlier of (i) the date
which is 15 days after such Final Legal Distribution Date and (ii) the date that is the day immediately preceding the 364th day

  

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occurring after the last day of the applicable Consent Period (as hereinafter defined) (unless the obligations of such Liquidity Provider under such Liquidity Facility are earlier terminated in
accordance with such Liquidity Facility). Whether or not the Liquidity Provider has received a request from the Subordination Agent, such Liquidity Provider shall advise the Subordination Agent, no earlier than the 30th day (or, if earlier, the date
of such Liquidity Provider’s receipt of such request, if any, from the Subordination Agent) and no later than the 25th day prior to the Stated Expiration Date then in effect for such Liquidity Facility (such period, with respect to such
Liquidity Facility, the “Consent Period”), whether, in its sole discretion, it agrees to extend such Stated Expiration Date. If (A) on or before the date on which such Consent Period ends, such Liquidity Facility shall not have
been replaced in accordance with Section 3.5(e) and (B) the applicable Liquidity Provider fails irrevocably and unconditionally to advise the Subordination Agent on or before the date on which such Consent Period ends that such Stated
Expiration Date then in effect shall be so extended for such Liquidity Facility, the Subordination Agent shall, on the date on which such Consent Period ends (or as soon as possible thereafter), in accordance with the terms of the expiring Liquidity
Facility (a “Non-Extended Facility”), request a drawing under such expiring Liquidity Facility (such drawing, a “Non-Extension Drawing”) of the Available Amount thereunder. Amounts drawn pursuant to a Non-Extension
Drawing shall be maintained and invested in accordance with Section 3.5(f) hereof. 
 (e) Issuance of Replacement
Liquidity Facility. (i) At any time, United may, at its option, with cause or without cause, arrange for a Replacement Liquidity Facility to replace any Liquidity Facility for any Class of Certificates (including any Replacement Liquidity
Facility provided pursuant to Section 3.5(e)(ii) hereof); provided, however, that the initial Liquidity Provider for any Liquidity Facility shall not be replaced by United as a Liquidity Provider prior to the first anniversary of
the Issuance Date unless (A) there shall have become due to such initial Liquidity Provider, or such initial Liquidity Provider shall have demanded, amounts pursuant to Section 3.01, 3.02 or 3.03 of any applicable Liquidity Facility and
the replacement of such initial Liquidity Provider would reduce or eliminate the obligation to pay such amounts or United determines in good faith that there is a substantial likelihood that such initial Liquidity Provider will have the right to
claim any such amounts (unless such initial Liquidity Provider waives, in writing, any right it may have to claim such amounts), which determination shall be set forth in a certificate delivered by United to such initial Liquidity Provider setting
forth the basis for such determination and accompanied by an opinion of outside counsel selected by United and reasonably acceptable to such initial Liquidity Provider verifying the legal conclusions, if any, of such certificate relating to such
basis, provided that, in the case of any likely claim for such amounts based upon any proposed, or proposed change in, law, rule, regulation, interpretation, directive, requirement, request or administrative practice, such opinion may assume
the adoption or promulgation of such proposed matter, (B) it shall become unlawful or impossible for such initial Liquidity Provider (or its Facility Office) to maintain or fund its LIBOR Advances as described in Section 3.10 of any
Liquidity Facility, (C) any Liquidity Facility of such initial Liquidity Provider shall become a Downgraded Facility or a Non-Extended Facility or a Downgrade Drawing or a Non-Extension Drawing shall have occurred under any Liquidity Facility
of such initial Liquidity Provider, (D) such initial Liquidity Provider shall have breached any of its payment (including, without limitation, funding) obligations under any Liquidity Facility in respect of which it is the Liquidity Provider.
If such Replacement Liquidity Facility is provided at any time after a Downgrade Drawing, a Non-Extension Drawing or a Special Termination Drawing has been made, all funds on deposit in the relevant Cash Collateral Account will be returned to the
Liquidity Provider being replaced or (E) a Rate Determination Notice has been issued and has not been withdrawn. 
  

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 (ii) If any Liquidity Provider shall determine not to extend any of its Liquidity
Facilities in accordance with Section 3.5(d), then such Liquidity Provider may, at its option, arrange for a Replacement Liquidity Facility to replace such Liquidity Facility during the period no earlier than 30 days and no later than 25 days
prior to the then effective Expiry Date of such Liquidity Facility. At any time after a Non-Extension Drawing has been made under any Liquidity Facility, the Liquidity Provider thereunder may, at its option, arrange for a Replacement Liquidity
Facility to replace the Liquidity Facility under which such Non-Extension Drawing has been made. 
 (iii) No Replacement
Liquidity Facility arranged by United or a Liquidity Provider in accordance with clause (i) or (ii) above or pursuant to Section 3.5(c), respectively, shall become effective and no such Replacement Liquidity Facility shall be deemed a
“Liquidity Facility” under the Operative Agreements, unless and until (A) each of the conditions referred to in sub-clauses (iv)(x) and (z) below shall have been satisfied, (B) if such Replacement Liquidity Facility shall
materially adversely affect the rights, remedies, interests or obligations of the Class A Certificateholders or the Class B Certificateholders under any of the Operative Agreements, the applicable Trustee shall have consented, in writing, to
the execution and issuance of such Replacement Liquidity Facility and (C) in the case of a Replacement Liquidity Facility arranged by a Liquidity Provider under Section 3.5(e)(ii) or pursuant to Section 3.5(c), such Replacement
Liquidity Facility is reasonably acceptable to United. 
 (iv) In connection with the issuance of each Replacement Liquidity
Facility, the Subordination Agent shall (x) prior to the issuance of such Replacement Liquidity Facility, obtain written confirmation from each Rating Agency that such Replacement Liquidity Facility will not cause a reduction of any rating then
in effect for any Class of Certificates by such Rating Agency (without regard to any downgrading of any rating of any Liquidity Provider being replaced (or, in the case of any initial Liquidity Provider, the Guarantor) pursuant to
Section 3.5(c) hereof), (y) pay all Liquidity Obligations then owing to the replaced Liquidity Provider (which payment shall be made first from available funds in the applicable Cash Collateral Account as described in clause (v) of
Section 3.5(f) hereof, and thereafter from any other available source, including, without limitation, a drawing under the Replacement Liquidity Facility) and (z) cause the issuer of the Replacement Liquidity Facility to deliver the
Replacement Liquidity Facility to the Subordination Agent, together with a legal opinion opining that such Replacement Liquidity Facility is an enforceable obligation of such Replacement Liquidity Provider. 
 (v) Upon satisfaction of the conditions set forth in clauses (iii) and (iv) of this Section 3.5(e) with respect to a
Replacement Liquidity Facility, (w) the replaced Liquidity Facility shall terminate, (x) the Subordination Agent shall, if and to the extent so requested by United or the Liquidity Provider being replaced, execute and deliver any
certificate or other instrument required in order to terminate the replaced Liquidity Facility, shall surrender the replaced Liquidity Facility to the Liquidity Provider being replaced and shall execute and deliver the Replacement Liquidity Facility
and any associated Fee Letters, (y) each of the parties

  

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hereto shall enter into any amendments to this Agreement necessary to give effect to (1) the replacement of the applicable Liquidity Provider with the applicable Replacement Liquidity
Provider and (2) the replacement of the applicable Liquidity Facility with the applicable Replacement Liquidity Facility and (z) the applicable Replacement Liquidity Provider shall be deemed to be a Liquidity Provider with the rights and
obligations of a Liquidity Provider hereunder and under the other Operative Agreements and such Replacement Liquidity Facility shall be deemed to be a Liquidity Facility hereunder and under the other Operative Agreements. 
 (f) Cash Collateral Accounts; Withdrawals; Investments. In the event the Subordination Agent shall draw all available amounts under
the Class A Liquidity Facility or the Class B Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(m) hereof, or in the event amounts are to be deposited in the Class A Cash Collateral Account or the Class B Cash
Collateral Account pursuant to subclause (A) or (B) of clause “fourth” of Section 3.2, amounts so drawn or to be deposited, as the case may be, shall be deposited by the Subordination Agent in the Class A Cash
Collateral Account or the Class B Cash Collateral Account, as applicable. All amounts on deposit in each Cash Collateral Account shall be invested and reinvested in Eligible Investments in accordance with Section 2.2(b) hereof. 
 On each Interest Payment Date (or, in the case of any Special Distribution Date with respect to the distribution of a Special Payment, on
such Special Distribution Date), Investment Earnings on amounts on deposit in each Cash Collateral Account with respect to any Liquidity Facility (or, in the case of any Special Distribution Date with respect to the distribution of a Special
Payment, so long as no Indenture Event of Default shall have occurred and be continuing under any Indenture, such Investment Earnings multiplied by the Section 2.4 Fraction) shall be deposited in the Collection Account (or, in the case of any
Special Distribution Date with respect to the distribution of a Special Payment, the Special Payments Account) and applied on such Interest Payment Date (or Special Distribution Date, as the case may be) in accordance with Section 3.2 or 3.3
(as applicable). The Subordination Agent shall deliver a written statement to United and each Liquidity Provider one day prior to each Interest Payment Date and Special Distribution Date setting forth the aggregate amount of Investment Earnings held
in the Cash Collateral Accounts as of such date. In addition, from and after the date funds are so deposited, the Subordination Agent shall make withdrawals from such accounts as follows: 
 (i) on each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued
and unpaid interest due and owing on the Class A Certificates (at the Stated Interest Rate for the Class A Certificates) after giving effect to the subordination provisions of this Agreement, withdraw from the Class A Cash Collateral
Account, and pay to the Class A Trustee, an amount equal to the lesser of (x) an amount necessary to pay accrued and unpaid interest (at the Stated Interest Rate for the Class A Certificates) on the Class A Certificates
(excluding interest, if any, payable with respect to the Deposits relating to the Class A Trust) and (y) the amount on deposit in the Class A Cash Collateral Account; 
 (ii) on each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued
and unpaid interest due and owing on the Class B Certificates (at the Stated Interest Rate for the Class B Certificates) after giving effect to the subordination provisions of this Agreement, withdraw from the Class B Cash Collateral Account, and
pay to

  

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the Class B Trustee, an amount equal to the lesser of (x) an amount necessary to pay accrued and unpaid interest (at the Stated Interest Rate for the Class B Certificates) on the Class B
Certificates (excluding interest, if any, payable with respect to the Deposits relating to the Class B Trust) and (y) the amount on deposit in the Class B Cash Collateral Account; 
 (iii) on each date on which the Pool Balance of the Class A Trust shall have been reduced by payments made to the
Class A Certificateholders pursuant to Section 3.2 hereof or pursuant to Section 2.03 of the Escrow Agreement for such Class, the Subordination Agent shall withdraw from the Class A Cash Collateral Account such amount as is
necessary so that, after giving effect to the reduction of the Pool Balance on such date (and any reduction in the amounts on deposit in the Class A Cash Collateral Account resulting from a prior withdrawal of amounts on deposit in the
Class A Cash Collateral Account on such date) and any transfer of Investment Earnings from such Cash Collateral Account to the Collection Account or the Special Payments Account on such date, an amount equal to the sum of the Required Amount
(with respect to the Class A Liquidity Facility) plus (if on a Distribution Date not coinciding with an Interest Payment Date) Investment Earnings on deposit in such Cash Collateral Account (after giving effect to any such transfer of
Investment Earnings) will be on deposit in the Class A Cash Collateral Account and shall first, pay such withdrawn amount to the Class A Liquidity Provider until the Liquidity Obligations (with respect to the Class A Certificates)
owing to such Liquidity Provider shall have been paid in full, and second, deposit any remaining withdrawn amount in the Collection Account; 
 (iv) on each date on which the Pool Balance of the Class B Trust shall have been reduced by payments made to the Class B Certificateholders pursuant to Section 3.2 hereof or pursuant to
Section 2.03 of the Escrow Agreement for such Class, the Subordination Agent shall withdraw from the Class B Cash Collateral Account such amount as is necessary so that, after giving effect to the reduction of the Pool Balance on such date (and
any reduction in the amounts on deposit in the Class B Cash Collateral Account resulting from a prior withdrawal of amounts on deposit in the Class B Cash Collateral Account on such date) and any transfer of Investment Earnings from such Cash
Collateral Account to the Collection Account or the Special Payments Account on such date, an amount equal to the sum of the Required Amount (with respect to the Class B Liquidity Facility) plus (if on a Distribution Date not coinciding with an
Interest Payment Date) Investment Earnings on deposit in such Cash Collateral Account (after giving effect to any such transfer of Investment Earnings) will be on deposit in the Class B Cash Collateral Account and shall first, pay such withdrawn
amount to the Class B Liquidity Provider until the Liquidity Obligations (with respect to the Class B Certificates) owing to such Liquidity Provider shall have been paid in full, and second, deposit any remaining withdrawn amount in the Collection
Account; 
 (v) if a Replacement Liquidity Facility for any Class of Certificates shall be delivered to the
Subordination Agent following the date on which funds have been deposited into the Cash Collateral Account related to the Liquidity Facility for such Class of Certificates, the Subordination Agent shall withdraw all amounts on deposit in such Cash
Collateral Account and shall pay such amounts to the replaced Liquidity Provider until all Liquidity Obligations owed to such Person shall have been paid in full, and shall deposit any remaining amount in the Collection Account; and 
  

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 (vi) following the payment of Final Distributions with respect to any Class
of Certificates, on the date on which the Subordination Agent shall have been notified by the Liquidity Provider for such Class of Certificates that the Liquidity Obligations owed to such Liquidity Provider have been paid in full, the Subordination
Agent shall withdraw all amounts on deposit in the Cash Collateral Account related to the Liquidity Facility in respect of such Class of Certificates and shall deposit such amount in the Collection Account. 
 (g) Reinstatement. With respect to any Interest Drawing under the Liquidity Facility for any Trust, upon the reimbursement of the
applicable Liquidity Provider for all or any part of the amount of such Interest Drawing, together with any accrued interest thereon, the Available Amount of such Liquidity Facility shall be reinstated by an amount equal to the amount of such
Interest Drawing so reimbursed to the applicable Liquidity Provider but not to exceed the Stated Amount for such Liquidity Facility; provided, however, that such Liquidity Facility shall not be so reinstated in part or in full at any
time if (x) both a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the relevant Liquidity Facility or (y) a Final Drawing, a Non-Extension Drawing, a Downgrade
Drawing or a Special Termination Drawing shall have occurred with respect to such Liquidity Facility or an Interest Drawing for such Liquidity Facility shall have been converted into a Final Drawing. In the event that, with respect to any Liquidity
Facility, (i) funds are withdrawn from the related Cash Collateral Account pursuant to clause (i) or (ii) of Section 3.5(f) hereof or (ii) such Liquidity Facility shall become a Downgraded Facility or a Non-Extended Facility
at a time when unreimbursed Interest Drawings under such Liquidity Facility have reduced the Available Amount thereunder to zero, then funds received by the Subordination Agent at any time other than (x) any time when a Liquidity Event of
Default shall have occurred and be continuing with respect to such Liquidity Facility and a Performing Note Deficiency exists or (y) any time after a Final Drawing shall have occurred with respect to such Liquidity Facility or an Interest
Drawing for such Liquidity Facility shall have been converted into a Final Drawing, shall be deposited in such Cash Collateral Account as and to the extent provided in clause “fourth” of Section 3.2 and applied in accordance with
Section 3.5(f) hereof. 
 (h) Reimbursement. The amount of each drawing under the Liquidity Facilities shall be due
and payable, together with interest thereon, on the dates and at the rates, respectively, provided in the Liquidity Facilities. 
 (i) Final Drawing. Upon receipt from a Liquidity Provider of a Termination Notice with respect to any Liquidity Facility, the Subordination Agent shall, not later than the date specified in such Termination Notice, in accordance with
the terms of such Liquidity Facility, request a drawing under such Liquidity Facility of all available and undrawn amounts thereunder (a “Final Drawing”). Amounts drawn pursuant to a Final Drawing shall be maintained and invested in
accordance with Section 3.5(f) hereof. 
  

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 (j) Adjustments of Stated Amount. Promptly following each date on which the Required
Amount of the Liquidity Facility for a Class of Certificates is reduced as a result of a reduction in the Pool Balance with respect to such Certificates or otherwise, the Stated Amount of such Liquidity Facility shall automatically be adjusted to an
amount equal to the Required Amount with respect to such Liquidity Facility (as calculated by the Subordination Agent after giving effect to such payment). 
 (k) Relation to Subordination Provisions. Interest Drawings under the Liquidity Facilities and withdrawals from the Cash Collateral Accounts relating to such Liquidity Facilities, in each case, in
respect of interest on the Certificates of any Class, will be distributed to the Trustee for such Class of Certificates, notwithstanding Section 3.2 hereof. 
 (l) Assignment of Liquidity Facility. The Subordination Agent agrees not to consent to the assignment by any Liquidity Provider of any of its rights or obligations under any Liquidity Facility or
any interest therein, unless (i) United shall have consented to such assignment, such consent not to be unreasonably withheld or delayed, and (ii) each Rating Agency shall have provided a Ratings Confirmation in respect of such assignment;
provided, that the Subordination Agent shall consent to such assignment if the conditions in the foregoing clauses (i) and (ii) are satisfied, and the foregoing is not intended to and shall not be construed to limit the rights of
the initial Liquidity Provider under Section 3.5(e)(ii). 
 (m) Special Termination Drawing. Upon receipt of a
Special Termination Notice with respect to any Liquidity Facility, the Subordination Agent shall, not later than the date specified in such Special Termination Notice, in accordance with the terms of such Liquidity Facility, request a drawing under
such Liquidity Facility of all available and undrawn amounts thereunder (a “Special Termination Drawing”). Amounts drawn pursuant to a Special Termination Drawing shall be maintained and invested in accordance with
Section 3.5(f) hereof. 
 ARTICLE IV 
 EXERCISE OF REMEDIES 
 SECTION 4.1. Directions from the Controlling Party.
(a) (i) Following the occurrence and during the continuation of an Indenture Event of Default under any Indenture, the Controlling Party (except as otherwise provided in Section 2.6(d)) shall direct the Subordination Agent, as the
holder of Equipment Notes issued under such Indenture, which in turn shall direct the Loan Trustee under such Indenture, in the exercise of remedies available to the holder of such Equipment Notes, including, without limitation, the ability to vote
all such Equipment Notes held by the Subordination Agent in favor of Accelerating such Equipment Notes in accordance with the provisions of such Indenture. If the Equipment Notes issued pursuant to any Indenture and held by the Subordination Agent
have been Accelerated following an Indenture Event of Default with respect thereto, the Controlling Party may direct the Subordination Agent to sell, assign, contract to sell or otherwise dispose of and deliver all (but not less than all) of such
Equipment Notes to any Person at public or private sale, at any location at the option of the Controlling Party, all upon such terms and conditions as it may reasonably deem advisable in accordance with applicable law. 
  

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 (ii) Following the occurrence and during the continuation of an Indenture Event of Default
under any Indenture, in the exercise of remedies pursuant to such Indenture, the Loan Trustee under such Indenture may be directed to lease the related Aircraft to any Person (including United) so long as the Loan Trustee in doing so acts in a
“commercially reasonable” manner within the meaning of Article 9 of the Uniform Commercial Code as in effect in any applicable jurisdiction (including Sections 9-610 and 9-627 thereof). 
 (iii) Notwithstanding the foregoing, so long as any Certificates remain Outstanding, during the period ending on the date which is nine
months after the earlier of (x) the Acceleration of the Equipment Notes issued pursuant to any Indenture and (y) the occurrence of a United Bankruptcy Event, without the consent of each Trustee, no Aircraft subject to the Lien of such
Indenture or such Equipment Notes may be sold if the net proceeds from such sale would be less than the Minimum Sale Price for such Aircraft or such Equipment Notes. 
 (iv) Upon the occurrence and during the continuation of an Indenture Event of Default under any Indenture, the Subordination Agent will obtain three desktop appraisals from the Appraisers selected by the
Controlling Party setting forth the current market value, current lease rate and distressed value (in each case, as defined by the International Society of Transport Aircraft Trading or any successor organization) of the Aircraft subject to such
Indenture (each such appraisal, an “Appraisal” and the current market value appraisals being referred to herein as the “Post-Default Appraisals”). For so long as any Indenture Event of Default shall be
continuing under any Indenture, and without limiting the right of the Controlling Party to request more frequent Appraisals, the Subordination Agent will obtain updated Appraisals on the date that is 364 days from the date of the most
recent Appraisal (or if a United Bankruptcy Event shall have occurred and is continuing, on the date that is 180 days from the date of the most recent Appraisal). The Subordination Agent shall promptly deliver copies of the Appraisals to
the Liquidity Providers. 
 (b) Following the occurrence and during the continuance of an Indenture Event of Default under any
Indenture, the Controlling Party shall take such actions as it may reasonably deem most effectual to complete the sale or other disposition of the relevant Aircraft or Equipment Notes. In addition, in lieu of any sale, assignment, contract to sell
or other disposition, the Controlling Party may maintain or cause the Subordination Agent to maintain possession of such Equipment Notes and continue to apply monies received in respect of such Equipment Notes in accordance with Article III hereof.
In addition, in lieu of such sale, assignment, contract to sell or other disposition, or in lieu of such maintenance of possession, the Controlling Party may, subject to the terms and conditions of the related Indenture, instruct the Loan Trustee
under such Indenture to foreclose on the Lien on the related Aircraft or to take any other remedial action permitted under such Indenture or under any applicable law. 
 (c) If following a United Bankruptcy Event and during the pendency thereof, the Controlling Party receives a proposal from or on behalf of United to restructure the financing of any one or more of the
Aircraft, the Controlling Party shall promptly thereafter give the Subordination Agent and each Trustee notice of the material economic terms and conditions of such restructuring proposal whereupon the Subordination Agent acting on behalf of each
Trustee shall endeavor using reasonable commercial efforts to make such terms and conditions of such restructuring proposal available to all Certificateholders (whether by posting on DTC’s

  

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Internet board or otherwise). Thereafter, neither the Subordination Agent nor any Trustee, whether acting on instructions of the Controlling Party or otherwise, may, without the consent of each
Trustee, enter into any term sheet, stipulation or other agreement (whether in the form of an adequate protection stipulation, an extension under Section 1110(b) of the Bankruptcy Code or otherwise) to effect any such restructuring proposal
with or on behalf of United unless and until the material economic terms and conditions of such restructuring shall have been made available to all Certificateholders for a period of not less than 15 calendar days (except that such requirement shall
not apply to any such term sheet, stipulation or other agreement that is entered into on or prior to the expiry of the 60-Day Period and that is effective for a period not longer than three months from the expiry of the 60-Day Period). In the event
that any Class B Certificateholder or Additional Certificateholder gives irrevocable notice of the exercise of its right to purchase all (but not less than all) of the senior Class or Classes of Certificates pursuant to the applicable Trust
Agreement prior to the expiry of the 15-day notice period specified above, the Controlling Party may not direct the Subordination Agent or any Trustee to enter into any such restructuring proposal with respect to any of the Aircraft unless and until
such Certificateholder shall fail to purchase such Class or Classes of Certificates on the date that it is required to make such purchase. 
 SECTION 4.2. Remedies Cumulative. Each and every right, power and remedy given to the Trustees, the Liquidity Providers, the Controlling Party or the Subordination Agent specifically or otherwise
in this Agreement shall be cumulative and shall be in addition to every other right, power and remedy herein specifically given or now or hereafter existing at law, in equity or by statute, and each and every right, power and remedy whether
specifically herein given or otherwise existing may, subject always to the terms and conditions hereof, be exercised from time to time and as often and in such order as may be deemed expedient by any Trustee, any Liquidity Provider, the Controlling
Party or the Subordination Agent, as appropriate, and the exercise or the beginning of the exercise of any power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other right, power or
remedy. No delay or omission by any Trustee, any Liquidity Provider, the Controlling Party or the Subordination Agent in the exercise of any right, remedy or power or in the pursuit of any remedy shall impair any such right, power or remedy or be
construed to be a waiver of any default or to be an acquiescence therein. 
 SECTION 4.3. Discontinuance of Proceedings.
In case any party to this Agreement (including the Controlling Party in such capacity) shall have instituted any Proceeding to enforce any right, power or remedy under this Agreement by foreclosure, entry or otherwise, and such Proceeding shall have
been discontinued or abandoned for any reason or shall have been determined adversely to the Person instituting such Proceeding, then and in every such case each such party shall, subject to any determination in such Proceeding, be restored to its
former position and rights hereunder, and all rights, remedies and powers of such party shall continue as if no such Proceeding had been instituted. 
 SECTION 4.4. Right of Certificateholders and the Liquidity Providers to Receive Payments Not to Be Impaired. Anything in this Agreement to the contrary notwithstanding, the right of any
Certificateholder (subject to the applicable Trust Agreement) or any Liquidity Provider, respectively, to receive payments hereunder (including without limitation pursuant to Section 3.2 hereof) when due, or to institute suit for the
enforcement of any such payment on or after the applicable Distribution Date, shall not be impaired or affected without the consent of such Certificateholder or such Liquidity Provider, respectively. 
  

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 SECTION 4.5. Undertaking for Costs. In any Proceeding for the enforcement of any
right or remedy under this Agreement or in any Proceeding against any Controlling Party or the Subordination Agent for any action taken or omitted by it as Controlling Party or Subordination Agent, as the case may be, a court in its discretion may
require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. The provisions of this Section do not apply to a suit instituted by the Subordination Agent, a Liquidity Provider or a Trustee or a suit
by Certificateholders holding more than 10% of the original principal amount of any Class of Certificates. 
 ARTICLE V

 DUTIES OF THE SUBORDINATION AGENT; 
 AGREEMENTS OF TRUSTEES, ETC. 
 SECTION 5.1. Notice of Indenture Event of
Default or Triggering Event. (a) In the event the Subordination Agent shall have actual knowledge of the occurrence of an Indenture Event of Default or a Triggering Event, as promptly as practicable, and in any event within 10 days after
obtaining knowledge thereof, the Subordination Agent shall transmit by mail or courier to the Rating Agencies, the Liquidity Providers and the Trustees notice of such Indenture Event of Default or Triggering Event, unless such Indenture Event of
Default or Triggering Event shall have been cured or waived. For all purposes of this Agreement, in the absence of actual knowledge on the part of a Responsible Officer, the Subordination Agent shall not be deemed to have knowledge of any Indenture
Event of Default or Triggering Event unless notified in writing by one or more Trustees, one or more of the Liquidity Providers or one or more Certificateholders. 
 (b) Other Notices. The Subordination Agent will furnish to each Liquidity Provider and each Trustee, promptly upon receipt thereof, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and other instruments furnished to the Subordination Agent as registered holder of the Equipment Notes or otherwise in its capacity as Subordination Agent to the extent the same shall not have been otherwise
directly distributed to such Liquidity Provider or Trustee, as applicable, pursuant to the express provision of any other Operative Agreement. 
 (c) Securities Position. Upon the occurrence of an Indenture Event of Default, the Subordination Agent shall instruct the Trustees to, and the Trustees shall, request that DTC post on its Internet
bulletin board a securities position listing setting forth the names of all the parties reflected on DTC’s books as holding interests in the Certificates. 
  

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 (d) Reports. Promptly after the occurrence of a Triggering Event or an Indenture
Event of Default resulting from the failure of United to make payments on any Equipment Note and on every Regular Distribution Date while the Triggering Event or such Indenture Event of Default shall be continuing, the Subordination Agent will
provide to the Trustee, the Liquidity Providers, the Rating Agencies and United a statement setting forth the following information: 
 (i) after a United Bankruptcy Event, with respect to each Aircraft, whether such Aircraft is (A) subject to the 60-day period of Section 1110(a)(2)(A) of the Bankruptcy Code, (B) subject to an election by United under
Section 1110(a) of the Bankruptcy Code, (C) covered by an agreement contemplated by Section 1110(b) of the Bankruptcy Code or (D) not subject to any of (A), (B) or (C); 
 (ii) to the best of the Subordination Agent’s knowledge, after requesting such information from United, (A) whether the Aircraft
are currently in service or parked in storage, (B) the maintenance status of the Aircraft and (C) the location of the Engines (as defined in the Indentures); 
 (iii) the current Pool Balance of the Certificates, the Preferred B Pool Balance and the outstanding principal amount of all Equipment Notes; 
 (iv) the expected amount of interest which will have accrued on the Equipment Notes and on the Certificates as of the next Regular
Distribution Date; 
 (v) the amounts paid to each Person on such Distribution Date pursuant to this Agreement; 
 (vi) details of the amounts paid on such Distribution Date identified by reference to the relevant provision of this Agreement and the
source of payment (by Aircraft and party); 
 (vii) if the Subordination Agent has made a Final Drawing under any Liquidity
Facility; 
 (viii) the amounts currently owed to each Liquidity Provider; 
 (ix) the amounts drawn under each Liquidity Facility; and 
 (x) after a United Bankruptcy Event, any operational reports filed by United with the bankruptcy court which are available to the Subordination Agent on a non-confidential basis. 
 SECTION 5.2. Indemnification. The Subordination Agent shall not be required to take any action or refrain from taking any action
under Section 5.1 (other than the first sentence thereof) or Article IV hereof unless the Subordination Agent shall have been indemnified (to the extent and in the manner reasonably satisfactory to the Subordination Agent) against any
liability, cost or expense (including counsel fees and expenses) which may be incurred in connection therewith. The Subordination Agent shall not be

  

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under any obligation to take any action under this Agreement and nothing contained in this Agreement shall require the Subordination Agent to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. The Subordination Agent shall not be required to take any action under Section 5.1 (other than the first sentence thereof) or Article IV hereof, nor shall any other provision of this Agreement be
deemed to impose a duty on the Subordination Agent to take any action, if the Subordination Agent shall have been advised by counsel that such action is contrary to the terms hereof or is otherwise contrary to law. 
 SECTION 5.3. No Duties Except as Specified in this Intercreditor Agreement. The Subordination Agent shall not have any duty or
obligation to take or refrain from taking any action under, or in connection with, this Agreement, except as expressly provided by the terms of this Agreement; and no implied duties or obligations shall be read into this Agreement against the
Subordination Agent. The Subordination Agent agrees that it will, in its individual capacity and at its own cost and expense (but without any right of indemnity in respect of any such cost or expense under Section 5.2 or 7.1 hereof) promptly
take such action as may be necessary to duly discharge all Liens on any of the Trust Accounts or any monies deposited therein which result from claims against it in its individual capacity not related to its activities hereunder or any other
Operative Agreement. 
 SECTION 5.4. Notice from the Liquidity Providers and Trustees. If any Liquidity Provider or
Trustee has notice of an Indenture Event of Default or a Triggering Event, such Person shall promptly give notice thereof to each other party hereto, provided, however, that no such Person shall have any liability hereunder as a result
of its failure to deliver any such notice. 
 ARTICLE VI 
 THE SUBORDINATION AGENT 
 SECTION 6.1. Authorization;
Acceptance of Trusts and Duties. Each of the Class A Trustee and the Class B Trustee hereby designates and appoints the Subordination Agent as the agent and trustee of such Trustee under the applicable Liquidity Facility and authorizes the
Subordination Agent to enter into the applicable Liquidity Facility as agent and trustee for such Trustee. Each of the Liquidity Providers and the Trustees hereby designates and appoints the Subordination Agent as the Subordination Agent under this
Agreement. WTC hereby accepts the duties hereby created and applicable to it as the Subordination Agent and agrees to perform the same but only upon the terms of this Agreement and agrees to receive and disburse all monies received by it in
accordance with the terms hereof. The Subordination Agent shall not be answerable or accountable under any circumstances, except (a) for its own willful misconduct or gross negligence (or ordinary negligence in the handling of funds),
(b) as provided in Sections 2.2 or 5.3 hereof and (c) for liabilities that may result from the material inaccuracy of any representation or warranty of the Subordination Agent made in its individual capacity in any Operative Agreement. The
Subordination Agent shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Subordination Agent, unless it is proved that the Subordination Agent was negligent in ascertaining the pertinent facts. 

 

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 SECTION 6.2. Absence of Duties. The Subordination Agent shall have no duty to see to
any recording or filing of this Agreement or any other document, or to see to the maintenance of any such recording or filing. 
 SECTION 6.3. No Representations or Warranties as to Documents. The Subordination Agent in its individual capacity does not make nor shall be deemed to have made any representation or warranty as to the validity, legality or
enforceability of this Agreement or any other Operative Agreement or as to the correctness of any statement contained in any thereof, except for the representations and warranties of the Subordination Agent, made in its individual capacity, under
any Operative Agreement to which it is a party. The Certificateholders, the Trustees and the Liquidity Providers make no representation or warranty hereunder whatsoever. 
 SECTION 6.4. No Segregation of Monies; No Interest. Any monies paid to or retained by the Subordination Agent pursuant to any provision hereof and not then required to be distributed to any Trustee
or any Liquidity Provider as provided in Articles II and III hereof or deposited into one or more Trust Accounts need not be segregated in any manner except to the extent required by such Articles II and III and by law, and the Subordination Agent
shall not (except as otherwise provided in Section 2.2 hereof) be liable for any interest thereon; provided, however, that any payments received or applied hereunder by the Subordination Agent shall be accounted for by the
Subordination Agent so that any portion thereof paid or applied pursuant hereto shall be identifiable as to the source thereof. 
 SECTION 6.5. Reliance; Agents; Advice of Counsel. The Subordination Agent shall not incur liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond
or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. As to the Pool Balance of any Trust as of any date, the Subordination Agent may for all purposes hereof rely on a certificate
signed by any Responsible Officer of the applicable Trustee, and such certificate shall constitute full protection to the Subordination Agent for any action taken or omitted to be taken by it in good faith in reliance thereon. As to any fact or
matter relating to the Liquidity Providers or the Trustees the manner of ascertainment of which is not specifically described herein, the Subordination Agent may for all purposes hereof rely on a certificate, signed by any Responsible Officer of the
applicable Liquidity Provider or Trustee, as the case may be, as to such fact or matter, and such certificate shall constitute full protection to the Subordination Agent for any action taken or omitted to be taken by it in good faith in reliance
thereon. The Subordination Agent shall assume, and shall be fully protected in assuming, that each of the Liquidity Providers and each of the Trustees are authorized to enter into this Agreement and to take all action to be taken by them pursuant to
the provisions hereof, and shall not inquire into the authorization of the Liquidity Providers and the Trustees with respect thereto. In the administration of the trusts hereunder, the Subordination Agent may execute any of the trusts or powers
hereof and perform its powers and duties hereunder directly or through agents or attorneys and may consult with counsel, accountants and other skilled persons to be selected and retained by it, and the Subordination Agent shall not be liable for the
acts or omissions of any agent appointed with due care or for anything done, suffered or omitted in good faith by it in accordance with the advice or written opinion of any such counsel, accountants or other skilled persons. 
  

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 SECTION 6.6. Capacity in Which Acting. The Subordination Agent acts hereunder solely
as agent and trustee herein and not in its individual capacity, except as otherwise expressly provided in the Operative Agreements. 
 SECTION 6.7. Compensation. The Subordination Agent shall be entitled to reasonable compensation, including expenses and disbursements, except with respect to any Unindemnified Taxes incurred by the Subordination Agent in connection
with the transactions contemplated by this Agreement, for all services rendered hereunder and shall have a priority claim to the extent set forth in Article III hereof on all monies collected hereunder for the payment of such compensation (other
than Unindemnified Taxes), to the extent that such compensation shall not be paid by others. The Subordination Agent agrees that it shall have no right against any Trustee or Liquidity Provider for any fee as compensation for its services as agent
under this Agreement. The provisions of this Section 6.7 shall survive the termination of this Agreement. 
 SECTION 6.8.
May Become Certificateholder. The institution acting as Subordination Agent hereunder may become a Certificateholder and have all rights and benefits of a Certificateholder to the same extent as if it were not the institution acting as the
Subordination Agent. 
 SECTION 6.9. Subordination Agent Required; Eligibility. There shall at all times be a
Subordination Agent hereunder which shall be a bank, trust company, corporation or other financial institution organized and doing business under the laws of the United States of America or of any State or the District of Columbia having a combined
capital and surplus of at least $100,000,000 (or the obligations of which, whether now in existence or hereafter incurred, are fully and unconditionally guaranteed by a corporation organized and doing business under the laws of the United States of
America, any State thereof or of the District of Columbia and having a combined capital and surplus of at least $100,000,000), if there is such an institution willing and able to perform the duties of the Subordination Agent hereunder upon
reasonable or customary terms. Such Person shall be a citizen of the United States and shall be authorized under the laws of the United States or any State thereof or of the District of Columbia to exercise corporate trust powers and shall be
subject to supervision or examination by federal, state or District of Columbia authorities. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any of the aforesaid supervising or examining
authorities, then, for the purposes of this Section 6.9, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 
 In case at any time the Subordination Agent shall cease to be eligible in accordance with the provisions of this Section, the Subordination
Agent shall resign immediately in the manner and with the effect specified in Section 8.1. 
  

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

 INDEMNIFICATION OF SUBORDINATION AGENT 
 SECTION 7.1. Scope of Indemnification. The Subordination Agent shall be indemnified hereunder to the extent and in the manner described in Section 7.1 of the Participation Agreements. The
indemnities contained in such Section of such agreements shall survive the termination of this Agreement. 
 ARTICLE VIII

 SUCCESSOR SUBORDINATION AGENT 
 SECTION 8.1. Replacement of Subordination Agent; Appointment of Successor. The Subordination Agent may resign at any time by so notifying each other party hereto. The Controlling Party may remove
the Subordination Agent for cause by so notifying the Subordination Agent and may appoint a successor Subordination Agent. The Controlling Party shall remove the Subordination Agent if: 
 (1) the Subordination Agent fails to comply with Section 6.9 hereof; 
 (2) the Subordination Agent is adjudged bankrupt or insolvent; 
 (3) a receiver or other public officer takes charge of the Subordination Agent or its property; or 
 (4) the Subordination Agent otherwise becomes incapable of acting. 
 If the Subordination Agent resigns or is removed or if a vacancy exists in the office of Subordination Agent for any reason (the
Subordination Agent in such event being referred to herein as the retiring Subordination Agent), the Controlling Party shall promptly appoint a successor Subordination Agent. 
 A successor Subordination Agent shall deliver (x) a written acceptance of its appointment as Subordination Agent hereunder to the
retiring Subordination Agent and (y) a written assumption of its obligations hereunder and under each Liquidity Facility to each party hereto, upon which the resignation or removal of the retiring Subordination Agent shall become effective, and
the successor Subordination Agent shall have all the rights, powers and duties of the Subordination Agent under this Agreement. The successor Subordination Agent shall mail a notice of its succession to each other party hereto. The retiring
Subordination Agent shall promptly transfer its rights under each of the Liquidity Facilities and all of the property held by it as Subordination Agent to the successor Subordination Agent. 
  

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 If a successor Subordination Agent does not take office within 60 days after the retiring
Subordination Agent resigns or is removed, the retiring Subordination Agent or one of more of the Trustees may petition any court of competent jurisdiction for the appointment of a successor Subordination Agent. 
 If the Subordination Agent fails to comply with Section 6.9 hereof (to the extent applicable), one or more of the Trustees or one or
more of the Liquidity Providers may petition any court of competent jurisdiction for the removal of the Subordination Agent and the appointment of a successor Subordination Agent. 
 Notwithstanding the foregoing, no resignation or removal of the Subordination Agent shall be effective unless and until a successor has been
appointed. No appointment of a successor Subordination Agent shall be effective unless and until the Rating Agencies shall have delivered a Ratings Confirmation with respect thereto. 
 ARTICLE IX 
 SUPPLEMENTS AND AMENDMENTS 
 SECTION 9.1. Amendments, Waivers, Possible Future Issuance of an Additional Class of Certificates, etc. (a) This Agreement may
not be supplemented, amended or modified without the consent of each Trustee (acting, except in the case of any amendment pursuant to Section 3.5(e)(v)(y) hereof with respect to any Replacement Liquidity Facility or any amendment contemplated
by the last sentence of this Section 9.1(a), with the consent of holders of Certificates of the related Class evidencing interests in the related Trust aggregating not less than a majority in interest in such Trust or as otherwise authorized
pursuant to the relevant Trust Agreement), the Subordination Agent and each Liquidity Provider; provided, however, that this Agreement may be supplemented, amended or modified without the consent of any Trustee or any Liquidity
Provider if such supplement, amendment or modification (i) is in accordance with Section 9.1(c) or Section 9.1(d) hereof or (ii) cures an ambiguity or inconsistency or does not materially adversely affect such Trustee or the
holders of the related Class of Certificates or such Liquidity Provider; provided further, however, that, if such supplement, amendment or modification (A) would (x) directly or indirectly modify or supersede, or
otherwise conflict with, Section 2.2(b), Section 2.4, Section 3.2, Section 3.5(e), Section 3.5(f), Section 3.5(l), the last sentence of this Section 9.1(a), Section 9.1(c), Section 9.1(d), the second
sentence of Section 10.6 or this proviso (collectively, the “United Provisions”) or (y) otherwise adversely affect the interests of a potential Replacement Liquidity Provider or of United with respect to its ability to
replace any Liquidity Facility or with respect to its payment obligations under any Operative Agreement or (B) is made pursuant to the last sentence of this Section 9.1(a) or pursuant to Section 9.1(c) or Section 9.1(d), then
such supplement, amendment or modification shall not be effective without the additional written consent of United. Notwithstanding the foregoing, without the consent of each Certificateholder and each Liquidity Provider, no supplement, amendment or
modification of this Agreement may (i) reduce the percentage of the interest in any Trust evidenced by the Certificates issued by such Trust necessary to consent to modify

  

 46 

 
or amend any provision of this Agreement or to waive compliance therewith or (ii) except as provided in this Section 9.1(a), Section 9.1(c) or Section 9.1(d), modify
Section 2.4 or 3.2 hereof, relating to the distribution of monies received by the Subordination Agent hereunder from the Equipment Notes or pursuant to the Liquidity Facilities. Nothing contained in this Section shall require the consent of a
Trustee at any time following the payment of Final Distributions with respect to the related Class of Certificates. If the Replacement Liquidity Facility for any Liquidity Facility in accordance with Section 3.5(e) hereof is to be comprised of
more than one instrument as contemplated by the definition of the term “Replacement Liquidity Facility”, then each of the parties hereto agrees to amend this Agreement to incorporate appropriate mechanics for multiple Liquidity Facilities
for an individual Trust. 
 (b) In the event that the Subordination Agent, as the registered holder of any Equipment Notes,
receives a request for the giving of any notice or for its consent to any amendment, supplement, modification, consent or waiver under such Equipment Notes, the Indenture pursuant to which such Equipment Notes were issued, or the related
Participation Agreement or other related document, (i) if no Indenture Event of Default shall have occurred and be continuing with respect to such Indenture, the Subordination Agent shall request directions with respect to each Series of such
Equipment Notes from the Trustee of the Trust which holds such Equipment Notes and shall vote or consent in accordance with the directions of such Trustee, and (ii) if any Indenture Event of Default shall have occurred and be continuing with
respect to such Indenture, the Subordination Agent will exercise its voting rights with respect to such Equipment Notes as directed by the Controlling Party (subject to Sections 4.1 and 4.4 hereof); provided that no such amendment,
modification or waiver shall, without the consent of each affected Certificateholder and each Liquidity Provider, reduce the amount of principal or interest payable by United under any Equipment Note or change the time of payments or method of
calculation of any amount under any Equipment Note. 
 (c) If Series B Equipment Notes issued with respect to all of the
Aircraft are redeemed and re-issued in accordance with the terms of Section 2.10(c) of each Indenture, such series of re-issued Equipment Notes (the “Refinancing Equipment Notes”) shall be issued to a new pass through trust (a
“Refinancing Trust”) that issues a class of pass through certificates (the “Refinancing Certificates”) to certificateholders (the “Refinancing Certificateholders”) pursuant to a pass through trust
agreement (a “Refinancing Trust Agreement”) with a trustee (a “Refinancing Trustee”). A Refinancing Trust, a Refinancing Trustee and the Refinancing Certificates shall be subject to all of the provisions of this
Agreement in the same manner as the Class B Trust, the Class B Trustee and the Class B Certificates, including the subordination of the Refinancing Certificates to the Administration Expenses, the Liquidity Obligations and the Class A
Certificates. Such issuance of Refinancing Equipment Notes and Refinancing Certificates and the amendment of this Agreement as provided below shall require Ratings Confirmation and shall not materially adversely affect any of the Trustees. This
Agreement shall be amended by written agreement of United and the Subordination Agent to give effect to the issuance of the Refinancing Certificates subject to the following terms and conditions: 
 (i) the Refinancing Trustee shall be added as a party to this Agreement; 
  

 47 

 (ii) the definitions of “Certificate”, “Class”,
“Class B Certificates”, “Final Legal Distribution Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable definitions) shall be revised, as appropriate, to reflect such
issuance (and the subordination of the Refinancing Certificates and the Refinancing Equipment Notes); 
 (iii)
the Refinancing Certificates may have the benefit of credit support similar to the Class B Liquidity Facility; provided that claims for fees, interest, expenses, reimbursement of advances and other obligations arising from such credit support
may rank pari passu with similar claims in respect of the Class B Liquidity Facility so long as a Ratings Confirmation and the prior written consent of the Liquidity Providers shall have been obtained; 
 (iv) the Refinancing Certificates cannot be issued to United but may be issued to any of United’s Affiliates so long as
such Affiliate shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents and any subsequent transfer of the Refinancing Certificates to any Affiliate of United shall be
similarly restricted; and 
 (v) the scheduled payment dates on the Refinancing Equipment Notes shall be on the
Regular Distribution Dates. 
 The issuance of the Refinancing Certificates in compliance with all of the foregoing terms of
this Section 9.1(c) shall not require the consent of any of the Trustees or the holders of any Class of Certificates. Each of the Liquidity Providers hereby agrees and confirms that it shall be deemed to consent to any issuance and amendment in
accordance with this Section 9.1(c) (subject to the Liquidity Providers’ consent right in Section 9.1(c)(iii)) and any such issuance and amendment shall not affect any of its respective obligations under the Liquidity Facilities.

 (d) Pursuant to the terms of Section 2.02 of each Indenture, a single additional series of Equipment Notes (the
“Additional Equipment Notes”), which shall be subordinated in right of payment to the Series A Equipment Notes and the Series B Equipment Notes under such Indenture, may be issued at any time and from time to time after the Deposit
Period Termination Date. If Additional Equipment Notes are issued under one or more of the Indentures, such Additional Equipment Notes shall be issued to a new pass through trust (an “Additional Trust”) that issues a class of pass
through certificates (the “Additional Certificates”) to certificateholders (the “Additional Certificateholders”) pursuant to a pass through trust agreement (an “Additional Trust Agreement”) with a
trustee (an “Additional Trustee”). In such case, this Agreement shall be amended by written agreement of United and the Subordination Agent to provide for the subordination of the Additional Certificates to the Administration
Expenses, the Liquidity Obligations, the Class A Certificates and the Class B Certificates. Such issuance and the amendment of this Agreement as provided below shall require Ratings Confirmation and shall not materially adversely affect any of
the Trustees. This Agreement shall be amended by written agreement of United and the Subordination Agent to give effect to the issuance of any Additional Certificates subject to the following terms and conditions: 
 (i) the Additional Trustee shall be added as a party to this Agreement; 
  

 48 

 (ii) the definitions of “Certificate”, “Class”, “Equipment
Notes”, “Final Legal Distribution Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable definitions) shall be revised, as appropriate, to reflect the issuance of the
Additional Certificates (and the subordination thereof); 
 (iii) the Additional Certificates shall not have the benefit of any
credit support similar to the Liquidity Facilities; 
 (iv) the Additional Certificates cannot be issued to United but may be
issued to any of United’s Affiliates so long as such Affiliate shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents and any subsequent transfer of the Additional
Certificates to any Affiliate of United shall be similarly restricted; 
 (v) the provisions of this Agreement governing
payments with respect to Certificates and related notices, including Sections 2.4, 3.1 and 3.2, shall be revised to provide for distributions on the Additional Certificates after payment of Administration Expenses, the Liquidity Obligations, the
Class A Certificates and the Class B Certificates; and 
 (vi) the scheduled payment dates for such series of Additional
Equipment Notes shall be on the Regular Distribution Dates. 
 The issuance of the Additional Certificates in compliance with
all of the foregoing terms of this Section 9.1(d) shall not require the consent of any of the Trustees or the holders of any Class of Certificates. Each of the Liquidity Providers hereby agrees and confirms that it shall be deemed to consent to
any issuance and amendment in accordance with this Section 9.1(d) and any such issuance and amendment shall not affect any of its respective obligations under the Liquidity Facilities. 
 SECTION 9.2. Subordination Agent Protected. If, in the reasonable opinion of the institution acting as the Subordination Agent
hereunder, any document required to be executed pursuant to the terms of Section 9.1 affects any right, duty, immunity or indemnity with respect to it under this Agreement or any Liquidity Facility, the Subordination Agent may in its discretion
decline to execute such document. 
 SECTION 9.3. Effect of Supplemental Agreements. Upon the execution of any amendment,
consent or supplement hereto pursuant to the provisions hereof, this Agreement shall be and be deemed to be and shall be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and
immunities under this Agreement of the parties hereto and beneficiaries hereof shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any
such supplemental agreement shall be and be deemed to be and shall be part of the terms and conditions of this Agreement for any and all purposes. In executing or accepting any supplemental agreement permitted by this Article IX, the Subordination
Agent shall be entitled to receive, and shall be fully protected in relying upon, an opinion of counsel stating that the execution of such supplemental agreement is authorized or permitted by this Agreement. 
  

 49 

 SECTION 9.4. Notice to Rating Agencies. Promptly upon receipt of any amendment,
consent, modification, supplement or waiver contemplated by this Article IX and prior to taking any action required to be taken thereunder, the Subordination Agent shall send a copy thereof to each Rating Agency. 
 ARTICLE X 
 MISCELLANEOUS 
 SECTION 10.1. Termination of Intercreditor Agreement. Following payment of Final Distributions
with respect to each Class of Certificates and the payment in full of all Liquidity Obligations to the Liquidity Providers and provided that there shall then be no other amounts due to the Certificateholders, the Trustees, the Liquidity
Providers and the Subordination Agent hereunder or under the Trust Agreements, and that the commitment of the Liquidity Providers under the Liquidity Facilities shall have expired or been terminated, this Agreement and the trusts created hereby
shall terminate and this Agreement shall be of no further force or effect. Except as aforesaid or otherwise provided, this Agreement and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof.

 SECTION 10.2. Intercreditor Agreement for Benefit of Trustees, Liquidity Providers and Subordination Agent. Subject to
the second sentence of Section 10.6 and the provisions of Sections 4.4 and 9.1, nothing in this Agreement, whether express or implied, shall be construed to give to any Person other than the Trustees, the Liquidity Providers and the
Subordination Agent any legal or equitable right, remedy or claim under or in respect of this Agreement. 
 SECTION 10.3.
Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents, waivers or documents provided or permitted by this Agreement to be made, given, furnished or
filed shall be in writing, mailed by certified mail, postage prepaid, or by confirmed telecopy and 
 (i) if to the
Subordination Agent, addressed to at its office at: 
 WILMINGTON TRUST COMPANY 
 One Rodney Square 
 1100 N. Market Street 
 Wilmington, DE 19890-1605 
 Attention: Corporate Capital Market Services 
 Telecopy: (302) 636-4140 
 (ii) if to any Trustee, addressed to it at its
office at: 
 WILMINGTON TRUST COMPANY 
 One Rodney Square 
 1100 N. Market Street 
 Wilmington, DE 19890-1605 
 Attention: Corporate Capital Market Services 
 Telecopy: (302) 636-4140 
  

 50 

 (iii) if to the Liquidity Provider, addressed to it at its office at: 
 GOLDMAN SACHS BANK USA 
 30 Hudson Street, 36th Floor 
 Jersey City, NJ 07302 
 Attention: Muhammad Khan 
 Telecopy: (917) 977-3966 
 Telephone: (212) 357-4350 
 Whenever any notice in writing is required to be given by any Trustee, any Liquidity Provider or the Subordination Agent to any of the other of them, such
notice shall be deemed given and such requirement satisfied when such notice is received. Any party hereto may change the address to which notices to such party will be sent by giving notice of such change to the other parties to this Agreement.

 SECTION 10.4. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 SECTION 10.5. No Oral Modifications or Continuing
Waivers. No terms or provisions of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party or other Person against whom enforcement of the change, waiver, discharge or
termination is sought and any other party or other Person whose consent is required pursuant to this Agreement and any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given. 
 SECTION 10.6. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit
of, each of the parties hereto and the successors and assigns of each, all as herein provided. In addition, the United Provisions shall inure to the benefit of United and its successors and assigns, and (without limitation of the foregoing) United
is hereby constituted, and agreed to be, an express third party beneficiary of the United Provisions. Upon the occurrence of the Transfers contemplated by the Assignment and Assumption Agreements, (i) the Trustee of the Original Class A
Trust shall (without any further act) be deemed to have transferred all of its rights, title and interest in and to this Agreement to the trustee of the Successor Class A Trust and, thereafter, the trustee of the Successor Class A Trust
shall be deemed to be the “Trustee” of the Class A Trust with the rights and obligations of the “Trustee” hereunder and under the other Operative Agreements and each reference to the Class A Trust herein shall be deemed
a reference to the Class A Trust and (ii) the Trustee of the Original Class B Trust shall (without any further act) be deemed to have transferred all of its rights, title and interest in and to this Agreement to the trustee of the
Successor Class B Trust and, thereafter, the trustee of the Successor Class B Trust shall be deemed to be the “Trustee” of the Class B Trust with the rights and obligations of the “Trustee” hereunder and under the other Operative
Agreements and each reference to the Class B Trust herein shall be deemed a reference to the Successor Class B Trust. 
  

 51 

 SECTION 10.7. Headings. The headings of the various Articles and Sections herein and
in the table of contents hereto are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 10.8. Counterpart Form. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same agreement. 
 SECTION 10.9. Subordination. (a) As
between the Liquidity Providers (and any additional liquidity provider in respect of any Refinancing Certificates), on the one hand, and the Trustees (and any Refinancing Trustees or Additional Trustee) and the Certificateholders (and any
Refinancing Certificateholders or Additional Certificateholders), on the other hand, and as among the Trustees (and any Refinancing Trustees or Additional Trustee) and the related Certificateholders (and any Refinancing Certificateholders or
Additional Certificateholders), this Agreement shall be a subordination agreement for purposes of Section 510 of the United States Bankruptcy Code, as amended from time to time. 
 (b) Notwithstanding the provisions of this Agreement, if prior to the payment in full to the Liquidity Providers of all Liquidity
Obligations then due and payable, any party hereto shall have received any payment or distribution in respect of Equipment Notes or any other amount under the Indentures or other Operative Agreements which, had the subordination provisions of this
Agreement been properly applied to such payment, distribution or other amount, would not have been distributed to such Person, then such payment, distribution or other amount shall be received and held in trust by such Person and paid over or
delivered to the Subordination Agent for application as provided herein. 
 (c) If any Trustee, any Liquidity Provider or the
Subordination Agent receives any payment in respect of any obligations owing hereunder (or, in the case of the Liquidity Providers, in respect of the Liquidity Obligations), which is subsequently invalidated, declared preferential, set aside and/or
required to be repaid to a trustee, receiver or other party, then, to the extent of such payment, such obligations (or, in the case of the Liquidity Providers, such Liquidity Obligations) intended to be satisfied shall be revived and continue in
full force and effect as if such payment had not been received. 
 (d) The Trustees (on behalf of themselves and the holders of
the Certificates), the Liquidity Providers and the Subordination Agent confirm that the payment priorities specified in Section 3.2 shall apply in all circumstances, notwithstanding the fact that the obligations owed to the Trustees and the
holders of Certificates are secured by certain assets and the Liquidity Obligations may not be so secured. The Trustees expressly agree (on behalf of themselves and the holders of the Certificates) not to assert priority over the holders of
Liquidity Obligations (except as specifically set forth in Section 3.2) due to their status as secured creditors in any bankruptcy, insolvency or other legal proceeding. 
  

 52 

 (e) The Trustees (on behalf of themselves and the holders of the Certificates), the
Liquidity Providers and the Subordination Agent may take any of the following actions without impairing its rights under this Agreement: 
 (i) obtain a Lien on any property to secure any amounts owing to it hereunder, including, in the case of the Liquidity Providers, the Liquidity Obligations, 
 (ii) obtain the primary or secondary obligation of any other obligor with respect to any amounts owing to it hereunder,
including, in the case of the Liquidity Providers, any of the Liquidity Obligations, 
 (iii) renew, extend,
increase, alter or exchange any amounts owing to it hereunder, including, in the case of the Liquidity Providers, any of the Liquidity Obligations, or release or compromise any obligation of any obligor with respect thereto, 
 (iv) refrain from exercising any right or remedy, or delay in exercising such right or remedy, which it may have, or

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

 provided, however, that the taking of any such actions by any of the Trustees, the Liquidity Providers or the Subordination
Agent shall not prejudice the rights or adversely affect the obligations of any other party under this Agreement. 
 SECTION
10.10. Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 
 SECTION 10.11. Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity. 
 (a) Each of the parties hereto hereby irrevocably and unconditionally: 
 (i) submits for itself and its property in any legal action or proceeding relating to this Agreement or any other Operative
Agreement, or for recognition and enforcement of any judgment in respect hereof or thereof, to the exclusive jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and
the appellate courts from any thereof; provided, that, in the case United is a debtor in a proceeding under the Bankruptcy Code, each party also submits for itself and its property to the court that has jurisdiction over the bankruptcy
proceedings; 
 (ii) consents that any such action or proceeding may be brought in such courts, and waives any
objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
  

 53 

 (iii) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to each party hereto at its address set forth in Section 10.3 hereof, or at such other address of which the other
parties shall have been notified pursuant thereto; and 
 (iv) agrees that nothing herein shall affect the right
to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction. 
 (b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS
AGREEMENT AND THE RELATIONSHIP THAT IS BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty claims and all other common law and statutory claims. Each of the parties warrants and represents that it has
reviewed this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following consultation with such legal counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 
 (c) Each Liquidity
Provider hereby waives any immunity it may have from the jurisdiction of the courts of the United States or of any State and waives any immunity any of its properties located in the United States may have from attachment or execution upon a judgment
entered by any such court under the United States Foreign Sovereign Immunities Act of 1976 or any similar successor legislation. 
  

 54 

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

			
	 WILMINGTON TRUST COMPANY,
 not in its individual capacity but solely as Trustee for each of the Trusts

		
	By	 	  

	Name:	 	
	Title:	 	
	
	GOLDMAN SACHS BANK USA, as Class A Liquidity Provider and Class B Liquidity Provider
		
	By	 	  

	Name:	 	
	Title:	 	
		
	By	 	  

	Name:	 	
	Title:	 	
	
	 WILMINGTON TRUST COMPANY,
 not in its individual capacity except as expressly set forth herein but solely as Subordination Agent and Trustee

		
	By	 	  

	Name:	 	
	Title:	 	

 Intercreditor Agreement

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