Document:

exv4w13

Exhibit 4.13

EXECUTION COPY

 

FIRST AMENDMENT TO

INDENTURE AND SECURITY AGREEMENT

(N308DE)

Dated as of February 14, 2011

between

DELTA AIR LINES, INC.

and

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Loan Trustee

 

First Amendment to

Indenture and Security Agreement (2010-2B EETC)

N308DE

 

 

Exhibit 4.13

EXECUTION COPY

FIRST AMENDMENT TO

INDENTURE AND SECURITY AGREEMENT 

(N308DE)

     This FIRST AMENDMENT TO INDENTURE AND SECURITY AGREEMENT (N308DE) (the “First Indenture
Amendment”), dated as of February 14, 2011, is made by and between DELTA AIR LINES, INC., a
Delaware corporation (together with its successors and permitted assigns, “Company”), and
U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association, not in its individual
capacity, except as expressly stated herein, but solely as Loan Trustee hereunder (together with
its permitted successors hereunder, “Loan Trustee”).

W I T N E S S E T H:

     WHEREAS, capitalized terms used but not defined herein shall have the meanings ascribed to
such terms in the Original Indenture referred to below;

     WHEREAS, on the Closing Date, which occurred on December 21, 2010, Company and Loan Trustee
entered into that certain Indenture and Security Agreement (N308DE), dated as of December 21, 2010,
as supplemented by Indenture Supplement No. 1 thereto, dated December 21, 2010, recorded by the FAA
on January 18, 2011, and assigned Conveyance No. KT005055 (the “Original Indenture”),
pursuant to which, among other things, Company issued to Subordination Agent the Series A Equipment
Notes in the original principal amount, having the maturity and bearing interest at the Debt Rate,
in each case as specified on Schedule I to the Original Indenture (the “Series A Equipment
Notes”);

     WHEREAS, in connection with the Original Indenture, Company, Class A Trustee, Subordination
Agent, Loan Trustee and U.S. Bank Trust National Association in its individual capacity, entered
into that certain Participation Agreement (N308DE), dated as of December 21, 2010 (the
“Original Participation Agreement”), providing for the issuance by Company of the Series A
Equipment Notes secured by a security interest in Company’s right, title and interest in and to the
Aircraft and certain other property described in the Original Indenture;

First Amendment to

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     WHEREAS, Section 2.02 of the Original Indenture provides that, if no Series B Equipment Notes
are issued on the Closing Date, then, subject to compliance with the conditions set forth in
Section 4(a)(v) of the Note Purchase Agreement (as in effect immediately prior to the Series B
Closing (as defined in the First PA Amendment referred to below)), Section 2.02 of the Original Participation Agreement and Section 8.01(d)
of the Intercreditor Agreement (as in effect immediately prior to the Series B Closing), Company
shall have the option to issue Series B Equipment Notes after the Closing Date;

     WHEREAS, concurrently with the execution and delivery of this First Indenture Amendment,
Company, U.S. Bank Trust National Association, as Pass Through Trustee for each of the Pass Through
Trusts, Subordination Agent and Loan Trustee, and U.S. Bank Trust National Association in its
individual capacity entered into that certain First Amendment to Participation Agreement (N308DE),
dated as of the date hereof (the “First PA Amendment”), pursuant to which, among other
things, Series B Equipment Notes specified in Schedule I to the Original Indenture, as such
Schedule I is amended by this First Indenture Amendment, and substantially in the form set forth in
Section 2.01 of the Original Indenture, will be issued to Subordination Agent;

     WHEREAS, in connection with such issuance of Series B Equipment Notes and other transactions
contemplated by the First PA Amendment, Company and Loan Trustee desire to amend the Original
Indenture to provide for the Company’s issuance of Series B Equipment Notes on the terms provided
herein and therein;

     WHEREAS, all things have been done to make the Series B Equipment Notes, when executed by
Company and authenticated and delivered by Loan Trustee, the valid, binding and enforceable
obligations of Company; and

     WHEREAS, all things necessary to make this First Indenture Amendment a legal, valid and
binding obligation of Company have been done and performed and have occurred;

     NOW, THEREFORE, in consideration of the mutual agreements contained herein, the parties hereto
agree as follows:

First Amendment to

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N308DE

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ARTICLE I

     Section 1.01 Issuance of Series B Equipment Notes. The Series B Equipment Notes being
issued pursuant to the Original Indenture, as amended by this First Indenture Amendment, shall be
dated the date of issuance thereof, and shall be issued with the
maturity date and in the original principal amount, and shall bear interest at the applicable
Debt Rate, in each case as specified in Schedule I to the Original Indenture, as such Schedule I is
amended by this First Indenture Amendment. On the date hereof, each Series B Equipment Note shall
be issued to Subordination Agent on behalf of the Class B Pass Through Trust created under the
applicable Pass Through Trust Agreement referred to in Schedule II to the Original Indenture, as
such Schedule II is amended by this First Indenture Amendment.

     Section 1.02 Series B Equipment Notes Related Provisions. For the avoidance of doubt,
the parties hereto agree that the Series B Equipment Notes being issued as provided herein shall
constitute “Series B Equipment Notes” and “Equipment Notes” for all purposes of the Indenture and
the other Operative Documents.

     Section 1.03 Definitional Provisions.

     (a) For purposes of this First Indenture Amendment, the term “Indenture” means the Original
Indenture as amended by this First Indenture Amendment.

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

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

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ARTICLE II

     Section 2.01 Amendment to Section 2.02. Section 2.02 of the Original Indenture is
hereby amended by deleting the words “Schedule I to” appearing immediately after the words “in a
single payment on the Payment Dates set forth in” in the second sentence of the second paragraph
thereof.

     Section 2.02 Amendment to Section 2.14. Section 2.14 of the Original Indenture is
hereby amended by deleting it in its entirety and replacing it with the following:

     Section 2.14 Certain Payments. Company agrees to pay to Loan Trustee for
distribution in accordance with Section 3.04:

     (a) an amount or amounts equal to the fees payable to Liquidity Providers
under Section 2.03 of each Liquidity Facility and the Fee Letter (as defined in the
Intercreditor Agreement) related thereto (or similar provisions of any Replacement
Liquidity Facility therefor and any related fee letter), multiplied by a fraction,
the numerator of which is the sum of the then outstanding aggregate principal
amount of the Series A Equipment Notes and the Series B Equipment Notes and the
denominator of which is the sum of the then outstanding aggregate principal amount
of all “Series A Equipment Notes” and “Series B Equipment Notes” (each as defined
in the Note Purchase Agreement) with respect to all of the “Indentures” (as defined
in the Note Purchase Agreement);

     (b) an amount equal to interest on any Special Termination Advance (other than
any Applied Special Termination Advance) payable under Section 3.07 of each
Liquidity Facility (or similar provisions of any Replacement Liquidity Facility
therefor) minus Investment Earnings from such Special Termination Advance
multiplied by the fraction specified in the foregoing clause (a);

     (c) an amount equal to interest on any Downgrade Advance (other than any
Applied Downgrade Advance) payable under Section 3.07 of each Liquidity Facility
(or similar provisions of any Replacement Liquidity Facility therefor) minus
Investment Earnings from such

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Downgrade Advance multiplied by the fraction
specified in the foregoing clause (a);

     (d) an amount equal to interest on any Non-Extension Advance (other than any
Applied Non-Extension Advance) payable under Section 3.07 of each Liquidity
Facility (or similar provisions of any Replacement Liquidity Facility therefor)
minus Investment Earnings from such Non-Extension Advance multiplied by the fraction specified in the foregoing clause
(a);

     (e) if any payment default shall have occurred and be continuing with respect
to interest on any “Series A Equipment Notes” or “Series B Equipment Notes” (each
as defined in the Note Purchase Agreement), (x) the excess, if any, of
(1) the amount equal to the sum of interest on any Unpaid Advance (other
than a Special Termination Advance), Applied Provider Advance or Applied Special
Termination Advance payable under Section 3.07 of each Liquidity Facility (or
similar provisions of any Replacement Liquidity Facility therefor) plus any other
amounts payable in respect of such Unpaid Advance, Applied Provider Advance or
Applied Special Termination Advance under Section 3.01, 3.03 or 3.09 of each
Liquidity Facility (or similar provisions of any Replacement Liquidity Facility
therefor) under which such Unpaid Advance, Applied Provider Advance or Applied
Special Termination Advance was made over (2) the sum of (A)
Investment Earnings from any Final Advance plus (B) any amount of interest
at the Past Due Rate actually payable (whether or not in fact paid) by Company in
respect of the overdue scheduled interest on the “Series A Equipment Notes” and
“Series B Equipment Notes” (each as defined in the Note Purchase Agreement) in
respect of which such Unpaid Advance, Applied Provider Advance or Applied Special
Termination Advance was made, multiplied by (y) a fraction, the numerator
of which is the then aggregate overdue amounts of interest on the then outstanding
Series A Equipment Notes and Series B Equipment Notes (other than interest becoming
due and payable solely as a result of acceleration of any such Equipment Notes) and
the denominator of which is the then aggregate overdue amounts of interest on all
“Series A Equipment Notes” and “Series B Equipment Notes” (each as defined in the
Note Purchase Agreement) with respect to all of the “Indentures” (as defined in the
Note Purchase Agreement) (other than interest becoming due and payable solely as a
result of acceleration of any such “Equipment Notes”);

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     (f) any amounts owed to Liquidity Providers by Subordination Agent as borrower
under Sections 3.01 (other than in respect of an Unpaid Advance, Applied Provider
Advance or Applied Special Termination Advance), 3.03 (other than in respect of an
Unpaid Advance, Applied Provider Advance or Applied Special Termination Advance),
7.05 and 7.07 of each Liquidity Facility (or similar provisions of any Replacement
Liquidity Facility therefor) multiplied by the fraction specified in the
foregoing clause (a); and

     (g) an amount or amounts equal to the compensation, including reasonable
expenses and disbursements actually incurred, payable to Subordination Agent under
Section 6.07 of the Intercreditor Agreement, multiplied by the fraction specified
in the foregoing clause (a) (but in any event without duplication of any amount or
amounts payable by Company in respect of such compensation under any other
Operative Document or Pass Through Document).

     For purposes of this paragraph, the terms “Applied Downgrade Advance”, “Applied
Non-Extension Advance”, “Applied Provider Advance”, “Applied Special Termination Advance”,
“Downgrade Advance”, “Final Advance”, “Investment Earnings”, “Non-Extension Advance”,
“Special Termination Advance” and “Unpaid Advance” have the meanings specified in each
Liquidity Facility or the Intercreditor Agreement, as applicable.

ARTICLE III

     Section 3.01 Amendment to Schedule I. Schedule I to the Original Indenture is hereby
amended by deleting it in its entirety and replacing it with Schedule I to this First Indenture
Amendment (it being agreed and understood that no amendments are being made to the maturity date,
original principal amount, Debt Rate, Make-Whole Spread or amortization schedule of the Series A
Equipment Notes).

     Section 3.02 Amendment to Schedule II. Schedule II to the Original Indenture is
hereby amended by deleting it in its entirety and replacing it with Schedule II to this First
Indenture Amendment.

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ARTICLE IV

     Section 4.01 Amendment to Annex A. Annex A to the Original Indenture is amended as
follows:

     (a) The definition of “Class B Certificates” is amended by deleting the phrase “, if
any,”.

     (b) The definition of “Class B Pass Through Trust” is deleted in its entirety and
replaced with the following:

     “Class B Pass Through Trust” means (i) initially, the Delta Air Lines
Pass Through Trust 2010-2B created pursuant to the Basic Pass Through Trust
Agreement, as supplemented by Trust Supplement No. 2010-2B, dated as of February
14, 2011, between Company and U.S. Bank, as Class B Trustee, and (ii) any
“Refinancing Trust” (as such term is defined in the Intercreditor Agreement)
created in connection with any subsequent redemption of Series B Equipment Notes
and issuance of new Series B Equipment Notes.

     (c) The definition of “Intercreditor Agreement” is deleted in its entirety and
replaced with the following:

     “Intercreditor Agreement” means that certain Intercreditor Agreement, dated as
of the Issuance Date, among Class A Trustee, Class A Liquidity Provider and Subordination
Agent, as amended by that certain Amendment No. 1 to Intercreditor Agreement (2010-2),
dated as of February 14, 2011, among Company, Liquidity Providers, Pass Through Trustees
and Subordination Agent, as the same may be further amended, supplemented or otherwise
modified from time to time in accordance with its terms; provided that, for
purposes of any obligations of Company, no amendment, modification or supplement to, or
substitution or replacement of, such Intercreditor Agreement shall be effective unless
consented to by Company.

     (d) The definition of “Liquidity Facilities” is amended by deleting the phrase “, if
provided,”.

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     (e) The definition of “Liquidity Providers” is amended by deleting the phrase “, if
any Class B Liquidity Facility shall have been provided,”.

     (f) The definition of “Note Purchase Agreement” is deleted in its entirety and
replaced with the following:

     “Note Purchase Agreement” means the Amended and Restated Note Purchase
Agreement, dated as of February 14, 2011, among Company, Subordination Agent, Escrow Agent,
Paying Agent and Pass Through Trustees, providing for, among other things, the issuance and
sale of certain equipment notes, as the same may be further amended, supplemented or
otherwise modified from time to time in accordance with its terms.

     (g) The definition of “Pass Through Trust” is amended by adding the word “two” after
the words “means each of the” and before the words “separate grantor trusts” and by deleting the
words “that have been or will be” that appear after the words “grantor trusts” and before the words
“created pursuant to”.

     (h) The definition of “Trust Supplements” is deleted in its entirety and replaced with
the following:

     “Trust Supplements” means (i) those agreements supplemental to the
Basic Pass Through Trust Agreement referred to in Schedule II to the Participation
Agreement and (ii) in the case of any Class B Certificates issued after the Closing
Date in connection with any redemption of Series B Equipment Notes and issuance of new
Series B Equipment Notes, pursuant to the provisions of Sections 2.02 and 2.11(b) of the
Indenture, an agreement supplemental to the Basic Pass Through Trust Agreement pursuant to
which (a) a separate trust is created for the benefit of the holders of such Class
B Certificates, (b) the issuance of such Class B Certificates representing
fractional undivided interests in the Class B Pass Through Trust is authorized and
(c) the terms of such Class B Certificates are established.

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ARTICLE V

     Section 5.01 Effective Time of Amendments. The amendments to the Original Indenture
contemplated hereby and the agreements set forth herein shall be effective as of the time of the
Series B Closing.

     Section 5.02 Ratification. Except as expressly amended hereby, the Original Indenture
shall remain in full force and effect in all respects, and this First Indenture Amendment shall be
construed as supplemental to the Indenture and shall form a part thereof.

     Section 5.03 Severability. To the extent permitted by applicable law, any provision
of this First Indenture Amendment that 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 5.04 No Oral Modification or Continuing Waivers. No terms or provisions of
this First Indenture Amendment may be changed, waived, discharged or terminated orally, but only by
an instrument in writing signed by Company and Loan Trustee in compliance with Article IX of the
Indenture.

     Section 5.05 Successors and Assigns. The terms and provisions contained herein shall
bind and inure to the benefit of, and be enforceable by, each of the parties hereto and the
successors and permitted assigns of each, all as provided herein and in the Indenture.

     Section 5.06 Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

     Section 5.07 Counterparts. This First Indenture Amendment may be executed in any
number of counterparts (and each of the parties hereto shall not be required to execute the same
counterpart). Each counterpart of this First Indenture Amendment including a signature page or
pages executed by each of the parties hereto shall be an

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original counterpart of this First
Indenture Amendment, but all of such counterparts together shall constitute one instrument.

     Section 5.08 Governing Law. THIS FIRST INDENTURE AMENDMENT HAS BEEN DELIVERED IN THE
STATE OF NEW YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF
NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

[Signature Pages Follow.]

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     IN WITNESS WHEREOF, the parties hereto have caused this First Indenture Amendment to be duly
executed by their respective officers thereof duly authorized, as of the date first above written.

	 	 	 	 	 
	 	DELTA AIR LINES, INC.

 	 
	 	By:  	/s/ Paul A. Jacobson
 	 
	 	 	Name:  	Paul A. Jacobson 	 
	 	 	Title:  	Senior Vice President and
Treasurer 	 
	 

	 	 	 	 	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its

individual capacity, except as expressly provided

herein, but solely as Loan Trustee

 	 
	 	By:  	/s/ John G. Correia
 	 
	 	 	Name:  	John G. Correia 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page

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N308DE

 

 

SCHEDULE I

Schedule I

to Indenture and

Security Agreement

DESCRIPTION OF EQUIPMENT NOTES1

     The information set forth below this text in this Schedule has been intentionally omitted from
the FAA filing copy as the parties hereto deem it to contain confidential information.

 

			
	1	 	This page to be included only in the FAA
filing package in the place of the completed amortization schedule.

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N308DE

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SCHEDULE I (Cont’d)

Schedule I

to Indenture and

Security Agreement

(Cont’d)

DESCRIPTION OF EQUIPMENT NOTES

	 	 	 	 	 	 	 	 	 
	 	 	Original Principal	 	 	 	 
	 	 	Amount	 	 	Maturity Date
	Series A
	 	 	 	 	 	 	 	 
	
Equipment Notes:
	 	$	20,563,000	 	 	November 23, 2018
	 
	 	 	 	 	 	 	 	 
	Series B
	 	 	 	 	 	 	 	 
	
Equipment Notes:
	 	$	5,686,000	 	 	November 23, 2015

CERTAIN DEFINED TERMS

	 	 	 	 	 
	Defined Term	 	Definition
	Debt Rate for Series A Equipment Notes

	 	4.95% per annum

	Make-Whole Spread for Series A Equipment Notes

	 	0.50%
	 
	 	 	 	 
	Debt Rate for Series B Equipment Notes

	 	6.75% per annum

	Make-Whole Spread for Series B Equipment Notes

	 	0.50%

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SCHEDULE I (Cont’d)

Schedule I

to Indenture and

Security Agreement

(Cont’d)

EQUIPMENT
NOTES AMORTIZATION

SERIES A EQUIPMENT NOTES

Boeing 737-732

N308DE

	 	 	 
	 	 	Percentage of
	 	 	Original Principal Amount
	Payment Date	 	to be Paid
	May 23, 2011

	 	1.17078734%
	November 23, 2011
	 	4.50264553%
	May 23, 2012
	 	4.39814716%
	November 23, 2012
	 	4.72327481%
	May 23, 2013
	 	4.74946263%
	November 23, 2013
	 	4.62184020%
	May 23, 2014
	 	4.75246803%
	November 23, 2014
	 	4.64227496%
	May 23, 2015
	 	4.58939843%
	November 23, 2015
	 	4.53558333%
	May 23, 2016
	 	4.60572874%
	November 23, 2016
	 	4.66100277%
	May 23, 2017
	 	4.46172251%
	November 23, 2017
	 	4.38943734%
	May 23, 2018
	 	4.18528425%
	November 23, 2018
	 	35.01094198%

SERIES B EQUIPMENT NOTES

     The principal amount of each Series B Equipment Note will be payable in a single payment on
the Maturity Date for the Series B Equipment Notes set forth on the first page of this Schedule I.

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SCHEDULE I (Cont’d)

Schedule I

to Indenture and

Security Agreement

(Cont’d)

EQUIPMENT NOTES AMORTIZATION2

The portion of this Schedule appearing below this text is intentionally deleted from the FAA filing
counterpart because the parties hereto deem it to contain confidential information.

 

			
	2	 	This page to be included only in the FAA
filing package in the place of the completed amortization schedule.

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SCHEDULE II

Schedule II

to Indenture and

Security Agreement

PASS
THROUGH TRUST AGREEMENT AND

PASS THROUGH TRUST SUPPLEMENTS

     Class A Pass Through Trust: Pass Through Trust Agreement, dated as of November 16, 2000,
between Delta Air Lines, Inc. and U.S. Bank Trust National Association (as successor to State
Street Bank and Trust Company of Connecticut, National Association), as trustee, as supplemented by
Trust Supplement No. 2010-2A, dated as of November 22, 2010.

     Class B Pass Through Trust: Pass Through Trust Agreement, dated as of November 16, 2000,
between Delta Air Lines, Inc. and U.S. Bank Trust National Association (as successor to State
Street Bank and Trust Company of Connecticut, National Association), as trustee, as supplemented by
Trust Supplement No. 2010-2B, dated as of February 14, 2011.

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16exv4w14

Exhibit 4.14

THIS EQUIPMENT NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR PURSUANT TO THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. ACCORDINGLY, THIS EQUIPMENT NOTE
MAY NOT BE OFFERED FOR SALE OR SOLD UNLESS EITHER REGISTERED UNDER THE ACT
AND SUCH APPLICABLE STATE OR OTHER LAWS OR EXEMPTIONS FROM SUCH
REGISTRATION REQUIREMENTS ARE AVAILABLE. IN ADDITION, THIS EQUIPMENT NOTE
IS SUBJECT TO RESTRICTIONS ON TRANSFER PURSUANT TO THE PARTICIPATION
AGREEMENT REFERRED TO HEREIN.

DELTA AIR LINES, INC.

SERIES 2010-2B-01

EQUIPMENT NOTE DUE NOVEMBER 23, 2015

ISSUED IN CONNECTION WITH THE BOEING MODEL 737-732 (GENERIC

MODEL BOEING 737-700) AIRCRAFT BEARING UNITED STATES

REGISTRATION NUMBER N308DE

	 	 	 

	No. 1

	 	Date: February 14, 2011
	 
	 	 
	INTEREST RATE

	 	MATURITY DATE
	 
	 	 
	6.75%

	 	November 23, 2015

     DELTA AIR LINES, INC. (together with its successors and permitted assigns, “Company”)
hereby promises to pay to U.S. BANK TRUST NATIONAL ASSOCIATION, as Subordination Agent under the
Intercreditor Agreement, or the registered assignee thereof, the principal amount of FIVE MILLION
SIX HUNDRED AND EIGHTY-SIX THOUSAND Dollars ($5,686,000) on November 23, 2015 and to pay interest
in arrears on each Payment Date at the Debt Rate on the principal amount remaining unpaid from time
to time (calculated on the basis of a year of 360 days comprised of twelve 30-day months) from the
date hereof, or from the most recent date to which interest hereon has been paid or duly provided
for, until paid in full. Notwithstanding anything to the contrary contained herein, if any date on
which a payment under this Equipment Note becomes due and payable is not a Business Day,
then such payment shall not be made on such scheduled date but shall be made on the

 

 

next succeeding Business Day with the same force and effect as if made on such scheduled date, and if
payment is made on such next succeeding Business Day, no interest shall accrue on the amount of
such payment from and after such scheduled date.

     For purposes hereof, the term “Indenture” means the Indenture and Security Agreement (N308DE),
dated as of December 21, 2010, between Company and U.S. Bank Trust National Association, as Loan
Trustee (“Loan Trustee”), as the same may be amended, supplemented or otherwise modified
from time to time in accordance with its terms. All capitalized terms used in this Equipment Note
and not defined herein, unless the context otherwise requires, shall have the respective meanings
set forth or incorporated by reference, and shall be construed and interpreted in the manner
described, in the Indenture.

     This Equipment Note shall bear interest, payable on demand, at the Past Due Rate (and not the
Debt Rate) (calculated on the basis of a year of 360 days comprised of twelve 30-day months) on any
principal amount and (to the extent permitted by applicable law) Make-Whole Amount, if any,
interest, and any other amounts payable hereunder not paid when due for any period during which the
same is overdue, in each case for the period the same is overdue. Amounts shall be overdue if not
paid in the manner provided herein or in the Indenture when due (whether at stated maturity, by
acceleration or otherwise).

     There shall be maintained an Equipment Note Register for the purpose of registering transfers
and exchanges of Equipment Notes at the Corporate Trust Office of Loan Trustee, or at the office of
any successor trustee, in the manner provided in Section 2.07 of the Indenture.

     The principal amount and interest and other amounts due hereunder shall be payable in Dollars
in immediately available funds at the Corporate Trust Office of Loan Trustee, or as otherwise
provided in the Indenture. Company shall not have any responsibility for the distribution of any
such payment to Noteholder of this Equipment Note. Each such payment shall be made on the date
such payment is due and without any presentment or surrender of this Equipment Note, except that in
the case of any final payment with respect to this Equipment Note, the Equipment Note shall be
surrendered to Loan Trustee for cancellation.

     The holder hereof, by its acceptance of this Equipment Note, agrees that, except as provided
in the Indenture, including the subordination provisions referred to below,
each payment of an installment of principal amount, Make-Whole Amount, if any, and

2

 

interest
received by it hereunder shall be applied: first, to the payment of accrued interest on
this Equipment Note (as well as any interest on (i) any overdue principal amount, and
(ii) to the extent permitted by law, any overdue Make-Whole Amount, if any, any overdue
interest and any other overdue amounts hereunder) to the date of such payment; second, to
the payment of Make-Whole Amount, if any, with respect to this Equipment Note; third, to
the payment of the principal amount of this Equipment Note (or portion thereof) then due hereunder,
if any; and fourth, the balance, if any, remaining thereafter to the payment of
installments of the principal amount of this Equipment Note (or portion thereof) remaining unpaid
in the inverse order of their maturity.

     This Equipment Note is one of the Equipment Notes referred to in the Indenture which have been
or are to be issued by Company pursuant to the terms of the Indenture. The Collateral is held by
Loan Trustee as security, in part, for the Equipment Notes. The provisions of this Equipment Note
are subject to the Indenture, the Related Indentures, the Participation Agreement, the other
Operative Documents and the Pass Through Documents. Reference is hereby made to the Indenture, the
Related Indentures, the Participation Agreement, the other Operative Documents and the Pass Through
Documents for a complete statement of the rights and obligations of the holder of, and the nature
and extent of the security for, this Equipment Note (including as a “Related Equipment Note” under
each Related Indenture) and the rights and obligations of the holders of, and the nature and extent
of the security for, any other Equipment Notes executed and delivered under the Indenture, to all
of which terms and conditions in the Indenture, the Related Indentures, the Participation
Agreement, the other Operative Documents and the Pass Through Documents each holder hereof agrees
by its acceptance of this Equipment Note.

     As provided in the Indenture and subject to certain limitations therein set forth, this
Equipment Note is exchangeable for an equal aggregate principal amount of Equipment Notes of the
same Series of different authorized denominations, as requested by the holder surrendering the
same. Prior to the due presentment for registration of transfer of this Equipment Note, Company
and Loan Trustee shall deem and treat the Person in whose name this Equipment Note is registered on
the Equipment Note Register as the absolute owner and holder hereof for the purpose of receiving
all amounts payable with respect to this Equipment Note and for all purposes, and neither Company
nor Loan Trustee shall be affected by notice to the contrary.

     This Equipment Note is subject to redemption as provided in Sections 2.10, 2.11 and 2.12 of
the Indenture but not otherwise. In addition, this Equipment Note may be accelerated as provided
in Section 4.02 of the Indenture.

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     This Equipment Note is subject to certain restrictions set forth in Sections 4.01(a)(ii) and
4.01(a)(iii) of the Intercreditor Agreement, as further specified in Section 2.07 of the Indenture,
to all of which terms and conditions in the Intercreditor Agreement each holder hereof agrees by
its acceptance of this Equipment Note.

     The holder hereof, by its acceptance of this Equipment Note, agrees that no payment or
distribution shall be made on or in respect of the Secured Obligations (as defined in the
Indenture) or the Secured Obligations (as defined in any Related Indenture) owed to such holder,
including, without limitation, any payment or distribution of cash, property or securities after
the occurrence of any of the events referred to in Section 4.01(f) of the Indenture or after the
commencement of any proceedings of the type referred to in Sections 4.01 (g), (h) or (i) of the
Indenture, except, in each case, as expressly provided in Article III of the Indenture or Article
III of the applicable Related Indenture, as appropriate.

     The indebtedness evidenced by this Equipment Note is (i) to the extent and in the
manner provided in the Indenture, subordinate and subject in right of payment to the prior payment
in full of the Secured Obligations in respect of Series A Equipment Notes, and certain other
Secured Obligations, and (ii) to the extent and in the manner provided in each Related
Indenture, subordinate and subject in right of payment to the prior payment in full under such
Related Indenture of the “Secured Obligations” in respect of the “Equipment Notes” issued under
such Related Indenture, and this Equipment Note is issued subject to such provisions. The
Noteholder of this Equipment Note, by accepting the same, (a) agrees to and shall be bound
by such provisions, (b) authorizes and directs Loan Trustee or the Related Loan Trustee
under the applicable Related Indenture, as appropriate, on such Noteholder’s behalf to take any
action necessary or appropriate to effectuate the subordination as provided in the Indenture or the
applicable Related Indenture and (c) appoints Loan Trustee or the Related Loan Trustee
under the applicable Related Indenture, as appropriate, as such Noteholder’s attorney-in-fact for
such purpose.

     Without limiting the foregoing, the holder hereof, by its acceptance of this Equipment Note,
agrees that if such holder, in its capacity as a Noteholder, receives any payment or distribution
on any Secured Obligation in respect of this Equipment Note that it is not entitled to receive
under Section 2.13 or Article III of the Indenture, it shall hold any amount so received in trust
for Loan Trustee and forthwith turn over such amount to Loan Trustee in the form received to be
applied as provided in Article III of the Indenture.

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     Unless the certificate of authentication hereon has been executed by or on behalf of Loan
Trustee by manual signature, this Equipment Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

     THIS EQUIPMENT NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE
OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

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     IN WITNESS WHEREOF, Company has caused this Equipment Note to be executed in its corporate
name by its officer thereunto duly authorized on the date hereof.

	 	 	 	 	 
	 	DELTA AIR LINES, INC.

 	 
	 	By:  	/s/ Paul A. Jacobson
 	 
	 	 	Name:  	Paul A. Jacobson 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 
	 

 

 

LOAN TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Equipment Notes referred to in the within-mentioned Indenture.

	 	 	 	 	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION,

not in its individual capacity but solely as Loan Trustee

 	 
	 	By:  	/s/ John G. Correia
 	 
	 	 	Name:  	John G. Correia 	 
	 	 	Title:  	Vice President

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