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Exhibit 4.3

 

 

UAL CORPORATION

Officer's Certificate

________________________

          Pursuant to Sections
2.1 and 3.1 of the Indenture, dated as of December 20, 1996 (the "Indenture"),
between UAL Corporation, a Delaware corporation (the "Company"), and The
First National Bank of Chicago, a national banking association, as trustee
(the "Trustee"), the undersigned officer of the Company hereby certifies
on behalf of the Company as follows:

          1.  Authorization. 
The establishment of a series of Securities of the Company has been approved
and authorized in accordance with the provisions of the Indenture pursuant
to resolutions of the Board of Directors of the Company adopted on June
27, 1996 and September 26, 1996 and the resolutions of the Series B Committee
of the Company adopted on November 20, 1996.

          2.  Compliance
with Covenants and Conditions Precedent. All conditions precedent, if any,
provided for in the Indenture relating to the establishment of a series
of Securities have been complied with.

          3.  Terms. 
The terms of the series of Securities established pursuant to this Officer's
Certificate will be as follows:

     (i)     Title. 
The title of the Securities is "13-1/4% Junior Subordinated Debentures
due 2026" (the "Junior Subordinated Debentures").

 

     (ii)     Aggregate Principal
Amount.  The Junior Subordinated Debentures shall be limited in aggregate
principal amount to $77,301,649.50 (except for Junior Subordinated Debentures
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Debentures pursuant to Sections 3.4, 3.5, 3.6,
8.6 or 10.7 of the Indenture and except for any Junior Subordinated Debentures
that, pursuant to the last paragraph of Section 3.3 of the Indenture, are
deemed never to have been authenticated and delivered under the Indenture).
     (iii)     Stated Maturity. 
The date on which the principal of the Junior Subordinated Debentures is
payable is December 15, 2026.

     (iv)     Rate of Interest;
Interest Payment Dates; Regular Record Dates.  Each Junior Subordinated
Debenture will bear interest from December 21, 1996 or from the most recent
Interest Payment Date to which interest has been paid or duly provided
for, quarterly in arrears on March 31, June 30, September 30 and December
31 of each year (each, an "Interest Payment Date") (subject to extension
as provided in the form of Junior Subordinated Debenture attached hereto
as Exhibit A), commencing on December 31, 1996, at the rate of 13-1/4%
per annum until the principal thereof is paid or made available for payment,
and (to the extent that the payment of such interest shall be legally enforceable)
at the rate of 13-1/4% per annum, compounded quarterly, on any overdue
principal and premium and on any overdue installment of interest. Except
as set forth below, the interest so payable shall be paid to the person
in whose name such Junior Subordinated Debenture (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record
Date for such interest, which, except as set forth below, shall be the
close of business 15 calendar days prior to such Interest Payment Date,
except that the record date for the payment to be made on December 31,
1996 shall be the date of exchange of the Preferred Securities for the
Depositary Shares.  In addition, each Junior Subordinated Debenture
will bear interest from November 1, 1996 through December 20, 1996 at the
rate of 12-1/4% per annum (the "Pre-Issuance Accrued Distribution"), payable
on December 31, 1996 to the person in whose name such Junior Subordinated
Debenture is registered at the close of business on the Regular Record
Date for such Interest Payment Date.  With the exception of the interest
payment described in the immediately preceding sentence, any such interest
not so punctually paid or duly provided for shall forthwith cease to be
payable to the registered holder on such Regular Record Date and may either
be paid to the person in whose name such Junior Subordinated Debenture
(or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to the registered
holder of such Junior Subordinated Debenture not less than 10 days prior
to such Special Record Date, or may be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange
on which the Junior Subordinated Debentures may be listed, and upon such
notice as may be required by such exchange, all as more fully provided
in the Indenture.  The amount of interest payable for any period will
be computed on the basis of a 360-day year of twelve 30-day months and,
for any period shorter than a full quarterly interest period for which
interest is computed, the amount of interest payable will be computed on
the basis of the actual number of days elapsed in such a 30-day month. 
In the event that any Interest Payment Date is not a business day, then
payment of interest payable on such date will be made on the next succeeding
business day (and without any interest or other payment in respect of any
such delay), except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding
Business Day (notwithstanding Section 1.12 of the Indenture), in each case
with the same force and effect as if made on such date.

     (v)     Place of Payment. 
Principal and interest on the Junior Subordinated Debentures will be payable,
the transfer of such Junior Subordinated Debentures will be registrable
and such Junior Subordinated Debentures will be exchangeable for Junior
Subordinated Debentures bearing identical terms and provisions at the office
or agency of the Company maintained for that purpose in the Borough of
Manhattan, the City and State of New York; provided, however, that, at
the option of the Company, payments of interest may be made by check mailed
to the registered holder at such address as shall appear in the Security
Register and that the payment of principal with respect to any Junior Subordinated
Debenture will only be made upon surrender of such Junior Subordinated
Debenture to the Trustee.

     (vi)     Optional Redemption. 
Junior Subordinated Debentures may be redeemed at the option of the Company
as set forth in the form of Junior Subordinated Debenture attached hereto
as Exhibit A.

     (vii)     Mandatory Redemption. 
The Junior Subordinated Debentures will contain no provision for mandatory
redemption, a sinking fund or any analogous provisions.

     (viii)     Denominations. 
The Junior Subordinated Debentures will be issuable in denominations of
$25 and integral multiples thereof.

     (ix)     Currency. 
The Junior Subordinated Debentures will be denominated in Dollars and the
principal of and interest on the Junior Subordinated Debentures will be
payable in Dollars.  The Junior Subordinated Debentures will be satisfied
and discharged as provided in Article 4 of the Indenture.

     (x)     Payment Currency. 
The principal of and interest on the Junior Subordinated Debentures will
not be payable in a currency other than Dollars.

     (xi)     Formula. 
The amount of payments of principal of and interest on the Junior Subordinated
Debentures will not be determined with reference to an index, formula or
other method.

     (xii)    Amount Payable Upon
Acceleration.  The principal amount of the Junior Subordinated Debentures
will be payable upon declaration of acceleration pursuant to Section 5.2
of the Indenture.

     (xiii)    Payment of Interest. 
The payment of interest on the Junior Subordinated Debentures will be governed
by Section 3.7 of the Indenture.

     (xiv)     Special Rights. 
There are no provisions granting special rights to the Holders upon the
occurrence of specified events.

     (xv)     Covenants; Events
of Default.  There shall be no deletions from, modifications or additions
to the Events of Default set forth in Section 5.1 of the Indenture or covenants
of the Company set forth in Article 9 with respect to the Junior Subordinated
Debentures.

     (xvi)    Additional Amounts. 
The Company will not pay additional amounts on the Junior Subordinated
Debentures held by a Person that is not a U.S. Person in respect of taxes
or similar charges withheld or deducted.

     (xvii)   Registered Securities. 
The Junior Subordinated Debentures will be issuable in definitive form
as Registered Securities, without interest coupons.  Section 3.5 of
the Indenture will govern the Junior Subordinated Debentures.

     (xviii)   Bearer Securities; Temporary
Global Security.  The Junior Subordinated Debentures will not be Bearer
Securities or represented by a temporary global Security.

     (xix)    Defeasance and Covenant
Defeasance.  Sections 4.4 and 4.5 of the Indenture will apply to the
Junior Subordinated Debentures and the term "Government Obligations" shall
not include obligations referred to in the Definition of such term in the
Indenture which are not obligations of the United States or an agency or
instrumentality of the United States.

     (xx)     Registrar; Paying
Agent.  The Trustee will be the Registrar and the Paying Agent for
the Junior Subordinated Debentures.

     (xxi)    Warrants.  No
warrants will be issued in connection with the Junior Subordinated Debentures.

     (xxii)    Exchange Rate Agent. 
There will be no Exchange Rate Agent with respect to the Junior Subordinated
Debentures.

     (xxiii)   Global Form.  The
Junior Subordinated Debentures will not be issued in temporary or permanent
global form.

     (xxiv)   Conversion.  The Junior
Subordinated Debentures will not be convertible into any other security
of the Company.

     (xxv)    Subordination. 
Article 12 of the Indenture will govern the terms and conditions under
which the Junior Subordinated Debentures are subordinate to the Senior
Indebtedness of the Company.

     (xxvi)   Other Terms.  The Junior
Subordinated Debentures will have the other terms and will be substantially
in the form set forth in the form of Junior Subordinated Debenture attached
hereto as Exhibit A.  In case of any conflict between this certificate
and the Junior Subordinated Debentures in the form attached hereto as Exhibit
A, or between the Resolutions and the Junior Subordinated Debentures in
such form, the Junior Subordinated Debentures will control.

          Capitalized terms
used but not otherwise defined herein shall have the meanings assigned
to those terms in the Indenture.

          The undersigned,
for himself, states that he has read and is familiar with the provisions
of Article 2 of the Indenture relating to the establishment of the form
of Security representing a series of Securities thereunder and Article
3 of the Indenture relating to the establishment of a series of Securities
thereunder, and in each case, the definitions therein relating thereto;
that he is generally familiar with the other provisions of the Indenture
and with the affairs of the Company and its acts and proceedings and that
the statements and opinions made by him in this Certificate are based upon
such familiarity; that, in his opinion, he has made such examination or
investigation as is necessary to enable him to express an informed opinion
as to whether or not the covenants and conditions referred to above have
been complied with; and, that in his opinion, the covenants and conditions
referred to above have been complied with.

          Insofar as this
Certificate relates to legal matters, it is based, as provided for in Section
1.3 of the Indenture, upon the opinion of Counsel delivered to the Trustee
contemporaneously herewith pursuant to Section 3.3 of the Indenture and
relating to the Junior Subordinated Debentures.

          IN WITNESS WHEREOF,
the undersigned has hereunto signed this Certificate on behalf of the Company
this 30th day of December 1996.

 

 

 

	UAL CORPORATION
	 
	By:  /s/ Douglas A. Hacker
	Name:  Douglas A. Hacker
	Title:  Senior Vice President and Chief Financial Officer

 

 

 

 

 

 

 
                           
EXHIBIT A

No. R-1                                                                                                                                                                                                                     
CUSIP NO.
$77,301,649.50                                                                                                                                                                                                       
902549 AC 8

 

 

UAL CORPORATION

13-1/4% JUNIOR SUBORDINATED DEBENTURE DUE 2026

          UAL CORPORATION,
a corporation duly organized and existing under the laws of the State of
Delaware (herein called the "Company," which term includes any successor
under the Indenture hereinafter referred to), hereby promises to pay to
The First National Bank of Chicago as Institutional Trustee for UAL Corporation
Capital Trust I (the "Trust") or registered assigns, the principal sum
of Seventy-Seven Million Three Hundred One Thousand Six Hundred Forty-Nine
and 50/100 Dollars, on December 15, 2026.

          Reference is
hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the
same effect as if fully set forth at this place.

          Unless the Certificate
of Authentication hereon has been executed by the Trustee referred to on
the reverse side hereof by manual signature, this Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for
any purpose.

          IN WITNESS WHEREOF,
the Company has caused this Security to be duly executed in its corporate
name by the manual or facsimile signature of its Chairman of the Board
or its President and Chief Executive Officer and impressed or imprinted
with its corporate seal or facsimile thereof, attested by the manual or
facsimile signature of its Secretary on this 30th day of December.

 
	 	UAL CORPORATION
	 	By_____________________
	 	Title:
	 	 
	Attest:
	Secretary

          This is one of
the Securities of a series issued under the within-mentioned Indenture.

 
	Dated:	THE FIRST NATIONAL BANK OF CHICAGO,
		as Trustee
		
		By:______________________
		Authorized Signatory

(REVERSE OF SECURITY)

          (1) Indenture. 
This Security is one of a duly authorized issue of securities of the Company
(herein called the "Securities") issued and to be issued in one or more
series under an indenture (the "Indenture"), dated as of December 20, 1996,
between the Company and The First National Bank of Chicago, a national
banking association, as Trustee (herein called the "Trustee", which term
includes any successor trustee under the Indenture with respect to the
series of which this Security is a part), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Securities and, to the extent
specifically set forth in the Indenture, the holders of Senior Indebtedness
and Preferred Securities, and of the terms upon which the Securities are,
and are to be, authenticated and delivered.  The terms of the Securities
include those stated in the Indenture and those made part of the Indenture
by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb)
as in effect on the date upon which the Securities are first issued under
the Indenture (the "Issue Date").  The Securities are unsecured general
obligations of the Company.  This Security is one of the series designated
on the face hereof, limited in aggregate principal amount to $77,301,649.50. 
All capitalized terms used in this Security and not defined herein will
have the meanings assigned to them in the Indenture.

          (2) Interest. 
The Company promises to pay interest on said principal amount in cash from
December 21, 1996 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, quarterly in arrears (subject
to deferral for up to 20 consecutive quarters as described in Section 3
hereof) on March 31, June 30, September 30 and December 31 of each year,
commencing December 31, 1996, at the rate of 13-1/4% per annum of the principal
amount at stated maturity plus Compounded Interest and Additional Interest
(as defined below), if any, until the principal hereof is paid or made
available for payment, and (to the extent that the payment of such interest
shall be legally enforceable) at the rate of 13-1/4% per annum, compounded
quarterly, on any overdue principal and on any overdue installment of interest. 
In addition, the Company promises to pay to the Holder or registered assigns
interest from November 1, 1996 through December 20, 1996 at the rate of
12-1/4% per annum (the "Pre-Issuance Accrued Distribution"), payable on
December 31, 1996.  The amount of interest payable on any Interest
Payment Date shall be computed on the basis of a 360-day year of twelve
30-day months, and for any period shorter than a full quarterly interest
period for which interest is computed, the amount of interest payable will
be computed on the basis of the actual number of days elapsed in such a
30-day month.  In the event that any Interest Payment Date is not
a Business Day, then payment of interest payable on such date will be made
on the next succeeding day which is a Business Day (and without any interest
or other payment in respect of any such delay), except that, if such Business
Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day (notwithstanding Section 1.12
of the Indenture), in each case with the same force and effect as if made
on such date.  The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record
Date for such interest installment, which shall be the close of business
15 calendar days prior to the such Interest Payment Date, except that the
record date for the payment to be made on December 31, 1996 shall be the
date of exchange of the Preferred Securities for the Depositary Shares.
With the exception of the Pre-Issuance Accrued Distribution, any such interest
not so punctually paid or duly provided for shall bear interest at a rate
equal to 13-1/4% per annum (to the extent lawful) and will forthwith cease
to be payable to the Holder on such Regular Record Date and may either
be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities not less than 10
days prior to such Special Record Date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.
The Company shall pay as additional interest on the Securities such amounts
as shall be required so that the net amounts received and retained by the
Trust after paying any taxes, duties, assessment or other governmental
charges of whatever nature (other than withholding taxes) imposed on the
Trust by the United States or any other taxing authority ("Additional Interest")
will be not less than the amounts the Trust would have received had no
such taxes, duties, assessment or governmental charges been imposed.

          (3) Extension
of Interest Payment Period.  So long as the Company is not in default
in the payment of interest on the Securities of this series, the Company
shall have the right, at any time during the term of the Securities of
this series, from time to time to extend the interest payment period of
such Securities (other than with respect to the Pre-Issuance Accrued Distribution)
for up to 20 consecutive quarterly interest periods (the "Extended Interest
Payment Period"); provided, no Extended Interest Payment Period may extend
beyond the maturity date of the Securities.  At the end of each such
period the Company shall pay all interest then accrued and unpaid (together
with interest thereon at the rate of 13-1/4% per annum compounded quarterly
to the extent permitted by applicable law ("Compounded Interest")). During
such Extended Interest Payment Period, the Company shall not declare or
pay any dividends on, or redeem, purchase, acquire or make a distribution
or liquidation payment with respect to, any of its common stock or preferred
stock or any other securities similar to the Preferred Securities or the
Securities, or make any guarantee payments with respect thereto; provided,
however, that the Company may pay cash in lieu of fractional shares upon
the conversion of any of its preferred stock in accordance with the terms
of such stock.  Prior to the termination of any such Extended Interest
Payment Period, the Company may pay all or any portion of the interest
accrued on the Securities on any Interest Payment Date to holders of record
on the Regular Record Date for such Interest Payment Date or from time
to time further extend such Extended Interest Payment Period, provided
that such Extended Interest Payment Period, together with all previous
and further extensions thereof, shall not exceed 20 consecutive quarterly
interest periods and shall not extend beyond the maturity of the Securities. 
At the termination of any such Extended Interest Payment Period and upon
the payment of all accrued and unpaid interest then due, together with
Compounded Interest, the Company may commence a new Extended Interest Payment
Period, subject to the foregoing requirements. No interest on this Security
shall be due and payable during an Extended Interest Payment Period, except
at the end thereof.  At the end of the Extended Interest Payment Period,
the Company shall pay all interest accrued and unpaid on the Securities
including any Compounded Interest which shall be payable to the holders
of the Securities in whose names the Securities are registered in the Security
Register on the Regular Record Date for the first Interest Payment Date
occurring on or after the end of the Extended Interest Payment Period.

          If the Trust
is the sole holder of the Securities at the time the Company selects an
Extension Period, the Company shall give notice to the Indenture Trustee
and the Institutional Trustee of its selection of such Extension Period
at least ten Business Days prior to the earlier of (i) the date the distributions
on the Preferred Securities are payable or (ii) if the Preferred Securities
are listed on the New York Stock Exchange or other stock exchange or quotation
system, the date the Trust is required to give notice to the New York Stock
Exchange or other applicable self-regulatory organization or to the holders
of the Preferred Securities on the record date or the date such distributions
are payable, but in any event not less than one Business Day prior to such
record date.  The Company shall cause the Trust to give notice of
the Company's selection of such Extension Period to the holders of the
Preferred Securities.

          If the Trust
is not the sole holder of the Securities at the time the Company selects
an Extension Period, the Company shall give the Holders of these Securities
notice of its selection of an Extension Period at least ten Business Days
prior to the earlier of (i) the next succeeding Interest Payment Date or
(ii) if the Preferred Securities are listed on the New York Stock Exchange
or other stock exchange or quotation system, the date the Company is required
to give notice to the New York Stock Exchange or other applicable self-regulatory
organization or to holders of the Securities on the record or payment date
of such related interest payment, but in any event not less than two Business
Days prior to such record date.

          The quarter in
which such notice is given pursuant to the second and third paragraphs
of this section shall be counted as one of the 20 quarters permitted in
the maximum Extension Period permitted under the first paragraph of this
section.

          (4) Method of
Payment.  Payment of the principal of and any such interest on this
Security will be made at the office or agency of the Company maintained
for that purpose in the Borough of Manhattan, the City and State of New
York, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company, payment of interest
may be made by check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register and, provided further,
that the payment of principal will only be made upon the surrender of this
Security to the Trustee.  Notwithstanding the foregoing, so long as
the owner and record holder of this Security is the Trust, the payment
of the principal of and interest (including Compounded Interest, if any)
on this Security will be made at such place and to such account of the
Trust as may be designated by the institutional trustee of the Trust.

          (5) Redemption. 
Except as provided in the next paragraph, the Securities of this series
may not be redeemed by the Company

prior to July 12, 2004.  The Securities of this series are subject
to redemption upon not less than 10 nor more than 60 days' notice by mail,
at any time on or after July 12, 2004, as a whole or in part, at the election
of the Company (an "Optional Redemption"), at a Redemption Price equal
to 100% of the principal amount together with any accrued but unpaid interest,
including Compounded Interest, if any, to the Redemption Date (the "Optional
Redemption Price").

          If, at any time,
a Tax Event (as defined below) shall occur and be continuing and (i) the
regular trustees (the "Regular Trustees") of the Trust shall have received
an opinion (a "Redemption Tax Opinion") of a nationally recognized independent
tax counsel experienced in such matters that, as a result of a Tax Event,
there is more than an insubstantial risk that the Company would be precluded
from deducting the interest on the Securities of this series for United
States federal income tax purposes even if the Securities were distributed
to the holders of Preferred Securities and Common Securities in liquidation
of such holder's interest in the Trust as set forth in the Declaration
of Trust or (ii) the Regular Trustees shall have been informed by such
tax counsel that a No Recognition Opinion (as defined below) cannot be
delivered to the Trust, the Company shall have the right at any time, upon
not less than 10 nor more than 60 days' notice, to redeem the Securities
in whole or in part for cash at the Optional Redemption Price within 90
days following the occurrence of such Tax Event; provided, however, that,
if at the time there is available to the Company or the Regular Trustees
on behalf of the Trust the opportunity to eliminate, within such 90 day
period, the Tax Event by taking some ministerial action ("Ministerial Action"),
such as filing a form or making an election, or pursuing some other similar
reasonable measure, which has no adverse effect on the Trust, the Company
or the holders of the Preferred Securities, the Company or the Regular
Trustees on behalf of the Trust will pursue such measure in lieu of redemption
and, provided further, that the Company shall have no right to redeem the
Securities while the Regular Trustees on behalf of the Trust are pursuing
any such Ministerial Action.

          "Tax Event" means
that the Regular Trustees shall have obtained an opinion (a "Dissolution
Tax Opinion") of nationally recognized independent tax counsel experienced
in such matters

to the effect that on or after December 20, 1996, as a result of (a)
any amendment to, or change (including any announced prospective change)
in, the laws (or any regulations thereunder) of the United States or any
political subdivision or taxing authority thereof or therein, (b) any amendment
to, or change in, an interpretation or application of any such laws or
regulations by any legislative body, court, governmental agency or regulatory
authority (including the enactment of any legislation and the publication
of any judicial decision or regulatory determination), (c) any interpretation
or pronouncement that provides for a position with respect to such laws
or regulations that differs from the theretofore generally accepted position
or (d) any action taken by any governmental agency or regulatory authority,
which amendment or change is enacted, promulgated, issued or announced
or which interpretation or pronouncement is issued or announced or which
action is taken, in each case on or after December 20, 1996, there is more
than an insubstantial risk that (i) the Trust is, or will be within 90
days of the date thereof, subject to United States federal income tax with
respect to income accrued or received on the Securities, (ii) the Trust
is, or will be within 90 days of the date thereof, subject to more than
a de minimis amount of taxes, duties or other governmental charges or (iii)
interest payable by the Company to the Trust on the Securities is not,
or within 90 days of the date thereof will not be, deductible by the Company
for United States federal income tax purposes.

          "No Recognition
Opinion" means an opinion of a nationally recognized independent tax counsel
experienced in such matters, which opinion may rely on any then applicable
published revenue ruling of the Internal Revenue Service, to the effect
that the holders of the Preferred Securities will not recognize any gain
or loss for United States federal income tax purposes as a result of a
dissolution of the Trust and distribution of the Securities as provided
in the Declaration of Trust.

          If the Securities
of this Series are only partially redeemed by the Company pursuant to an
Optional Redemption or as a result of a Tax Event as described above, the
Securities of this series will be redeemed pro rata or by lot or by any
other method as the Trustee shall deem fair and appropriate. Notwithstanding
the foregoing, if a partial redemption of the Securities of this series
would result in the delisting of the Preferred Securities by any national
securities exchange or other organization on which the Preferred Securities
are then listed, the Company shall not be permitted to effect such partial
redemption and will only redeem the Securities of this series as a whole.

          In the event
of redemption of this Security in part only, a new Security or Securities
of this series for the unredeemed portion hereof will be issued in the
name of the Holder hereof upon the cancellation hereof.

          (6) Defeasance. 
The Securities are subject to the defeasance and covenant defeasance provisions
set forth in Article Four of the Indenture.

          (7) Denominations,
Transfer, Exchange.  The Securities are issuable only as registered
Securities without coupons in the denominations of $25 and any integral
multiple thereof.  As provided in the Indenture, and subject to certain
limitations therein set forth, Securities are exchangeable for a like aggregate
principal amount of Securities of different authorized denominations as
requested by the Holder surrendering the same and upon surrender of the
Security for registration of transfer at the office or agency of the Company
in the City of New York, the Company will execute, and the Trustee will
authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities, of authorized denominations and of a like aggregate
principal amount and tenor.  Every Security surrendered for registration
of transfer or exchange will, if required by the Company, the Registrar
or the Trustee, be duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company, the Registrar and the
Trustee duly executed by, the Holder hereof or such Holder's attorney duly
authorized in writing.  No service charge will be made for any such
registration of transfer or exchange, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection therewith.

          (8) Persons Deemed
Owners.  Prior to due presentment for registration of transfer of
this Security, the Company, the Trustee and any agent of the Company or
the Trustee may treat the Person in whose name this Security is registered
as the owner hereof for the purpose of receiving payment as herein provided
and for all other purposes whatsoever, whether or not this Security is
overdue, and neither the Company, the Trustee nor any such agent will be
affected by notice to the contrary.

          (9) Defaults
and Remedies.  If an Event of Default as defined in the Indenture
shall occur, the principal of all Securities may be declared due and payable
in the manner and with the effect provided in the Indenture.

          (10) Subordination. 
The Company and each Holder, by acceptance hereof, agrees that the payment
of the principal of and interest on the Securities is subordinated, to
the extent and in the manner provided in the Indenture, to the prior payment
in full of the Senior Indebtedness of the Company as defined in the Indenture
and this Security is issued subject to the provisions of the Indenture
with respect thereto.  Each Holder of this Security, by accepting
the same, authorizes and expressly directs the Trustee on his behalf to
take such action as may be necessary or appropriate in the discretion of
the Trustee to effectuate the subordination so provided and appoints the
Trustee his attorney-in-fact for such purpose.

          (11) Indebtedness. 
The Company and, by its acceptance of this Security or a beneficial interest
herein, the Holder of, and any Person that acquires a beneficial interest
in, this Security agree that for United States federal, state and local
tax purposes it is intended that this Security constitute indebtedness.

          (12) Amendments
and Waivers.  The Indenture permits, with certain exceptions as therein
provided, the Company and the Trustee, with the consent of the Holders
of not less than a majority in aggregate principal amount of the Securities
of all series affected at the time outstanding, as defined in the Indenture
(and, in the case of any series of Securities held as trust assets of a
UAL Corporation Capital Trust and with respect to which a Security Exchange
has not theretofore occurred, such consent of holders of the Preferred
Securities and the Common Securities of such UAL Corporation Capital Trust
as may be required under the Declaration of Trust of such UAL Corporation
Capital Trust), to execute supplemental indentures for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of the Indenture or of any supplemental indenture or of modifying in any
manner the rights of the Holders of the Securities; provided, however,
that no such supplemental indenture shall, without the consent of the holder
of each Security so affected, (i) change the time for payment of principal,
premium, if any, or interest on any Security; (ii) reduce the principal
of, or any installment of principal of, or interest on any Security; (iii)
reduce the amount of premium, if any, payable upon the redemption of any
Security; (iv) reduce the amount of principal payable upon acceleration
of the maturity of an Original Issue Discount Security (as defined in the
Indenture); (v) change the coin or currency in which any Security or any
premium or interest thereon is payable; (vi) impair the right to institute
suit for the enforcement of any payment on or with respect to any Security;
(vii) reduce the percentage in principal amount of the outstanding Securities
the consent of whose holders is required for modification or amendment
of the Indenture or for waiver of compliance with certain provisions of
the Indenture or for waiver of certain defaults; (viii) change the obligation
of the Company to maintain an office or agency in the places and for the
purposes specified in the Indenture; (ix) modify the provisions relating
to waiver of certain defaults or any of the foregoing provisions; (x) adversely
affect the right to convert the Securities or (xi) modify the provisions
with respect to the subordination of the Securities.  The Indenture
also contains provisions permitting the Holders of a majority in aggregate
principal amount of the securities of all series at the time outstanding
affected thereby (subject, in the case of any series of Securities held
as trust assets of a UAL Corporation Capital Trust and with respect to
which a Security Exchange has not theretofore occurred, to such consent
of holders of Preferred Securities and Common Securities of such UAL Corporation
Capital Trust as may be required under the Declaration of Trust of such
UAL Corporation Capital Trust), on behalf of the Holders of the Securities
of such series, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and their
consequences.  Any such consent or waiver by the Holder of this Security
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange
or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

          (13) Obligation
Absolute.  No reference herein to the Indenture and no provision of
this Security or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal
of and interest on this Security at the times, place and rate, and in the
coin or currency, hereto prescribed.

           (14) No
Recourse Against Others.  No recourse for the payment of the principal
of or interest on this Security, or for any claim based hereon or on the
Indenture and no recourse under or upon any obligation, covenant or agreement
of the Company in the Indenture or any indenture supplemental thereto or
in any Security, or because of the creation of any indebtedness represented
hereby, shall be had against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the
issue hereof, expressly waived and released.

           (15) Governing
Law.  THIS SECURITY WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

____________________

            The
Company will furnish to any Holder upon written request and without charge
a copy of the Indenture.  Requests may be made to:  UAL Corporation,
P.O. Box 66100, Chicago, Illinois 60666,  Attention:  Treasurer.<DOCUMENT>

  

Exhibit 4.4

 

 

 
No. R-1                                                                                                                                                                                                                
CUSIP NO.

$77,301,649.50                                                                                                                                                                                                 
902549 AC 8

 

 

UAL CORPORATION

13-1/4% JUNIOR SUBORDINATED DEBENTURE
DUE 2026

           
UAL CORPORATION, a corporation duly organized and existing under the laws
of the State of Delaware (herein called the "Company," which term includes
any successor under the Indenture hereinafter referred to), hereby promises
to pay to The First National Bank of Chicago as Institutional Trustee for
UAL Corporation Capital Trust I (the "Trust") or registered assigns, the
principal sum of Seventy-Seven Million Three Hundred One Thousand Six Hundred
Forty-Nine and 50/100 Dollars, on December 15, 2026.

           
Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if fully set forth at this place.

           
Unless the Certificate of Authentication hereon has been executed by the
Trustee referred to on the reverse side hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose.

           
IN WITNESS WHEREOF, the Company has caused this Security to be duly executed
in its corporate name by the manual or facsimile signature of its Chairman
of the Board or its President and Chief Executive Officer and impressed
or imprinted with its corporate seal or facsimile thereof, attested by
the manual or facsimile signature of its Secretary on this 30th day of
December, 1996.

 

	UAL CORPORATION
	By___________________
	Title:

 

 

 
	Attest:
	__________________
	Secretary

           
This is one of the Securities of a series issued under the within-mentioned
Indenture.

 

 

Dated:

	THE FIRST NATIONAL BANK OF CHICAGO,
	as Trustee
	By:______________________ 
	Authorized Signatory

 

(REVERSE OF SECURITY)

           
(1) Indenture. This Security is one of a duly authorized issue of securities
of the Company (herein called the "Securities") issued and to be issued
in one or more series under an indenture (the "Indenture"), dated as of
December 20, 1996, between the Company and The First National Bank of Chicago,
a national banking association, as Trustee (herein called the "Trustee",
which term includes any successor trustee under the Indenture with respect
to the series of which this Security is a part), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities
and, to the extent specifically set forth in the Indenture, the holders
of Senior Indebtedness and Preferred Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered. The
terms of the Securities include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act of 1939
(15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date upon which the
Securities are first issued under the Indenture (the "Issue Date"). The
Securities are unsecured general obligations of the Company. This Security
is one of the series designated on the face hereof, limited in aggregate
principal amount to $77,301,649.50. All capitalized terms used in this
Security and not defined herein will have the meanings assigned to them
in the Indenture.

           
(2) Interest. The Company promises to pay interest on said principal amount
in cash from December 21, 1996 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, quarterly in
arrears (subject to deferral for up to 20 consecutive quarters as described
in Section 3 hereof) on March 31, June 30, September 30 and December 31
of each year, commencing December 31, 1996, at the rate of 13-1/4% per
annum of the principal amount at stated maturity plus Compounded Interest
and Additional Interest (as defined below), if any, until the principal
hereof is paid or made available for payment, and (to the extent that the
payment of such interest shall be legally enforceable) at the rate of 13-1/4%
per annum, compounded quarterly, on any overdue principal and on any overdue
installment of interest. In addition, the Company promises to pay to the
Holder or registered assigns interest from November 1, 1996 through December
20, 1996 at the rate of 12-1/4% per annum (the "Pre-Issuance Accrued Distribution"),
payable on December 31, 1996. The amount of interest payable on any Interest
Payment Date shall be computed on the basis of a 360-day year of twelve
30-day months, and for any period shorter than a full quarterly interest
period for which interest is computed, the amount of interest payable will
be computed on the basis of the actual number of days elapsed in such a
30-day month. In the event that any Interest Payment Date is not a business
day, then payment of interest payable on such date will be made on the
next succeeding day which is a business day (and without any interest or
other payment in respect of any such delay), except that, if such Business
Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day, in each case with the same force
and effect as if made on such date. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided
in the Indenture, be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest installment, which shall be
the close of business 15 calendar days prior to the such Interest Payment
Date. With the exception of the Pre-Issuance Accrued Distribution, any
such interest not so punctually paid or duly provided for shall bear interest
at a rate equal to 13-1/4% per annum (to the extent lawful) and will forthwith
cease to be payable to the Holder on such Regular Record Date and may either
be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities not less than 10
days prior to such Special Record Date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.
The Company shall pay as additional interest on the Securities such amounts
as shall be required so that the net amounts received and retained by the
Trust after paying any taxes, duties, assessment or other governmental
charges of whatever nature (other than withholding taxes) imposed on the
Trust by the United States or any other taxing authority ("Additional Interest")
will be not less than the amounts the Trust would have received had no
such taxes, duties, assessment or governmental charges been imposed.

           
(3) Extension of Interest Payment Period. So long as the Company is not
in default in the payment of interest on the Securities of this series,
the Company shall have the right, at any time during the term of the Securities
of this series, from time to time to extend the interest payment period
of such Securities (other than with respect to the Pre-Issuance Accrued
Distribution) for up to 20 consecutive quarterly interest periods (the
"Extended Interest Payment Period"); provided, no Extended Interest Payment
Period may extend beyond the maturity date of the Securities. At the end
of each such period the Company shall pay all interest then accrued and
unpaid (together with interest thereon at the rate of 13-1/4% per annum
compounded quarterly to the extent permitted by applicable law ("Compounded
Interest")). During such Extended Interest Payment Period, the Company
shall not declare or pay any dividends on, or redeem, purchase, acquire
or make a distribution or liquidation payment with respect to, any of its
common stock or preferred stock or any other securities similar to the
Preferred Securities or the Securities, or make any guarantee payments
with respect thereto; provided, however, that the Company may pay dividends
(and cash in lieu of fractional shares) upon the conversion, other than
at the Company's option, of any of its preferred stock in accordance with
the terms of such stock. Prior to the termination of any such Extended
Interest Payment Period, the Company may pay all or any portion of the
interest accrued on the Securities on any Interest Payment Date to holders
of record on the Regular Record Date for such Interest Payment Date or
from time to time further extend such Extended Interest Payment Period,
provided that such Extended Interest Payment Period, together with all
previous and further extensions thereof, shall not exceed 20 consecutive
quarterly interest periods and shall not extend beyond the maturity of
the Securities. At the termination of any such Extended Interest Payment
Period and upon the payment of all accrued and unpaid interest then due,
together with Compounded Interest, the Company may select a new Extended
Interest Payment Period, subject to the foregoing requirements. No interest
on this Security shall be due and payable during an Extended Interest Payment
Period, except at the end thereof. At the end of the Extended Interest
Payment Period, the Company shall pay all interest accrued and unpaid on
the Securities including any Compounded Interest which shall be payable
to the holders of the Securities in whose names the Securities are registered
in the Security Register on the Regular Record Date for the first Interest
Payment Date occurring on or after the end of the Extended Interest Payment
Period.

           
If the Trust is the sole holder of the Securities at the time the Company
selects an Extension Period, the Company shall give notice to the Indenture
Trustee and the Institutional Trustee of its selection of such Extension
Period at least ten Business Days prior to the earlier of (i) the date
the distributions on the Preferred Securities are payable or (ii) if the
Preferred Securities are listed on the New York Stock Exchange or other
stock exchange or quotation system, the date the Trust is required to give
notice to the New York Stock Exchange or other applicable self-regulatory
organization or to the holders of the Preferred Securities on the record
date or the date such distributions are payable, but in any event not less
than one Business Day prior to such record date. The Company shall cause
the Trust to give notice of the Company's selection of such Extension Period
to the holders of the Preferred Securities.

           
If the Trust is not the sole holder of the Securities at the time the Company
selects an Extension Period, the Company shall give the Holders of these
Securities notice of its selection of an Extension Period at least ten
Business Days prior to the earlier of (i) the next succeeding Interest
Payment Date or (ii) if the Preferred Securities are listed on the New
York Stock Exchange or other stock exchange or quotation system, the date
the Company is required to give notice to the New York Stock Exchange or
other applicable self-regulatory organization or to holders of the Securities
on the record or payment date of such related interest payment, but in
any event not less than two Business Days prior to such record date.

           
The quarter in which such notice is given pursuant to the second and third
paragraphs of this section shall be counted as one of the 20 quarters permitted
in the maximum Extension Period permitted under the first paragraph of
this Section.

           
(4) Method of Payment. Payment of the principal of and any such interest
on this Security will be made at the office or agency of the Company maintained
for that purpose in the Borough of Manhattan, the City and State of New
York, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company, payment of interest
may be made by check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register and, provided further,
that the payment of principal will only be made upon the surrender of this
Security to the Trustee. Notwithstanding the foregoing, so long as the
owner and record holder of this Security is the Trust, the payment of the
principal of and interest (including Compounded Interest, if any) on this
Security will be made at such place and to such account of the Trust as
may be designated by the institutional trustee of the Trust.

           
(5) Redemption. Except as provided in the next paragraph, the Securities
of this series may not be redeemed by the Company prior to July 12, 2004.
The Securities of this series are subject to redemption upon not less than
10 nor more than 60 days' notice by mail, at any time on or after July
12, 2004, as a whole or in part, at the election of the Company (an "Optional
Redemption"), at a Redemption Price equal to 100% of the principal amount
together with any accrued but unpaid interest, including Compounded Interest,
if any, to the Redemption Date (the "Optional Redemption Price").

           
If, at any time, a Tax Event (as defined below) shall occur and be continuing
and (i) the regular trustees (the "Regular Trustees") of the Trust shall
have received an opinion (a "Redemption Tax Opinion") of a nationally recognized
independent tax counsel experienced in such matters that, as a result of
a Tax Event, there is more than an insubstantial risk that the Company
would be precluded from deducting the interest on the Securities of this
series for United States federal income tax purposes even if the Securities
were distributed to the holders of Preferred Securities and Common Securities
in liquidation of such holder's interest in the Trust as set forth in the
Declaration of Trust or (ii) the Regular Trustees shall have been informed
by such tax counsel that a No Recognition Opinion (as defined below) cannot
be delivered to the Trust, the Company shall have the right at any time,
upon not less than 10 nor more than 60 days' notice, to redeem the Securities
in whole or in part for cash at the Optional Redemption Price within 90
days following the occurrence of such Tax Event; provided, however, that,
if at the time there is available to the Company or the Regular Trustees
on behalf of the Trust the opportunity to eliminate, within such 90 day
period, the Tax Event by taking some ministerial action ("Ministerial Action"),
such as filing a form or making an election, or pursuing some other similar
reasonable measure, which has no adverse effect on the Trust, the Company
or the holders of the Preferred Securities, the Company or the Regular
Trustees on behalf of the Trust will pursue such measure in lieu of redemption
and, provided further, that the Company shall have no right to redeem the
Securities while the Regular Trustees on behalf of the Trust are pursuing
any such Ministerial Action.

           
"Tax Event" means that the Regular Trustees shall have obtained an opinion
(a "Dissolution Tax Opinion") of nationally recognized independent tax
counsel experienced in such matters to the effect that on or after December
20, 1996, as a result of (a) any amendment to, or change (including any
announced prospective change) in, the laws (or any regulations thereunder)
of the United States or any political subdivision or taxing authority thereof
or therein, (b) any amendment to, or change in, an interpretation or application
of any such laws or regulations by any legislative body, court, governmental
agency or regulatory authority (including the enactment of any legislation
and the publication of any judicial decision or regulatory determination),
(c) any interpretation or pronouncement that provides for a position with
respect to such laws or regulations that differs from the theretofore generally
accepted position or (d) any action taken by any governmental agency or
regulatory authority, which amendment or change is enacted, promulgated,
issued or announced or which interpretation or pronouncement is issued
or announced or which action is taken, in each case on or after December
20, 1996, there is more than an insubstantial risk that (i) the Trust is,
or will be within 90 days of the date thereof, subject to United States
federal income tax with respect to income accrued or received on the Securities,
(ii) the Trust is, or will be within 90 days of the date thereof, subject
to more than a de minimis amount of taxes, duties or other governmental
charges or (iii) interest payable by the Company to the Trust on the Securities
is not, or within 90 days of the date thereof will not be, deductible by
the Company for United States federal income tax purposes.

           
"No Recognition Opinion" means an opinion of a nationally recognized independent
tax counsel experienced in such matters, which opinion may rely on any
then applicable published revenue ruling of the Internal Revenue Service,
to the effect that the holders of the Preferred Securities will not recognize
any gain or loss for United States federal income tax purposes as a result
of a dissolution of the Trust and distribution of the Securities as provided
in the Declaration of Trust.

           
If the Securities of this Series are only partially redeemed by the Company
pursuant to an Optional Redemption or as a result of a Tax Event as described
above, the Securities of this series will be redeemed pro rata or by lot
or by any other method as the Trustee shall deem fair and appropriate.
Notwithstanding the foregoing, if a partial redemption of the Securities
of this series would result in the delisting of the Preferred Securities
by any national securities exchange or other organization on which the
Preferred Securities are then listed, the Company shall not be permitted
to effect such partial redemption and will only redeem the Securities of
this series as a whole.

           
In the event of redemption of this Security in part only, a new Security
or Securities of this series for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.

           
(6) Defeasance. The Securities are subject to the defeasance and covenant
defeasance provisions set forth in Article Four of the Indenture.

           
(7) Denominations, Transfer, Exchange. The Securities are issuable only
as registered Securities without coupons in the denominations of $25 and
any integral multiple thereof. As provided in the Indenture, and subject
to certain limitations therein set forth, Securities are exchangeable for
a like aggregate principal amount of Securities of different authorized
denominations as requested by the Holder surrendering the same and upon
surrender of the Security for registration of transfer at the office or
agency of the Company in the City of New York, the Company will execute,
and the Trustee will authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities, of authorized denominations
and of a like aggregate principal amount and tenor. Every Security surrendered
for registration of transfer or exchange will, if required by the Company,
the Registrar or the Trustee, be duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company, the
Registrar and the Trustee duly executed by, the Holder hereof or such Holder's
attorney duly authorized in writing. No service charge will be made for
any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith.

           
(8) Persons Deemed Owners. Prior to due presentment for registration of
transfer of this Security, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this Security
is registered as the owner hereof for the purpose of receiving payment
as herein provided and for all other purposes whatsoever, whether or not
this Security is overdue, and neither the Company, the Trustee nor any
such agent will be affected by notice to the contrary.

           
(9) Defaults and Remedies. If an Event of Default as defined in the Indenture
shall occur, the principal of all Securities may be declared due and payable
in the manner and with the effect provided in the Indenture.

           
(10) Subordination. The Company and each Holder, by acceptance hereof,
agrees that the payment of the principal of and interest on the Securities
is subordinated, to the extent and in the manner provided in the Indenture,
to the prior payment in full of the Senior Indebtedness of the Company
as defined in the Indenture and this Security is issued subject to the
provisions of the Indenture with respect thereto. Each Holder of this Security,
by accepting the same, authorizes and expressly directs the Trustee on
his behalf to take such action as may be necessary or appropriate in the
discretion of the Trustee to effectuate the subordination so provided and
appoints the Trustee his attorneyin-fact for such purpose.

           
(11) Indebtedness. The Company and, by its acceptance of this Security
or a beneficial interest herein, the Holder of, and any Person that acquires
a beneficial interest in, this Security agree that for United States federal,
state and local tax purposes it is intended that this Security constitute
indebtedness.

           
(12) Amendments and Waivers. The Indenture permits, with certain exceptions
as therein provided, the Company and the Trustee, with the consent of the
Holders of not less than a majority in aggregate principal amount of the
Securities of all series affected at the time outstanding, as defined in
the Indenture (and, in the case of any series of Securities held as trust
assets of a UAL Corporation Capital Trust and with respect to which a Security
Exchange has not theretofore occurred, such consent of holders of the Preferred
Securities and the Common Securities of such UAL Corporation Capital Trust
as may be required under the Declaration of Trust of such UAL Corporation
Capital Trust), to execute supplemental indentures for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of the Indenture or of any supplemental indenture or of modifying in any
manner the rights of the Holders of the Securities; provided, however,
that no such supplemental indenture shall, without the consent of the holder
of each Security so affected, (i) change the time for payment of principal,
premium, if any, or interest on any Security; (ii) reduce the principal
of, or any installment of principal of, or interest on any Security; (iii)
reduce the amount of premium, if any, payable upon the redemption of any
Security; (iv) reduce the amount of principal payable upon acceleration
of the maturity of an Original Issue Discount Security (as defined in the
Indenture); (v) change the coin or currency in which any Security or any
premium or interest thereon is payable; (vi) impair the right to institute
suit for the enforcement of any payment on or with respect to any Security;
(vii) reduce the percentage in principal amount of the outstanding Securities
the consent of whose holders is required for modification or amendment
of the Indenture or for waiver of compliance with certain provisions of
the Indenture or for waiver of certain defaults; (viii) change the obligation
of the Company to maintain an office or agency in the places and for the
purposes specified in the Indenture; (ix) modify the provisions relating
to waiver of certain defaults or any of the foregoing provisions; (x) adversely
affect the right to convert the Securities or (xi) modify the provisions
with respect to the subordination of the Securities. The Indenture also
contains provisions permitting the Holders of a majority in aggregate principal
amount of the securities of all series at the time outstanding affected
thereby (subject, in the case of any series of Securities held as trust
assets of a UAL Corporation Capital Trust and with respect to which a Security
Exchange has not theretofore occurred, to such consent of holders of Preferred
Securities and Common Securities of such UAL Corporation Capital Trust
as may be required under the Declaration of Trust of such UAL Corporation
Capital Trust), on behalf of the Holders of the Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

           
(13) Obligation Absolute. No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal
of and interest on this Security at the times, place and rate, and in the
coin or currency, hereto prescribed.

           
(14) No Recourse Against Others. No recourse for the payment of the principal
of or interest on this Security, or for any claim based hereon or on the
Indenture and no recourse under or upon any obligation, covenant or agreement
of the Company in the Indenture or any indenture supplemental thereto or
in any Security, or because of the creation of any indebtedness represented
hereby, shall be had against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the
issue hereof, expressly waived and released.

           
(15) Governing Law. THIS SECURITY WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

____________________

           
The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to: UAL Corporation,
P.O. Box 66100, Chicago, Illinois 60666, Attention: Treasurer.

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