DEPOSIT AGREEMENT
(Class A)
U.S. BANK NATIONAL
ASSOCIATION
THE BANK OF NEW YORK
MELLON
Deposit Agreement
(Class A)
(2009-1 Aircraft EETC)
|
|
|
|
|
|
|
|
|
Page
|
SECTION 1. Acceptance of Depositary;
Establishment of Accounts
|
|
|
2
|
|
|
|
|
|
|
|
SECTION 2. Deposit Mechanics
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
SECTION 5. Representation and
Warranties
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
SECTION 7. Amendment, Etc
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
SECTION 9. Obligations Unconditional
|
|
|
7
|
|
|
|
|
|
|
|
SECTION 10. Entire Agreement
|
|
|
8
|
|
|
|
|
|
|
|
SECTION 11. Governing Law
|
|
|
8
|
|
|
|
|
|
|
|
SECTION 12. Submission to Jurisdiction in New
York
|
|
|
8
|
|
|
|
|
|
|
|
SECTION 13. Waiver of Jury Trial
Right
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
SECTION 15. Rights of Receiptholders
|
|
|
8
|
|
|
|
|
|
|
|
SECTION 16. Limitation on Damages
|
|
|
9
|
|
|
|
|
|
|
|
Schedule I Schedule
of Deposits
|
|
|
|
|
|
|
|
|
|
|
Exhibit A Form
of Notice of Purchase Withdrawal
|
|
|
|
|
Exhibit B Form
of Notice of Final Withdrawal
|
|
|
|
|
Exhibit C Form
of Notice of Replacement Withdrawal
|
|
|
|
|
Deposit Agreement
(Class A)
(2009-1 Aircraft EETC)
i
DEPOSIT AGREEMENT
(Class A)
This DEPOSIT
AGREEMENT (Class A), dated as of July 7, 2009 (as
amended, modified or supplemented from time to time, this “
Agreement ”), is made by and between U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as Escrow
Agent under the Escrow and Paying Agent Agreement referred to below
(in such capacity, together with its successors in such capacity,
the “ Escrow Agent ”), and THE BANK OF NEW YORK
MELLON, a New York banking corporation, as depositary bank (the
“ Depositary ”).
WHEREAS, American
Airlines, Inc. (“ American ”) and U.S. Bank
Trust National Association, not in its individual capacity except
as otherwise expressly provided therein, but solely as trustee (in
such capacity, together with its successors in such capacity, the
“ Pass Through Trustee ”), have entered into a
Trust Supplement, dated as of July 7, 2009 (the “
Trust Supplement ”), to the Pass Through Trust
Agreement, dated as of March 21, 2002 (together, as amended,
modified or supplemented from time to time in accordance with the
terms thereof, the “ Pass Through Trust Agreement
”), relating to American Airlines Pass Through Trust 2009-1A
pursuant to which the American Airlines Pass Through Trust,
Series 2009-1A Certificates referred to therein (the “
Certificates ”) are being issued (the date of such
issuance, the “ Issuance Date ”);
WHEREAS, Morgan
Stanley & Co. Incorporated, Goldman, Sachs & Co. and Calyon
Securities (USA) Inc. (collectively, the “
Underwriters ” and, together with their respective
transferees and assigns as registered owners of the Certificates,
the “ Investors ”) and American have entered
into an Underwriting Agreement, dated as of June 29, 2009,
pursuant to which the Pass Through Trustee will issue and sell the
Certificates to the Underwriters;
WHEREAS, American,
the Pass Through Trustee and certain other persons concurrently
herewith are entering into the Note Purchase Agreement, dated as of
the date hereof (the “ Note Purchase Agreement
”), pursuant to which the Pass Through Trustee has agreed to
acquire from time to time on or prior to the Delivery Period
Termination Date (as defined in the Note Purchase Agreement)
equipment notes (the “ Equipment Notes ”) issued
either in respect of aircraft owned by American or to finance the
acquisition of certain aircraft by American, as owner, utilizing a
portion of the proceeds from the sale of the Certificates (the
“ Net Proceeds ”);
WHEREAS, the
Escrow Agent, the Underwriters, the Pass Through Trustee and U.S.
Bank Trust National Association, as paying agent for the Escrow
Agent (in such capacity, together with its successors in such
capacity, the “ Paying Agent ”), concurrently
herewith are entering into the Escrow and Paying Agent Agreement
(Class A), dated as of the date hereof (as amended, modified
or supplemented from time to time in accordance with the terms
thereof, the “ Escrow and Paying Agent Agreement
”); and
WHEREAS, the
Underwriters and the Pass Through Trustee intend that the Net
Proceeds be held in escrow by the Escrow Agent on behalf of the
Investors pursuant to the Escrow and Paying Agent Agreement,
subject to withdrawal upon request of and proper certification by
the
Deposit Agreement
(Class A)
(2009-1 Aircraft EETC)
Pass Through
Trustee for the purpose of purchasing Equipment Notes, and that
pending such withdrawal the Net Proceeds be deposited by the Escrow
Agent with the Depositary pursuant to this Agreement, which
provides for the Depositary to pay interest for distribution to the
Investors and to establish accounts from which the Escrow Agent
shall make withdrawals upon request of and proper certification by
the Pass Through Trustee.
NOW, THEREFORE, in
consideration of the obligations contained herein, and for other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as
follows:
SECTION 1.
Acceptance of Depositary; Establishment of Accounts
.
Section 1.1.
Acceptance of Depositary . The Depositary hereby agrees to
act as depositary bank as provided herein and in connection
therewith to accept all amounts to be delivered to or held by the
Depositary pursuant to the terms of this Agreement. The Depositary
further agrees to hold, maintain and safeguard the Deposits and the
Accounts (as defined below) during the term of this Agreement in
accordance with the provisions of this Agreement. The Escrow Agent
shall not have any right to withdraw, assign or otherwise transfer
moneys held in the Accounts except as permitted by this
Agreement.
Section 1.2.
Establishment of Accounts . The Escrow Agent hereby
instructs the Depositary, and the Depositary agrees, to establish
the separate deposit accounts listed on Schedule I
hereto and to establish such additional separate deposit accounts
as may be required in connection with the deposits contemplated by
Section 2.4 hereof (each, an “ Account
” and collectively, the “ Accounts ”),
each in the name of the Escrow Agent and all on the terms and
conditions set forth in this Agreement. The Depositary shall
establish and maintain all Accounts at a branch of The Bank of New
York Mellon located in the United States.
SECTION 2.
Deposit Mechanics .
Section 2.1.
Deposits . The Escrow Agent shall direct the Underwriters to
deposit with the Depositary on the date of this Agreement (the
“ Deposit Date ”) in Federal (same day) funds by
wire transfer to: The Bank of New York Mellon, ABA No. [
], Account Name: Corporate Trust Agency, Account Number: [
], For Further Credit: A/C No. [
], Reference: American Airlines 2009-1 EETC, and the Depositary
shall accept from the Underwriters, on behalf of the Escrow Agent,
the sum of US$366,432,000. Upon acceptance of such sum, the
Depositary shall ( i ) establish each of the deposits
specified in Schedule I hereto maturing in accordance
with this Agreement (together with any deposit made pursuant to
Section 2.4 hereof, individually, a “
Deposit ” and, collectively, the “
Deposits ”) and ( ii ) credit each Deposit to
the related Account as set forth herein. No amount shall be
deposited in any Account other than the related Deposit.
Section 2.2.
Interest . Each Deposit shall bear interest from and
including the date of deposit to but excluding the date of
withdrawal (it being understood that the date of withdrawal in the
case of any payment by the Depositary of the amount of the Final
Withdrawal (as defined below) on the Outside Termination Date (as
defined below) shall be deemed to be the
Deposit Agreement
(Class A)
(2009-1 Aircraft EETC)
2
date of such
payment) at the rate of 10.375% per annum (computed on the basis of
a 360-day year of twelve 30-day months) payable to the Paying Agent
on behalf of the Escrow Agent in arrears on each Interest Payment
Date (as defined below), on the date of any Final Withdrawal or on
the date of any Replacement Withdrawal (as defined below), as
applicable, all in accordance with the terms of this Agreement. As
used in this Agreement, the term “ Interest Payment
Date ”, with respect to each Deposit that, as of any date
of determination, has not been withdrawn pursuant to a Final
Withdrawal or a Replacement Withdrawal, shall mean each of January
2 and July 2, commencing on January 2, 2010 and ending on
the earlier of January 2 and
July 2 immediately following the date on which such Deposit is
withdrawn pursuant to a Notice of Purchase Withdrawal (as defined
below); provided that interest accrued on any Deposit that
is withdrawn pursuant to a Notice of Purchase Withdrawal shall be
paid on the next Interest Payment Date, notwithstanding any
intervening Final Withdrawal with respect to any other Deposit and
notwithstanding the fact that the relevant Account may have been
closed before such Interest Payment Date, but, if any intervening
Replaceme

|