Exhibit
4.11
ESCROW AND
PAYING AGENT AGREEMENT (CLASS
A)
dated as of October 13, 2009
among
WILMINGTON TRUST COMPANY
as Escrow
Agent
MORGAN STANLEY & CO. INCORPORATED,
J.P. MORGAN SECURITIES INC.
and
GOLDMAN,
SACHS & CO.
as
Underwriters
WILMINGTON TRUST COMPANY ,
not in its
individual capacity,
but solely as
Pass Through Trustee
for and on
behalf of
United Air
Lines Pass Through Trust 2009-1A-O
as Pass
Through Trustee
and
WILMINGTON TRUST COMPANY
as Paying
Agent
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TABLE OF CONTENTS
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Page
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Section 1.
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Escrow Agent
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2
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1.01.
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Appointment of Escrow Agent
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2
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1.02.
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Instruction; Etc
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3
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1.03.
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Initial Escrow Amount; Issuance of Escrow
Receipts
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3
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1.04.
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Payments to Receiptholders
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4
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1.05.
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Mutilated, Destroyed, Lost or Stolen Escrow
Receipt
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4
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1.06.
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Additional Escrow Amounts
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5
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1.07.
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Resignation or Removal of Escrow Agent
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5
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1.08.
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Persons Deemed Owners
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5
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1.09.
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Further Assurances
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5
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Section 2.
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Paying Agent
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6
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2.01.
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Appointment of Paying Agent
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6
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2.02.
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Establishment of Paying Agent Account
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6
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2.03.
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Payments from Paying Agent Account
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6
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2.04.
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Withholding Taxes
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7
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2.05.
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Resignation or Removal of Paying Agent
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7
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2.06.
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Notice of Final Withdrawal
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7
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Section 3.
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Payments
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8
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Section 4.
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Other Actions
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8
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Section 5.
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Representations and Warranties of the Escrow
Agent
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8
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Section 6.
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Representations and Warranties of the Paying
Agent
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9
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Section 7.
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Indemnification
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10
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Section 8.
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Amendment, Etc
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11
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Section 9.
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Notices
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11
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Section 10.
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Transfer
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12
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Section 11.
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Entire Agreement
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12
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Section 12.
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Governing Law
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12
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Section 13.
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Waiver of Jury Trial Right
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12
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Section 14.
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Counterparts
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12
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Section 15.
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Rights of Holders
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12
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Exhibit A
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Escrow Receipt
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Exhibit B
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Withdrawal Certificate
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i
ESCROW AND
PAYING AGENT AGREEMENT (CLASS A)
ESCROW AND PAYING AGENT AGREEMENT (Class A) dated as of
October 13, 2009 (as amended, modified or supplemented from
time to time, this “ Agreement ”) among
WILMINGTON TRUST COMPANY , a Delaware banking corporation,
as Escrow Agent (in such capacity, together with its successors in
such capacity, the “ Escrow Agent ”); MORGAN
STANLEY & CO. INCORPORATED , J.P. MORGAN SECURITIES
INC. and GOLDMAN, SACHS & CO. , as Underwriters
(the “ Underwriters ” and together with their
respective transferees and assigns as registered owners of the
Certificates, the “ Investors ”) under the
Underwriting Agreement referred to below; WILMINGTON TRUST
COMPANY , a Delaware banking corporation, not in its individual
capacity except as otherwise expressly provided herein, but solely
as trustee (in such capacity, together with its successors in such
capacity, the “ Pass Through Trustee ”) under
the Pass Through Trust Agreement referred to below; and
WILMINGTON TRUST COMPANY , a Delaware banking corporation,
as paying agent hereunder (in such capacity, together with its
successors in such capacity, the “ Paying Agent
”).
W I T N E S S
E T H :
WHEREAS , United Air Lines, Inc. (“ United
”) and the Pass Through Trustee have entered into a Trust
Supplement, dated as of October 13, 2009 (the “ Trust
Supplement ”) to the Pass Through Trust Agreement, dated
as of June 26, 2007 (together, as amended, modified or
supplemented from time to time in accordance with the terms
thereof, the “ Pass Through Trust Agreement ”)
relating to United Air Lines Pass Through Trust 2009-1A-O (the
“ Pass Through Trust ”) pursuant to which the
United Air Lines Pass Through Trust, Series 2009-1A-O Certificates
referred to therein (the “ Certificates ”) are
being issued (the date of such issuance, the “ Issuance
Date ”);
WHEREAS , United and the Underwriters have entered into an
Underwriting Agreement dated October 5, 2009 (as amended,
modified or supplemented from time to time in accordance with the
terms thereof, the “ Underwriting Agreement ”)
pursuant to which the Pass Through Trustee will issue and sell the
Certificates to the Underwriters (the net proceeds of such sale
being herein referred to as the “ Net Proceeds
”);
WHEREAS , United, 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
Deposit Period Termination Date (as defined in the Note Purchase
Agreement) equipment notes (the “ Equipment Notes
”) issued to finance certain aircraft currently owned by
United utilizing a portion of the Net Proceeds;
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, subject to withdrawal upon request by
the Pass Through Trustee and satisfaction of the conditions set
forth in the Note Purchase Agreement for the purpose of purchasing
Equipment Notes, and that pending such withdrawal the Net Proceeds
be deposited on behalf of the Escrow Agent with JPMorgan Chase
Bank, N.A., a national banking association, as Depositary (the
“ Depositary ” which shall also be deemed to
refer to any Replacement Depositary (as defined in the Note
[Escrow and
Paying Agent Agreement (Class A)]
Purchase Agreement)
from and after the date on which the Deposits are transferred to
such Replacement Depositary) under the Deposit Agreement, dated as
of the date hereof between the Depositary and the Escrow Agent
relating to the Pass Through Trust (as amended, modified,
supplemented or replaced from time to time in accordance with the
terms thereof, the “ Deposit Agreement ” which
shall also be deemed to refer to any Replacement Deposit Agreement
(as defined in the Note Purchase Agreement) to which the Escrow
Agent becomes a party pursuant to Section 1.02(a) hereof from
and after the transfer of the Deposits from the Depositary to the
Replacement Depositary) pursuant to which, among other things, the
Depositary will pay interest for distribution to the Investors and
establish accounts from which the Escrow Agent shall make
withdrawals upon request of and proper certification by the Pass
Through Trustee;
WHEREAS , the Escrow Agent wishes to appoint the Paying
Agent to pay amounts required to be distributed to the Investors in
accordance with this Agreement; and
WHEREAS , capitalized terms used but not defined herein
shall have the meanings ascribed to such terms in the Pass Through
Trust Agreement.
NOW, THEREFORE , in consideration of the obligations
contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows:
Section 1. Escrow
Agent .
1.01. Appointment of Escrow
Agent . Each of the Underwriters, for and on behalf
of each of the Investors, hereby irrevocably appoints, authorizes
and directs the Escrow Agent to act as escrow agent and fiduciary
hereunder and under the Deposit Agreement for such specific
purposes and with such powers as are specifically delegated to the
Escrow Agent by the terms of this Agreement, together with such
other powers as are reasonably incidental thereto. Any and all
money received and held by the Escrow Agent under this Agreement or
the Deposit Agreement shall be held in escrow by the Escrow Agent
in accordance with the terms of this Agreement. This Agreement is
irrevocable and the Investors’ rights with respect to any
monies received and held in escrow by the Escrow Agent under this
Agreement or the Deposit Agreement shall only be as provided under
the terms and conditions of this Agreement and the Deposit
Agreement. The Escrow Agent (which term as used in this sentence
shall include reference to its affiliates and its own and its
affiliates’ officers, directors, employees and agents):
(a) shall have no duties or responsibilities except those
expressly set forth in this Agreement; (b) shall not be
responsible to the Pass Through Trustee or the Investors for any
recitals, statements, representations or warranties of any person
other than itself contained in this Agreement or the Deposit
Agreement or for the failure by the Pass Through Trustee, the
Investors or any other person or entity (other than the Escrow
Agent) to perform any of its obligations hereunder (whether or not
the Escrow Agent shall have any knowledge thereof); and
(c) shall not be responsible for any action taken or omitted
to be taken by it hereunder or provided for herein or in connection
herewith, except for its own willful misconduct or gross negligence
(or simple negligence in connection with the handling of funds
actually received by it in accordance with the terms of this
Agreement) or breach of its obligations hereunder.
2
[Escrow and
Paying Agent Agreement (Class A)]
1.02. Instruction; Etc.
The Underwriters, for and on behalf of each of the
Investors, hereby irrevocably instruct the Escrow Agent, and the
Escrow Agent agrees, (a) to enter into the Deposit Agreement
and, if requested by the Company pursuant to Section 4(a)(iii)
of the Note Purchase Agreement, to enter into a Replacement Deposit
Agreement with the Replacement Depositary specified by the Company,
(b) to appoint the Paying Agent as provided in this Agreement,
(c) upon receipt at any time and from time to time prior to
the Termination Date (as defined below) of a certificate
substantially in the form of Exhibit B hereto (a “
Withdrawal Certificate ”) executed by the Pass Through
Trustee, together with an attached Notice of Financing Withdrawal
in substantially the form of Exhibit A to the Deposit
Agreement duly completed by the Pass Through Trustee (the “
Applicable Notice of Financing Withdrawal ” and the
withdrawal to which it relates, a “ Financing
Withdrawal ”), immediately to execute the Applicable
Notice of Financing Withdrawal as Escrow Agent and transmit it to
the Depositary by facsimile transmission in accordance with the
Deposit Agreement; provided that, upon the request of the
Pass Through Trustee after such transmission, the Escrow Agent
shall cancel such Applicable Notice of Financing Withdrawal,
(d) upon receipt of a Withdrawal Certificate executed by the
Pass Through Trustee, together with an attached Notice of
Replacement Withdrawal in substantially the form of Exhibit C
to the Deposit Agreement duly completed by the Pass Through
Trustee, to (X) give such Notice of Replacement Withdrawal to
the Depositary requesting a withdrawal, on the date specified in
such notice, which shall not be less than Five Business Days after
such notice is given (the “ Replacement Withdrawal
Date ”), of all Deposits then held by the Depositary
together with all accrued and unpaid interest on such