REVOLVING CREDIT AGREEMENT
(2009-1A)
U.S. BANK TRUST NATIONAL
ASSOCIATION,
as Subordination Agent,
as agent and trustee for the trustee of
American Airlines Pass Through Trust 2009-1A,
NATIXIS S.A., ACTING VIA ITS NEW
YORK BRANCH
American Airlines Pass Through Trust
2009-1A
American Airlines
Pass Through Certificates,
Series 2009-1A
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
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1
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AMOUNT AND TERMS OF THE
COMMITMENT
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Section 2.01 The Advances
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8
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Section 2.02 Making of Advances
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11
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Section 2.04 Reduction or Termination of
the Maximum Commitment
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11
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Section 2.05 Repayments of Interest
Advances, the Special Termination Advance or the Final
Advance
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11
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Section 2.06 Repayments of Provider
Advances
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12
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Section 2.07 Payments to the Liquidity
Provider Under the Intercreditor Agreement
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Section 2.08 Book Entries
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Section 2.09 Payments from Available Funds
Only
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Section 2.10 Extension of the Expiry Date;
Non-Extension Advance
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OBLIGATIONS OF THE
BORROWER
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Section 3.01 Increased Costs
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14
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Section 3.02 Intentionally
omitted
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15
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Section 3.03 Withholding Taxes
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16
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Section 3.05 Computations
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Section 3.06 Payment on Non-Business
Days
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Section 3.08 Replacement of
Borrower
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Section 3.09 Funding Loss
Indemnification
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Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
i
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Section 4.01 Conditions Precedent to
Effectiveness of Section 2.01
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20
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Section 4.02 Conditions Precedent to
Borrowing
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21
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Section 5.01 Affirmative Covenants of the
Borrower
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21
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Section 5.02 Negative Covenants of the
Borrower
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22
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LIQUIDITY EVENTS OF DEFAULT AND
SPECIAL TERMINATION
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Section 6.01 Liquidity Events of
Default
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22
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Section 7.01 No Oral Modifications or
Continuing Waivers
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Section 7.03 No Waiver; Remedies
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Section 7.04 Further Assurances
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Section 7.05 Indemnification; Survival of
Certain Provisions
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Section 7.06 Liability of the Liquidity
Provider
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25
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Section 7.07 Certain Costs and
Expenses
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Section 7.08 Binding Effect;
Participations
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Section 7.09 Severability
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Section 7.10 Governing Law
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Section 7.11 Submission to Jurisdiction;
Waiver of Jury Trial; Waiver of Immunity
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Section 7.12 Counterparts
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Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
ii
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Section 7.15 Liquidity Provider’s
Obligation to Make Advances
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28
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Section 7.16 Head Office
Obligations
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28
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- Form of
Interest Advance Notice of Borrowing
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- Form of
Non-Extension Advance Notice of Borrowing
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- Form of
Downgrade Advance Notice of Borrowing
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- Form of Final
Advance Notice of Borrowing
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- Form of
Special Termination Advance Notice of Borrowing
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- Form of
Notice of Termination
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- Form of
Notice of Special Termination
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- Form of
Notice of Replacement Subordination Agent
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Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
REVOLVING CREDIT AGREEMENT
(2009-1A)
This REVOLVING
CREDIT AGREEMENT (2009-1A), dated as of July 7, 2009, is made
by and between U.S. BANK TRUST NATIONAL ASSOCIATION, a national
banking association, not in its individual capacity but solely as
Subordination Agent (such term and other capitalized terms used
herein without definition being defined as provided in
Article I) under the Intercreditor Agreement (as defined
below), as agent and trustee for the Class A Trustee (in such
capacity, together with its successors in such capacity, the
“ Borrower ”), and NATIXIS S.A (“
Natixis ”), a French societé anonyme,
acting via its New York Branch (the “ Liquidity
Provider ”).
WHEREAS, pursuant
to the Class A Trust Agreement, the Class A Trust is
issuing the Class A Certificates; and
WHEREAS, the
Borrower, in order to support the timely payment of a portion of
the interest on the Class A Certificates in accordance with
their terms, has requested the Liquidity Provider to enter into
this Agreement, providing in part for the Borrower to request in
specified circumstances that Advances be made hereunder;
NOW, THEREFORE, in
consideration of the mutual agreements herein contained, and of
other good and valuable consideration the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as
follows:
Section 1.01
Definitions . (a) The definitions stated herein apply
equally to both the singular and the plural forms of the terms
defined.
(b) All
references in this Agreement to designated “Articles”,
“Sections”, “Annexes” and other
subdivisions are to the designated Article, Section, Annex or other
subdivision of this Agreement, unless otherwise specifically
stated.
(c) The
words “herein”, “hereof” and
“hereunder” and other words of similar import refer to
this Agreement as a whole and not to any particular Article,
Section, Annex or other subdivision.
(d) Unless
the context otherwise requires, whenever the words
“including”, “include” or
“includes” are used herein, it shall be deemed to be
followed by the phrase “without limitation”.
(e) All
references in this Agreement to a Person shall include successors
and permitted assigns of such Person.
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
(f) For
the purposes of this Agreement, unless the context otherwise
requires, the following capitalized terms shall have the following
meanings:
“
Advance ” means an Interest Advance, a Final
Advance, a Provider Advance, an Unapplied Provider Advance, an
Applied Provider Advance, a Special Termination Advance, an Applied
Special Termination Advance or an Unpaid Advance, as the case may
be.
“
Agreement ” means this Agreement, as the same
may be amended, supplemented or otherwise modified from time to
time in accordance with its terms.
“
Applicable Liquidity Rate ” has the meaning
specified in Section 3.07(g).
“
Applicable Margin ” means (a) with respect
to any Interest Advance, Final Advance, Applied Provider Advance or
Applied Special Termination Advance, 4.50% per annum, (b) with
respect to any Unapplied Provider Advance, the rate per annum
specified in the Fee Letter or (c) with respect to any Special
Termination Advance, the rate per annum specified in the Fee
Letter.
“
Applied Downgrade Advance ” has the meaning
specified in Section 2.06(a).
“
Applied Non-Extension Advance ” has the meaning
specified in Section 2.06(a).
“
Applied Provider Advance ” means an Applied
Downgrade Advance or an Applied Non-Extension Advance.
“
Applied Special Termination Advance ” has the
meaning assigned to such term in Section 2.05.
“ Base
Rate ” means a fluctuating interest rate per annum in
effect from time to time, which rate per annum shall at all times
be equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published for each day in the
period for which the Base Rate is to be determined (or, if such day
is not a Business Day, for the preceding Business Day) by the
Federal Reserve Bank of New York, or if such rate is not so
published for any day that is a Business Day, the average of the
quotations for such day for such transactions received by the
Liquidity Provider from three Federal funds brokers of recognized
standing selected by it (and reasonably satisfactory to American)
plus one-quarter of one percent (0.25%).
“ Base
Rate Advanc e” means an Advance that bears interest
at a rate based upon the Base Rate.
“
Borrower ” has the meaning specified in the
introductory paragraph to this Agreement.
“
Borrowing ” means the making of Advances
requested by delivery of a Notice of Borrowing.
“
Business Day ” means any day other than a
Saturday, a Sunday or a day on which commercial banks are required
or authorized to close in New York, New York, Fort
Worth,
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
2
Texas,
Wilmington, Delaware, or, so long as any Class A Certificate
is outstanding, the city and state in which the Class A
Trustee, the Borrower or any related Loan Trustee maintains its
Corporate Trust Office or receives or disburses funds, and, if the
applicable Business Day relates to any Advance or other amount
bearing interest based on the LIBOR Rate, on which dealings are
carried on in the London interbank market.
“
Consent Period ” has the meaning specified in
Section 2.10.
“
Covered Taxes ” means any Taxes imposed by the
United States, or any political subdivision or taxing authority
thereof or therein, that are required by law to be deducted or
withheld from any amounts payable to the Liquidity Provider under
this Agreement other than (i) any Tax on, based on or measured
by net income, franchises or conduct of business, (ii) any Tax
imposed, levied, withheld or assessed as a result of any connection
between the Liquidity Provider and the United States or such
political subdivision or taxing authority, other than a connection
arising solely from the Liquidity Provider’s having executed,
delivered, performed its obligations or received a payment under,
or enforced, any Operative Agreement, (iii) any Tax
attributable to the inaccuracy in or breach by the Liquidity
Provider of any of its representations, warranties or covenants
contained in any Operative Agreement to which it is a party or the
inaccuracy of any form, certificate or document furnished pursuant
thereto, (iv) any withholding Taxes imposed by the United
States except to the extent such withholding Taxes would not have
been required to be deducted or withheld from payments hereunder
but for a change after the date hereof in the U.S. Internal Revenue
Code or the Treasury Regulations thereunder that affects the
exemption for income that is effectively connected with the conduct
of a trade or business within the United States, (v) any
withholding Taxes imposed by the United States which are imposed or
increased as a result of the Liquidity Provider failing to deliver
to the Borrower any form, certificate or document (which form,
certificate or document, in the good faith judgment of the
Liquidity Provider, it is legally entitled to provide) which is
reasonably requested by the Borrower to establish that payments
under this Agreement are exempt from (or entitled to a reduced rate
of) withholding Tax, or (vi) any change in the Lending Office
without the prior written consent of American (such consent not to
be unreasonably withheld).
“
Downgrade Advance ” means an Advance made
pursuant to Section 2.02(b)(ii).
“
Downgrade Event ” means a downgrading of the
Liquidity Provider’s Short-Term Rating issued by either
Rating Agency (or if the Liquidity Provider does not have a
Short-Term Rating issued by a given Rating Agency, the Long-Term
Rating issued by such Rating Agency) below the applicable Threshold
Rating.
“
Effective Date ” has the meaning specified in
Section 4.01. The delivery of the certificate of the Liquidity
Provider contemplated by Section 4.01(e) shall be conclusive
evidence that the Effective Date has occurred.
“
Excluded Taxes ” means (a) Taxes imposed
on the overall net income of the Liquidity Provider, (b) Taxes
imposed on the “effectively connected income” of its
Lending Office, (c) Covered Taxes that are indemnified
pursuant to Section 3.03 hereof, and (d) Taxes described
in clauses (i) through (vi) in the definition of “
Covered Taxes ”.
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
3
“
Expenses ” means liabilities, losses, damages,
costs and expenses (including, without limitation, reasonable fees
and disbursements of legal counsel), provided that Expenses
shall not include any Taxes other than sales, use and V.A.T. taxes
imposed on fees and expenses payable pursuant to
Section 7.07.
“
Expiry Date ” means July 6, 2010,
initially, or any date to which the Expiry Date is extended
pursuant to Section 2.10.
“
Final Advance ” means an Advance made pursuant
to Section 2.02(c).
“
Increased Cost ” has the meaning specified in
Section 3.01.
“
Intercreditor Agreement ” means the
Intercreditor Agreement, dated as of the date hereof, among the
Trustees, the Liquidity Provider, the liquidity provider under each
Liquidity Facility (other than this Agreement), if any, and the
Subordination Agent, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with its
terms.
“
Interest Advance ” means an Advance made
pursuant to Section 2.02(a).
“
Interest Period ” means, with respect to any
LIBOR Advance, each of the following periods:
(i) the period
beginning on the third Business Day following either (A) the
Liquidity Provider’s receipt of the Notice of Borrowing for
such LIBOR Advance or (B) the date of the withdrawal of funds
from the Class A Cash Collateral Account for the purpose of
paying interest on the Class A Certificates as contemplated by
Section 2.06(a) hereof and, in each case, ending on the next
numerically corresponding day in the first calendar month after the
first day of the applicable Interest Period; and
(ii) each
subsequent period commencing on the last day of the immediately
preceding Interest Period and ending on the numerically
corresponding day in the first calendar month after the first day
of the applicable Interest Period;
provided , however , that if (x) the Final
Advance shall have been made pursuant to Section 2.02(c) or
(y) other outstanding Advances shall have been converted into
the Final Advance pursuant to Section 6.01(a), then the
Interest Periods shall be successive periods of one month beginning
on (A) the third Business Day following the Liquidity
Provider’s receipt of the Notice of Borrowing for such Final
Advance (in the case of clause (x) above) or (B) the
Regular Distribution Date following such conversion (in the case of
clause (y) above).
“
Lending Office ” means the lending office of
the Liquidity Provider through which it acts for purposes of this
Agreement, which is presently located at 1251 Avenue of the
Americas, New York, New York, 10020, or such other lending office
as the Liquidity Provider from time to time shall notify the
Borrower as its lending office hereunder; provided that the
Liquidity Provider shall not change its Lending Office without the
prior written consent of American (such consent not to be
unreasonably withheld).
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
4
“
LIBOR Advance ” means an Advance bearing
interest at a rate based upon the LIBOR Rate.
“
LIBOR Rate ” means, with respect to any
Interest Period, (a) the interest rate per annum equal to the
rate per annum at which deposits in Dollars are offered in the
London interbank market as shown on the Reuters Screen LIBOR01 (or
such other page or screen as may replace such Reuters Screen) at
approximately 11:00 a.m. (London time) on the day that is two
Business Days prior to the first day of such Interest Period, for a
period comparable to such Interest Period, or (b) if no such
rate appears on such Reuters Screen (or otherwise as aforesaid),
the interest rate per annum equal to the average (rounded up, if
necessary, to the nearest 1/100th of 1%) of the rates per annum at
which deposits in Dollars are offered by the Reference Banks (or,
if fewer than all of the Reference Banks are quoting a rate for
deposits in Dollars for the applicable period and amount, such
fewer number of Reference Banks) at approximately 11:00 a.m.
(London time) on the day that is two Business Days prior to the
first day of such Interest Period to prime banks in the London
interbank market for a period comparable to such Interest Period
and in an amount approximately equal to the principal amount of the
LIBOR Advance to be outstanding during such Interest Period, or
(c) if none of the Reference Banks is quoting a rate for
deposits in Dollars in the London interbank market for such a
period and amount, the interest rate per annum equal to the average
(rounded up, if necessary, to the nearest 1/100th of 1%) of the
rates at which deposits in Dollars are offered by the principal New
York offices of the Reference Banks (or, if fewer than all of the
Reference Banks are quoting a rate for deposits in Dollars in the
New York interbank market for the applicable period and amount,
such fewer number of Reference Banks) at approximately
11:00 a.m. (New York time) on the day that is two Business
Days prior to the first day of such Interest Period to prime banks
in the New York interbank market for a period comparable to such
Interest Period and in an amount approximately equal to the
principal amount of the LIBOR Advance to be outstanding during such
Interest Period, or (d) if none of the principal New York
offices of the Reference Banks is quoting a rate for deposits in
Dollars in the New York interbank market for the applicable period
and amount, the Base Rate.
“
Liquidity Event of Default ” means the
occurrence of either (a) the Acceleration of all of the
Equipment Notes ( provided that, with respect to the period
prior to the Delivery Period Termination Date, the aggregate
principal balance of such Equipment Notes is in excess of
$200,000,000) or (b) an American Bankruptcy Event.
“
Liquidity Indemnitee ” means the Liquidity
Provider, its directors, officers, employees and agents, and its
successors and permitted assigns.
“
Liquidity Provider ” has the meaning specified
in the introductory paragraph to this Agreement.
“
Maximum Available Commitment ” means, subject
to the proviso contained in the third sentence of
Section 2.02(a), at any time of determination, (a) the
Maximum Commitment at such time less (b) the aggregate amount of
each Interest Advance outstanding at such time; provided
that following a Provider Advance, a Special Termination Advance or
a Final Advance, the Maximum Available Commitment shall be
zero.
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
5
“
Maximum Commitment ” means $80,384,638, as the
same may be reduced from time to time in accordance with
Section 2.04(a).
“
Non-Extension Advance ” means an Advance made
pursuant to Section 2.02(b)(i).
“
Notice of Borrowing ” has the meaning specified
in Section 2.02(e).
“
Notice of Replacement Subordination Agent ” has
the meaning specified in Section 3.08.
“
Participation ” has the meaning specified in
Section 7.08(b).
“
Performing Note Deficiency ” means any time
that less than 65% of the then aggregate outstanding principal
amount of all Equipment Notes are Performing Equipment
Notes.
“
Permitted Transferee ” means any Person
that:
(a) is not a
commercial air carrier, American or any affiliate of American;
and
(1) a commercial
banking institution organized under the laws of the United States
or any state thereof or the District of Columbia;
(2) a commercial
banking institution that (x) is organized under the laws of
France, Germany, The Netherlands, Switzerland or the United
Kingdom, (y) is entitled on the date it acquires any
Participation to a complete exemption from United States federal
income taxes for all income derived by it from the transactions
contemplated by the Operative Agreements under an income tax
treaty, as in effect on such date, between the United States and
such jurisdiction of its organization and (z) is engaged in
the active conduct of a banking business in such jurisdiction of
its organization, holds its Participation in connection with such
banking business in such jurisdiction and is regulated as a
commercial banking institution by the appropriate regulatory
authorities in such jurisdiction; or
(3) a commercial
banking institution that (x) is organized under the laws of
Canada, France, Germany, Ireland, Japan, Luxembourg, The
Netherlands, Sweden, Switzerland or the United Kingdom and
(y) is entitled on the date it acquires any Participation to a
complete exemption from withholding of United States federal income
taxes for all income derived by it from the transactions
contemplated by the Operative Agreements under laws as in effect on
such date by reason of such income being effectively connected with
the conduct of a trade or business within the United
States.
“
Prospectus Supplement ” means the Prospectus
Supplement dated June 29, 2009, relating to the Class A
Certificates, as such Prospectus Supplement may be amended or
supplemented.
“
Provider Advance ” means a Downgrade Advance or
a Non-Extension Advance.
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
6
“
Rate Determination Notice ” has the meaning
specified in Section 3.07(g).
“
Reference Banks ” means the principal London
offices of: Barclays Bank plc; JPMorgan Chase Bank; and Natixis;
and such other or additional banking institutions as may be
designated from time to time by mutual agreement of American and
the Liquidity Provider.
“
Regulatory Change ” means (x) the
enactment, adoption or promulgation, after the date of this
Agreement, of any law or regulation by a United States federal or
state government or by any government having jurisdiction over the
Liquidity Provider, or any change, after the date of this
Agreement, in any such law or regulation, or in the interpretation
thereof by any governmental authority, central bank or comparable
agency of the United States or any government having jurisdiction
over the Liquidity Provider charged with responsibility for the
administration or application thereof, that shall impose, modify or
deem applicable, or (y) the compliance by the Liquidity
Provider (or its head office) with any applicable direction or
requirement (whether or not having the force of law) of any central
bank or competent governmental or other authority, after the date
of this Agreement, with respect to: (a) any reserve, special
deposit or similar requirement against extensions of credit or
other assets of, or deposits with or other liabilities of, the
Liquidity Provider including, or by reason of, the Advances, or
(b) any capital adequacy requirement requiring the maintenance
by the Liquidity Provider of additional capital in respect of any
Advances or the Liquidity Provider’s obligation to make any
such Advances or (c) any Taxes (other than Excluded Taxes)
with respect to the amounts payable or paid to the Liquidity
Provider or any change in the basis of taxation of any amounts
payable to the Liquidity Provider (other than in respect of
Excluded Taxes).
“
Replenishment Amount ” has the meaning
specified in Section 2.06(b).
“
Required Amount ” means, for any day, the sum
of the aggregate amount of interest, calculated at the rate per
annum equal to the Stated Interest Rate for the Class A
Certificates on the basis of a 360-day year comprised of twelve
30-day months, that would be payable on the Class A
Certificates on each of the three successive semiannual Regular
Distribution Dates immediately following such day or, if such day
is a Regular Distribution Date, on such day and the succeeding two
semiannual Regular Distribution Dates, in each case calculated on
the basis of the Pool Balance of the Class A Certificates on
such day and without regard to expected future distributions of
principal on the Class A Certificates.
“
Special Termination Advance ” means an Advance
made pursuant to Section 2.02(d), other than any portion of
such Advance that becomes an Applied Special Termination
Advance.
“
Special Termination Notice ” means the Notice
of Special Termination substantially in the form of Annex
VII to this Agreement.
“
Termination Date ” means the earliest to occur
of the following: (i) the Expiry Date; (ii) the date on which
the Borrower delivers to the Liquidity Provider a certificate,
signed by a Responsible Officer of the Borrower, certifying that
all of the Class A Certificates have been paid in full (or
provision has been made for such payment in accordance with the
Intercreditor Agreement and the Class A Trust Agreement) or
are otherwise no longer entitled to the benefits of this Agreement;
(iii) the date on which the Borrower delivers to the Liquidity
Provider a
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
7
certificate,
signed by a Responsible Officer of the Borrower, certifying that a
Replacement Liquidity Facility has been substituted for this
Agreement in full pursuant to Section 3.05(e) of the
Intercreditor Agreement; (iv) the fifth Business Day following
the receipt by the Borrower of a Termination Notice or a Special
Termination Notice from the Liquidity Provider pursuant to Section
6.01(a) or 6.01(b), as applicable; and (v) the date on which
no Advance is or may (including by reason of reinstatement as
herein provided) become available for a Borrowing
hereunder.
“
Termination Notice ” means the Notice of
Termination substantially in the form of Annex VI to this
Agreement.
“
Unapplied Provider Advance ” means any Provider
Advance other than an Applied Provider Advance.
“
Unpaid Advance ” has the meaning specified in
Section 2.05.
For the purposes
of this Agreement, the following terms shall have the respective
meanings specified in the Intercreditor Agreement:
“Acceleration”,
“American”, “American Bankruptcy Event”,
“Certificate”, “Class A Cash Collateral
Account”, “Class A Certificates”,
“Class A Certificateholders”, “Class A
Trust”, “Class A Trust Agreement”,
“Class A Trustee”, “Class B
Certificates”, “Closing Date”, “Collection
Account”, “Corporate Trust Office”,
“Distribution Date”, “Dollars”,
“Downgraded Facility”, “Equipment Notes”,
“Fee Letter”, “Final Legal Distribution
Date”, “Indenture”, “Interest Payment
Date”, “Investment Earnings”, “Liquidity
Facility”, “Loan Trustee”, “Long-Term
Rating”, “Non-Extended Facility”,
“Operative Agreements”, “Participation
Agreements”, “Performing Equipment Note”,
“Person”, “Pool Balance”, “Rating
Agencies”, “Regular Distribution Date”,
“Replacement Liquidity Facility”, “Responsible
Officer”, “Series A Equipment Notes”,
“Scheduled Payment”, “Short-Term Rating”,
“Special Payment”, “Stated Interest Rate”,
“Subordination Agent”, “Taxes”,
“Threshold Rating”, “Trust Agreement”,
“Trustee”, “Underwriters”,
“Underwriting Agreement”, and “United
States”.
AMOUNT AND TERMS OF THE
COMMITMENT
Section 2.01
The Advances . The Liquidity Provider hereby irrevocably
agrees, on the terms and conditions hereinafter set forth, to make
Advances to the Borrower from time to time on any Business Day
during the period from the Effective Date until 12:00 noon (New
York City time) on the Expiry Date (unless the obligations of the
Liquidity Provider shall be earlier terminated in accordance with
the terms of Section 2.04(b)) in an aggregate amount at any
time outstanding not to exceed the Maximum Commitment.
Section 2.02
Making of Advances . (a) Each Interest Advance shall be
made by the Liquidity Provider upon delivery to the Liquidity
Provider of a written and completed Notice of Borrowing in
substantially the form of Annex I , signed by a Responsible
Officer of the Borrower, such Interest Advance to be in an amount
not exceeding the Maximum Available
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
8
Commitment at
such time and used solely for the payment when due of interest with
respect to the Class A Certificates at the Stated Interest
Rate therefor in accordance with Section 3.05(a) and 3.05(b)
of the Intercreditor Agreement. Each Interest Advance made
hereunder shall automatically reduce the Maximum Available
Commitment and the amount available to be borrowed hereunder by
subsequent Advances by the amount of such Interest Advance (subject
to reinstatement as provided in the next sentence). Upon repayment
to the Liquidity Provider in full or in part of the amount of any
Interest Advance made pursuant to this Section 2.02(a),
together with accrued interest thereon (as provided herein), the
Maximum Available Commitment shall be reinstated by an amount equal
to the amount of such Interest Advance so repaid, but not to exceed
the Maximum Commitment; provided , however , that the
Maximum Available Commitment shall not be so reinstated at any time
if (x) both a Performing Note Deficiency exists and a
Liquidity Event of Default shall have occurred and be continuing or
(y) a Final Advance, a Downgrade Advance, a Non-Extension
Advance or a Special Termination Advance shall have
occurred.
(b)
(i) A Non-Extension Advance shall be made by the Liquidity
Provider if this Agreement is not extended in accordance with
Section 3.05(d) of the Intercreditor Agreement unless a
Replacement Liquidity Facility to replace this Agreement shall have
been previously delivered to the Borrower in accordance with said
Section 3.05(d), upon delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form
of Annex II , signed by a Responsible Officer of the
Borrower, in an amount equal to the Maximum Available Commitment at
such time, and shall be used to fund the Class A Cash
Collateral Account in accordance with Sections 3.05(d) and
3.05(f) of the Intercreditor Agreement.
(ii) A
Downgrade Advance shall be made by the Liquidity Provider upon the
occurrence of a Downgrade Event (as provided for in
Section 3.05(c) of the Intercreditor Agreement) unless a
Replacement Liquidity Facility to replace this Agreement shall have
been previously delivered to the Borrower in accordance with said
Section 3.05(c), upon delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form
of Annex III , signed by a Responsible Officer of the
Borrower, in an amount equal to the Maximum Available Commitment at
such time, and shall be used to fund the Class A Cash
Collateral Account in accordance with Sections 3.05(c) and 3.05(f)
of the Intercreditor Agreement.
(c) A
Final Advance shall be made by the Liquidity Provider following the
receipt by the Borrower of a Termination Notice from the Liquidity
Provider pursuant to Section 6.01(a) upon delivery to the
Liquidity Provider of a written and completed Notice of Borrowing
in substantially the form of Annex IV , signed by a
Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to
fund the Class A Cash Collateral Account (in accordance with
Sections 3.05(f) and 3.05(i) of the Intercreditor
Agreement).
(d) A
Special Termination Advance shall be made in a single Borrowing
upon the receipt by the Borrower of a Special Termination Notice
from the Liquidity Provider pursuant to Section 6.01(b), by
delivery to the Liquidity Provider of a written and
completed
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
9
Notice of
Borrowing in substantially the form of Annex V , signed by a
Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to
fund the Class A Cash Collateral Account (in accordance with
Section 3.05(f) and Section 3.05(k) of the Intercreditor
Agreement).
(e) Each
Borrowing shall be made by notice in writing (a “
Notice of Borrowing ”) in substantially the
form required by Section 2.02(a), 2.02(b), 2.02(c) or 2.02(d),
as the case may be, given by the Borrower to the Liquidity
Provider. If a Notice of Borrowing is delivered by the Borrower in
respect of any Borrowing no later than 12:30 p.m. (New York
City time) on a Business Day, upon satisfaction of the conditions
precedent set forth in Section 4.02 with respect to such
requested Borrowing, the Liquidity Provider shall make available to
the Borrower, in accordance with its payment instructions, the
amount of such Borrowing in Dollars and immediately available
funds, before 4:00 p.m. (New York City time) on such Business Day
or before 12:30 p.m. (New York City time) on such later
Business Day specified in such Notice of Borrowing. If a Notice of
Borrowing is delivered by the Borrower in respect of any Borrowing
after 12:30 p.m. (New York City time) on a Business Day, upon
satisfaction of the conditions precedent set forth in
Section 4.02 with respect to such requested Borrowing, the
Liquidity Provider shall make available to the Borrower, in
accordance with its payment instructions, the amount of such
Borrowing in Dollars and immediately available funds, before 1:00
p.m. (New York City time) on the first Business Day next following
the day of receipt of such Notice of Borrowing or on such later
Business Day specified by the Borrower in such Notice of Borrowing.
Payments of proceeds of a Borrowing shall be made by wire transfer
of immediately available funds to the Borrower in accordance with
such wire transfer instructions as the Borrower shall furnish from
time to time to the Liquidity Provider for such purpose. Each
Notice of Borrowing shall be irrevocable and binding on the
Borrower. Each Notice of Borrowing shall be effective upon delivery
of a copy thereof to the Liquidity Provider at the address and in
the manner specified in Section 7.02 hereof.
(f) Upon
the making of any Advance requested pursuant to a Notice of
Borrowing in accordance with the Borrower’s payment
instructions, the Liquidity Provider shall be fully discharged of
its obligation hereunder with respect to such Notice of Borrowing,
and the Liquidity Provider shall not thereafter be obligated to
make any further Advances hereunder in respect of such Notice of
Borrowing to the Borrower or to any other Person (including the
Class A Trustee or any Class A Certificateholder). If the
Liquidity Provider makes an Advance requested pursuant to a Notice
of Borrowing before 12:00 noon (New York City time) on the second
Business Day after the date of payment specified in
Section 2.02(e), the Liquidity Provider shall have fully
discharged its obligations hereunder with respect to such Advance
and an event of default shall not have occurred hereunder.
Following the making of any Advance pursuant to
Section 2.02(b), 2.02(c) or 2.02(d) to fund the Class A
Cash Collateral Account, the Liquidity Provider shall have no
interest in or rights to the Class A Cash Collateral Account,
such Advance or any other amounts from time to time on deposit in
the Class A Cash Collateral Account; provided that the
foregoing shall not affect or impair the obligations of the
Subordination Agent to make the distributions contemplated by
Section 3.05(e) or 3.05(f) of the Intercreditor Agreement. By
paying to the Borrower proceeds of Advances requested by the
Borrower in accordance with the provisions of this Agreement, the
Liquidity Provider makes no
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
10
representation
as to, and assumes no responsibility for, the correctness or
sufficiency for any purpose of the amount of the Advances so made
and requested.
Section 2.03
Fees . The Borrower agrees to pay to the Liquidity Provider
the fees set forth in the Fee Letter.
Section 2.04
Reduction or Termination of the Maximum Commitment . (a)
Automatic Reduction . Promptly following each date on which
the Required Amount is reduced as a result of a reduction in the
Pool Balance of the Class A Certificates, the Maximum
Commitment shall automatically be reduced to an amount equal to
such reduced Required Amount (as calculated by the Borrower). The
Borrower shall give notice of any such automatic reduction of the
Maximum Commitment to the Liquidity Provider and American within
two Business Days thereof. The failure by the Borrower to furnish
any such notice shall not affect any such automatic reduction of
the Maximum Commitment.
(b)
Termination . Upon the making of any Provider Advance,
Special Termination Advance or Final Advance hereunder or the
occurrence of the Termination Date, the obligation of the Liquidity
Provider to make further Advances hereunder shall automatically and
irrevocably terminate, and the Borrower shall not be entitled to
request any further Borrowing hereunder.
Section 2.05
Repayments of Interest Advances, the Special Termination Advance
or the Final Advance . Subject to Sections 2.06, 2.07 and
2.09 hereof, the Borrower hereby agrees, without notice of an
Advance or demand for repayment from the Liquidity Provider (which
notice and demand are hereby waived by the Borrower), to pay, or to
cause to be paid, to the Liquidity Provider (a) on each date on
which the Liquidity Provider shall make an Interest Advance, the
Special Termination Advance or the Final Advance, an amount equal
to the amount of such Advance (any such Advance, until repaid, is
referred to herein as an “ Unpaid Advance
”), plus (b) interest on the amount of each such Unpaid
Advance in the amounts and on the dates determined as provided in
Section 3.07; provided that if (i) the Liquidity
Provider shall make a Provider Advance at any time after making one
or more Interest Advances which shall not have been repaid in
accordance with this Section 2.05 or (ii) this Liquidity
Facility shall become a Downgraded Facility or Non-Extended
Facility at any time when unreimbursed Interest Advances have
reduced the Maximum Available Commitment to zero, then such
Interest Advances shall cease to constitute Unpaid Advances and
shall be deemed to have been changed into an Applied Downgrade
Advance or an Applied Non-Extension Advance, as the case may be,
for all purposes of this Agreement (including, without limitation,
for the purpose of determining when such Interest Advance is
required to be repaid to the Liquidity Provider in accordance with
Section 2.06 and for the purposes of Section 2.06(b));
provided , further , that amounts in respect of a
Special Termination Advance withdrawn from the Class A Cash
Collateral Account for the purpose of paying interest on the Class
A Certificates in accordance with Section 3.05(f) of the
Intercreditor Agreement (the amount of any such withdrawal being an
“ Applied Special Termination Advance ”)
shall thereafter (subject to Section 2.06(b)) be treated as an
Interest Advance under this Agreement for purposes of determining
the Applicable Liquidity Rate for interest payable thereon; and
provided , further , that if, following the making of
a Special Termination Advance, the Liquidity Provider delivers a
Termination Notice to the Borrower
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
11
pursuant to
Section 6.01(a), such Special Termination Advance shall
thereafter be treated as a Final Advance under this Agreement for
purposes of determining the Applicable Liquidity Rate for interest
payable thereon. The Borrower and the Liquidity Provider agree that
the repayment in full of each Interest Advance, Special Termination
Advance and Final Advance on the date such Advance is made is
intended to be a contemporaneous exchange for new value given to
the Borrower by the Liquidity Provider. For the avoidance of doubt,
interest payable on an Interest Advance, Special Termination
Advance or the Final Advance shall not be regarded as overdue
unless such interest is not paid when due under
Section 3.07.
Section 2.06
Repayments of Provider Advances . (a) Amounts advanced
hereunder in respect of a Provider Advance shall be deposited in
the Class A Cash Collateral Account and invested and withdrawn
from the Class A Cash Collateral Account as set forth in
Sections 3.05(c), 3.05(d), 3.05(e) and 3.05(f) of the
Intercreditor Agreement. Subject to Sections 2.07 and 2.09,
the Borrower agrees to pay to the Liquidity Provider, on each
Regular Distribution Date, commencing on the first Regular
Distribution Date after the making of a Provider Advance, interest
on the principal amount of any such Provider Advance, in the
amounts determined as provided in Section 3.07; provided ,
however , that amounts in respect of a Provider Advance
withdrawn from the Class A Cash Collateral Account for the
purpose of paying interest on the Class A Certificates in
accordance with Section 3.05(f) of the Intercreditor Agreement
(the amount of any such withdrawal being (y), in the case of a
Downgrade Advance, an “ Applied Downgrade
Advance ” and (z) in the case of a Non-Extension
Advance, an “ Applied Non-Extension Advance
” and together with an Applied Downgrade Advance, an “
Applied Provider Advance ”) shall thereafter
(subject to Section 2.06(b)) be treated as an Interest Advance
under this Agreement for purposes of determining the Applicable
Liquidity Rate for interest payable thereon; provided ,
further , however , that if, following the making of
a Provider Advance, the Liquidity Provider delivers a Termination
Notice to the Borrower pursuant to Section 6.01(a), such
Provider Advance shall thereafter be treated as a Final Advance
under this Agreement for purposes of determining the Applicable
Liquidity Rate for interest payable thereon. Subject to
Sections 2.07 and 2.09, immediately upon the withdrawal of any
amounts from the Class A Cash Collateral Account on account of
a reduction in the Required Amount, the Borrower shall repay to the
Liquidity Provider a portion of the Provider Advances in a
principal amount equal to such reduction, plus interest on the
principal amount prepaid as provided in
Section 3.07.
(b) At
any time when an Applied Provider Advance or Applied Special
Termination Advance (or any portion thereof) is outstanding, upon
the deposit in the Class A Cash Collateral Account of any
amount pursuant to clause “fourth” of Section 3.02
of the Intercreditor Agreement (any such amount being a “
Replenishment Amount ”) for the purpose of
replenishing or increasing the balance thereof up to the Required
Amount at such time, (i) the aggregate outstanding principal
amount of all Applied Provider Advances and Applied Special
Termination Advances (and of Provider Advances and Special
Termination Advances treated as Interest Advances for purposes of
determining the Applicable Liquidity Rate for interest payable
thereon) shall be automatically reduced by the amount of such
Replenishment Amount, and (ii) the aggregate outstanding
principal amount of all Unapplied Provider Advances and Special
Termination Advances shall be automatically increased by the amount
of such Replenishment Amount.
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
12
(c) Upon
the provision of a Replacement Liquidity Facility in replacement of
this Agreement in accordance with Section 3.05(e) of the
Intercreditor Agreement, as provided in Section 3.05(f) of the
Intercreditor Agreement, amounts remaining on deposit in the
Class A Cash Collateral Account after giving effect to any
Applied Provider Advance on the date of such replacement shall be
reimbursed to the Liquidity Provider, but only to the extent such
amounts are necessary to repay in full to the Liquidity Provider
all amounts owing to it hereunder.
Section 2.07
Payments to the Liquidity Provider Under the Intercreditor
Agreement . In order to provide for payment or repayment to the
Liquidity Provider of any amounts hereunder, the Intercreditor
Agreement provides that amounts available and referred to in
Articles II and III of the Intercreditor Agreement, to the extent
payable to the Liquidity Provider pursuant to the terms of the
Intercreditor Agreement (including, without limitation,
Section 3.05(f) of the Intercreditor Agreement), shall be paid
to the Liquidity Provider in accordance with the terms thereof
(but, for the avoidance of doubt, without duplication of or
increase in any amounts payable hereunder). Amounts so paid to the
Liquidity Provider shall be applied by the Liquidity Provider in
the order of priority required by the applicable provisions of
Articles II and III of the Intercreditor Agreement and shall
discharge in full the corresponding obligations of the Borrower
hereunder.
Section 2.08
Book Entries . The Liquidity Provider shall maintain in
accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower resulting from Advances
made from time to time and the amounts of principal and interest
payable hereunder and paid from time to time in respect thereof;
provided , however , that the failure by the
Liquidity Provider to maintain such account or accounts shall not
affect the obligations of the Borrower in respect of
Advances.
Section 2.09
Payments from Available Funds Only . All payments to be made
by the Borrower under this Agreement shall be made only from the
amounts that constitute Scheduled Payments, Special Payments and
other payments under the Operative Agreements, including payment
under Section 4.02 of the Participation Agreements and
payments under Section 2.14 of the Indentures, and only to the
extent that the Borrower shall have sufficient income or proceeds
therefrom to enable the Borrower to make payments in accordance
with the terms hereof after giving effect to the priority of
payments provisions set forth in the Intercreditor Agreement. The
Liquidity Provider agrees that it will look solely to such amounts
to the extent available for distribution to it as provided in the
Intercreditor Agreement and this Agreement and that the Borrower,
in its individual capacity, is not personally liable to it for any
amounts payable or liability under this Agreement except as
expressly provided in this Agreement, the Intercreditor Agreement
or any Participation Agreement. Amounts on deposit in the
Class A Cash Collateral Account shall be available to the
Borrower to make payments under this Agreement only to the extent
and for the purposes expressly contemplated in Section 3.05(f)
of the Intercreditor Agreement.
Section 2.10
Extension of the Expiry Date; Non-Extension Advance . No
earlier than the 60th day and no later than the 40th day prior to
the then effective Expiry Date (unless such Expiry Date is on or
after the date that is 15 days after the Final Legal
Distribution Date for the Class A Certificates), the Borrower shall
request that the Liquidity Provider extend the Expiry
Revolving Credit Agreement (Class
A)
(2009-1 Aircraft EETC)
13
Date to the
earlier of (i) the date that is 15 days after the Final
Legal Distribution Date for the Class A Certificates and
(ii) the date that is the day immediately preceding the 364th
day occurring after the last day of the Consent Period (as
hereinafter defined). Whether or not the Borrower has made such
request, the Liquidity Provider shall advise the Borrower no
earlier than the 40th day (or, if earlier, the date of the
Liquidity Provider’s receipt of such request, if any, from
the Borrower) and no later than the 25th day prior to the then
effective Expiry Date (such period, the “ Consent
Period ”), whether, in its sole discretion, it agrees
to so extend the Expiry Date. If the Liquidity Provider advises the
Borrower on or before the date on which the Consent Period ends
that such Expiry Date shall not be so extended, or fails to
irrevocably and unconditionally advise the Borrower on or before
the date on which the Consent Period ends that such Expiry Date
shall be so extended (and, in each case, if the Liquidity Provider
shall not have been replaced in accordance with Section 3.5(e)
of the Intercreditor Agreement), the Borrower shall be entitled on
and after the date on which the Consent Period ends (but prior to
the then effective Expiry Date) to request a Non-Extension Advance
in accordance with Section 2.02(b)(i) and Section 3.5(d) of
the Intercreditor Agreement.
OBLIGATIONS OF THE
BORROWER
Section 3.01
Increased Costs . Without duplication of any rights created
by Section 3.03, if as a result of any Regulatory Change there
shall be any increase by an amount reasonably deemed by the
Liquidity Provider to be material in the actual cost to the
Liquidity Provider of making, funding or maintaining any LIBOR
Advances or its obligation to make any such LIBOR Advances or there
shall be any reduction by an amount reasonably deemed by the
Liquidity Provider to be material in the amount receivable by the
Liquidity Provider under this Agreement or
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