Document:

SCHEDULE
                                     to the
                                MASTER AGREEMENT

                           dated as of March 25, 2002

                                     between

MERRILL LYNCH CAPITAL SERVICES, INC. and    WILMINGTON TRUST COMPANY, a Delaware
a corporation organized under               corporation, in its capacity as
the laws of the State of Delaware           Subordination Agent on behalf of
("PARTY A")                                 Trustee under the Pass Through Trust
                                            Agreement dated as of September 25,
                                            1997 between Wilmington Trust
                                            Company and Continental Airlines,
                                            Inc., as supplemented by the
                                            Supplement No. 2002-1G-1-O dated as
                                            of March 25, 2002 ("PARTY B")

                                     PART 1
                             TERMINATION PROVISIONS

In this Agreement:

(A)   SPECIFIED ENTITY. None.

(B)   SPECIFIED TRANSACTION. Specified Transaction will have the meaning
      specified in Section 14.

(C)   EVENTS OF DEFAULT. The "Events of Default" set forth in Section 5(a) will
      not apply to Party B but will apply to Party A (subject to clause (d)
      below).

(D)   CROSS DEFAULT. The "Cross Default" provision of Section 5(a)(vi) will not
      apply.

(E)   CREDIT EVENT UPON MERGER. The "Credit Event Upon Merger" provisions of
      Section 5(b)(iv) will not apply.

(F)   ILLEGALITY, TAX EVENT AND TAX EVENT UPON MERGER. The "Illegality"
      provisions of Section 5(b)(i), the "Tax Event" provisions of Section
      5(b)(ii), and the "Tax Event Upon Merger" provisions of Section 5(b)(iii)
      will not apply to Party B but will apply to Party A.

(G)   AUTOMATIC EARLY TERMINATION. The "Automatic Early Termination" provision
      of Section 6(a) will not apply.

<PAGE>

(H)   PAYMENTS ON EARLY TERMINATION. Section 6(e) is amended by deleting the
      existing provisions thereof and substituting the following: "The amount
      payable on any early termination of a Transaction evidenced by a
      Confirmation shall be an amount equal to the "Termination Amount" (as
      defined in such Confirmation) and such amount shall only be payable by
      Party A."

(I)   TERMINATION CURRENCY. "Termination Currency" means United States Dollars.

(J)   ADDITIONAL TERMINATION EVENT. Additional Termination Event will not apply
      unless otherwise specified in a Confirmation.

(K)   LIMITATIONS ON CONDITIONS PRECEDENT. Notwithstanding Section 2(a) as
      incorporated in any Confirmation, the obligation of Party A to make each
      payment specified in such Confirmation, so long as it shall remain in
      effect, shall not be subject to any conditions precedent, and, without
      limiting the foregoing, Party A agrees that it will make each such payment
      without offset, counterclaim or defense.

<PAGE>

                                     PART 2
                               TAX REPRESENTATIONS

(A)   PAYER TAX REPRESENTATIONS. For the purpose of Section 3(e), Party A and
      Party B each make the following representation:

      It is not required by any applicable law, as modified by the practice of
      any relevant governmental revenue authority, of any Relevant Jurisdiction
      to make any deduction or withholding for or on account of any Tax from any
      payment (other than interest under Section 2(e), 6(d)(ii) or 6(e)) to be
      made by it to the other party under this Agreement. In making this
      representation, it may rely on:

      (i)   the accuracy of any representation made by the other party pursuant
            to Section 3(f);

      (ii)  the satisfaction of the agreement of the other party contained in
            Section 4(a)(i) or 4(a)(iii) and the accuracy and effectiveness of
            any document provided by the other party pursuant to Section 4(a)(i)
            or 4(a)(iii); and

      (iii) the satisfaction of the agreement of the other party contained in
            Section 4(d); provided that it shall not be a breach of this
            representation where reliance is placed on clause (ii), and the
            other party does not deliver a form or document under Section
            4(a)(iii) by reason of material prejudice to its legal or commercial
            position.

(B)   PAYEE REPRESENTATIONS. For the purpose of Section 3(f) of this Agreement,
      Party A and Party B make the following representations, respectively:

      (i)   The following representation applies to Party A:

            Party A is a corporation organized under the laws of Delaware.

      (ii)  The following representation applies to Party B:

            Party B is a corporation organized under the laws of Delaware.

<PAGE>

                                     PART 3
                         AGREEMENT TO DELIVER DOCUMENTS
       EACH PARTY AGREES TO DELIVER THE FOLLOWING DOCUMENTS AS APPLICABLE:

      For the purpose of Section 4(a)(ii), documents to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO      FORM/DOCUMENT/                 DATE BY WHICH TO BE          COVERED BY SECTION 3(D)
DELIVER DOCUMENTS      CERTIFICATE                    DELIVERED                    REPRESENTATION
<S>                    <C>                            <C>                          <C>

Party A and Party B    Evidence reasonably            Upon execution of this       Yes
                       satisfactory to the other      Agreement and, if
                       party as to the names,         requested, upon execution
                       true signatures and            of any Confirmation.
                       authority of the officer
                       or officials signing this
                       Agreement or any
                       Confirmation on its behalf

Party A                A copy of the annual           Upon request, as soon as     Yes
                       report for Party A             publicly available
                       containing audited or
                       certified financial
                       statements for the most
                       recently ended financial
                       year

Party A                Opinion of counsel to          Upon execution of this       No
                       Party A reasonably             Agreement
                       satisfactory in form and
                       substance to Party B
                       attached hereto as Exhibit B
</TABLE>

<PAGE>

                                     PART 4
                                  MISCELLANEOUS

(A)   ADDRESSES FOR NOTICES. For the purpose of Section 12(a):

      (i)   Address for notices or communications to Party A :

                    Address:  MERRILL LYNCH WORLD HEADQUARTERS
                              4 WORLD FINANCIAL CENTER, 18TH FLOOR
                              NEW YORK, NEW YORK 10080
                              Attention:       SWAP GROUP

                              Facsimile No.:  646 805-0218
                              Telephone No.:  212 449-7403

      (For  all purposes.)

Additionally, a copy of all notices pursuant to Sections 5, 6, and 7 as well as
any changes to counterparty's address, telephone number or facsimile number
should be sent to:

                              GMI COUNSEL
                              MERRILL LYNCH WORLD HEADQUARTERS
                              4 WORLD FINANCIAL CENTER , 12TH FLOOR
                              NEW YORK, NEW YORK 10080
                              ATTENTION:      SWAPS LEGAL
                              FACSIMILE NO.:  212 449-6993

Telephone number for oral confirmation of receipt of facsimile in legible form:
212-449-2311

Designated responsible employee for the purposes of Section 12(a)(iii):
Christopher Wildes

      (ii)  Address for notices or communications to Party B:

                    Wilmington Trust Company
                    One Rodney Square
                    1100 N. Market Street
                    Wilmington, Delaware 19890-0001

                    Telephone No.: 302-651-8813
                    Facsimile No.: 302-651-8882

      (For  all purposes.)

(B)   OFFICES. The provisions of Section 10(a) will apply to this Agreement.

(C)   MULTIBRANCH PARTY. For the purpose of Section 10(c):

      Party A is not a Multibranch Party.
      Party B is not a Multibranch Party.

<PAGE>

(D)   CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
      agreed in a Confirmation in relation to the relevant Transaction, and
      unless an Event of Default with respect to Party A has occurred and is
      continuing, in which case Party B may appoint at its own expense one of
      the following five entities as Calculation Agent: The Chase Manhattan
      Bank, Credit Suisse First Boston, Bank of America, N.A., Deutsche Bank
      A.G. or Citibank, N.A.

(E)   CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

      Party A: Guarantee of Merrill Lynch & Co., Inc. ("ML & Co.") in the form
      attached hereto as Exhibit A.

(F)   CREDIT SUPPORT PROVIDER.

      Credit Support Provider means in relation to Party A: ML & Co.

      Credit Support Provider means in relation to Party B: None.

(G)   GOVERNING LAW. This Agreement and each Confirmation will be governed by
      and construed in accordance with the laws of the State of New York.

(H)   NETTING OF PAYMENTS. The netting of payments provision set forth in
      Section 2(c) will not apply to any Transaction.

(I)   AFFILIATE. Affiliate will have the meaning specified in Section 14.

<PAGE>

                                     PART 5
                                OTHER PROVISIONS

(A) DEFINITIONS. Unless otherwise specified in a Confirmation, this Agreement
and each Transaction between the parties are subject to the 2000 ISDA
Definitions and Annex to the 2000 ISDA Definitions (June 2000 Version) as
published by the International Swap Dealers Association, Inc. (collectively, the
"Definitions"), and will be governed in all relevant respects by the provisions
set forth in the Definitions, without regard to any amendment to the Definitions
subsequent to the date hereof. The provisions of the Definitions are
incorporated by reference in and shall be deemed a part of this Agreement,
except that references in the Definitions to a "Swap Transaction" shall be
deemed references to a "Transaction" for purposes of this Agreement. In the
event of any inconsistency between the provisions of this Agreement and the
Definitions, this Agreement will prevail. "Intercreditor Agreement" as used in
this Agreement shall mean the Intercreditor Agreement dated as of March 25, 2002
among Wilmington Trust Company, as Trustee under the Continental Airlines Pass
Through Trust 2002-1G-1, Continental Airlines Pass Through Trust 2002-1G-2,
Continental Airlines Pass Through Trust 2002-1H and Continental Airlines Pass
Through Trust 2002-1I, Landesbank Hessen-Thuringen Girozentrale, as Class G-1
Primary Liquidity Provider and Class G-2 Primary Liquidity Provider, Merrill
Lynch Capital Services, Inc., as Class G-1 Above-Cap Liquidity Provider, Ambac
Assurance Corporation, as Policy Provider, and Wilmington Trust Company, as
Subordination Agent and Trustee.

(B) INDEPENDENT RELIANCE. Except as provided in Section 3 of this Agreement,
Party A and Party B each represents to the other that it is entering into this
Agreement and will enter into each Transaction in reliance upon such tax,
accounting, regulatory, legal, and financial advice as it deems necessary and
not upon any view expressed by the other.

(C) WAIVER OF JURY TRIAL. Each party hereby waives its respective right to jury
trial with respect to any litigation arising under, or in connection with, this
Agreement or any Transaction.

(D) NON-PETITION. Party A agrees that it will not, prior to the Termination Date
of any Confirmation and the date that is one year and one day following the
final payment of the Certificates (as defined in the Intercreditor Agreement),
acquiesce, petition or otherwise invoke or cause, or join in invoking or
causing, Party B or any other person or entity to invoke the process of any
governmental authority for the purpose of commencing or sustaining a case
(whether voluntary or involuntary) against Party B under any bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of Party B or any
substantial part of its property or ordering the winding-up or liquidation of
the affairs of Party B.

(E) WAIVER OF CONTRACTUAL RIGHT OF SETOFF. Notwithstanding any provision of this
Agreement as incorporated in any Confirmation or any other existing or future
agreement, each party irrevocably waives any and all contractual rights it may
have to set off, net, recoup or otherwise withhold or suspend or condition
payment or performance of any obligation between the two parties hereunder
against any obligations between the two parties under any other agreements or
otherwise.

<PAGE>

(F) AMENDMENTS. This Agreement is hereby further amended as follows:

      (1)   Section 2(b) is hereby amended by the insertion of the following at
            the end thereof after the word "change": "provided that if such new
            account shall not be in the same jurisdiction having the same power
            to tax as the original account, the party not changing its account
            shall not be obliged to pay any greater amounts and shall not
            receive less as a result of such change than would have been the
            case if such change had not taken place."

      (2)   Section 2(d) is amended by adding thereto a new final sentence
            reading as follows: "Anything in this Section 2(d) to the contrary
            notwithstanding, Party B shall not be obligated to make any payment
            under this Section 2(d) to Party A".

      (3)   Section 6 is amended as follows:

            (A)   The first paragraph in Section 6(b)(ii) shall be amended by
                  adding the words "(so long as the transferee's obligations
                  under this Agreement are supported by a Credit Support
                  Document in such form as shall permit each Rating Agency (as
                  defined in the Intercreditor Agreement) to issue a Ratings
                  Confirmation (as defined in the Intercreditor Agreement)
                  unless such transferee meets the Threshold Rating (as defined
                  in the Intercreditor Agreement)) or, at its own expense, to
                  arrange within such 20 days for one or more Replacement
                  Above-Cap Liquidity Providers (as defined in the Intercreditor
                  Agreement) to issue and deliver a Replacement Above-Cap
                  Liquidity Facility (as defined in the Intercreditor Agreement)
                  to Party B" after the words "its Offices or Affiliates"
                  appearing in the penultimate line thereof;

            (B)   The second paragraph in Section 6(b)(ii) shall be deleted in
                  its entirety;

            (C)   Section 6(b) shall be amended by adding thereto a new final
                  sentence reading as follows: "Anything in this Section 6(b) to
                  the contrary notwithstanding, the following provisions will
                  apply in the case of an Illegality under Section 5(b)(i): (1)
                  within 10 days after it gives notice under Section 6(b)(i),
                  the Affected Party will use all reasonable efforts to transfer
                  all of its rights and obligations under this Agreement in
                  respect of the Affected Transactions to another of its Offices
                  or Affiliates (so long as the transferee's obligations under
                  this Agreement are supported by a Credit Support Document in
                  such form as shall permit each Rating Agency (as defined in
                  the Intercreditor Agreement) to issue a Ratings Confirmation
                  (as defined in the Intercreditor Agreement) unless such
                  transferee meets the Threshold Rating (as defined in the
                  Intercreditor Agreement)) so that such Illegality ceases to
                  exist; (2) if the Affected Party is not able to make such a
                  transfer within such 10 days, such 10th day (or if such 10th
                  day is not a Business Day (as defined in the Intercreditor
                  Agreement), the next succeeding Business Day) will be deemed
                  to have been effectively designated as an Early Termination
                  Date in respect of all Affected Transactions; and (3) the

<PAGE>

                  provisions of Section 6(b)(iv) will not apply to such
                  Illegality."; and

            (D)   Section 6(d)(ii) shall be amended by deleting the existing
                  provisions thereof and substituting therefor the following:
                  "On any Early Termination Date, Party A will make a
                  termination payment to Party B in an amount equal to the
                  Termination Amount (as defined in the Confirmation) for such
                  Early Termination Date for credit to the Class G-1 Above-Cap
                  Collateral Account (as defined in, and as provided for Section
                  3.6(f) of, the Intercreditor Agreement) to be applied as set
                  forth in such Section 3.6(f) plus the amount of all other
                  unpaid sums due and payable by Party A under this Agreement on
                  or prior to such Early Termination Date and upon such payment,
                  the Transaction evidenced by the Confirmation dated the date
                  hereof shall terminate."

      (4)   Section 7 is amended by adding thereto a new penultimate sentence
            reading as follows: "Any purported transfer under Section 6(b) or
            this Section 7 shall require Ratings Confirmation (as defined in the
            Intercreditor Agreement)".

      (5)   Section 9(b) is amended by adding thereto a new sentence reading as
            follows: "In addition, no amendment, modification or waiver in
            respect of this Agreement will be effective unless Ratings
            Confirmation (as defined in the Intercreditor Agreement) is
            received".

(G) LIMITATION OF LIABILITY. The obligations of Party B under this Agreement,
and in respect of the Transaction evidenced by any Confirmation, are expressly
limited to the extent of funds, if any, made available for such payment to Party
B under, and in accordance with, the priorities of payments set forth in
Sections 2.4(b), 3.2, 3.3 and 3.6 of the Intercreditor Agreement. No recourse
under any obligation, covenant or agreement of Party B contained in this
Agreement or any Confirmation shall be had against any incorporator,
stockholder, agent, affiliate, officer, employee or trustee of Party B, as such,
by the enforcement of any assessment or by any legal or equitable proceeding, by
virtue of any statute or otherwise; it being expressly agreed and understood
that the agreements of Party B contained in this Agreement or any Confirmation
are solely trust obligations of Party B and that no personal liability
whatsoever shall attach to or be incurred by the incorporators, stockholders,
agents, affiliates, officers, employees or trustees of Party B, as such, or any
of them, under or by reason of any of the obligations, covenants or agreements
of Party B contained in this Agreement or any Confirmation and that any and all
personal liability of every such incorporator, stockholder, agent, affiliate,
officer, employee or trustee of Party B for breaches by Party B of any such
obligation, covenant or agreement, which liability may arise either at common
law or at equity, by statute or constitution, or otherwise, is hereby expressly
waived as a condition of and in consideration for the execution of this
Agreement; PROVIDED, HOWEVER, that nothing in this paragraph shall relieve any
of the foregoing persons from any liability which any such person may otherwise
have for his/her or its gross negligence or willful misconduct.

(H) ELIGIBLE CONTRACT PARTICIPANT. For purposes of Section 3, the following
shall be added, immediately following paragraph (f) thereto:

<PAGE>

      (i)   It is an "eligible contract participant" as such term is defined in
            Section 1a(12) of the Commodity Exchange Act, as amended (7 U.S.C.
            1a(12)) and this Agreement and the Confirmation is subject to
            individual negotiation.

      (ii)  It has entered into this Agreement (including each Transaction
            evidenced hereby) in conjunction with its line of business
            (including financial intermediation services) or the financing of
            its business.

(I) SINGLE TRANSACTION. Party A and Party B each agree and acknowledge that the
only Transaction that is or will be governed by this Agreement is the
Transaction evidenced by the Confirmation dated the date hereof.

<PAGE>

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

                                      MERRILL LYNCH CAPITAL SERVICES, INC.

                                      By:
                                         ---------------------------------------
                                      Name:
                                           -------------------------------------
                                      Title:
                                            ------------------------------------
                                      Date:
                                           ------------------

                                      WILMINGTON TRUST COMPANY,
                                      in its capacity as Subordination Agent on
                                      behalf of the Trustee under the Class G-1
                                      Trust Agreement

                                      By:
                                         ---------------------------------------
                                      Name:
                                           -------------------------------------
                                      Title:
                                            ------------------------------------
                                      Date:
                                           ------------------To:               Wilmington Trust Company
                  One Rodney Square
                  1100 N. Market Street
                  Wilmington, Delaware 19890-0001
                  Attn: Monica Henry

From:             Merrill Lynch Capital Services, Inc.
                  Merrill Lynch World Headquarters
                  4 World Financial Plaza, 18th Floor
                  New York, New York 10080
                  Attn:  Swap Group - Jennifer Hillman
                  Telephone:  (212) 449-6634
                  Telecopy:  (646) 805-0218

Subject: CLASS G-1 ABOVE CAP LIQUIDITY FACILITY CONFIRMATION

Ladies and Gentlemen:

      The purpose of this letter agreement (this "Confirmation") is to confirm
the terms and conditions of the Interest Rate Cap Transaction entered into on
the Trade Date referred to in Paragraph 2 below (the "Transaction") between
Merrill Lynch Capital Services, Inc. ("Party A") and Wilmington Trust Company
("Party B"), in its capacity as Subordination Agent on behalf of the Trustee
under the Pass Through Trust Agreement dated as of September 25, 1997 between
Wilmington Trust Company and Continental Airlines, Inc., as supplemented by the
Supplement No. 2002-1G-1-O dated as of March 25, 2002. This letter agreement
constitutes a "Confirmation" as referred to in the ISDA Master Agreement
specified below.

1.    The definitions and provisions contained in the 2000 ISDA Definitions and
      Annex to the 2000 ISDA Definitions (June 2000 Version) as published by the
      International Swaps and Derivatives Association, Inc. (as so supplemented,
      the "Definitions") are incorporated into this Confirmation. In the event
      of any inconsistency between the Definitions and this Confirmation, this
      Confirmation will govern. References herein to a "Transaction" shall be
      deemed to be references to a "Swap Transaction" for the purposes of the
      Definitions.

      This Confirmation supplements, forms a part of, and is subject to the 1992
      ISDA Master Agreement (Multicurrency - Cross Border) including the
      Schedule thereto, dated as of March 25, 2002, as amended and supplemented
      from time to time (collectively, the "Agreement"), between us. All
      provisions contained in the Agreement govern this Confirmation except as
      modified below. In the event of any inconsistency between the Agreement
      and this Confirmation, this Confirmation will govern. Capitalized terms
      not otherwise defined in the Agreement or this Confirmation shall have the

<PAGE>

      meanings ascribed to them in the Intercreditor Agreement dated as of March
      25, 2002 among Wilmington Trust Company, as Trustee under the Continental
      Airlines Pass Through Trust 2002-1G-1, Continental Airlines Pass Through
      Trust 2002-1G-2, Continental Airlines Pass Through Trust 2002-1H and
      Continental Airlines Pass Through Trust 2002-1I, Landesbank
      Hessen-Thuringen Girozentrale, as Class G-1 Primary Liquidity Provider and
      Class G-2 Primary Liquidity Provider, Merrill Lynch Capital Services,
      Inc., as Class G-1 Above-Cap Liquidity Provider, Ambac Assurance
      Corporation, as Policy Provider, and Wilmington Trust Company, as
      Subordination Agent and Trustee (the "Intercreditor Agreement"). The
      Agreement and each Confirmation will be governed by and construed in
      accordance with the laws of the State of New York.

      Each of Party A and Party B represents to the other that it has entered
      into this Transaction in reliance upon such independent accounting,
      regulatory, legal, tax and financial advice as it deems necessary and not
      upon any view expressed by the other.

2.    Party A and Party B by this Confirmation are entering into a Transaction
      (the "Above Cap Liquidity Facility") that provides an irrevocable interest
      rate cap. The terms of the Above Cap Liquidity Facility are as follows:

General Terms:

      Transaction Type:                  Interest Rate Cap Transaction

      Notional Amount:                   The Pool Balance for the Class G-1
                                         Certificates, before giving effect to
                                         any distributions on such Certificates
                                         on any Floating Rate Payer Payment Date

      Trade Date:                        March 22, 2002

      Effective Date:                    March 25, 2002

      Termination Date:                  The first Business Day following the
                                         earlier of (i) the Final Legal
                                         Distribution Date of the Class G-1
                                         Certificates and (ii) the date upon
                                         which the Pool Balance of the Class G-1
                                         Certificates equals zero

      Currency Unit:                     USD

      Business Day Convention:           Following

Fixed Amounts:

      Fixed Amount Payer:                Party B

      Fixed Amount Payer Payment Date:   March 25, 2002

<PAGE>

      Fixed Amount:                      As set forth in a separate letter
                                         agreement between Party A and Party B

Floating Amounts:

      Floating Rate Payer:               Party A

      Floating Amount:                   On each Floating Rate Payer Payment
                                         Date, the Floating Amount shall be
                                         calculated as follows:

                                         (i) in the event that the Interest
                                         Shortfall (as defined in Paragraph 5
                                         below) is equal to zero, the Floating
                                         Amount shall equal zero;

                                         (ii) in the event that there is a
                                         nonzero Interest Shortfall and at least
                                         one of the following is true: (x) the
                                         Available Amount under the Class G-1
                                         Primary Liquidity Facility (before
                                         giving effect to any Interest Advances
                                         to be made on such Payment Date) is
                                         greater than zero, (y) the amount on
                                         deposit in the Class G-1 Cash
                                         Collateral Account (before giving
                                         effect to any withdrawals to be made
                                         from such account on such Payment Date)
                                         is greater than zero, or (z) the amount
                                         on deposit in the Class G-1 Above-Cap
                                         Account (before giving effect to any
                                         withdrawals to be made from such
                                         account on such Payment Date) is
                                         greater than zero, the Floating Amount
                                         shall equal the Above-Cap Payment for
                                         such date; and

                                         (iii) in the event that there is a
                                         nonzero Interest Shortfall and none of
                                         the statements in clauses (ii)(x),
                                         (ii)(y) and (ii)(z) above are true, the
                                         Floating Amount shall equal zero.

    Period                               End Dates: Each February 15, May 15,
                                         August 15 and November 15, commencing
                                         on May 15, 2002 and ending on the
                                         Termination Date, inclusive, subject to
                                         adjustment in accordance with the
                                         Following Business Day Convention.

    Floating Rate Payer Payment Dates:   Each day that is a Period End Date and
                                         any Special Distribution Date under and
                                         as defined in the Intercreditor
                                         Agreement not coinciding with a Period
                                         End Date on which a distribution of
                                         interest is, by the terms of the
                                         Intercreditor Agreement, to be made on
                                         the Class G-1 Certificates

<PAGE>

     Floating Rate Option:               USD-LIBOR-BBA; PROVIDED, that, if the
                                         relevant rate does not appear on the
                                         Telerate Page 3750, the rate shall be
                                         "LIBOR" as determined by the Reference
                                         Agent under Section 6(b)(ii) of the
                                         Reference Agency Agreement.

      Cap Rate:                          As set forth in Appendix I to this
                                         Confirmation

      Designated Maturity:               3 months

      Spread:                            None

      Floating Rate Day Count            Actual/360
      Fraction:

      Reset Dates:                       The first day of the relevant
                                         Calculation Period

      Compounding:                       Inapplicable

      Notice:                            Party B shall, on or before 12:00 Noon
                                         (New York time) on each Floating Rate
                                         Payer Payment Date, provide Party A
                                         with notice of the then-current Pool
                                         Balance and the then-current Interest
                                         Shortfall, if any, together with, if
                                         such a shortfall exists, the
                                         certificate referred to in the
                                         penultimate sentence of Section 3.6(a)
                                         of the Intercreditor Agreement.

3.    ROLE OF PARTY A; ROLE OF CALCULATION AGENT

      (i)   Party B acknowledges that: (a) in connection with this Transaction
            and this Agreement, Party A has acted in the capacity of an
            arm's-length contractual counterparty and not as its financial
            advisor or fiduciary; and (b) in exercising its rights or performing
            any of its duties under this Agreement, Party A will act as
            principal and not as a fiduciary of Party B.

      (ii)  Whenever the Calculation Agent is required to act or exercise
            judgment in any way, it will do so in good faith and in a
            commercially reasonable manner. The calculations and determinations
            of the Calculation Agent shall be made in accordance with terms of
            this Confirmation having regard in each case to the criteria
            stipulated herein and (where relevant) on the basis of information
            provided to or obtained by it and such further inquiries as it deems
            necessary and will, in the absence of manifest error, be final,
            conclusive and binding on Party B and Party A.

4.    CREDIT DOWNGRADE OF PARTY A/ INVALIDITY OF GUARANTEE

      Notwithstanding any other provisions of this Agreement, within 10 days of
(x) the commencement of any Credit Downgrade Period (as defined in Paragraph

<PAGE>

5 below) or (y) the Above-Cap Liquidity Guarantor's guarantee of Party A's
obligations under this Agreement becoming invalid or unenforceable for any
reason (but, in either case, no later than the Termination Date), Party A may,
at its own expense, arrange for one or more Replacement Above-Cap Liquidity
Providers to issue and deliver a Replacement Above-Cap Liquidity Facility to
replace this Above-Cap Liquidity Facility. If Party A does not arrange for such
replacement (and if this Above-Cap Liquidity Facility has not otherwise been
replaced by Continental (at Continental's expense) in accordance with the terms
of Section 3.6(c)(iv) of the Intercreditor Agreement), on such 10th day (or if
such 10th day is not a Business Day, on the next succeeding Business Day)
(which, notwithstanding Section 6(b) of the Agreement, shall be deemed to have
been effectively designated an "Early Termination Date"), Party A shall make a
termination payment to Party B in an amount equal to the Termination Amount for
such Early Termination Date for credit to the Class G-1 Above-Cap Collateral
Account (as provided in Section 3.6(f) of the Intercreditor Agreement) to be
applied as set forth in said Section 3.6(f) plus the amount of all other unpaid
sums due and payable by Party A under this Confirmation on or prior to such
Early Termination Date and upon such payment the Transaction evidenced by this
Confirmation shall terminate. The termination event set forth in this Paragraph
4 shall constitute an "Additional Termination Event" under the Agreement and
Party A shall be the sole "Affected Party" with respect thereto.

5.    ADDITIONAL DEFINITIONS

      For the purposes of this Confirmation, the following terms shall have the
meanings set forth below:

      "BUSINESS DAY" and "LOCAL BUSINESS DAY" mean, with respect to the
Transaction set forth in this Confirmation, "Business Day" as defined in the
Intercreditor Agreement for all purposes under the Agreement.

      "CREDIT DOWNGRADE PERIOD" means any continuous period during which the
short-term unsecured debt rating or issuer credit rating, as the case may be, of
Party A (or Above-Cap Liquidity Guarantor) issued by Moody's or Standard &
Poor's is lower than the applicable Threshold Rating.

      "INTEREST SHORTFALL" means, on any Floating Rate Payer Payment Date, the
additional amount required in order for Party B to have sufficient funds to pay
interest (calculated at the applicable Stated Interest Rate) due on any Class
G-1 Certificates, before giving effect to any Interest Drawing to be made under
the Class G-1 Primary Liquidity Facility, any withdrawal to be made from the
Class G-1 Cash Collateral Account or the Class G-1 Above-Cap Account, or any
Policy Drawing pursuant to Section 3.7(a) of the Intercreditor Agreement.

      "TERMINATION AMOUNT" means, for any Early Termination Date, the amount
obtained by solving the following formula for TA:

                  TA =  (20.00% per annum - CR) x N x F

         where

                  CR =  the Cap Rate then in effect

<PAGE>

                   N =  the Notional Amount for such date

                   F =  1.528

For the avoidance of doubt, the Termination Amount shall not exceed $26,745,684
at any time.

6.    PAYMENTS

      Party A hereby irrevocably instructs Party B to make any payment due to
Party A directly to the account specified below in the name of Party A. Party B
hereby irrevocably instructs Party A to make any payments of Floating Amounts
due to Party B directly to the account(s) specified below in the name of Party
B. All payments by Party A of Floating Amounts due to Party B shall be made
prior to 4:00 p.m. (New York City time) on the date such payment is due without
set-off, deduction, withholding, netting, or any other reduction.

7.    ACCOUNT DETAILS

Payments to Party A:            Bankers Trust Company
                                New York, New York
                                ABA # 021001033
                                Account No. 00-811-874
                                Reference:  Merrill Lynch Capital Services, Inc.
                                Dollar Swaps, New York, NY

Payments to Party B:            Wilmington Trust Company
                                ABA # 031100092
                                Account No. 57767-0
                                Attention: Monica Henry
                                Telephone No.: (302) 636-6296
                                Reference: Continental Airlines PTT,
                                Series 2002-1G-1

8.    OFFICES

      The Office of Party A for the Transaction is its office at the address
specified for notices to it in the Schedule to the Agreement. The Office of
Party B for the Transaction is its office at the address specified for notices
to it in the Schedule to the Agreement.

      Party A has entered into this transaction as principal. The time at which
the above transaction was executed will be notified to Party B on request.

9.   LIMITATION OF LIABILITY.  The  obligations  of  Party  B  under  this
Confirmation, and in respect of the Transaction evidenced hereby, are expressly
limited to the extent of funds, if any, made available for such payment to
Party B under, and in accordance with, the priorities of payments set forth in
Sections 2.4(b), 3.2, 3.3 and 3.6 of the Intercreditor Agreement. No recourse
under any obligation, covenant or agreement of Party B contained in this
Confirmation shall be had against any incorporator, stockholder, agent,
affiliate, officer, employee or trustee of Party B, as such, by the enforcement
of any assessment or by any legal or equitable proceeding, by virtue of any

<PAGE>

statute or otherwise; it being expressly agreed and understood that the
agreements of Party B contained in this Confirmation are solely trust
obligations of Party B and that no personal liability whatsoever shall attach
to or be incurred by the incorporators, stockholders, agents, affiliates,
officers, employees or trustees of Party B, as such, or any of them, under or
by reason of any of the obligations, covenants or agreements of Party B
contained in this Confirmation and that any and all personal liability of every
such incorporator, stockholder, agent, affiliate, officer, employee or trustee
of Party B for breaches by Party B of any such obligation, covenant or
agreement, which liability may arise either at common law or at equity, by
statute or constitution, or otherwise, is hereby expressly waived as a
condition of and in consideration for the execution of this Confirmation;
PROVIDED, HOWEVER, that nothing in this paragraph shall relieve any of the
foregoing persons from any liability which any such person may otherwise have
for his/her or its gross negligence or willful misconduct.

10.   COUNTERPARTS.  This Confirmation may be executed in any number of
counterparts and by each party hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed to be an original
and all of which counterparts, taken together, shall constitute but one and the
same Confirmation.

<PAGE>

         Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                        Yours sincerely,

                                        MERRILL LYNCH CAPITAL SERVICES, INC.

                                        By:
                                           ------------------------------------
                                        Name:
                                             ----------------------------------
                                        Title:
                                              ---------------------------------

Confirmed as of the date first written above:

WILMINGTON TRUST COMPANY,
in its capacity as Subordination Agent on behalf
of the Trustee under the Class G-1 Trust Agreement

By:
   ------------------------------------
Name:
     ----------------------------------
Title:
      ---------------------------------

<PAGE>

                                   APPENDIX I

* Subject to adjustment in accordance with the
Following Business Day Convention

BEGINNING OF INTEREST PERIOD *           CAP RATE

          Mar 26, 2002                     7.00%
          May 15, 2002                     7.05%
          Aug 15, 2002                     7.15%
          Nov 15, 2002                     7.15%
          Feb 15, 2003                     7.25%
          May 15, 2003                     7.25%
          Aug 15, 2003                     7.40%
          Nov 15, 2003                     7.40%
          Feb 15, 2004                     7.60%
          May 15, 2004                     7.60%
          Aug 15, 2004                     7.85%
          Nov 15, 2004                     7.85%
          Feb 15, 2005                     8.15%
          May 15, 2005                     8.15%
          Aug 15, 2005                     8.50%
          Nov 15, 2005                     8.50%
          Feb 15, 2006                     8.90%
          May 15, 2006                     8.90%
          Aug 15, 2006                     9.35%
          Nov 15, 2006                     9.35%
          Feb 15, 2007                     9.85%
          May 15, 2007                     9.85%
          Aug 15, 2007                    10.35%
          Nov 15, 2007                    10.35%
          Feb 15, 2008                    10.85%
          May 15, 2008                    10.85%
          Aug 15, 2008                    11.40%
          Nov 15, 2008                    11.40%
          Feb 15, 2009                    12.10%
          May 15, 2009                    12.10%
          Aug 15, 2009                    12.65%
          Nov 15, 2009                    12.65%
          Feb 15, 2010                    13.35%
          May 15, 2010                    13.35%
          Aug 15, 2010                    14.10%
          Nov 15, 2010                    14.10%

<PAGE>

          Feb 15, 2011                    14.75%
          May 15, 2011                    14.75%
          Aug 15, 2011                    15.00%
          Nov 15, 2011                    15.00%
          Feb 15, 2012                    15.00%
          May 15, 2012                    15.00%
          Aug 15, 2012                    15.00%
          Nov 15, 2012                    15.00%
          Feb 15, 2013                    15.00%
          May 15, 2013                    15.00%
          Aug 15, 2013                    15.00%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}]]