Document:

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                                                                    EXHIBIT 4.22

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                                TRUST AGREEMENT
                                (1992 757 [__])

                        Dated as of December [__], 1992

                                    between

                       GENERAL FOODS CREDIT CORPORATION,
                               Owner Participant

                                      and

                         THE CONNECTICUT NATIONAL BANK,
                                 Owner Trustee

                       ---------------------------------

                       One Boeing Model 757-222 Aircraft
                  M.S.N. [____], U.S. Registration No. N[____]

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                                TRUST AGREEMENT

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                             Page
<S>                   <C>                                                                                    <C>
ARTICLE I             DEFINITIONS AND TERMS................................................................     1
     Section 1.1      Certain Definitions..................................................................     1

ARTICLE II            AUTHORITY TO EXECUTE CERTAIN OPERATIVE DOCUMENTS; DECLARATION OF TRUST...............     3
     Section 2.1      Authority to Execute Documents.......................................................     3
     Section 2.2      Declaration of Trust.................................................................     3

ARTICLE III           ACCEPTANCE AND DELIVERY OF AIRCRAFT; ISSUANCE OF LOAN CERTIFICATES; TITLE TO AIRCRAFT     3
     Section 3.1      Authorization........................................................................     3
     Section 3.2      Conditions Precedent.................................................................     5

ARTICLE IV            RECEIPT, DISTRIBUTION AND APPLICATION OF INCOME FROM THE TRUST ESTATE................     6
     Section 4.1      Distribution of Payments.............................................................     6
     Section 4.2      Method of Payments...................................................................     7

ARTICLE V             DUTIES OF THE OWNER TRUSTEE..........................................................     7
     Section 5.1      Notice of Event of Default or Event of Loss..........................................     7
     Section 5.2      Action Upon Instructions.............................................................     8
     Section 5.3      Indemnification......................................................................     9
     Section 5.4      No Duties Except as Specified in Trust Agreement or Instructions.....................    10
     Section 5.5      No Action Except Under Specified Documents or Instruction............................    11

ARTICLE VI            THE OWNER TRUSTEE....................................................................    11
     Section 6.1      Acceptance of Trusts and Duties......................................................    11
     Section 6.2      Absence of Certain Duties............................................................    11
     Section 6.3      No Representations or Warranties as to Certain Matters...............................    12
     Section 6.4      No Segregation of Monies Required; No Interest.......................................    13
     Section 6.5      Reliance Upon Loan Certificates, Counsel and Agents..................................    14
     Section 6.6      Not Acting in Individual Capacity....................................................    14
     Section 6.7      Fees; Compensation...................................................................    15
     Section 6.8      Tax Returns..........................................................................    15
</TABLE>

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<TABLE>
                                                                                                             Page
<S>                   <C>                                                                                    <C>
ARTICLE VII           INDEMNIFICATION OF THE CONNECTICUT NATIONAL BANK BY OWNER PARTICIPANT................    16
     Section 7.1      Owner Participant to Indemnify The Connecticut National Bank.........................    16

ARTICLE VIII          TRANSFER OF AN OWNER PARTICIPANT'S INTEREST..........................................    18
     Section 8.1      Transfer of Interests................................................................    18

ARTICLE IX            SUCCESSOR OWNER TRUSTEES; CO-TRUSTEES................................................    18
     Section 9.1      Resignation of Owner Trustee; Appointment of Successor...............................    18
     Section 9.2      Co-Trustees and Separate Trustees....................................................    20

ARTICLE X             SUPPLEMENTS AND AMENDMENTS TO TRUST AGREEMENT AND OTHER DOCUMENTS....................    22
     Section 10.1     Supplements and Amendments and Delivery Thereof......................................    22
     Section 10.2     Discretion as to Execution of Documents..............................................    23
     Section 10.3     Absence of Requirements as to Form...................................................    23
     Section 10.4     Distribution of Documents............................................................    23
     Section 10.5     No Request Needed as to Lease Supplement and Indenture Supplement....................    24

ARTICLE XI            MISCELLANEOUS........................................................................    24
     Section 11.1     Termination of Trust Agreement.......................................................    24
     Section 11.2     Owner Participant Has No Legal Title in Trust Estate.................................    25
     Section 11.3     Assignment, Sale, etc. of Aircraft...................................................    25
     Section 11.4     Trust Agreement for Benefit of Certain Parties Only..................................    25
     Section 11.6     Notices..............................................................................    26
     Section 11.7     Severability.........................................................................    26
     Section 11.8     Waivers, etc.........................................................................    27
     Section 11.9     Counterparts.........................................................................    27
     Section 11.10    Binding Effect, etc..................................................................    27
     Section 11.11    Headings; References.................................................................    27
     Section 11.12    Governing Law........................................................................    27
     Section 11.13    Authorization to Owner Trustee for Trust Indenture...................................    27
     Section 11.14    Limitation on Owner Participant's Liability..........................................    28
</TABLE>

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                                 TRUST AGREEMENT

     This TRUST AGREEMENT (1992 757 [__]) dated as of December [__], 1992
between GENERAL FOODS CREDIT CORPORATION, a Delaware corporation (the "Owner
Participant"), and THE CONNECTICUT NATIONAL BANK, a national banking association
(in its individual capacity, "The Connecticut National Bank", and otherwise not
in its
<PAGE>

individual capacity but solely as trustee hereunder with its permitted
successors and assigns called the "Owner Trustee");

                             W I T N E S S E T H:

                                   ARTICLE I

                             DEFINITIONS AND TERMS

     Section 1.1 Certain Definitions. Unless the context shall otherwise require
and except as contained in this Section 1.1, the capitalized terms used herein
shall have the respective meanings assigned thereto in the Lease (as hereinafter
defined) or, if not defined therein, in the Trust Indenture (as hereinafter
defined). All definitions contained in this Section 1.1 shall be equally
applicable to both the singular and plural forms of the terms defined. For all
purposes of this Trust Agreement the following terms shall have the following
meanings:

     "Bill of Sale" means the Owner Trustee's Bill of Sale and the Owner
Trustee's FAA Bill of Sale.

     "Commitment" means, in the case of the Owner Participant, the amount of its
participation to be made in connection with its equity investment in the
beneficial ownership of the Aircraft and, in the case of the Loan Participants,
the original principal amount of the Loan Certificates to be acquired by them.

     "Lease" means the Lease Agreement (1992 757 [__]) dated as of December
[__], 1992, and to be entered into by the Owner Trustee and the Lessee
concurrently with the execution and delivery of this Trust Agreement, as said
Lease Agreement may from time to time be supplemented or amended, or the terms
thereof waived or modified. Where the context does not otherwise require, the
term "Lease" shall also include each Lease Supplement from time to time entered
into pursuant to the terms of the Lease.

     "Lessee" means United Air Lines, Inc., a Delaware corporation, in its
capacity as lessee under the Lease, and its permitted successors or assigns.

     "Manufacturer" means The Boeing Company, a Delaware corporation.

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     "Owner Participant" means General Foods Credit Corporation, a Delaware
corporation, so long as it shall not have assigned all its interest under this
Trust Agreement, and each other person or persons which may from time to time
become a party to this Trust Agreement as an Owner Participant pursuant to the
terms of Article VIII hereof.

     "Owner Trust Advance" means, with respect to any Loan Participant, at any
time, the amount advanced to the Owner Trustee by such Loan Participant pursuant
to the Participation Agreement, or where the context may require, the then
outstanding principal amount of such Owner Trust Advance.

     "Trust Estate" means all estate, right, title and interest of the Owner
Trustee, as Owner Trustee hereunder, in and to the Aircraft, the Lease, any
Lease Supplement, the Purchase Agreement, the Owner Trustee's Purchase
Agreement, the Consent and Agreement, the Guaranty Agreement and the Owner
Trustee's Bill of Sale and the Owner Trustee's FAA Bill of Sale, including,
without limitation, all amounts of Rent, insurance proceeds (other than
insurance proceeds payable to or for the benefit of any Indemnified Party) and
requisition, indemnity or other payments of any kind for or with respect to the
Aircraft. Notwithstanding the foregoing, "Trust Estate" shall not include any
Excluded Payments.

     "Trust Indenture" means the Trust Indenture and Mortgage (1992 757 [__])
dated as of December [__], 1992, between the Owner Trustee and the Mortgagee, as
the same may be supplemented, amended or modified from time to time.

     "Trust Officer" shall mean the Corporate Trust Department of the Owner
Trustee at 777 Main Street, Hartford, Connecticut 06115, Attention: Corporate
Trust Department (M.S.N.-238) or the principal corporate trust office of any
successor Owner Trustee.

                                  ARTICLE II

               AUTHORITY TO EXECUTE CERTAIN OPERATIVE DOCUMENTS;
                             DECLARATION OF TRUST

     Section 2.1 Authority to Execute Documents. The Owner Participant hereby
authorizes and directs the Owner Trustee to, and the Owner Trustee agrees for
the benefit of the Owner Participant that it will, execute and deliver the
Operative Documents and any

                                       3
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other agreements, instruments or documents to which the Owner Trustee is a party
in the respective forms thereof in which delivered from time to time by the
Owner Participant to the Owner Trustee for execution and delivery and, subject
to the terms hereof, to exercise its rights and perform its duties under such
Operative Documents in accordance with the terms thereof.

     Section 2.2 Declaration of Trust. The Owner Trustee hereby declares that it
will hold the Trust Estate upon the trusts hereinafter set forth for the use and
benefit of the Owner Participant, subject, however, to the provisions of and the
Lien created by the Trust Indenture as security for the Loan Certificates, for
the ratable use and benefit of the Holders thereof, as provided in the Trust
Indenture.

                                  ARTICLE III

                     ACCEPTANCE AND DELIVERY OF AIRCRAFT;
               ISSUANCE OF LOAN CERTIFICATES; TITLE TO AIRCRAFT

     Section 3.1 Authorization. The Owner Participant hereby authorizes and
directs the Owner Trustee to, and the Owner Trustee agrees for the benefit of
the Owner Participant that it will, on the Closing Date, subject to due
compliance with the terms of Section 3.2 hereof:

          (a) to the extent not previously accomplished by a prior
     authorization, authorize a representative or representatives of the Owner
     Trustee to accept delivery of the Aircraft on the Closing Date thereof
     pursuant to the Participation Agreement and the Lease;

          (b) purchase the Aircraft pursuant to the Owner Trustee's Purchase
     Agreement and accept from the Lessee the Owner Trustee's FAA Bill of Sale,
     furnished pursuant to the Participation Agreement;

          (c) execute and deliver a Lease Supplement covering the Aircraft;

          (d) execute and deliver an Indenture Supplement covering the Aircraft;

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          (e) make payment to Lessee of Lessor's Cost for the Aircraft from the
     aggregate amount of the Commitments for the Aircraft of the Owner
     Participant and the Loan Participants, to the extent received by the Owner
     Trustee, in the manner provided in the Participation Agreement;

          (f) execute, issue and deliver to each Loan Participant the Loan
     Certificate or Loan Certificates to be issued by it, in an aggregate
     principal amount equal to such Loan Participant's Owner Trust Advance and
     otherwise as provided in Section 2.2 of the Trust Indenture;

          (g) execute and deliver the financing statements referred to in
     Section 4(iv) of the Participation Agreement, together with all other
     agreements, documents and instruments referred to in Section 4 to which the
     Owner Trustee is to be a party;

          (h) execute, deliver and cause to be filed or accommodate the filing
     with the FAA of documents necessary to effect the registration of the
     Aircraft in the name of the Owner Trustee; including: (i) the Owner
     Trustee's FAA Bill of Sale; (ii) an application for registration of the
     Aircraft in the name of the Owner Trustee (including, without limitation,
     affidavits from the Owner Participant and the Owner Trustee in compliance
     with the provisions of 14 C.F.R. (S) 47.7(c)(2)(ii) (1979)); and (iii) this
     Trust Agreement;

          (i) execute and deliver all such other instruments, documents or
     certificates and take all such other actions in accordance with the
     directions of the Owner Participant, as the Owner Participant may deem
     necessary or advisable in connection with the transactions contemplated
     hereby; and

          (j) take such other action as may be required of the Owner Trustee by
     the Owner Participant hereunder or under the Participation Agreement, the
     Trust Indenture or the Lease.

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     The Owner Participant hereby authorizes and directs the Owner Trustee to,
and the Owner Trustee agrees for the benefit of the Owner Participant that it
will, promptly after the delivery of the Aircraft to the Owner Trustee, cause
the Aircraft to be leased to Lessee under the Lease.

     Section 3.2 Conditions Precedent. The rights and obligations of the Owner
Trustee to take the actions required by Section 3.1 hereof with respect to the
Aircraft shall be subject to the following conditions precedent: (a) the Owner
Participant and each Loan Participant shall have made the full amount of its
respective Commitments available to the Owner Trustee, in same day funds, in
accordance with Section 1(c) of the Participation Agreement; and (b) the
conditions of Section 4 of the Participation Agreement shall have been either
fulfilled to the satisfaction of or waived by the Owner Participant and the Loan
Participants.

                                  ARTICLE IV

                     RECEIPT, DISTRIBUTION AND APPLICATION
                        OF INCOME FROM THE TRUST ESTATE

     Section 4.1 Distribution of Payments. (a) Payments to Mortgagee. Until the
Trust Indenture shall have been terminated in accordance with its terms, all
Rent, insurance proceeds and requisition, indemnity or other payments of any
kind included in the Trust Estate (other than Excluded Payments) payable to the
Owner Trustee shall be payable directly to the Mortgagee (and if any of the same
are received by the Owner Trustee shall upon receipt be paid over to the
Mortgagee without deduction, set-off or adjustment of any kind) for distribution
in accordance with the provisions of Article III of the Trust Indenture;
provided, however, that any payments received by the Owner Trustee from (i) the
Lessee with respect to the Owner Trustee's fees and disbursements, or (ii) the
Owner Participant pursuant to Article VII hereof shall not be paid over to the
Mortgagee but shall be retained by the Owner Trustee and applied toward the
purpose for which such payments were made.

     (b) Payments to Owner Trustee; Other Parties. After the Trust Indenture
shall have been discharged in accordance with its terms, any payment of the type
referred to in Section 4.1(a) hereof (other than Excluded Payments) received by
the Owner Trustee, any payments received from the Mortgagee other than as
specified in

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Section 4.1(d) hereof and any other amount received as part of the Trust Estate
and for the application or distribution of which no provision is made herein,
shall be distributed forthwith upon receipt by the Owner Trustee in the
following order of priority: first, so much of such payment as shall be required
to reimburse the Owner Trustee for any fees, expenses or costs not otherwise
reimbursed or paid as to which the Owner Trustee is then entitled to be so
reimbursed or paid pursuant to the provisions hereof shall be retained by the
Owner Trustee; second, so much of the remainder for which provision as to the
application thereof is contained in the Lease or any of the other Operative
Documents shall be applied and distributed in accordance with the terms of the
Lease or such other Operative Document; and third, the balance, if any, shall be
paid to the Owner Participant.

     (c) Certain Distributions to Owner Participant. All amounts from time to
time distributable by the Mortgagee to the Owner Participant pursuant to the
Trust Indenture shall, if paid to the Owner Trustee, be distributed by the Owner
Trustee to the Owner Participant and in accordance with the provisions of
Article III of the Trust Indenture; provided, however, that any payments
received by the Owner Trustee from (i) the Lessee with respect to the Owner
Trustee's fees and disbursements or (ii) the Owner Participant pursuant to
Article VII hereof shall not be paid over to the Mortgagee but shall be retained
by the Owner Trustee and applied toward the purpose for which such payments were
made.

     (d) Excluded Payments. Any Excluded Payments received by the Owner Trustee
shall be paid by the Owner Trustee to the Person to whom such Excluded Payments
are payable under the provisions of the Participation Agreement, the Tax
Indemnity Agreement or the Lease.

     Section 4.2 Method of Payments. The Owner Trustee shall make distributions
or cause distributions to be made to the Owner Participant pursuant to this
Article IV by transferring by wire transfer the amount to be distributed to such
account or accounts of the Owner Participant as the Owner Participant may
designate from time to time in writing to the Owner Trustee. Notwithstanding the
foregoing, the Owner Trustee will, if so requested by the Owner Participant in
writing, pay any or all amounts payable to the Owner Participant pursuant to
this Article IV either (i) by crediting such amount or amounts to an account or
accounts maintained by the Owner Participant with the Owner Trustee in its
individual capacity in immediately available funds, (ii) by payment at the Trust
Office

                                       7
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of the Owner Trustee, in immediately available funds, or (iii) by mailing an
official bank check or checks in such amount or amounts payable to the Owner
Participant at such address as the Owner Participant shall have designated in
writing to the Owner Trustee.

                                   ARTICLE V

                          DUTIES OF THE OWNER TRUSTEE

     Section 5.1 Notice of Event of Default or Event of Loss. If the Owner
Trustee shall have knowledge of a Lease Event of Default or Indenture Event of
Default (or an event which with the passage of time or the giving of notice or
both would constitute a Lease Event of Default or an Indenture Event of Default)
or an Event of Loss, the Owner Trustee shall give to the Owner Participant and
the Mortgagee prompt telephonic or telex notice thereof followed by prompt
confirmation thereof by certified mail, postage prepaid, provided that (i) in
the case of an event which with the passage of time would constitute an
Indenture Event of Default referred to in Section 4.2 of the Trust Indenture,
such notice shall in no event be furnished later than ten days after the Owner
Trustee shall first have knowledge of such event and (ii) in the case of a
misrepresentation by the Owner Trustee which with the passage of time would
constitute an Indenture Event of Default referred to in Section 4.2 of the Trust
Indenture, such notice shall in no event be furnished later than ten days after
the Owner Trustee shall first have knowledge of such event. Subject to the terms
of Section 5.3 hereof, the Owner Trustee shall take such action or shall refrain
from taking such action, not inconsistent with the provisions of the Trust
Indenture, with respect to such Lease Event of Default, Indenture Event of
Default, Event of Loss or other event as the Owner Trustee shall be directed in
writing by the Owner Participant. If the Owner Trustee shall not have received
instructions as above provided within 20 days after the mailing of such notice
to the Owner Participant, the Owner Trustee until instructed otherwise in
accordance with the preceding sentence may, but shall be under no duty to, take
or refrain from taking such action with respect to such Lease Event of Default,
Indenture Event of Default, Event of Loss or other event, not inconsistent with
the provisions of the Trust Indenture, as it shall deem advisable in the best
interests of the Owner Participant. For all purposes of this Trust Agreement,
the Lease and the other Operative Documents, in the absence of actual knowledge
by a responsible officer of the Corporate Trust

                                       8
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Department of the Owner Trustee in his or her capacity as such, the Owner
Trustee shall not be deemed to have knowledge of a Lease Event of Default,
Indenture Event of Default, Event of Loss or other event referred to in this
Section 5.1 unless notified in writing by the Mortgagee, the Owner Participant
or the Lessee.

     Section 5.2 Action Upon Instructions. Subject to the terms of Sections 5.1
and 5.3 hereof, upon the written instructions at any time and from time to time
of the Owner Participant, the Owner Trustee will take such of the following
actions, not inconsistent with the provisions of the Lease and the Trust
Indenture, as may be specified in such instructions: (i) give such notice or
direction or exercise such right, remedy or power hereunder or under any of the
Operative Documents to which the Owner Trustee is a party or in respect of all
or any part of the Trust Estate, or take such other action, as shall be
specified in such instructions; (ii) take such action to preserve or protect the
Trust Estate (including the discharge of any Liens) as may be specified in such
instructions; (iii) approve as satisfactory to it all matters required by the
terms of the Lease or the other Operative Documents to be satisfactory to the
Owner Trustee, it being understood that without written instructions of the
Owner Participant, the Owner Trustee shall not approve any such matter as
satisfactory to it; and (iv) subject to the rights of the Lessee under the
Operative Documents, after the expiration or earlier termination of the Lease,
convey all of the Owner Trustee's right, title and interest in and to the
Aircraft for such amount, on such terms and to such purchaser or purchasers as
shall be designated in such instructions, or retain, lease or otherwise dispose
of, or from time to time take such other action with respect to, the Aircraft on
such terms as shall be designated in such instructions.

     Section 5.3 Indemnification. The Owner Trustee shall not be required to
take or refrain from taking any action under Section 5.1 (other than the giving
of the notices referred to therein) or 5.2 hereof unless the Owner Trustee shall
have been indemnified by the Owner Participant or Lessee, in manner and form
satisfactory to the Owner Trustee, against any liability, cost or expense
(including reasonable counsel fees and disbursements) which may be incurred in
connection therewith; and if the Owner Participant shall have directed the Owner
Trustee to take any such action or refrain from taking any such action, the
Owner Participant agrees to furnish such indemnity as shall be required and, in
addition to the extent not otherwise paid pursuant to the provisions of the

                                       9
<PAGE>

Lease or of the Participation Agreement, to pay the reasonable compensation of
the Owner Trustee for the services performed or to be performed by it pursuant
to such direction and any reasonable fees and disbursements of counsel or agents
employed by the Owner Trustee in connection therewith. The Owner Trustee shall
not be required to take any action under Section 5.1 or 5.2 hereof if the Owner
Trustee shall reasonably determine, or shall have been advised by counsel, that
such action is contrary to the terms of any of the Operative Documents to which
the Owner Trustee is a party, or is otherwise contrary to law.

     Section 5.4 No Duties Except as Specified in Trust Agreement or
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
control, use, sell, dispose of or otherwise deal with the Aircraft or any other
part of the Trust Estate, or to otherwise take or refrain from taking any action
under, or in connection with any of the Operative Documents to which the Owner
Trustee is a party, except as expressly required by the terms of any of the
Operative Documents to which the Owner Trustee is a party, or (to the extent not
inconsistent with the provisions of the Trust Indenture) as expressly provided
by the terms hereof or in a written instruction from the Owner Participant
received pursuant to the terms of Section 5.1 or 5.2, and no implied duties or
obligations shall be read into this Trust Agreement against the Owner Trustee.
The Connecticut National Bank agrees that it will, in its individual capacity
and its own cost or expense (but without any right of indemnity in respect of
any such cost or expense under Section 7.1 hereof), promptly take such action as
may be necessary to duly discharge and satisfy in full (i) all Lessor Liens
attributable to it in its individual capacity which it is required to discharge
pursuant to Section 9(g) of the Participation Agreement and otherwise comply
with the terms of said section binding upon it; (ii) any liens (other than
Lessor Liens attributable to it in its individual capacity) created as a result
of its breach of any of its obligations under this Trust Agreement (subject to
the limitations on the liability of the Owner Trustee in its individual capacity
set forth in Section 6.1 hereof) on any part of the Trust Estate, or on any
properties of the Owner Trustee assigned, pledged or mortgaged as part of the
Trust Estate, which arise from acts of the Owner Trustee in its individual
capacity, except the lien created under the Trust Indenture, the rights of
Lessee under the Lease and the rights of the Owner Participant hereunder; and
(iii) any other liens or encumbrances attributable to the Owner Trustee in its
individual capacity on any part of the

                                       10
<PAGE>

Trust Estate which result from claims against the Owner Trustee in its
individual capacity unrelated to the ownership of the Aircraft, the
administration of the Trust Estate or the transactions contemplated by the
Operative Documents.

     Section 5.5  No Action Except Under Specified Documents or Instruction. The
Owner Trustee shall have no power, authority or right to and agrees that it will
not manage, control, use, sell, dispose of or otherwise deal with the Aircraft
or any other part of the Trust Estate except (i) as expressly required by the
terms of any of the Operative Documents to which the Owner Trustee is a party,
(ii) as expressly provided by the terms hereof, or (iii) as expressly provided
in written instructions from the Owner Participant pursuant to Section 5.1 or
5.2 hereof.

                                  ARTICLE VI

                               THE OWNER TRUSTEE

     Section 6.1 Acceptance of Trusts and Duties. The Connecticut National Bank
accepts the trusts hereby created and agrees to perform the same but only upon
the terms hereof applicable to it. The Owner Trustee also agrees to receive and
disburse all monies received by it constituting part of the Trust Estate upon
the terms hereof. The Connecticut National Bank shall not be answerable or
accountable under any circumstances, except (a) for its own willful misconduct
or gross negligence, (b) for its failure (in its individual capacity) to perform
its obligations under the last sentence of Section 5.4 hereof or the first
sentence of Section 5.1 hereof, (c) for its or the Owner Trustee's failure to
use ordinary care to disburse funds, (d) for liabilities that may result from
the inaccuracy of any representation or warranty of it in its individual
capacity (or from the failure by it to perform any covenant made in its
individual capacity) in Section 6.3 hereof, in Section 6.3 of the Trust
Indenture, in Section 4 of the Lease or in Sections 9(b), 9(c) and 9(q) of the
Participation Agreement and (e) any Taxes based on or measured by any fees,
commissions or other compensation received by the Owner Trustee as compensation
for its services rendered as the Owner Trustee.

     Section 6.2 Absence of Certain Duties. Except in accordance with written
instructions furnished pursuant to Section 5.2 hereof and except as provided in,
and without limiting the generality of, Sections 3.1 and 5.4 hereof and the last
sentence of

                                       11
<PAGE>

Section 9.1(b) hereof, neither the Owner Trustee nor The Connecticut National
Bank shall have any duty (i) to see to any recording or filing of any Operative
Document or of any supplement to any thereof or to see to the maintenance of any
such recording or filing or any other filing of reports with the Federal
Aviation Administration or other governmental agencies, except that The
Connecticut National Bank in its individual capacity agrees to comply with the
Federal Aviation Administration reporting requirements set forth in 14 CFR (S)
47.45 and 14 CFR (S) 47.51, and the Owner Trustee shall, to the extent that
information for that purpose is timely supplied by Lessee pursuant to any of the
Operative Documents, complete and timely submit (and furnish the Owner
Participant with a copy of) any and all reports relating to the Aircraft which
may from time to time be required by the Federal Aviation Administration or any
government or governmental authority having jurisdiction, (ii) to see to any
insurance on the Aircraft or to effect or maintain any such insurance, whether
or not Lessee shall be in default with respect hereto, other than to forward to
the Owner Participant copies of all reports and other written information which
the Owner Trustee receives from Lessee pursuant to Section 11(c) of the Lease,
(iii) to see to the payment or discharge of any tax, assessment or other
governmental charge or any lien or encumbrance of any kind owing with respect
to, assessed or levied against any part of the Trust Indenture Estate or the
Trust Estate, except as provided in Section 9(h) of the Participation Agreement,
or (iv) to inspect Lessee's books and records with respect to the Aircraft at
any time permitted pursuant to the Lease. Notwithstanding the foregoing, the
Owner Trustee will furnish to the Mortgagee and the Owner Participant, promptly
upon receipt thereof, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and other instruments furnished to
the Owner Trustee under the Lease or any other Operative Document to which a
responsible officer of the Owner Trustee reasonably believes have not been
delivered to said parties.

     Section 6.3 No Representations or Warranties as to Certain Matters. NEITHER
THE OWNER TRUSTEE NOR THE CONNECTICUT NATIONAL BANK IN ITS INDIVIDUAL CAPACITY
MAKES OR SHALL BE DEEMED TO HAVE MADE (a) ANY REPRESENTATION OR WARRANTY,
EXPRESS OR IMPLIED, AS TO THE TITLE, VALUE, CONDITION, DESIGN, OPERATION,
MERCHANTABILITY OR FITNESS FOR USE OF THE AIRCRAFT OR ANY PART THEREOF, OR ANY
OTHER REPRESENTATION OR WARRANTY WITH RESPECT TO THE AIRCRAFT WHATSOEVER, except
that The Connecticut National Bank in its individual

                                       12
<PAGE>

capacity warrants that on the Closing Date it shall be in compliance with the
last sentence of Section 5.4 hereof and shall have received whatever title was
conveyed to it by the Lessee and that the Aircraft shall during the term of the
Lease be free of Lessor Liens attributable to The Connecticut National Bank in
its individual capacity, or (b) any representation or warranty as to the
validity, legality or enforceability of this Trust Agreement or any Operative
Document to which the Owner Trustee is a party, or any other document or
instrument, or as to the correctness of any statement contained in any thereof
except to the extent that any such statement is expressly made herein or therein
by such party as a representation by The Connecticut National Bank in its
individual capacity or by the Owner Trustee as the case may be and except that
The Connecticut National Bank in its individual capacity hereby represents and
warrants that this Trust Agreement has been, and (assuming due authorization,
execution and delivery by the Owner Participant of this Trust Agreement) the
Operative Documents to which it or the Owner Trustee is a party have been (or at
the time of execution and delivery of any such instrument by it or the Owner
Trustee hereunder or pursuant to the terms of the Participation Agreement that
such an instrument will be) duly executed and delivered by one of its officers
who is or will be, as the case may be, duly authorized to execute and deliver
such instruments on behalf of itself or the Owner Trustee, as the case may be,
and that this Agreement has been duly authorized, executed and delivered by The
Connecticut National Bank and constitutes the legal, valid and binding
obligation of The Connecticut National Bank enforceable against The Connecticut
National Bank in accordance with its terms.

     Section 6.4 No Segregation of Monies Required; No Interest. Monies received
by the Owner Trustee hereunder need not be segregated in any manner except to
the extent required by law, and may be deposited under such general conditions
as may be prescribed by law, and the Owner Trustee shall not, except as provided
in Section 22 of the Lease, be liable for any interest thereon.

     Section 6.5 Reliance Upon Loan Certificates, Counsel and Agents. The Owner
Trustee shall incur no liability to anyone in acting in reliance upon any
signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, bond or other document or paper reasonably believed by it to be
genuine and reasonably believed by it to be signed by the proper party or
parties. Unless other evidence in respect thereof is specifically prescribed
herein, any request, direction, order or

                                      13
<PAGE>

demand of the Owner Participant or Lessee mentioned herein or in any of the
Operative Documents to which the Owner Trustee is a party shall be sufficiently
evidenced by written instruments signed by the Chairman of the Board, the
President, any Vice President or any other officer and in the name of the Owner
Participant or Lessee, as the case may be. The Owner Trustee may accept a copy
of a resolution of the Board of Directors or Executive Committee of Lessee,
certified by the Secretary or an Assistant Secretary of Lessee as duly adopted
and in full force and effect, as conclusive evidence that such resolution has
been duly adopted by said Board or Committee and that the same is in full force
and effect. As to any fact or matter the manner of ascertainment of which is not
specifically described herein, the Owner Trustee may for all purposes hereof
rely on a certificate signed by the Chairman of the Board, the President, any
Vice President or any other officer of Lessee, as to such fact or matter, and
such certificate shall constitute full protection to the Owner Trustee for any
action taken or omitted to be taken by it in good faith in reliance thereon. In
the administration of trusts hereunder, the Owner Trustee may execute any of the
trusts or powers hereof and perform its powers and duties hereunder directly or
through agents or attorneys and may, at the expense of the Trust Estate, consult
with counsel, accountants and other skilled persons to be selected and employed
by it. The Owner Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the advice or opinion of any such
counsel, accountants or other skilled persons and the Owner Trustee shall not be
liable for the negligence of any such counsel, accountant or other skilled
person appointed by it with due care hereunder.

     Section 6.6 Not Acting in Individual Capacity. In acting hereunder, the
Owner Trustee acts solely as trustee and not in its individual capacity except
as otherwise expressly provided herein; and, except as may be otherwise
expressly provided in this Trust Agreement, the Lease, the Participation
Agreement and the Trust Indenture, all persons having any claim against the
Owner Trustee by reason of the transactions contemplated hereby shall look only
to the Trust Estate for payment or satisfaction thereof.

     Section 6.7 Fees; Compensation. The Owner Trustee shall be entitled to
receive compensation, reasonable as regards its responsibilities hereunder,
together with reimbursement within three (3) months of its request for all
reasonable expenses incurred or made by it in accordance with any of the
provisions of

                                       14
<PAGE>
this Trust Agreement or any other Operative Document (including the reasonable
compensation and the expenses of its counsel, accountants or other skilled
persons and of all other persons not regularly in its employ). If a Lease Event
of Default, Indenture Event of Default or Event of Loss shall occur and be
continuing or if the Lease or the Trust Indenture is declared to be in default,
the Owner Trustee shall be entitled to receive compensation, reasonable as
regards its additional responsibilities hereunder, and payment or reimbursement
for its expenses as provided above. Pursuant to the last paragraph of Section
7(c) of the Participation Agreement and subject to Section 17 thereof, Lessee
shall be required to pay the fees of the Owner Trustee comprising the
compensation and reimbursement of expenses to which the Owner Trustee is
entitled under this Section 6.7. Except as otherwise expressly provided in this
Trust Agreement and the other Operative Documents, neither the Owner Participant
nor the Trust Estate shall have any liability for any such fees and expenses.

      Section 6.8 Tax Returns. The Owner Trustee shall be responsible for the
keeping of all appropriate books and records relating to the receipt and
disbursement of all monies under this Trust Agreement or any agreement
contemplated hereby. The Owner Participant shall be responsible for causing to
be prepared and filed all income tax returns required to be filed by the Owner
Participant. The Owner Trustee shall be responsible for causing to be prepared,
at the request of the Owner Participant, all income tax returns required to be
filed with respect to the trust created hereby and shall execute and file such
returns. The Owner Participant, upon request, will furnish the Owner Trustee
with all such information as may be reasonably required from the Owner
Participant in connection with the preparation of such income tax returns. The
Owner Trustee will give the Owner Participant upon request such information
concerning receipts and disbursements by it with respect to the Trust Estate as
would be helpful to the Owner Participant in preparing its tax returns.

                                 ARTICLE VII

                  INDEMNIFICATION OF THE CONNECTICUT NATIONAL
                           BANK BY OWNER PARTICIPANT

      Section 7.1 Owner Participant to Indemnify The Connecticut National
Bank. The Owner Participant hereby agrees, whether or not any of the
transactions contemplated hereby shall be consummated,

                                       15
<PAGE>
to assume liability for, and hereby indemnify, protect, save and keep harmless
The Connecticut National Bank in its individual capacity and its successors,
assigns, legal representatives, agents and servants, from and against any and
all liabilities, obligations, losses, damages, penalties, taxes (excluding any
taxes payable by The Connecticut National Bank it its individual capacity on or
measured by any compensation received by The Connecticut National Bank in its
individual capacity for its services hereunder), claims, actions, suits, costs,
expenses or disbursements (including, without limitation, reasonable legal fees
and expenses, and including without limitation any liability of an owner, any
strict liability and any liability without fault) of any kind and nature
whatsoever which may be imposed on, incurred by or asserted against The
Connecticut National Bank in its individual capacity (whether or not also
indemnified against by Lessee under the Lease or under the Participation
Agreement or also indemnified against by any other person) in any way relating
to or arising out of this Trust Agreement or any of the Operative Documents or
the enforcement of any of the terms of any thereof, or in any way relating to or
arising out of the manufacture, purchase, acceptance, nonacceptance, rejection,
ownership, delivery, lease, possession, use, operation, condition, sale, return
or other disposition of the Aircraft (including, without limitation, latent and
other defects, whether or not discoverable, and any claim for patent, trademark
or copyright infringement), or in any way relating to or arising out of the
administration of the Trust Estate or the action or inaction of the Owner
Trustee or The Connecticut National Bank in its individual capacity hereunder,
except (a) in the case of willful misconduct or gross negligence on the part of
the Owner Trustee or The Connecticut National Bank in its individual capacity in
the performance or nonperformance of its duties hereunder or (b) those claims
resulting from the inaccuracy of any representation or warranty of The
Connecticut National Bank in its individual capacity (or from the failure of The
Connecticut National Bank in its individual capacity (or from the failure of The
Connecticut National Bank in its individual capacity to perform any of its
covenants) in Section 6.3 hereof, in Section 6.3 of the Trust Indenture, in
Section 4 of the Lease, in Sections 9(b), 9(c), 9(g) or 9(q) of the
Participation Agreement or elsewhere in any of the other Operative Documents or
(c) as may result from a breach by The Connecticut National Bank in its
individual capacity of its covenant in the last sentence of Section 5.4 hereof
or (d) in the case of the failure to use ordinary care on the part of the Owner
Trustee or The Connecticut National Bank in its individual

                                       16
<PAGE>

 capacity in the disbursement of funds or (e) those arising or resulting from
 any of the matters described in the last sentence of Section 6.1 hereof or (f)
 for so long as Lessee's obligation to indemnify the Owner Trustee and The
 Connecticut National Bank pursuant to the Participation Agreement is in effect,
 as otherwise excluded by the terms of Section 7(b) or 7(c) of the Participation
 Agreement from Lessee's general indemnity or general tax indemnity to the Owner
 Trustee or The Connecticut National Bank, as the case may be, thereunder. The
 indemnities contained in this Section 7.1 extend to The Connecticut National
 Bank only in its individual capacity and shall not be construed as indemnities
 of the Trust Indenture Estate or the Trust Estate (except to the extent, if
 any, that The Connecticut National Bank in its individual capacity has been
 reimbursed by the Trust Indenture Estate or the Trust Estate for amounts
 covered by the indemnities contained in this Section 7.1). The indemnities
 contained in this Section 7.1 shall survive the termination of this Trust
 Agreement. In addition, if necessary, The Connecticut National Bank in its
 individual capacity shall be entitled to indemnification from the Trust Estate,
 subject to the Lien of the Trust Indenture, for any liability, obligation,
 loss, damage, penalty, tax, claim, action, suit, cost, expense or disbursement
 indemnified against pursuant to this Section 7.1 to the extent not reimbursed
 by Lessee, the Owner Participant or others, but without releasing any of them
 from their respective agreements of reimbursement; and to secure the same The
 Connecticut National Bank in its individual capacity shall have a lien on the
 Trust Estate, subject to the lien of the Trust Indenture, which shall be prior
 to any interest therein of the Owner Participant. The payor of any indemnity
 under this Article VII shall be subrogated to any right of the person
 indemnified in respect of the matter as to which such indemnity was paid.

                                 ARTICLE VIII

                   TRANSFER OF AN OWNER PARTICIPANT'S INTEREST

        Section 8.1 Transfer of Interests. All provisions of Section 9(k) of the
 Participation Agreement shall (with the same force and effect as if set forth
 in full in this Section 8.1) be applicable to any assignment, conveyance or
 other transfer by the Owner Participant of any of its right, title or interest
 in and to the Participation Agreement, the Trust Estate or this Trust
 Agreement. If there is more than one Owner Participant, no assignment,
 conveyance or other transfer by an Owner Participant of

                                      17
<PAGE>

any of its right, title or interest in and to this Trust Agreement or the Trust
Estate shall be valid unless each other Owner Participant's prior written
consent is given to such assignment, conveyance or other transfer.

                                 ARTICLE IX

                      SUCCESSOR OWNER TRUSTEES; CO-TRUSTEES

     Section 9.1 Resignation of Owner Trustee; Appointment of Successor. (a)
Resignation or Removal. The Owner Trustee or any successor Owner Trustee shall
promptly resign upon an officer in its Corporate Trust Department obtaining
actual knowledge that it is not a "citizen of the United States" within the
meaning of Section 101(16) of the Federal Aviation Act (in which case the Owner
Participant will immediately appoint a successor Owner Trustee reasonably
acceptable to the Lessee) and may resign at any time without cause by giving at
least 60 days' prior written notice to the Owner Participant, the Mortgagee and
the Lessee, such resignation to be effective upon the acceptance of appointment
by the successor Owner Trustee under Section 9.1(b). In addition, the Owner
Participant may at any time remove the Owner Trustee, without cause, by giving
notice to the Mortgagee and the Lessee, such removal to be effective upon the
acceptance of appointment by the successor Owner Trustee under Section 9.1(b),
which successor Owner Trustee is reasonably acceptable to the Lessee. In the
case of the resignation or removal of the Owner Trustee, the Owner Participant
may appoint a successor Owner Trustee by an instrument in writing, which
successor Owner Trustee shall be reasonably acceptable to the Lessee. If a
successor Owner Trustee shall not have been appointed within 30 days after such
notice of resignation or removal, the Owner Trustee, the Owner Participant,
Lessee or the Mortgagee may apply to any court of competent jurisdiction to
appoint a successor Owner Trustee to act until such time, if any, as a successor
shall have been appointed as above provided. Any successor Owner Trustee so
appointed by such court shall immediately and without further act be superseded
by any successor Owner Trustee appointed as above provided.

      (b) Execution and Delivery of Documents, etc. Any successor Owner Trustee,
however appointed, shall execute and deliver to the predecessor Owner Trustee an
instrument accepting such appointment, and thereupon such successor Owner
Trustee, without further act, shall become vested with all the estates,
properties, rights,

                                       18
<PAGE>
powers, duties and trusts of the predecessor Owner Trustee in the trusts
hereunder with like effect as if originally named the Owner Trustee herein; but
nevertheless, upon the written request of such successor Owner Trustee, such
predecessor Owner Trustee shall execute and deliver an instrument transferring
to such successor Owner Trustee, upon the trusts herein expressed, all the
estates, properties, rights powers and trusts of such predecessor Owner Trustee,
and such predecessor Owner Trustee shall duly assign, transfer, deliver and pay
over to such successor Owner Trustee all monies or other property then held by
such predecessor Owner Trustee upon the trusts herein expressed. Upon the
appointment of any successor Owner Trustee hereunder, the predecessor Owner
Trustee will execute such documents as are provided to it by such successor
Owner Trustee and will take such further actions as are requested of it by such
successor Owner Trustee as are reasonably required to cause registration of the
Aircraft included in the Trust Estate to be transferred upon the records of the
Federal Aviation Administration, or other governmental authority having
jurisdiction, into the name of the successor Owner Trustee.

      (c) Qualification. Any successor Owner Trustee however appointed, shall be
a "citizen of the United States" within the meaning of Section 101(16) of the
Federal Aviation Act and shall also be a bank or trust company organized under
the laws of the United States or any state thereof having a combined capital and
surplus of at least $100,000,000, if there be such an institution willing, able
and legally qualified to perform the duties of the Owner Trustee hereunder upon
reasonable or customary terms. No such successor trustee shall (i) be located in
a jurisdiction which creates adverse consequences for the Lessee (unless such
circumstances would be created by substantially all jurisdictions where major
banking or trust institutions are located) or (ii) charge fees for its services
as an Owner Trustee in excess of the then prevailing market rates for such
services (unless the Owner Participant agrees with Lessee that, notwithstanding
the last paragraph of Section 7(c) of the Participation Agreement, it and not
the Lessee shall be liable for such excess).

      (d) Merger, etc. Any corporation into which The Connecticut National Bank
may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which The
Connecticut National Bank shall be a party, or any corporation which
substantially all the corporate trust business of The Connecticut National Bank
may be

                                       19
<PAGE>

transferred, shall, subject to the terms of Section 9.1(c) hereof, be the Owner
Trustee hereunder without further act.

      Section 9.2 Co-Trustees and Separate Trustees. If at any time it shall be
necessary or prudent in order to conform to any law of any jurisdiction in which
all or any part of the Trust Estate is located, or the Owner Trustee, being
advised by counsel shall determine that it is so necessary or prudent in the
interest of the Owner Participant or the Owner Trustee, or the Owner Trustee
shall have been directed to do so by the Owner Participant, the Owner Trustee
and the Owner Participant shall execute and deliver an agreement supplemental
hereto and all other instruments and agreements necessary or proper to
constitute another bank or trust company or one or more persons (any and all of
which shall be a "citizen of the United States" as defined in Section 101(16) of
the Federal Aviation Act) approved by the Owner Trustee and the Owner
Participant, either to act as co-trustee, jointly with the Owner Trustee, or to
act as separate trustee hereunder (any such co-trustee or separate trustee being
herein sometimes referred to as an "additional trustee"). In the event the Owner
Participant shall not have joined in the execution of such agreements
supplemental hereto within ten days after the receipt of a written request from
the Owner Trustee so to do, or in case a Lease Event of Default, Indenture Event
of Default or an Event of Loss shall occur and be continuing, the Owner Trustee
may act under the foregoing provisions of this Section 9.2 without the
concurrence of the Owner Participant; and the Owner Participant hereby appoints
the Owner Trustee its agent and attorney-in-fact to act for it under the
foregoing provisions of this Section 9.2 in either of such contingencies.

     Every additional trustee hereunder shall, to the extent permitted by law,
be appointed and act, and the Owner Trustee and its successors shall act,
subject to the following provisions and conditions:

     (A) All powers, duties, obligations and rights conferred upon the Owner
Trustee in respect of the custody, control and management of monies, the
Aircraft or documents authorized to be delivered hereunder or under the
Participation Agreement shall be exercised solely by the Owner Trustee;

     (B) all other rights, powers, duties and obligations conferred or imposed
upon the Owner Trustee shall be conferred or

                                       20
<PAGE>

imposed upon and exercised or performed by the Owner Trustee and such additional
trustee jointly, except to the extent that under any law of any jurisdiction in
which any particular act or acts are to be performed (including the holding of
title to the Trust Estate) the Owner Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties and
obligations shall be exercised and performed by such additional trustee;

      (C) no power given to, or which it is provided hereby may be exercised by,
any such additional trustee shall be exercised hereunder by such additional
trustee, except jointly with, or with the consent in writing of, the Owner
Trustee;

      (D) no trustee hereunder shall be personally liable by reason of any
action or omission of any other trustee hereunder;

      (E) the Owner Participant, at any time, by an instrument in writing may
remove any such additional trustee. In the event that the Owner Participant
shall not have joined in the execution of any such instrument within ten days
after the receipt of a written request from the Owner Trustee so to do, the
Owner Trustee shall have the power to remove any such additional trustee without
the concurrence of the Owner Participant; and the Owner Participant hereby
appoints the Owner Trustee its agent and attorney-in-fact for it in such
connection in such contingency; and

      (F) no appointment of, or action by, any additional trustee will relieve
the Owner Trustee of any of its obligations under, or otherwise affect any of
the terms of, the Trust Indenture or affect the interests of the Mortgagee or
the Certificate Holders in the Trust Indenture Estate.

                                   ARTICLE X

                          SUPPLEMENTS AND AMENDMENTS
                    TO TRUST AGREEMENT AND OTHER DOCUMENTS

      Section 10.1 Supplements and Amendments and Delivery Thereof. (a)
Supplement and Amendments. Subject to Section 11 of the Participation Agreement,
this Trust Agreement may not be amended, supplemented or otherwise modified
except by an instrument in writing signed by the Owner Trustee and the Owner
Participant. Subject to Section 10.2 hereof and Section 11(B) of the

                                       21
<PAGE>

Participation Agreement, the Owner Trustee will execute any amendment,
supplement or other modification of this Trust Agreement or of any other
Operative Documents to which the Owner Trustee is a party which it is requested
to execute by the Owner Participant, except that the Owner Trustee shall not
execute any such amendment, supplement or other modification which, by the
express provisions of any of the above documents, requires the consent of any
other party unless such consent shall have been obtained; and provided that,
without the prior written consent of the Owner Participant, (i) no such
supplement, amendment or modification shall (A) modify any of the provisions of
this Section 10.1, (B) reduce, modify or amend any indemnities in favor of the
Owner Participant as set forth in Section 7 of the Participation Agreement or in
the Tax Indemnity Agreement, (C) reduce the amount or extend the time of payment
of Basic Rent, Supplemental Rent, Termination Value or Stipulated Loss Value for
the Aircraft as set forth in the Lease (except in accordance with Section 3 of
the Lease) and (ii) no such supplement, amendment or modification shall require
the Owner Participant to invest or advance funds or shall entail any additional
personal liability or the surrender of any indemnification, claim or individual
right on the part of the Owner Participant with respect to any agreement or
obligation.

      (b) Delivery of Amendments and Supplements to Certain Parties. A signed
copy of each amendment or supplement referred to in Section 10.1(a) hereof shall
be delivered promptly by the Owner Trustee to the Mortgagee and the Lessee.

      Section 10.2 Discretion as to Execution of Documents. Prior to executing
any document required to be executed by it pursuant to the terms of Section 10.1
hereof, the Owner Trustee shall be entitled to receive an opinion of its counsel
to the effect that the execution of such document is authorized hereunder. If in
the opinion of the Owner Trustee any such document adversely affects any right,
duty, immunity or indemnity in favor of the Owner Trustee hereunder or under any
other Operative Document to which the Owner Trustee is a party, the Owner
Trustee may in its discretion decline to execute such document.

      Section 10.3 Absence of Requirements as to Form. It shall not be necessary
for any written request furnished pursuant to Section 10.1 hereof to specify the
particular form of the proposed documents to be executed pursuant to such
Section, but it shall be sufficient if such request shall indicate the substance
thereof.

                                       22
<PAGE>

      Section 10.4 Distribution of Documents. Promptly after the execution by
the Owner Trustee of any document entered into pursuant to Section 10.1 hereof,
the Owner Trustee shall mail, by certified mail, postage prepaid, a conformed
copy thereof to the Owner Participant, but the failure of the Owner Trustee to
mail such conformed copy shall not impair or affect the validity of such
document.

      Section 10.5 No Request Needed as to Lease Supplement and Indenture
Supplement. No written request pursuant to Section 10.1 hereof shall be required
to enable to Owner Trustee to enter into the Lease Supplement covering the
Aircraft with Lessee pursuant to the terms of the Lease and Section 3.1 hereof
and the Indenture Supplement pursuant to the terms of the Trust Indenture and
Section 3.1 hereof.

                                  ARTICLE XI

                                 MISCELLANEOUS

      Section 11.1 Termination of Trust Agreement. This Trust Agreement and the
trusts created hereby shall be of no further force or effect upon the earlier of
(a) both the final discharge of the Trust Indenture pursuant to Section 10.1
thereof and the sale or other final disposition by the Owner Trustee of all
property constituting part of the Trust Estate and the final distribution by the
Owner Trustee of all monies or other property or proceeds constituting part of
the Trust Estate in accordance with Article IV hereof, provided that at such
time Lessee shall have fully complied with all of the terms of the Lease and the
Participation Agreement or (b) twenty-one years less one day after the death of
the last survivor of all of the descendants of the grandparents of David C.
Rockefeller living on the date of the earliest execution of this Trust Agreement
by any party hereto; otherwise this Trust Agreement and the trusts created
hereby shall continue in full force and effect in accordance with the terms
hereof. Notwithstanding the foregoing, this Trust Agreement and the trusts
created hereby shall terminate and the Trust Estate shall be distributed to the
Owner Participant, and this Trust Agreement shall be of no further force and
effect, upon the election of the Owner Participant by notice to the Owner
Trustee, if such notice shall be accompanied by the written agreement (in form
and substance reasonably satisfactory to the Owner Trustee) of the Owner
Participant assuming all the

                                       23
<PAGE>
obligations of the Owner Trustee as such under or contemplated by the Operative
Documents or incurred by it as trustee hereunder and releasing the Owner Trustee
as such therefrom; but no such election shall be effective until the release of
the lien of the Trust Indenture on the Indenture Estate, nor until full payment
of the principal of, premium (if any) and interest on, the Loan Certificates and
of all other amounts owing under the Trust Indenture.

      Section 11.2 Owner Participant Has No Legal Title in Trust Estate. The
Owner Participant shall not have legal title to any part of the Trust Estate. No
transfer, by operation of law or otherwise, of any right, title and interest of
the Owner Participant in and to the Trust Estate hereunder shall operate to
terminate this Trust Agreement or the trusts hereunder or entitle any successors
or transferees of the Owner Participant to an accounting or to the transfer of
legal title to any part of the Trust Estate.

      Section 11.3 Assignment, Sale, etc. of Aircraft. Any assignment, sale,
transfer or other conveyance of the Aircraft by the Owner Trustee made pursuant
to the terms hereof or of the Lease, the Trust Indenture or the Participation
Agreement shall bind the Owner Participant and shall be effective to transfer or
convey all right, title and interest of the Owner Trustee and the Owner
Participant in and to the Aircraft. No purchaser or other grantee shall be
required to inquire as to the authorization, necessity, expediency or regularity
of such assignment, sale, transfer or conveyance or as to the application of any
sale or other proceeds with respect thereto by the Owner Trustee.

      Section 11.4 Trust Agreement for Benefit of Certain Parties Only. Except
for the terms of the Participation Agreement incorporated in Article VIII hereof
and except as otherwise provided in Article IX and Sections 10.1, 11.1 and 11.13
hereof, nothing herein, whether express or implied, shall be construed to give
any person other than the Owner Trustee and the Owner Participant any legal or
equitable right, remedy or claim under or in respect of this Trust Agreement;
but this Trust Agreement shall be held to be for the sole and exclusive benefit
of the Owner Trustee and the Owner Participant.

      Section 11.5 Citizenship of the Owner Participant. If at any time there
shall be more than one Owner Participant, then the

                                       24
<PAGE>

Owner Participant who shall cease to be a "citizen of the United States" as
defined in Section 101(16) of the Federal Aviation Act of 1958, as amended,
shall have no voting or similar rights hereunder and shall have no right to
direct, influence or limit the exercise of, or to prevent the direction or
influence of, or place any limitation on the exercise of, the Owner Trustee's
authority or to remove the Owner Trustee.

      Section 11.6  Notices.  All notices, demands, instructions and other
communications required or permitted to be given to or made upon any party
hereto shall be in writing and shall be personally delivered or sent by
registered or certified mail, postage prepaid, or by telecopier, or by prepaid
courier service, and shall be deemed to be given for purposes of this Agreement
on the day that such writing is delivered or, if sent by registered or certified
mail, three Business Days after being deposited in the mails addressed to the
intended recipient thereof in accordance with the provisions of this Section
11.6.  Unless otherwise specified in a notice sent or delivered in accordance
with the foregoing provisions of this Section 11.6, notices, demands,
instructions and other communications in writing shall be given to or made upon
the respective parties hereto at their respective addresses (or to their
respective telecopier numbers) as follows:  (A) if to Lessee, the Owner Trustee,
the Loan Participants, the Mortgagee or the original Owner Participant, to the
respective addressees set forth in the Participation Agreement, or (B) if to a
subsequent Owner Participant, addressed to such subsequent Owner Participant at
such address as such subsequent Owner Participant shall have furnished by notice
to the parties hereto or (C) if to any subsequent Certificate Holder, addressed
to such Certificate Holder at its address as set forth in the Loan Certificate
register maintained pursuant to Section 2.7 of the Trust Indenture.

      Section 11.7 Severability. Subject to Sections 11.6 and 11.12 hereof, any
provision hereof which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extend of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

      Section 11.8 Waivers, etc. No term or provision hereof may be changed,
waived, discharged or terminated orally, but only by an

                                       25
<PAGE>

instrument in writing entered into in compliance with the terms of Article X
hereof; and any waiver of the terms hereof shall be effective only in the
specific instance and for the specific purpose given.

      Section 11.9 Counterparts. This Trust Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

      Section 11.10 Binding Effect, etc. All covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, the Owner Trustee and
its successors and assigns, and the Owner Participant, its successors and, to
the extent permitted by Article VIII hereof, its assigns. Any request, notice,
direction, consent, waiver or other instrument or action by the Owner
Participant shall bind its successors and assigns. Any Owner Participant which
shall cease to have any ownership interest shall thereupon cease to be a party
hereto or an Owner Participant for any reason and shall have no further
obligations hereunder.

      Section 11.11 Headings; References. The headings of the various Articles
and Sections herein are for convenience of reference only and shall not define
or limit any of the terms or provisions hereof.

      Section 11.12 Governing Law. This Trust Agreement shall in all respects be
governed by, and construed in accordance with, the internal laws of the State of
Connecticut, including all matters of construction, validity and performance.

      Section 11.13 Authorization to Owner Trustee for Trust Indenture.
Notwithstanding any contrary provision in this Trust Agreement, the Owner
Trustee is hereby authorized and instructed to enter into and perform fully the
Trust Indenture. This provision is for the benefit of the Owner Trustee and the
Mortgagee and the holders from time to time of the Loan Certificates and shall
not be changed prior to the termination of the Trust Indenture pursuant to the
terms hereof.

      Section 11.14 Limitation on Owner Participant's Liability. The Owner
Participant shall not have any liability for the

                                       26
<PAGE>
 performance of this Trust Agreement, except as expressly set forth herein.

                   *         *         *         *         *

                                       27
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to
be duly executed by their respective officers thereunto duly authorized as of
the day and year first above written.

                              GENERAL FOODS CREDIT CORPORATION

                              By:____________________________

                              Title:_________________________

                              THE CONNECTICUT NATIONAL BANK

                              By:____________________________

                              Title:_________________________

                                       28<PAGE>

                                                                    EXHIBIT 4.23

--------------------------------------------------------------------------------

                            PARTICIPATION AGREEMENT
                                  ([_______])

                           Dated as of July 31, 2000

                                     Among

                            UNITED AIR LINES, INC.,
                                    Owner,

                      STATE STREET BANK AND TRUST COMPANY
                     OF CONNECTICUT, NATIONAL ASSOCIATION,
                              in its capacity as
                    Pass Through Trustee under each of the
                        Pass Through Trust Agreements,

                      STATE STREET BANK AND TRUST COMPANY
                     OF CONNECTICUT, NATIONAL ASSOCIATION,
                            as Subordination Agent

                                      and

                      STATE STREET BANK AND TRUST COMPANY
                     OF CONNECTICUT, NATIONAL ASSOCIATION,
              In its Individual Capacity and as Indenture Trustee

                                ______________

                            United Air Lines, Inc.
                           One [_________] Aircraft
                    Bearing U.S. Registration No. [_______]

                                ______________

--------------------------------------------------------------------------------
<PAGE>

                               TABLE OF CONTENTS
                               -----------------
<TABLE>
<CAPTION>
                                                                                              Page
<S>                                                                                           <C>
SECTION 1.  Certain Definitions.............................................................    2

SECTION 2.  Purchase of Equipment Notes.....................................................    2

SECTION 3.  Equipment Notes.................................................................    3

SECTION 4.  Conditions......................................................................    4
             (a) Conditions Precedent.......................................................    4
             (b) Conditions Precedent to the Obligations of Owner...........................    4

SECTION 5.  Owner's Representations, Warranties and Indemnities.............................    4

SECTION 6.  Representations, Warranties and Covenants.......................................   13

SECTION 7.  Other Documents.................................................................   19

SECTION 8.  Notices; Consent to Jurisdiction................................................   19

SECTION 9.  Miscellaneous...................................................................   20
</TABLE>

                                   SCHEDULES

SCHEDULE I      -      Names and Addresses

SCHEDULE II     -      Equipment Notes, Noteholders and Original Principal
                       Amount

SCHEDULE III    -      Description of Pass Through Trust Agreements
<PAGE>

                      PARTICIPATION AGREEMENT ([______])
                      ----------------------------------

               THIS PARTICIPATION AGREEMENT ([______]) dated as of July 31, 2000
(this "Agreement") among (i) UNITED AIR LINES, INC., a Delaware corporation (the
       ---------
"Owner"), (ii) STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT, NATIONAL
 ----
ASSOCIATION, a national banking association, not in its individual capacity,
except as otherwise provided herein, but solely as trustee under each of the
Pass Through Trust Agreements (as defined below), (iii) STATE STREET BANK AND
TRUST COMPANY OF CONNECTICUT, NATIONAL ASSOCIATION, a national banking
association, in its individual capacity and as Indenture Trustee (the "Indenture
                                                                       ---------
Trustee") under the Indenture (as defined below) and (iv) STATE STREET BANK AND
-------
TRUST COMPANY OF CONNECTICUT, NATIONAL ASSOCIATION, a national banking
association, not in its individual capacity but solely as subordination agent
and trustee (the "Subordination Agent") under the Intercreditor Agreement (as
                  -------------------
defined below).

                                  WITNESSETH:

               WHEREAS, Owner is the owner of the [__________] aircraft more
particularly described in the initial Indenture Supplement dated the Closing
Date for which it desires to obtain financing;

               WHEREAS, pursuant to the Trust Indenture and Mortgage ([______])
dated as of July 31, 2000 (the "Indenture") between Owner and the Indenture
                                ---------
Trustee, Owner proposes to issue up to four Series of Equipment Notes (or, if
Series D Equipment Notes are issued, five Series of Equipment Notes) in the form
set forth in Exhibit A to the Indenture, which Equipment Notes are to be secured
by the mortgage and security interest in the Aircraft created pursuant to the
Indenture by the Owner in favor of the Indenture Trustee;

               WHEREAS, the Series A-1, Series A-2, Series B and Series C-2
Equipment Notes will be issued on the Closing Date to the Subordination Agent as
nominee for the Pass Through Trustee for the applicable Pass Through Trust as
evidence of the Owner's indebtedness to each such Pass Through Trustee;

               WHEREAS, Owner has the option to issue Series D Equipment Notes
at any time on or after the Closing Date to such holder as may be identified in
a supplement to this Participation Agreement;

               WHEREAS, pursuant to the Basic Pass Through Trust Agreement and
each of the supplements thereto set forth in Schedule III hereto (the "Pass
                                                                       ----
Through Trust Agreements"), on the Closing Date a separate grantor trust
------------------------
(collectively, the "Pass Through Trusts" and, individually, a "Pass Through
                    -------------------                        ------------
Trust") will be created to facilitate certain of the transactions
-----
<PAGE>

                                            [Participation Agreement ([______])]

contemplated hereby, including, without limitation, the issuance and sale of
credit enhanced pass through certificates pursuant thereto (collectively, the
"Pass Through Certificates") to provide a portion of the financing of the
 -------------------------
Aircraft;

               WHEREAS, the proceeds from the issuance and sale of the Pass
Through Certificates will be applied by the Pass Through Trustee to purchase
from the Owner, on behalf of each Pass Through Trust, the Series A-1, Series A-
2, Series B and Series C-2 Equipment Notes, respectively, issued under the
Indenture and bearing the same interest rate as the Pass Through Certificates
issued by such Pass Through Trust;

               WHEREAS, concurrently with the execution and delivery of this
Agreement, (i) Landesbank Hessen-Thuringen Girozentrale (the "Liquidity
                                                              ---------
Provider"), has entered into three revolving credit agreements (each, a
--------
"Liquidity Facility"), in each case for the benefit of the holders of the Pass
 ------------------
Through Certificates of the United Air Lines 2000-1A-1 Pass Through Trust, the
United Air Lines 2000-1A-2 Pass Through Trust and the United Air Lines 2000-1B
Pass Through Trust, with the Subordination Agent, as agent for the Pass Through
Trustee on behalf of each such Pass Through Trust; and (ii) the Pass Through
Trustees, the Liquidity Provider and the Subordination Agent entered into the
Intercreditor Agreement, dated as of the date hereof (the "Intercreditor
                                                           -------------
Agreement"); and
---------
               WHEREAS, capitalized terms are used herein as defined in Section
1 hereof.

               NOW THEREFORE, in consideration of the mutual agreements herein
contained, the parties hereto agree as follows:

               SECTION 1. Certain Definitions. The terms "Owner," "Pass Through
                          -------------------             -----     ------------
Trustee," "Subordination Agent," "Liquidity Provider" and the "Indenture
-------    -------------------    ------------------           ---------
Trustee" shall have the further meanings attributed thereto in the Indenture
-------
and, except as otherwise defined in this Agreement, terms used herein in
capitalized form shall have the meanings attributed thereto in the Indenture.
Unless the context otherwise requires, any reference herein to any of the
Operative Documents refers to such document as it may be amended from time to
time in accordance with its terms and the terms of each other agreement
restricting the amendment thereof.

               SECTION 2. Purchase of Equipment Notes. (a) Subject to the
                          ---------------------------
satisfaction or waiver of the conditions set forth herein, on the date hereof or
on such other date agreed to by the parties hereto (the "Closing Date"):
                                                         ------------
                      (i) the Pass Through Trustee for each Pass Through Trust
         shall pay to the Owner the purchase price set forth on Schedule II
         hereto of the Equipment Note being issued to such Pass Through Trust;

                                       2
<PAGE>

                                            [Participation Agreement ([______])]

                      (ii) the Owner shall issue, pursuant to Article 2 of the
         Indenture, to the Subordination Agent, as nominee for the Pass Through
         Trustee for each of the Pass Through Trusts, an Equipment Note of the
         maturity and principal amount and bearing the interest rate set forth
         on Schedule II hereto opposite the name of such Pass Through Trust.

               (b) Owner shall, subject to the confirmation of the Rating
Agencies, have the option to elect at any time on or after the Closing Date to
issue Series D Equipment Notes on the terms specified herein, in the Indenture
and in the Intercreditor Agreement. In the event Owner elects to issue such
Series D Equipment Notes, Owner will arrange for the purchase of such Equipment
Notes by lender(s) other than the Pass Through Trusts (such lender or lenders
being herein referred to as the "Initial Series D Noteholders") and, on or prior
                                 ----------------------------
to the Issuance Date with respect to such Series, Schedule II hereto and Exhibit
B-4 to the Indenture shall be supplemented to incorporate appropriate
information regarding such Initial Series D Noteholders and such Series D Notes
and, upon receipt by Owner of the purchase price therefor and subject to
appropriate conditions precedent, Owner shall issue, pursuant to Article 2 of
the Indenture, the Series D Equipment Notes to the Initial Series D Noteholders.

               (c) The closing (the "Closing") of the issuance of the Series A-
                                     -------
1, Series A-2, Series B and Series C-2 Equipment Notes described in this
Agreement shall take place at the offices of Vedder, Price, Kaufman & Kammholz,
222 N. LaSalle St., Chicago, Illinois, at 10:00 a.m. (Chicago time) on the
Closing Date, or at such other place as the parties hereto may agree.

               (d) All payments pursuant to this Section 1 shall be made in
immediately available funds to such accounts and at such banks as the parties
hereto shall designate in writing not less than one Business Day prior to the
Closing Date.

               (e) Owner may elect to postpone the issuance of a series of
Equipment Notes pursuant to Section 2.02(b) of the Pass Through Trust Agreement.

               (f) In order to facilitate the transactions contemplated hereby,
the Owner has entered into the United Equipment Note Purchase Agreement dated as
of July 31, 2000 (the "Note Purchase Agreement") among the Owner, the Pass
                       -----------------------
Through Trustees, the Subordination Agent and the Indenture Trustee, and,
subject to the terms and conditions hereof, the Owner will enter into each of
the Pass Through Trust Agreements and will undertake to perform certain
administrative and ministerial duties under such Pass Through Trust Agreements.

               SECTION 3. Equipment Notes. On the applicable Issuance Date with
                          ---------------
respect to each Series, the Owner shall execute, and the Indenture Trustee shall
authenticate and deliver to the applicable Noteholder, an Equipment Note of such
Series in the principal amount and bearing the interest rate set forth opposite
the name of such Noteholder on Schedule II hereto. Subject to the terms hereof,
of the Pass Through Agreements and of the other Operative Agreements, all such
Equipment Notes shall be dated and authenticated as of the applicable Issuance
Date (and

                                       3
<PAGE>

                                            [Participation Agreement ([______])]

shall bear interest therefrom), shall be registered in such names as shall be
specified by the Noteholder and shall be paid in the manner and at such places
as are set forth in the Indenture.

               SECTION 4. Conditions. (a) Conditions Precedent. The obligations
                          ----------      --------------------
of each Pass Through Trustee to make the payment described in Section 2(a)(i),
are subject to the satisfaction (or waiver) prior to or on the Closing Date of
the conditions specified in Section 3 of the Note Purchase Agreement.

               (b)   Conditions Precedent to the Obligations of Owner. It is
                     ------------------------------------------------
agreed that the obligations of Owner to participate in the transactions
contemplated hereby and to enter into the Operative Documents to which it is a
party are all subject to the fulfillment to the satisfaction (or waiver) of
Owner prior to or on the Closing Date of the following conditions precedent:

                     (i)   The representations and warranties of the Indenture
         Trustee, the Pass Through Trustees and the Subordination Agent
         contained in Section 6 hereof shall be true and accurate as of the
         Closing Date as though made on and as of such date except to the extent
         that such representations and warranties relate solely to an earlier
         date (in which event such representations and warranties shall have
         been true and accurate on and as of such earlier date) and Owner shall
         have received a certificate signed by the Chairman of the Board, the
         President, any Vice President or any Assistant Vice President or other
         authorized representative of the Indenture Trustee, the Pass Through
         Trustees and the Subordination Agent, respectively, certifying as to
         the foregoing matters with respect to the Indenture Trustee, the Pass
         Through Trustees and the Subordination Agent, respectively.

                     (ii)  No action or proceeding shall have been instituted
         nor shall governmental action be threatened before any court or
         governmental agency, nor shall any order, judgment or decree have been
         issued or proposed to be issued by any court or governmental agency at
         the time of the Closing Date to set aside, restrain, enjoin or prevent
         the completion and consummation of this Agreement or the transactions
         contemplated hereby.

                     (iii) No change shall have occurred after the date of the
         execution and delivery of this Agreement in applicable law or
         regulations thereunder or interpretations thereof by appropriate
         regulatory authorities which, in the opinion of Owner, would make it a
         violation of law or regulations for Owner to enter into any transaction
         contemplated by the Operative Documents.

               SECTION 5.  Owner's Representations, Warranties and Indemnities.
                           ---------------------------------------------------
(a) Representations and Warranties. Owner represents and warrants to the
    ------------------------------
Indenture Trustee, the Pass Through Trustees and the Liquidity Provider that as
of the Closing Date:

                                       4
<PAGE>

                                            [Participation Agreement ([______])]

                    (i)   Owner is a corporation duly organized and validly
         existing in good standing pursuant to the laws of the State of
         Delaware; is a Citizen of the United States and a Certificated Air
         Carrier; has its chief executive office (as such term is defined in
         rticle 9 of the Uniform Commercial Code) at 1200 East Algonquin Road,
         Elk Grove Township, Illinois 60007; is duly qualified to do business as
         foreign corporation in each jurisdiction in which it has intrastate
         routes or has its principal office or a major overhaul facility, except
         where the failure to be so qualified would not have a material adverse
         effect on the ability of Owner to perform its obligations under the
         Owner Documents (as defined below); holds all material licenses,
         certificates, permits and franchises from the appropriate agencies of
         the United States of America and/or all other governmental authorities
         having jurisdiction, necessary to authorize Owner to engage in all
         transport and to carry on scheduled passenger service, in each case as
         presently conducted, perform its obligations under this Agreement, the
         Indenture, the initial Indenture Supplement, the Equipment Notes, the
         Pass Through Trust Agreements and all other documents executed by Owner
         in connection herewith or therewith (collectively, the "Owner
         Documents");

                    (ii)   the execution, delivery and performance by Owner of
         the Owner Documents have been duly authorized by all necessary
         corporate action on the part of Owner, do not require any stockholder
         approval, or approval or consent of any trustee or holders of any
         indebtedness or obligations of Owner except such as have been duly
         obtained, and none of the execution, delivery and performance by Owner
         of such Owner Documents contravenes any law, judgment, governmental
         rule, regulation or order binding on Owner or the certificate of
         incorporation or by-laws of Owner or contravenes the provisions of, or
         constitutes a default under, or results in the creation of any Lien
         (other than Permitted Liens) upon the property of Owner under: (x) its
         certificate of incorporation or bylaws; or (y) any indenture, mortgage,
         chattel mortgage, deed of trust, conditional sales contract, bank loan
         or credit agreement or other agreement or instrument to which Owner is
         a party or by which it or its properties may be bound or affected,
         unless such contravention, default or Lien pertains to an agreement of
         the type listed in clause (y) of this Section and, individually or in
         the aggregate, would be reasonably unlikely to have a material adverse
         effect on the ability of the Owner to perform its obligations under the
         Owner Documents;

                    (iii)  neither the execution and delivery by Owner of the
         Owner Documents nor the performance by Owner of its obligations
         thereunder require the consent or approval of, the giving of notice to,
         the registration with, or the taking of any other action in respect of
         any federal, state, local or foreign government authority or agency,
         except for (A) the qualification of the Pass Through Trust Agreements
         under the Trust Indenture Act of 1939, as amended, pursuant to an order
         of the Securities and Exchange Commission, (B) the registrations and
         filings referred to in Section 5(a)(v), (C) authorizations, consents,
         approvals, actions, notices and filings required to be obtained, taken,
         given or made which have been duly obtained and are in full force and
         effect or the

                                       5
<PAGE>

                                            [Participation Agreement ([______])]

         failure of which to obtain, take, give or make would not be reasonably
         likely to have a material adverse effect on the financial condition,
         properties or results of operations of the Owner, (D) any normal
         periodic and other reporting requirements under the applicable rules
         and regulations of the FAA to the extent required to be given or
         obtained only after the Closing Date, and (E) the recordings with the
         FAA described in the opinion referred to in Section 4(a)(ix);

                    (iv) each of the Owner Documents has been duly executed and
         delivered by Owner and constitutes legal, valid and binding obligations
         of Owner enforceable against Owner in accordance with the terms
         thereof, except as the same may be limited by (a) applicable
         bankruptcy, insolvency, fraudulent conveyance, reorganization,
         moratorium or similar laws affecting the enforcement of creditors'
         rights generally, (b) by general principles of equity, whether
         considered in a proceeding at law or in equity, (c) in the case of
         indemnity provisions contained in such documents, public policy
         considerations, and (d) in the case of the Indenture, applicable laws
         which may affect the remedies provided in the Indenture, which laws,
         however, do not make the remedies provided in the Indenture inadequate
         for practical realization of the benefits intended to be afforded
         thereby;

                    (v)  except for (A) the filing for recording pursuant to the
         Federal Aviation Act of the Indenture and the Indenture Supplement
         attached thereto and made a part thereof, (B) the taking of possession
         by the Indenture Trustee of the original counterparts of the Indenture
         and the Indenture Supplement attached thereto, (C) the registration of
         the Aircraft with the FAA pursuant to the Federal Aviation Act in the
         name of the Owner, (D) the affixation of the nameplates referred to in
         Section 4.01(c) of the Indenture and (E) the filing of financing
         statements (and continuation statements at periodic intervals) with
         respect to the security and other interests created by such documents
         under the Uniform Commercial Code of Illinois, no further action,
         including any filing or recording of any document is necessary or
         advisable in order to perfect the security interest in favor of the
         Indenture Trustee in the Owner's interest in the Aircraft in any
         applicable jurisdiction in the United States and, on the Closing Date,
         after giving effect to such filings, the Indenture Trustee will have a
         duly perfected first priority security interest in all of Owner's
         right, title and interest in and to the Aircraft, subject only to
         Permitted Liens;

                    (vi) there has not occurred any event which constitutes an
         Indenture Default or an Indenture Event of Default which is presently
         continuing and there has not occurred any event which constitutes or
         would, with the passage of time or the giving of notice, or both,
         constitute an Event of Loss with respect to the Airframe or any Engine;

                                       6
<PAGE>

                                            [Participation Agreement ([______])]

                    (vii)  the Owner has good and marketable title to the
         Aircraft, free and clear of all Liens, other than Permitted Liens, and
         the FAA Bill of Sale conveying title to the Owner has been duly filed
         with the FAA;

                    (viii) neither Owner nor anyone acting on behalf of Owner
         has offered any interest in any Pass Through Certificate or any
         Equipment Note in a manner which would violate the Securities Act of
         1933 administrative and judicial interpretation thereof;

                    (ix)   the Aircraft has been duly certified by the FAA as to
         type and airworthiness and such certification remains in full force and
         effect;

                    (x)    neither Owner nor any subsidiary of Owner is an
         "investment company" or a company "controlled by an investment company"
         within the meaning of the Investment Company Act of 1940, as amended;

                    (xi)   except for the proceedings described in the
         discussion of Legal Proceedings in Owner's Annual Report on Form 10-K
         for the year ended December 31, 1999 and subsequently filed Form 10-Qs
         filed prior to the Closing Date, there are no pending or, to the
         knowledge of Owner, threatened actions or proceedings before any court
         or administrative agency which individually (or in the aggregate in the
         case of any group of related lawsuits) is expected to have a material
         adverse effect on the ability of Owner to perform its obligations under
         the Owner Documents or that seek to set aside, restrain, enjoin or
         prevent the consummation of this Agreement, the other Fundamental
         Documents or the transactions contemplated hereby or thereby;

                    (xii)  none of the proceeds from the issuance of the
         Equipment Notes will be used directly or indirectly by Owner to
         purchase or carry any "margin stock" as such term is defined in
         Regulation T or U of the Board of Governors of the Federal Reserve
         System;

                    (xiii) Owner agrees to give each of the Indenture Trustee
         and the Pass Through Trustees at least 30 days' prior written notice of
         any relocation of its chief executive office from its present location;

                    (xiv)  the Indenture Trustee, as a secured party under the
         Indenture (for the benefit of the Noteholders and the Swap
         Counterparty), is entitled to the benefits of Section 1110 of the
         United States Bankruptcy Code with respect to the Aircraft;

                    (xv)   the Owner's obligations under the Confirmation
         constitute "obligations of the debtor under [the] security agreement"
         for purposes of 11 U.S.C.(S) 1110(a)(2); and

                                       7
<PAGE>

                                            [Participation Agreement ([______])]

                    (xvi)  the statements of financial position of Owner as of
         December 31, 1999 and March 31, 2000 and the related statements of
         earnings and cash flow of Owner for the year and three months then
         ended, fairly present the financial condition of Owner as at such dates
         and the results of operations and cash flow of Lessee for the periods
         ended on such dates, in accordance with generally accepted accounting
         principles consistently applied (except as may be stated in the notes
         thereto), and subject in the case of the March 31, 2000 statements, to
         normal year-end audit adjustments, and since March 31, 2000, there has
         been no material adverse change in such condition or operations, except
         for such matters timely disclosed in press releases issued by UAL
         Corporation or Owner or in public filings, effective as of the date
         hereof, with the Securities and Exchange Commission under the
         Securities Exchange Act of 1934, as amended, by UAL Corporation or
         Owner.

               (b)  General Indemnity. Owner hereby agrees to indemnify, on an
                    -----------------
after-tax basis, each Indemnitee against, and agrees to protect, save and keep
harmless and shall pay on demand each of them from (whether or not the
transactions contemplated herein or in any of the other Operative Documents or
the Pass Through Trust Agreements are consummated), any and all Expenses and
Taxes imposed on, incurred by or asserted against any Indemnitee, in any way
relating to or arising out of (A) the Operative Documents and any Permitted
Lease, or the enforcement of any of the terms of any thereof; or (B) the
manufacture, design, purchase, resale, acceptance or rejection of the Airframe
or any Engine or Parts; or (C) the Aircraft (or any portion thereof) or any
Engine whether or not installed on the Airframe or any airframe on which an
Engine is installed whether or not arising out of the finance, refinance,
ownership, delivery, nondelivery, storage, lease, possession, use, non-use,
operation, maintenance, modification, alteration, condition, sale, replacement,
substitution, disposition, registration, reregistration or airworthiness of the
Aircraft (or any portion thereof) including, without limitation, latent or other
defects, whether or not discoverable, strict tort liability and any damage to
property or the environment, death or injury to any person and any claim for
patent, trademark or copyright infringement; or (D) the offer, sale, holding,
transfer or delivery of the Equipment Notes or the Pass Through Certificates,
whether before, on or after the applicable Issuance Date (the indemnity in this
clause (D) to extend also to any person who controls an Indemnitee, its
successors, assigns, employees, directors, officers, servants and agents within
the meaning of Section 15 of the Securities Act of 1933, as amended); or (E) the
Confirmation, the Pass Through Documents and each Pass Through Trust Agreement
(and any amendments thereto), or the enforcement of any of the terms of any
thereof; provided, with respect to an Indemnitee, that the foregoing indemnity
shall not extend to any Expense to the extent resulting from or arising out of
one or more of the following:

                            (1)   any representation or warranty by such
               Indemnitee or any Related Indemnitee (as defined below) thereof
               in any Fundamental Documents being incorrect; or

                                       8
<PAGE>

                                            [Participation Agreement ([______])]

                           (2)   the failure by such Indemnitee or any Related
                  Indemnitee thereof to perform or observe any agreement,
                  covenant or condition in any of the Fundamental Documents; or

                           (3)   the willful misconduct or the gross negligence
                  of such Indemnitee or any Related Indemnitee thereof (other
                  than gross negligence imputed to such Indemnitee or any
                  Related Indemnitee thereof solely by reason of its interest in
                  the Aircraft); or

                           (4)   a disposition (voluntary or involuntary) by
                  such Indemnitee of all or any part of its interest in any
                  Equipment Note or any of all or any part of its interest in
                  the Fundamental Documents, other than during the continuance
                  of an Indenture Event of Default or in connection with the
                  exercise of remedies under any Fundamental Documents or
                  pursuant to the exercise by Owner of its option to redeem or
                  refinance the Equipment Notes; or

                           (5)   any Tax; provided, however, this Clause (5)
                                          --------
                  shall not apply to (A) Taxes taken into consideration in
                  making any payments on an after-tax basis or (B) any license,
                  documentation, registration or filing fees imposed upon or in
                  connection with the execution, delivery, registration or
                  filing of the Indenture; or

                           (6)   in the case of the Indenture Trustee in its
                  individual capacity, any Expense to the extent attributable to
                  the failure of the Indenture Trustee to distribute funds
                  received and distributable by it in accordance with the
                  Indenture, (B) in the case of the Subordination Agent in its
                  individual capacity, any Expense to the extent attributable to
                  the failure of the Subordination Agent to distribute funds
                  received and distributable by it in accordance with the
                  Intercreditor Agreement, or (C) in the case of any Pass
                  Through Trustee in its individual capacity, any Expense to the
                  extent attributable to the failure of such Pass Through
                  Trustee to distribute funds received and distributable by it
                  in accordance with the Pass Through Trust Agreement to which
                  it is a party; or

                           (7)   other than during the continuation of an
                  Indenture Event of Default, the authorization or giving or
                  withholding of any future amendments, supplements, waivers or
                  consents by such Indemnitee or any Related Indemnitee thereof
                  with respect to any of the Fundamental Documents unless such
                  amendments, supplements, waivers or consents are requested by
                  Owner or are required pursuant to the terms of the Fundamental
                  Documents (unless the same results from the actions of such
                  Indemnitee or Related Indemnitee); or

                                       9
<PAGE>

                                            [Participation Agreement ([______])]

                           (8)  except to the extent attributable to acts or
                  events occurring on or prior thereto, acts or events which
                  occur after the termination of the Indenture in accordance
                  with Section 10.01 thereof; or

                           (9)  any Expense to the extent attributable to the
                  offer or sale by such Indemnitee or any Related Indemnitee of
                  any interest in the Aircraft, any Equipment Note, any Pass
                  Through Certificate or any similar interest in violation of
                  the Securities Act, other applicable federal, state or foreign
                  securities laws or any other law on or prior to the applicable
                  Issuance Date; or

                           (10) any Expense or other amount which such
                  Indemnitee expressly agrees to pay or such Indemnitee
                  expressly agrees shall not be paid by or be reimbursed by
                  Owner; or

                           (11) any Expense that is an ordinary and usual
                  operating or overhead expense; or

                           (12) any Expense resulting from any Lien on the
                  Aircraft which such Indemnitee or any of its Related
                  Indemnitees is required to discharge under the Fundamental
                  Documents;

                           (13) activities or transactions of such Indemnitee
                  not arising out of or resulting form, or attributable to the
                  transactions contemplated by the Fundamental Documents;

                           (14) Expenses under Clauses (D) or (E) hereof to the
                  extent such Expenses exceed the Owner's Pro Rata Share of such
                  Expenses; or

                           (15) if such Indemnitee shall be a Noteholder or any
                  Related Indemnitee, for any Expense incurred by or asserted
                  against such Indemnitee as a result of any "prohibited
                  transaction" within the meaning of Section 406 of ERISA or
                  Section 4975(c)(1) of the Code.

                  For purposes of this Section 5(b), if such Indemnitee is a
Pass Through Trustee, the Subordination Agent or the Indenture Trustee or a
director, officer, employee, agent, servant or Affiliate of any thereof, a
Person shall be considered a "Related Indemnitee" with respect to any such
Person if such Person is a Pass Through Trustee, the Subordination Agent or the
Indenture Trustee or a director, officer, employee, agent, servant or Affiliate
of any thereof.

                  For purposes of this Section 5(b), "Owner's Pro Rata Share"
means as of any time a fraction, the numerator of which is the principal balance
then outstanding of Equipment Notes

                                       10
<PAGE>

                                            [Participation Agreement ([______])]

and the denominator of which is the aggregate principal balance then outstanding
of all "United Equipment Notes" (as such term is defined in the Intercreditor
Agreement).

                  Notwithstanding clause 5(b)(5) above, Owner further agrees
that any payment or indemnity pursuant to this Section 5(b) in respect of any
"Expenses" shall be in an amount which, after deduction of all Taxes required to
be paid by such recipient with respect to such payment or indemnity under the
laws of any federal, state or local government or taxing authority in the United
States, or under the laws of any taxing authority or governmental subdivision of
a foreign country, or any territory or possession of the United States or any
international authority, shall be equal to the excess, if any, of (A) the amount
of such Expense over (B) the current net reduction in Taxes actually realized by
such recipient resulting from the accrual or payment of such Expense.

                  Nothing in this Section 5(b) shall be construed as a guaranty
by Owner of payments due pursuant to the Pass Through Certificates or of the
residual value of the Aircraft.

                  If a claim is made against an Indemnitee involving one or more
Expenses and such Indemnitee has notice thereof, such Indemnitee shall promptly
after receiving such notice give notice of such claim to Owner; provided that
the failure to provide such notice shall not release Owner from any of its
obligations to indemnify hereunder except to the extent that such failure
results in an additional Expense to Owner (in which case Owner shall not be
responsible for such additional Expense) or Owner is prejudiced in the conduct
of or precluded from conducting a meritorious contest of such claim; provided
further that no payment by Owner to an Indemnitee pursuant to this Section 5(b)
shall be deemed to constitute a waiver or release of any right or remedy which
the Owner may have against such Indemnitee for any actual damages as a result of
the failure by such Indemnitee to give Owner such notice. Owner shall be
entitled, at its sole cost and expense, acting through counsel reasonably
acceptable to the respective Indemnitee, (A) in any judicial or administrative
proceeding that involves solely a claim for one or more Expenses, to assume
responsibility for and control thereof, (B) in any judicial or administrative
proceeding involving a claim for one or more Expenses and other claims related
or unrelated to the transactions contemplated by the Fundamental Documents, to
assume responsibility for and control of such claim for Expenses to the extent
that the same may be and is severed from such other claims (and such Indemnitee
shall use reasonable efforts to obtain such severance), and (C) in any other
case, to be consulted by such Indemnitee with respect to judicial proceedings
subject to the control of such Indemnitee and to be allowed, at Owner's sole
expense, to participate therein. Notwithstanding any of the foregoing to the
contrary, Owner shall not be entitled to assume responsibility for and control
of any such judicial or administrative proceedings if (i) an Indenture Event of
Default shall have occurred and be continuing, (ii) if such proceedings will
involve a material risk of the sale, forfeiture or loss of, or the creation of
any Lien (other than a Permitted Lien) on, the Aircraft, the Indenture Estate or
any part thereof unless Owner shall have posted a bond or other security
reasonably satisfactory to the relevant Indemnitees in respect to such risk or
(iii) if such proceedings could, in the reasonable judgment of the Indemnitee,
entail

                                       11
<PAGE>

                                            [Participation Agreement ([______])]

any risk of criminal liability. The Indemnitee may participate at its own
expense and with its own counsel in any judicial proceeding controlled by Owner
pursuant to the preceding provisions; provided, that such Indemnitee's
                                      --------
participation does not, in the reasonable opinion of the independent counsel
appointed by the Owner or its insurers to conduct such proceedings, interfere
with the defense of such case.

                  The Indemnitee shall supply Owner, at Owner's expense, with
such information reasonably requested by Owner as is necessary or advisable for
Owner to control or participate in any proceeding to the extent permitted by
this Section 5(b). In no event shall any Indemnitee enter into a settlement or
other compromise with respect to any Expense (i) unless (x) the Indemnitee has
given Owner at least 30 days' prior written notice of the nature and scope of
the proposed settlement or compromise and (y) such Indemnitee has received
Owner's prior written consent, which consent shall not be unreasonably withheld
or delayed, or (ii) unless such Indemnitee waives its right to be indemnified
with respect to such Expense under this Section 5(b).

                  The Owner shall supply the Indemnitee with such information
reasonably requested by the Indemnitee as is necessary or advisable for the
Indemnitee to control or participate in any proceeding to the extent permitted
by this Section 5(b).

                  Upon payment of any Expense pursuant to this Section 5(b),
Owner, without any further action, shall be subrogated to any claims the
Indemnitee may have relating thereto other than claims under Section 9.06 of the
Indenture. The Indemnitee agrees to give such further assurances or agreements
and to cooperate with Owner or its insurers to permit Owner or its insurers to
pursue such claims, if any, to the extent reasonably requested by Owner.

                  In the event that Owner shall have paid an amount to an
Indemnitee pursuant to this Section 5(b), and such Indemnitee subsequently shall
be reimbursed in respect of such indemnified amount from any other person, such
Indemnitee shall promptly pay Owner an amount equal to the sum of (I) the amount
of such reimbursement, including interest received attributable thereto, net of
taxes required to be paid by such Indemnitee as a result of any reimbursement
including interest received attributable thereto and (II) any tax benefit
realized by such Indemnitee as a result of any payment to Owner hereunder;
provided, however, that (x) such amount attributable to (I) above shall not be
in excess of the amount of such Expense payment made by Owner plus interest
received attributable thereto and (y) any amount which is payable to Owner by
any Person pursuant to this Section 5(b) shall not be paid to Owner if an
Indenture Default under Section 8.01(a), (e) or (f) of the Indenture or an
Indenture Event of Default shall have occurred and be continuing or if any
payment is due and owing by Owner to such Person hereunder or under any other
Operative Document. Any such amount shall be held by such Person (the Owner
hereby granting a security interest in such amount to such Person) and, during
the continuance of such Indenture Default or Indenture Event of Default, shall
be applied against Owner's obligations hereunder to such Person as and when due.
At such time as there shall not

                                       12
<PAGE>

                                            [Participation Agreement ([______])]

be continuing any such Indenture Default or Indenture Event of Default or there
shall not be due and owing any such payment, such amount shall be paid to Owner
to the extent not previously applied in accordance with the immediately
preceding sentence.

                  Owner's obligations under the indemnities provided for in this
Agreement  shall  be those  of a  primary  obligor,  whether  or not the  Person
indemnified  shall also be indemnified with respect to the same matter under the
terms  of  any  other   document   or   instrument,   and  the  Person   seeking
indemnification  from Owner  pursuant to any  provision  of this  Agreement  may
proceed  directly against Owner without first seeking to enforce any other right
of indemnification.

                  (c)  Withholding. If Owner advises the Indenture Trustee and
                       -----------
the relevant Noteholder in writing that interest on its Equipment Notes is
subject to United States withholding tax, then the Indenture Trustee shall
withhold as provided in Section 2.10 of the Indenture.

                  SECTION 6.  Representations, Warranties and Covenants.
                              -----------------------------------------

                  (a)  So long as the Lien of the Indenture shall not have been
discharged and no Indenture Default under Section 8.01(a), (e) or (f) of the
Indenture or any Indenture Event of Default shall have occurred or be
continuing, the Owner may, at its own cost and expense and without the consent
of the Indenture Trustee or any other Person, cause such Aircraft to be
appropriately re-registered in the name of the Owner (or, if appropriate, in the
name of any Permitted Lessee as "lessee") under the laws of (i) any country
listed on Exhibit F to the Indenture with which the United States then maintains
normal diplomatic relations or, if Taiwan, the United States then maintains
diplomatic relations at least as good as those in effect on the Closing Date (a
"Scheduled Country"), or (ii) any other country, in each case subject to the
provisions hereof.

                  Prior to any such re-registration under the laws of a
Scheduled Country, the Indenture Trustee shall have received a favorable opinion
of counsel addressed to it to the effect that (i) the laws of the new country of
registration will recognize the Owner's right of ownership with respect to the
Aircraft and will give effect to the Lien and security interest created by the
Indenture and (ii) the Indenture and the Indenture Trustee's Lien and right to
repossession thereunder is valid and enforceable under the laws of such country.

                  Prior to any such re-registration under the laws of any
country other than the U.S. or a Scheduled Country, the Indenture Trustee shall
have received a favorable opinion of counsel in the new jurisdiction of registry
covering the matters set forth in the preceding paragraph and to the effect that
(A) the terms (including, without limitation, the governing-law, service-of-
process and jurisdictional-submission provisions thereof) of the Indenture are
legal, valid, binding and enforceable in such jurisdiction, (B) that it is not
necessary for the Indenture Trustee to register or qualify to do business in
such jurisdiction, (C) that there is no tort liability of the lender of an
aircraft not in possession thereof under the laws of such jurisdiction other
than tort liability

                                       13
<PAGE>

                                            [Participation Agreement ([______])]

which might have been imposed on such lender under the laws of the United States
or any state thereof (it being understood that, such opinion shall be waived if
insurance reasonably satisfactory to Indenture Trustee is provided, at Owner's
expense, to cover such risk), and (D) (unless Owner shall have agreed to provide
insurance covering the risk of requisition of use or title of the Aircraft by
the government of such jurisdiction so long as the Aircraft is registered under
the laws of such jurisdiction) that the laws of such jurisdiction require fair
compensation by the government of such jurisdiction payable in currency freely
convertible into U.S. Dollars for the loss of use or title of the Aircraft in
the event of the requisition by such government of such use or title.

               In connection with any such re-registration, the Owner shall, at
its cost and to the extent permitted by the laws of such country, cause the
interests of the Indenture Trustee in the Aircraft to be duly registered or
recorded under the laws of such country and at all times thereafter to remain so
duly registered or recorded unless and until changed as provided herein, and
shall cause to be done at all times all other acts (including the filing,
recording and delivery of any document or instrument and the payment of any sum)
necessary or, by reference to prudent industry practice in such country,
advisable in order to establish the Indenture Trustee's interest in and to such
Aircraft as against the Owner, any Permitted Lessee or any third parties in such
jurisdiction.

               The Indenture Trustee shall execute and deliver all such
documents as the Owner may reasonably request and otherwise cooperate with the
Owner for the purpose of effecting, continuing or (as provided in this Section
6(a)) changing the registration of the Aircraft.

               The Owner shall pay all reasonable fees and expenses on an after-
tax basis of the Indenture Trustee in connection with any change of registry of
the Aircraft.

               (b)  State Street, in its individual capacity, covenants and
agrees that it shall not cause or permit to exist any Lien, arising as a result
of (i) claims against the Indenture Trustee, the Subordination Agent or any Pass
Through Trustee not related to its interest in the Aircraft or the
administration of the Indenture Estate pursuant to the Indenture, (ii) acts of
the Indenture Trustee, the Subordination Agent or any Pass Through Trustee not
permitted by, or failure of the Indenture Trustee, the Subordination Agent or
any Pass Through Trustee to take any action required by, the Fundamental
Documents to the extent such acts arise or such failure arises from or
constitutes gross negligence or willful misconduct, (iii) claims against the
Indenture Trustee, the Subordination Agent or any Pass Through Trustee relating
to Taxes or Expenses which are excluded from the indemnification provided by
Section 5(b) pursuant to said Section 5(b), or (iv) claims against the Indenture
Trustee, the Subordination Agent or any Pass Through Trustee arising out of the
transfer by any such party of all or any portion of its interest in the
Aircraft, the Indenture Estate or the Fundamental Documents other than a
transfer of the Aircraft pursuant to Article 5 or 8 of the Indenture.

                                       14
<PAGE>

                                            [Participation Agreement ([______])]

               (c)  State Street, in its individual capacity and as Indenture
Trustee, Subordination Agent and Pass Through Trustee as provided below,
represents to the Owner and the Liquidity Provider as follows:

                    (i)   it is a Citizen of the United States, that it will
         notify promptly all parties to this Agreement if in its reasonable
         opinion its status as a Citizen of the United States is likely to
         change and that it will resign as Indenture Trustee as provided in
         Section 9.07 of the Indenture if it should cease to be a Citizen of the
         United States;

                    (ii)  it is a national banking association and has the full
         corporate power, authority and legal right under the laws of the United
         States of America to enter into and perform its obligations under the
         Fundamental Documents to which it is a party (the "State Street
                                                            ------------
         Documents") and, in its capacity as Indenture Trustee and Pass Through
         ---------
         Trustee, respectively, to authenticate the Equipment Notes and the Pass
         Through Certificates;

                    (iii) the State Street Documents, and the authentication of
         the Equipment Notes and the Pass Through Certificates have been duly
         authorized by all necessary corporate action on the part of State
         Street, the Indenture Trustee, the Subordination Agent and the relevant
         Pass Through Trustee, as it shall be a party thereto in any such
         capacity, and neither the execution (or, in the case of the Equipment
         Notes and the Pass Through Certificates, the authentication) and
         delivery thereof in any such capacity nor the performance by it in any
         such capacity of any of the terms and provisions thereof will violate
         any federal or Connecticut law or regulation relating to the banking or
         trust powers of State Street or contravene or result in any breach of,
         or constitute any default under its charter or by-laws or the
         provisions of any indenture, mortgage, contract or other agreement to
         which State Street, the Indenture Trustee, the Subordination Agent or
         the Pass Through Trustee is a party or by which it or its properties
         may be bound or affected;

                    (iv)  each of the State Street Documents has been duly
         executed (or, in the case of the Equipment Notes and the Pass Through
         Certificates, authenticated) and delivered by State Street, the
         Indenture Trustee, the Subordination Agent and the relevant Pass
         Through Trustee, as it shall be a party thereto in any such capacity,
         and, assuming that each such agreement is the legal, valid and binding
         obligation of each other party thereto (other than State Street, the
         Indenture Trustee, the Subordination Agent and the relevant Pass
         Through Trustee), is the legal, valid and binding obligation of State
         Street, the Indenture Trustee, the Subordination Agent and the relevant
         Pass Through Trustee, as it shall be a party thereto in any such
         capacity, enforceable against it in accordance with its terms;

                                       15
<PAGE>

                                              [Participation Agreement([_____])]

                    (v)     neither the execution (or, in the case of the
         Equipment Notes and the Pass Through Certificates, the authentication)
         and delivery by State Street, the Indenture Trustee, the Subordination
         Agent or any Pass Through Trustee, as it is a party in any such
         capacity to any of the State Street Documents, nor the consummation by
         it in any such capacity of any of the transactions contemplated hereby,
         by the Indenture, by the Pass Through Trust Agreements, by the
         Equipment Notes or by the Pass Through Certificates requires the
         consent or approval of, the giving of notice to, or the registration
         with, or the taking of any other action with respect to, any
         Connecticut state or federal governmental authority or agency
         regulating the banking, trust or fiduciary powers of State Street;

                    (vi)    there are no Taxes payable by State Street, the
         Indenture Trustee, the Subordination Agent or any Pass Through Trustee
         imposed by the State of Connecticut or any political subdivision or
         taxing authority thereof in connection with the execution (or, in the
         case of the Equipment Notes and the Pass Through Certificates, the
         authentication) and delivery by it as a party in any such capacity to
         any State Street Document or the performance by it as a party in any
         such capacity of any State Street Document (other than franchise or
         other taxes based on or measured by any fees or compensation received
         by State Street, the Indenture Trustee, the Subordination Agent or any
         Pass Through Trustee, as the case may be, for services rendered in
         connection with the transactions contemplated thereby), and there are
         no Taxes payable by State Street, the Indenture Trustee, the
         Subordination Agent or any Pass Through Trustee imposed by the State of
         Connecticut or any political subdivision thereof in connection with the
         acquisition, possession or ownership by any Pass Through Trustee of any
         of the Equipment Notes (other than franchise or other taxes based on or
         measured by any fees or compensation received by a Pass Through Trustee
         for services rendered in connection with the transactions contemplated
         by the respective Pass Through Trust Agreement);

                    (vii)   there are no pending or threatened actions or
         proceedings against any of State Street, the Indenture Trustee, the
         Subordination Agent or the Pass Through Trustees before any court or
         administrative agency which individually (or in the aggregate in the
         case of any group of related lawsuits) purports to affect the legality,
         validity or enforceability of, or which is reasonably likely to
         materially adversely affect the ability of State Street, the Indenture
         Trustee, the Subordination Agent or the Pass Through Trustees to
         perform its obligations as a party in any such capacity under any State
         Street Document;

                    (viii)  except for the issuance and sale pursuant to the
         respective Pass Through Trust Agreement of the Pass Through
         Certificates contemplated hereby, neither State Street nor any Pass
         Through Trustee has directly or indirectly offered any Equipment Note
         or Pass Through Certificate for sale to any Person, or solicited any
         offer to acquire any Equipment Note or Pass Through Certificate from
         any Person, and neither
                                       16
<PAGE>

                                              [Participation Agreement([_____])]

         State Street nor any Pass Through Trustee has authorized anyone to act
         on its behalf to offer directly or indirectly any Equipment Note or
         Pass Through Certificate for sale to any Person, or to solicit any
         offer to acquire any Equipment Note or Pass Through Certificate from
         any Person, and no Pass Through Trustee is in default under any
         respective Pass Through Trust Agreement;

                           (ix)   on the Closing Date there shall be no Liens
         attributable to State Street in respect of all or any part of the
         Indenture Estate; and

                           (x)    the Equipment Notes to be acquired by the
         Subordination Agent are being acquired by it for the account of the
         applicable Pass Through Trustee, for investment and not with a view to
         any resale or distribution thereof, except that, subject to the
         restrictions on transfer set forth in each Pass Through Trust
         Agreement, the disposition by it of its Equipment Notes shall at all
         times be within its control.

                           (xi)   Each of the Indenture Trustee, the
         Subordination Agent and the Pass Through Trustee covenants and agrees
         that, so long as no Indenture Event of Default shall have occurred and
         be continuing and the Owner has not been duly declared in default, that
         such Person shall not (and shall not permit any Affiliate or other
         Person claiming by, through or under it to) interfere with the Owner's
         continued possession, use and operation of, and quiet enjoyment of, the
         Aircraft.

                           (xii)  Each of the Indenture Trustee, the Pass
         Through Trustee and the Subordination Agent agrees that it will not
         transfer any Equipment Note (or any part thereof) to any entity unless
         such entity makes (or is deemed to have made) a representation and
         warranty as of the date of transfer that either no part of the funds to
         be used by it for the purchase and holding of such Equipment Note (or
         any part thereof) constitutes assets of any "employee benefit plan" or
         that such purchase and holding will not result in a non-exempt
         prohibited transaction (under Section 4975 of the Code and Section 406
         of ERISA).

                  (d)      The Indenture Trustee agrees for the benefit of AVSA,
the Manufacturer and Owner that it will not disclose or suffer to be disclosed
the terms of the Purchase Agreement to any third party except (A) as may be
required by any applicable statue, court or administrative order or decree or
governmental ruling or regulation or to any regulatory authorities having
official jurisdiction over them, (B) in connection with the financing of the
Aircraft and the other transactions contemplated by the Fundamental Documents
(including any transfer of Equipment Notes (including by way of participation or
assignment of an interest, provided such participant or assignee agrees to hold
such terms confidential to the same extent as herein provided) and any exercise
of remedies under the Indenture), (C) with the prior written consent of the
Manufacturer, AVSA and Owner or (D) to the Indenture Trustee's counsel or
special counsel, independent insurance brokers or other agents who agree to hold
such information confidential.

                                       17
<PAGE>

                                            [Participation Agreement ([______])]

               (e)    The Pass Through Trustee covenants and agrees that it
shall not cause or permit to exist a Lien attributable to it with respect to the
Aircraft. The Pass Through Trustee agrees that it will promptly, at its own
expense, take such other action as may be necessary duly to discharge such Lien
attributable to it. The Pass Through Trustee agrees to make restitution to Owner
for any actual diminution of the assets of Owner resulting from such Lien
attributable to it.

               (f)    State Street, in its individual capacity, covenants and
agrees that it shall not cause or permit to exist any Liens attributable to it
with respect to the Indenture Estate. State Street, in its individual capacity,
agrees that it will promptly, at its own expense, take such action as may be
necessary duly to discharge such Liens. State Street, in its individual
capacity, agrees to make restitution to Owner for any actual diminution of the
assets of the Indenture Estate resulting from such Liens.

               (g)    The Pass Through Trustee hereby represents, warrants and
agrees that it shall not transfer any interest in any Equipment Note unless and
until the transferee agrees in writing (copies of which shall be provided by the
Indenture Trustee to Owner) to make the representations contemplated to be made
by the Pass Through Trustee in this Agreement and to be bound by the terms of
this Agreement and the Indenture.

               (h)    So long as the Lien of the Indenture shall not have been
discharged in accordance with the terms thereof, the Owner will not consolidate
with or merge into any other corporation or convey, transfer or lease
substantially all of its assets to any Person unless:

                      (i)     the corporation formed by such consolidation or
         into which Owner is merged or the Person which acquires by conveyance,
         transfer or lease substantially all of the assets of Owner as an
         entirety (the "Successor") shall be a Citizen of the United States and
                        ---------
         shall be a Certificated Air Carrier;

                      (ii)    the Successor shall execute and deliver to the
         Indenture Trustee a duly authorized, valid, binding and enforceable
         agreement in form and substance reasonably satisfactory to the
         Indenture Trustee containing an assumption by such Successor of the due
         and punctual performance and observance of each covenant and condition
         of the Owner Documents to be performed or observed by Owner;

                      (iii)   immediately after giving effect to such
         transaction, no Indenture Event of Default shall have occurred and be
         continuing; and

                      (iv)    Owner shall have delivered to the Indenture
         Trustee a certificate signed by the President or any Vice President and
         by the Secretary or an Assistant Secretary of Owner, and an opinion of
         counsel (which may be Owner's General Counsel)

                                       18
<PAGE>

                                            [Participation Agreement ([______])]

         reasonably satisfactory to the Indenture Trustee, each stating that
         such consolidation, merger, conveyance, transfer or lease and the
         assumption agreement mentioned in clause (ii) above comply with this
         Section 6(d) and that all conditions precedent herein provided for in
         this Section 6(d) relating to such transaction have been complied with.

                  Upon any consolidation or merger, or any conveyance, transfer
or lease of substantially all of the assets of Owner as an entirety in
accordance with this Section 6(h), the Successor shall succeed to, and be
substituted for, and may exercise every right and power of, Owner under the
Owner Documents with the same effect as if such Successor had been named as
Owner herein and therein. Nothing contained herein shall permit any lease or
other arrangement for the use, operation or possession of the Aircraft except in
compliance with the applicable provisions of the Indenture.

                  (i)  So long as the Lien of the Indenture shall not have been
discharged in accordance with the terms thereof, the Owner covenants and agrees
with the Indenture Trustee as follows:

                       (i)   Owner will cause to be done, executed, acknowledged
         and delivered all and every such further acts, conveyances and
         assurances as the Indenture Trustee shall reasonably require for
         accomplishing the purposes of this Agreement and the other Fundamental
         Documents; provided that any instrument or other document so executed
         by Owner will not expand any obligations or limit any rights of Owner
         in respect of the transactions contemplated by any Fundamental
         Documents; and

                       (ii)  Owner, at its expense, will cause the Indenture and
         all supplements and amendments to the Indenture to be promptly filed
         and recorded, or filed for recording, to the extent permitted under the
         Federal Aviation Act, or required under any other applicable law.

                  (j)  The parties hereto agree that in any case where Owner is
required to deliver legal opinions to any party pursuant to any Operative
Document, such legal opinions may in all cases be subject to such exceptions,
assumptions, qualifications and/or reservations for that relevant jurisdiction
that are considered acceptable in international aircraft finance transactions,
but shall nonetheless be considered sufficient to satisfy Owner's obligations to
deliver such legal opinions.

                  SECTION  7.  Other Documents. So long as the Lien of the
                               ---------------
Indenture has not been terminated, the Pass Through Trustee, the Subordination
Agent and the Indenture Trustee hereby agree for the benefit of Owner that
without Owner's consent, each such party will not amend any other provision of
any Fundamental Document in a manner adversely affecting Owner. Each of the
Indenture Trustee, the Subordination Agent and the Pass Through Trustee agree to
promptly furnish to Owner copies of any supplement, amendment, waiver or

                                       19
<PAGE>

                                            [Participation Agreement ([______])]

modification of any of the Fundamental Documents to which Owner is not a party.
The Pass Through Trustee agrees that it will not take any action in respect of
the Indenture Estate except through the Indenture Trustee pursuant to the
Indenture or as otherwise permitted by the Indenture.

                  SECTION 8. Notices; Consent to Jurisdiction.  (a) All notices,
                             ---------------------------------
demands, instructions and other communications required or permitted to be given
to or made upon any party hereto shall be in writing and shall be personally
delivered or sent by registered or certified mail, postage prepaid, or by
telecopier (with a copy of such notice to follow by registered or certified mail
or by prepaid courier), or by prepaid courier service, and shall be deemed to be
given for purposes of this Agreement on the day that such writing is delivered
or received or if given by certified mail, three Business Days after being
deposited in the mails, in accordance with the provisions of this Section 8(a).
Unless otherwise specified in a notice sent or delivered in accordance with the
foregoing provisions of this Section 8(a), notices, demands, instructions and
other communications in writing shall be given to or made upon the respective
parties hereto at their respective addresses (or to their respective telecopier
numbers) as follows: (A) if to Owner, the Indenture Trustee, the Pass Through
Trustees or the Subordination Agent, to the respective addresses set forth on
Schedule I hereto or (B) if to any subsequent Noteholder addressed to such
Noteholder at its address set forth in the Register maintained pursuant to
Section 2.03 of the Indenture.

                  (b) EACH PARTY TO THIS AGREEMENT (INCLUDING EACH NOTEHOLDER)
(INDIVIDUALLY A "PARTY" AND COLLECTIVELY "PARTIES") IRREVOCABLY AGREES THAT ANY
LEGAL SUIT, ACTION OR PROCEEDING BROUGHT BY ANY OTHER PARTY, WHICH ARISES SOLELY
OUT OF OR RELATES SOLELY TO THE FUNDAMENTAL DOCUMENTS OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY OR ANY DOCUMENT REFERRED TO HEREIN OR THEREIN,
MAY BE INSTITUTED IN THE CIRCUIT COURT OF THE STATE OF ILLINOIS, COOK COUNTY OR
THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS AND THAT
THEY HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY SUCH PROCEEDING; PROVIDED,
HOWEVER, THAT THE FOREGOING PROVISIONS SHALL NOT APPLY TO THIRD PARTY TORT
CLAIMS (BUT SHALL APPLY TO AN INDEMNITY CLAIM WITH RESPECT TO SUCH TORT CLAIM)
AND THAT THE FOREGOING SHALL NOT APPLY TO ANY RIGHT A PARTY MAY HAVE TO SEEK
REMOVAL OF SUCH LEGAL SUIT, ACTION OR PROCEEDING TO FEDERAL COURT OR TO SEEK
CONSOLIDATION OF ANY SEPARATE LEGAL SUITS, ACTIONS OR PROCEEDINGS BROUGHT BY ANY
ONE OR MORE OF THE OTHER PARTIES IN THE SAME OR DIFFERENT JURISDICTIONS. Each
Party hereby waives, and agrees not to assert, by way of motion, as a defense,
or otherwise, in any such suit, action or proceeding, to the extent permitted by
applicable law, that the suit, action or proceeding is improper, or that this
Agreement or any other Fundamental Document or the subject matter of any thereof
or any of the transactions contemplated hereby or thereby may be enforced in
such

                                       20
<PAGE>

                                            [Participation Agreement ([______])]

courts. The agreement set forth in this Section 8(b) is given solely for the
benefit of the Parties and such agreement is not intended to and shall not inure
to the benefit of any other person.

                  SECTION 9. Miscellaneous. (a) Each of the Pass Through
                             -------------
Trustees and, by its acceptance of an Equipment Note, each subsequent Noteholder
covenants and agrees that it shall not unreasonably  withhold its consent to any
consent requested of the Indenture Trustee under the terms of the Indenture.

                  (b)   The representations, warranties, indemnities and
agreements of Owner, the Indenture Trustee, the Pass Through Trustee, the
Subordination Agent and the Noteholders provided for in this Agreement, and
Owner's, Indenture Trustee's, the Pass Through Trustees', the Subordination
Agent's and the Noteholders' obligations under any and all thereof, shall
survive the issuance of the Equipment Notes and the Pass Through Certificates or
the transfer of any interest by any Noteholder in any Equipment Note or the
Indenture Estate and the expiration or other termination of this Agreement or
any other Fundamental Document.

                  (c)   This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the
same instrument. Neither this Agreement nor any of the terms hereof may be
terminated, amended, supplemented, waived or modified, except by an instrument
in writing signed by the party against which the enforcement of the termination,
amendment, supplement, waiver or modification is sought; and no such
termination, amendment, supplement, waiver or modification shall be effective
unless a signed copy thereof shall have been delivered to the Owner and the
Indenture Trustee. The terms of this Agreement shall be binding upon, and inure
to the benefit of and shall be enforceable by, Owner, the Pass Through Trustee,
the Subordination Agent, the Indenture Trustee, the Liquidity Provider and the
Noteholders. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF ILLINOIS, INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. This Agreement is being
delivered in the State of Illinois.

                                 *     *     *

                                       21
<PAGE>

                                            [Participation Agreement ([______])]

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective officers thereunto duly authorized as of
the day and year first above written.

                                                     UNITED AIR LINES, INC.,
                                                       Owner

                                                     By:
                                                        Title:

                                                     STATE STREET BANK AND TRUST
                                                     COMPANY OF CONNECTICUT,
                                                     NATIONAL ASSOCIATION,
                                                        as Indenture Trustee

                                                     By:
                                                     Title:

                                                     STATE STREET BANK AND TRUST
                                                     COMPANY OF CONNECTICUT,
                                                     NATIONAL ASSOCIATION,
                                                     in its capacity as Pass
                                                     Through Trustee under each
                                                     of the Pass Through Trust
                                                     Agreements

                                                     By:
                                                     Title:

                                       22
<PAGE>

                                            [Participation Agreement ([______])]

                                                     STATE STREET BANK AND TRUST
                                                     COMPANY OF CONNECTICUT,
                                                     NATIONAL ASSOCIATION,
                                                     as Subordination Agent

                                                     By:
                                                     Title:

                                       23
<PAGE>

                                            [Participation Agreement ([______])]

                                  SCHEDULE I

                              NAMES AND ADDRESSES

OWNER:
-----

Address for Notices:

         If by U.S. Mail
------------------------
         United Air Lines, Inc.
         P.O. Box 66100
         Chicago, Illinois  60666

         Attn:  Assistant Treasurer
         Telecopy:  (847) 700-7117

         If by Overnight Delivery Service
-----------------------------------------
         United Air Lines, Inc.
         1200 East Algonquin Road
         Elk Grove Township, IL 60007

         Attn:  Assistant Treasurer
         Telecopy:  (847) 700-7117

PASS THROUGH TRUSTEE:
--------------------

Address for Notices:

         State Street Bank and Trust
         Company of Connecticut, National Association
         225 Asylum Street
         Goodwin Square
         Hartford, Connecticut 06103

         Attn: Corporate Trust Division
         Telecopy: 860-244-1881

         --------------------------------

         --------------------------------

--------------
<PAGE>

                                            [Participation Agreement ([______])]

SUBORDINATION AGENT:
-------------------

Address for Notices:

         State Street Bank and Trust
         Company of Connecticut, National Association
         225 Asylum Street
         Goodwin Square
         Hartford, Connecticut 06103

         Attn: Corporate Trust Division
         Telecopy: 860-244-1881

Address for Payments:

         State Street Bank and Trust Company
         of Connecticut, National Association
         ABA: 011000028
         Attn: John G. Correia, Corporate Trust Department
         Acct: 99039901
         Ref:  United EETC ([______])

                                      I-2
<PAGE>

                                            [Participation Agreement ([______])]

                                  SCHEDULE II

                         EQUIPMENT NOTES, NOTEHOLDERS
                         AND ORIGINAL PRINCIPAL AMOUNT

<TABLE>
<CAPTION>
         Noteholders                   Equipment Notes      Original Principal     Interest Rate
         ----------                    ---------------      ------------------     -------------
                                                                 Amount
                                                                 ------
<S>                                   <C>                   <C>                    <C>
2000-1A-1 Pass Through Trust               A-1                     $                  7.783%
2000-1A-2 Pass Through Trust               A-2                     $                  7.730%
2000-1B Pass Through Trust                  B                      $                  8.030%
2000-1C-2 Pass Through Trust               C-2                     $                  8.450%
</TABLE>
<PAGE>

                                            [Participation Agreement ([______])]

                                 SCHEDULE III

                 DESCRIPTION OF PASS THROUGH TRUST AGREEMENTS

United Air Lines, Inc. 2000-1A-1 Pass Through Trust Agreement

United Air Lines, Inc. 2000-1A-2 Pass Through Trust Agreement

United Air Lines, Inc. 2000-1B Pass Through Trust Agreement

United Air Lines, Inc. 2000-1C-2 Pass Through Trust Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}]]