Document:

<PAGE>

                                                                    Exhibit 4.12

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

                                UNITED EQUIPMENT

                            NOTE PURCHASE AGREEMENT

                           Dated as of July 31, 2000

                                    between

                            UNITED AIR LINES, INC.,

                                      and

                      STATE STREET BANK AND TRUST COMPANY
                     OF CONNECTICUT, NATIONAL ASSOCIATION,
                   as Pass Through Trustee under each of the
             United Airlines 2000-1 Pass Through Trust Agreements,
           Subordination Agent and United Equipment Indenture Trustee

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

<PAGE>

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>          <C>                                                            <C>

SECTION 1.   Purchase of United Equipment Notes...........................     2
             ----------------------------------
SECTION 1.A. Certain Definitions..........................................     2
             -------------------
SECTION 2.   [Reserved]...................................................     3
             ----------
SECTION 3.   Conditions Precedent.........................................     3
             --------------------
SECTION 4.   Representations, Warranties and Covenants of United..........     8
             ---------------------------------------------------
SECTION 5.   Representations, Warranties and Covenants of Other Parties...    10
             ----------------------------------------------------------
SECTION 6.   Notices......................................................    15
             -------
SECTION 7.   Expenses.....................................................    15
             --------
SECTION 8.   Miscellaneous................................................    16
             -------------
</TABLE>

SCHEDULES

Schedule I   Names, Addresses and Wire Instructions

Schedule II  United Equipment Notes, Purchasers and Purchase Prices

                                       i
<PAGE>

                    UNITED EQUIPMENT NOTE PURCHASE AGREEMENT

     This UNITED EQUIPMENT NOTE PURCHASE AGREEMENT, dated as of July 31, 2000
(this "Agreement"), between UNITED AIR LINES, INC., a Delaware corporation
       ---------
("United"), and STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT, NATIONAL
 -------
ASSOCIATION, a national banking association (the "Bank"), not in its individual
                                                  ----
capacity, except as otherwise expressly provided herein, but solely as trustee
(in such capacity, the "Pass Through Trustee") under each of the five separate
                        --------------------
Pass Through Trust Agreements (as defined below), subordination agent (in such
capacity, the "Subordination Agent"), and indenture trustee (in such capacity,
               -------------------
the "United Equipment Indenture Trustee") under the United Equipment Indentures
     ----------------------------------
(as defined below).

     WHEREAS, United is the owner of one Boeing 757-222 aircraft, six Airbus
320-232 aircraft, two Boeing 767-322 ER aircraft and four Boeing 777-222 ER
aircraft (collectively, the "Aircraft") for which it desires to obtain
                             --------
financing;

     WHEREAS, pursuant to each Trust Indenture and Mortgage, dated as of the
date hereof (each, a "United Equipment Indenture"), between United and the
                      --------------------------
United Equipment Indenture Trustee thereunder, United proposes to issue up to
four series of equipment notes (the "United Equipment Notes"), of which United
                                     ----------------------
proposes to issue three series on the Closing Date and may, in the future, issue
such fourth series, all of which, regardless of when issued, are to be secured
by the mortgage and security interest in the related Aircraft and rights under
the Confirmations (as defined in the United Equipment Indentures) granted
pursuant to such United Equipment Indenture by United in favor of the related
United Equipment Indenture Trustee and to be subject to the subordination
provisions contained therein;

     WHEREAS, pursuant to the Confirmations, AFE Trust agrees to make certain
floating rate interest payments to United and United agrees to make certain
fixed rate interest payments to AFE Trust;

     WHEREAS, Series A-1 United Equipment Notes, Series A-2 United Equipment
Notes, and Series B United Equipment Notes with respect to each Aircraft (each,
a "Series") will be issued on the Closing Date (as defined in Section 1 below)
   ------                                                     ---------
to the Subordination Agent acting on behalf of the Pass Through Trustee for the
applicable Pass Through Trust as evidence of United's indebtedness to the Pass
Through Trustee;

     WHEREAS, pursuant to each of the Pass Through Trust Supplements (the "Trust
                                                                           -----
Supplements"; and together with the Basic Pass Through Trust Agreement, the
-----------
"Pass Through Trust Agreements"), on the Closing Date (as defined in Section 1
 -----------------------------                                       ---------
below), a separate grantor trust (each, a "Pass Through Trust") will be created
                                           ------------------
to facilitate certain of the transactions contemplated hereby, including,
without limitation, the issuance and sale of enhanced pass through certificates
pursuant thereto (collectively, the "Pass Through Certificates") to provide the
                                     -------------------------
financing of the Aircraft;
<PAGE>

     WHEREAS, part of the proceeds from the issuance and sale of the Pass
Through Certificates will be applied by the Subordination Agent, acting on
behalf of the Pass Through Trustee, to purchase from United on behalf of each
Pass Through Trust, the United Equipment Notes bearing the same interest rate as
the Pass Through Certificates issued by the related Pass Through Trust; and

     WHEREAS, concurrently with the execution and delivery of this Agreement,
(i)  Landesbank Hessen-Thuringen Girozentrale, a public law banking institution
organized under the law of Germany (the "Liquidity Provider") entered into three
                                         ------------------
revolving credit agreements (each, a "Liquidity Facility") for the benefit of
                                      ------------------
the United Airlines 2000-1A-1 Pass Through Trust, the United Airlines 2000-1A-2
Pass Through Trust, and the United Airlines 2000-1B Pass Through Trust, with the
Subordination Agent, as agent and trustee for the Pass Through Trustee on behalf
of each such Pass Through Trust; and (ii) the Pass Through Trustee, the
Liquidity Provider and the Subordination Agent entered into the Intercreditor
Agreement, dated as of the date hereof (the "Intercreditor Agreement");
                                             -----------------------

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

               SECTION 1.     Purchase of United Equipment Notes.  (a) Subject
                              ----------------------------------
to the satisfaction or waiver of the conditions set forth herein, on July 31,
2000, 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 United the purchase price set forth on Schedule II for each United
                                               -----------
     Equipment Note being issued and sold by United to such Pass Through Trust;
     and

          (ii)  United shall issue, pursuant to Article II of each United
     Equipment Indenture, to the Subordination Agent, on behalf of the Pass
     Through Trustee for each of the Pass Through Trusts, a United Equipment
     Note having the Series, maturity date and principal amount and bearing the
     interest rate set forth on Schedule II opposite the name of such Pass
                                -----------
     Through Trust.

          (b)   All payments pursuant to Section 1(a)(i) shall be made in
                                       -----------------
immediately available funds to such accounts and at such banks as United shall
designate on Schedule I or as it may otherwise designate in writing not less
             ----------
than one Business Day prior to the Closing Date.

          SECTION 1.A.  Certain Definitions.  (a) As used in this Agreement and
                        -------------------
unless otherwise expressly provided, the following capitalized terms shall have
the following respective meanings:

          "FAA" means the Federal Aviation Administration.

                                       2
<PAGE>

          "Federal Aviation Act" means Title 49 of the United States Code
          (Transportation), as amended.

          "Fundamental Documents" shall mean, collectively (i) any document that
          is an "Operative Document," a "Pass Through Document" or a
          "Fundamental Document" under this Agreement, any United Equipment Note
          or any United Equipment Indenture and (ii) any amendment to any of the
          foregoing executed in connection with the transactions contemplated
          hereby.

          "Operative Documents" shall mean any document that is an Operative
          Document under a United Equipment Indenture.

     (b)  Unless otherwise specifically defined herein, capitalized terms used
in this Agreement shall have the respective meanings specified in the
Intercreditor Agreement.

          SECTION 2.  [Reserved.]
                       --------

          SECTION 3.   Conditions Precedent.  (a)  Conditions Precedent to the
                       --------------------        ---------------------------
Obligations of the Pass Through Trustee.  The obligation of the Pass Through
---------------------------------------
Trustee to make the payments described in Section 1(a)(i) and to enter into the
                                          ---------------
Fundamental Documents to which it is a party are subject to the fulfillment, on
or prior to the Closing Date, of the following conditions precedent:

          (i)   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 or judicial
     authorities which, in the opinion of each Pass Through Trustee, would make
     it a violation of law or regulations for the Pass Through Trustee to make
     the payments described in Section 1(a), to execute, deliver and perform the
                               ------------
     Fundamental Documents, to acquire the United Equipment Notes or to realize
     the security afforded by the United Equipment Indentures.

          (ii)  United shall have tendered the United Equipment Notes to the
     applicable United Equipment Indenture Trustee for authentication and shall
     have tendered the United Equipment Notes to the Subordination Agent on
     behalf of the Pass Through Trustee in accordance with Section 1.
                                                           ---------

          (iii) The Pass Through Trustee shall have received duly authorized
     and validly executed counterparts or conformed copies of the following
     documents in form and substance satisfactory to the Pass Through Trustee
     and all such documents shall be in full force and effect:

                (A)  this Agreement;

                (B)  the Basic Pass Through Trust Agreement and each Trust
     Supplement;

                                       3
<PAGE>

               (C)  the Intercreditor Agreement;

               (D)  the Liquidity Facility for each of the Class A-1 Trust, the
                    Class A-2 Trust, and the Class B Trust;

               (E)  each Loan Certificate Purchase Agreement (as defined in the
                    AFE Indenture);

               (F)  the AFE Note Purchase Agreement;

               (G)  the Confirmations;

               (H)  the AFE Indenture;

               (I)  the AFE Notes;

               (J)  the Leveraged Lease Documents (as defined in the AFE Note
                    Purchase Agreement) with respect to the Leased Aircraft (as
                    defined in the AFE Note Purchase Agreement);

               (K)  the United Equipment Indentures;

               (L)  the AFE Trust Agreement (as defined in the AFE Note Purchase
                    Agreement);

               (M)  the Owned Aircraft Indentures;

               (N)  the Assignment Agreements (as defined in the AFE Note
                    Purchase Agreement);

               (O)  the 747 Leased Equipment Note Purchase Agreement;

               (P)  the AFE Certificate Purchase Agreement (as defined in the
                    AFE Note Purchase Agreement);

               (Q)  the Class C-1 Certificate Purchase Agreement;

               (R)  the Class C-2 Certificate Purchase Agreement; and

               (S)  the Underwriting Agreement.

                                       4
<PAGE>

          (iv)  Uniform Commercial Code financing statements covering all the
     security interests created by or pursuant to the Granting Clause of each
     United Equipment Indenture shall have been executed and delivered by United
     and the relevant United Equipment Indenture Trustee, and such financing
     statements shall have been duly filed or arrangements satisfactory to the
     Pass Through Trustee shall have been made for filing within 10 days after
     the Closing Date, with the Secretary of State of the State of Illinois and
     any other places deemed necessary or advisable.

          (v)   The Pass Through Trustee shall have received the following, in
     each case in form and substance satisfactory to it:

                (A) a certified copy of the Restated Certificate of
          Incorporation and By-Laws of United and a copy of resolutions of the
          board of directors of United or the executive committee thereof,
          certified by the Secretary or an Assistant Secretary of United, duly
          authorizing the execution, delivery and performance by United of this
          Agreement and each other Fundamental Document required to be executed
          and delivered by United in accordance with the provisions hereof and
          thereof;

                (B) a copy of the organizational documents, by-laws and general
          authorizing resolutions of the boards of directors (or executive
          committees) or other satisfactory evidence of authorization of each
          United Equipment Indenture Trustee and the Subordination Agent,
          certified as of the Closing Date by the Secretary or an Assistant
          Secretary of such parties, respectively, which authorize the
          execution, delivery and performance by each United Equipment Indenture
          Trustee and the Subordination Agent, respectively, of all the
          Fundamental Documents to which it is a party, together with such other
          documents and evidence with respect to each United Equipment Indenture
          Trustee and the Subordination Agent as the Pass Through Trustee may
          reasonably request in order to establish the consummation of the
          transactions contemplated by this Agreement, the taking of all
          corporate proceedings in connection therewith and compliance with the
          conditions herein set forth; and

                (C) a certificate signed by the Secretary or an Assistant
          Secretary of each of United, each United Equipment Indenture Trustee
          and the Subordination Agent as to the Person or Persons authorized to
          execute and deliver this Agreement and any other Fundamental Document
          to be executed on behalf of such party in connection with the
          transactions contemplated hereby and as to the signature of such
          Person or Persons.

          (vi)  On the Closing Date, (A) the representations and warranties of
     United contained in Section 4 and the representations and warranties of
                         ---------
     each United Equipment Indenture Trustee and the Subordination Agent
     contained in Section 5 shall be true and correct in all material respects
                  ---------
     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
     case such

                                       5
<PAGE>

     representations and warranties shall have been true and correct in all
     material respects on and as of such earlier date), and (B) no event shall
     have occurred and be continuing, or would result from the transactions
     contemplated hereby, which constitutes (or would, with the passage of time
     or the giving of notice or both, constitute) an Indenture Default under any
     United Equipment Indenture.

          (vii)  The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee from (A) the General Counsel or
     Assistant General Counsel for United, (B) Vedder, Price, Kaufman &
     Kammholz, special counsel for United, and (C) Mayer, Brown & Platt, special
     counsel for United, in each case with respect to such matters and in form
     and substance reasonably satisfactory to the Pass Through Trustee.

          (viii) The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee and United from (A) in house German
     counsel of the Liquidity Provider, in each case in form and substance
     reasonably satisfactory to the Pass Through Trustee, and (B) Winthrop,
     Stimson, Putnam & Roberts, special counsel for the Liquidity Provider.

          (ix)   The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee and United from Lytle Soule & Curlee,
     special counsel in Oklahoma City, Oklahoma, in form and substance
     reasonably satisfactory to the Pass Through Trustee.

          (x)    The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee and United from Bingham Dana LLP,
     special counsel for the United Equipment Indenture Trustees and the Pass
     Through Trustee, in form and substance reasonably satisfactory to the Pass
     Through Trustee.

          (xi)   The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee and United from Mayer, Brown & Platt,
     special New York counsel for United, in form and substance reasonably
     satisfactory to the Pass Through Trustee.

          (xii)  The Pass Through Trustee shall have received an independent
     insurance broker's report, and certificates of insurance, in form and
     substance reasonably satisfactory to it, as to the due compliance with the
     terms of Section 4.03 of each United Equipment Indenture with respect to
     the Aircraft.

          (xiii) The Pass Through Trustee shall have received a report from
     each of the Appraisers as to the base value of the Aircraft, in form and
     substance satisfactory to the Pass Through Trustee and United.

          (xiv)  The conditions precedent to the transactions specified in the
     Underwriting Agreement, the AFE Note Purchase Agreement and the 747 Leased
     Equipment Note

                                       6
<PAGE>

     Purchase Agreement shall have been satisfied (or waived) in accordance with
     the terms thereof.

          (xv)   With respect to each Aircraft, the applicable United Equipment
     Indenture shall have been duly filed with the FAA.

          (xvi)  The conditions precedent under each Participation Agreement
     relating to an Aircraft shall have been satisfied (or waived) in accordance
     with the terms thereof.

Promptly upon the recording of the United Equipment Indentures pursuant to the
Federal Aviation Act, United shall cause Lytle Soule & Curlee, special counsel
in Oklahoma City, Oklahoma, to deliver to the Pass Through Trustee an opinion as
to the due recording by the FAA of the United Equipment Indentures and the lack
of any intervening filings with respect to the Aircraft.

     (b)  Conditions Precedent to the Obligations of United.  The obligations of
          -------------------------------------------------
United to participate in the transactions contemplated hereby and to enter into
the Fundamental Documents to which United is a party are all subject to the
fulfillment to the satisfaction of or waiver by United, on or prior to the
Closing Date, of the following conditions precedent:

          (i)   Those documents described in Section 3(a)(iii) shall have been
                                             -----------------
     duly authorized, executed and delivered by the respective party or parties
     thereto (other than United) in the manner specified in Section 3(a)(iii),
                                                            -----------------
     shall each be satisfactory in form and substance to United, shall be in
     full force and effect on the Closing Date, and an executed counterpart of
     each thereof shall have been delivered to United or counsel for United.

          (ii)  United shall have received a copy of the organizational
     documents, by-laws and general authorizing resolutions of the boards of
     directors (or executive committees) or other satisfactory evidence of
     authorization of each United Equipment Indenture Trustee, the Pass Through
     Trustee and the Subordination Agent, certified as of the Closing Date by
     the Secretary or an Assistant Secretary of each such party, respectively,
     that authorize the execution, delivery and performance by each United
     Equipment Indenture Trustee, the Pass Through Trustee and the Subordination
     Agent, respectively, of all the Fundamental Documents to which each such
     party is a party, together with such other documents and evidence with
     respect to each United Equipment Indenture Trustee, the Pass Through
     Trustee and the Subordination Agent as United or its counsel may reasonably
     request in order to establish the consummation of the transactions
     contemplated by this Agreement, the taking of all corporate proceedings in
     connection therewith and compliance with the conditions set forth herein.

          (iii) A certificate signed by the Secretary or an Assistant Secretary
     of each United Equipment Indenture Trustee, the Pass Through Trustee and
     the Subordination Agent as to the Person or Persons authorized to execute
     and deliver this Agreement and any other Fundamental Document to be
     executed on behalf of such party in connection with the transactions
     contemplated hereby and as to the signature of such Person or Persons.

                                       7
<PAGE>

          (iv)   The representations and warranties of each United Equipment
     Indenture Trustee, the Pass Through Trustee and the Subordination Agent
     contained in Section 5 shall be true and correct in all material respects
                  ---------
     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 correct in all material respects on and as of such earlier date).

          (v)    United shall have received the opinions set forth in Sections
                                                                      --------
     3(a)(vii)-3(a)(xi) (except receipt by United of the opinions set forth in
     --------- --------
     Sections 3(a)(vii) and 3(a)(xi) shall not be a condition precedent to its
     ------------------     --------
     obligations hereunder), in each case addressed to United and dated the
     Closing Date and otherwise in form and substance satisfactory to United.

          (vi)   United shall have received a copy of the reports required to be
     delivered pursuant to Section 3(a)(xiii).
                           ------------------

          (vii)  The conditions precedent to the transactions specified in the
     Underwriting Agreement, the AFE Note Purchase Agreement and the 747 Leased
     Equipment Note Purchase Agreement shall have been satisfied (or waived) in
     accordance with the terms thereof.

          (viii) 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 United, would make it a violation of law or regulations for
     United to enter into any transaction contemplated by the Fundamental
     Documents.

                 SECTION 4.  Representations, Warranties and Covenants of
                             --------------------------------------------
United. United represents, warrants and covenants to the Pass Through Trustee
------
and each United Equipment Indenture Trustee that:

          (1)    United is a corporation duly organized and validly existing in
good standing pursuant to the laws of the State of Delaware; is an "air carrier"
within the meaning of 49 U.S.C. 40102(a)(15); holds a certificate of public
convenience and necessity in accordance with 49 U.S.C. Section 41102, and an air
carrier operating certificate issued by the Secretary of Transportation pursuant
to Chapter 447 of Title 49 of United States Code for aircraft capable of
carrying 10 or more individuals or 6,000 pounds or more of cargo, is a "citizen
of the United States" as defined in 49 U.S.C. Section 40102; has its chief
executive office (as such term is defined in Article 9 of the Uniform Commercial
Code) in Elk Grove Township, Illinois; is duly qualified to do business as a
foreign corporation in each jurisdiction in which its operations or the nature
of its business requires, except where the failure to be so qualified would not
have a material adverse effect on the ability of United to perform its
obligations under the Fundamental Documents to which it is a party; holds all
material licenses, certificates, permits and franchises from the appropriate
agencies of the United

                                       8
<PAGE>

States of America and/or all other governmental authorities having jurisdiction,
necessary to authorize United to engage in air transport and to carry on
scheduled passenger service, in each case as presently conducted; and has, or
had on the respective dates of execution thereof, the corporate power and
authority to conduct its business as it is presently being conducted, and to
enter into and perform its obligations under this Agreement, the United
Equipment Notes issued under the United Equipment Indentures and each other
Fundamental Document to which it is a party.

          (2)  The execution, delivery and performance by United of this
Agreement, the United Equipment Notes issued under the United Equipment
Indentures and each other Fundamental Document to which it is a party have been
duly authorized by all necessary corporate action on the part of United, do not
require any stockholder approval or approval or consent of any trustee or
holders of any indebtedness or obligations of United, except such as have been
duly obtained, and none of the execution, delivery and performance by United of
this Agreement, such United Equipment Notes or such Fundamental Documents
contravenes any law, judgment, governmental rule, regulation or order binding on
United or the certificate of incorporation or by-laws of United or contravenes
the provisions of, or constitutes a default under, or results in the creation of
any Lien (other than Permitted Liens (as defined in the United Equipment
Indentures)) upon the property of United under, its certificate of incorporation
or bylaws, or any indenture, mortgage, chattel mortgage, deed of trust,
conditional sales contract, bank loan or credit agreement or other agreement or
instrument to which United is a party or by which it or its properties may be
bound or affected which contravention, default or Lien, individually or in the
aggregate, would be reasonably likely to have a material adverse effect on the
ability of United to perform its obligations under the Fundamental Documents to
which it is a party.

          (3)  Neither the execution and delivery by United of this Agreement,
the United Equipment Notes issued under the United Equipment Indentures or any
other Fundamental Document to which it is a party nor the performance by United
of its obligations hereunder or thereunder require the consent or approval of,
the giving of notice to, or 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) any required qualifications of each Pass Through Trust
Agreement under the Trust Indenture Act of 1939, as amended, pursuant to an
order of the Securities and Exchange Commission, (B) the filings referred to in
Section 3(a)(iv), (C) authorizations, consents, approvals, actions, notices and
----------------
filings required to be obtained, taken, given or made, the failure to obtain,
take, give or make would not have a material adverse effect on the financial
condition, properties or results of operations of United, (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 after the
Closing Date, and (E) the recordings with the FAA described in the opinion
referred to in Section 3(a)(ix).
               ----------------

          (4)  This Agreement, the United Equipment Notes issued under the
United Equipment Indentures and each other Fundamental Document to which United
is a party have been duly executed and delivered by United and constitute legal,
valid and binding obligations of United enforceable against United in accordance
with the terms thereof, except as the same may be limited

                                       9
<PAGE>

by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the rights of creditors generally and by general principles of equity,
whether considered in a proceeding at law or in equity.

          (5)  There has not occurred any event that constitutes an Indenture
Default under any United Equipment Indenture that is presently continuing and
there has not occurred any event that constitutes or would, with the passage of
time or the giving of notice, or both, constitute an Event of Loss (as defined
in the applicable United Equipment Indenture) under any United Equipment
Indenture.

          (6)  Neither United nor anyone acting on behalf of United has offered
any interest in any Pass Through Certificate or any United Equipment Note in a
manner that would violate the Securities Act of 1933, as amended, the
regulations thereunder, administrative and judicial interpretation thereof or
the securities laws, rules or regulations of any state.

          (7)  Neither United nor any subsidiary of United is an "investment
company" or a company "controlled by an investment company" within the meaning
of the Investment Company Act of 1940, as amended.

          (8)  Except for the proceedings described in the discussion of Legal
Proceedings in United'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 United, 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) would have a
material adverse effect on the financial condition of United or the ability of
United to perform its obligations hereunder or under any Fundamental Document to
which United is a party.

          (9)  None of the proceeds from the sale of the United Equipment Notes
will be used directly or indirectly by United 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.

          (10) United agrees to pay to the Subordination Agent any amounts
required to be paid by the Subordination Agent pursuant to Sections 2.03, 3.01,
3.02, 3.03, 3.09, 7.05 and 7.07 of any Liquidity Facility.

          (11) United agrees to give each United Equipment Indenture Trustee and
the Pass Through Trustee at least 30 days' prior written notice of any
relocation of its chief executive office from its present location.

          (12) If United were to become a debtor under the Bankruptcy Code, each
United Equipment Indenture Trustee, as mortgagee under the related United
Equipment Indenture, would be entitled with respect to all obligations secured
thereby to the benefits of Section 1110 of the Bankruptcy Code with respect to
the relevant Aircraft.

                                       10
<PAGE>

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

          (14)  With respect to the Aircraft, the applicable United Equipment
Indenture has been duly filed for recording with the FAA pursuant to the Federal
Aviation Act.

                SECTION 5.   Representations, Warranties and Covenants of Other
                             --------------------------------------------------
Parties.  Each of the parties below represents, warrants and covenants to each
-------
of the other parties to this Agreement as follows:

          (1)  Each United Equipment Indenture Trustee represents, warrants and
covenants that:

               (i)    such United Equipment Indenture Trustee is a national
          banking association duly organized, validly existing and in good
          standing under the laws of the United States of America, is a "citizen
          of the United States" as defined in 49 U.S.C. Section 40102(a)(15)
          (without making use of a voting trust agreement, voting powers
          agreement or similar arrangements) and will resign as United Equipment
          Indenture Trustee promptly after it obtains actual knowledge that it
          has ceased to be such a citizen, and has, or had on the respective
          dates of execution thereof, the full corporate power, authority and
          legal right under the laws of the State of Connecticut and the United
          States of America pertaining to its banking, trust and fiduciary
          powers to execute and deliver this Agreement and each other
          Fundamental Document to which it is a party, to authenticate the
          United Equipment Notes and to carry out its obligations under this
          Agreement and each other Fundamental Document to which it is a party;

               (ii)   the execution and delivery by such United Equipment
          Indenture Trustee of this Agreement and each other Fundamental
          Document to which it is a party, the authentication of the United
          Equipment Notes and the performance by such United Equipment Indenture
          Trustee of its obligations under this Agreement  and each other
          Fundamental Document to which it is a party have been duly authorized
          by such United Equipment Indenture Trustee and will not violate its
          charter or by-laws, the provisions of any indenture, mortgage,
          contract or other agreement to which it is a party or by which it is
          bound or any federal or Connecticut law or regulation relating to the
          banking, trust or fiduciary powers of such United Equipment Indenture
          Trustee;

               (iii)  this Agreement and each other Fundamental Document to
          which such United Equipment Indenture Trustee is a party have been
          duly authorized, executed and delivered by such United Equipment
          Indenture Trustee; this Agreement constitutes, and each Fundamental
          Document to which such United Equipment

                                       11
<PAGE>

          Indenture Trustee is a party, when it has been executed and delivered
          by such United Equipment Indenture Trustee, will constitute, the
          legal, valid and binding obligations of such United Equipment
          Indenture Trustee enforceable against it in accordance with their
          respective terms, except as the same may be limited by applicable
          bankruptcy, insolvency, reorganization, moratorium or similar laws
          affecting the rights of creditors generally and by general principles
          of equity, whether considered in a proceeding at law or in equity;

               (iv) no consent, approval, order or authorization of, giving of
          notice to, or registration or filing with, or taking of any other
          action in respect of, any Connecticut state or local governmental
          authority or agency or any United States federal governmental
          authority or agency regulating the banking or trust powers of such
          United Equipment Indenture Trustee is required for the execution and
          delivery of, or the carrying out by, such United Equipment Indenture
          Trustee, of any of the transactions contemplated by any of the
          Fundamental Documents to which such United Equipment Indenture Trustee
          is or is to be a party, other than any such consent, approval, order,
          authorization, registration, notice or action as has been duly
          obtained, given or taken; and

               (v)  there are no pending or threatened actions or proceedings
          against such United Equipment Indenture Trustee before any court or
          administrative agency which, if determined adversely to it, would have
          a material adverse effect on the ability of such United Equipment
          Indenture Trustee to perform its obligations under this Agreement or
          any other Fundamental Document executed by such United Equipment
          Indenture Trustee in connection with the transactions contemplated by
          the Fundamental Documents.

          (2)  The Pass Through Trustee represents, warrants and covenants that:

               (i)  the Pass Through Trustee is a national banking association
          duly organized, validly existing and in good standing under the laws
          of the United States of America, and has the full corporate power,
          authority and legal right under the laws of the State of Connecticut
          and the United States of America pertaining to its banking, trust and
          fiduciary powers to execute and deliver this Agreement and each other
          Fundamental Document to which it is a party and to perform its
          obligations hereunder and thereunder;

               (ii) this Agreement and each other Fundamental Document to which
          the Pass Through Trustee is a party have been duly authorized,
          executed and delivered by the Pass Through Trustee; this Agreement and
          each other Fundamental Document to which the Pass Through Trustee is a
          party constitute the legal, valid and binding obligations of the Pass
          Through Trustee enforceable against it in accordance with their
          respective terms, except as the same may be limited by applicable
          bankruptcy,

                                       12
<PAGE>

          insolvency, reorganization, moratorium or similar laws affecting the
          rights of creditors generally and by general principles of equity,
          whether considered in a proceeding at law or in equity;

               (iii)  none of the execution, delivery and performance by the
          Pass Through Trustee of this Agreement or any other Fundamental
          Document to which the Pass Through Trustee is a party, the purchase by
          the Pass Through Trustee of the United Equipment Notes pursuant to
          this Agreement, or the issuance and sale of the Pass Through
          Certificates pursuant to the Pass Through Trust Agreements, and the
          Purchase Agreements, contravenes any law, rule or regulation of the
          State of Connecticut or any United States governmental authority or
          agency regulating the Pass Through Trustee's banking, trust or
          fiduciary powers or any judgment or order applicable to or binding on
          the Pass Through Trustee and do not contravene or result in any breach
          of, or constitute a default under, the Pass Through Trustee's charter
          or by-laws or any agreement or instrument to which the Pass Through
          Trustee is a party or by which it or any of its properties may be
          bound;

               (iv)   neither the execution and delivery by the Pass Through
          Trustee of this Agreement or any of the other Fundamental Documents to
          which the Pass Through Trustee is a party, nor the consummation by the
          Pass Through Trustee of any of the transactions contemplated hereby or
          thereby, requires the consent or approval of, the giving of notice to,
          the registration with, or the taking of any other action with respect
          to, any Connecticut governmental authority or agency or any Federal
          governmental authority or agency regulating the Pass Through Trustee's
          banking, trust or fiduciary powers;

               (v)    there are no Taxes payable by the Pass Through Trustee
          imposed by the State of Connecticut or any political subdivision or
          taxing authority thereof in connection with the execution, delivery
          and performance by the Pass Through Trustee of this Agreement or any
          other Fundamental Document to which the Pass Through Trustee is a
          party (other than franchise or other taxes based on or measured by any
          fees or compensation received by the Pass Through Trustee for services
          rendered in connection with the transactions contemplated by the Pass
          Through Trust Agreements), and there are no Taxes payable by the Pass
          Through Trustee imposed by the State of Connecticut or any political
          subdivision thereof in connection with the acquisition, possession or
          ownership by the Pass Through Trustee of any of the United Equipment
          Notes (other than franchise or other taxes based on or measured by any
          fees or compensation received by the Pass Through Trustee for services
          rendered in connection with the transactions contemplated by the Pass
          Through Trust Agreements);

               (vi)   there are no pending or threatened actions or proceedings
          against the Pass Through Trustee before any court or administrative
          agency which individually

                                       13
<PAGE>

          or in the aggregate, if determined adversely to it, would have a
          material adverse effect on the ability of the Pass Through Trustee to
          perform its obligations under this Agreement or any other Fundamental
          Document to which the Pass Through Trustee is a party;

               (vii)  except for the issue and sale of the United Equipment
          Notes contemplated hereby, the Pass Through Trustee has not directly
          or indirectly offered any United Equipment Notes for sale to any
          Person or solicited any offer to acquire any United Equipment Notes
          from any Person, nor has the Pass Through Trustee authorized anyone to
          act on its behalf to offer directly or indirectly any Equipment Note
          for sale to any Person, or to solicit any offer to acquire any
          Equipment Note from any Person; and the Pass Through Trustee is not in
          default under any Pass Through Trust Agreement; and

               (viii) the Pass Through Trustee is not directly or indirectly
          controlling, controlled by or under common control with United.

          (3)  The Subordination Agent represents, warrants and covenants that:

               (i)   the Subordination Agent is a national banking association
          duly organized, validly existing and in good standing under the laws
          of the United States of America, and has the full corporate power,
          authority and legal right under the laws of the State of Connecticut
          and the United States of America pertaining to its banking, trust and
          fiduciary powers to execute and deliver this Agreement and each other
          Fundamental Document to which it is a party and to perform its
          obligations hereunder and thereunder;

               (ii)  this Agreement and each other Fundamental Document to which
          it is a party have been duly authorized, executed and delivered by the
          Subordination Agent; this Agreement and each other Fundamental
          Document to which it is a party constitute the legal, valid and
          binding obligations of the Subordination Agent enforceable against it
          in accordance with their respective terms, except as the same may be
          limited by applicable bankruptcy, insolvency, reorganization,
          moratorium or similar laws affecting the rights of creditors generally
          and by general principles of equity, whether considered in a
          proceeding at law or in equity;

               (iii) none of the execution, delivery and performance by the
          Subordination Agent of this Agreement or any other Fundamental
          Document to which the Subordination Agent is a party contravene any
          law, rule or regulation of the State of Connecticut or any United
          States governmental authority or agency regulating the Subordination
          Agent's banking, trust or fiduciary powers or any judgment or order
          applicable to or binding on the Subordination Agent and does not
          contravene or result in any breach of, or constitute a default under,
          the Subordination Agent's

                                       14
<PAGE>

          charter or by-laws or any agreement or instrument to which the
          Subordination Agent is a party or by which it or any of its properties
          may be bound;

               (iv)   neither the execution and delivery by the Subordination
          Agent of this Agreement or any other Fundamental Document to which the
          Subordination Agent is a party nor the consummation by the
          Subordination Agent of any of the transactions contemplated hereby or
          thereby requires the consent or approval of, the giving of notice to,
          the registration with, or the taking of any other action with respect
          to, any Connecticut governmental authority or agency or any federal
          governmental authority or agency regulating the Subordination Agent's
          banking, trust or fiduciary powers;

               (v)    there are no Taxes payable by the Subordination Agent
          imposed by the State of Connecticut or any political subdivision or
          taxing authority thereof in connection with the execution, delivery
          and performance by the Subordination Agent of this Agreement or any
          other Fundamental Document to which the Subordination Agent is a party
          (other than franchise or other taxes based on or measured by any fees
          or compensation received by the Subordination Agent for services
          rendered in connection with the transactions contemplated by the
          Intercreditor Agreement or any Liquidity Facility), and there are no
          Taxes payable by the Subordination Agent imposed by the State of
          Connecticut or any political subdivision thereof in connection with
          the acquisition, possession or ownership by the Subordination Agent of
          any of the United Equipment Notes (other than franchise or other taxes
          based on or measured by any fees or compensation received by the
          Subordination Agent for services rendered in connection with the
          transactions contemplated by the Intercreditor Agreement or any
          Liquidity Facility);

               (vi)   there are no pending or threatened actions or proceedings
          against the Subordination Agent before any court or administrative
          agency which individually or in the aggregate, if determined adversely
          to it, would materially adversely affect the ability of the
          Subordination Agent to perform its obligations under this Agreement or
          any other Fundamental Document to which the Subordination Agent is a
          party;

               (vii)  the Subordination Agent has not directly or indirectly
          offered any United Equipment Notes for sale to any Person or solicited
          any offer to acquire any United Equipment Notes from any Person, nor
          has the Subordination Agent authorized anyone to act on its behalf to
          offer directly or indirectly any Equipment Note for sale to any
          Person, or to solicit any offer to acquire any Equipment Note from any
          Person; and the Subordination Agent is not in default under any
          Liquidity Facility; and

                                       15
<PAGE>

               (viii)  the Subordination Agent is not directly or indirectly
          controlling, controlled by or under common control with United.

               SECTION 6.  Notices.  Unless otherwise specifically provided
                           -------
herein, all notices required or permitted by the terms of this Agreement shall
be in English and in writing, and any such notice shall become effective five
days after being deposited in the United States mail, with proper postage for
first-class registered or certified mail prepaid, or when delivered personally
or, if promptly confirmed by mail as provided above, when dispatched by
facsimile or other written telecommunication, addressed, if to United, the Pass
Through Trustee, the Subordination Agent or any United Equipment Indenture
Trustee, at their respective addresses or facsimile numbers set forth on
Schedule 1.
----------

               SECTION 7.  Expenses.  All of the reasonable out-of-pocket costs,
                           --------
fees and expenses incurred by the Pass Through Trustee, the Subordination Agent,
the Liquidity Provider and the United Equipment Indenture Trustees in connection
with the transactions contemplated by this Agreement shall be paid on or prior
to the Closing Date by United on a net after-tax basis.

               SECTION 8.  Miscellaneous.  (a)  Provided that the transactions
                           -------------
contemplated hereby have been consummated, and except as otherwise provided for
herein, the representations, warranties and agreements herein of United, each
United Equipment Indenture Trustee, the Subordination Agent and the Pass Through
Trustee, and United's, each United Equipment Indenture Trustee's, the
Subordination Agent's and the Pass Through Trustee's obligations hereunder,
shall survive the expiration or other termination of this Agreement and the
other agreements referred to herein.

          (b)  This Agreement may be executed in any number of counterparts and
each counterpart of this Agreement, including a signature page executed by each
of the parties hereto, shall be an original counterpart of this Agreement, but
all of such counterparts together shall constitute one instrument.  Neither this
Agreement nor any of the terms hereof may be terminated, amended or waived
orally, but only by an instrument in writing signed by the party against which
the enforcement of the termination, amendment or waiver is sought; and no such
termination, amendment or waiver shall be effective unless a signed copy thereof
shall have been delivered to each United Equipment Indenture Trustee.  The table
of contents preceding this Agreement and the headings of the various Sections of
this Agreement are for convenience of reference only and shall not modify,
define, expand or limit any of the terms or provisions hereof.  The terms of
this Agreement shall be binding upon, and shall inure to the benefit of, United
and its successors and permitted assigns, the Pass Through Trustee and its
successors as Pass Through Trustee (and any additional trustee properly
appointed) under any of the Trust Supplements, any United Equipment Indenture
Trustee and its successors as United Equipment Indenture Trustee (and any
additional United Equipment Indenture Trustee properly appointed) under any
United Equipment Indenture and the Subordination Agent and its successors as
Subordination Agent under the Intercreditor Agreement.

                                       16
<PAGE>

          (c)  This Agreement is not intended to, and shall not, provide any
Person not a party hereto with any rights of any nature whatsoever against any
of the parties hereto, and no Person not a party hereto shall have any right,
power or privilege in respect of, or have any benefit or interest arising out
of, this Agreement; provided, however, that each of the parties hereto agrees
                    --------  -------
and acknowledges that the Liquidity Provider shall be a third party beneficiary
of each of the representations and warranties made herein by such party, and
that the Liquidity Provider may rely on such representations and warranties to
the same extent as if such representations and warranties were made to the
Liquidity Provider directly.  The terms of this Agreement shall inure to the
benefit of the Liquidity Provider, its successors and permitted assigns.

          (d)  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICTS OF LAWS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW)), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER
THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          (e)   Each of the parties hereto hereby irrevocably and
          unconditionally:

               (i)  submits for itself and its property in any legal action or
          proceeding relating to this Agreement or any other Fundamental
          Document, or for recognition and enforcement of any judgment in
          respect hereof or thereof, to the non-exclusive general jurisdiction
          of the courts of the State of New York, the courts of the United
          States of America for the Southern District of New York, and the
          appellate courts from any thereof;

               (ii)  consents that any such action or proceeding may be brought
          in such courts, and waives any objection that it may now or hereafter
          have to the venue of any such action or proceeding in any such court
          or that such action or proceeding was brought in an inconvenient court
          and agrees not to plead or claim the same;

               (iii) agrees that service of process in any such action or
          proceeding may be effected by mailing a copy thereof by registered or
          certified mail (or any substantially similar form and mail, postage
          prepaid, to each party hereto at its address set forth in Schedule I,
                                                                    ----------
          or at such other address of which the other Person shall have been
          notified pursuant thereto; and

               (iv)  agrees that nothing herein shall affect the right to effect
          service of process in any other manner permitted by law or shall limit
          the right to sue in any other jurisdiction.

          (f)  EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM

                                       17
<PAGE>

RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS
BEING ESTABLISHED, including contract claims, tort claims, breach of duty claims
and all other common law and statutory claims. Each of the parties warrants and
represents that it has reviewed this waiver with its legal counsel, and that it
knowingly and voluntarily waives its jury trial rights following consultation
with such legal counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED
EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

                            [signature pages follow]

                                       18
<PAGE>

     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.

                                        By:_____________________________
                                           Name:
                                           Title:

                                      S-1
<PAGE>

                         STATE STREET BANK AND TRUST COMPANY
                         OF CONNECTICUT, NATIONAL ASSOCIATION,
                         not in its individual capacity, except as otherwise
                         provided herein, but solely as United Equipment
                         Indenture Trustee, Pass Through Trustee and
                         Subordination Agent

                         By:_________________________________________________
                            Name:
                            Title:

                                      S-2
<PAGE>

                                 SCHEDULE I to
                    United Equipment Note Purchase Agreement

                     NAMES; ADDRESSES AND WIRE INSTRUCTIONS
                     --------------------------------------

UNITED:
------

Address for Notices:

    If by U.S. Mail
    ---------------
    United Air Lines, Inc.
    P.O. Box 66100
    WHQFT
    Chicago, IL 60666
    Attention: Vice President and Treasurer
    Telecopy:  (847) 700-7117

    If by Overnight Delivery Service
    --------------------------------

    United Air Lines, Inc.
    1200 East Algonquin Road
    WHQFT
    Elk Grove Township, IL 60007
    Attention: Vice President and Treasurer
    Telecopy:  (847) 700-7117

PASS THROUGH TRUSTEE, SUBORDINATION AGENT AND UNITED EQUIPMENT INDENTURE
------------------------------------------------------------------------
TRUSTEE:
-------

Address for Notices:

State Street Bank and Trust Company
of Connecticut, National Association
225 Asylum Street
Goodwin Square
Hartford, Connecticut 06103
Attention: Corporate Trust Division
Telecopy: (860) 244-1881

and
<PAGE>

State Street Bank and Trust Company
of Connecticut, National Association
c/o 2 Avenue de Lafayette, 6/th/ Floor
Boston, Massachusetts 02111-1724
Attention: Corporate Trust
Telecopy: (617) 662-1465

                                      S-4
<PAGE>

                                 SCHEDULE II to
                    United Equipment Note Purchase Agreement

                            UNITED EQUIPMENT NOTES,
                         PURCHASERS AND PURCHASE PRICE
                         -----------------------------

                           [To be completed by VPKK]

Series                   Purchaser                          Principal Amount
------                   ---------                          ----------------
                         Interest Rate
                         -------------<PAGE>

                                                                    EXHIBIT 4.13

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

                             747 LEASED EQUIPMENT

                            NOTE PURCHASE AGREEMENT

                           Dated as of July 31, 2000

                                    between

                     STATE STREET BANK AND TRUST COMPANY,
                as Owner Trustee under the 747 Leased Aircraft
                               Trust Agreement,

                        BANCBOSTON UNITED LEASING LLC,
              as Owner Participant under the 747 Leased Aircraft
                               Trust Agreement,

                            UNITED AIR LINES, INC.

                                      and

                      STATE STREET BANK AND TRUST COMPANY
                     OF CONNECTICUT, NATIONAL ASSOCIATION,
                   as Pass Through Trustee under each of the
             United Airlines 2000-1 Pass Through Trust Agreements,
                   Subordination Agent and Indenture Trustee

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

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                          Page
                                                                                                          ----
<S>              <C>                                                                                      <C>
SECTION 1.      Purchase of 747 Leased Equipment Notes..................................................     3
                --------------------------------------
SECTION 1.A.    Certain Definitions.....................................................................     4
                -------------------
SECTION 1.B.    Redemption of Outstanding Equipment Notes...............................................     4
                -----------------------------------------
SECTION 2.      Lease Amendment.........................................................................     4
                ---------------
SECTION 3.      Conditions Precedent....................................................................     4
                --------------------
SECTION 4.      Representations, Warranties and Covenants of SSBTC, the Owner Trustee and United........    10
                --------------------------------------------------------------------------------
SECTION 5.      Representations, Warranties and Covenants of Other Parties..............................    13
                ----------------------------------------------------------
SECTION 6.      Notices.................................................................................    18
                -------
SECTION 7.      Expenses................................................................................    18
                --------
SECTION 8.      Miscellaneous...........................................................................    18
                -------------
</TABLE>

SCHEDULES

Schedule I   Names, Addresses and Wire Instructions

Schedule II  United Equipment Notes, Purchasers and Purchase Prices

                                       i
<PAGE>

                  747 LEASED EQUIPMENT NOTE PURCHASE AGREEMENT

     This 747 LEASED EQUIPMENT NOTE PURCHASE AGREEMENT, dated as of July 31,
2000 (this "Agreement"), among STATE STREET BANK AND TRUST COMPANY, a
            ---------
Massachusetts trust company ("SSBTC"), not in its individual capacity, except as
                              -----
expressly provided herein, but solely as owner trustee (in such capacity, the
"Owner Trustee") under the 747 Leased Aircraft Trust Agreement (as defined
 -------------
below), BANCBOSTON UNITED LEASING LLC, as owner participant (in such capacity,
the "Owner Participant") under the 747 Leased Aircraft Trust Agreement (as
     -----------------
defined below), UNITED AIR LINES, INC., a Delaware corporation ("United"), and
                                                                 ------
STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT, NATIONAL ASSOCIATION, a
national banking association (the "Bank"), not in its individual capacity,
                                   ----
except as otherwise expressly provided herein, but solely as trustee (in such
capacity, the "Pass Through Trustee") under each of the five separate Pass
               --------------------
Through Trust Agreements (as defined below), subordination agent (in such
capacity, the "Subordination Agent"), and indenture trustee (in such capacity,
               -------------------
the "Indenture Trustee") under the 747 Leased Aircraft Indenture (as defined
     -----------------
below).

     WHEREAS,  the Owner Trustee, as trustee of an owner trust (the "Owner
                                                                     -----
Trust") for the benefit of the Owner Participant created under the Trust
-----
Agreement (1989 I), dated as of July 20, 2000 (the "747 Leased Aircraft Trust
                                                    -------------------------
Agreement"), in connection with a leveraged lease transaction with the Owner
---------
Participant, wishes to refinance the current indebtedness of the Owner Trust
originally incurred by the Owner Participant to finance the purchase of one
Boeing 747-422 aircraft (the "Leased Aircraft") that has been leased to United;
                              ---------------

     WHEREAS, the Owner Participant assigned to the Owner Trustee, and the Owner
Trustee assumed, certain rights and obligations of the Owner Participant under
the Operative Documents pursuant to the Assignment and Assumption Agreement
(1989 I) dated as of July 20, 2000 (the "747 Leased Aircraft Assignment and
                                         ----------------------------------
Assumption Agreement");
--------------------

     WHEREAS, pursuant to the First Amended and Restated Trust Indenture and
Security Agreement (1989 I), dated as of July 20, 2000  (the "747 Leased
                                                              ----------
Aircraft Indenture"), between SSBTC, as Owner Trustee, and the Indenture
------------------
Trustee, as originally executed or as modified, amended or supplemented in
accordance with the provisions thereof, the Owner Trustee proposes to issue on a
non-recourse basis, up to three series of equipment notes (the "747 Leased
                                                                ----------
Equipment Notes"), all of which are to be secured by the mortgage and security
---------------
interest in the Leased Aircraft and an assignment to the Indenture Trustee of
certain of the Owner Trustee's rights under the First Amended and Restated Lease
Agreement (1989 I), dated as of July 20, 2000 (the "747 Leased Aircraft Lease
                                                    -------------------------
Agreement"), between the Owner Trustee and United;
---------

     WHEREAS, Series A-1 747 Leased Equipment Notes, Series B 747 Leased
Equipment Notes, and Series C-2 747 Leased Equipment Notes with respect to the
Leased Aircraft (each, a "Series") will be issued on the Closing Date (as
                          ------
defined in Section 1 below) to the Subordination
           ---------
<PAGE>

Agent acting on behalf of the Pass Through Trustee for the applicable Pass
Through Trust as evidence of the Owner Trustee's indebtedness to the Pass
Through Trustee;

     WHEREAS, pursuant to each of the Pass Through Trust Supplements (the "Trust
                                                                           -----
Supplements"; and together with the Basic Pass Through Trust Agreement, the
-----------
"Pass Through Trust Agreements"), on the Closing Date (as defined in Section 1
 -----------------------------                                       ---------
below), a separate grantor trust (each, a "Pass Through Trust") will be created
                                           ------------------
to facilitate certain of the transactions contemplated hereby, including,
without limitation, the issuance and sale of enhanced pass through certificates
pursuant thereto (collectively, the "Pass Through Certificates") to provide the
                                     -------------------------
financing of the Leased Aircraft;

     WHEREAS, part of the proceeds from the issuance and sale of the Pass
Through Certificates will be applied by the Subordination Agent, acting on
behalf of the Pass Through Trustee, to purchase from the Owner Trustee on behalf
of each Pass Through Trust, the 747 Leased Equipment Notes bearing the same
interest rate as the Pass Through Certificates issued by the related Pass
Through Trust; and

     WHEREAS, concurrently with the execution and delivery of this Agreement,
(i)  Landesbank Hessen-Thuringen Girozentrale, a public law banking institution
organized under the law of Germany (the "Liquidity Provider") entered into three
                                         ------------------
revolving credit agreements (each, a "Liquidity Facility") for the benefit of
                                      ------------------
the United Airlines 2000-1A-1 Pass Through Trust, the United Airlines 2000-1A-2
Pass Through Trust, and the United Airlines 2000-1B Pass Through Trust, with the
Subordination Agent, as agent and trustee for the Pass Through Trustee on behalf
of each such Pass Through Trust; and (ii) the Pass Through Trustee, the
Liquidity Provider and the Subordination Agent entered into the Intercreditor
Agreement, dated as of the date hereof (the "Intercreditor Agreement");
                                             -----------------------

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

               SECTION 1.  Purchase of 747 Leased Equipment Notes.  (a) Subject
                           --------------------------------------
to the satisfaction or waiver of the conditions set forth herein, on July 31,
2000, or on such other date agreed to by the parties hereto (the "Closing
                                                                  -------
Date"):
----

               (1)  the Pass Through Trustee for each Pass Through Trust shall
     pay to the Indenture Trustee, on behalf of the Owner Trustee, the purchase
     price set forth on Schedule II for each 747 Leased Equipment Note being
                        -----------
     issued and sold by the Owner Trustee to such Pass Through Trust; and

               (2)  the Owner Trustee shall issue, pursuant to Article II of the
     747 Leased Aircraft Indenture to the Subordination Agent, on behalf of the
     Pass Through Trustee for each of the Pass Through Trusts, a 747 Leased
     Equipment Note having the Series, maturity date and principal amount and
     bearing the interest rate set forth on Schedule II opposite the name of
                                            -----------
     such Pass Through Trust.

                                       2
<PAGE>
<PAGE>

          (b)  All payments pursuant to Section 1(a)(i) shall be made in
                                        ---------------
immediately available funds to such accounts and at such banks as the Owner
Trustee shall designate on Schedule I or as it may otherwise designate in
                           ----------
writing not less than one Business Day prior to the Closing Date.

          SECTION 1.A. Certain Definitions.  (a) As used in this Agreement and
                       -------------------
unless otherwise expressly provided, the following capitalized terms shall have
the following respective meanings:

          "FAA" means the Federal Aviation Administration.

          "Federal Aviation Act" means Title 49 of the United States Code
          (Transportation), as amended.

          "Fundamental Documents" shall mean, collectively (i) any document that
          is an "Operative Document," a "Pass Through Document" or a
          "Fundamental Document" under this Agreement, any 747 Leased Equipment
          Note, the 747 Leased Aircraft Lease Agreement, the 747 Leased Aircraft
          Participation Agreement, the 747 Leased Aircraft Assignment and
          Assumption Agreement or the 747 Leased Aircraft Indenture and (ii) any
          amendment to any of the foregoing executed in connection with the
          transactions contemplated hereby.

          "Operative Documents" shall mean any document that is an Operative
          Document under the 747 Leased Aircraft Indenture.

          (b) Unless otherwise specifically defined herein, capitalized terms
used in this Agreement shall have the respective meanings specified in the
Intercreditor Agreement.

          SECTION 1.B.   Redemption of Outstanding Equipment Notes.  The
                         -----------------------------------------
Indenture Trustee, on behalf of the Owner Trustee, shall apply the purchase
price received for the 747 Leased Equipment Notes to the redemption of the
outstanding leased equipment notes (the "Existing Leased Equipment Notes") in
                                         -------------------------------
accordance with Section 2.01 of the 747 Leased Aircraft Indenture.

          SECTION 2.     Lease Amendment.  Concurrently with the redemption of
                         ---------------
the Existing Leased Equipment Notes pursuant to Section 1.B hereof, United and
                                                -----------
the Owner Trustee shall enter into an amendment to the 747 Leased Aircraft Lease
Agreement, substantially in the form of Exhibit A hereto (the "Lease
                                        ---------              -----
Amendment"), pursuant to which Exhibits B, B-1, C and D of the 747 Leased
---------                      ----------  ---  -     -
Aircraft Lease Agreement shall be replaced with Exhibits B, B-1, C and D hereto.
                                                ----------  ---  -     -

          SECTION 3.     Conditions Precedent.  (a)  Conditions Precedent to the
                         --------------------        ---------------------------
Obligations of the Pass Through Trustee.  The obligation of the Pass Through
---------------------------------------
Trustee to make the payments described in Section 1(a)(i) and to enter into the
                                          ---------------
Fundamental Documents to which it is

                                       3
<PAGE>

a party are subject to the fulfillment, on or prior to the Closing Date, of the
following conditions precedent:

               (1)  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 or judicial
     authorities which, in the opinion of each Pass Through Trustee, would make
     it a violation of law or regulations for the Pass Through Trustee to make
     the payments described in Section 1(a), to execute, deliver and perform the
                               ------------
     Fundamental Documents, to acquire the 747 Leased Equipment Notes or to
     realize the security afforded by the 747 Leased Aircraft Indenture.

               (2)  The Owner Trustee shall have tendered the 747 Leased
     Equipment Notes to the Indenture Trustee for authentication and the
     Indenture Trustee shall have authenticated such 747 Leased Equipment Notes
     and shall have tendered the 747 Leased Equipment Notes to the Subordination
     Agent on behalf of the Pass Through Trustee in accordance with Section 1.
                                                                    ---------

               (3)  The Pass Through Trustee shall have received duly authorized
     and validly executed counterparts or conformed copies of the following
     documents in form and substance satisfactory to the Pass Through Trustee
     and all such documents shall be in full force and effect:

                    (1)  this Agreement;

                    (2)  the Basic Pass Through Trust Agreement and each Trust
          Supplement;

                    (3)  the Intercreditor Agreement;

                    (4)  the Liquidity Facility for each of the Class A-1 Trust,
          the Class A-2 Trust, and the Class B Trust;

                    (5)  the 747 Leased Aircraft Indenture;

                    (6)  the 747 Leased Aircraft Participation Agreement;

                    (7)  the 747 Leased Aircraft Trust Agreement;

                    (8)  the 747 Leased Aircraft Lease Agreement;

                    (9)  the Amended and Restated Guaranty, dated as of July 20,
          2000 (the "747 Leased Aircraft Owner Participant Guaranty Agreement")
                     --------------------------------------------------------
          by Fleet

                                       4
<PAGE>

          National Bank and a letter from Fleet National Bank confirming that
          the Pass Through Trustee is entitled to the benefits thereof;

                    (10) the 747 Leased Aircraft Assignment and Assumption
          Agreement;

                    (11) acknowledgment copies of properly completed
          precautionary Uniform Commercial Code financing statements (and any
          amendments thereto) reflecting United as debtor, the Owner Trustee as
          secured party and the Indenture Trustee as assignee of the Owner
          Trustee filed with the Secretary of State of Illinois;

                    (L)  each Loan Certificate Purchase Agreement (as defined in
          the AFE Indenture);

                    (M)  the Swap Agreement;

                    (N)  the AFE Indenture;

                    (O)  the AFE Notes;

                    (P)  the Leveraged Lease Documents with respect to the
          Leased Aircraft;

                    (Q)  the United Equipment Indentures (as defined in the
          United Equipment Note Purchase Agreement);

                    (R)  the AFE Trust Agreement (as defined in the AFE Note
          Purchase Agreement);

                    (S)  the Owned Aircraft Indentures;

                    (T)  each Assignment Agreement (as defined in the AFE Note
          Purchase Agreement);

                    (U)  the AFE Note Purchase Agreement;

                    (V)  the United Equipment Note Purchase Agreement;

                    (W)  each AFE Certificate Purchase Agreement (as defined in
          the AFE Note Purchase Agreement);

                    (X)  the Underwriting Agreement;

                                       5
<PAGE>

                    (Y)  the Class C-1 Certificate Purchase Agreement; and

                    (Z)  the Class C-2 Certificate Purchase Agreement.

               (4)  Uniform Commercial Code financing statements covering all
     the security interests created by or pursuant to the Granting Clause of the
     747 Leased Aircraft Indenture shall have been executed and delivered by the
     Owner Trustee and the Indenture Trustee, and such financing statements
     shall have been duly filed  with the Secretary of State of the State of
     Massachusetts and any other places deemed necessary or advisable.

               (5)  The Pass Through Trustee shall have received the following,
     in each case in form and substance satisfactory to it:

                    (1) a certified copy of the Restated Certificate of
          Incorporation and By-Laws of United and a copy of resolutions of the
          board of directors of United or the executive committee thereof,
          certified by the Secretary or an Assistant Secretary of United, duly
          authorizing the execution, delivery and performance by United of this
          Agreement and each other Fundamental Document required to be executed
          and delivered by United in accordance with the provisions hereof and
          thereof;

                    (2) a copy of the organizational documents, by-laws and
          general authorizing resolutions of the boards of directors (or
          executive committees) or other satisfactory evidence of authorization
          of each of the Indenture Trustee, the Owner Trustee and the
          Subordination Agent, certified as of the Closing Date by the Secretary
          or an Assistant Secretary of such parties, respectively, which
          authorize the execution, delivery and performance by the Indenture
          Trustee, the Owner Trustee and the Subordination Agent, respectively,
          of all the Fundamental Documents to which it is a party, together with
          such other documents and evidence with respect to the Indenture
          Trustee, the Owner Trustee and the Subordination Agent as the Pass
          Through Trustee may reasonably request in order to establish the
          consummation of the transactions contemplated by this Agreement, the
          taking of all corporate proceedings in connection therewith and
          compliance with the conditions herein set forth;

                    (3) a copy of the organizational documents and by-laws,
          certified as of the Closing Date by the Secretary or Assistant
          Secretary of the Owner Participant, with such other documents and
          evidence with respect to the Owner Participant as the Pass Through
          Trustee may reasonably request in order to establish the consummation
          of the transactions contemplated by this Agreement, the taking of all
          corporate proceedings in connection therewith and compliance with the
          conditions herein set forth; and

                                       6
<PAGE>

                    (4) a certificate signed by the Secretary or an Assistant
          Secretary of United, the Owner Trustee, the Indenture Trustee, the
          Owner Participant and the Subordination Agent as to the Person or
          Persons authorized to execute and deliver this Agreement and any other
          Fundamental Document to be executed on behalf of such party in
          connection with the transactions contemplated hereby and as to the
          signature of such Person or Persons.

               (6)  On the Closing Date, (A) the representations and warranties
     of SSBTC and the Owner Trustee contained in Section  4, the representations
                                                 ----------
     and warranties of United contained in Section 4 and the representations and
                                           ---------
     warranties of the Indenture Trustee and the Subordination Agent contained
     in Section 5 shall be true and correct in all material respects 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 case such
     representations and warranties shall have been true and correct in all
     material respects  on and as of such earlier date), and (B) no event shall
     have occurred and be continuing, or would result from the transactions
     contemplated hereby, which constitutes (or would, with the passage of time
     or the giving of notice or both, constitute) an Indenture Default under and
     as defined in the 747 Leased Aircraft Indenture.

               (7)  The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee from (A) the General Counsel or
     Assistant General Counsel for United (B) Vedder, Price, Kaufman & Kammholz,
     special counsel for United, and (C) Mayer, Brown & Platt, special counsel
     for United, in each case with respect to such matters and in form and
     substance reasonably satisfactory to the Pass Through Trustee.

               (8)  The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee from Shipman & Goodwin LLP, special
     counsel for the Owner Trustee, with respect to such matters and in form and
     substance reasonably satisfactory to the Pass Through Trustee.

               (9)  The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee, United and the Owner Trustee from
     (A) in house German counsel for the Liquidity Provider, in each case in
     form and substance reasonably satisfactory to the Pass Through Trustee, and
     (B) Winthrop, Stimson, Putnam & Roberts, special counsel for the Liquidity
     Provider.

               (10) The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee, United and the Owner Trustee from
     Lytle Soule & Curlee, special counsel in Oklahoma City, Oklahoma, in form
     and substance reasonably satisfactory to the Pass Through Trustee.

               (11) The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee, United and the Owner Trustee from
     Bingham Dana LLP,

                                       7
<PAGE>

     special counsel for the Indenture Trustee and the Pass Through Trustee, in
     form and substance reasonably satisfactory to the Pass Through Trustee.

               (12)  The Pass Through Trustee shall have received an opinion
     addressed to the Pass Through Trustee, United and the Owner Trustee from
     (A) internal counsel for the Owner Participant, and (B) Thelen Reid &
     Priest LLP, special counsel for the Owner Participant, in each case in form
     and substance reasonably satisfactory to the Pass Through Trustee.

               (13)  The Pass Through Trustee shall have received an independent
     insurance broker's report, and certificates of insurance, in form and
     substance reasonably satisfactory to it, as to the due compliance with the
     terms of Section 11 of the 747 Leased Aircraft Lease Agreement.

               (14)  The Pass Through Trustee shall have received a report from
     each of the Appraisers as to the base value of the Leased Aircraft, in form
     and substance satisfactory to the Pass Through Trustee, United and the
     Owner Trustee.

               (15)  The conditions precedent to the transactions specified in
     the Underwriting Agreement shall have been satisfied (or waived) in
     accordance with the terms thereof.

               (16)  The 747 Leased Aircraft Indenture, the 747 Lease Aircraft
     Lease Agreement, the 747 Leased Aircraft Trust Agreement and the 747 Leased
     Aircraft Assignment and Assumption Agreement shall have been duly filed
     with the FAA.

               (17)  The Indenture Trustee shall have received the chattel paper
     original counterpart of the 747 Leased Aircraft Lease Agreement and the
     Lease Supplement (as defined therein).

               (18)  The conditions precedent under the United Equipment Note
     Purchase Agreement, the Loan Certificate Purchase Agreements (as defined in
     the AFE Indenture) and the AFE Note Purchase Agreement shall have been
     satisfied (or waived) in accordance with the terms thereof.

               (19)  United and the Owner Trustee shall have given notice of the
     exercise of the option to acquire title to the Leased Aircraft pursuant to
     Section 19 of the Lease Agreement dated as of July 29, 1989 between SBF
     West Air Co., Ltd., as lessor, and United, as lessee.

               (20)  The Pass Through Trustee shall have received, concurrent
     with the receipt by the holders of the Existing Leased Equipment Notes of
     the purchase price

                                       8
<PAGE>

     therefor pursuant to Section 1.B. hereof, a copy of the receipt and release
                          ------------
     of indebtedness in respect of each Existing Leased Equipment Note.

               (21)  The Indenture Trustee shall have received the Existing
     Leased Equipment Notes for cancellation upon confirmation by the holders of
     the Existing Leased Equipment Notes of receipt of the purchase price
     therefor pursuant to Section 1.B. hereof.
                          ------------

               (22)  All consents, approvals, authorizations, notices, filings
     and other actions required under the Operative Documents or Japanese law in
     connection with the execution and delivery of the 747 Leased Aircraft
     Assignment and Assumption Agreement and the performance of the transactions
     contemplated thereby have been obtained, given or taken.

               (23)  No event shall have occurred and be continuing that
     constitutes a Default (as defined in the 747 Leased Aircraft Lease
     Agreement) or an Indenture Default (as defined in the 747 Leased Aircraft
     Indenture) and no event shall have occurred that constitutes or would, with
     the passage of time or the giving of notice, or both, constitute an Event
     of Loss (as defined in the 747 Leased Aircraft Lease Agreement).

Promptly upon the recording of the 747 Leased Aircraft Indenture, the 747 Leased
Aircraft Lease Agreement, the 747 Leased Aircraft Trust Agreement and the 747
Leased Aircraft Assignment and Assumption Agreement pursuant to the Federal
Aviation Act, United shall cause Lytle Soule & Curlee, special counsel in
Oklahoma City, Oklahoma, to deliver to the Pass Through Trustee an opinion as to
the due recording thereof and the lack of any intervening filings with respect
to the Leased Aircraft.

     (b)  [Reserved.]

               SECTION 4.   Representations, Warranties and Covenants of SSBTC,
                            --------------------------------------------------
the Owner Trustee and United.  (a) SSBTC, in its individual capacity
----------------------------
represents and warrants to United, the Owner Participant, the Indenture
Trustees, the Pass Through Trustee and the Subordination Agent that:

               (i)   SSBTC is a Massachusetts trust company duly organized and
     validly existing in good standing under the laws of The Commonwealth of
     Massachusetts and has, or had on the respective dates of execution thereof,
     the corporate power and authority to enter into and perform this Agreement,
     the 747 Leased Equipment Notes and each other Fundamental Document to which
     it is a party;

               (ii)  each of this Agreement, the 747 Leased Equipment Notes and
     each other Fundamental Document to which SSBTC or the Owner Trustee is a
     party has been duly authorized by all necessary corporate action, and
     neither the execution and delivery thereof nor the performance by SSBTC or
     the Owner Trustee of any of the

                                       9
<PAGE>

     terms and conditions of this Agreement, such 747 Leased Equipment Notes or
     such other Fundamental Documents to which SSBTC or the Owner Trustee is a
     party will violate any federal or Massachusetts law or regulation relating
     to its banking or trust powers 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 agreements to which it is a
     party or by which its properties may be bound or affected;

               (iii)  each of the Fundamental Documents to which SSBTC or the
     Owner Trustee is a party will have been duly executed and delivered by it
     by one of its officers who is duly authorized to execute and deliver such
     Fundamental Documents, and each of this Agreement and the other Fundamental
     Documents to which SSBTC or the Owner Trustee is a party will, on the
     Closing Date, constitute a legal, valid and binding obligation of SSBTC or
     the Owner Trustee, as the case may be, enforceable against it in accordance
     with the terms thereof, except as the same may be limited by applicable
     bankruptcy, insolvency, reorganization, moratorium or similar laws
     affecting the rights of creditors generally and by general principles of
     equity, whether considered in a proceeding at law or in equity;

               (iv)   the Trust Estate (as defined in the 747 Leased Aircraft
     Trust Agreement) is free and clear of Lessor Liens (as defined in the 747
     Leased Aircraft Indenture) attributable to SSBTC, and there are no Liens
     affecting the title of the Owner Trustee to the Leased Aircraft resulting
     from any act or claim against SSBTC or the Owner Trustee arising out of any
     event or condition not related to the ownership, leasing, use or operation
     of the Leased Aircraft or to any other transaction contemplated by this
     Agreement or any of the other Fundamental Documents, including any Lien
     resulting from the nonpayment by SSBTC of any Taxes imposed or measured by
     its net income;

               (v)    there has not occurred any event that constitutes (or to
     the best of its knowledge, with the passage of time or the giving of notice
     or both, would constitute) an Indenture Default under and as defined in the
     747 Leased Aircraft Indenture that has been caused by or relates to SSBTC
     or the Owner Trustee and that is presently continuing;

               (vi)   the principal place of business of SSBTC and the Owner
     Trustee is Boston, Massachusetts, and the place where its records
     concerning the Leased Aircraft and all its interest in, to and under all
     documents relating to the Trust Estate (as defined in the 747 Leased
     Aircraft Trust Agreement) is located at Boston, Massachusetts, and SSBTC
     agrees that it will not change the location of such office to a location
     outside Boston, Massachusetts without providing written notice to United,
     the Indenture Trustees and the Pass Through Trustee within 30 days
     following such change in location;

                                       10
<PAGE>

               (vii)  no consent, approval, order or authorization of, giving of
     notice to, or registration or filing with, or taking of any other action in
     respect of, any Massachusetts state or local governmental authority or
     agency or any United States federal governmental authority or agency
     regulating the banking or trust powers of SSBTC is required for the
     execution and delivery of, or the carrying out by, SSBTC, of any of the
     transactions contemplated by any of the Fundamental Documents to which
     SSBTC is or is to be a party, other than any such consent, approval, order,
     authorization, registration, notice or action as has been duly obtained,
     given or taken;

               (viii) SSBTC has not directly or indirectly offered any Pass
     Through Certificate or 747 Leased Equipment Note or any interest in or to
     the Trust Estate (as defined in the 747 Leased Aircraft Trust Agreement),
     the 747 Leased Aircraft Trust Agreement or any similar interest for sale
     to, or solicited any offer to acquire any of the same from, any Person
     other than the Indenture Trustee, the Pass Through Trustee and the Owner
     Participant; and SSBTC has not authorized any Person to act on its behalf
     (other than for purposes of this paragraph, United, as lessee of the Leased
     Aircraft) to offer directly or indirectly any Pass Through Certificate or
     747 Leased Equipment Note or any interest in and to the Trust Estate (as
     defined in the 747 Leased Aircraft Trust Agreement), the 747 Leased
     Aircraft Trust Agreement or any similar interest for sale to, or to solicit
     any offer to acquire any of the same from, any Person;

               (ix)   SSBTC is a "citizen of the United States" as defined in 49
     U.S.C. Section 40102(a)(15) (without making use of a voting trust
     agreement, voting powers agreement or similar arrangements); and

               (x)    there are no pending or threatened actions or proceedings
     against SSBTC or the Owner Trustee before any court or administrative
     agency which, if determined adversely to it, would have a material adverse
     effect on the ability of SSBTC or the Owner Trustee, as the case may be, to
     perform its obligations under this Agreement, the 747 Leased Equipment
     Notes or any other Fundamental Document executed by SSBTC or the Owner
     Trustee in connection with the transactions contemplated by the Fundamental
     Documents.

     (b)  SSBTC solely in its capacity as Owner Trustee further represents
and warrants that:

               (i)   assuming due authorization, execution and delivery of the
     747 Leased Aircraft Trust Agreement and the 747 Leased Aircraft
     Participation Agreement by the Owner Participant, the 747 Leased Aircraft
     Trust Agreement grants the Owner Trustee the power and authority to enter
     into this Agreement, the 747 Leased Equipment Notes and the other
     Fundamental Documents to which it is a party and to perform its obligations
     hereunder and thereunder;

                                       11
<PAGE>

               (ii)  assuming due authorization, execution and delivery of the
     747 Leased Aircraft Trust Agreement and the 747 Leased Aircraft
     Participation Agreement by the Owner Participant, this Agreement, the 747
     Leased Equipment Notes and each other Fundamental Document to which the
     Owner Trustee is party has been, or on the Closing Date will have been,
     duly executed and delivered by it, and each of this Agreement, such 747
     Leased Equipment Notes and such other Fundamental Documents to which the
     Owner Trustee is a party on the Closing Date, will constitute legal, valid
     and binding obligations of the Owner Trustee, enforceable against it in
     accordance with the terms thereof, except as the same may be limited by
     applicable bankruptcy, insolvency, reorganization, moratorium or similar
     laws affecting the rights of creditors generally and by general principles
     of equity, whether considered in a proceeding at law or in equity;

               (iii) the Owner Trustee has not directly or indirectly offered
     any Pass Through Certificate or 747 Leased Equipment Note or any interest
     in or to the Trust Estate (as defined in the 747 Leased Aircraft Trust
     Agreement), the 747 Leased Aircraft Trust Agreement or any similar interest
     for sale to, or solicited any offer to acquire any of the same from, any
     Person other than the Indenture Trustee, the Pass Through Trustee and the
     Owner Participant; and it has not authorized any Person to act on its
     behalf (other than for purposes of this paragraph, United, as lessee of the
     Leased Aircraft) to offer directly or indirectly any Pass Through
     Certificate or 747 Leased Equipment Note or any interest in and to the
     Trust Estate (as defined in the 747 Leased Aircraft Trust Agreement), the
     747 Leased Aircraft Trust Agreement or any similar interest for sale to, or
     to solicit any offer to acquire any of the same from, any Person;

               (iv)  there are no pending or threatened actions or proceedings
     against the Owner Trustee before any court or administrative agency which,
     if determined adversely to it, would have a material adverse effect on its
     ability to perform its obligations under this Agreement, the 747 Leased
     Equipment Notes or any other Fundamental Document to which the Owner
     Trustee is a party or any other documents executed by it in connection with
     the transactions contemplated by the Fundamental Documents; and

               (v)   No event shall have occurred and be continuing, or would
     result from the transactions contemplated hereby, which constitutes (or
     would, with the passage of time or the giving of notice or both,
     constitute) an Indenture Default under the 747 Leased Aircraft Indenture.

               (c)   United represents and warrants to the Pass Through Trustee,
the Owner Trustee, the Owner Participant, the Indenture Trustee and the
Subordination Agent that the representations and warranties of United contained
in the 747 Leased Aircraft Participation Agreement are true and correct in all
material respects as of the Closing Date

                                       12
<PAGE>

     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 were true and correct in all
     material respects as of such earlier date).

          SECTION 5.  Representations, Warranties and Covenants of Other
                      --------------------------------------------------
Parties.  Each of the parties below represents, warrants and covenants to each
-------
of the other parties to this Agreement as follows:

          (1)  The Indenture Trustee represents, warrants and covenants that:

               (1)  the Indenture Trustee is a national banking association duly
     organized, validly existing and in good standing under the laws of the
     United States of America, is a "citizen of the United States" as defined in
     49 U.S.C. Section 40102(a)(15) (without making use of a voting trust
     agreement, voting powers agreement or similar arrangements) and will resign
     as Indenture Trustee promptly after it obtains actual knowledge that it has
     ceased to be such a citizen, and has, or had on the respective dates of
     execution thereof, the full corporate power, authority and legal right
     under the laws of the State of Connecticut and the United States of America
     pertaining to its banking, trust and fiduciary powers to execute and
     deliver this Agreement and each other Fundamental Document to which it is a
     party, to authenticate the 747 Leased Equipment Notes and to carry out its
     obligations under this Agreement and each other Fundamental Document to
     which it is a party;

               (2)  the execution and delivery by the Indenture Trustee of this
     Agreement and each other Fundamental Document to which it is a party, the
     authentication of the 747 Leased Equipment Notes and the performance by the
     Indenture Trustee of its obligations under this Agreement and each other
     Fundamental Document to which it is a party have been duly authorized by
     the Indenture Trustee and will not violate its charter or by-laws, the
     provisions of any indenture, mortgage, contract or other agreement to which
     it is a party or by which it is bound or any federal or Connecticut law or
     regulation relating to the banking, trust or fiduciary powers of the
     Indenture Trustee;

               (3)  this Agreement and each other Fundamental Document to which
     the Indenture Trustee is a party have been duly authorized, executed and
     delivered by the Indenture Trustee; this Agreement constitutes, and each
     Fundamental Document to which the Indenture Trustee is a party, when it has
     been executed and delivered by the Indenture Trustee, will constitute, the
     legal, valid and binding obligations of the Indenture Trustee enforceable
     against it in accordance with their respective terms, except as the same
     may be limited by applicable bankruptcy, insolvency, reorganization,
     moratorium or similar laws affecting the rights of creditors generally and
     by general principles of equity, whether considered in a proceeding at law
     or in equity;

               (4)  no consent, approval, order or authorization of, giving of
     notice to, or registration or filing with, or taking of any other action in
     respect of, any Connecticut state

                                       13
<PAGE>

     or local governmental authority or agency or any United States federal
     governmental authority or agency regulating the banking or trust powers of
     the Indenture Trustee is required for the execution and delivery of, or the
     carrying out by, the Indenture Trustee, of any of the transactions
     contemplated by any of the Fundamental Documents to which the Indenture
     Trustee is or is to be a party, other than any such consent, approval,
     order, authorization, registration, notice or action as has been duly
     obtained, given or taken;

               (5)   there are no pending or threatened actions or proceedings
     against the Indenture Trustee before any court or administrative agency
     which, if determined adversely to it, would have a material adverse effect
     on the ability of the Indenture Trustee to perform its obligations under
     this Agreement or any other Fundamental Document executed by the Indenture
     Trustee in connection with the transactions contemplated by the Fundamental
     Documents;

               (6)   the Indenture Trustee has taken possession of the chattel
     paper original counterpart of the 747 Leased Aircraft Lease Agreement and
     the Lease Supplement; and

               (vii) No event shall have occurred and be continuing, or would
     result from the transactions contemplated hereby, which constitutes (or
     would, with the passage of time or the giving of notice or both,
     constitute) an Indenture Default under the 747 Leased Aircraft Indenture.

          (2)  The Pass Through Trustee represents, warrants and covenants that:

               (1)   the Pass Through Trustee is a national banking association
     duly organized, validly existing and in good standing under the laws of the
     United States of America, and has the full corporate power, authority and
     legal right under the laws of the State of Connecticut and the United
     States of America pertaining to its banking, trust and fiduciary powers to
     execute and deliver this Agreement and each other Fundamental Document to
     which it is a party and to perform its obligations hereunder and
     thereunder;

               (2)   this Agreement and each other Fundamental Document to which
     the Pass Through Trustee is a party have been duly authorized, executed and
     delivered by the Pass Through Trustee; this Agreement and each other
     Fundamental Document to which the Pass Through Trustee is a party
     constitute the legal, valid and binding obligations of the Pass Through
     Trustee enforceable against it in accordance with their respective terms,
     except as the same may be limited by applicable bankruptcy, insolvency,
     reorganization, moratorium or similar laws affecting the rights of
     creditors generally and by general principles of equity, whether considered
     in a proceeding at law or in equity;

               (3)   none of the execution, delivery and performance by the Pass
     Through Trustee of this Agreement or any other Fundamental Document to
     which the Pass Through

                                       14
<PAGE>

     Trustee is a party, the purchase by the Pass Through Trustee of the 747
     Leased Equipment Notes pursuant to this Agreement, or the issuance and sale
     of the Pass Through Certificates pursuant to the Pass Through Trust
     Agreements, and the Underwriting Agreements, contravenes any law, rule or
     regulation of the State of Connecticut or any United States governmental
     authority or agency regulating the Pass Through Trustee's banking, trust or
     fiduciary powers or any judgment or order applicable to or binding on the
     Pass Through Trustee and do not contravene or result in any breach of, or
     constitute a default under, the Pass Through Trustee's charter or by-laws
     or any agreement or instrument to which the Pass Through Trustee is a party
     or by which it or any of its properties may be bound;

               (4)  neither the execution and delivery by the Pass Through
     Trustee of this Agreement or any of the other Fundamental Documents to
     which the Pass Through Trustee is a party, nor the consummation by the Pass
     Through Trustee of any of the transactions contemplated hereby or thereby,
     requires the consent or approval of, the giving of notice to, the
     registration with, or the taking of any other action with respect to, any
     Connecticut governmental authority or agency or any Federal governmental
     authority or agency regulating the Pass Through Trustee's banking, trust or
     fiduciary powers;

               (5)  there are no Taxes payable by the Pass Through Trustee
     imposed by the State of Connecticut or any political subdivision or taxing
     authority thereof in connection with the execution, delivery and
     performance by the Pass Through Trustee of this Agreement or any other
     Fundamental Document to which the Pass Through Trustee is a party (other
     than franchise or other taxes based on or measured by any fees or
     compensation received by the Pass Through Trustee for services rendered in
     connection with the transactions contemplated by the Pass Through Trust
     Agreements), and there are no Taxes payable by the Pass Through Trustee
     imposed by the State of Connecticut or any political subdivision thereof in
     connection with the acquisition, possession or ownership by the Pass
     Through Trustee of any of the 747 Leased Equipment Notes (other than
     franchise or other taxes based on or measured by any fees or compensation
     received by the Pass Through Trustee for services rendered in connection
     with the transactions contemplated by the Pass Through Trust Agreements);

               (6)  there are no pending or threatened actions or proceedings
     against the Pass Through Trustee before any court or administrative agency
     which individually or in the aggregate, if determined adversely to it,
     would have a material adverse effect on the ability of the Pass Through
     Trustee to perform its obligations under this Agreement or any other
     Fundamental Document to which the Pass Through Trustee is a party;

               (7)  except for the issue and sale of the 747 Leased Equipment
     Notes contemplated hereby, the Pass Through Trustee has not directly or
     indirectly offered any 747 Leased Equipment Notes for sale to any Person or
     solicited any offer to acquire any 747 Leased Equipment Notes from any
     Person, nor has the Pass Through Trustee authorized anyone to act on its
     behalf to offer directly or indirectly any Equipment Note for sale to any

                                       15
<PAGE>

     Person, or to solicit any offer to acquire any Equipment Note from any
     Person; and the Pass Through Trustee is not in default under any Pass
     Through Trust Agreement; and

               (8)  the Pass Through Trustee is not directly or indirectly
     controlling, controlled by or under common control with the Owner Trustee
     or United.

          (3)  The Subordination Agent represents, warrants and covenants that:

               (1)  the Subordination Agent is a national banking association
     duly organized, validly existing and in good standing under the laws of the
     United States of America, and has the full corporate power, authority and
     legal right under the laws of the State of Connecticut and the United
     States of America pertaining to its banking, trust and fiduciary powers to
     execute and deliver this Agreement and each other Fundamental Document to
     which it is a party and to perform its obligations hereunder and
     thereunder;

               (2)  this Agreement and each other Fundamental Document to which
     it is a party have been duly authorized, executed and delivered by the
     Subordination Agent; this Agreement and each other Fundamental Document to
     which it is a party constitute the legal, valid and binding obligations of
     the Subordination Agent enforceable against it in accordance with their
     respective terms, except as the same may be limited by applicable
     bankruptcy, insolvency, reorganization, moratorium or similar laws
     affecting the rights of creditors generally and by general principles of
     equity, whether considered in a proceeding at law or in equity;

               (3)  none of the execution, delivery and performance by the
     Subordination Agent of this Agreement or any other Fundamental Document to
     which the Subordination Agent is a party contravene any law, rule or
     regulation of the State of Connecticut or any United States governmental
     authority or agency regulating the Subordination Agent's banking, trust or
     fiduciary powers or any judgment or order applicable to or binding on the
     Subordination Agent and does not contravene or result in any breach of, or
     constitute a default under, the Subordination Agent's charter or by-laws or
     any agreement or instrument to which the Subordination Agent is a party or
     by which it or any of its properties may be bound;

               (4)  neither the execution and delivery by the Subordination
     Agent of this Agreement or any other Fundamental Document to which the
     Subordination Agent is a party nor the consummation by the Subordination
     Agent of any of the transactions contemplated hereby or thereby requires
     the consent or approval of, the giving of notice to, the registration with,
     or the taking of any other action with respect to, any Connecticut
     governmental authority or agency or any federal governmental authority or
     agency regulating the Subordination Agent's banking, trust or fiduciary
     powers;

                                       16
<PAGE>

               (5)  there are no Taxes payable by the Subordination Agent
     imposed by the State of Connecticut or any political subdivision or taxing
     authority thereof in connection with the execution, delivery and
     performance by the Subordination Agent of this Agreement or any other
     Fundamental Document to which the Subordination Agent is a party (other
     than franchise or other taxes based on or measured by any fees or
     compensation received by the Subordination Agent for services rendered in
     connection with the transactions contemplated by the Intercreditor
     Agreement or any Liquidity Facility), and there are no Taxes payable by the
     Subordination Agent imposed by the State of Connecticut or any political
     subdivision thereof in connection with the acquisition, possession or
     ownership by the Subordination Agent of any of the 747 Leased Equipment
     Notes (other than franchise or other taxes based on or measured by any fees
     or compensation received by the Subordination Agent for services rendered
     in connection with the transactions contemplated by the Intercreditor
     Agreement or any Liquidity Facility);

               (6)  there are no pending or threatened actions or proceedings
     against the Subordination Agent before any court or administrative agency
     which individually or in the aggregate, if determined adversely to it,
     would materially adversely affect the ability of the Subordination Agent to
     perform its obligations under this Agreement or any other Fundamental
     Document to which the Subordination Agent is a party;

               (7)  the Subordination Agent has not directly or indirectly
     offered any 747 Leased Equipment Notes for sale to any Person or solicited
     any offer to acquire any 747 Leased Equipment Notes from any Person, nor
     has the Subordination Agent authorized anyone to act on its behalf to offer
     directly or indirectly any Equipment Note for sale to any Person, or to
     solicit any offer to acquire any Equipment Note from any Person; and the
     Subordination Agent is not in default under any Liquidity Facility; and

               (8)  the Subordination Agent is not directly or indirectly
     controlling, controlled by or under common control with the Owner Trustee
     or United.

               SECTION 6.  Notices.  Unless otherwise specifically provided
                           -------
herein, all notices required or permitted by the terms of this Agreement shall
be in English and in writing, and any such notice shall become effective five
days after being deposited in the United States mail, with proper postage for
first-class registered or certified mail prepaid, or when delivered personally
or, if promptly confirmed by mail as provided above, when dispatched by
facsimile or other written telecommunication, addressed, if to the Owner
Trustee, the Pass Through Trustee, the Subordination Agent or the Indenture
Trustee, at their respective addresses or facsimile numbers set forth on
Schedule 1.
----------

               SECTION 7.  Expenses.  All of the reasonable out-of-pocket costs,
                           --------
fees and expenses incurred by the Owner Trustee, the Pass Through Trustee, the
Owner Participant, the Subordination Agent, the Liquidity Provider and the
Indenture Trustee in connection with the

                                       17
<PAGE>

transactions contemplated by this Agreement shall be paid on or prior to the
Closing Date by United on a net after-tax basis.

               SECTION 8.  Miscellaneous.  (a)  Provided that the transactions
                           -------------
contemplated hereby have been consummated, and except as otherwise provided for
herein, the representations, warranties and agreements herein of United, the
Owner Trustee, the Indenture Trustee, the Subordination Agent and the Pass
Through Trustee, and United's, the Owner Trustee's, the Indenture Trustee's, the
Subordination Agent's and the Pass Through Trustee's obligations hereunder,
shall survive the expiration or other termination of this Agreement and the
other agreements referred to herein.

          (b)  This Agreement may be executed in any number of counterparts and
each counterpart of this Agreement, including a signature page executed by each
of the parties hereto, shall be an original counterpart of this Agreement, but
all of such counterparts together shall constitute one instrument.  Neither this
Agreement nor any of the terms hereof may be terminated, amended or waived
orally, but only by an instrument in writing signed by the party against which
the enforcement of the termination, amendment or waiver is sought; and no such
termination, amendment or waiver shall be effective unless a signed copy thereof
shall have been delivered to the Indenture Trustee.  The table of contents
preceding this Agreement and the headings of the various Sections of this
Agreement are for convenience of reference only and shall not modify, define,
expand or limit any of the terms or provisions hereof.  The terms of this
Agreement shall be binding upon, and shall inure to the benefit of, United and
its successors and permitted assigns, the Owner Trustee and its successors as
Owner Trustee, the Pass Through Trustee and its successors as Pass Through
Trustee (and any additional trustee properly appointed) under any of the Trust
Supplements, the Indenture Trustee and its successors as Indenture Trustee (and
any additional Indenture Trustee properly appointed) under the 747 Leased
Aircraft Indenture and the Subordination Agent and its successors as
Subordination Agent under the Intercreditor Agreement. The terms of this
Agreement shall be binding upon and shall inure to the benefit of the Owner
Participant and its successors and permitted assigns.

          (c)  This Agreement is not intended to, and shall not, provide any
Person not a party hereto with any rights of any nature whatsoever against any
of the parties hereto, and no Person not a party hereto shall have any right,
power or privilege in respect of, or have any benefit or interest arising out
of, this Agreement; provided, however, that each of the parties hereto agrees
                    --------  -------
and acknowledges that the Liquidity Provider shall be a third party beneficiary
of each of the representations and warranties made herein by such party, and
that the Liquidity Provider may rely on such representations and warranties to
the same extent as if such representations and warranties were made to the
Liquidity Provider directly.  The terms of this Agreement shall inure to the
benefit of the Liquidity Provider, its successors and permitted assigns.

          (d)  Each of the parties hereto hereby agrees that, upon satisfaction
of the conditions precedent set forth in Section 3(a) hereof and the purchase by
                                         ------------
the Pass Through Trustee of the 747 Leased Equipment Notes, the Pass Through
Trustee shall be deemed a party to the 747

                                       18
<PAGE>

Leased Aircraft Participation Agreement and a direct beneficiary of the
representations, warranties, covenants and indemnities contained therein to the
same extent as if a party thereto. Each of the parties hereto hereby further
agrees and acknowledges that each of the Pass Through Trustee, the Subordination
Agent and the AFE Indenture Trustee shall be a third party beneficiary of each
of the representations and warranties made in the 747 Leased Aircraft Assignment
and Assumption Agreement by the Owner Trustee and the Owner Participant, and
that each such Person may rely on such representations and warranties to the
same extent as if such representations and warranties were made to each such
Person directly.

          (e)  Each of the parties hereto agrees that the opinions delivered on
behalf of such party to the Pass Through Trustee shall be addressed to, among
others, the Owner Participant.

          (f)  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICTS OF LAWS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW)), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER
THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          (g)  Each of the parties hereto hereby irrevocably and
unconditionally:

               (1)  submits for itself and its property in any legal action or
     proceeding relating to this Agreement or for recognition and enforcement of
     any judgment in respect hereof or thereof, to the non-exclusive general
     jurisdiction of the courts of the State of New York, the courts of the
     United States of America for the Southern District of New York, and the
     appellate courts from any thereof;

               (2)  consents that any such action or proceeding may be brought
     in such courts, and waives any objection that it may now or hereafter have
     to the venue of any such action or proceeding in any such court or that
     such action or proceeding was brought in an inconvenient court and agrees
     not to plead or claim the same;

               (3)  agrees that service of process in any such action or
     proceeding may be effected by mailing a copy thereof by registered or
     certified mail (or any substantially similar form of mail) postage prepaid,
     to each party hereto at its address set forth in Schedule I, or at such
                                                      ----------
     other address of which the other Person shall have been notified pursuant
     thereto; and

               (4)  agrees that nothing herein shall affect the right to effect
     service of process in any other manner permitted by law or shall limit the
     right to sue in any other jurisdiction.

          (h)  EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED

                                       19
<PAGE>

UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO
THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS BEING
ESTABLISHED, including contract claims, tort claims, breach of duty claims and
all other common law and statutory claims. Each of the parties warrants and
represents that it has reviewed this waiver with its legal counsel, and that it
knowingly and voluntarily waives its jury trial rights following consultation
with such legal counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED
EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

          (i)  The Owner Participant, by executing and delivering this
Agreement, authorizes and directs the Owner Trustee to enter into this Agreement
and the Lease Amendment.

                            [signature pages follow]

                                       20
<PAGE>

     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.

                         STATE STREET BANK AND TRUST COMPANY,
                         not in its individual capacity, except as otherwise
                         provided herein, but solely as Owner Trustee

                         By:________________________________________________
                            Name:
                            Title:

                                      S-1
<PAGE>

                         BANCBOSTON UNITED LEASING LLC, as Owner Participant

                         By:________________________________________________
                         Name:
                         Title:

                                      S-2
<PAGE>

                         UNITED AIR LINES, INC.

                         By:______________________________________
                         Name:
                         Title:

                                      S-3
<PAGE>

                         STATE STREET BANK AND TRUST COMPANY
                         OF CONNECTICUT, NATIONAL ASSOCIATION,
                         not in its individual capacity, except as otherwise
                         provided herein, but solely as Indenture Trustee, Pass
                         Through Trustee and Subordination Agent

                         By:___________________________________________________
                            Name:
                            Title:

                                      S-4
<PAGE>

                                 SCHEDULE I to
                  747 Leased Equipment Note Purchase Agreement

                     NAMES; ADDRESSES AND WIRE INSTRUCTIONS
                     --------------------------------------

OWNER TRUSTEE:
-------------

Address for Notices:

U.S. Mail:
---------
P.O. Box 778
Boston, Massachusetts 02102-0778
Attention: Corporate Trust Department

Overnight Courier:
-----------------
2 Avenue de Lafayette
Boston, Massachusetts 02111-1724
Attention: Corporate Trust Department
Telecopy:     (617) 662-1458
Confirmation: (617) 662-1704

PASS THROUGH TRUSTEE, SUBORDINATION AGENT AND INDENTURE TRUSTEE:
------------------------------------------------------------------

Address for Notices:

State Street Bank and Trust Company
of Connecticut, National Association
225 Asylum Street
Goodwin Square
Hartford, Connecticut 06103
Attention: Corporate Trust Division
Telecopy:  (860) 244-1881

and

State Street Bank and Trust Company
of Connecticut, National Association
c/o 2 Avenue de Lafayette, 6/th/ Floor
Boston, Massachusetts 02111-1724
Attention: Corporate Trust
Telecopy:  (617) 662-1465
<PAGE>

                                 SCHEDULE II to
                  747 Leased Equipment Note Purchase Agreement

                          747 LEASED EQUIPMENT NOTES,
                         PURCHASERS AND PURCHASE PRICE
                         -----------------------------

                           [To be completed by VPKK]

Series          Purchaser          Interest Rate          Principal Amount
------          ---------          -------------          ----------------

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"}]]