Document:

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                                                                     EXHIBIT 4.3

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                             ATLANTIS PLASTICS, INC.
                             2001 STOCK OPTION PLAN

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         1. Purpose. The purpose of this Plan is to advance the interests of
Atlantis Plastics, Inc., a Florida corporation (the "Company"), and its Related
Entities by providing an additional incentive to attract and retain qualified
and competent persons who provide services to the Company and its Related
Entities, and upon whose efforts and judgment the success of the Company and its
Related Entities is largely dependent, through the encouragement of stock
ownership in the Company by such persons.

         2. Definitions. As used herein, the following terms shall have the
meanings indicated:

                  (a) "Board" shall mean the Board of Directors of the Company.

                  (b) "Code" shall mean the Internal Revenue Code of 1986, as
amended from time to time.

                  (c) "Committee" shall mean the committee appointed by the
Board pursuant to Section 13(a) hereof, or, if such committee is not appointed,
the Board.

                  (d) "Common Stock" shall mean the Company's Class A Common
Stock, par value $.10 per share.

                  (e) "Company" shall mean Atlantis Plastics, Inc., a Florida
corporation.

                  (f) "Consultant" shall mean any person (other than an Employee
or a Director, solely with respect to rendering services in such person's
capacity as a Director) who is engaged by the Company or any Related Entity to
render consulting or advisory services to the Company or such Related Entity.

                  (g) "Continuous Service" shall mean that the provision of
services to the Company or a Related Entity in any capacity of Employee,
Director or Consultant, is not interrupted or terminated. Continuous Service
shall not be considered interrupted in the case of (i) any approved leave of
absence, (ii) transfers among the Company, any Related Entity, or any successor,
in any capacity of Employee, Director or Consultant, or (iii) any change in
status as long as the individual remains in the service of the Company or a
Related Entity in any capacity of Employee, Director or Consultant (except as
otherwise provided in the Option Agreement). An approved leave of absence shall
include sick leave, military leave, or any other authorized personal leave.

                  (h) "Director" shall mean a member of the Board or the board
of directors of any Related Entity.

                  (i) "Effective Date" shall mean October 30, 2001.

                  (j) "Employee" shall mean any person, including an Officer or
Director, who is an employee of the Company or any Related Entity. The payment
of a director's fee by the Company or a Related Entity shall not be sufficient
to constitute "employment" by the Company or a Related Entity.

                  (k) "Fair Market Value" of a Share on any date of reference
shall mean the "Closing Price" (as defined below) of the Common Stock on the
business day immediately preceding the date of reference, unless the Committee
or the Board in its sole discretion shall determine otherwise in a fair and
uniform manner. For the purpose of determining Fair Market Value, the "Closing
Price" of the Common Stock on any business day shall be (i) if the Common Stock
is listed or admitted for trading on any United States national securities
exchange, or if actual transactions are otherwise reported on a consolidated
transaction reporting system, the last reported sale price of Common Stock on
such exchange or reporting system, as reported in any newspaper of general
circulation, (ii) if the Common Stock is quoted on the National Association of
Securities Dealers Automated Quotations System ("NASDAQ"), or any similar system
of automated dissemination of quotations of securities prices in common use, the
last reported sale price of Common Stock on such system or, if sales prices are
not reported, the mean between the closing high bid and low asked quotations for
such day of Common Stock on such system, as reported in any newspaper of general
circulation or (iii)
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if neither clause (i) or (ii) is applicable, the mean between the high bid and
low asked quotations for the Common Stock as reported by the National Quotation
Bureau, Incorporated if at least two securities dealers have inserted both bid
and asked quotations for Common Stock on at least five of the ten preceding
days. If neither (i), (ii), or (iii) above is applicable, then Fair Market Value
shall be determined by the Committee or the Board in a fair and uniform manner.

                  (l) "Incentive Stock Option" shall mean an incentive stock
option as defined in Section 422 of the Internal Revenue Code.

                  (m) "Non-Qualified Stock Option" shall mean an Option that is
not an Incentive Stock Option.

                  (n) "Officer" shall mean the Company's Chairman of the Board,
President, Chief Executive Officer, principal financial officer, principal
accounting officer, any vice-president of the Company in charge of a principal
business unit, division or function (such as sales, administration or finance),
any other officer who performs a policy-making function, or any other person who
performs similar policy-making functions for the Company. Officers of
Subsidiaries shall be deemed Officers of the Company if they perform such
policy-making functions for the Company. As used in this paragraph, the phrase
"policy-making function" does not include policy-making functions that are not
significant. If pursuant to Item 401(b) of Regulation S-K (17 C.F.R. Section
229.401(b)) the Company identifies a person as an "executive officer," the
person so identified shall be deemed an "Officer" even though such person may
not otherwise be an "Officer" pursuant to the foregoing provisions of this
paragraph.

                  (o) "Option" (when capitalized) shall mean any option granted
under this Plan.

                  (p) "Option Agreement" means the agreement between the Company
and the Optionee for the grant of an option.

                  (q) "Optionee" shall mean a person to whom a stock option is
granted under this Plan or any person who succeeds to the rights of such person
under this Plan by reason of the death of such person.

                  (r) "Outside Director" shall mean a member of the Board who
qualifies as an "outside director" under Section 162(m) of the Internal Revenue
Code and the regulations thereunder and as a "Non-Employee Director" under Rule
16b-3 promulgated under the Securities Exchange Act.

                  (s) "Parent" shall mean any corporation (other than the
Company), whether now or hereafter existing, in an unbroken chain of
corporations ending with the Company, if each of the corporations in the chain
(other than the Company) owns stock possessing 50% or more of the combined
voting power of all classes of stock in one of the other corporations in the
chain.

                  (t) "Plan" shall mean this 2001 Stock Option Plan for the
Company.

                  (u) "Related Entity" shall mean any Parent, Subsidiary and any
business, corporation, partnership, limited liability company or other entity in
which the Company, a Parent or a Subsidiary holds a substantial ownership
interest, directly or indirectly.

                  (v) "Securities Exchange Act" shall mean the Securities
Exchange Act of 1934, as amended from time to time.

                  (w) "Share" shall mean a share of Common Stock.

                  (x) "Subsidiary" shall mean any corporation (other than the
Company), whether now or hereafter existing, in an unbroken chain of
corporations beginning with the Company, if each of the corporations other than
the last corporation in the unbroken chain owns stock possessing 50 percent or
more of the total combined voting power of all classes of stock in one of the
other corporations in such chain.

         3. Shares Available for Option Grants. The Committee or the Board may
grant to Optionees from time to time Options to purchase an aggregate of up to
five hundred thousand (500,000) Shares from the Company's authorized and
unissued Shares. If any Option granted under the Plan shall terminate, expire,
or be canceled or surrendered as to any Shares, new Options may thereafter be
granted covering such Shares.

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         4.       Incentive and Non-Qualified Options.

                  (a) An Option granted hereunder shall be either an Incentive
Stock Option or a Non-Qualified Stock Option as determined by the Committee or
the Board at the time of grant of the Option and shall clearly state whether it
is an Incentive Stock Option or a Non-Qualified Stock Option. All Incentive
Stock Options shall be granted within 10 years from the effective date of this
Plan. Incentive Stock Options may not be granted to any person who is not an
Employee of the Company, the Parent or a Subsidiary.

                  (b) Options otherwise qualifying as Incentive Stock Options
hereunder will not be treated as Incentive Stock Options to the extent that the
aggregate fair market value (determined at the time the Option is granted) of
the Shares, with respect to which Options meeting the requirements of Section
422(b) of the Code are exercisable for the first time by any individual during
any calendar year (under all plans of the Company and its Parent and
Subsidiaries), exceeds $100,000.

         5.       Conditions for Grant of Options.

                  (a) Each Option shall be evidenced by an Option Agreement that
may contain any term deemed necessary or desirable by the Committee or the
Board, provided such terms are not inconsistent with this Plan or any applicable
law. Optionees shall be those persons selected by the Committee or the Board
from the class of all Employees, Directors and Consultants of the Company or any
Related Entity.

                  (b) In granting Options, the Committee or the Board shall take
into consideration the contribution the person has made to the success of the
Company and the Related Entities and such other factors as the Committee or the
Board shall determine. The Committee or the Board shall also have the authority
to consult with and receive recommendations from officers and other personnel of
the Company and the Related Entities with regard to these matters. The Committee
or the Board may from time to time in granting Options under the Plan prescribe
such other terms and conditions concerning the Options as it deems appropriate,
including, without limitation, (i) prescribing the date or dates on which the
Option becomes exercisable, (ii) providing that the Option rights accrue or
become exercisable in installments over a period of years, or upon the
attainment of stated goals or both, or (iii) relating an Option to the
Continuous Service or continued employment of the Optionee for a specified
period of time, provided that such terms and conditions are not more favorable
to an Optionee than those expressly permitted herein.

                  (c) The Options granted under this Plan shall be in addition
to regular salaries, pension, life insurance or other benefits related to the
Continuous Service of the Optionee with the Company and the Related Entities.
Neither the Plan nor any Option granted under the Plan shall confer upon any
person any right to employment or continuance of employment or other Continuous
Service by the Company or any Related Entity.

                  (d) The Committee or the Board shall have the discretion to
grant Options that are exercisable for unvested Shares. Should the Optionee's
Continuous Service cease while holding such unvested Shares, the Company shall
have the right to repurchase, at the exercise price paid per share, any or all
of those unvested Shares. The terms upon which such repurchase right shall be
exercisable (including the period and procedure for exercise and the appropriate
vesting schedule for the purchased shares) shall be established by the Committee
or the Board and set forth in the Option Agreement for the relevant Option.

                  (e) Notwithstanding any other provision of this Plan, an
Incentive Stock Option shall not be granted to any person owning directly or
indirectly (through attribution under Section 424(d) of the Code) at the date of
grant, stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company (or of its parent or subsidiary corporation (as
defined in Section 424 of the Code) at the date of grant) unless the option
price of such Option is at least 110% of the Fair Market Value of the Shares
subject to such Option on the date the Option is granted, and such Option by its
terms is not exercisable after the expiration of five years from the date such
Option is granted.

                  (f) Notwithstanding any other provision of this Plan, and in
addition to any other requirements of this Plan, the aggregate number of Options
granted to any one Optionee in any calendar year may not exceed 200,000, subject
to adjustment as provided in Section 10 hereof.

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         6. Option Price. The option price per Share of any Option shall be any
price determined by the Committee or the Board but shall not be less than the
par value per Share; provided, however, that in no event shall the option price
per Share of any Incentive Stock Option be less than the Fair Market Value of
the Shares underlying such Option on the date such Option is granted.

         7.       Exercise of Options.

                  (a) An Option shall be deemed exercised when (i) the Company
has received written notice of such exercise in accordance with the terms of the
Option, (ii) full payment of the aggregate option price of the Shares as to
which the Option is exercised has been made, and (iii) arrangements that are
satisfactory to the Committee or the Board in its sole discretion have been made
for the Optionee's payment to the Company of the amount that is necessary for
the Company or any Related Entity employing the Optionee to withhold in
accordance with applicable Federal or state tax withholding requirements.

                  (b) The consideration to be paid for the Shares to be issued
upon exercise of an Option as well as the method of payment of the exercise
price and of any withholding and employment taxes applicable thereto, shall be
determined by the Committee or the Board and may in the discretion of the
Committee or the Board consist of: (1) cash, (2) certified or official bank
check, (3) money order, (4) Shares that have been held by the Optionee for at
least six (6) months (or such other Shares as the Company determines will not
cause the Company to recognize for financial accounting purposes a charge for
compensation expense), (5) the withholding of Shares issuable upon exercise of
the Option, (6) pursuant to a "cashless exercise" procedure, by delivery of a
properly executed exercise notice together with such other documentation, and
subject to such guidelines, as the Board or the Committee shall require to
effect an exercise of the Option and delivery to the Company by a licensed
broker acceptable to the Company of proceeds from the sale of Shares or a margin
loan sufficient to pay the exercise price and any applicable income or
employment taxes, or (7) in such other consideration as the Committee or the
Board deems appropriate, or by a combination of the above. In the case of an
Incentive Stock Option, the permissible methods of payment shall be specified at
the time the Option is granted. The Committee or the Board in its sole
discretion may accept a personal check in full or partial payment of any Shares.
If the exercise price is paid, and/or the Optionee's tax withholding obligation
is satisfied, in whole or in part with Shares, or through the withholding of
Shares issuable upon exercise of the Option, the value of the Shares surrendered
or withheld shall be their Fair Market Value on the date the Option is
exercised.

                  (c) The Committee or the Board in its sole discretion may, on
an individual basis or pursuant to a general program established in connection
with this Plan, cause the Company to lend money to an Optionee, guarantee a loan
to an Optionee, or otherwise assist an Optionee to obtain the cash necessary to
exercise all or a portion of an Option granted hereunder or to pay any tax
liability of the Optionee attributable to such exercise. If the exercise price
is paid in whole or part with the Optionee's promissory note, such note shall
(i) provide for full recourse to the maker, (ii) be collateralized by the pledge
of the Shares that the Optionee purchases upon exercise of the Option, (iii)
bear interest at the prime rate of the Company's principal lender, and (iv)
contain such other terms as the Committee or the Board in its sole discretion
shall reasonably require.

                  (d) No Optionee shall be deemed to be a holder of any Shares
subject to an Option unless and until a stock certificate or certificates for
those Shares are issued to that person(s) under the terms of this Plan. No
adjustment shall be made for dividends (ordinary or extraordinary, whether in
cash, securities or other property) or distributions or other rights for which
the record date is prior to the date the stock certificate is issued, except as
expressly provided in Section 10 hereof.

         8. Exercisability of Options. Any Option shall become exercisable in
such amounts, at such intervals and upon such terms as the Committee or the
Board shall provide in the Option Agreement for that Option, except as otherwise
provided in this Section 8:

                  (a) The expiration date of an Option shall be determined by
the Committee or the Board at the time of grant, but in no event shall an Option
be exercisable after the expiration of 10 years from the date of grant of the
Option.

                  (b) If, but only to the extent provided in the Option
Agreement for an Option, the Option shall become immediately fully exercisable
in the event of a "Change in Control," or in the event that the Option
terminates

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pursuant to Section 9(b)(i) hereof, or in the event that the Committee or the
Board exercises its discretion to provide a cancellation notice with respect to
the Option pursuant to Section 9(b)(ii) hereof. For this purpose, the term
"Change in Control" shall mean:

                           (i) Approval by the shareholders of the Company of a
         reorganization, merger, consolidation or other form of corporate
         transaction or series of transactions, in each case, with respect to
         which persons who were the shareholders of the Company immediately
         prior to such reorganization, merger or consolidation or other
         transaction do not, immediately thereafter, own more than 50% of the
         combined voting power entitled to vote generally in the election of
         directors of the reorganized, merged or consolidated company's then
         outstanding voting securities, in substantially the same proportions as
         their ownership immediately prior to such reorganization, merger,
         consolidation or other transaction, or a liquidation or dissolution of
         the Company or the sale of all or substantially all of the assets of
         the Company (unless such reorganization, merger, consolidation or other
         corporate transaction, liquidation, dissolution or sale is subsequently
         abandoned); or

                           (ii) Individuals who, as of the date on which the
         Option is granted, hereof, constitute the Board (the "Incumbent Board")
         cease for any reason to constitute at least a majority of the Board,
         provided that any person becoming a director subsequent to the date on
         which the Option was granted whose election, or nomination for election
         by the Company's shareholders, was approved by a vote of at least a
         majority of the directors then comprising the Incumbent Board (other
         than an election or nomination of an individual whose initial
         assumption of office is in connection with an actual or threatened
         election contest relating to the election of the Directors of the
         Company) shall be, for purposes of this Agreement, considered as though
         such person were a member of the Incumbent Board; or

                           (iii) The acquisition (other than from the Company)
         by any person, entity or "group", within the meaning of Section
         13(d)(3) or 14(d)(2) of the Securities Exchange Act, of beneficial
         ownership (within the meaning of Rule 13-d promulgated under the
         Securities Exchange Act) of more than 50% of either the then
         outstanding shares of the Company's Common Stock or the combined voting
         power of the Company's then outstanding voting securities entitled to
         vote generally in the election of directors (hereinafter referred to as
         the ownership of a "Controlling Interest") excluding, for this purpose,
         any acquisitions by (1) the Company or its Subsidiaries, (2) any
         person, entity or "group" that as of the date on which the Option is
         granted owns beneficial ownership (within the meaning of Rule 13d-3
         promulgated under the Securities Exchange Act) of a Controlling
         Interest or (3) any employee benefit plan of the Company or its
         Subsidiaries.

                  (c) The Committee or the Board may in its sole discretion,
accelerate the date on which any Option may be exercised and may accelerate the
vesting of any Shares subject to any Option or previously acquired by the
exercise of any Option.

         9.       Termination of Option Period.

                  (a) Unless otherwise provided in any Option Agreement, the
unexercised portion of any Option shall automatically and without notice
terminate and become null and void at the time of the earliest to occur of the
following:

                           (i) three months after the date on which the
         Optionee's Continuous Service is terminated other than by reason of (A)
         Cause, which, solely for purposes of this Plan, shall mean the
         termination of the Optionee's Continuous Service by reason of the
         Optionee's willful misconduct or gross negligence, (B) a mental or
         physical disability (within the meaning of Internal Revenue Code
         Section 22(e)) of the Optionee as determined by a medical doctor
         satisfactory to the Committee or the Board, or (C) death of the
         Optionee;

                           (ii) immediately upon the termination of the
         Optionee's Continuous Service for Cause;

                           (iii) twelve months after the date on which the
         Optionee's Continuous Service is terminated by reason of a mental or
         physical disability (within the meaning of Section 22(e) of the Code)
         as determined by a medical doctor satisfactory to the Committee or the
         Board;

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                           (iv) (A) twelve months after the date of termination
         of the Optionee's Continuous Service by reason of the death of the
         Optionee, or, if later, (B) three months after the date on which the
         Optionee shall die if such death shall occur during the one year period
         specified in Subsection 9(a)(iii) hereof.

                  (b) To the extent not previously exercised, (i) each Option
shall terminate immediately in the event of (1) the liquidation or dissolution
of the Company, or (2) any reorganization, merger, consolidation or other form
of corporate transaction (each a "Corporate Transaction") in which either the
Company does not survive or the Shares are exchanged for or converted into
securities issued by another entity, unless the successor or acquiring entity,
or an affiliate thereof, assumes the Option or substitutes an equivalent option
or right pursuant to Section 10(c) hereof, and (ii) the Committee or the Board
in its sole discretion may by written notice ("cancellation notice") cancel,
effective upon the consummation of any Corporate Transaction in which the
Company does survive and the Shares are not exchanged or converted into
securities issued by another entity, any Option that remains unexercised on such
date. The Committee or the Board shall give written notice of any proposed
transaction referred to in this Section 9(b) a reasonable period of time prior
to the closing date for such transaction (which notice may be given either
before or after approval of such transaction), in order that Optionees may have
a reasonable period of time prior to the closing date of such transaction within
which to exercise any Options that then are exercisable (including any Options
that may become exercisable upon the closing date of such transaction). An
Optionee may condition his exercise of any Option upon the consummation of a
transaction referred to in this Section 9(b).

         10.      Adjustment of Shares.

                  (a) If at any time while the Plan is in effect or unexercised
Options are outstanding, there shall be any increase or decrease in the number
of issued and outstanding Shares through the declaration of a stock dividend or
through any recapitalization resulting in a stock split-up, combination or
exchange of Shares, then and in that event, the Board or the Committee shall
make:

                           (i) appropriate adjustment in the maximum number of
         Shares available for grant under the Plan, or available for grant to
         any person under the Plan, so that the same percentage of the Company's
         issued and outstanding Shares shall continue to be subject to being so
         optioned; and

                           (ii) any adjustments it deems appropriate in the
         number of Shares and the exercise price per Share thereof then subject
         to any outstanding Option, so that the same percentage of the Company's
         issued and outstanding Shares shall remain subject to purchase at the
         same aggregate exercise price.

                  (b) Unless otherwise provided in any Option Agreement, the
Board or the Committee may change the terms of Options outstanding under this
Plan, with respect to the option price or the number of Shares subject to the
Options, or both, when, in the sole discretion of the Board or the Committee,
such adjustments become appropriate so as to preserve benefits under the Plan.

                  (c) In the event of any Corporate Transaction as defined in
Section 9(b) hereof, in which the Company does not survive, or in which the
Shares are exchanged for or converted into securities issued by another entity,
then the successor or acquiring entity or an affiliate thereof may, with the
consent of the Committee or the Board, assume each outstanding Option or
substitute an equivalent option or right pursuant to and in accordance with the
terms and conditions of the agreement effectuating the Corporate Transaction.

                  (d) Except as otherwise expressly provided herein, the
issuance by the Company of shares of its capital stock of any class, or
securities convertible into shares of capital stock of any class, either in
connection with a direct sale or upon the exercise of rights or warrants to
subscribe therefor, or upon conversion of shares or obligations of the Company
convertible into such shares or other securities, shall not affect, and no
adjustment by reason thereof shall be made to, the number of or exercise price
for Shares then subject to outstanding Options granted under the Plan.

                  (e) Without limiting the generality of the foregoing, the
existence of outstanding Options granted under the Plan shall not affect in any
manner the right or power of the Company to make, authorize or consummate (i)
any or all adjustments, recapitalizations, reorganizations or other changes in
the Company's capital structure or its business; (ii) any merger or
consolidation of the Company; (iii) any issue by the Company of debt securities,
or preferred or preference stock that would rank above the Shares subject to
outstanding Options; (iv) the dissolution or liquidation

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of the Company; (v) any sale, transfer or assignment of all or any part of the
assets or business of the Company; or (vi) any other corporate act or
proceeding, whether of a similar character or otherwise.

         11.      Transferability of Options and Shares.

                  (a) No Incentive Stock Option, and unless the prior written
consent of the Committee or the Board is obtained (which consent may be withheld
for any reason) and the transaction does not violate the requirements of Rule
16b-3 promulgated under the Securities Exchange Act no Non-Qualified Stock
Option, shall be subject to alienation, assignment, pledge, charge or other
transfer other than by the Optionee by will or the laws of descent and
distribution, and any attempt to make any such prohibited transfer shall be
void. Each Option shall be exercisable during the Optionee's lifetime only by
the Optionee, or in the case of a Non-Qualified Stock Option that has been
assigned or transferred with the prior written consent of the Committee or the
Board, only by the permitted assignee.

                  (b) No Shares acquired by an Officer or Director pursuant to
the exercise of an Option may be sold, assigned, pledged or otherwise
transferred prior to the expiration of the six-month period following the date
on which the Option was granted, unless the transaction does not violate the
requirements of Rule 16b-3 promulgated under the Securities Exchange Act.

         12.      Issuance of Shares.

                  (a) Notwithstanding any other provision of this Plan, the
Company shall not be obligated to issue any Shares unless it is advised by
counsel of its selection that it may do so without violation of the applicable
Federal and State laws pertaining to the issuance of securities, and may require
any stock so issued to bear a legend, may give its transfer agent instructions,
and may take such other steps, as in its judgment are reasonably required to
prevent any such violation.

                  (b) As a condition to any sale or issuance of Shares upon
exercise of any Option, the Committee or the Board may require such agreements
or undertakings as the Committee or the Board may deem necessary or advisable to
facilitate compliance with any applicable law or regulation including, but not
limited to, the following:

                           (i) a representation and warranty by the Optionee to
         the Company, at the time any Option is exercised, that he is acquiring
         the Shares to be issued to him for investment and not with a view to,
         or for sale in connection with, the distribution of any such Shares;
         and

                           (ii) a representation, warranty and/or agreement to
         be bound by any legends endorsed upon the certificate(s) for the Shares
         that are, in the opinion of the Committee or the Board, necessary or
         appropriate to facilitate compliance with the provisions of any
         securities laws deemed by the Committee or the Board to be applicable
         to the issuance and transfer of those Shares.

         13.      Administration of the Plan.

                  (a) The Plan shall be administered by the Board or, at the
discretion of the Board, by a committee appointed by the Board (the "Committee")
which shall be composed of two or more Directors. The membership of the
Committee shall be constituted so as to comply at all times with the then
applicable requirements for Outside Directors of Rule 16b-3 promulgated under
the Securities Exchange Act and Section 162(m) of the Code. The Committee shall
serve at the pleasure of the Board and shall have the powers designated herein
and such other powers as the Board may from time to time confer upon it.

                  (b) The Committee or the Board, from time to time, may adopt
rules and regulations for carrying out the purposes of the Plan. The
determinations of the Committee or the Board, and its interpretation and
construction of any provision of the Plan or any Option Agreement, shall be
final and conclusive.

                  (c) Any and all decisions or determinations of the Committee
shall be made either (i) by a majority vote of the members of the Committee at a
meeting or (ii) without a meeting by the unanimous written approval of the
members of the Committee.

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         14. Withholding or Deduction for Taxes. If at any time specified herein
for the making of any issuance or delivery of any Option or Common Stock to any
Optionee, any law or regulation of any governmental authority having
jurisdiction in the premises shall require the Company to withhold, or to make
any deduction for, any taxes or to take any other action in connection with the
issuance or delivery then to be made, the issuance or delivery shall be deferred
until the withholding or deduction shall have been provided for by the Optionee
or beneficiary, or other appropriate action shall have been taken.

         15.      Interpretation.

                  (a) As it is the intent of the Company that the Plan shall
comply in all respects with Rule 16b-3 promulgated under the Securities Exchange
Act ("Rule 16b-3"), any ambiguities or inconsistencies in the construction of
the Plan shall be interpreted to give effect to such intention, and if any
provision of the Plan is found not to be in compliance with Rule 16b-3, such
provision shall be deemed null and void to the extent required to permit the
Plan to comply with Rule 16b-3. The Committee or the Board may from time to time
adopt rules and regulations under, and amend, the Plan in furtherance of the
intent of the foregoing.

                  (b) The Plan and any Option Agreements entered into pursuant
to the Plan shall be administered and interpreted so that all Incentive Stock
Options granted under the Plan will qualify as Incentive Stock Options under
Section 422 of the Code. If any provision of the Plan or any Option Agreement
relating to an Incentive Stock Option should be held invalid for the granting of
Incentive Stock Options or illegal for any reason, that determination shall not
affect the remaining provisions hereof, but instead the Plan and the Option
Agreement shall be construed and enforced as if such provision had never been
included in the Plan or the Option Agreement.

                  (c) This Plan shall be governed by the laws of the State of
Florida.

                  (d) Headings contained in this Plan are for convenience only
and shall in no manner be construed as part of this Plan.

                  (e) Any reference to the masculine, feminine, or neuter gender
shall be a reference to such other gender as is appropriate.

         16. Amendment and Discontinuation of the Plan. The Committee or the
Board may from time to time amend, suspend or terminate the Plan or any Option;
provided, however, that, any amendment to the Plan shall be subject to the
approval of the Company's shareholders if such shareholder approval is required
by any applicable federal or state law or regulation (including, without
limitation, Rule 16b-3 or to comply with Section 162(m) of the Code) or the
rules of any Stock exchange or automated quotation system on which the Common
Stock may then be listed or granted. Except to the extent provided in Sections 9
and 10 hereof, no amendment, suspension or termination of the Plan or any Option
issued hereunder shall substantially impair the rights or benefits of any
Optionee pursuant to any Option previously granted without the consent of the
Optionee.

         17. Effective Date and Termination Date. The effective date of the Plan
is the Effective Date, and the Plan shall terminate on the 10th anniversary of
the Effective Date. The Plan shall be submitted to the shareholders of the
Company for their approval and adoption and Options hereunder may be granted
prior to such approval and adoption but contingent upon such approval and
adoption.

                                       8[Execution copy]

                        TRUST SUPPLEMENT No. 2002-1G-1-O

                           Dated as of March 25, 2002

                                     between

                            WILMINGTON TRUST COMPANY
                                   as Trustee,

                                       and

                           CONTINENTAL AIRLINES, INC.

                                       to

                          PASS THROUGH TRUST AGREEMENT
                         Dated as of September 25, 1997

                                  $134,644,000

               Continental Airlines Pass Through Trust 2002-1G-1-O
                       LIBOR + 0.45% Continental Airlines
                           Pass Through Certificates,
                               Series 2002-1G-1-O

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE

ARTICLE I THE CERTIFICATES.....................................................2
        Section 1.01. The Certificates.........................................2

ARTICLE II DEFINITIONS.........................................................4
        Section 2.01. Definitions..............................................4

ARTICLE III CERTIFICATES; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS.....11
        Section 3.01. Statements to Applicable Certificateholders.............11
        Section 3.02. Special Payments Account................................12
        Section 3.04. Limitation of Liability for Payments....................14

ARTICLE IV DEFAULT............................................................14
        Section 4.01. Purchase Rights of Certificateholders...................14
        Section 4.02. Amendment of Section 6.05 of the Basic Agreement........18

ARTICLE V THE TRUSTEE.........................................................19
        Section 5.01. Delivery of Documents; Delivery Dates...................19
        Section 5.02. Withdrawal of Deposits..................................20
        Section 5.03. The Trustee.............................................20
        Section 5.04. Representations and Warranties of the Trustee...........21
        Section 5.05. Trustee Liens...........................................21

ARTICLE VI ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS......................22
        Section 6.01. Amendment of Section 5.02 of the Basic Agreement........22
        Section 6.02. Supplemental Agreements Without Consent of Applicable
                      Certificateholders......................................22
        Section 6.03. Supplemental Agreements with Consent of Applicable
                      Certificateholders......................................23
        Section 6.04. Consent of Holders of Certificates Issued under Other
                      Trusts..................................................23

ARTICLE VII TERMINATION OF TRUST..............................................23
        Section 7.01. Termination of the Applicable Trust.....................23

ARTICLE VIII MISCELLANEOUS PROVISIONS.........................................25
        Section 8.01. Basic Agreement Ratified................................25
        SECTION 8.02. GOVERNING LAW...........................................26
        Section 8.03. Execution in Counterparts...............................26
        Section 8.04. Intention of Parties....................................26

Exhibit A      -      Form of Certificate
Exhibit B      -      DTC Letter of Representations
Exhibit C      -      Form of Assignment and Assumption Agreement

<PAGE>

            This Trust Supplement No. 2002-1G-1-O, dated as of March 25, 2002
(herein called the "TRUST SUPPLEMENT"), between Continental Airlines, Inc., a
Delaware corporation (the "COMPANY"), and Wilmington Trust Company (the
"TRUSTEE"), to the Pass Through Trust Agreement, dated as of September 25, 1997,
between the Company and the Trustee (the "BASIC AGREEMENT").

                              W I T N E S S E T H:
                              - - - - - - - - - -

            WHEREAS, the Basic Agreement, unlimited as to the aggregate
principal amount of Certificates (unless otherwise specified herein, capitalized
terms used herein without definition having the respective meanings specified in
the Basic Agreement) which may be issued thereunder, has heretofore been
executed and delivered;

            WHEREAS, the Company has obtained commitments from Boeing for the
delivery of certain Aircraft;

            WHEREAS, the Company intends to finance the acquisition of each such
Aircraft through separate secured loan transactions, under which the Company
will own such Aircraft (collectively, the "OWNED AIRCRAFT");

            WHEREAS, in the case of each Owned Aircraft, the Company will issue
pursuant to an Indenture, on a recourse basis, Equipment Notes to finance a
portion of the purchase price of such Owned Aircraft;

            WHEREAS, the Trustee hereby declares the creation of the Continental
Airlines Pass Through Trust 2002-1G-1-O (the "APPLICABLE TRUST") for the benefit
of the Applicable Certificateholders, and the initial Applicable
Certificateholders as the grantors of the Applicable Trust, by their respective
acceptances of the Applicable Certificates, join in the creation of the
Applicable Trust with the Trustee;

            WHEREAS, all Certificates to be issued by the Applicable Trust will
evidence fractional undivided interests in the Applicable Trust and will convey
no rights, benefits or interests in respect of any property other than the Trust
Property except for those Certificates to which an Escrow Receipt has been
affixed;

            WHEREAS, the Escrow Agent and the Underwriters have
contemporaneously herewith entered into an Escrow Agreement with the Escrow
Paying Agent pursuant to which the Underwriters have delivered to the Escrow
Agent the proceeds from the sale of the Applicable Certificates, to the extent
not used to purchase Equipment Notes on the Issuance Date, and have irrevocably
instructed the Escrow Agent to withdraw and pay funds from such proceeds upon
request and proper certification by the Trustee to purchase Equipment Notes as
the Aircraft are delivered by Boeing under the Aircraft Purchase Agreement from
time to time prior to the Delivery Period Termination Date;

<PAGE>

            WHEREAS, the Escrow Agent on behalf of the Applicable
Certificateholders has contemporaneously herewith entered into a Deposit
Agreement with the Depositary under which the Deposits referred to therein will
be made and from which it will withdraw funds to allow the Trustee to purchase
Equipment Notes from time to time prior to the Delivery Period Termination Date;

            WHEREAS, pursuant to the terms and conditions of the Basic Agreement
as supplemented by this Trust Supplement (the "AGREEMENT") and the NPA, upon the
financing of an Aircraft, the Trustee on behalf of the Applicable Trust, using
funds withdrawn under the Escrow Agreement (or, if financed on the Issuance
Date, using a portion of the proceeds of the sale of the Applicable
Certificates), shall purchase one or more Equipment Notes having the same
interest rate as, and final maturity date not later than the final Regular
Distribution Date of, the Applicable Certificates issued hereunder and shall
hold such Equipment Notes in trust for the benefit of the Applicable
Certificateholders;

            WHEREAS, all of the conditions and requirements necessary to make
this Trust Supplement, when duly executed and delivered, a valid, binding and
legal instrument in accordance with its terms and for the purposes herein
expressed, have been done, performed and fulfilled, and the execution and
delivery of this Trust Supplement in the form and with the terms hereof have
been in all respects duly authorized;

            WHEREAS, this Trust Supplement is subject to the provisions of the
Trust Indenture Act of 1939, as amended, and shall, to the extent applicable, be
governed by such provisions;

            NOW THEREFORE, in consideration of the premises herein, it is agreed
between the Company and the Trustee as follows:

                                    ARTICLE I
                                THE CERTIFICATES

            Section 1.01. THE CERTIFICATES. There is hereby created a series of
Certificates to be issued under the Agreement to be distinguished and known as
"Continental Airlines Pass Through Certificates, Series 2002-1G-1-O"
(hereinafter defined as the "APPLICABLE CERTIFICATES"). Each Applicable
Certificate represents a fractional undivided interest in the Applicable Trust
created hereby. The Applicable Certificates shall be the only instruments
evidencing a fractional undivided interest in the Applicable Trust.

            The terms and conditions applicable to the Applicable Certificates
are as follows:

            (a) The aggregate principal amount of the Applicable Certificates
      that shall be authenticated under the Agreement (except for Applicable
      Certificates authenticated and delivered under Sections 3.03, 3.04, 3.05
      and 3.06 of the Basic Agreement) is $134,644,000.

<PAGE>

            (b) The Regular Distribution Dates with respect to any payment of
      Scheduled Payments means February 15, May 15, August 15 and November 15 of
      each year, commencing on May 15, 2002, until payment of all of the
      Scheduled Payments to be made under the Equipment Notes has been made.

            (c) The Special Distribution Dates with respect to the Applicable
      Certificates means any Business Day on which a Special Payment is to be
      distributed pursuant to the Agreement.

            (d) At the Escrow Agent's request under the Escrow Agreement, the
      Trustee shall affix the corresponding Escrow Receipt to each Applicable
      Certificate. In any event, any transfer or exchange of any Applicable
      Certificate shall also effect a transfer or exchange of the related Escrow
      Receipt. Prior to the Final Withdrawal Date, no transfer or exchange of
      any Applicable Certificate shall be permitted unless the corresponding
      Escrow Receipt is attached thereto and also is so transferred or
      exchanged. By acceptance of any Applicable Certificate to which an Escrow
      Receipt is attached, each Holder of such an Applicable Certificate
      acknowledges and accepts the restrictions on transfer of the Escrow
      Receipt set forth herein and in the Escrow Agreement.

            (e) (i) The Applicable Certificates shall be in the form attached
      hereto as Exhibit A. Any Person acquiring or accepting an Applicable
      Certificate or an interest therein will, by such acquisition or
      acceptance, be deemed to represent and warrant to and for the benefit of
      the Company that either (i) the assets of an employee benefit plan subject
      to Title I of the Employee Retirement Income Security Act of 1974, as
      amended ("ERISA"), or of a plan subject to Section 4975 of the Internal
      Revenue Code of 1986, as amended (the "CODE"), have not been used to
      purchase Applicable Certificates or an interest therein or (ii) the
      purchase and holding of Applicable Certificates or an interest therein is
      exempt from the prohibited transaction restrictions of ERISA and the Code
      pursuant to one or more prohibited transaction statutory or administrative
      exemptions.

            (ii) The Applicable Certificates shall be Book-Entry Certificates
      and shall be subject to the conditions set forth in the Letter of
      Representations between the Company and the Clearing Agency attached
      hereto as Exhibit B.

            (f) The "Participation Agreements" as defined in this Trust
      Supplement are the "Note Purchase Agreements" referred to in the Basic
      Agreement.

            (g) The Applicable Certificates are subject to the Intercreditor
      Agreement, the Deposit Agreement and the Escrow Agreement.

            (h) The Applicable Certificates are entitled to the benefits of the
      Primary Liquidity Facility, the Above-Cap Liquidity Facility and the
      Policy.

            (i) The Responsible Party is the Company.

<PAGE>

            (j) The date referred to in clause (i) of the definition of the term
      "PTC Event of Default" in the Basic Agreement is the Final Maturity Date.

            (k) The "particular sections of the Note Purchase Agreement", for
      purposes of clause (3) of Section 7.07 of the Basic Agreement, are Section
      8.1 of each Participation Agreement.

            (l) The Equipment Notes to be acquired and held in the Applicable
      Trust, and the related Aircraft and Note Documents, are described in the
      NPA.

                                   ARTICLE II
                                   DEFINITIONS

            Section 2.01. DEFINITIONS. For all purposes of the Basic Agreement
as supplemented by this Trust Supplement, the following capitalized terms have
the following meanings (any term used herein which is defined in both this Trust
Supplement and the Basic Agreement shall have the meaning assigned thereto in
this Trust Supplement for purposes of the Basic Agreement as supplemented by
this Trust Supplement):

            ABOVE-CAP LIQUIDITY FACILITY: Means, initially, the ISDA Master
      Agreement, dated as of March 25, 2002, between the Subordination Agent, as
      agent of the Trustee, and the Above-Cap Liquidity Provider, together with
      the Schedule and Confirmation attached thereto, relating to the Applicable
      Certificates, and, from and after the replacement of such ISDA Master
      Agreement pursuant thereto, the replacement above-cap liquidity facility
      therefor, if any, in each case, as amended, supplemented or otherwise
      modified from time to time in accordance with their respective terms.

            ABOVE-CAP LIQUIDITY PROVIDER: Means Merrill Lynch Capital Services,
      Inc., a Delaware corporation.

            AGREEMENT: Has the meaning specified in the recitals hereto.

            AIRCRAFT: Means each of the New Aircraft or Substitute Aircraft in
      respect of which a Participation Agreement is to be or is, as the case may
      be, entered into in accordance with the NPA (or any substitute aircraft,
      including engines therefor, owned by the Company and securing one or more
      Equipment Notes).

            AIRCRAFT PURCHASE AGREEMENT: Has the meaning specified in the NPA.

            APPLICABLE CERTIFICATE: Has the meaning specified in Section 1.01 of
      this Trust Supplement.

            APPLICABLE CERTIFICATEHOLDER: Means the Person in whose name an
      Applicable Certificate is registered on the Register for the Applicable
      Certificates.

<PAGE>

            APPLICABLE DELIVERY DATE: Has the meaning specified in Section
      5.01(b) of this Trust Supplement.

            APPLICABLE PARTICIPATION AGREEMENT: Has the meaning specified in
      Section 5.01(b) of this Trust Supplement.

            APPLICABLE TRUST: Has the meaning specified in the recitals hereto.

            ASSIGNMENT AND ASSUMPTION AGREEMENT: Means the assignment and
      assumption agreement substantially in the form of Exhibit C hereto
      executed and delivered in accordance with Section 7.01 of this Trust
      Supplement.

            BASIC AGREEMENT: Has the meaning specified in the first paragraph of
      this Trust Supplement.

            BOEING: Means The Boeing Company.

            BREAK AMOUNT: Has the meaning specified in the Indentures.

            BUSINESS DAY: Means any day other than a Saturday, a Sunday or a day
      on which commercial banks are required or authorized to close in Houston,
      Texas, New York, New York, or, so long as any Applicable Certificate is
      Outstanding, the city and state in which the Trustee, the Subordination
      Agent or any Loan Trustee maintains its Corporate Trust Office or receives
      and disburses funds, and, if any Series G-1 Equipment Notes (as defined in
      the Intercreditor Agreement) or Series H Equipment Notes (as defined in
      the Intercreditor Agreement) are outstanding, which is also a day for
      trading by and between banks in the London interbank Eurodollar market.

            CERTIFICATE: Has the meaning specified in the Intercreditor
      Agreement.

            CLASS: Has the meaning specified in the Intercreditor Agreement.

            CLASS G-1 ABOVE-CAP ACCOUNT: Has the meaning specified in the
      Intercreditor Agreement.

            COMPANY: Has the meaning specified in the first paragraph of this
      Trust Supplement.

            CONTROLLING PARTY: Has the meaning specified in the Intercreditor
      Agreement.

            CUT-OFF DATE: Means the earlier of (a) the Delivery Period
      Termination Date and (b) the date on which a Triggering Event occurs.

            DELIVERY NOTICE: Has the meaning specified in the NPA.

<PAGE>

            DELIVERY PERIOD TERMINATION DATE: Means the earlier of (a) August
      31, 2002, or, if the Equipment Notes relating to all of the New Aircraft
      (or Substitute Aircraft in lieu thereof) have not been purchased by the
      Applicable Trust and the Other Trusts on or prior to such date due to any
      reason beyond the control of the Company and not occasioned by the
      Company's fault or negligence, November 30, 2002 (PROVIDED that, if a
      labor strike occurs at Boeing on or prior to either or both of such dates
      referred to in this clause (a), such date or dates on or following the
      commencement of such strike shall be extended by adding thereto the number
      of days that such strike continued in effect), and (b) the date on which
      Equipment Notes issued with respect to all of the New Aircraft (or
      Substitute Aircraft in lieu thereof) have been purchased by the Applicable
      Trust and the Other Trusts in accordance with the NPA.

            DEPOSIT AGREEMENT: Means the Deposit Agreement dated as of March 25,
      2002 relating to the Applicable Certificates between the Depositary and
      the Escrow Agent, as the same may be amended, supplemented or otherwise
      modified from time to time in accordance with its terms.

            DEPOSIT BREAK AMOUNT: Has the meaning specified in the NPA.

            DEPOSITARY: Means Credit Suisse First Boston, a banking institution
      organized under the laws of Switzerland, acting through its New York
      branch.

            DEPOSITS: Has the meaning specified in the Deposit Agreement.

            DISTRIBUTION DATE: Means any Regular Distribution Date or Special
      Distribution Date as the context requires.

            ESCROW AGENT: Means, initially, Wells Fargo Bank Northwest, National
      Association, and any replacement or successor therefor appointed in
      accordance with the Escrow Agreement.

            ESCROW AGREEMENT: Means the Escrow and Paying Agent Agreement dated
      as of March 25, 2002 relating to the Applicable Certificates, among the
      Escrow Agent, the Escrow Paying Agent, the Trustee and Underwriters, as
      the same may be amended, supplemented or otherwise modified from time to
      time in accordance with its terms.

            ESCROW PAYING AGENT: Means the Person acting as paying agent under
      the Escrow Agreement.

            ESCROW RECEIPT: Means the receipt substantially in the form annexed
      to the Escrow Agreement representing a fractional undivided interest in
      the funds held in escrow thereunder.

            FINAL MATURITY DATE: Means February 15, 2013.

            FINAL WITHDRAWAL: Has the meaning specified in the Escrow Agreement.

<PAGE>

            FINAL WITHDRAWAL DATE: Has the meaning specified in the Escrow
      Agreement.

            FINAL WITHDRAWAL NOTICE: Has the meaning specified in Section 5.02
      of this Trust Supplement.

            INDENTURE: Means each of the separate trust indentures and mortgages
      relating to the Aircraft, each as specified or described in a Delivery
      Notice delivered pursuant to the NPA or the related Participation
      Agreement, in each case as the same may be amended, supplemented or
      otherwise modified from time to time in accordance with its terms.

            INTERCREDITOR AGREEMENT: Means the Intercreditor Agreement dated as
      of March 25, 2002 among the Trustee, the Other Trustees, the Above-Cap
      Liquidity Provider, the Primary Liquidity Provider, the primary liquidity
      provider relating to the Class G-2 Certificates, the Policy Provider and
      Wilmington Trust Company, as Subordination Agent and as trustee
      thereunder, as amended, supplemented or otherwise modified from time to
      time in accordance with its terms.

            INVESTORS: Means the Underwriters, together with all subsequent
      beneficial owners of the Applicable Certificates.

            MAKE-WHOLE AMOUNT: Has the meaning specified in the Indentures.

            NEW AIRCRAFT: Has the meaning specified in the NPA.

            NOTE DOCUMENTS: Means the Equipment Notes with respect to the
      Applicable Certificates and, with respect to any such Equipment Note, the
      Indenture and the Participation Agreement relating to such Equipment Note.

            NOTICE OF PURCHASE WITHDRAWAL: Has the meaning specified in the
      Deposit Agreement.

            NPA: Means the Note Purchase Agreement dated as of March 25, 2002
      among the Trustee, the Other Trustees, the Company, the Escrow Agent, the
      Escrow Paying Agent and the Subordination Agent, providing for, among
      other things, the purchase of Equipment Notes by the Trustee on behalf of
      the Trust, as the same may be amended, supplemented or otherwise modified
      from time to time, in accordance with its terms.

            OTHER AGREEMENTS: Means (i) the Basic Agreement as supplemented by
      Trust Supplement No. 2002-1G-2-O dated as of the date hereof relating to
      Continental Airlines Pass Through Trust 2002-1G-2-O, (ii) the Basic
      Agreement as supplemented by Trust Supplement No. 2002-1H-O dated as of
      the date hereof relating to Continental Airlines Pass Through Trust
      2002-1H-O and (iii) the Basic Agreement as supplemented by Trust
      Supplement No. 2002-1I-O dated as of the date hereof relating to
      Continental Airlines Pass Through Trust 2002-1I-O.

<PAGE>

            OTHER TRUSTEES: Means the trustees under the Other Agreements, and
      any successor or other trustee appointed as provided therein.

            OTHER TRUSTS: Means the Continental Airlines Pass Through Trust
      2002-1G-2-O, the Continental Airlines Pass Through Trust 2002-1H-O and the
      Continental Airlines Pass Through Trust 2002-1I-O, created by the Other
      Agreements.

            OWNED AIRCRAFT: Has the meaning specified in the third recital to
      this Trust Supplement.

            PARTICIPATION AGREEMENT: Means each Participation Agreement to be
      entered into, or entered into (as the case may be), by the Trustee
      pursuant to the NPA, as the same may be amended, supplemented or otherwise
      modified in accordance with its terms.

            POLICY: Means, with respect to the Applicable Certificates, Ambac
      Certificate Guarantee Insurance Policy No. AB0542BE, together with the
      Certificate Guaranty Insurance Policy Endorsement attached thereto, issued
      as of the Closing Date, as amended, supplemented or otherwise modified
      from time to time in accordance with its terms.

            POLICY PROVIDER: Has the meaning specified in the Intercreditor
      Agreement.

            POLICY PROVIDER AGREEMENT: Has the meaning specified in the
      Intercreditor Agreement.

            POLICY PROVIDER DEFAULT: Has the meaning specified in the
      Intercreditor Agreement.

            POOL BALANCE: Means, as of any date, (i) the original aggregate face
      amount of the Applicable Certificates less (ii) the aggregate amount of
      all payments made as of such date in respect of such Applicable
      Certificates or in respect of Deposits other than payments made in respect
      of interest or premium, Make-Whole Amount, Deposit Break Amount or Break
      Amount thereon or reimbursement of any costs or expenses incurred in
      connection therewith. The Pool Balance as of any date shall be computed
      after giving effect to any special distribution with respect to unused
      Deposits, payment of principal of the Equipment Notes, payments under the
      Policy (other than in respect of interest on the Applicable Certificates)
      or payment with respect to other Trust Property and the distribution
      thereof to be made on that date.

            POOL FACTOR: Means, as of any Distribution Date, the quotient
      (rounded to the seventh decimal place) computed by dividing (i) the Pool
      Balance by (ii) the original aggregate face amount of the Applicable
      Certificates. The Pool Factor as of any Distribution Date shall be
      computed after giving effect to any special distribution with respect to
      unused Deposits, payment of principal of the Equipment Notes, payment
      under the Policy (other than in respect of interest on the Applicable
      Certificates) or payment with respect to other Trust Property and the
      distribution thereof to be made on that date.

<PAGE>

            PRIMARY LIQUIDITY FACILITY: Means, initially, the Revolving Credit
      Agreement dated as of March 25, 2002 relating to the Applicable
      Certificates, between the Primary Liquidity Provider and Wilmington Trust
      Company, as Subordination Agent, as agent and trustee for the Applicable
      Trust, and, from and after the replacement of such agreement pursuant to
      the Intercreditor Agreement, the replacement primary liquidity facility
      therefor, in each case as amended, supplemented or otherwise modified from
      time to time in accordance with their respective terms.

            PRIMARY LIQUIDITY PROVIDER: Means, initially, Landesbank
      Hessen-Thuringen Girozentrale, a German public law institution duly
      established under the Treaty on the Formation of a Joint Savings Banks
      Organization Hessen-Thuringen, and any replacements or successors therefor
      appointed in accordance with the Intercreditor Agreement.

            PROSPECTUS SUPPLEMENT: Means the final Prospectus Supplement dated
      March 11, 2002 relating to the offering of the Applicable Certificates and
      the Class G-2 Certificates.

            RATINGS CONFIRMATION: Has the meaning specified in the Intercreditor
      Agreement.

            REFERENCE AGENCY AGREEMENT: Has the meaning specified in the NPA.

            RELATED PASS THROUGH TRUST AGREEMENT: Means the Basic Agreement as
      supplemented by the Trust Supplement No. 2002-1G-1-S dated as of the date
      hereof relating to the Continental Airlines Pass Through Trust 2002-1G-1-S
      and entered into by the Company and the Trustee, which agreement becomes
      effective upon the execution and delivery of the Assignment and Assumption
      Agreement pursuant to Section 7.01 of this Trust Supplement.

            RELATED TRUST: Means the Continental Pass Through Trust 2002-1G-1-S,
      to be formed under the Related Pass Through Trust Agreement.

            RELATED TRUSTEE: Means the trustee under the Related Pass Through
      Trust Agreement.

            SCHEDULED DELIVERY DATE: Has the meaning specified in the NPA.

            SCHEDULED PAYMENT: Means, with respect to any Equipment Note, (i)
      any payment of principal or interest on such Equipment Note (other than
      any such payment which is not in fact received by the Trustee or any
      Subordination Agent within five days of the date on which such payment is
      scheduled to be made) or (ii) any payment of interest on the Applicable
      Certificates with funds drawn under the Primary Liquidity Facility or
      withdrawn from the Class G-1 Above-Cap Account or any payment of interest
      on or principal of the Applicable Certificates with funds drawn under the
      Policy, which payment in any such case represents the installment of
      principal on such Equipment Note at the stated maturity of such
      installment, the payment of regularly scheduled interest accrued on the
      unpaid principal amount of such Equipment Note, or both; PROVIDED,

<PAGE>

      HOWEVER, that any payment of principal, premium, Make-Whole Amount,
      Deposit Break Amount or Break Amount, if any, or interest resulting from
      the redemption or purchase of any Equipment Note shall not constitute a
      Scheduled Payment.

            SPECIAL PAYMENT: Means any payment (other than a Scheduled Payment)
      in respect of, or any proceeds of, any Equipment Note, Collateral (as
      defined in each Indenture) or Deposit Break Amount.

            SUBSTITUTE AIRCRAFT: Has the meaning specified in the NPA.

            TRANSFER DATE: Has the meaning specified in Section 7.01 of this
      Trust Supplement.

            TRIGGERING EVENT: Has the meaning assigned to such term in the
      Intercreditor Agreement.

            TRUST PROPERTY: Means (i) subject to the Intercreditor Agreement,
      the Equipment Notes held as the property of the Applicable Trust, all
      monies at any time paid thereon and all monies due and to become due
      thereunder, (ii) funds from time to time deposited in the Certificate
      Account and the Special Payments Account and, subject to the Intercreditor
      Agreement, any proceeds from the sale by the Trustee pursuant to Article
      VI of the Basic Agreement of any Equipment Note and (iii) all rights of
      the Applicable Trust and the Trustee, on behalf of the Applicable Trust,
      under the Intercreditor Agreement, the Escrow Agreement, the NPA, the
      Above-Cap Liquidity Facility, the Primary Liquidity Facility and the
      Policy, including, without limitation, all rights to receive certain
      payments thereunder, and all monies paid to the Trustee on behalf of the
      Applicable Trust pursuant to the Intercreditor Agreement, the Above-Cap
      Liquidity Facility, the Primary Liquidity Facility or the Policy, PROVIDED
      that rights with respect to the Deposits or under the Escrow Agreement,
      except for the right to direct withdrawals for the purchase of Equipment
      Notes to be held herein, will not constitute Trust Property.

            TRUST SUPPLEMENT: Has the meaning specified in the first paragraph
      of this trust supplement.

            TRUSTEE: Has the meaning specified in the first paragraph of this
      Trust Supplement.

            UNDERWRITERS: Means, collectively, Credit Suisse First Boston
      Corporation, J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner &
      Smith Incorporated, Salomon Smith Barney Inc. and Morgan Stanley & Co.
      Incorporated.

            UNDERWRITING AGREEMENT: Means the Underwriting Agreement dated March
      11, 2002 among the Underwriters, the Company and the Depositary, as the
      same may be amended, supplemented or otherwise modified from time to time
      in accordance with its terms.

<PAGE>

                                   ARTICLE III
          CERTIFICATES; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS

            Section 3.01. STATEMENTS TO APPLICABLE CERTIFICATEHOLDERS. (a) On
each Distribution Date, the Trustee will include with each distribution to
Applicable Certificateholders of a Scheduled Payment or Special Payment, as the
case may be, a statement setting forth the information provided below (in the
case of a Special Payment, reflecting in part the information provided by the
Escrow Paying Agent under the Escrow Agreement). Such statement shall set forth
(per $1,000 face amount Applicable Certificate as to (ii), (iii), (iv) and (v)
below) the following information:

            (i) the aggregate amount of funds distributed on such Distribution
      Date under the Agreement and under the Escrow Agreement, indicating the
      amount allocable to each source, including any portion thereof paid by the
      Primary Liquidity Provider or the Policy Provider or withdrawn from the
      Class G-1 Above-Cap Account;

            (ii) the amount of such distribution under the Agreement allocable
      to principal and the amount allocable to premium, Make-Whole Amount,
      Deposit Break Amount or Break Amount, if any;

            (iii) the amount of such distribution under the Agreement allocable
      to interest;

            (iv) the amount of such distribution under the Escrow Agreement
      allocable to interest;

            (v) the amount of such distribution under the Escrow Agreement
      allocable to unused Deposits, if any;

            (vi) the Pool Balance and the Pool Factor; and

            (vii) the LIBOR rates and the resulting interest rates payable on
      the Applicable Certificates for the current and immediately preceding
      Interest Periods.

            With respect to the Applicable Certificates registered in the name
of a Clearing Agency, on the Record Date prior to each Distribution Date, the
Trustee will request from such Clearing Agency a securities position listing
setting forth the names of all Clearing Agency Participants reflected on such
Clearing Agency's books as holding interests in the Applicable Certificates on
such Record Date. On each Distribution Date, the Trustee will mail to each such
Clearing Agency Participant the statement described above and will make
available additional copies as requested by such Clearing Agency Participant for
forwarding to holders of interests in the Applicable Certificates.

            (b) Within a reasonable period of time after the end of each
calendar year but not later than the latest date permitted by law, the Trustee
shall furnish to each Person who at any time during such calendar year was an
Applicable Certificateholder of record a statement containing the sum of the
amounts determined pursuant to clauses (a)(i), (a)(ii), (a)(iii), (a)(iv) and
(a)(v) above for such calendar year or, in the event such Person was an

<PAGE>

Applicable Certificateholder of record during a portion of such calendar year,
for such portion of such year, and such other items as are readily available to
the Trustee and which an Applicable Certificateholder shall reasonably request
as necessary for the purpose of such Applicable Certificateholder's preparation
of its U.S. federal income tax returns. Such statement and such other items
shall be prepared on the basis of information supplied to the Trustee by the
Clearing Agency Participants and shall be delivered by the Trustee to such
Clearing Agency Participants to be available for forwarding by such Clearing
Agency Participants to the holders of interests in the Applicable Certificates
in the manner described in Section 3.01(a) of this Trust Supplement.

            (c) If the aggregate principal payments scheduled for a Regular
Distribution Date prior to the Delivery Period Termination Date differ from the
amount thereof set forth for the Applicable Certificates on page S-42 of the
Prospectus Supplement, by no later than the 15th day prior to such Regular
Distribution Date, the Trustee shall mail written notice of the actual amount of
such scheduled payments to the Applicable Certificateholders of record as of a
date within 15 Business Days prior to the date of mailing.

            (d) Promptly following (i) the Delivery Period Termination Date, if
there has been any change in the information set forth in clauses (y) and (z)
below from that set forth in page S-42 of the Prospectus Supplement, and (ii)
the date of any early redemption or purchase of, or any default in the payment
of principal or interest in respect of, any of the Equipment Notes held in the
Applicable Trust, or any Final Withdrawal, the Trustee shall furnish to
Applicable Certificateholders of record on such date a statement setting forth
(x) the expected Pool Balances for each subsequent Regular Distribution Date
following the Delivery Period Termination Date, (y) the related Pool Factors for
such Regular Distribution Dates and (z) the expected principal distribution
schedule of the Equipment Notes, in the aggregate, held as Trust Property at the
date of such notice. With respect to the Applicable Certificates registered in
the name of a Clearing Agency, on the Delivery Period Termination Date, the
Trustee will request from such Clearing Agency a securities position listing
setting forth the names of all Clearing Agency Participants reflected on such
Clearing Agency's books as holding interests in the Applicable Certificates on
such date. The Trustee will mail to each such Clearing Agency Participant the
statement described above and will make available additional copies as requested
by such Clearing Agency Participant for forwarding to holders of interests in
the Applicable Certificates.

            (e) This Section 3.01 supersedes and replaces Section 4.03 of the
Basic Agreement, with respect to the Applicable Trust.

            Section 3.02. SPECIAL PAYMENTS ACCOUNT. (a) The Trustee shall
establish and maintain on behalf of the Applicable Certificateholders a Special
Payments Account as one or more accounts, which shall be non-interest bearing
except as provided in Section 4.04 of the Basic Agreement. The Trustee shall
hold the Special Payments Account in trust for the benefit of the Applicable
Certificateholders and shall make or permit withdrawals therefrom only as
provided in the Agreement. On each day when one or more Special Payments are
made to the Trustee under the Intercreditor Agreement and upon the payment of
the Deposit Break Amount to the Trustee under the NPA, the Trustee, upon receipt
thereof, shall immediately deposit the aggregate amount of such Special Payments
in the Special Payments Account.

<PAGE>

            (b) This Section 3.02 supersedes and replaces Section 4.01(b) of the
Basic Agreement in its entirety, with respect to the Applicable Trust.

            Section 3.03. DISTRIBUTIONS FROM SPECIAL PAYMENTS ACCOUNT. (a) On
each Special Distribution Date with respect to any Special Payment or as soon
thereafter as the Trustee has confirmed receipt of any Special Payments due on
the Equipment Notes held (subject to the Intercreditor Agreement) in the
Applicable Trust or realized upon the sale of such Equipment Notes or receipt of
the Deposit Break Amount, the Trustee shall distribute out of the Special
Payments Account the entire amount of such Special Payment deposited therein
pursuant to Section 3.02(a) of this Trust Supplement. There shall be so
distributed to each Applicable Certificateholder of record on the Record Date
with respect to such Special Distribution Date (other than as provided in
Section 7.01 of this Trust Supplement concerning the final distribution) by
check mailed to such Applicable Certificateholder, at the address appearing in
the Register, such Applicable Certificateholder's pro rata share (based on the
Fractional Undivided Interest in the Applicable Trust held by such Applicable
Certificateholder) of the total amount in the Special Payments Account on
account of such Special Payment, except that, with respect to Applicable
Certificates registered on the Record Date in the name of a Clearing Agency (or
its nominee), such distribution shall be made by wire transfer in immediately
available funds to the account designated by such Clearing Agency (or such
nominee).

            (b) The Trustee shall, at the expense of the Company, cause notice
of each Special Payment to be mailed to each Applicable Certificateholder at his
address as it appears in the Register. In the event of redemption or purchase of
Equipment Notes held in the Applicable Trust, such notice shall be mailed not
less than 15 days prior to the Special Distribution Date for the Special Payment
resulting from such redemption or purchase, which Special Distribution Date
shall be the date of such redemption or purchase. In the case of any
distribution pursuant to Section 3.7(c) or Section 3.7(e) of the Intercreditor
Agreement, the Trustee will mail notice to the Applicable Certificateholders not
less than 15 days prior to the Special Distribution Date determined for such
distribution. In the event of the payment of a Deposit Break Amount by the
Company to the Trustee under the NPA, such notice shall be mailed, together with
the notice by the Escrow Paying Agent under Section 2.07 of the Escrow
Agreement, not less than 15 days prior to the Special Distribution Date for such
amount. In the case of any other Special Payments, such notice shall be mailed
as soon as practicable after the Trustee has confirmed that it has received
funds for such Special Payment, stating the Special Distribution Date for such
Special Payment which shall occur not less than 15 days after the date of such
notice and as soon as practicable thereafter. Notices mailed by the Trustee
shall set forth:

            (i) the Special Distribution Date and the Record Date therefor
      (except as otherwise provided in Section 7.01 of this Trust Supplement),

            (ii) the amount of the Special Payment for each $1,000 face amount
      Applicable Certificate and the amount thereof constituting principal,
      premium, Make-Whole Amount, Deposit Break Amount or Break Amount, if any,
      and interest,

            (iii) the reason for the Special Payment, and

<PAGE>

            (iv) if the Special Distribution Date is the same date as a Regular
      Distribution Date, the total amount to be received on such date for each
      $1,000 face amount Applicable Certificate.

If the amount of (i) premium, Make-Whole Amount or Break Amount, if any, payable
upon the redemption or purchase of an Equipment Note or (ii) the Deposit Break
Amount, if any, has not been calculated at the time that the Trustee mails
notice of a Special Payment, it shall be sufficient if the notice sets forth the
other amounts to be distributed and states that any premium, Make-Whole Amount,
Deposit Break Amount or Break Amount received will also be distributed.

            If any redemption of the Equipment Notes held in the Trust is
canceled, the Trustee, as soon as possible after learning thereof, shall cause
notice thereof to be mailed to each Applicable Certificateholder at its address
as it appears on the Register.

            (b) This Section 3.03 supersedes and replaces Section 4.02(b) and
Section 4.02(c) of the Basic Agreement in their entirety, with respect to the
Applicable Trust.

            Section 3.04. LIMITATION OF LIABILITY FOR PAYMENTS. Section 3.09 of
the Basic Agreement shall be amended, with respect to the Applicable Trust, by
deleting the phrase "the Owner Trustees or the Owner Participants" in the second
sentence thereof and adding in lieu thereof "the Above-Cap Liquidity Provider,
the Primary Liquidity Provider or the Policy Provider".

                                   ARTICLE IV
                                     DEFAULT

            Section 4.01. PURCHASE RIGHTS OF CERTIFICATEHOLDERS. (a) At any time
after the occurrence and during the continuation of a Triggering Event, if the
Class G-2 Trustee is then the Controlling Party, each Applicable
Certificateholder (other than the Company or any of its Affiliates) shall have
the right to purchase, for the purchase price set forth in the Class G-2 Trust
Agreement, all, but not less than all, of the Class G-2 Certificates upon ten
days' written notice to the Class G-2 Trustee and each other Applicable
Certificateholder, PROVIDED that (i) if prior to the end of such ten-day period
any other Applicable Certificateholder (other than the Company or any of its
Affiliates) notifies such purchasing Applicable Certificateholder that such
other Applicable Certificateholder wants to participate in such purchase, then
such other Applicable Certificateholder (other than the Company or any of its
Affiliates) may join with the purchasing Applicable Certificateholder to
purchase all, but not less than all, of the Class G-2 Certificates pro rata
based on the Fractional Undivided Interest in the Applicable Trust held by each
such Applicable Certificateholder and (ii) if prior to the end of such ten-day
period any other Applicable Certificateholder fails to notify the purchasing
Applicable Certificateholder of such other Applicable Certificateholder's desire
to participate in such a purchase, then such other Applicable Certificateholder
shall lose its right to purchase the Class G-2 Certificates pursuant to this
Section 4.01(a).

<PAGE>

            (b) By acceptance of its Applicable Certificate, each Applicable
Certificateholder agrees that at any time after the occurrence and during the
continuation of a Triggering Event,

            (i) if the Trustee is then the Controlling Party, each Class G-2
      Certificateholder (other than the Company or any of its Affiliates) shall
      have the right to purchase all, but not less than all, of the Applicable
      Certificates upon ten days' written notice to the Trustee and each other
      Class G-2 Certificateholder, PROVIDED that (A) if prior to the end of such
      ten-day period any other Class G-2 Certificateholder (other than the
      Company or any of its Affiliates) notifies such purchasing Class G-2
      Certificateholder that such other Class G-2 Certificateholder wants to
      participate in such purchase, then such other Class G-2 Certificateholder
      (other than the Company or any of its Affiliates) may join with the
      purchasing Class G-2 Certificateholder to purchase all, but not less than
      all, of the Applicable Certificates pro rata based on the Fractional
      Undivided Interest in the Class G-2 Trust held by each such Class G-2
      Certificateholder and (B) if prior to the end of such ten-day period any
      other Class G-2 Certificateholder fails to notify the purchasing Class G-2
      Certificateholder of such other Class G-2 Certificateholder's desire to
      participate in such a purchase, then such other Class G-2
      Certificateholder shall lose its right to purchase the Applicable
      Certificates pursuant to this Section 4.01(b)(i);

            (ii) each Class H Certificateholder (other than the Company or any
      of its Affiliates) shall have the right (which shall not expire upon any
      purchase of the Applicable Certificates pursuant to clause (a) or (b)(i)
      above) to purchase all, but not less than all, of the Applicable
      Certificates and the Class G-2 Certificates upon ten days' written notice
      to the Trustee, the Class G-2 Trustee and each other Class H
      Certificateholder, PROVIDED that (A) if prior to the end of such ten-day
      period any other Class H Certificateholder (other than the Company or any
      of its Affiliates) notifies such purchasing Class H Certificateholder that
      such other Class H Certificateholder wants to participate in such
      purchase, then such other Class H Certificateholder (other than the
      Company or any of its Affiliates) may join with the purchasing Class H
      Certificateholder to purchase all, but not less than all, of the
      Applicable Certificates and the Class G-2 Certificates pro rata based on
      the Fractional Undivided Interest in the Class H Trust held by each such
      Class H Certificateholder and (B) if prior to the end of such ten-day
      period any other Class H Certificateholder fails to notify the purchasing
      Class H Certificateholder of such other Class H Certificateholder's desire
      to participate in such a purchase, then such other Class H
      Certificateholder shall lose its right to purchase the Applicable
      Certificates and the Class G-2 Certificates pursuant to this Section
      4.01(b)(ii);

            (iii) if Re-Issued Class H Certificates are issued, each Re-Issued
      Class H Certificateholder (other than the Company or any of its
      Affiliates) shall have the right (which shall not expire upon any purchase
      of the Applicable Certificates pursuant to clause (a), (b)(i) or (b)(ii)
      above) to purchase all, but not less than all, of the Applicable
      Certificates and the Class G-2 Certificates upon ten days' written notice
      to the Trustee, the Class G-2 Trustee and each other Re-Issued Class H
      Certificateholder, PROVIDED that (A) if prior to the end of such ten-day
      period any other Re-Issued Class H Certificateholder (other than the
      Company or any of its Affiliates) notifies such purchasing Re-Issued Class
      H Certificateholder that such other Re-Issued Class H Certificateholder

<PAGE>

      wants to participate in such purchase, then such other Re-Issued Class H
      Certificateholder (other than the Company or any of its Affiliates) may
      join with the purchasing Re-Issued Class H Certificateholder to purchase
      all, but not less than all, of the Applicable Certificates and the Class
      G-2 Certificates pro rata based on the Fractional Undivided Interest in
      the Re-Issued Class H Trust held by each such Re-Issued Class H
      Certificateholder and (B) if prior to the end of such ten-day period any
      other Re-Issued Class H Certificateholder fails to notify the purchasing
      Re-Issued Class H Certificateholder of such other Re-Issued Class H
      Certificateholder's desire to participate in such a purchase, then such
      other Re-Issued Class H Certificateholder shall lose its right to purchase
      the Applicable Certificates and the Class G-2 Certificates pursuant to
      this Section 4.01(b)(iii);

            (iv) each Class I Certificateholder (other than the Company or any
      of its Affiliates) shall have the right (which shall not expire upon any
      purchase of the Applicable Certificates pursuant to clause (a), (b)(i),
      (b)(ii) or (b)(iii) above) to purchase all, but not less than all, of the
      Applicable Certificates, the Class G-2 Certificates, the Class H
      Certificates (or, if issued, the Re-Issued Class H Certificates) upon ten
      days' written notice to the Trustee, the Class G-2 Trustee, the Class H
      Trustee (or, if any Re-Issued Class H Certificates have been issued, the
      Re-Issued Class H Trustee) and each other Class I Certificateholder,
      PROVIDED that (A) if prior to the end of such ten-day period any other
      Class I Certificateholder (other than the Company or any of its
      Affiliates) notifies such purchasing Class I Certificateholder that such
      other Class I Certificateholder wants to participate in such purchase,
      then such other Class I Certificateholder (other than the Company or any
      of its Affiliates) may join with the purchasing Class I Certificateholder
      to purchase all, but not less than all, of the Applicable Certificates,
      the Class G-2 Certificates, the Class H Certificates (or, if issued, the
      Re-Issued Class H Certificates) pro rata based on the Fractional Undivided
      Interest in the Class I Trust held by each such Class I Certificateholder
      and (B) if prior to the end of such ten-day period any other Class I
      Certificateholder fails to notify the purchasing Class I Certificateholder
      of such other Class I Certificateholder's desire to participate in such a
      purchase, then such other Class I Certificateholder shall lose its right
      to purchase the Applicable Certificates, the Class G-2 Certificates, the
      Class H Certificates (or, if issued, the Re-Issued Class H Certificates)
      pursuant to this Section 4.01(b)(iv); and

            (v) each Class J Certificateholder, other than the Company or any of
      its Affiliates, shall have the right (which shall not expire upon any
      purchase of the Applicable Certificates pursuant to clause (a), (b)(i),
      (b)(ii), (b)(iii) or (b)(iv) above) to purchase all, but not less than
      all, of the Applicable Certificates, the Class G-2 Certificates, the Class
      H Certificates (or, if issued, the Re-Issued Class H Certificates) and the
      Class I Certificates upon ten days' written notice to the Trustee, the
      Class G-2 Trustee, the Class H Trustee (or, if any Re-Issued Class H
      Certificates have been issued, the Re-Issued Class H Trustee), the Class I
      Trustee and each other Class J Certificateholder, PROVIDED that (A) if
      prior to the end of such ten-day period any other Class J
      Certificateholder (other than the Company or any of its Affiliates)
      notifies such purchasing Class J Certificateholder that such other Class J
      Certificateholder wants to participate in such purchase, then such other
      Class J Certificateholder (other than the Company or any of its

<PAGE>

      Affiliates) may join with the purchasing Class J Certificateholder to
      purchase all, but not less than all, of the Applicable Certificates, the
      Class G-2 Certificates, the Class H Certificates (or, if issued, the
      Re-Issued Class H Certificates) and the Class I Certificates pro rata
      based on the Fractional Undivided Interest in the Class J Trust held by
      each such Class J Certificateholder and (B) if prior to the end of such
      ten-day period any other Class J Certificateholder fails to notify the
      purchasing Class J Certificateholder of such other Class J
      Certificateholder's desire to participate in such a purchase, then such
      other Class J Certificateholder shall lose its right to purchase the
      Applicable Certificates, the Class G-2 Certificates, the Class H
      Certificates, the Re-Issued Class H Certificates (if any) and the Class I
      Certificates pursuant to this Section 4.01(b)(v).

            (c) By acceptance of its Applicable Certificate, each Applicable
Certificateholder agrees that at any time after 180 days have elapsed since the
occurrence of a Triggering Event that is continuing, regardless of whether the
Applicable Certificateholders exercise their right to purchase the Class G-2
Certificates pursuant to Section 4.01(a), the Policy Provider, if it is then the
Controlling Party, shall have the right (except in the event of a Policy
Provider Default) to purchase all, but not less than all, of the Applicable
Certificates and the Class G-2 Certificates upon ten days' written notice to the
Trustee, the Class G-2 Trustee, the Applicable Certificateholders and the Class
G-2 Certificateholders.

            The purchase price with respect to the Applicable Certificates shall
be equal to the Pool Balance of the Applicable Certificates, together with
accrued and unpaid interest thereon to the date of such purchase, without
premium, but including any other amounts then due and payable to the Applicable
Certificateholders under the Agreement, the Intercreditor Agreement, the Escrow
Agreement or any Note Document or on or in respect of the Applicable
Certificates; PROVIDED, HOWEVER, that no such purchase of Applicable
Certificates shall be effective unless the purchaser(s) shall certify to the
Trustee that contemporaneously with such purchase, such purchaser(s) is (are)
purchasing, pursuant to the terms of the Agreement and the Other Agreements
(and, if any Re-Issued Class H Certificates have been issued, the pass through
trust agreement relating thereto), (A) in the case of any purchase of the
Applicable Certificates pursuant to clause (b)(i) above, all of the Applicable
Certificates, (B) in the case of any purchase of the Applicable Certificates
pursuant to clause (c) above, all of the Applicable Certificates and the Class
G-2 Certificates, or (C) in all other cases, the Applicable Certificates, the
Class G-2 Certificates, the Class H Certificates (or, if issued, the Re-Issued
Class H Certificates) and the Class I Certificates that are senior to the
securities held by such purchaser(s). Each payment of the purchase price of the
Applicable Certificates referred to in the first sentence hereof shall be made
to an account or accounts designated by the Trustee and each such purchase shall
be subject to the terms of this Section 4.01. Each Applicable Certificateholder
agrees by its acceptance of its Applicable Certificate that (at any time after
the occurrence and during the continuation of a Triggering Event) it will, upon
payment from such Class G-2 Certificateholder(s), Class H Certificateholder(s)
(or, if any Re-Issued Class H Certificates have been issued, Re-Issued Class H
Certificateholder(s)), Class I Certificateholder(s), Class J
Certificateholder(s) or the Policy Provider, as the case may be, of the purchase
price set forth in the first sentence of this paragraph, (i) forthwith sell,
assign, transfer and convey to the purchaser(s) thereof (without recourse,

<PAGE>

representation or warranty of any kind except for its own acts), all of the
right, title, interest and obligation of such Applicable Certificateholder in
the Agreement, the Escrow Agreement, the Deposit Agreement, the Intercreditor
Agreement, the Above-Cap Liquidity Facility, the Primary Liquidity Facility, the
Policy, the NPA, the Note Documents and all Applicable Certificates and Escrow
Receipts held by such Applicable Certificateholder (excluding all right, title
and interest under any of the foregoing to the extent such right, title or
interest is with respect to an obligation not then due and payable as respects
any action or inaction or state of affairs occurring prior to such sale) (and
the purchaser shall assume all of such Applicable Certificateholder's
obligations under the Agreement, the Escrow Agreement, the Deposit Agreement,
the Intercreditor Agreement, the Above-Cap Liquidity Facility, the Primary
Liquidity Facility, the Policy, the NPA, the Note Documents and all such
Applicable Certificates and Escrow Receipts), (ii) if such purchase occurs after
a record date specified in Section 2.03 of the Escrow Agreement relating to the
distribution of unused Deposits and/or accrued and unpaid interest on Deposits
and prior to or on the related distribution date thereunder, forthwith turn over
to the purchaser(s) of its Applicable Certificate all amounts, if any, received
by it on account of such distribution, and (iii) if such purchase occurs after a
Record Date relating to any distribution and prior to or on the related
Distribution Date, forthwith turn over to the purchaser(s) of its Applicable
Certificate all amounts, if any, received by it on account of such distribution.
The Applicable Certificates will be deemed to be purchased on the date payment
of the purchase price is made notwithstanding the failure of the Applicable
Certificateholders to deliver any Applicable Certificates and, upon such a
purchase, (I) the only rights of the Applicable Certificateholders will be to
deliver the Applicable Certificates to the purchaser(s) and receive the purchase
price for such Applicable Certificates and (II) if the purchaser(s) shall so
request, such Applicable Certificateholder will comply with all the provisions
of Section 3.04 of the Basic Agreement to enable new Applicable Certificates to
be issued to the purchaser in such denominations as it shall request. All
charges and expenses in connection with the issuance of any such new Applicable
Certificates shall be borne by the purchaser thereof.

            As used in this Section 4.01 and elsewhere in this Trust Supplement,
the terms "Class G-2 Certificate", "Class G-2 Certificateholder", "Class G-2
Trust", "Class G-2 Trust Agreement", "Class G-2 Trustee", "Class H Certificate",
"Class H Certificateholder", "Class H Trust", "Class H Trustee", "Class I
Certificate", "Class I Certificateholder", "Class I Trust", "Class I Trustee",
"Class J Certificate", "Class J Certificateholder", "Class J Trust", "Re-Issued
Class H Certificate", Re-Issued Class H Certificateholder", "Re-Issued Class H
Trust", and "Re-Issued Class H Trustee" shall have the respective meanings
assigned to such terms in the Intercreditor Agreement.

            (d) This Section 4.01 supersedes and replaces Section 6.01(b) of the
Basic Agreement, with respect to the Applicable Trust.

            Section 4.02. AMENDMENT OF SECTION 6.05 OF THE BASIC AGREEMENT.
Section 6.05 of the Basic Agreement shall be amended, with respect to the
Applicable Trust, by deleting the phrase "and thereby annul any Direction given
by such Certificateholders or the Trustee to such Loan Trustee with respect
thereto," set forth in the first sentence thereof.

<PAGE>

                                    ARTICLE V
                                   THE TRUSTEE

            Section 5.01. DELIVERY OF DOCUMENTS; DELIVERY DATES. (a) The Trustee
is hereby directed (i) to execute and deliver the Intercreditor Agreement, the
Escrow Agreement and the NPA on or prior to the Issuance Date, each in the form
delivered to the Trustee by the Company, and (ii) subject to the respective
terms thereof, to perform its obligations thereunder. Upon request of the
Company and the satisfaction or waiver of the closing conditions specified in
the Underwriting Agreement, the Trustee shall execute, deliver, authenticate,
issue and sell Applicable Certificates in authorized denominations equaling in
the aggregate the amount set forth, with respect to the Applicable Trust, in
Schedule I to the Underwriting Agreement evidencing the entire ownership
interest in the Applicable Trust, which amount equals the maximum aggregate
principal amount of Equipment Notes which may be purchased by the Trustee
pursuant to the NPA. Except as provided in Sections 3.03, 3.04, 3.05 and 3.06 of
the Basic Agreement, the Trustee shall not execute, authenticate or deliver
Applicable Certificates in excess of the aggregate amount specified in this
paragraph. The provisions of this Section 5.01(a) supersede and replace the
first sentence of Section 3.02(a) of the Basic Agreement, with respect to the
Applicable Trust.

            (b) On or after the Issuance Date, the Company may deliver from time
to time to the Trustee a Delivery Notice relating to one or more Equipment
Notes. After receipt of a Delivery Notice and in any case no later than one
Business Day prior to a Scheduled Delivery Date as to which such Delivery Notice
relates (the "APPLICABLE DELIVERY DATE"), the Trustee shall (as and when
specified in the Delivery Notice) instruct the Escrow Agent to provide a Notice
of Purchase Withdrawal to the Depositary requesting (A) the withdrawal of one or
more Deposits on the Applicable Delivery Date in accordance with and to the
extent permitted by the terms of the Escrow Agreement and the Deposit Agreement
and (B) the payment of all, or a portion, of such Deposit or Deposits in an
amount equal in the aggregate to the purchase price of such Equipment Notes to
or on behalf of the Company, all as shall be described in the Delivery Notice;
PROVIDED that, if the Issuance Date is an Applicable Delivery Date, the Trustee
shall not so instruct the Escrow Agent, and the purchase price of such Equipment
Notes shall be paid from a portion of the proceeds of the sale of the Applicable
Certificates. The Trustee shall (as and when specified in such Delivery Notice),
subject to the conditions set forth in Section 2 of the NPA, enter into and
perform its obligations under the Participation Agreement specified in such
Delivery Notice (the "APPLICABLE PARTICIPATION AGREEMENT") and cause such
certificates, documents and legal opinions relating to the Trustee to be duly
delivered as required by the Applicable Participation Agreement. If at any time
prior to the Applicable Delivery Date, the Trustee receives a notice of
postponement pursuant to Section 1(e) or 1(f) of the NPA, then the Trustee shall
give the Depositary (with a copy to the Escrow Agent) a notice of cancellation
of such Notice of Purchase Withdrawal relating to such Deposit or Deposits on
such Applicable Delivery Date. Upon satisfaction of the conditions specified in
the NPA and the Applicable Participation Agreement, the Trustee shall purchase
the applicable Equipment Notes with the proceeds of the withdrawals of one or
more Deposits made on the Applicable Delivery Date in accordance with the terms
of the Deposit Agreement and the Escrow Agreement (or, if the Issuance Date is
the Applicable Delivery Date with respect to such Applicable Participation
Agreement, from a portion of the proceeds of the sale of the Applicable
Certificates). The purchase price of such Equipment Notes shall equal the

<PAGE>

principal amount of such Equipment Notes. Amounts withdrawn from such Deposit or
Deposits in excess of the purchase price of the Equipment Notes or to the extent
not applied on the Applicable Delivery Date to the purchase price of the
Equipment Notes, shall be re-deposited by the Trustee with the Depositary on the
Applicable Delivery Date in accordance with the terms of the Deposit Agreement.
The provisions of this Section 5.01(b) supersede and replace the provisions of
Section 2.02 of the Basic Agreement with respect to the Applicable Trust, and
all provisions of the Basic Agreement relating to Postponed Notes and Section
2.02 of the Basic Agreement shall not apply to the Applicable Trust.

            (c) The Trustee acknowledges its acceptance of all right, title and
interest in and to the Trust Property to be acquired pursuant to Section 5.01(b)
of this Trust Supplement, the NPA and each Applicable Participation Agreement,
and declares that it holds and will hold such right, title and interest for the
benefit of all present and future Applicable Certificateholders, upon the trusts
set forth in the Agreement. By its acceptance of an Applicable Certificate, each
initial Applicable Certificateholder, as a grantor of the Applicable Trust,
joins with the Trustee in the creation of the Applicable Trust. The provisions
of this Section 5.01(c) supersede and replace the provisions of Section 2.03 of
the Basic Agreement, with respect to the Applicable Trust.

            Section 5.02. WITHDRAWAL OF DEPOSITS. If any Deposits remain
outstanding on the Business Day next succeeding the Cut-off Date, the Trustee
shall give the Escrow Agent notice that the Trustee's obligation to purchase
Equipment Notes under the NPA has terminated and instruct the Escrow Agent to
provide a notice of Final Withdrawal to the Depositary substantially in the form
of Exhibit B to the Deposit Agreement (the "FINAL WITHDRAWAL NOTICE").

            Section 5.03. THE TRUSTEE. (a) Subject to Section 5.04 of this Trust
Supplement and Section 7.15 of the Basic Agreement, the Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Trust Supplement, the Deposit Agreement, the NPA or the
Escrow Agreement or the due execution hereof or thereof by the Company or the
other parties thereto (other than the Trustee), or for or in respect of the
recitals and statements contained herein or therein, all of which recitals and
statements are made solely by the Company, except that the Trustee hereby
represents and warrants that each of this Trust Supplement, the Basic Agreement,
each Applicable Certificate, the Intercreditor Agreement, the NPA and the Escrow
Agreement has been executed and delivered by one of its officers who is duly
authorized to execute and deliver such document on its behalf.

            (b) Except as herein otherwise provided and except during the
continuation of an Event of Default in respect of the Applicable Trust created
hereby, no duties, responsibilities or liabilities are assumed, or shall be
construed to be assumed, by the Trustee by reason of this Trust Supplement other
than as set forth in the Agreement, and this Trust Supplement is executed and
accepted on behalf of the Trustee, subject to all the terms and conditions set
forth in the Agreement, as fully to all intents as if the same were herein set
forth at length.

<PAGE>

            Section 5.04. REPRESENTATIONS AND WARRANTIES OF THE TRUSTEE. The
Trustee hereby represents and warrants that:

            (a) the Trustee has full power, authority and legal right to
      execute, deliver and perform this Trust Supplement, the Intercreditor
      Agreement, the Escrow Agreement, the NPA and the Note Documents to which
      it is or is to become a party and has taken all necessary action to
      authorize the execution, delivery and performance by it of this Trust
      Supplement, the Intercreditor Agreement, the Escrow Agreement, the NPA and
      the Note Documents to which it is or is to become a party;

            (b) the execution, delivery and performance by the Trustee of this
      Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the
      NPA and the Note Documents to which it is or is to become a party (i) will
      not violate any provision of any United States federal law or the law of
      the state of the United States where it is located governing the banking
      and trust powers of the Trustee or any order, writ, judgment, or decree of
      any court, arbitrator or governmental authority applicable to the Trustee
      or any of its assets, (ii) will not violate any provision of the articles
      of association or by-laws of the Trustee, and (iii) will not violate any
      provision of, or constitute, with or without notice or lapse of time, a
      default under, or result in the creation or imposition of any lien on any
      properties included in the Trust Property pursuant to the provisions of
      any mortgage, indenture, contract, agreement or other undertaking to which
      it is a party, which violation, default or lien could reasonably be
      expected to have an adverse effect on the Trustee's performance or ability
      to perform its duties hereunder or thereunder or on the transactions
      contemplated herein or therein;

            (c) the execution, delivery and performance by the Trustee of this
      Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the
      NPA and the Note Documents to which it is or is to become a party will not
      require the authorization, consent, or approval of, the giving of notice
      to, the filing or registration with, or the taking of any other action in
      respect of, any governmental authority or agency of the United States or
      the state of the United States where it is located regulating the banking
      and corporate trust activities of the Trustee; and

            (d) this Trust Supplement, the Intercreditor Agreement, the Escrow
      Agreement, the NPA and the Note Documents to which it is or is to become a
      party have been, or will be, as applicable, duly executed and delivered by
      the Trustee and constitute, or will constitute, as applicable, the legal,
      valid and binding agreements of the Trustee, enforceable against it in
      accordance with their respective terms; PROVIDED, HOWEVER, that
      enforceability may be limited by (i) applicable bankruptcy, insolvency,
      reorganization, moratorium or similar laws affecting the rights of
      creditors generally and (ii) general principles of equity.

            Section 5.05. TRUSTEE LIENS. The Trustee in its individual capacity
agrees, in addition to the agreements contained in Section 7.17 of the Basic
Agreement, that it will at its own cost and expense promptly take any action as
may be necessary to duly discharge and satisfy in full any Trustee's Liens on or
with respect to the Trust Property which is attributable to the Trustee in its

<PAGE>

individual capacity and which is unrelated to the transactions contemplated by
the Intercreditor Agreement or the NPA.

                                   ARTICLE VI
                  ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS

            Section 6.01. AMENDMENT OF SECTION 5.02 OF THE BASIC AGREEMENT.
Section 5.02 of the Basic Agreement shall be amended, with respect to the
Applicable Trust, by (i) replacing the phrase "of the Note Documents and of this
Agreement" set forth in paragraph (b) thereof with the phrase "of the Note
Documents, of the NPA and of this Agreement" and (ii) replacing the phrase "of
this Agreement and any Note Document" set forth in the last paragraph of Section
5.02 with the phrase "of this Agreement, the NPA and any Note Document".

            Section 6.02. SUPPLEMENTAL AGREEMENTS WITHOUT CONSENT OF APPLICABLE
CERTIFICATEHOLDERS. Without limitation of Section 9.01 of the Basic Agreement,
under the terms of, and subject to the limitations contained in, Section 9.01 of
the Basic Agreement, the Company may (but will not be required to), and the
Trustee (subject to Section 9.03 of the Basic Agreement) shall, at the Company's
request, at any time and from time to time, (i) enter into one or more
agreements supplemental to the Escrow Agreement, the NPA, the Deposit Agreement,
the Reference Agency Agreement, the Policy or the Policy Provider Agreement for
any of the purposes set forth in clauses (1) through (9) of such Section 9.01,
and (without limitation of the foregoing or Section 9.01 of the Basic Agreement)
(a) the reference in the introductory paragraph of Section 9.01 of the Basic
Agreement to a "Liquidity Facility" shall be deemed to refer to "the Above-Cap
Liquidity Facility and the Primary Liquidity Facility", (b) clauses (2) and (3)
of such Section 9.01 shall also be deemed to include the Company's obligations
under (in the case of clause (2)), and the Company's rights and powers conferred
by (in the case of clause (3)), the NPA, the Reference Agency Agreement, the
Policy or the Policy Provider Agreement, and (c) references in clauses (4), (6)
and (7) of such Section 9.01 to "any Intercreditor Agreement or any Liquidity
Facility" shall also be deemed to refer to "the Intercreditor Agreement, the
Above-Cap Liquidity Facility, the Primary Liquidity Facility, the Escrow
Agreement, the Reference Agency Agreement, the NPA, the Deposit Agreement, the
Policy or the Policy Provider Agreement", (ii) enter into one or more agreements
supplemental to the Agreement, the Intercreditor Agreement, the Reference Agency
Agreement or the NPA to provide for the formation of the Re-Issued Class H
Trust, the issuance of the Re-Issued Class H Certificates, the purchase by the
Re-Issued Class H Trust of Equipment Notes and other matters incidental thereto
or otherwise contemplated by Section 2.01(b) of the Basic Agreement; PROVIDED
that (x) a Ratings Confirmation for the Applicable Certificates and the Class
G-2 Certificates shall have been obtained with respect to such agreements and
(y) the Company shall have certified to the Trustee and to the Other Trustees
that such agreements shall not materially and adversely affect the Applicable
Certificateholders or the Class G-2 Certificateholders and (iii) enter into one
or more agreements supplemental to the Agreement to provide for the formation of
a Class J Trust, the issuance of Class J Certificates, the purchase by the Class
J Trust of Equipment Notes and other matters incidental thereto or otherwise
contemplated by Section 2.01(b) of the Basic Agreement.

<PAGE>

            Section 6.03. SUPPLEMENTAL AGREEMENTS WITH CONSENT OF APPLICABLE
CERTIFICATEHOLDERS. Without limitation of Section 9.02 of the Basic Agreement,
the provisions of Section 9.02 of the Basic Agreement shall apply to agreements
or amendments for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Escrow Agreement, the Deposit
Agreement, the Above-Cap Liquidity Facility, the Primary Liquidity Facility, the
Reference Agency Agreement, the NPA, the Policy or the Policy Provider Agreement
or modifying in any manner the rights and obligations of the Applicable
Certificateholders under the Escrow Agreement, the Deposit Agreement, the
Above-Cap Liquidity Facility, the Primary Liquidity Facility, the Reference
Agency Agreement, the NPA, the Policy or the Policy Provider Agreement; PROVIDED
that the provisions of Section 9.02(1) of the Basic Agreement shall be deemed to
include reductions in any manner of, or delay in the timing of, any receipt by
the Applicable Certificateholders of payments upon the Deposits.

            Section 6.04. CONSENT OF HOLDERS OF CERTIFICATES ISSUED UNDER OTHER
TRUSTS. Notwithstanding any provision in Section 6.02 or Section 6.03 of this
Trust Supplement to the contrary, no amendment or modification of Section 4.01
of this Trust Supplement shall be effective unless the trustee for each Class of
Certificates affected by such amendment or modification shall have consented
thereto.

                                   ARTICLE VII
                              TERMINATION OF TRUST

            Section 7.01. TERMINATION OF THE APPLICABLE TRUST. (a) The
respective obligations and responsibilities of the Company and the Trustee with
respect to the Applicable Trust shall terminate upon the earlier of (A) the
completion of the assignment, transfer and discharge described in the first
sentence of the immediately following paragraph and (B) distribution to all
Applicable Certificateholders and the Trustee of all amounts required to be
distributed to them pursuant to the Agreement and the disposition of all
property held as part of the Trust Property; PROVIDED, HOWEVER, that in no event
shall the Applicable Trust continue beyond one hundred ten (110) years following
the date of the execution of this Trust Supplement.

            Upon the earlier of (i) the first Business Day following August 31,
2002 or, if later, the fifth Business Day following the Delivery Period
Termination Date and (ii) the fifth Business Day following the date on which a
Triggering Event occurs (such date, the "TRANSFER DATE"), or, if later, the date
on which all of the conditions set forth in the immediately following sentence
have been satisfied, the Trustee is hereby directed (subject only to the
immediately following sentence) to, and the Company shall direct the institution
that will serve as the Related Trustee under the Related Pass Through Trust
Agreement to, execute and deliver the Assignment and Assumption Agreement,
pursuant to which the Trustee shall assign, transfer and deliver all of the
Trustee's right, title and interest to the Trust Property to the Related Trustee
under the Related Pass Through Trust Agreement. The Trustee and the Related
Trustee shall execute and deliver the Assignment and Assumption Agreement upon
the satisfaction of the following conditions:

<PAGE>

            (i) The Trustee, the Related Trustee and each of the Rating Agencies
      then rating the Applicable Certificates shall have received an Officer's
      Certificate and an Opinion of Counsel dated the date of the Assignment and
      Assumption Agreement and each satisfying the requirements of Section 1.02
      of the Basic Agreement, which Opinion of Counsel shall be substantially to
      the effect set forth below and may be relied upon by the Beneficiaries (as
      defined in the Assignment and Assumption Agreement):

            (I) Upon the execution and delivery thereof by the parties thereto
      in accordance with the terms of the Agreement and the Related Pass Through
      Trust Agreement, the Assignment and Assumption Agreement will constitute
      the valid and binding obligation of each of the parties thereto
      enforceable against each such party in accordance with its terms;

            (II) Upon the execution and delivery of the Assignment and
      Assumption Agreement in accordance with the terms of the Agreement and the
      Related Pass Through Trust Agreement, each of the Applicable Certificates
      then Outstanding will be entitled to the benefits of the Related Pass
      Through Trust Agreement;

            (III) The Related Trust is not required to be registered as an
      investment company under the Investment Company Act of 1940, as amended;

            (IV) The Related Pass Through Trust Agreement constitutes the valid
      and binding obligation of the Company enforceable against the Company in
      accordance with its terms; and

            (V) Neither the execution and delivery of the Assignment and
      Assumption Agreement in accordance with the terms of the Agreement and the
      Related Pass Through Trust Agreement, nor the consummation by the parties
      thereto of the transactions contemplated to be consummated thereunder on
      the date thereof, will violate any law or governmental rule or regulation
      of the State of New York or the United States of America known to such
      counsel to be applicable to the transactions contemplated by the
      Assignment and Assumption Agreement.

            (ii) The Trustee and the Company shall have received (x) a copy of
      the articles of incorporation and bylaws of the Related Trustee certified
      as of the Transfer Date by the Secretary or Assistant Secretary of such
      institution and (y) a copy of the filing (including all attachments
      thereto) made by the institution serving as the Related Trustee with the
      Office of the Superintendent, State of New York Banking Department for the
      qualification of the Related Trustee under Section 131(3) of the New York
      Banking Law.

Upon the execution of the Assignment and Assumption Agreement by the parties
thereto, the Applicable Trust shall be terminated, the Applicable
Certificateholders shall receive beneficial interests in the Related Trust in
exchange for their interests in the Applicable Trust equal to their respective
beneficial interests in the Applicable Trust, and the Outstanding Applicable
Certificates representing Fractional Undivided Interests in the Applicable Trust

<PAGE>

shall be deemed for all purposes of the Agreement and the Related Pass Through
Trust Agreement, without further signature or action of any party or Applicable
Certificateholder, to be certificates representing the same fractional undivided
interests in the Related Trust and its trust property. By acceptance of its
Applicable Certificate, each Applicable Certificateholder consents to such
assignment, transfer and delivery of the Trust Property to the trustee of the
Related Trust upon the execution and delivery of the Assignment and Assumption
Agreement.

            In connection with the occurrence of the event set forth in clause
(B) above, notice of such termination, specifying the Distribution Date upon
which the Applicable Certificateholders may surrender their Applicable
Certificates to the Trustee for payment of the final distribution and
cancellation, shall be mailed promptly by the Trustee to Applicable
Certificateholders not earlier than the 60th day and not later than the 15th day
next preceding such final Distribution Date specifying (A) the Distribution Date
upon which the proposed final payment of the Applicable Certificates will be
made upon presentation and surrender of Applicable Certificates at the office or
agency of the Trustee therein specified, (B) the amount of any such proposed
final payment, and (C) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation
and surrender of the Applicable Certificates at the office or agency of the
Trustee therein specified. The Trustee shall give such notice to the Registrar
at the time such notice is given to Applicable Certificateholders. Upon
presentation and surrender of the Applicable Certificates in accordance with
such notice, the Trustee shall cause to be distributed to Applicable
Certificateholders such final payments.

            In the event that all of the Applicable Certificateholders shall not
surrender their Applicable Certificates for cancellation within six months after
the date specified in the above-mentioned written notice, the Trustee shall give
a second written notice to the remaining Applicable Certificateholders to
surrender their Applicable Certificates for cancellation and receive the final
distribution with respect thereto. No additional interest shall accrue on the
Applicable Certificates after the Distribution Date specified in the first
written notice. In the event that any money held by the Trustee for the payment
of distributions on the Applicable Certificates shall remain unclaimed for two
years (or such lesser time as the Trustee shall be satisfied, after sixty days'
notice from the Company, is one month prior to the escheat period provided under
applicable law) after the final distribution date with respect thereto, the
Trustee shall pay to each Loan Trustee the appropriate amount of money relating
to such Loan Trustee and shall give written notice thereof to the Company.

            (b) The provisions of this Section 7.01 supersede and replace the
provisions of Section 11.01 of the Basic Agreement in its entirety, with respect
to the Applicable Trust.

                                  ARTICLE VIII
                            MISCELLANEOUS PROVISIONS

            Section 8.01. BASIC AGREEMENT RATIFIED. Except and so far as herein
expressly provided, all of the provisions, terms and conditions of the Basic
Agreement are in all respects ratified and confirmed; and the Basic Agreement
and this Trust Supplement shall be taken, read and construed as one and the same
instrument. All replacements of provisions of, and other modifications of the

<PAGE>

Basic Agreement set forth in this Trust Supplement are solely with respect to
the Applicable Trust.

            SECTION 8.02. GOVERNING LAW. THE AGREEMENT AND, UNTIL THE TRANSFER
DATE, THE APPLICABLE CERTIFICATES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. THIS SECTION 8.02 SUPERSEDES
AND REPLACES SECTION 12.05 OF THE BASIC AGREEMENT, WITH RESPECT TO THE
APPLICABLE TRUST.

            Section 8.03. EXECUTION IN COUNTERPARTS. This Trust Supplement may
be executed in any number of counterparts, each of which shall be an original,
but such counterparts shall together constitute but one and the same instrument.

            Section 8.04. INTENTION OF PARTIES. The parties hereto intend that
the Applicable Trust be classified for U.S. federal income tax purposes as a
grantor trust under Subpart E, Part I of Subchapter J of the Internal Revenue
Code of 1986, as amended, and not as a trust or association taxable as a
corporation or as a partnership. Each Applicable Certificateholder and Investor,
by its acceptance of its Applicable Certificate or a beneficial interest
therein, agrees to treat the Applicable Trust as a grantor trust for all U.S.
federal, state and local income tax purposes. The powers granted and obligations
undertaken pursuant to the Agreement shall be so construed so as to further such
intent.

<PAGE>

            IN WITNESS WHEREOF, the Company and the Trustee have caused this
Trust Supplement to be duly executed by their respective officers thereto duly
authorized, as of the day and year first written above.

                                      CONTINENTAL AIRLINES, INC.

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

                                      WILMINGTON TRUST COMPANY,
                                          as Trustee

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

<PAGE>

                                    EXHIBIT A

                               FORM OF CERTIFICATE

Certificate
No. ______

            [Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation ("DTC"),
to Issuer or its agent for registration of transfer, exchange or payment, and
any certificate issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch the registered owner hereof,
Cede & Co., has an interest herein.]<F1>

               CONTINENTAL AIRLINES PASS THROUGH TRUST 2002-1G-1-O

        Continental Airlines Pass Through Certificate, Series 2002-1G-1-O
                          Issuance Date: March 25, 2002

                     Final Maturity Date: February 15, 2013

            Evidencing A Fractional Undivided Interest In The Continental
            Airlines Pass Through Trust 2002-1G-1-O, The Property Of
            Which Shall Include Certain Equipment Notes Each Secured By
            An Aircraft Owned By Continental Airlines, Inc.

                 $[_____________] Fractional Undivided Interest
         representing 0.0007426993% of the Trust per $1,000 face amount

            THIS CERTIFIES THAT ____________________, for value received, is the
registered owner of a $___________ (___________________________________________
DOLLARS) Fractional Undivided Interest in the Continental Airlines Pass Through
Trust 2002-1G-1-O (the "TRUST") created by Wilmington Trust Company, as trustee
(the "TRUSTEE"), pursuant to a Pass Through Trust Agreement, dated as of
September 25, 1997 (the "BASIC AGREEMENT"), between the Trustee and Continental

-----------------
<F1>
This legend to appear on Book-Entry Certificates to be deposited with the
Depository Trust Company.

<PAGE>

Airlines, Inc., a Delaware corporation (the "COMPANY"), as supplemented by Trust
Supplement No. 2002-1G-1-O thereto, dated as of March 25, 2002 (the "TRUST
SUPPLEMENT" and, together with the Basic Agreement, the "AGREEMENT"), between
the Trustee and the Company, a summary of certain of the pertinent provisions of
which is set forth below. To the extent not otherwise defined herein, the
capitalized terms used herein have the meanings assigned to them in the
Agreement. This Certificate is one of the duly authorized Certificates
designated as "Continental Airlines Pass Through Certificates, Series
2002-1G-1-O" (herein called the "CERTIFICATES"). This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement.
By virtue of its acceptance hereof, the holder of this Certificate (the
"CERTIFICATEHOLDER" and, together with all other holders of Certificates issued
by the Trust, the "CERTIFICATEHOLDERS") assents to and agrees to be bound by the
provisions of the Agreement and the Intercreditor Agreement. The property of the
Trust includes certain Equipment Notes and all rights of the Trust to receive
payments under the Intercreditor Agreement, the Policy, the Above-Cap Liquidity
Facility and the Primary Liquidity Facility (the "TRUST PROPERTY"). Each issue
of the Equipment Notes is secured by, among other things, a security interest in
an Aircraft owned by the Company.

            The Certificates represent Fractional Undivided Interests in the
Trust and the Trust Property and have no rights, benefits or interest in respect
of any other separate trust established pursuant to the terms of the Basic
Agreement for any other series of certificates issued pursuant thereto.

            Subject to and in accordance with the terms of the Agreement and the
Intercreditor Agreement, from funds then available to the Trustee, there will be
distributed on February 15, May 15, August 15 and November 15 of each year (a
"REGULAR DISTRIBUTION Date") commencing May 15, 2002, to the Person in whose
name this Certificate is registered at the close of business on the 15th day
preceding the Regular Distribution Date, an amount in respect of the Scheduled
Payments on the Equipment Notes due on such Regular Distribution Date, the
receipt of which has been confirmed by the Trustee, equal to the product of the
percentage interest in the Trust evidenced by this Certificate and an amount
equal to the sum of such Scheduled Payments. Subject to and in accordance with
the terms of the Agreement and the Intercreditor Agreement, in the event that
Special Payments on the Equipment Notes are received by the Trustee, from funds
then available to the Trustee, there shall be distributed on the applicable
Special Distribution Date, to the Person in whose name this Certificate is
registered at the close of business on the 15th day preceding the Special
Distribution Date, an amount in respect of such Special Payments on the
Equipment Notes, the receipt of which has been confirmed by the Trustee, equal
to the product of the percentage interest in the Trust evidenced by this
Certificate and an amount equal to the sum of such Special Payments so received.
If a Regular Distribution Date or Special Distribution Date is not a Business
Day, distribution shall be made on the immediately following Business Day with
the same force and effect as if made on such Regular Distribution Date or
Special Distribution Date and interest shall accrue during the intervening
period. The Trustee shall mail notice of each Special Payment and the Special
Distribution Date therefor to the Certificateholder of this Certificate.

            Distributions on this Certificate will be made by the Trustee by
check mailed to the Person entitled thereto, without presentation or surrender
of this Certificate or the making of any notation hereon, except that with
respect to Certificates registered on the Record Date in the name of a Clearing

<PAGE>

Agency (or its nominee), such distribution shall be made by wire transfer.
Except as otherwise provided in the Agreement and notwithstanding the above, the
final distribution on this Certificate will be made after notice mailed by the
Trustee of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Trustee specified
in such notice.

            The Certificates do not represent a direct obligation of, or an
obligation guaranteed by, or an interest in, the Company or the Trustee or any
affiliate thereof. The Certificates are limited in right of payment, all as more
specifically set forth on the face hereof and in the Agreement. All payments or
distributions made to Certificateholders under the Agreement shall be made only
from the Trust Property and only to the extent that the Trustee shall have
sufficient income or proceeds from the Trust Property to make such payments in
accordance with the terms of the Agreement. Each Certificateholder of this
Certificate, by its acceptance hereof, agrees that it will look solely to the
income and proceeds from the Trust Property to the extent available for
distribution to such Certificateholder as provided in the Agreement. This
Certificate does not purport to summarize the Agreement and reference is made to
the Agreement for information with respect to the interests, rights, benefits,
obligations, privileges, and duties evidenced hereby. A copy of the Agreement
may be examined during normal business hours at the principal office of the
Trustee, and at such other places, if any, designated by the Trustee, by any
Certificateholder upon request.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Certificateholders under the Agreement at any time
by the Company and the Trustee with the consent of the Certificateholders
holding Certificates evidencing Fractional Undivided Interests aggregating not
less than a majority in interest in the Trust. Any such consent by the
Certificateholder of this Certificate shall be conclusive and binding on such
Certificateholder and upon all future Certificateholders of this Certificate and
of any Certificate issued upon the transfer hereof or in exchange hereof or in
lieu hereof whether or not notation of such consent is made upon this
Certificate. The Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Certificateholders of any of
the Certificates.

            As provided in the Agreement and subject to certain limitations set
forth therein, the transfer of this Certificate is registrable in the Register
upon surrender of this Certificate for registration of transfer at the offices
or agencies maintained by the Trustee in its capacity as Registrar, or by any
successor Registrar, duly endorsed or accompanied by a written instrument of
transfer in form satisfactory to the Trustee and the Registrar, duly executed by
the Certificateholder hereof or such Certificateholder's attorney duly
authorized in writing, and thereupon one or more new Certificates of authorized
denominations evidencing the same aggregate Fractional Undivided Interest in the
Trust will be issued to the designated transferee or transferees.

            Under certain circumstances set forth in Section 7.01 of the Trust
Supplement, all of the Trustee's right, title and interest to the Trust Property
may be assigned, transferred and delivered to the Related Trustee of the Related
Trust pursuant to the Assignment and Assumption Agreement. Upon the

<PAGE>

effectiveness of such Assignment and Assumption Agreement (the "TRANSFER"), the
Trust shall be terminated, the Certificateholders shall receive beneficial
interests in the Related Trust in exchange for their interests in the Trust
equal to their respective beneficial interests in the Trust, the Certificates
representing Fractional Undivided Interests in the Trust shall be deemed for all
purposes of the Agreement and the Related Pass Through Trust Agreement to be
certificates representing the same fractional undivided interests in the Related
Trust and its trust property. Each Certificateholder, by its acceptance of this
Certificate or a beneficial interest herein, agrees to be bound by the
Assignment and Assumption Agreement and subject to the terms of the Related Pass
Through Trust Agreement as a Certificateholder thereunder. From and after the
Transfer, unless and to the extent the context otherwise requires, references
herein to the Trust, the Agreement and the Trustee shall constitute references
to the Related Trust, the Related Pass Through Trust Agreement and trustee of
the Related Trust, respectively.

            The Certificates are issuable only as registered Certificates
without coupons in minimum denominations of $1,000 Fractional Undivided Interest
and integral multiples thereof, except that one Certificate may be issued in a
different denomination. As provided in the Agreement and subject to certain
limitations therein set forth, the Certificates are exchangeable for new
Certificates of authorized denominations evidencing the same aggregate
Fractional Undivided Interest in the Trust, as requested by the
Certificateholder surrendering the same.

            No service charge will be made for any such registration of transfer
or exchange, but the Trustee shall require payment of a sum sufficient to cover
any tax or governmental charge payable in connection therewith.

            Each Certificateholder and Investor, by its acceptance of this
Certificate or a beneficial interest herein, agrees to treat the Trust as a
grantor trust for all U.S. federal, state and local income tax purposes.

            The Trustee, the Registrar, and any agent of the Trustee or the
Registrar may treat the person in whose name this Certificate is registered as
the owner hereof for all purposes, and neither the Trustee, the Registrar, nor
any such agent shall be affected by any notice to the contrary.

            The obligations and responsibilities created by the Agreement and
the Trust created thereby shall terminate upon the distribution to
Certificateholders of all amounts required to be distributed to them pursuant to
the Agreement and the disposition of all property held as part of the Trust
Property.

            Any Person acquiring or accepting this Certificate or an interest
herein will, by such acquisition or acceptance, be deemed to have represented
and warranted to and for the benefit of the Company that either: (i) the assets
of an employee benefit plan subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or of a plan subject to Section 4975
of the Internal Revenue Code of 1986, as amended (the "CODE"), have not been
used to purchase this Certificate or an interest herein or (ii) the purchase and
holding of this Certificate or an interest herein are exempt from the prohibited

<PAGE>

transaction restrictions of ERISA and the Code pursuant to one or more
prohibited transaction statutory or administrative exemptions.

            THE AGREEMENT AND, UNTIL THE TRANSFER, THIS CERTIFICATE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. THE RELATED PASS THROUGH TRUST
AGREEMENT AND, FROM AND AFTER THE TRANSFER, THIS CERTIFICATE SHALL BE GOVERNED
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

            Unless the certificate of authentication hereon has been executed by
the Trustee, by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.

            IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

                                        CONTINENTAL AIRLINES PASS THROUGH TRUST
                                        2002-1G-1-O

                                        By:   WILMINGTON TRUST COMPANY,
                                              as Trustee

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

<PAGE>

               FORM OF THE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Certificates referred to in the within-mentioned
Agreement.

                                            WILMINGTON TRUST COMPANY,
                                                as Trustee

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

<PAGE>

                                    EXHIBIT B

                         [DTC Letter of Representations]

<PAGE>

                                    EXHIBIT C

                   FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT
               Continental Airlines Pass Through Trust 2002-1G-1-O

            ASSIGNMENT AND ASSUMPTION AGREEMENT (2002-1G-1), dated ________ __,
____ (the "ASSIGNMENT AGREEMENT"), between Wilmington Trust Company, a Delaware
banking corporation ("WTC"), not in its individual capacity except as expressly
provided herein, but solely as trustee under the Pass Through Trust Agreement
dated as of September 25, 1997 (as amended or modified from time to time, the
"BASIC AGREEMENT"), as supplemented by the Trust Supplement No. 2002-1G-1-O
dated as of March 25, 2002 (the "TRUST SUPPLEMENT" and together with the Basic
Agreement, the "AGREEMENT") in respect of the Continental Airlines Pass Through
Trust 2002-1G-1-O (the "ASSIGNOR"), and Wilmington Trust Company, a Delaware
banking corporation, not in its individual capacity except as expressly provided
herein, but solely as trustee under the Basic Agreement as supplemented by the
Trust Supplement No. 2002-1G-1-S dated as of March 25, 2002 (the "NEW
SUPPLEMENT", and, together with the Basic Agreement, the "NEW AGREEMENT") in
respect of the Continental Airlines Pass Through Trust 2002-1G-1-S (the
"ASSIGNEE").

                              W I T N E S S E T H:

            WHEREAS, the parties hereto desire to effect on the date hereof (the
"TRANSFER DATE") (a) the transfer by the Assignor to the Assignee of all of the
right, title and interest of the Assignor in, under and with respect to, among
other things, the Trust Property and each of the documents listed in Schedule I
hereto (the "SCHEDULED DOCUMENTS") and (b) the assumption by the Assignee of the
obligations of the Assignor (i) under the Scheduled Documents and (ii) in
respect of the Applicable Certificates issued under the Agreement; and

            WHEREAS, the Scheduled Documents permit such transfer upon
satisfaction of certain conditions heretofore or concurrently herewith being
complied with;

            NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements herein contained, the parties hereto do hereby agree as
follows (capitalized terms used herein without definition having the meaning
ascribed thereto in the Agreement):

            1. ASSIGNMENT. The Assignor does hereby sell, assign, convey,
transfer and set over unto the Assignee as of the Transfer Date all of its
present and future right, title and interest in, under and with respect to the
Trust Property and the Scheduled Documents and each other contract, agreement,
document or instrument relating to the Trust Property or the Scheduled Documents
(such other contracts, agreements, documents or instruments, together with the
Scheduled Documents, to be referred to as the "ASSIGNED DOCUMENTS"), and any
proceeds therefrom, together with all documents and instruments evidencing any
of such right, title and interest.

<PAGE>

            2. ASSUMPTION. The Assignee hereby assumes for the benefit of the
Assignor and each of the parties listed in Schedule II hereto (collectively, the
"BENEFICIARIES") all of the duties and obligations of the Assignor, whenever
accrued, pursuant to the Assigned Documents and hereby confirms that it shall be
deemed a party to each of the Assigned Documents to which the Assignor is a
party and shall be bound by all the terms thereof (including the agreements and
obligations of the Assignor set forth therein) as if therein named as the
Assignor. Further, the Assignee hereby assumes for the benefit of the Assignor
and the Beneficiaries all of the duties and obligations of the Assignor under
the Outstanding Applicable Certificates and hereby confirms that the Applicable
Certificates representing Fractional Undivided Interests under the Agreement
shall be deemed for all purposes of the Agreement and the New Agreement to be
certificates representing the same fractional undivided interests under the New
Agreement equal to their respective beneficial interests in the trust created
under the Agreement.

            3. EFFECTIVENESS. This Assignment Agreement shall be effective upon
the execution and delivery hereof by the parties hereto, and each Applicable
Certificateholder, by its acceptance of its Applicable Certificate or a
beneficial interest therein, agrees to be bound by the terms of this Assignment
Agreement.

            4. PAYMENTS. The Assignor hereby covenants and agrees to pay over to
the Assignee, if and when received following the Transfer Date, any amounts
(including any sums payable as interest in respect thereof) paid to or for the
benefit of the Assignor that, under Section 1 hereof, belong to the Assignee.

            5. FURTHER ASSURANCES. The Assignor shall, at any time and from time
to time, upon the request of the Assignee, promptly and duly execute and deliver
any and all such further instruments and documents and take such further action
as the Assignee may reasonably request to obtain the full benefits of this
Assignment Agreement and of the rights and powers herein granted. The Assignor
agrees to deliver any Applicable Certificates, and all Trust Property, if any,
then in the physical possession of the Assignor, to the Assignee.

            6. REPRESENTATIONS AND WARRANTIES. (a) The Assignee represents and
warrants to the Assignor and each of the Beneficiaries that:

            (i) it has all requisite power and authority and legal right to
      enter into and carry out the transactions contemplated hereby and to carry
      out and perform the obligations of the "Pass Through Trustee" under the
      Assigned Documents;

            (ii) on and as of the date hereof, the representations and
      warranties of the Assignee set forth in Section 7.15 of the Basic
      Agreement and Section 5.04 of the New Supplement are true and correct.

            (b) The Assignor represents and warrants to the Assignee that:

            (i) it is duly incorporated, validly existing and in good standing
      under the laws of the State of Delaware and has the full trust power,

<PAGE>

      authority and legal right under the laws of the State of Delaware and the
      United States pertaining to its trust and fiduciary powers to execute and
      deliver this Assignment Agreement;

            (ii) the execution and delivery by it of this Assignment Agreement
      and the performance by it of its obligations hereunder have been duly
      authorized by it and will not violate its articles of association or
      by-laws or the provisions of any indenture, mortgage, contract or other
      agreement to which it is a party or by which it is bound; and

            (iii) this Assignment Agreement constitutes the legal, valid and
      binding obligations of it enforceable against it in accordance with its
      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.

            7. GOVERNING LAW. THIS ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK INCLUDING MATTERS
OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

            8. COUNTERPARTS. This Assignment Agreement may be executed in any
number of counterparts, all of which together shall constitute a single
instrument. It shall not be necessary that any counterpart be signed by both
parties so long as each party shall sign at least one counterpart.

            9. THIRD PARTY BENEFICIARIES. The Assignee hereby agrees, for the
benefit of the Beneficiaries, that its representations, warranties and covenants
contained herein are also intended to be for the benefit of each Beneficiary,
and each Beneficiary shall be deemed to be an express third party beneficiary
with respect thereto, entitled to enforce directly and in its own name any
rights or claims it may have against such party as such beneficiary.

<PAGE>

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

                                        ASSIGNOR:

                                           WILMINGTON TRUST COMPANY, not in
                                           its individual capacity except as
                                           expressly provided herein, but
                                           solely as trustee under the Pass
                                           Through Trust Agreement and Trust
                                           Supplement in respect of the
                                           Continental Airlines Pass Through
                                           Trust 2002-1G-1-O

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

                                        ASSIGNEE:

                                           WILMINGTON TRUST COMPANY, not in
                                           its individual capacity except as
                                           expressly provided herein, but
                                           solely as trustee under the Pass
                                           Through Trust Agreement and Trust
                                           Supplement in respect of the
                                           Continental Airlines Pass Through
                                           Trust 2002-1G-1-S

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

<PAGE>

                                 Schedule I

                       Schedule of Assigned Documents

            (1) Intercreditor Agreement dated as of March 25, 2002 among the
Trustee, the Other Trustees, the Above-Cap Liquidity Provider, the Primary
Liquidity Provider, the primary liquidity provider relating to the Class G-2
Certificates, the Policy Provider and the Subordination Agent.

            (2) Escrow and Paying Agent Agreement (Class G-1) dated as of March
25, 2002 among the Escrow Agent, the Underwriters, the Trustee and the Paying
Agent.

            (3) Note Purchase Agreement dated as of March 25, 2002 among the
Company, the Trustee, the Other Trustees, the Depositary, the Escrow Agent, the
Paying Agent and the Subordination Agent.

            (4) Deposit Agreement (Class G-1) dated as of March 25, 2002 between
the Escrow Agent and the Depositary.

            (5) Each of the Operative Agreements (as defined in the
Participation Agreement for each Aircraft) in effect as of the Transfer Date.

<PAGE>

                                   Schedule II

                            Schedule of Beneficiaries

Wilmington Trust Company, not in its individual capacity but solely as
Subordination Agent

Wilmington Trust Company, not in its individual capacity but solely as Paying
Agent

Landesbank Hessen-Thuringen Girozentrale, as Primary Liquidity Provider

Merrill Lynch Capital Services, Inc., as Above-Cap Liquidity Provider

Merrill Lynch & Co., Inc., as Above-Cap Liquidity Guarantor

Ambac Assurance Corporation, as Policy Provider

Credit Suisse First Boston, New York Branch, as Depositary

Continental Airlines, Inc.

Credit Suisse First Boston Corporation, as Underwriter

J.P. Morgan Securities Inc., as Underwriter

Merrill Lynch, Pierce, Fenner & Smith, as Underwriter

Salomon Smith Barney Inc., as Underwriter

Morgan Stanley & Co. Incorporated, as Underwriter

Wells Fargo Bank Northwest, National Association, as Escrow Agent

Each of the other parties to the Assigned Documents

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