Document:

EXHIBIT 4.8

                                                                EXECUTION COPY

                                 AMTRAN, INC.

                           AMERICAN TRANS AIR, INC.

                                      and

                           WILMINGTON TRUST COMPANY

                                  as Trustee

                         PASS THROUGH TRUST AGREEMENT

                         Dated as of February 15, 2000

                American Trans Air 2000-1C-S Pass Through Trust
     9.644% Initial American Trans Air 2000-IC-S Pass Through Certificates
    9.644% Exchange American Trans Air 2000-IC-S Pass Through Certificates

<PAGE>
>

Reconciliation and tie between America Trans Air Pass Through Trust Agreement,
Series 2000-1C-S dated as of February 15, 2000, and the Trust Indenture Act of
1939. This reconciliation does not constitute part of the Pass Through Trust
Agreement.

    Trust Indenture Act                          Pass Through Trust
      of 1939 Section                            Agreement Section
    ------------------                           -----------------
    310(a)(1)                                     7.08
       (a)(2)                                     7.08
    312(a)                                        3.05; 8.01; 8.02
    313(a)                                        7.06; 8.03
    314(a)                                        8.04(a),(c) & (d)
    (a)(4)                                        8.04(e)
    (c)(1)                                        1.02
    (c)(2)                                        1.02
    (d)(1)                                        7.13; 11.01
    (d)(2)                                        7.13; 11.01
    (d)(3)                                        2.01
    (e)                                           1.02
    315(b)                                        7.02
    316(a)(last sentence)                         1.04(c)
       (a)(1)(A)                                  6.04
       (a)(1)(B)                                  6.05
       (b)                                        6.06
       (c)                                        1.04(e)
    317(a)(1)                                     6.03
        (b)                                       7.13
    318(a)                                        12.05

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                               TABLE OF CONTENTS

                                                                           Page

ARTICLE I  DEFINITIONS....................................................... 2
      Section 1.01. Definitions...............................................2
      Section 1.02. Compliance Certificates and Opinions.....................14
      Section 1.03. Form of Documents Delivered to Trustee...................15
      Section 1.04. Directions of Certificateholders.........................15

ARTICLE II  ORIGINAL ISSUANCE OF CERTIFICATES;...............................17
      Section 2.01. Acquisition of Trust Property............................17
      Section 2.02. Acceptance by Trustee....................................17
      Section 2.03. Limitation of Powers.....................................17

ARTICLE III THE CERTIFICATES.................................................18
      Section 3.01. Title, Form, Denomination and Execution
                    of Certificates..........................................18
      Section 3.02. Restrictive Legends......................................20
      Section 3.03. Authentication of Certificates...........................22
      Section 3.04. Transfer and Exchange....................................22
      Section 3.05. Book-Entry Provisions for U.S. Global Certificate
                    and Offshore Global Certificates.........................23
      Section 3.06. Special Transfer Provisions..............................24
      Section 3.07. Mutilated, Destroyed, Lost or Stolen Certificates........27
      Section 3.08. Persons Deemed Owners....................................27
      Section 3.09. Cancellation.............................................28
      Section 3.10. Limitation of Liability for Payments.....................28
      Section 3.11. Temporary Certificates...................................28

ARTICLE IV  DISTRIBUTIONS; STATEMENTS TO.....................................29
      Section 4.01. Certificate Account and Special Payments Account.........29
      Section 4.02. Distributions from Certificate Account and Special
                    Payments Account.........................................29
      Section 4.03. Statements to Certificateholders.........................31
      Section 4.04. Investment of Special Payment Moneys.....................32

ARTICLE V  THE COMPANY.......................................................33
     Section 5.01. Maintenance of Corporate Existence........................33
     Section 5.02. Consolidation, Merger, Etc................................33
     Section 5.03. Rule 144A(d)(4) Information...............................34

ARTICLE VI  DEFAULT..........................................................34
     Section 6.01. Events of Default.........................................34
     Section 6.02. Incidents of Sale of Equipment Notes......................36
     Section 6.03. Judicial Proceedings Instituted by Trustee;
                   Trustee May Bring Suit....................................37
     Section 6.04. Control by Certificateholders.............................37
     Section 6.05. Waiver of Past Defaults...................................38
     Section 6.06. Right of Certificateholders to Receive
                   Payments Not to Be Impaired...............................38
     Section 6.07. Certificateholders May Not Bring Suit Except
                   Under Certain Conditions..................................39

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   Section 6.08. Remedies Cumulative.........................................39
   Section 6.09. Undertaking for Costs.......................................39

ARTICLE VII  THE TRUSTEE.....................................................40
   Section 7.01. Notice of Defaults..........................................40
   Section 7.02. Certain Rights of Trustee...................................40
   Section 7.03. Not Responsible for Recitals or Issuance
                 of Certificates.............................................41
   Section 7.04. May Hold Certificates.......................................42
   Section 7.05. Money Held in Trust.........................................42
   Section 7.06. Compensation and Reimbursement..............................42
   Section 7.07. Corporate Trustee Required, Eligibility.....................43
   Section 7.08. Resignation and Removal: Appointment of Successor...........44
   Section 7.09. Acceptance of Appointment by Successor......................45
   Section 7.10. Merger, Conversion, Consolidation or
                 Succession to Business......................................46
   Section 7.11. Maintenance of Agencies.....................................46
   Section 7.12. Money for Certificate Payments to Be Held in Trust..........47
   Section 7.13. Registration of Equipment Notes in Name of
                 Subordination Agent.........................................47
   Section 7.14. Representations and Warranties of Trustee...................48
   Section 7.15. Withholding Taxes, Information Reporting....................49
   Section 7.16. Trustee's Liens.............................................50
   Section 7.17. Preferential Collection of Claims...........................50

ARTICLE VIII  CERTIFICATEHOLDERS' LISTS AND REPORTS BY TRUSTEE...............51
   Section 8.01  The Company to Furnish Trustee with Names and
                 Addresses of Certificateholders.............................51
   Section 8.02. Preservation of Information; Communications to
                 Certificateholders..........................................51
   Section 8.03. Reports by Trustee..........................................51
   Section 8.04. Reports by the Guarantor and Company........................51

ARTICLE IX  SUPPLEMENTAL AGREEMENTS..........................................52
   Section 9.01. Supplemental Agreements Without Consent of
                 Certificateholders..........................................52
   Section 9.02. Supplemental Agreements with Consent of
                 Certificateholders..........................................54
   Section 9.03. Documents Affecting Immunity or Indemnity...................55
   Section 9.04. Execution of Supplemental Agreements........................55
   Section 9.05. Effect of Supplemental Agreements...........................55
   Section 9.06. Conformity with Trust Indenture Act.........................55
   Section 9.07. Reference in Certificates to Supplemental Agreements........55

ARTICLE X  AMENDMENTS TO INDENTURES AND NOTE DOCUMENTS.......................56
   Secction 10.01. Amendments and Supplements to Indentures and Other Note
                   Documents.................................................56

ARTICLE XI  TERMINATION OF TRUSTS............................................57
   Section 11.01. Termination of the Trust...................................57

ARTICLE XII  MISCELLANEOUS PROVISIONS........................................58
   Section 12.01. Limitation on Rights of Certificateholders.................58
   Section 12.02. Liabilities of Certificateholders..........................58
   Section 12.03. Certificates Nonassessable and Fully Paid..................58
   Section 12.04. Notices....................................................58
   Section 12.05. Governing Law..............................................59

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   Section 12.06. Severability of Provisions.................................59
   Section 12.07. Effect of Headings and Table of Contents...................60
   Section 12.08. Successors and Assigns.....................................60
   Section 12.09. Benefits of Agreement......................................60
   Section 12.10. Legal Holidays.............................................60
   Section 12.11. Counterparts...............................................60
   Section 12.12. Communication by Certificateholders with Other
                  Certificateholders.........................................60
   Section 12.13. Intention of Parties.......................................60

Exhibit A- Form of Certificate to be Delivered in Connection with
           Transfers Pursuant to Regulation S

Exhibit B- Form of Certificate to be Delivered in Connection with
           Transfers to Non-QIB Accredited Investors

Exhibit C- Form of Certificate to be Delivered in Connection with
           Transfers to QIBs

                                      iii

<PAGE>

          This PASS THROUGH TRUST AGREEMENT, dated as of February 15, 2000,
among AMTRAN, INC., an Indiana corporation (the "Guarantor"), AMERICAN TRANS
AIR, INC., an Indiana corporation (the "Company"), and WILMINGTON TRUST
COMPANY, a Delaware banking corporation, as Trustee, is made with respect to
the formation of the American Trans Air 2000-1C-S Pass Through Trust, and the
issuance of 9.644% American Trans Air 2000- 1C-S Pass Through Certificates
representing fractional undivided interests in the Trust.

                                  WITNESSETH:

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

          WHEREAS, as of the Transfer Date (as defined below), the Company
will have financed the acquisition of all or a portion of such Aircraft either
(i) through separate leveraged lease transactions in which the Company leases
such aircraft (collectively, the "Leased Aircraft") or (ii) through separate
secured loan transactions in which the Company owns such Aircraft
(collectively, the "Owned Aircraft");

          WHEREAS, as of the Transfer Date (as defined below), in the case of
each Leased Aircraft, each Owner Trustee, acting on behalf of the
corresponding Owner Participant, will have issued pursuant to an Indenture, on
a non-recourse basis, two series of Equipment Notes in order to finance a
portion of the purchase price of each such Leased Aircraft;

          WHEREAS, as of the Transfer Date (as defined below), in the case of
each Owned Aircraft, the Company, will have issued pursuant to an Indenture,
on a recourse basis, two series of Equipment Notes to finance a portion of the
purchase price of each such Owned Aircraft;

          WHEREAS, as of the Transfer Date (as defined below), the Related
Trustee will assign, transfer and deliver all of such trustee's right, title
and interest to the trust property held by the Related Trustee to the Trustee
pursuant to the Assignment and Assumption Agreement (as defined below);

          WHEREAS, the Trustee, effectively only, but automatically upon
execution and delivery of the Assignment and Assumption Agreement, will be
deemed to have declared the creation of this Trust (the "2000-1C-S Trust") for
the benefit of the Certificateholders, and each Holder of Certificates
outstanding as of the Transfer Date, as the grantors of the 2000-1C-S Trust,
by their respective acceptances of the Certificates, will join in the creation
of this 2000-1C- S Trust with the Trustee;

          WHEREAS, (i) the Company as the "issuer", as such term is defined in
and solely for the purposes of the Securities Act of 1933, as amended, of the
Certificates to be issued pursuant hereto, and as the "obligor", as such term
is defined in and solely for the purposes of the Trust Indenture Act of 1939,
as amended, and (ii) the Guarantor have each duly authorized the execution,
delivery and effectiveness of this Agreement with respect to all such
Certificates and are undertaking to perform certain administrative and
ministerial duties hereunder and are also undertaking to pay the fees and
expenses of the Trustee;

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

<PAGE>

          WHEREAS, upon issuance of the Exchange Certificates, if any, or the
effectiveness of the Shelf Registration Statement, this Agreement, as amended
or supplemented from time to time, will be subject to the provisions of the
Trust Indenture Act of 1939, and shall, to the extent applicable, be governed
by such provisions;

          NOW, THEREFORE, in consideration of the mutual agreements herein
contained, and of other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as
follows:

                                   ARTICLE I

                                  DEFINITIONS

          Section 1.01. Definitions. For all purposes of this Agreement,
except as otherwise expressly provided or unless the context otherwise
requires:

               (1) the terms used herein that are defined in this Article
          have the meanings assigned to them in this Article, and include
          the plural as well as the singular;

               (2) all other terms used herein which are defined in the
          Trust Indenture Act, either directly or by reference herein, have
          the meanings assigned to them therein;

               (3) all references in this Agreement to designated
          "Articles", "Sections" and other subdivisions are to the
          designated Articles, Sections and other subdivisions of this
          Agreement;

               (4) the words "herein", "hereof' and "hereunder" and other
          words of similar import refer to this Agreement as a whole and
          not to any particular Article, Section or other subdivision; and

              (5) unless the context otherwise requires, whenever the
         words "including", "include" or "includes" are used herein, it shall
         be deemed to be followed by the phrase "without limitation".

          Accountants: Has the meaning specified in Section 7.15(b).

          Affiliate: With respect to any specified Person, means any other
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such Person. For the purposes of this definition,
"control", when used with respect to any specified Person, means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise,
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

          Agent Members: Has the meaning specified in Section 3.05(a).

          Aircraft: Means each of the Aircraft or Substitute Aircraft in
respect of which a Participation Agreement is entered into in accordance with
the Note Purchase Agreement.

          Ambac: Means Ambac Assurance Corporation, in its capacity as the
Policy Provider as specified in the Intercreditor Agreement.

                                       2

<PAGE>

          Applicable Delivery Date: Has the meaning specified in Section
2.01(b).

          Applicable Participation Agreement: Has the meaning specified in
Section 2.01(b).

          Assignment and Assumption Agreement: Means the assignment and
assumption agreement substantially in the form of Exhibit D to the Related
Pass Through Trust Agreement executed and delivered in accordance with Section
11.01 thereto.

          Authorized Agent: Means any Paying Agent or Registrar for the
Certificates.

          Avoidable Tax: Has the meaning specified in Section 7.08(e) hereof.

          Book-Entry Certificates: With respect to the Certificates, means a
beneficial interest in the Certificates, ownership and transfers of which
shall be made through book entries as described in Section 3.04.

          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 Indianapolis,
Indiana or New York, New York and, so long as any such Certificate is
outstanding, the city and state in which the Trustee or any related Loan
Trustee maintains its Corporate Trust Office or receives and disburses funds.

          Certificate: Means any one of the Initial Certificates or Exchange
Certificates issued by the Related Trust and that are "Outstanding" (as
defined in the Related Pass Through Trust Agreement) as of the Transfer Date
(the "Transfer Certificates") and any such Initial Certificates or Exchange
Certificates issued in exchange thereafter or replacement thereof pursuant to
this Agreement.

          Certificate Account: Means the account or accounts created and
maintained pursuant to Section 4.01(a).

          Certificateholder or Holder: Means the Person in whose name a
Certificate is registered in the Register.

          Class D Certificateholder: Means, at any time, any holder of one or
more pass through certificates issued by the American Trans Air Pass Through
Trust, Series 2000-1D, if and when established.

          Clearing Agency: Means an organization registered as a "clearing
agency" pursuant to Section 17A of the Securities Exchange Act
of 1934, as amended.

          Clearing Agency Participant: Means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects, directly or indirectly, book-entry transfers and pledges of
securities deposited with the Clearing Agency.

          Code: Means the Internal Revenue Code of 1986, as amended.

          Company: Means American Trans Air, Inc., an Indiana corporation, or
its successor in interest pursuant to Section 5.02.

          Controlling Party: Has the meaning specified in the Intercreditor
Agreement.

                                       3

<PAGE>

          Corporate Trust Office: With respect to the Trustee or any Loan
Trustee, means the office of such trustee in the city at which at any
particular time its corporate trust business shall be principally
administered.

          Delivery Period Termination Date: Has the meaning specified in Annex
A to the  Note Purchase Agreement.

          Deposit Agreement: Means the Deposit Agreement (Class C) dated as of
February 15, 2000 relating to the 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.

          Depositary: Means Citibank, N.A., a national banking association.

          Deposits: Has the meaning specified in the Deposit Agreement.

          Direction: Has the meaning specified in Section 1.04(a).

          Distribution Date: Means each Regular Distribution Date and each
Special Distribution Date.

          DTC: Means The Depository Trust Company, its nominees and their
respective successors.

          Equipment Note: Means the "Secured Certificates" as defined in the
Indentures.

          ERISA: Means the Employee Retirement Income Security Act of 1974, as
amended from time to time, or any successor federal statute.

          Escrow Agent: Means, initially, First Security Bank, National
Association, and any replacement or successor therefor appointed
in accordance with the Escrow Agreement.

          Escrow Agreement: Means the Escrow and Paying Agent Agreement (Class
C) dated as of February 15, 2000 relating to the Certificates, among the
Escrow Agent, the Escrow Paying Agent, the Related Trustee (and after the
Transfer Date, the Trustee) and the Initial Purchasers, 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.

          Euroclear: Means the Euroclear System.

          Event of Default: Means the occurrence of an Indenture Default under
any Indenture pursuant to which Equipment Notes held by the Trust were issued.

          Exchange Act: Has the meaning specified in Section 5.03.

                                       4

<PAGE>

          Exchange Certificates: Means the pass through certificates
substantially in the form of Exhibit A hereto issued in exchange for the
Initial Certificates pursuant to the Registration Rights Agreement and
authenticated hereunder.

          Exchange Offer: Means the exchange offer which may be made pursuant
to the  Registration Rights Agreement to exchange Initial
Certificates for Exchange Certificates.

          Exchange Offer Registration Statement: Means the registration
statement that, pursuant to the Registration Rights Agreement, is filed by the
Company with the SEC with respect to the exchange of Initial Certificates for
Exchange Certificates.

          FAA: Has the meaning specified in Section 5.02(a). ---

          Final Withdrawal: Has the meaning specified in the Escrow Agreement.

          Final Withdrawal Date: Has the meaning specified in the Escrow
Agreement.

          Fractional Undivided Interest: Means the fractional undivided
interest in the Trust that is evidenced by a Certificate.

          Global Certificates: Has the meaning assigned to such term in
Section 3.01(d).

          Global Exchange Certificate: Has the meaning specified in Section
3.01(h).

          Guarantor: Means Amtran, Inc., an Indiana corporation, or its
successor in interest.

          Indenture: Means each of the seven separate trust indenture and
mortgage agreements relating to the Aircraft, each entered into pursuant to
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.

          Indenture Default: With respect to any Indenture, means any Event of
Default (as such term is defined in such Indenture).

          Initial Certificates: Means the certificates issued and
authenticated under the Related Pass Through Trust Agreement, and any
certificates issued and authenticated thereunder substantially in the form of
Exhibit A thereto other than the Exchange Certificates.

          Initial Purchasers: Means Salomon Smith Barney Inc., Morgan Stanley
& Co. Incorporated, Chase Securities Inc. and Banc One
Capital Markets, Inc.

          Initial Regular Distribution Date: Means the first Regular
Distribution Date on which a Scheduled Payment is to be made.

          Institutional Accredited Investor: Means an institutional investor
that is an "accredited investor" within the meaning set forth in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

          Intercreditor Agreement: Means the Intercreditor Agreement dated
February 15, 2000 among the Related Trustee (and after the Transfer Date, the
Trustee), the Related Other

                                       5

<PAGE>

Trustees (and after the Transfer Date, the Other Trustees) the Liquidity
Provider, the liquidity providers, if any, relating to the Certificates issued
under (and as defined in) the Related Other Pass Through Trust Agreements, the
Policy Provider and Wilmington Trust Company, as Subordination Agent
thereunder, as amended, supplemented or otherwise modified from time to time
in accordance with its terms.

          Issuance Date: Means the date of the issuance of the Initial
Certificates.

          Lease: Means, with respect to each Leased Aircraft, the lease
between an Owner Trustee, as the lessor, and the Company, as the lessee,
referred to in the related Indenture, as each such lease may be amended,
supplemented or otherwise modified in accordance with its terms.

          Leased Aircraft: Has the meaning specified in the second recital to
this Agreement.

          Letter of Representations: Means the agreement dated the Issuance
Date amongthe Company, the Trustee and the initial
Clearing Agency.

          Liquidity Facility: Means the Revolving Credit Agreement (2000-1C)
dated February 15, 2000 relating to the Certificates between the Liquidity
Provider and the Subordination Agent, as amended, replaced, supplemented or
otherwise modified from time to time in accordance with its terms and the
terms of the Intercreditor Agreement.

          Liquidity Provider: Means, initially, Citibank, N.A., and any
replacement or successor therefor appointed in accordance
with the Liquidity Facility and the Intercreditor Agreement.

          Loan Trustee: With respect to any Equipment Note or the Indenture
applicable thereto, means the bank or trust company designated as loan or
indenture trustee under such Indenture, not in its individual capacity but
solely as trustee; and any successor to such Loan Trustee as such trustee; and
Loan Trustees means all of the Loan Trustees under the Indentures.

          Non-U.S. Person: Means a Person that is not a U.S. Person as defined
in Regulation S.

          Note Documents: With respect to any Equipment Note, means the
related Indenture, Lease (if the related Aircraft is leased to
the Company) and Participation Agreement.

          Note Purchase Agreement: Means the Note Purchase Agreement dated as
of February 15, 2000 among the Related Trustee (and after the Transfer Date,
the Trustee), the Related Other Trustees (and after the Transfer Date, the
Other Trustees), the Company, the Escrow Agent, the Escrow Paying Agent and
the Subordination Agent, as the same may be amended, supplemented or otherwise
modified from time to time, in accordance with its terms.

          Offering Memorandum: Means the Offering Memorandum dated February 8,
2000 relating to the offering of the Certificates and the other certificates
under the Related Other Pass Through Trust Agreements.

          Officer's Certificate: Means a certificate signed (a) in the case of
the Guarantor or the Company, by (i) the President or any Executive Vice
President or Senior Vice President of the Guarantor or the Company,
respectively, signing alone or (ii) any Vice President of the Guarantor or the
Company signing together with the Secretary, the Assistant Secretary, the
Treasurer or any

                                       6

<PAGE>

Assistant Treasurer of the Guarantor or the Company, respectively, or (b) in
the case of the Trustee or an Owner Trustee or a Loan Trustee, a Responsible
Officer of the Trustee or such Owner Trustee or such Loan Trustee, as the case
may be.

          Offshore Global Certificates: Has the meaning assigned to such term
in Section 3.01(d).

          Offshore Physical Certificates: Has the meaning assigned to such
term in Section 3.01(e).

          Opinion of Counsel: Means a written opinion of legal counsel who (a)
in the case of counsel for the Guarantor or the Company, may be (i) a senior
attorney in rank of the officers of the Guarantor or the Company a principal
duty of which is furnishing advice as to legal matters or (ii) such other
counsel designated by the Guarantor or the Company and reasonably acceptable
to the Trustee and (b) in the case of any Owner Trustee or any Loan Trustee,
may be such counsel as may be designated by any of them whether or not such
counsel is an employee of any of them, and who shall be reasonably acceptable
to the Trustee.

          Other Pass Through Trust Agreement: Means the American Trans Air
2000-1G-S Pass Through Trust Agreement relating to the American Trans Air
2000-1G-S Pass Through Trust, dated the date hereof.

          Other Trust: Means the American Trans Air 2000-1G-S Pass Through
Trust.

          Other Trustee: Means the trustee under the Other Pass Through Trust
Agreement, and any successor or other trustee appointed as
provided therein.

          Outstanding: With respect to Certificates, means, as of the date of
determination, all Transfer Date Certificates, and all other Certificates
theretofore authenticated and delivered under this Agreement, in each case
except:

          (i) Certificates theretofore canceled by the Registrar or delivered
     to the Trustee or the Registrar for cancellation;

          (ii) Certificates for which money in the full amount required to
     make the final distribution with respect to such Certificates pursuant to
     Section 11.01 hereof has been theretofore deposited with the Trustee in
     trust for the Holders of such Certificates as provided in Section 4.01
     pending distribution of such money to such Certificateholders pursuant to
     payment of such final distribution; and

          (iii) Certificates in exchange for or in lieu of which other
     Certificates have been authenticated and delivered pursuant to this
     Agreement.

          Owned Aircraft: Has the meaning specified in the second recital to
this Agreement.

          Owner Participant: With respect to any Equipment Note, means the
"Owner Participant" as referred to in the Indenture pursuant to which such
Equipment Note is issued and any permitted successor or assign of such Owner
Participant; and Owner Participants at any time of determination means all of
the Owner Participants thus referred to in the Indentures.

                                       7

<PAGE>

          Owner Trustee: With respect to any Equipment Note relating to a
Leased Aircraft, means the "Owner Trustee", as referred to in the Indenture
pursuant to which such Equipment Note is issued, not in its individual
capacity but solely as trustee; and Owner Trustees means all of the Owner
Trustees party to any of the Indentures.

          Participation Agreement: Means each Participation Agreement to be
entered into by the Related Trustee and the Related Other Trustees pursuant to
the Note Purchase Agreement, as the same may be amended, supplemented or
otherwise modified in accordance with its terms; and Participation Agreements
means all such agreements.

          Paying Agent: Means the paying agent maintained and appointed for
the Certificates pursuant to Section 7.11.

          Permitted Investments: Means obligations of the United States of
America or agencies or instrumentalities thereof for the payment of which the
full faith and credit of the United States of America is pledged, maturing in
not more than 60 days after the acquisition thereof or such lesser time as is
required for the distribution of any Special Payments on a Special
Distribution Date.

          Person: Means any person, including any individual, corporation,
limited liability company, partnership, joint venture, association, joint
stock company, trust, trustee, unincorporated organization, or government or
any agency or political subdivision thereof.

          Physical Certificates: Has the meaning specified in Section 3.01(e).

          Policy: 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 "Certificates" as defined in the Related Pass Through Trust
Agreement less (ii) the aggregate amount of all payments made in respect of
such Certificates other than payments made in respect of interest or premium
thereon or reimbursement of any costs or expenses incurred in connection
therewith less (iii) the aggregate amount of unused Deposits distributed as a
Final Withdrawal other than payments in respect of interest or premium
thereon. The Pool Balance as of any Distribution Date shall be computed after
giving effect to the payment of principal, if any, on the Equipment Notes or
other Trust Property held in the Trust and the distribution thereof to be made
on such Distribution Date and the distribution of the Final Withdrawal to be
made on such Distribution Date.

          Pool Factor: Means, as of any date, the quotient (rounded to the
seventh decimal place) computed by dividing (i) the Pool Balance as at such
date by (ii) the original aggregate face amount of the "Certificates" as
defined in the Related Pass Through Trust Agreement. The Pool Factor as of any
Distribution Date shall be computed after giving effect to the payment of
principal, if any, on the Equipment Notes or other Trust Property and the
distribution thereof to be made on such Distribution Date and the distribution
of the Final Withdrawal to be made on such Distribution Date.

                                       8

<PAGE>

          Private Placement Legend: Has the meaning specified in Section 3.02.

          PTC Event of Default: Means any failure to pay within 10 Business
Days of the due date thereof: (i) the outstanding Pool Balance on the Final
Legal Distribution Date or (ii) interest due on the Certificates on any
Distribution Date (unless the Subordination Agent shall have made an Interest
Drawing (as defined in the Intercreditor Agreement), a withdrawal or
withdrawals from a cash collateral account pursuant to Section 3.6(f) of the
Intercreditor Agreement, with respect thereto in an amount sufficient to pay
such interest (or such Pool Balance, as the case may be) and shall have
distributed such amount to the Trustee entitled thereto).

          Purchase Agreement: Means the Purchase Agreement dated February 8,
2000 among the Initial Purchasers, the Company, the Guarantor and the
Depositary, as the same may be amended, supplemented or otherwise modified
from time to time in accordance with its terms.

          QIB: Means a qualified institutional buyer as defined in Rule 144A.

          Record Date: Means (i) for Scheduled Payments to be distributed on
any Regular Distribution Date, other than the final distribution, the 15th day
(whether or not a Business Day) preceding such Regular Distribution Date, and
(ii) for Special Payments to be distributed on any Special Distribution Date,
other than the final distribution, the 15th day (whether or not a Business
Day) preceding such Special Distribution Date.

          Register and Registrar: Mean the register maintained and the
registrar appointed pursuant to Sections 3.04 and 7.11.

          Registration Event: Means the declaration of the effectiveness by
the SEC of the Exchange Offer Registration Statement or the
Shelf Registration Statement.

          Registration Rights Agreement: Means the Exchange and Registration
Rights Agreement dated as of February 15, 2000, among the Initial Purchasers,
the Related Trustee (and after the Transfer Date, the Trustee), the Related
Other Trustee (and after the Transfer Date, the Other Trustee) and the
Company, as amended, supplemented or otherwise modified from time to time in
accordance with its terms.

          Regular Distribution Date: With respect to distributions of
Scheduled Payments in respect of the Certificates, means each date designated
as a Regular Distribution Date in the Certificates issued pursuant to this
Agreement, until payment of all the Scheduled Payments to be made under the
Equipment Notes held in the Trust have been made; provided, however, that, if
any such day shall not be a Business Day, the related distribution shall be
made on the next succeeding Business Day without additional interest.

          Regulation S: Means Regulation S under the Securities Act and any
successor regulation thereto.

          Regulation S Restricted Date: Means the date 40-days after the later
of the commencement of the initial offering of the Initial Certificates and
the date of initial issuance thereof.

          Related Other Pass Through Trust Agreement: Means the "Other Pass
Through Trust Agreement" as defined in the Related Pass Through Trust Agreement.

                                       9

<PAGE>

          Related Other Trustee: Means the "Other Trustee" as defined in the
Related Pass Through Trust Agreement.

          Related Other Trust: Means the "Other Trust" as defined in the
Related Pass Through Trust Agreement.

          Related Pass Through Trust Agreement: Means the American Trans Air
2000-1C- O Pass Through Trust Agreement relating to the American Trans Air
2000-1C-O Pass Through Trust, dated as of February 15, 2000, between the
Company and the institution acting as trustee thereunder, as amended,
supplemented or otherwise modified from time to time in accordance with its
terms.

          Related Trust: Means the American Trans Air 2000-1C-O Pass Through
Trust, formed under the Related Pass Through Trust Agreement.

          Related Trustee: Means the institution serving as trustee under the
Related Pass Through Trust Agreement.

          Request: Means a request by the Company setting forth the subject
matter of the request accompanied by an Officer's Certificate and an Opinion
of Counsel as provided in Section 1.02 of this Agreement.

          Responsible Officer: With respect to the Trustee, any Loan Trustee
and any Owner Trustee, means any officer in the Corporate Trust Office of the
Trustee, Loan Trustee or Owner Trustee or any other officer customarily
performing functions similar to those performed by the persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is
referred because of his knowledge of and familiarity with a particular
subject.

          Rule 144A: Means Rule 144A under the United States Securities Act
and any successor rule thereto.

          Scheduled Payment: With respect to any Equipment Note, means (i) any
payment of principal or interest on or in respect of such Equipment Note or
any payment of interest on the Certificates with funds drawn under the
Liquidity Facility (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) due from the obligor thereon or
(ii) any payment of interest on the Certificates with funds drawn under the
Liquidity Facility, which payment in any such case represents the installment
of principal at the stated maturity of such installment of principal on such
Equipment Note, the payment of regularly scheduled interest accrued on the
unpaid principal amount of such Equipment Note, or both; provided that any
payment of principal, premium, if any, or interest resulting from the
redemption or purchase of any Equipment Note shall not constitute a Scheduled
Payment.

          SEC: Means the Securities and Exchange Commission as from time to
time constituted or created under the United States Securities Exchange Act of
1934, as amended, or, if at any time after the execution of this instrument
such Commission is not existing and performing the duties now assigned to it
under the Trust Indenture Act, then the body performing such duties on such
date.

          Securities Act: Means the United States Securities Act of 1933, as
amended from time to time, or any successor thereto.

                                      10

<PAGE>

          Shelf Registration Statement: Means the shelf registration statement
which may be required to be filed by the Company with the SEC pursuant to any
Registration Rights Agreement, other than an Exchange Offer Registration
Statement.

          Special Distribution Date: Means each date on which a Special
Payment is to be distributed as specified in this Agreement; provided,
however, that, if any such day shall not be a Business Day, the related
distribution shall be made on the next succeeding Business Day without
additional interest.

          Special Redemption Premium: Means the premium payable by the Company
in respect of the Final Withdrawal pursuant to the Note Purchase Agreement.

          Special Payment: Means any payment (other than a Scheduled Payment)
in respect of, or any proceeds of, any Equipment Note or Trust Indenture
Estate (as defined in each Indenture) or Special Redemption Premium (if
applicable).

          Special Payments Account: Means the account or accounts created and
 maintained pursuant to Section 4.01(b).

          Subordination Agent: Has the meaning specified therefor in the
Intercreditor Agreement.

          Substitute Aircraft: Has the meaning specified in Section 1(g) of
the Note Purchase Agreement.

          Transfer Date: Means the moment of execution and delivery of the
Assignment and Assumption Agreement by each of the parties
thereto.

          Transfer Date Certificates: Has the meaning specified in the
definition of "Certificates".

          Trust: Means the trust created by this Agreement, the estate of
which consists of Trust Property.

          Trust Indenture Act: Means the United States Trust Indenture Act of
1939, as amended from time to time.

          Trust Property: Means (i) the Equipment Notes held as the property
of the Trust and, subject to the Intercreditor Agreement, all monies at any
time paid thereon and all monies due and to become due thereunder, (ii) all
rights of the Trust and the Trustee, on behalf of the Trust, under the
Intercreditor Agreement, the Escrow Agreement, the Note Purchase Agreement and
the Liquidity Facilities, including, without limitation, all rights to receive
certain payments thereunder, and all monies paid to the Trustee on behalf of
the Trust pursuant to the Intercreditor Agreement or the Liquidity Facilities,
provided, that rights with respect to the Deposits or under the Escrow
Agreement will not constitute Trust Property, and (iii) the 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 hereof of any such Equipment Note.

                                      11

<PAGE>

          Trustee: Means Wilmington Trust Company, not in its individual
capacity but solely as trustee, or its successor in interest, and any
successor trustee appointed as provided herein.

          Trustee's Lien: Has the meaning specified in section 7.16.

          U.S. Global Certificate: Has the meaning specified in Section
3.01(c).

          U.S. Physical Certificates: Has the meaning specified in Section
3.01(e).

          Section 1.02. Compliance Certificates and Opinions. Upon any
application or request (except with respect to matters set forth in Article
II) by the Company, any Owner Trustee or any Loan Trustee to the Trustee to
take any action under any provision of this Agreement, the Company, such Owner
Trustee or such Loan Trustee, as the case may be, shall furnish to the Trustee
(i) an Officer's Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Agreement relating to the
proposed action have been complied with and (ii) an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any,
have been complied with, except that in the case of any such application or
request as to which the furnishing of such documents is specifically required
by any provision of this Agreement relating to such particular application or
request, no additional certificate or opinion need be furnished.

          Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Agreement (other than a certificate
provided pursuant to Section 8.04(d)) shall include:

          (1) a statement that each individual signing such certificate or
     opinion has read such covenant or condition and the definitions in this
     Agreement relating thereto;

          (2) a brief statement as to the nature and scope of the examination
     or investigation upon which the statements or opinions contained in such
     certificate or opinion are based;

          (3) a statement that, in the opinion of each such individual, he has
     made such examination or investigation as is necessary to enable him to
     express an informed opinion as to whether or not such covenant or
     condition has been complied with; and

          (4) a statement as to whether, in the opinion of each such
     individual, such condition or covenant has been complied with.

          Section 1.03. Form of Documents Delivered to Trustee. In any case
where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters and any such Person may certify or give an
opinion as to such matters in one or several documents.

          Any Opinion of Counsel stated to be based on the opinion of other
counsel shall be accompanied by a copy of such other opinion.

                                      12

<PAGE>

          Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Agreement, they may, but need not, be consolidated and
form one instrument.

          Section 1.04. Directions of Certificateholders. (a) Anyd
irection,consent, request, demand, authorization, notice, waiver or other
action provided by this Agreement to be given or taken by Certificateholders
(a "Direction") may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Certificateholders in person or by
an agent or proxy duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where it is hereby expressly
required pursuant to this Agreement, to the Company or any Loan Trustee. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the Directions of the
Certificateholders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent or proxy
shall be sufficient for any purpose of this Agreement and conclusive in favor
of the Trustee, the Company and any Loan Trustee, if made in the manner
provided in this Section.

          (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the certificate of any notary public or
other officer of any jurisdiction authorized to take acknowledgments of deeds
or administer oaths that the Person executing such instrument acknowledged to
him the execution thereof, or by an affidavit of a witness to such execution
sworn to before any such notary or such other officer and where such execution
is by an officer of a corporation or association or a member of a partnership,
on behalf of such corporation, association or partnership, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact
and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may also be proved in any other reasonable
manner which the Trustee deems sufficient.

          (c) In determining whether the Certificateholders of the requisite
Fractional Undivided Interests of Certificates Outstanding have given any
Direction under this Agreement, Certificates owned by the Company, the
Guarantor, any Owner Trustee, any Owner Participant or any Affiliate of any
such Person shall be disregarded and deemed not to be Outstanding for purposes
of any such determination. In determining whether the Trustee shall be
protected in relying upon any such Direction, only Certificates which the
Trustee knows to be so owned shall be so disregarded. Notwithstanding the
foregoing, (i) if any such Person owns 100% of the Certificates Outstanding,
such Certificates shall not be so disregarded as aforesaid, and (ii) if any
amount of Certificates so owned by any such Person have been pledged in good
faith, such Certificates shall not be disregarded as aforesaid if the pledgee
establishes to the satisfaction of the Trustee the pledgee's right so to act
with respect to such Certificates and that the pledgee is not the Company, the
Guarantor, any Owner Trustee, any Owner Participant or any Affiliate of any
such Person.

          (d) The Company may, at its option by delivery of an Officer's
Certificate to the Trustee, set a record date to determine the
Certificateholders entitled to give a Direction. Notwithstanding Section
316(c) of the Trust Indenture Act, such record date shall be the record date
specified in such Officer's Certificate which shall be a date not more than 30
days prior to the first solicitation of Certificateholders in connection
therewith. If such a record date is fixed, such Direction may be given before
or after such record date, but only the Certificateholders of record at the
close of business on such record date shall be deemed to be Certificateholders
for the purposes of determining whether Certificateholders of the requisite
proportion of Outstanding

                                      13

<PAGE>

Certificates have authorized or agreed or consented to such Direction, and for
that purpose the Outstanding Certificates shall be computed as of such record
date; provided that no such Direction by the Certificateholders on such record
date shall be deemed effective unless it shall become effective pursuant to
the provisions of this Agreement not later than one year after the record
date.

          (e) Any Direction by the Holder of any Certificate shall bind the
Holder of every Certificate issued upon the transfer thereof or in exchange
therefor or in lieu thereof, whether or not notation of such Direction is made
upon such Certificate.

          (f) Except as otherwise provided in Section 1.04(c), Certificates
owned by or pledged to any Person shall have an equal and proportionate
benefit under the provisions of this Agreement, without preference, priority,
or distinction as among all of the Certificates.

          (g) For all purposes of this Agreement, all Initial Certificates and
all Exchange Certificates shall vote and take all actions of
Certificateholders together as one series of Certificates.

                                      14

<PAGE>

                                  ARTICLE II

                         ACQUISITION OF TRUST PROPERTY

          Section 2.01. Acquisition of Trust Property. (a) The Trustee is
hereby irrevocably authorized and directed to execute and deliver the
Assignment and Assumption Agreement on the date specified in Section 11.01 of
the Related Pass Through Trust Agreement, subject only to the satisfaction of
the conditions to such execution set forth in said Section 11.01. This
Agreement (except only for the immediately preceding sentence hereof, which is
effective upon execution and delivery hereof) shall become effective upon the
execution and delivery of the Assignment and Assumption Agreement by the
Trustee and the Related Trustee, automatically and without any further
signature or action on the part of the Company and the Trustee, and shall
thereupon constitute the legal, valid and binding obligation of the parties
hereto enforceable against each of the parties hereto in accordance with its
terms. Upon such execution and delivery of the Assignment and Assumption
Agreement, the Related Trust shall be terminated, the Certificateholders shall
receive beneficial interests in the Trust in exchange for their interests in
the Related Trust equal to their respective beneficial interest in the Related
Trust and the "Outstanding" (as defined in the Related Pass Through Trust
Agreement) pass through certificates representing fractional undivided
interests in the Related Trust shall be deemed for all purposes of this
Agreement and the Related Pass Through Trust Agreement, without further
signature or action of any party or Certificateholder, to the Certificates
representing the same Fractional Undivided Interests in the Trust and the
Trust Property. By acceptance of its Certificate, each Certificateholder
consents to and ratifies such assignment, transfer and delivery of the trust
property of the Related Trust to the Trustee upon execution and delivery of
the Assignment and Assumption Agreement.

          Section 2.02. Acceptance by the Trustee. The Trustee, upon the
execution and delivery of the Assignment and Assumption Agreement,
acknowledges its acceptance of all right, title, and interest in and to the
Trust Property and declares that the Trustee holds and will hold such right,
title, and interest for the benefit of all then present and future
Certificateholders, upon the trusts herein set forth. Subject to Section 7.13,
the Trustee shall take all actions reasonably necessary to effect the
registration of all such Equipment Notes in the name of the Subordination
Agent. By the acceptance of each Certificate issued to it under the Related
Pass Through Trust Agreement and deemed issued under this Agreement, each
Holder of any such Certificate as grantor of the Trust thereby joins in the
creation and declaration of the Trust.

          Section 2.03. Limitation of Powers.  The Trust is constituted solely
for the purpose of making the investment in the Equipment Notes, and, except
as set forth herein, the Trustee shall not be authorized or empowered to
acquire any other investments or engage in any other activities and, in
particular, the Trustee shall not be authorized or empowered to do anything
that would cause such Trust to fail to qualify as a "grantor trust" for
federal income tax purposes (including as subject to this restriction
acquiring the Aircraft (as defined in the respective related Indentures) by
bidding such Equipment Notes or otherwise, or taking any action with respect
to any such Aircraft once acquired).

                                  ARTICLE III

                               THE CERTIFICATES

          Section 3.01. Title, Form, Denomination and Execution of
Certificates.

                                      15

<PAGE>

          (a) The Initial Certificates shall be known as the "9.644% Initial
Pass Through Certificates, Series 2000-1C-S" and the Exchange Certificates
shall be known as the "9.644% Exchange Pass Through Certificates, Series
2000-1C-S", in each case of the Trust. Each Certificate will represent a
fractional undivided interest in the Trust and shall be substantially in the
form set forth as Exhibit A to the Related Pass Through Trust Agreement, with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by the Related Pass Through Trust Agreement or this
Agreement, as the case may be, or as the Trustee may deem appropriate to
reflect the fact that the Certificates are being issued hereunder as opposed
to the Related Pass Through Trust Agreement, and may have such letters,
numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any securities
exchange or as may, consistently herewith, be determined by the Trustee or the
officers executing such Certificates, as evidenced by the Trustee's or the
officer's execution of the Certificates. Any portion of the text of any
Certificate may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Certificate. At the Escrow Agent's
request under the Escrow Agreement, the Trustee shall affix the corresponding
Escrow Receipt to any Certificate issued hereunder. Any transfer or exchange
of any 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 Certificate shall be permitted unless the corresponding Escrow Receipt is
attached thereto and also is so transferred or exchanged. By acceptance of any
Certificate to which an Escrow Receipt is attached, each Holder of such a
Certificate acknowledges and accepts the restrictions on transfer of the
Escrow Receipt set forth herein and in the Escrow Agreement.

          (b) The Initial Certificates shall be issued only in fully
registered form without coupons in minimum denominations of $1,000 or integral
multiples of $1,000 in excess thereof, except that one Certificate may be
issued in a denomination of less than $1,000. Each Certificate shall be dated
the date of its authentication. The aggregate Fractional Undivided Interest of
Certificates shall not at any time exceed $36,740,000.

          (c) The Initial Certificates offered and sold in reliance on Rule
144A shall be issued initially in the form of a single permanent global
Certificate in registered form, substantially in the form set forth as Exhibit
A to the Related Pass Through Trust Agreement with such applicable legends as
are provided for in clauses (a) and (b) of Section 3.02 (the "U.S. Global
Certificate"). The U.S. Global Certificate will be registered in the name of a
nominee for DTC and deposited with the Trustee, as custodian for DTC. The
aggregate principal amount of the U.S. Global Certificate may from time to
time be increased or decreased by adjustments made on the records of DTC or
its nominee, or of the Trustee, as custodian for DTC or its nominee, as
hereinafter provided.

          (d) The Initial Certificates offered and sold in offshore
transactions in reliance on Regulation S shall be issued in the form of a
single global Certificate in registered form, substantially in the form set
forth as Exhibit A to the Related Pass Through Trust Agreement with such
applicable legends as are provided for in clause (b) of Section 3.02 (the
"Offshore Global Certificate"). The U.S. Global Certificate and the Offshore
Global Certificates are sometimes referred to as the "Global Certificates".

          (e) The Initial Certificates offered and sold to Institutional
Accredited Investors shall be issued in the form of permanent certificated
Certificates in registered form in substantially the form set forth as Exhibit
A to the Related Pass Through Trust Agreement with such applicable legends as
are provided for in clauses (a) and (b) of Section 3.02 hereto (the "U.S.
Physical Certificates"). Initial Certificates issued pursuant to Section
3.05(b) in exchange for

                                      16

<PAGE>

interests in any Offshore Global Certificate shall be in the form of permanent
certificated Certificates in registered form substantially in the form set
forth in Exhibit A (the "Offshore Physical Certificates"). The Offshore
Physical Certificates and U.S. Physical Certificates are sometimes
collectively herein referred to as the "Physical Certificates".

          (f) Certificates offered and sold to any Institutional Accredited
Investor which is not a QIB in a transaction exempt from registration under
the Securities Act (and other than as described in Section 3.01(c)) shall be
issued substantially in the form set forth in Exhibit A to the Related Pass
Through Trust Agreement (the "Restricted Definitive Certificates").
Certificates issued pursuant to Section 3.06(b) in exchange for interests in a
U.S. Global Certificate shall be issued in the form of a Restricted Definitive
Certificate and Certificates issued pursuant to Section 3.06(b) in exchange
for an interest in a Offshore Global Certificate shall be issued in
definitive, fully registered form without interest coupons (the "Regulation S
Definitive Certificates"). The Restricted Definitive Certificates and the
Regulation S Definitive Certificates are sometimes collectively referred to
herein as the "Definitive Certificates".

          (g) The Certificates shall be in registered form and shall be typed,
printed, lithographed or engraved or produced by any combination of these
methods or may be produced in any other manner, all as determined by the
officers executing such Certificates, as evidenced by their execution of such
Certificates.

          (h) The Exchange Certificates exchanged for Initial Certificates
under the Related Pass Through Trust Agreement shall be in the form of one or
more Global Certificates substantially in the form of Exhibit A thereto (each,
a "Global Exchange Certificate"), except that Exchange Certificates issued
under this Trust shall be in the form of one or more global certificates
substantially in the form of Exhibit A to the Related Pass Through Trust
Agreement except that (i) the Private Placement Legend (hereinafter defined)
shall be omitted and (ii) such Exchange Certificates shall contain such
appropriate insertions, omissions, substitutions and other variations from the
form set forth in Exhibit A to the Related Pass Through Trust Agreement
relating to the nature of the Exchange Certificates or to reflect that the
Certificates are being issued hereunder as opposed to the Related Pass Through
Trust Agreement, as the Responsible Officer of the Trustee executing such
Exchange Certificates on behalf of the Trust may determine, as evidenced by
such officer's execution on behalf of the Trust of such Exchange Certificates.
Such Global Exchange Certificates shall be in registered form and be
registered in the name of DTC and deposited with the Trustee, at its Corporate
Trust Office, as custodian for DTC. The aggregate principal amount of any
Global Exchange Certificate may from time to time be increased or decreased by
adjustments made on the records of the Trustee, as custodian for DTC for such
Global Exchange Certificate, which adjustments shall be conclusive as to the
aggregate principal amount of any such Global Exchange Certificate. Subject to
clause (i) and (ii) of the first sentence of this Section 3.01(g), the terms
hereof applicable to U.S. Global Certificates and/or Global Certificates shall
apply to the Global Exchange Certificates mutatis mutandis.

          Section 3.02. Restrictive Legends.

          (a) Subject to Section 3.01 and 3.06, each U.S. Global Certificate
and each U.S. Physical Certificate shall bear the following legend (the
"Private Placement Legend") on the face thereof:

         THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S.
         SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND,
         ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED

                                      17

<PAGE>

         STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT
         AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF,
         THE HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL
         BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS
         AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(A)(1),
         (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN
         "INSTITUTIONAL ACCREDITED INVESTOR") OR (C) IT IS NOT A U.S. PERSON
         AND IS ACQUIRING THIS CERTIFICATE IN AN OFFSHORE TRANSACTION IN
         COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES
         THAT IT WILL NOT, WITHIN TWO YEARS AFTER THE LATER OF THE ORIGINAL
         ISSUANCE OF THIS CERTIFICATE OR THE LAST DATE ON WHICH THIS
         CERTIFICATE WAS HELD BY AMERICAN TRANS AIR, INC. ("ATA") OR AN
         AFFILIATE OF ATA, RESELL OR OTHERWISE TRANSFER THIS CERTIFICATE
         EXCEPT (A) TO ATA OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED
         STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE
         144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN
         INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING $100,000 OR MORE
         AGGREGATE PRINCIPAL AMOUNT OF SUCH CERTIFICATES THAT TAKES DELIVERY
         OF THIS CERTIFICATE IN DEFINITIVE FORM, AND PRIOR TO SUCH TRANSFER,
         FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
         REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON
         TRANSFER OF THIS CERTIFICATE (THE FORM OF WHICH LETTER CAN BE
         OBTAINED FROM THE TRUSTEE), (D) OUTSIDE THE UNITED STATES IN AN
         OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
         ACT, (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE
         144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (F) PURSUANT TO AN
         EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND (3)
         AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS CERTIFICATE
         IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.
         IN CASE THIS CERTIFICATE IS IN DEFINITIVE FORM, IN CONNECTION WITH
         ANY TRANSFER OF THIS CERTIFICATE WITHIN TWO YEARS AFTER THE LATER OF
         THE ORIGINAL ISSUANCE OF THE CERTIFICATE OR THE LAST DATE ON WHICH
         THIS CERTIFICATE WAS HELD BY ATA OR AN AFFILIATE OF ATA, THE HOLDER
         MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF
         RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE
         TO THE TRUSTEE. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION,"
         "UNITED STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM BY
         REGULATION S UNDER THE SECURITIES ACT. THE PASS THROUGH TRUST
         AGREEMENT CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO
         REGISTER ANY TRANSFER OF THIS CERTIFICATE IN VIOLATION OF THE
         FOREGOING RESTRICTIONS.

          (b) Each Global Certificate shall also bear the following legend on
the face thereof:

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
         REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
         CORPORATION ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR

                                      18

<PAGE>

         REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
         ISSUED IN EXCHANGE FOR THIS CERTIFICATE 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 HEREON 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 AS THE
         REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
         TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN
         WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF
         OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
         CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
         RESTRICTIONS SET FORTH IN SECTIONS 3.05 AND 3.06 OF THE PASS THROUGH
         TRUST AGREEMENT REFERRED TO HEREIN.

          Section 3.03. Authentication of Certificates. No Certificate shall
be entitled to any benefit under this Agreement or be valid or obligatory for
any purpose, unless there appears on such Certificate a certificate of
authentication substantially in the form provided for herein executed by the
Trustee by the manual signature of one of its authorized signatories, and such
certificate upon any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder.

          Section 3.04. Transfer and Exchange.
          (a) The Trustee shall cause to be kept at the office or agency to be
maintained by it in accordance with the provisions of Section 7.11 of this
Agreement a register (the "Register") for the Certificates in which, subject to
such reasonable regulations as it may prescribe, the Trustee shall provide for
the registration of the Certificates and of transfers and exchanges of the
Certificates as herein provided. The Trustee shall initially be the registrar
(the "Registrar") for the purpose of registering the Certificates and
transfers and exchanges of the Certificates as herein provided. A
Certificateholder may transfer a Certificate by written application to the
Registrar stating the name of the proposed transferee and otherwise complying
with the terms of this Agreement, including providing a written certificate or
other evidence of compliance with any restrictions on transfer, in form
satisfactory to the Trustee and the Registrar; provided that no exchange of
Initial Certificates for Exchange Certificates shall occur until an Exchange
Offer Registration Statement shall have been declared effective by the SEC
(notice of which shall be provided to the Trustee by the Company). No such
transfer shall be effected until, and such transferee shall succeed to the
rights of a Certificateholder only upon, final acceptance and registration of
the transfer by the Registrar in the Register. Prior to the registration of
any transfer by a Certificateholder as provided herein, the Trustee shall
treat the person in whose name the Certificate is registered as the owner
thereof for all purposes, and the Trustee shall not be affected by notice to
the contrary. Furthermore, DTC shall, by acceptance of a Global Certificate,
agree that transfers of beneficial interests in such Global Certificate may be
effected only through a book-entry system maintained by DTC (or its agent),
and that ownership of a beneficial interest in the Certificate shall be
required to be reflected in a book entry. When Certificates are presented to
the Registrar with a request to register the transfer thereof or to exchange
them for an equal face amount of Certificates of other authorized
denominations, the Registrar shall register the transfer or make the exchange
as requested if its requirements for such transactions are met. To permit
registrations of transfers and exchanges in accordance with the

                                      19

<PAGE>

terms, conditions and restrictions hereof, the Trustee shall execute and
authenticate Certificates at the Registrar's request. No service charge shall
be made to a Certificateholder for any registration of transfer or exchange of
the Certificates, but the Trustee shall require payment of a sum sufficient to
cover any tax or similar governmental charge payable in connection therewith.
All Certificates surrendered for registration of transfer or exchange shall be
canceled and subsequently destroyed by the Trustee.

          Section 3.05. Book-Entry Provisions for U.S. Global Certificate and
Offshore Global Certificates.
          (a) Members of, or participants in, DTC ("Agent Members") shall have
no rights under this Agreement with respect to any Global Certificate held on
their behalf by DTC, or the Trustee as its custodian, and DTC may be treated
by the Trustee and any agent of the Trustee as the absolute owner of such
Global Certificate for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall prevent the Trustee or any agent of the Trustee from
giving effect to any written certification, proxy or other authorization
furnished by DTC or shall impair, as between DTC and its Agent Members, the
operation of customary practices governing the exercise of the rights of a
holder of any Certificate. Upon the issuance of any Global Certificate, the
Registrar or its duly appointed agent shall record a nominee of DTC as the
registered holder of such Global Certificate.

          (b) Transfers of any Global Certificate shall be limited to
transfers of such Global Certificate in whole, but not in part, to nominees of
DTC, its successor or such successor's nominees. Beneficial interests in the
U.S. Global Certificate and any Offshore Global Certificate may be transferred
in accordance with the rules and procedures of DTC and the provisions of
Section 3.06. Beneficial interests in the U.S. Global Certificate or an
Offshore Global Certificate shall be (or, under the Related Pass Through Trust
Agreement, may have been) delivered to all beneficial owners in the form of
U.S. Physical Certificates or Offshore Physical Certificates, as the case may
be, if (i) the Company notifies the Trustee in writing that DTC is unwilling
or unable to discharge properly its responsibilities as depositary for the
U.S. Global Certificate or such Offshore Global Certificate, as the case may
be, and the Company is unable to locate a qualified successor depositary
within 90 days of such notice or (ii) after the occurrence of an Event of
Default, beneficial owners of the U.S. Global Certificate or Offshore Global
Certificates evidencing Fractional Undivided Interests aggregating not less
than a majority in interest in the Trust, by Direction of such
Certificateholders delivered to the Company and the Trustee, advise the
Company, the Trustee and DTC through its Clearing Agency Participants in
writing that the continuation of a book-entry system through DTC is no longer
in the best interests of the Certificateholders, then the Trustee shall notify
all owners of beneficial interests in the U.S. Global Certificate or an
Offshore Global Certificate, through DTC, of the occurrence of any such event
and the availability of definitive Certificates.

          (c) Any beneficial interest in one of the Global Certificates that
is transferred to a Person who takes delivery in the form of an interest in
the other Global Certificate will, upon such transfer, cease to be an interest
in such Global Certificate and become an interest in another Global
Certificate and, accordingly, will thereafter be subject to all transfer
restrictions, if any, and other procedures applicable to beneficial interests
in such other Global Certificate for as long as it remains such an interest.

          (d) In connection with the transfer of the entire U.S. Global
Certificate or an entire Offshore Global Certificate to the beneficial owners
thereof pursuant to paragraph (b) of this Section 3.05, such U.S. Global
Certificate or Offshore Global Certificate, as the case may be, shall be
deemed to be surrendered to the Trustee for cancellation, and the Trustee
shall execute,

                                      20

<PAGE>

authenticate and deliver, to each beneficial owner identified by DTC in
exchange for its beneficial interest in such U.S. Global Certificate or
Offshore Global Certificate, as the case may be, an equal aggregate principal
amount of U.S. Physical Certificates or Offshore Physical Certificates, as the
case may be, of authorized denominations.

          (e) Any U.S. Physical Certificate delivered in exchange for an
interest in the U.S. Global Certificate pursuant to paragraph (b) of this
Section 3.05 shall, except as otherwise provided by paragraph (f) of Section
3.06, bear the Private Placement Legend.

          (f) Any Offshore Physical Certificate delivered in exchange for an
interest in an Offshore Global Certificate pursuant to paragraph (b) of this
Section shall, except as otherwise provided by paragraph (f) of Section 3.06,
bear the applicable legend regarding transfer restrictions set forth in
Section 3.02(a).

          (g) The registered holder of the U.S. Global Certificate or any
Offshore Global Certificate may grant proxies and otherwise authorize any
Person, including Agent Members and Persons that may hold interests through
Agent Members, to take any action which a Holder is entitled to take under
this Agreement or the Certificates.

          Section 3.06. Special Transfer Provisions. Unless and until (i) an
Initial Certificate is sold under an effective Shelf Registration Statement,
or (ii) an Initial Certificate is exchanged for an Exchange Certificate
pursuant to an effective Exchange Offer Registration Statement, in each case
pursuant to the terms of the Registration Rights Agreement, the following
provisions shall apply to the Initial Certificates:

          (a) Transfers to Non-QIB Institutional Accredited Investors. The
following provisions shall apply with respect to the registration of any
proposed transfer of an Initial Certificate to any Institutional Accredited
Investor which is not a QIB (excluding transfers to, or on or after the
Regulation S Restricted Date, by Non-U.S. Persons):

              (i) The Registrar shall register the transfer of any Initial
         Certificate, whether or not such Initial Certificate bears the
         Private Placement Legend, if (x) the requested transfer is at least
         two years after the later of the original issue date of the Initial
         Certificates and the last date on which such Certificate was held by
         the Company or any affiliate thereof or (y) the proposed transferee
         has delivered to the Registrar a letter substantially in the form of
         Exhibit B hereto and the aggregate principal amount of the Initial
         Certificates being transferred is at least $100,000.

             (ii) If the proposed transferor is an Agent Member holding a
         beneficial interest in the U.S. Global Certificate or, at a date
         prior to the Regulation S Restricted Date, an Offshore Global
         Certificate, upon receipt by the Registrar of (x) the documents, if
         any, required by paragraph (i) and (y) instructions given in
         accordance with DTC's and the Registrar's procedures, the Registrar
         shall reflect on its books and records the date of the transfer and a
         decrease in the principal amount of such U.S. Global Certificate in
         an amount equal to the principal amount of the beneficial interest in
         such U.S. Global Certificate to be transferred, and the Company shall
         execute, and the Trustee shall authenticate and deliver to the
         transferor or at its direction, one or more U.S. Physical
         Certificates of like tenor and amount.

                                      21

<PAGE>

          (b) Transfers to QIBS. The following provisions shall apply with
respect to the registration of any proposed transfer of an Initial Certificate
to a QIB (excluding Non-U.S. Persons):

          (i) If the Initial Certificate to be transferred consists of U.S.
          Physical Certificates or an interest in any Offshore Global
          Certificate prior to the Regulation S Restricted Date, the Registrar
          shall register the transfer if such transfer is being made by a
          proposed transferor who has checked the box provided for on the form
          of U.S. Physical Certificate or delivered a certificate to the
          Trustee in the form of Exhibit E hereto stating, or has otherwise
          advised the Trustee and the Registrar in writing, that the sale has
          been made in compliance with the provisions of Rule 144A to a
          transferee who, in the case of a transfer of a U.S. Physical
          Certificate, has signed the certification provided for on the form
          of Initial Certificate and, in the case of an Offshore Global
          Certificate transferred prior to the Regulation S Restricted Date,
          who has signed the certification provided for in Exhibit E hereto,
          stating, or has otherwise advised the Trustee and the Registrar in
          writing, that it is purchasing the Initial Certificate for its own
          account or an account with respect to which it exercises sole
          investment discretion and that it, or the Person on whose behalf it
          is acting with respect to any such account, is a QIB within the
          meaning of Rule 144A, and is aware that the sale to it is being made
          in reliance on Rule 144A and has been advised of the applicable
          transfer restrictions relating to the Initial Certificates and
          acknowledges that it has received such information regarding the
          Trust and/or the Company as it has requested pursuant to Rule 144A
          or has determined not to request such information and that it is
          aware that the transferor is relying upon its foregoing
          representations in order to claim the exemption from registration
          provided by Rule 144A.

             (ii) Upon receipt by the Registrar of the documents referred
         to in clause (i) above and instructions given in accordance with
         DTC's and the Registrar's procedures therefor, the Registrar shall
         reflect on its books and records the date of such transfer and an
         increase in the principal amount of the U.S. Global Certificate in an
         amount equal to the principal amount of the U.S. Physical
         Certificates or interests in the Offshore Global Certificate, as the
         case may be, being transferred, and the Trustee shall cancel such
         U.S. Physical Certificates or decrease the amount of such Offshore
         Global Certificate so transferred.

          (c) Transfers of Interests in the Offshore Global Certificate on or
after the Regulation S Restricted Date. The Registrar shall register any
transfer of interests in the Offshore Global Certificate on or after the
Regulation S Restricted Date without requiring any additional certification.

          (d) Transfers to Non-U.S. Persons at Any Time. The following
provisions shall apply with respect o any registration of any transfer of an
Initial Certificate to a Non-U.S. Person:

              (i) The Registrar shall register any proposed transfer of a
         U.S. Global Certificate or U.S. Physical Certificate to any Non-U.S.
         Person, upon receipt of a certificate substantially in the form of
         Exhibit A hereto from the proposed transferor. The Registrar shall
         promptly send a copy of such certificate to the Company.

             (ii) (A) Upon receipt by the Registrar of (x) the documents,
         if any, required by paragraph (c) and (y) instructions in accordance
         with DTC's and the Registrar's procedures, the Registrar shall
         reflect on its books and records the date of such transfer

                                      22

<PAGE>

         and shall cancel the Physical Certificate, if any, so transferred, or
         decrease the principal amount of any such U.S. Global Certificate in
         an amount equal to the principal amount of the beneficial interest in
         such U.S. Global Certificate to be transferred, and (B) upon receipt
         by the Registrar of instructions given in accordance with DTC's and
         the Registrar's procedures, the Registrar shall reflect on its books
         and records the date and an increase in the principal amount of the
         Offshore Global Certificate in an amount equal to the principal
         amount of the U.S. Physical Certificate or the U.S. Global
         Certificate, as the case may be, to be transferred, and the Trustee
         shall cancel the Physical Certificate, if any, so transferred or
         decrease the amount of such U.S. Global Certificate.

          (e) Private Placement Legend. Upon the transfer, exchange or
replacement of Certificates not bearing the Private Placement Legend, the
Registrar shall deliver Certificates that do not bear the Private Placement
Legend. Upon the transfer, exchange or replacement of Certificates bearing the
Private Placement Legend, the Registrar shall deliver only Certificates that
bear the Private Placement Legend unless either (i) the circumstances
contemplated by paragraph (a)(i)(x) or (e)(ii) of this Section 3.06 exist or
(ii) there is delivered to the Registrar an Opinion of Counsel to the effect
that neither such legend nor the related restrictions on transfer are required
in order to maintain compliance with the provisions of the Securities Act.

          (f) General. By its acceptance of any Certificate bearing the
Private Placement Legend, each Holder of such a Certificate acknowledges the
restrictions on transfer of such Certificate set forth in this Agreement and
agrees that it will transfer such Certificate only as provided in this
Agreement. The Registrar shall not register a transfer of any Certificate
unless such transfer complies with the restrictions on transfer of such
Certificate set forth in this Agreement. In connection with any transfer of
Certificates, each Certificateholder agrees by its acceptance of the
Certificates to furnish the Registrar or the Trustee such certifications,
legal opinions or other information as either of them may reasonably require
to confirm that such transfer is being made pursuant to an exemption from, or
a transaction not subject to, the registration requirements of the Securities
Act; provided that the Registrar shall not be required to determine the
sufficiency of any such certifications, legal opinions or other information.

          Until such time as no Certificates remain Outstanding, the Registrar
shall retain copies of all letters, notices and other written communications
received pursuant to Section 3.05 or this Section 3.06. The Trustee, if not
the Registrar at such time, shall have the right to inspect and make copies of
all such letters, notices or other written communications at any reasonable
time upon the giving of reasonable written notice to the Registrar.

          Section 3.07. Mutilated, Destroyed, Lost or Stolen Certificates. If
(a) any mutilated Certificate is surrendered to the Registrar, or the
Registrar receives evidence to its satisfaction of the destruction, loss or
theft of any Certificate, and (b) there is delivered to the Registrar and the
Trustee such security, indemnity or bond, as may be required by them to save
each of them harmless, then, in the absence of notice to the Registrar or the
Trustee that such destroyed, lost or stolen Certificate has been acquired by a
protected purchaser, and provided that the requirements of Section 8-405 of
the Uniform Commercial Code in effect in any applicable jurisdiction are met,
the Trustee shall execute, authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate or Certificates, in authorized denominations and of like
Fractional Undivided Interest.

          In connection with the issuance of any new Certificate under this
Section 3.07, the Trustee shall require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and

                                      23

<PAGE>

expenses of the Trustee and the Registrar) connected therewith. Any duplicate
Certificate issued pursuant to this Section 3.07 shall constitute conclusive
evidence of the appropriate Fractional Undivided Interest in the related
Trust, as if originally issued, whether or not the lost stolen or destroyed
Certificate shall be found at any time.

          The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Certificates.

          Section 3.08. Persons Deemed Owners. Prior to due presentment of a
Certificate for registration of transfer, the Trustee, the Registrar, and any
Paying Agent of the Trustee may treat the Person in whose name any Certificate
is registered (as of the day of determination) as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section
4.02 and for all other purposes whatsoever, and neither the Trustee, the
Registrar, nor any Paying Agent of the Trustee shall be affected by any notice
to the contrary.

          Section 3.09. Cancellation. All Certificates surrendered for payment
or transfer or exchange shall, if surrendered to any Person party hereto other
than the Registrar, be delivered to the Registrar for cancellation. No
Certificates shall be authenticated in lieu of or in exchange for any
Certificates cancelled as provided in this Section, except as expressly
permitted by this Agreement. All cancelled Certificates held by the Registrar
shall be destroyed and a certification of their destruction delivered to the
Trustee.

          Section 3.10. Limitation of Liability for Payments. All payments or
distributions made to Certificateholders 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 Article IV of this Agreement. Each Certificateholder, by its
acceptance of a Certificate, agrees that it will look solely to the income and
proceeds from the Trust Property for any payment or distribution due to such
Certificateholder pursuant to the terms of this Agreement and that it will not
have any recourse to the Company, the Trustee, the Loan Trustee, the Liquidity
Provider, the Owner Trustees or the Owner Participants, except as otherwise
expressly provided herein or in the Intercreditor Agreement. The Company is a
party to this Agreement solely for purposes of meeting the requirements of the
Trust Indenture Act.

          Section 3.11. Temporary Certificates. Until definitive Certificates
are ready for delivery, the Trustee shall authenticate temporary Certificates.
Temporary Certificates shall be substantially in the form of definitive
Certificates but may have insertions, substitutions, omissions and other
variations determined to be appropriate by the officers executing the
temporary Certificates, as evidenced by their execution of such temporary
Certificates. If temporary Certificates are issued, the Trustee will cause
definitive Certificates to be prepared without unreasonable delay. After the
preparation of definitive Certificates, the temporary Certificates shall be
exchangeable for definitive Certificates upon surrender of the temporary
Certificates at the office or agency of the Trustee designated for such
purpose pursuant to Section 7.11, without charge to the Certificateholder.
Upon surrender for cancellation of any one or more temporary Certificates, the
Trustee shall execute, authenticate and deliver in exchange therefor a like
face amount of definitive Certificates of authorized denominations. Until so
exchanged, the temporary Certificates shall be entitled to the same benefits
under this Agreement as definitive Certificates.

                                  ARTICLE IV

                         DISTRIBUTIONS; STATEMENTS TO

                                      24

<PAGE>

                              CERTIFICATEHOLDERS

        Section 4.01. Certificate Account and Special Payments Account.

          (a) The Trustee shall maintain on behalf of the Certificateholders a
Certificate Account as one or more non-interest-bearing accounts. The Trustee
shall hold the Certificate Account in trust for the benefit of the
Certificateholders, and shall make or permit withdrawals therefrom only as
provided in this Agreement. On each day when a Scheduled Payment is made to
the Trustee under the Intercreditor Agreement, the Trustee, upon receipt
thereof, shall immediately deposit the aggregate amount of such Scheduled
Payment into the Certificate Account.

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

          (c) The Trustee shall cause the Subordination Agent to present to
the Loan Trustee to which an Equipment Note relates such Equipment Note on the
date of its stated final maturity or, in the case of any Equipment Note which
is to be redeemed in whole pursuant to the relevant Indenture, on the
applicable redemption date under such Indenture.

          Section 4.02. Distributions from Certificate Account and Special
Payments Account.

          (a) On each Regular Distribution Date or as soon thereafter as the
Trustee has confirmed receipt of the payment of all or any part of the
Scheduled Payments due on such date, the Trustee shall distribute out of the
Certificate Account the entire amount deposited therein pursuant to Section
4.01 (a). There shall be so distributed to each Certificateholder of record on
the Record Date with respect to such Regular Distribution Date (other than as
provided in Section 11.01 concerning the final distribution), by check mailed
to such Certificateholder at the address appearing in the Register, such
Certificateholder's pro rata share (based on the aggregate Fractional
Undivided Interest in the Trust held by such Certificateholder) of the
aggregate amount in the Certificate Account, except that, with respect to
Certificates registered on the Record Date in the name of the nominee of DTC
(initially, such nominee to be Cede & Co.), such distribution shall be made by
wire transfer in immediately available funds to the account designated by such
nominee.

          (b) 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 or realized upon the sale of such
Equipment Notes, the Trustee shall distribute out of the Special Payments
Account the entire amount deposited therein pursuant to Section 4.01(b) of
such Special Payment. There shall be so distributed to each Certificateholder
of record on the Record Date with respect to such Special Distribution Date
(other than as provided in Section 11.01 concerning the final distribution),
by check mailed to such Certificateholder at the address appearing in the
Register, such Certificateholder's pro rata share (based on the aggregate
Fractional Undivided Interest in the Trust held by such Certificateholder) of
the aggregate amount in the Special Payments Account on account of such
Special Payment, except that, with respect to Certificates registered on the
Record Date in the name of the nominee of DTC (initially, such

                                      25

<PAGE>

nominee to be Cede & Co.), such distribution shall be made by wire transfer in
immediately available funds to the account designated by such nominee.

          (c) The Trustee shall, at the expense of the Company, cause notice
of each Special Payment to be mailed to each Certificateholder at his address
as it appears in the Register. In the event of redemption or purchase of
Equipment Notes held in the Trust, such notice shall be mailed not less than
20 days prior to the date any such Special Payment is scheduled to be
distributed. In the event the Company is required to pay a Special Redemption
Premium to the Trustee under the Note Purchase Agreement, such notice shall be
mailed, together with the notice by the Escrow Paying Agent under Section 2.06
of the Escrow Agreement, not less than 20 days prior to the Special
Distribution Date for such amount, which Special Distribution Date shall be
the Final Withdrawal Date. 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 20
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 11.01),

         (ii) the amount of the Special Payment for each $1,000 face amount
    Certificate and the amount thereof constituting principal, premium, if any,
    and interest,

        (iii) the reason for the Special Payment, and

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

          If the amount of (i) premium, if any, payable upon the redemption or
purchase of an Equipment Note or (ii) the Special Redemption Premium, 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 received will also be distributed.

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

          Section 4.03. Statements to Certificateholders. (a) On each
Regular Distribution Date and Special Distribution Date, the Trustee will
include with each distribution to Certificateholders a statement,
giving effect to such distribution to be made on such Regular Distribution
Date or Special Distribution Date, as the case may be, setting forth the
following information (in the case of a Special Payment, including any
Special Redemption Premium, reflecting in part the information provided by
the Escrow Paying Agent under the Escrow Agreement) (per a $1,000 face
amount Certificate as to clauses (ii), (iii), (iv) and (v) below):

          (i) the aggregate amount of funds distributed on such
     Distribution Date hereunder and under the Escrow Agreement,
     indicating the amount allocable to each source including any portion
     thereof paid by the Liquidity Provider;

                                     26

<PAGE>

          (ii) the amount of such distribution allocable to principal and
     the amount allocable to premium (including any Special Redemption
     Premium), if any;

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

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

          (v) the amount of such distribution under the Escrow Agreement
     allocable to the principal of the unused Deposits; and

          (vi) the Pool Balance and the Pool Factor.

          With respect to the Certificates registered in the name of a
Clearing Agency or its nominee, on the Record Date prior to each Distribution
Date, the Trustee will request from the Clearing Agency a securities position
listing setting forth the names of all the Clearing Agency Participants
reflected on the Clearing Agency's books as holding interests in the
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 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 a
Certificateholder of record a statement containing the sum of the amounts
determined pursuant to clauses (a)(i) through (a)(v), inclusive, above with
respect to the Trust for such calendar year or, in the event such Person was a
Certificateholder of record during a portion of such calendar year, for the
applicable portion of such year, and such other items as are readily available
to the Trustee and which a Certificateholder shall reasonably request as
necessary for the purpose of such Certificateholder's preparation of its
federal income tax returns. With respect to Certificates registered in the
name of a Clearing Agency or its nominee, such report 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.

          (c) Promptly following (i) the Transfer Date, if there has been any
change in the information set forth in clauses (x), (y) and (z) below from
that set forth on pages [86] and AIII-1 of the Offering Memorandum, and (ii)
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
Trust, or any Final Withdrawal, the Trustee shall furnish to
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 Certificates registered in the
name of a Clearing Agency or its nominee, on the Transfer Date, the Trustee
will request from the Clearing Agency a securities position listing setting
forth the names of all the Clearing Agency Participants reflected on the
Clearing Agency's books as holding interests in the "Certificates" (as defined
in the Related Pass Through Trust Agreement) on the Delivery Period
Termination 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 Certificates.

                                      27

<PAGE>

          Section 4.04. Investment of Special Payment Moneys. Any money
received by the Trustee pursuant to Section 4.01(b) representing a Special
Payment which is not to be promptly distributed shall, to the extent
practicable, be invested in Permitted Investments by the Trustee (and such
Permitted Investments shall be registered in the name of the Trustee) as
directed in writing by the Company pending distribution of such Special
Payment pursuant to Section 4.02. Any investment made pursuant to this Section
4.04 shall be in such Permitted Investments having maturities not later than
the date that such moneys are required to be used to make the payment required
under Section 4.02 on the applicable Special Distribution Date and the Trustee
shall hold any such Permitted Investments until maturity. The Trustee shall
have no liability with respect to any investment made pursuant to this Section
4.04, other than by reason of the willful misconduct or negligence of the
Trustee. All income and earnings from such investments shall be distributed on
such Special Distribution Date as part of such Special Payment.

                                   ARTICLE V

                                  THE COMPANY

          Section 5.01. Maintenance of Corporate Existence. The Company, at
its own cost and expense, will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence, rights and
franchises, except as otherwise specifically permitted in Section 5.02;
provided, however, that the Company shall not be required to preserve any
right or franchise if the Company shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Company.

          Section 5.02. Consolidation, Merger, Etc. The Company shall not
consolidate with or merge into any other corporation or convey, transfer or
lease substantially all of its assets as an entirety to any Person unless:

          (a) the corporation formed by such consolidation or into which the
     Company is merged or the Person which acquires by conveyance, transfer or
     lease substantially all of the assets of the Company as an entirety shall
     be organized and validly existing under the laws of the United States of
     America or any state thereof or the District of Columbia and a "citizen
     of the United States" (as defined in Section 40102(a)(15) of Title 49 of
     the United States Code) holding an air carrier operating certificate
     issued by the Federal Aviation Administration, or any successor agency
     thereto (the "FAA"), pursuant to Chapter 447 of Title 49, United States
     Code, authorizing the operation in air transportation of aircraft capable
     of carrying 10 or more individuals or 6,000 pounds or more of cargo
     pursuant to Part 121 of the FAA's regulations (14 CFR Part 121);

          (b) the corporation formed by such consolidation or into which the
     Company is merged or the Person which acquires by conveyance, transfer or
     lease substantially all of the assets of the Company as an entirety shall
     execute and deliver to the Trustee a duly authorized, valid, binding and
     enforceable agreement in form and substance reasonably satisfactory to
     the Trustee containing an assumption by such successor corporation or
     Person of the due and punctual performance and observance of each
     covenant and condition of the Note Documents, the Note Purchase
     Agreement, the Other Pass Through Trust Agreements and this Agreement to
     be performed or observed by the Company;

          (c) immediately after giving effect to such transaction, no Event of
     Default applicable to the Certificates shall have occurred and be
     continuing; and

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          (d) the Company shall have delivered to the Trustee an Officers'
     Certificate of the Company and an Opinion of Counsel of the Company
     (which may be the Company's General Counsel) reasonably satisfactory to
     the Trustee, each stating that such consolidation, merger, conveyance,
     transfer or lease and the assumption agreement mentioned in clause (b)
     above comply with this Section 5.02 and that all conditions precedent
     herein provided for relating to such transaction have been complied with.

          Upon any consolidation or merger, or any conveyance, transfer or
lease of substantially all of the assets of the Company as an entirety in
accordance with this Section 5.02, the successor corporation or Person formed
by such consolidation or into which the Company is merged or to which such
conveyance, offer or lease is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Agreement
with the same effect as if such successor corporation or Person had been named
as the Company herein. No such conveyance, transfer or lease of substantially
all of the assets of the Company as an entirety shall have the effect of
releasing the Company or any successor corporation or Person which shall
theretofore have become such in the manner prescribed in this Section 5.02
from its liability in respect of this Agreement, the Note Purchase Agreement
or any Note Document to which it is a party.

          Section 5.03. Rule 144A(d)(4) Information. So long as any of the
Certificates are "restricted securities" within the meaning of Rule 144(a)(3)
under the Securities Act, at any time when the Guarantor is neither subject to
Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), the Company and the Guarantor will provide to any holder of
such restricted securities, or to any prospective purchaser of such restricted
securities designated by a holder, upon the request of such holder or
prospective purchaser, any information required to be delivered to holders and
prospective purchasers of the Certificates pursuant to Rule 144A(d)(4) under
the Securities Act.

                                  ARTICLE VI

                                    DEFAULT

                       Section 6.01. Events of Default.

          (a) Exercise of Remedies. Upon the occurrence and during the
continuation of any Indenture Default under any Indenture, the Trustee may, to
the extent it is the Controlling Party at such time (as determined pursuant to
the Intercreditor Agreement), direct the exercise of remedies as provided in
the Intercreditor Agreement.

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

          (i) each Certificateholder shall have the right to purchase for
     the purchase price set forth in the Class G Trust Agreement, all, but
     not less than all, of the Class G Certificates upon ten days' written
     notice to the Class G Trustee and each other Certificateholder,
     provided that (A) if prior to the end of such ten-day period any other
     Certificateholder notifies such purchasing Certificateholder that such
     other Certificateholder wants to participate in such purchase, then
     such other Certificateholder may join with the purchasing
     Certificateholder to purchase all, but not less than all, of the

                                      29

<PAGE>

     Class G Certificates pro rata based on the Fractional Undivided
     Interest in the Trust held by each such Certificateholder and (B) if
     prior to the end of such ten-day period any other Certificateholder
     fails to notify the purchasing Certificateholder of such other
     Certificateholder's desire to participate in such a purchase, then
     such other Certificateholder shall lose its right to purchase the
     Class G Certificates pursuant to this Section 6.01(b);

          (ii) each Class D Certificateholder shall have the right (which
     shall not expire upon any purchase of the Certificates pursuant to clause
     (i) above) to purchase all, but not less than all, of the Certificates
     and the Class G Certificates upon ten days' written notice to the
     Trustee, the Class G Trustee and each other Class D Certificateholder,
     provided that (A) if prior to the end of such ten-day period any other
     Class D Certificateholder notifies such purchasing Class D
     Certificateholder that such other Class D Certificateholder wants to
     participate in such purchase, then such other Class D Certificateholder
     may join with the purchasing Class D Certificateholder to purchase all,
     but not less than all, of the Certificates and the Class G Certificates
     pro rata based on the Fractional Undivided Interest in the Class D Trust,
     taken as a whole, held by each such Class D Certificateholder and (B) if
     prior to the end of such ten-day period any other Class D
     Certificateholder fails to notify the purchasing Class D
     Certificateholder of such other Class D Certificateholder's desire to
     participate in such a purchase, then such other Class D Certificateholder
     shall lose its right to purchase the Certificates pursuant to this
     Section 6.01(b); and

          (iii) by acceptance of its Certificate, each Certificateholder
     agrees that at any time after the 180 days have elapsed since the
     occurrence of a Triggering Event that is continuing, regardless of
     whether the Certificateholders exercise their right to purchase the Class
     G Certificates pursuant to clause (b)(i) above, 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 Class G Certificates upon ten days' written notice to the
     Class G Trustee and the Class G Certificateholders.

          The purchase price with respect to the Certificates shall be equal
to the Pool Balance of the 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 Certificateholders under this
Agreement, the Intercreditor Agreement, the Escrow Agreement, the Note
Purchase Agreement or any Note Document or on or in respect of the
Certificates; provided, however, that (i) if such purchase occurs after the
Record Date with respect to the Final Withdrawal Date, such purchase price
shall be reduced by the aggregate amount of unused Deposits and interest to be
distributed under the Escrow Agreement (which deducted amounts shall remain
distributable to, and may be retained by, the Certificateholder as of such
Record Date) and (ii) if such purchase occurs after a Record Date but prior to
the Distribution Date relating to such Record Date, such purchase price shall
be reduced by the amount to be distributed hereunder on such related
Distribution Date (which deducted amounts shall remain distributable to, and
may be retained by, the Certificateholder as of such Record Date); provided,
further, that no such purchase of Certificates shall be effective unless the
purchaser shall certify to the Trustee that contemporaneously with such
purchase, such purchaser is purchasing, pursuant to the terms of this
Agreement and the Other Pass Through Trust Agreement, the Certificates, and
the Class G Certificates which are senior to the securities held by such
purchaser. Each payment of the purchase price of the 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

                                      30

<PAGE>

to the terms of this Section. Each Certificateholder agrees by its acceptance
of its Certificate that it will, subject to Section 3.04 hereof, upon payment
from such Class D Certificateholder(s) of the purchase price set forth in the
first sentence of this paragraph, forthwith sell, assign, transfer and convey
to the purchaser thereof (without recourse, representation or warranty of any
kind except for its own acts), all of the right, title, interest and
obligation of such Certificateholder in, this Agreement, the Escrow Agreement,
the Deposit Agreement, the Intercreditor Agreement, the Liquidity Facility,
the Note Documents, the Note Purchase Agreement and all Certificates and
Escrow Receipts held by such 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 Certificateholder's obligations under
this Agreement, the Escrow Agreement, the Deposit Agreement, the Intercreditor
Agreement, the Liquidity Facility, the Note Documents and the Note Purchase
Agreement and all such Certificates and Escrow Receipts. The Certificates will
be deemed to be purchased on the date payment of the purchase price is made
notwithstanding the failure of the Certificateholders to deliver any
Certificates (whether in the form of Physical Certificates or beneficial
interests in Global Certificates) and, upon such a purchase, (i) the only
rights of the Certificateholders will be to deliver the Certificates to the
purchaser and receive the purchase price for such Certificates and (ii) if the
purchaser shall so request such Certificateholder will comply with all of the
provisions of Section 3.04 hereof to enable new 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 Certificates shall be
borne by the purchaser thereof.

          As used in this Section 6.01(b), the terms "Class G Certificate",
"Class G Certificateholder", "Class G Trust", "Class G Trustee", "Class D
Certificate", "Class D Trust" and "Class D Trustee", shall have the respective
meanings assigned to such terms in the Intercreditor Agreement.

          Section 6.02. Incidents of Sale of Equipment Notes. Upon any sale of
all or any part of the Equipment Notes made either under the power of sale
given under this Agreement or otherwise for the enforcement of this Agreement,
the following shall be applicable:

          (1) Certificateholders and Trustee May Purchase Equipment Notes. Any
     Certificateholder, the Trustee in its individual or any other capacity or
     any other Person may bid for and purchase any of the Equipment Notes, and
     upon compliance with the terms of sale, may hold, retain, possess and
     dispose of such Equipment Notes in their own absolute right without
     further accountability.

          (2) Receipt of Trustee Shall Discharge Purchaser. The receipt of the
     Trustee or of the officer making such sale shall be a sufficient
     discharge to any purchaser for his purchase money, and, after paying such
     purchase money and receiving such receipt, such purchaser or its personal
     representative or assigns shall not be obliged to see to the application
     of such purchase money, or be in any way answerable for any loss,
     misapplication or non-application thereof.

          (3) Application of Moneys Received upon Sale. Any moneys collected
     by the Trustee upon any sale made either under the power of sale given by
     this Agreement or otherwise for the enforcement of this Agreement shall
     be applied as provided in Section 4.02.

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<PAGE>

          Section 6.03. Judicial Proceedings Instituted by Trustee; Trustee
May Bring Suit. If there shall be a failure to make payment of the principal
of, premium, if any, or interest on any Equipment Note, or if there shall be
any failure to pay Rent (as defined in the relevant Lease) under any Lease
when due and payable, then the Trustee, in its own name, and as trustee of an
express trust, as holder of such Equipment Notes, to the extent permitted by
and in accordance with the terms of the Intercreditor Agreement and the rights
of the Controlling Party thereunder, the Note Purchase Agreement and the Note
Documents (subject to the rights of the applicable Owner Trustee or Owner
Participant to cure any such failure to pay principal of, or premium, if any,
or interest on any Equipment Note or to pay Rent under any Lease in accordance
with the applicable Indenture), shall be entitled and empowered to institute
any suits, actions or proceedings at law, in equity or otherwise, for the
collection of the sums so due and unpaid on such Equipment Notes or under such
Lease and may prosecute any such claim or proceeding to judgment or final
decree with respect to the whole amount of any such sums so due and unpaid.

          Section 6.04. Control by Certificateholders. Subject to Section 6.03
and the Intercreditor Agreement and the rights of the Controlling Party
thereunder, the Certificateholders holding Certificates evidencing Fractional
Undivided Interests aggregating not less than a majority in interest in the
Trust shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee with respect to the
Trust or pursuant to the terms of the Intercreditor Agreement, or exercising
any trust or power conferred on the Trustee under this Agreement or the
Intercreditor Agreement, including any right of the Trustee as Controlling
Party under the Intercreditor Agreement or as holder of the Equipment Notes,
provided that:

          (1) such Direction shall not be in conflict with any rule of law or
     with this Agreement and would not involve the Trustee in personal
     liability or expense,

          (2) the Trustee shall not determine that the action so directed
     would be unjustly prejudicial to the Certificateholders not taking part
     in such Direction, and

          (3) the Trustee may take any other action deemed proper by the
     Trustee which is not inconsistent with such Direction.

          Section 6.05. Waiver of Past Defaults. Subject to the Intercreditor
Agreement and the rights of the Controlling Party thereunder, the
Certificateholders holding Certificates evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the Trust (i)
may on behalf of all of the Certificateholders waive any past Event of Default
hereunder and its consequences or (ii) if the Trustee is the Controlling
Party, may direct the Trustee to instruct the applicable Loan Trustee to waive
any past Indenture Default under any Indenture and its consequences, and
thereby annul any Direction given by such Certificateholders or the Trustee to
such Loan Trustee with respect thereto, except a default:

          (1) in the deposit of any Scheduled Payment or Special Payment under
     Section 4.01 or in the distribution of any payment under Section 4.02 on
     the Certificates, or

          (2) in the payment of the principal of (premium, if any) or interest
     on the Equipment Notes, or

                                      32

<PAGE>

          (3) in respect of a covenant or provision hereof which under Article
     IX hereof cannot be modified or amended without the consent of each
     Certificateholder holding an Outstanding Certificate affected thereby.

          Upon any such waiver, such default shall cease to exist with respect
to the Certificates and any Event of Default arising therefrom shall be deemed
to have been cured for every purpose and any direction given by the Trustee on
behalf of the Certificateholders to the relevant Loan Trustee shall be
annulled with respect thereto; but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon. Upon any such waiver, the Trustee shall vote the Equipment Notes
issued under the relevant Indenture to waive the corresponding Indenture
Default.

          Section 6.06. Right of Certificateholders to Receive Payments Not to
Be Impaired. Anything in this Agreement to the contrary notwithstanding,
including, without limitation, Section 6.07 hereof, but subject to the
Intercreditor Agreement, the right of any Certificateholder to receive
distributions of payments required pursuant to Section 4.02 hereof on the
Certificates when due, or to institute suit for the enforcement of any such
payment on or after the applicable Regular Distribution Date or Special
Distribution Date, shall not be impaired or affected without the consent of
such Certificateholder.

          Section 6.07. Certificateholders May Not Bring Suit Except Under
Certain Conditions. A Certificateholder shall not have the right to institute
any suit, action or proceeding at law or in equity or otherwise with respect
to this Agreement, for the appointment of a receiver or for the enforcement of
any other remedy under this Agreement, unless:

          (1) such Certificateholder previously shall have given written
     notice to the Trustee of a continuing Event of Default;

          (2) Certificateholders holding Certificates evidencing Fractional
     Undivided Interests aggregating not less than 25% of the Trust shall have
     requested the Trustee in writing to institute such action, suit or
     proceeding and shall have offered to the Trustee indemnity as provided in
     Section 7.02(e);

          (3) the Trustee shall have refused or neglected to institute such an
     action, suit or proceeding for 60 days after receipt of such notice,
     request and offer of indemnity; and

          (4) no Direction inconsistent with such written request shall have
     been given to the Trustee during such 60-day period by the
     Certificateholders holding Certificates evidencing Fractional Undivided
     Interests aggregating not less than a majority in interest in the Trust.

          It is understood and intended that no one or more of the
Certificateholders shall have any right in any manner whatsoever hereunder or
under the Certificates to (i) surrender, impair, waive, affect, disturb or
prejudice any property in the Trust Property or the lien of any Indenture on
any property subject thereto, or the rights of the Certificateholders or the
holders of the related Equipment Notes, (ii) obtain or seek to obtain priority
over or preference with respect to any other such Certificateholder or (iii)
enforce any right under this Agreement, except in the manner herein provided
and for the equal, ratable and common benefit of all the Certificateholders
subject to the provisions of this Agreement.

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<PAGE>

          Section 6.08. Remedies Cumulative. Every remedy given hereunder to
the Trustee or to any of the Certificateholders shall not be exclusive of any
other remedy or remedies, and every such remedy shall be cumulative and in
addition to every other remedy given hereunder or now or hereafter given by
statute, law, equity or otherwise.

          Section 6.09. Undertaking for Costs. In any suit for the enforcement
of any right or remedy under this Agreement, or in any suit against the
Trustee for any action taken, suffered or omitted by it as Trustee, a court
may require any party litigant in such suit to file an undertaking to pay the
costs of such suit, and may assess costs against any such party litigant, in
the manner and to the extent provided in the Trust Indenture Act; provided
that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an
assessment in any suit instituted by the Company or the Guarantor.

                                  ARTICLE VII

                                  THE TRUSTEE

          Section 7.01. Notice of Defaults. As promptly as practicable after,
and in any event within 90 days after the occurrence of any default (as such
term is defined below) hereunder actually known to the Trustee, the Trustee
shall transmit by mail to the Company, the related Owner Trustees, the related
Loan Trustees and the Certificateholders in accordance with Section 313(c) of
the Trust Indenture Act, notice of such default hereunder actually known to
the Trustee, unless such default shall have been cured or waived; provided,
however, that, except in the case of a default in the payment of the principal
of (premium, if any) or interest on any Equipment Note, the Trustee shall be
protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such
notice is in the interests of the Certificateholders. For the purpose of this
Section, the term "default" means any event that is, or after notice or lapse
of time or both would become, an Event of Default.

          Section 7.02. Certain Rights of Trustee. Subject to the provisions
of Section 315 of the Trust Indenture Act:

          (a) the Trustee may rely and shall be protected in acting or
     refraining from acting in reliance upon any resolution, certificate,
     statement, instrument, opinion, report, notice, request, direction,
     consent, order, bond, debenture or other paper or document believed by it
     to be genuine and to have been signed or presented by the proper party or
     parties;

          (b) any request or direction of the Company mentioned herein shall
     be sufficiently evidenced by a Request;

          (c) whenever in the administration of this Agreement or the
     Intercreditor Agreement the Trustee shall deem it desirable that a matter
     be proved or established prior to taking, suffering or omitting any
     action hereunder, the Trustee (unless other evidence be herein
     specifically prescribed) may, in the absence of bad faith on its part,
     rely upon an Officer's Certificate of the Company, any Owner Trustee or
     any Loan Trustee;

                                      34

<PAGE>

          (d) the Trustee may consult with counsel and the advice of such
     counsel or any Opinion of Counsel shall be full and complete
     authorization and protection in respect of any action taken, suffered
     or omitted by it hereunder in good faith and in reliance thereon;

          (e) the Trustee shall be under no obligation to exercise any of
     the rights or powers vested in it by this Agreement or the
     Intercreditor Agreement at the request or direction of any of the
     Certificateholders pursuant to this Agreement or the Intercreditor
     Agreement unless such Certificateholders shall have offered to the
     Trustee reasonable security or indemnity against the cost, expenses
     and liabilities which might be incurred by it in compliance with such
     request or direction;

          (f) the Trustee shall not be bound to make any investigation into
     the facts or matters stated in any resolution, certificate, statement,
     instrument, opinion, or report, notice, request, direction, consent,
     order, bond, debenture or other paper or document;

          (g) the Trustee may execute any of the trusts or powers under
     this Agreement or the Intercreditor Agreement or perform any duties
     under this Agreement or the Intercreditor Agreement either directly or
     by or through agents or attorneys and the Trustee shall not be
     responsible for any misconduct or negligence on the part of any agent
     or attorney appointed with due care by it under this Agreement or the
     Intercreditor Agreement;

          (h) the Trustee shall not be liable with respect to any action
     taken or omitted to be taken by it in good faith in accordance with
     the direction of the Certificateholders holding Certificates
     evidencing Fractional Undivided Interests aggregating not less than a
     majority in interest in the Trust relating to the time, method and
     place of conducting any proceeding for any remedy available to the
     Trustee, or exercising any trust or power conferred upon the Trustee,
     under this Agreement or the Intercreditor Agreement;

          (i) the Trustee shall not be required to expend or risk its own
     funds in the performance of any of its duties under this Agreement, or
     in the exercise of any of its rights or powers, if it shall have
     reason to believe that repayment of such funds or adequate indemnity
     against such risk is not reasonably assured to it; and

          (j) except during the continuance of an Event of Default, the
     Trustee undertakes and shall be responsible to perform only such
     duties as are specifically set forth herein and no implied covenants
     or obligations shall be read into this Agreement or be enforceable
     against Trustee.

          Section 7.03. Not Responsible for Recitals or Issuance of
Certificates. The recitals contained herein and in the Certificates, except
the certificates of authentication, shall not be taken as the statements of
the Trustee, and the Trustee assumes no responsibility for their correctness.
Subject to Section 7.14, the Trustee makes no representations as to the
validity or sufficiency of this Agreement, the Note Purchase Agreement, any
Note Documents, any Participation Agreement or any Intercreditor Agreement,
the Deposit Agreement, the Escrow Agreement and Equipment Notes or the
Certificates, except that the Trustee hereby represents and warrants that this
Agreement has been, and each Certificate, the Intercreditor Agreement, the
Registration Rights Agreement, the Note Purchase Agreement, the Escrow
Agreement and each Certificate will be, executed, authenticated and delivered
by one of its officers who is duly authorized to execute, authenticate and
deliver such document on its behalf.

                                      35

<PAGE>

          Section 7.04. May Hold Certificates. The Trustee, any Paying Agent,
Registrar or any of their Affiliates or any other agent, in their respective
individual or any other capacity, may become the owner or pledgee of
Certificates and subject to Sections 310(b) and 311 of the Trust Indenture
Act, if applicable, may otherwise deal with the Company, the Guarantor, the
Owner Trustees or the Loan Trustees with the same rights it would have if it
were not Trustee, Paying Agent, Registrar or such other agent.

          Section 7.05. Money Held in Trust. Money held by the Trustee or the
Paying Agent in trust hereunder need not be segregated from other funds except
to the extent required herein or by law and neither the Trustee nor the Paying
Agent shall have any liability for interest upon any such moneys except as
provided for herein.

          Section 7.06. Compensation and Reimbursement. The Company agrees
with respect to the trustee in its individual
capacity:

          (1) to pay, or cause to be paid, to the Trustee compensation (as set
     out in a separate fee agreement between the Trustee and the Company) for
     all services rendered by it hereunder (which compensation shall not be
     limited by any provision of law in regard to the compensation of a
     trustee of an express trust);

          (2) except as otherwise expressly provided herein to reimburse, or
     cause to be reimbursed, the Trustee upon its request for all reasonable
     out-of-pocket expenses, disbursements and advances incurred or made by
     the Trustee in accordance with any provision of this Agreement or the
     Intercreditor Agreement (including the reasonable compensation and the
     expenses and disbursements of its agents and counsel), except any such
     expense, disbursement or advance as may be attributable to its
     negligence, willful misconduct or bad faith or as may be incurred due to
     the Trustee's breach of its representations and warranties set forth in
     Section 7.14;

          (3) to indemnify, or cause to be indemnified, the Trustee for, and
     to hold it harmless against, any loss, liability or expense (other than
     for or with respect to any tax) incurred without negligence, willful
     misconduct or bad faith, on its part, arising out of or in connection
     with the acceptance or administration of this Trust, including the costs
     and expenses of defending itself against any claim or liability in
     connection with the exercise or performance of any of its powers or
     duties hereunder, except for any such loss, liability or expense incurred
     by reason of the Trustee's breach of its representations and warranties
     set forth in Section 7.14. The Trustee shall notify the Company and the
     Guarantor promptly of any claim for which it may seek indemnity. The
     Company and the Guarantor shall defend the claim and the Trustee shall
     cooperate in the defense. The Trustee may have separate counsel with the
     consent of the Company and the Guarantor and the Company and the
     Guarantor will pay the reasonable fees and expenses of such counsel.
     Neither the Company nor the Guarantor need pay for any settlement made
     without its consent; and

          (4) to indemnify, or cause to be indemnified, the Trustee, solely in
     its individual capacity, for, and to hold it harmless against, any tax
     (except to the extent the Trustee actually receives reimbursement
     therefor pursuant to the next paragraph, provided that no indemnification
     shall be available with respect to any tax attributable to the Trustee's
     compensation for serving as such) incurred without negligence, willful
     misconduct or bad faith, on its part, arising out of or in connection
     with the acceptance or administration of this Trust, including any costs
     and expenses incurred in contesting the

                                      36

<PAGE>

     imposition of any such tax. The Trustee, in its individual capacity,
     shall notify the Company and the Guarantor promptly of any claim for any
     tax for which it may seek indemnity. The Trustee shall permit the Company
     and the Guarantor to contest the imposition of such tax and the Trustee,
     in its individual capacity, shall cooperate in the defense. The Trustee,
     in its individual capacity, may have separate counsel with the consent of
     the Company and the Guarantor and the Company and the Guarantor will pay
     the reasonable fees and expenses of such counsel. Neither the Company nor
     the Guarantor need pay for any taxes paid, in settlement or otherwise,
     without its consent.

          The Trustee shall be entitled to reimbursement from, and shall have
a lien prior to the Certificates upon, the Trust Property for any tax incurred
without negligence, bad faith or willful misconduct on its part, arising out
of or in connection with the acceptance or administration of such Trust (other
than any tax attributable to the Trustee's compensation for serving as such),
including any costs and expenses incurred in contesting the imposition of any
such tax. The Trustee shall notify the Company of any claim for any tax for
which it may seek reimbursement. The Trustee shall cooperate in the contest by
the Company of any such claim. If the Trustee reimburses itself from the Trust
Property for any such tax it will within 30 days mail a brief report setting
forth the amount of such tax and the circumstances thereof to all
Certificateholders as their names and addresses appear in the Register.

          As security for the performance of the obligations of the Company
under this Section the Trustee shall have a lien prior to the Certificates
upon the Trust Property.

          Section 7.07. Corporate Trustee Required, Eligibility . There shall
at all times be a Trustee hereunder which shall be eligible to act as a
trustee under Section 310(a) of the Trust Indenture Act and shall have a
combined capital and surplus of at least $75,000,000 (or a combined capital
and surplus in excess of $5,000,000 and the obligations of which, whether now
in existence or hereafter incurred, are fully and unconditionally guaranteed
by a corporation organized and doing business under the laws of the United
States, any State or Territory thereof or of the District of Columbia that has
a combined capital and surplus of at least $75,000,000). If such corporation
publishes reports of conditions at least annually, pursuant to law or to the
requirements of federal, state, territorial or District of Columbia
supervising or examining authority, then for the purposes of this Section
7.07, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
conditions so published.

          In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 7.07 to act as Trustee, the
Trustee shall resign immediately as Trustee in the manner and with the effect
specified in Section 7.08.

          Section 7.08. Resignation and Removal: Appointment of Successor.

          (a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee under Section 7.09.

          (b) The Trustee may resign at any time as trustee by giving written
notice thereof to the Company, the Authorized Agents, the Owner Trustees and
the Loan Trustees. If an instrument of acceptance by a successor Trustee shall
not have been delivered to the Company, the Authorized Agents, the Owner
Trustees, the Loan Trustees and the Trustee within 30 days

                                      37

<PAGE>

after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a
successor Trustee.

          (c) The Trustee may be removed at any time by Direction of the
Certificateholders holding Certificates evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the Trust
delivered to the Trustee, the Company, the Owner Trustees and the Loan
Trustees.

          (d) If at any time:

          (1) the Trustee shall fail to comply with Section 310 of the Trust
     Indenture Act after written request therefor by the Company or by any
     Certificateholder who has been a bona fide Certificateholder for at least
     six months; or

          (2) the Trustee shall cease to be eligible under Section 7.07 and
     shall fail to resign after written request therefor by the Company or by
     any such Certificateholder; or

          (3) the Trustee shall become incapable of acting or shall be
     adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
     property shall be appointed or any public officer shall take charge or
     control of the Trustee or of its property or affairs for the purpose of
     rehabilitation, conservation or liquidation;

then, in any case, (i) the Company may remove the Trustee or (ii) any
Certificateholder who has been a bona fide Certificateholder for at least six
months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

          (e) If a Responsible Officer of the Trustee shall obtain actual
knowledge of an Avoidable Tax (as hereinafter defined) which has been or is
likely to be asserted, the Trustee shall promptly notify the Company and
shall, within 30 days of such notification, resign as Trustee hereunder unless
within such 30-day period the Trustee shall have received notice that the
Company has agreed to pay such tax. The Company shall promptly appoint a
successor Trustee in a jurisdiction where there are no Avoidable Taxes. As
used herein, an "Avoidable Tax" means a state or local tax: (i) upon (w) the
Trust, (x) the Trust Property, (y) Certificateholders or (z) the Trustee for
which the Trustee is entitled to seek reimbursement from the Trust Property,
and (ii) which would be avoided if the Trustee were located in another state,
or jurisdiction within a state, within the United States. A tax shall not be
an Avoidable Tax if the Company or any Owner Trustee shall agree to pay, and
shall pay, such tax.

          (f) If the Trustee shall resign, be removed or become incapable of
acting as trustee or if a vacancy shall occur in the office of the Trustee for
any cause, the Company shall promptly appoint a successor Trustee. If, within
90 days after such resignation, removal or incapability, or other occurrence
of such vacancy, a successor Trustee shall be appointed by Direction of the
Certificateholders holding Certificates evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the Trust
delivered to the Company, the Owner Trustees, the Loan Trustee and the
retiring Trustee, the successor Trustees so appointed shall, with the approval
of the Company, which approval shall not be unreasonably withheld, forthwith
upon its acceptance of such appointment, become the successor Trustee and
supersede the successor Trustee appointed as provided above. If no successor
Trustee shall have been so appointed as provided above and accepted
appointment in the manner hereinafter provided, the resigning Trustee or any
Certificateholder who has been a bona fide Certificateholder for at least

                                      38

<PAGE>

six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a
successor Trustee.

          (g) The successor Trustee of a Trust shall give notice of the
resignation and removal of the Trustee and appointment of the successor
Trustee by mailing written notice of such event by first-class mail, postage
prepaid, to the Certificateholders as their names and addresses appear in the
Register. Each notice shall include the name of such successor Trustee and the
address of its Corporate Trust Office.

          Section 7.09. Acceptance of Appointment by Successor. Every
successor Trustee appointed hereunder shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; but, on request of the Company or the
successor Trustee, such retiring Trustee shall execute and deliver an
instrument transferring to such successor Trustee all such rights, powers and
trusts of the retiring Trustee and shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee,
subject nevertheless to its lien, if any, provided for in Section 7.06. Upon
request of any such successor Trustee, the Company, the retiring Trustee and
such successor Trustee shall execute and deliver any and all instruments
containing such provisions as shall be necessary or desirable to transfer and
confirm to, and for more fully and certainly vesting in, such successor
Trustee all such rights, powers and trusts.

          No successor Trustee shall accept its appointment unless at the time
of such acceptance such successor Trustee shall be qualified and eligible
under this Article.

          Section 7.10. Merger, Conversion, Consolidation or Succession to
Business. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. In case any Certificates shall have
been executed or authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such execution or authentication and deliver
the Certificates so executed or authenticated with the same effect as if such
successor Trustee had itself executed or authenticated such Certificates.

          Section 7.11. Maintenance of Agencies.
          (a) There shall at all times be maintained an office or agency where
Certificates may be presented or surrendered for registration of transfer or
for exchange, and for payment thereof and where notices and demands to or upon
the Trustee in respect of such Certificates may be served. Presentations and
demands may be made and notices may be served at the Corporate Trust Office of
the Trustee.

          (b) There shall at all times be a Registrar and a Paying Agent
hereunder with respect to the Certificates. Each such Authorized Agent shall
be a bank or trust company, shall be a corporation organized and doing
business under the laws of the United States or any state, with a combined
capital and surplus of at least $75,000,000, or a corporation having a
combined

                                      39

<PAGE>

capital and surplus in excess of $5,000,000 the obligations of which are
guaranteed by a corporation organized and doing business under the laws of the
United States or any state, with a combined capital and surplus of at least
$75,000,000, and shall be authorized under such laws to exercise corporate
trust powers, subject to supervision by federal or state authorities. The
Trustee shall initially be the Paying Agent and, as provided in Section 3.04,
Registrar hereunder with respect to the Certificates. Each Registrar shall
furnish to the Trustee, at stated intervals of not more than six months, and
at such other times as the Trustee may request in writing, a copy of the
Register maintained by such Registrar.

          (c) Any corporation into which any Authorized Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authorized Agent,
shall be a party, or any corporation succeeding to the corporate trust
business of any Authorized Agent, shall be the successor of such Authorized
Agent hereunder, if such successor corporation is otherwise eligible under
this Section, without the execution or filing of any paper or any further act
on the part of the parties hereto or such Authorized Agent or such successor
corporation.

          (d) Any Authorized Agent may at any time resign by giving written
notice of resignation to the Trustee, the Company, the Owner Trustees and the
Loan Trustees. The Company may, and at the request of the Trustee shall, at
any time terminate the agency of any Authorized Agent by giving written notice
of termination to such Authorized Agent and to the Trustee. Upon the
resignation or termination of an Authorized Agent or in case at any time any
such Authorized Agent shall cease to be eligible under this Section (when in
either case, no other Authorized Agent performing the functions of such
Authorized Agent shall have been appointed), the Company shall promptly
appoint one or more qualified successor Authorized Agents, reasonably
satisfactory to the Trustee, to perform the functions of the Authorized Agent
which has resigned or whose agency has been terminated or who shall have
ceased to be eligible under this Section. The Company shall give written
notice of any such appointment made by it to the Trustee, the Owner Trustees
and the Loan Trustees; and in each case the Trustee shall mail notice of such
appointment to all Certificateholders as their names and addresses appear on
the Register.

          (e) The Company agrees to pay, or cause to be paid, from time to
time to each Authorized Agent reasonable compensation for its services and to
reimburse it for its reasonable expenses.

          Section 7.12. Money for Certificate Payments to Be Held in Trust.
All moneys deposited with any Paying Agent for the purpose of any payment on
Certificates shall be deposited and held in trust for the benefit of the
Certificateholders entitled to such payment, subject to the provisions of this
Section. Moneys so deposited and held in trust shall constitute a separate
trust fund for the benefit of the Certificateholders with respect to which
such money was deposited.

          The Trustee may at any time, for the purpose of obtaining the
satisfaction and discharge of this Agreement or for any other purpose, direct
any Paying Agent to pay to the Trustee all sums held in trust by such Paying
Agent, such sums to be held by the Trustee upon the same trusts as those upon
which such sums were held by such Paying Agent and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

          Section 7.13. Registration of Equipment Notes in Name of
Subordination Agent. The Trustee agrees that all Equipment Notes to be
purchased by the Trust shall be issued in the

                                      40

<PAGE>

name of the Subordination Agent or its nominee and held by the Subordination
Agent in trust for the benefit of the Certificateholders, or, if not so held,
the Subordination Agent or its nominee shall be reflected as the owner of such
Equipment Notes in the register of the issuer of such Equipment Notes.

          Section 7.14. Representations and Warranties of Trustee. The Trustee
hereby represents and warrants on the Transfer Date that:

          (a) the Trustee is a Delaware banking corporation organized and
     validly existing, and in good standing under the laws of the State of
     Delaware;

          (b) the Trustee has full corporate power, authority and legal right
     to receive the Trust Property assigned by the Related Trustee, assume the
     obligations under, and perform, the Assignment and Assumption Agreement,
     this Agreement, the Intercreditor Agreement, the Registration Rights
     Agreement, the Escrow Agreement, the Note Purchase Agreement and the Note
     Documents to which it is a party and has taken all necessary corporate
     action to authorize such receipt, assumption and performance by it of the
     Assignment and Assumption Agreement, this Agreement, the Intercreditor
     Agreement, the Registration Rights Agreement, the Escrow Agreement, the
     Note Purchase Agreement and the Note Documents to which it is a party;

          (c) the receipt of the Trust Property under the Assignment and
     Assumption Agreement and the performance by the Trustee of the Assignment
     and Assumption Agreement, this Agreement, the Intercreditor Agreement,
     the Registration Rights Agreement, the Escrow Agreement, the Note
     Purchase Agreement and the Note Documents to which it is a party (i) will
     not violate any provision of the law of the State of Delaware or
     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, or
     (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;

          (d) the receipt of the Trust Property under the Assignment and
     Assumption Agreement and the performance by the Trustee of the Assignment
     and Assumption Agreement, this Agreement, the Intercreditor Agreement,
     the Registration Rights Agreement, the Escrow Agreement, the Note
     Purchase Agreement and the Note Documents to which it is 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 State of Delaware
     or the United States regulating the banking and corporate trust
     activities of the Trustee; and

          (e) the Assignment and Assumption Agreement has been duly executed
     and delivered by the Trustee and this Agreement, the Assignment and
     Assumption Agreement, this Agreement, this Agreement, the Intercreditor
     Agreement, the Registration Rights Agreement, the Escrow Agreement, the
     Note Purchase Agreement and the Note Documents to which it is a party
     have been duly executed and delivered by the Trustee

                                      41

<PAGE>

     and constitute the legal, valid, and binding agreements of the Trustee,
     enforceable against it in accordance with their respective terms,
     provided 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,
     regardless of whether applied in a proceeding at equity or at law.

          Section 7.15. Withholding Taxes, Information Reporting. (a) The
Trustee, as trustee of the grantor trust created by this Agreement, shall
exclude and withhold from each distribution of principal, premium, if any, and
interest and other amounts due under this Agreement or under the Certificates
any and all federal United States withholding taxes applicable thereto as
required by law. The Trustee agrees to act as such withholding agent and, in
connection therewith, whenever any taxes or similar charges are required to be
withheld with respect to any amounts paid by or on behalf of the Trustee in
respect of the Certificates, to withhold such amounts and timely pay the same
to the authority in the name of and on behalf of the Certificateholders, that
it will file any necessary withholding tax returns or statements when due, and
that, as promptly as possible after the payment thereof, it will deliver to
each such Certificateholder necessary documentation showing the payment
thereof, together with such additional documentary evidence as such
Certificateholders may reasonably request from time to time. The Trustee
agrees to file any other information reports as it may be required to file
under United States law. In the event that any withholding tax is imposed on a
payment to a Certificateholder, such tax shall reduce the amount otherwise
distributable to the Certificateholder in accordance with this Section.

          (b) Any Certificateholder which is organized under the laws of a
jurisdiction outside the United States shall, on or prior to the date such
Certificateholder becomes a Certificateholder, (a) so notify the Trustee,
(b)(i) provide the Trustee with Internal Revenue Service form W-8BEN, W-8ECI,
W-8IMY or W-8EXP, or any substitute or successor form, or (ii) notify the
Trustee that it is not entitled to an exemption from United States withholding
tax or a reduction in the rate thereof on payments of interest. Any such
Certificateholder agrees by its acceptance of a Trust Security, on an ongoing
basis, to provide like certification should any previously provided form
become invalid and to notify the Trustee should subsequent circumstances arise
affecting the information provided the Trustee in clauses (a) and (b) above.
The Trustee shall be fully protected in relying upon, and each
Certificateholder by its acceptance of a Security agrees to indemnify and hold
the Trustee harmless against all claims or liability of any kind arising in
connection with or related to the Trustee's reliance upon any documents, forms
or information provided by any Certificateholder to the Trustee. In addition,
if the Trustee has not withheld taxes on any payment made to any
Certificateholder, and the Trustee is subsequently required to remit to any
taxing authority any such amount not withheld, such Certificateholder shall
return such amount to the Trustee upon written demand by the Trustee. The
Trustee shall be liable only for direct (but not consequential) damages to any
Certificateholder due to the Trustee's violation of the Code and only to the
extent such liability is caused by the Trustee's gross negligence or willful
misconduct.

          (c) The Trustee may satisfy certain of its obligations with respect
to this Agreement by retaining, at the expense of the Company, a firm of
independent public accountants (the "Accountants") which shall (i) be
responsible for all tax filing requirements and (ii) perform the obligations
of the Trustee in respect of tax filing requirements. The Trustee shall be
deemed to have discharged its tax filing obligations under this Agreement upon
its retention of the Accountants, and, if the Trustee shall have selected the
Accountants in good faith and without

                                      42

<PAGE>

gross negligence or with the prior approval of or notice to the Company, the
Trustee shall not have any liability with respect to the default or misconduct
of the Accountants.

          (d) The Trustee, at the request and instruction of the Company, will
make such United States federal income tax elections as may be necessary to
prevent the Trust from being classified for federal income tax purposes as an
association taxable as a corporation.

          Section 7.16. Trustee's Liens. The Trustee in its individual
capacity agrees 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 mortgage,
pledge, lien, charge, encumbrance, security interest or claim ("Trustee's
Liens") on or with respect to the Trust Property which is attributable to the
Trustee either (i) in its individual capacity and which is unrelated to the
transactions contemplated by this Agreement, the Registration Rights
Agreement, the Intercreditor Agreement, the Participation Agreements, the Note
Purchase Agreement or the Note Documents, or (ii) in its individual capacity
and which arises out of acts or omissions of the Trustee in its individual
capacity which are not contemplated by this Agreement.

          Section 7.17. Preferential Collection of Claims. The Trustee shall
comply with Section 311(a) of the Trust Indenture Act, excluding any creditor
relationship listed in Section 311(b) of the Trust Indenture Act. If the
Trustee shall resign or be removed as Trustee, it shall be subject to Section
311(a) of the Trust Indenture Act to the extent provided therein.

                                 ARTICLE VIII

               CERTIFICATEHOLDERS' LISTS AND REPORTS BY TRUSTEE

          Section 8.01. The Company to Furnish Trustee with Names and
Addresses of Certificateholders. The Company will furnish or cause to be
furnished to the Trustee within 15 days after each Record Date with respect to
a Scheduled Payment, and at such other times as the Trustee may request in
writing, within 30 days after receipt by the Company of any such request, a
list, in such form as the Trustee may reasonably require, of all information
in the possession or control of the Company as to the names and addresses of
the Certificateholders, in each case as of a date not more than 15 days prior
to the time such list is furnished; provided, however, that so long as the
Trustee is the sole Registrar, no such list need be furnished; and provided
further, however, that no such list need be furnished for so long as a copy of
the Register is being furnished to the Trustee pursuant to Section 7.11.

          Section 8.02. Preservation of Information; Communications to
Certificateholders. The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Certificateholders
contained in the most recent list furnished to the Trustee as provided in
Section 7.11 or Section 8.01, as the case may be, and the names and addresses
of Certificateholders received by the Trustee in its capacity as Registrar, if
so acting. The Trustee may destroy any list furnished to it as provided in
Section 7.11 or Section 8.01, as the case may be, upon receipt of a new list
so furnished.

          Section 8.03. Reports by Trustee. Within 60 days after May 15 of
each year commencing with the first full year following the date hereof, the
Trustee shall transmit to the Certificateholders, as provided in Section
313(c) of the Trust Indenture Act, a brief report dated as of such May 15, if
required by Section 313(a) of the Trust Indenture Act.

                                      43

<PAGE>

          Section 8.04. Reports by the Guarantor and Company. The Guarantor
and the Company each shall:

          (a) file with the Trustee, within 30 days after the Guarantor or the
     Company is required to file the same with the SEC, copies of the annual
     reports and of the information, documents and other reports (or copies of
     such portions of any of the foregoing as the SEC may from time to time by
     rules and regulations prescribe) which the Guarantor or the Company is
     required to file with the SEC pursuant to section 13 or section 15(d) of
     the Securities Exchange Act of 1934, as amended; or, if the Guarantor or
     the Company is not required to file information, documents or reports
     pursuant to either of such sections, then to file with the Trustee and
     the SEC, in accordance with rules and regulations prescribed by the SEC,
     such of the supplementary and periodic information, documents and reports
     which may be required pursuant to section 13 of the Securities Exchange
     Act of 1934, as amended, in respect of a security listed and registered
     on a national securities exchange as may be prescribed in such rules and
     regulations;

          (b) file with the Trustee and the SEC, in accordance with the rules
     and regulations prescribed by the SEC, such additional information,
     documents and reports with respect to compliance by the Guarantor and the
     Company with the conditions and covenants of the Guarantor and the
     Company provided for in this Agreement, as may be required by such rules
     and regulations, including, in the case of annual reports, if required by
     such rules and regulations, certificates or opinions of independent
     public accountants, conforming to the requirements of Section 1.02;

          (c) transmit to all Certificateholders, in the manner and to the
     extent provided in Section 313(c) of the Trust Indenture Act, such
     summaries of any information, documents and reports required to be filed
     by the Guarantor and the Company pursuant to subsections (a) and (b) of
     this Section 8.04 as may be required by rules and regulations prescribed
     by the SEC; and

          (d) furnish to the Trustee, not less often than annually, a brief
     certificate from the principal executive officer, principal financial
     officer or principal accounting officer as to his or her knowledge of the
     Guarantor's and the Company's compliance with all conditions and
     covenants under this Agreement (it being understood that for purposes of
     this paragraph (d), such compliance shall be determined without regard to
     any period of grace or requirement of notice provided under this
     Agreement).

                                  ARTICLE IX

                            SUPPLEMENTAL AGREEMENTS

          Section 9.01. Supplemental Agreements Without Consent of
Certificateholders. Without the consent of the Certificateholders, the
Guarantor and the Company may, and the Trustee (subject to Section 9.03)
shall, at any time and from time to time, enter into one or more agreements
supplemental hereto or, if applicable, to the Indenture, the Lease, the
Participation Agreement, Intercreditor Agreement, the Escrow Agreement, the
Note Purchase Agreement, the Deposit Agreement, the Registration Rights
Agreement or the Liquidity Facility in form satisfactory to the Trustee, for
any of the following purposes:

                                      44

<PAGE>

          (1) to evidence the succession of another corporation to the Company
     or the Guarantor and the assumption by any such successor of the
     covenants of the Company or the Guarantor contained herein or in each of
     the other related documents to which the Company or the Guarantor is a
     party or of the Company's or the Guarantor's obligations under the Note
     Purchase Agreement, the Registration Rights Agreement or the Liquidity
     Facility; or

          (2) to add to the covenants of the Guarantor or the Company for the
     benefit of the Certificateholders, or to surrender any right or power in
     this Agreement, the Note Purchase Agreement, the Registration Rights
     Agreement or the Liquidity Facility conferred upon the Guarantor or the
     Company; or

          (3) to correct or supplement any provision in this Agreement, the
     Intercreditor Agreement, the Escrow Agreement, the Note Purchase
     Agreement, the Deposit Agreement, Registration Rights Agreement or the
     Liquidity Facility which may be defective or inconsistent with any other
     provision herein or therein or to cure any ambiguity or correct any
     mistake or to modify any other provision with respect to matters or
     questions arising under this Agreement, the Intercreditor Agreement, the
     Escrow Agreement, the Note Purchase Agreement, the Deposit Agreement,
     Registration Rights Agreement or the Liquidity Facility, provided that
     any such action shall not materially adversely affect the interests of
     the Certificateholders; or to cure any ambiguity or correct any mistake
     in such documents, or as provided in the Intercreditor Agreement, to give
     effect to or provide for a Replacement Liquidity Facility (as defined in
     the Intercreditor Agreement); or

          (4) to comply with any requirement of the SEC, any applicable law,
     rules or regulations of any exchange or quotation system on which the
     Certificates are listed, or any regulatory body or the Registration
     Rights Agreement to effectuate the Exchange Offer; or

          (5) to modify, eliminate or add to the provisions of this Agreement
     to such extent as shall be necessary to continue the qualification of
     this Agreement (including any supplemental agreement) under the Trust
     Indenture Act, or under any similar Federal statute hereafter enacted,
     and to add to this Agreement such other provisions as may be expressly
     permitted by the Trust Indenture Act, excluding, however, the provisions
     referred to in Section 316(a)(2) of the Trust Indenture Act as in effect
     at the date as of which this instrument was executed or any corresponding
     provision in any similar Federal statute hereafter enacted; or

          (6) to evidence and provide for the acceptance of appointment under
     this Agreement by the Trustee of a successor Trustee and to add to or
     change any of the provisions of this Agreement as shall be necessary to
     provide for or facilitate the administration of the Trust, pursuant to
     the requirements of Section 7.09;

          (7) if with respect to any Owned Aircraft the Company issues "class
     D" pass through certificates, to modify, eliminate or add to the
     provisions of this Agreement to the extent necessary to provide for the
     subordination of such "class D" pass through certificates to the
     Certificates; or

          (8) to modify or eliminate provisions relating to the transfer or
     exchange of Exchange Certificates or the Initial Certificates upon
     consummation of the Exchange Offer

                                      45

<PAGE>

     (as defined in the Registration Rights Agreement) or effectiveness of the
     Shelf Registration Statement or the Exchange Offer Registration
     Statement;

provided that no such action described in this Section 9.01 shall materially
adversely affect the interests of the Certificateholders.

          Section 9.02. Supplemental Agreements with Consent of
Certificateholders. With the consent of the Certificateholders holding
Certificates evidencing Fractional Undivided Interests aggregating not less
than a majority in interest in the Trust, by Direction of said
Certificateholders delivered to the Guarantor, the Company and the Trustee,
the Guarantor and the Company may (with the consent of the Owner Trustees, if
any, which consent shall not be unreasonably withheld), and the Trustee
(subject to Section 9.03) shall, enter into an agreement or agreements
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement, the
Intercreditor Agreement, the Registration Rights Agreement, the Escrow
Agreement, the Note Purchase Agreement, the Deposit Agreement or the Liquidity
Facility to the extent applicable to such Certificateholders or of modifying
in any manner the rights and obligations of such Certificateholders under this
Agreement, the Intercreditor Agreement, the Liquidity Facility, the
Registration Rights Agreement, the Escrow Agreement, the Deposit Agreement or
the Note Purchase Agreement; provided, however, that no such supplemental
agreement shall, without the consent of the Certificateholder of each
Outstanding Certificate affected thereby:

          (1) reduce in any manner the amount of, or delay the timing of, any
     receipt by the Trustee (or, with respect to the Deposits, the
     Certificateholders) of payments on the Equipment Notes or other Trust
     Property held in the Trust or on the Deposits or distributions that are
     required to be made herein on any Certificate, or change any date of
     payment on any Certificate, or change the place of payment where, or the
     coin or currency in which, any Certificate is payable, or impair the
     right to institute suit for the enforcement of any such payment or
     distribution on or after the Regular Distribution Date or Special
     Distribution Date applicable thereto; or

          (2) permit the disposition of any Equipment Note included in the
     Trust Property except as permitted by this Agreement, or otherwise
     deprive such Certificateholder of the benefit of the ownership of the
     Equipment Notes in the Trust; or

          (3) alter the priority of distributions specified in the
     Intercreditor Agreement; or

          (4) modify any of the provisions of this Section or Section 6.05,
     except to increase any such percentage or to provide that certain other
     provisions of this Agreement cannot be modified or waived without the
     consent of the Certificateholder of each Certificate affected thereby; or

          (5) adversely affect the status of any Trust as a grantor trust
     under Subpart E, Part I of Subchapter J of Chapter 1 of Subtitle A of the
     Internal Revenue Code of 1986, as amended, for U.S. federal income tax
     purposes.

          It shall not be necessary for any Direction of Certificateholders
under this Section to approve the particular form of any proposed supplemental
agreement but it shall be sufficient if such Direction shall approve the
substance thereof.

                                      46

<PAGE>

          Section 9.03. Documents Affecting Immunity or Indemnity. If in the
opinion of the Trustee any document required to be executed by it pursuant to
the terms of Section 9.01 or 9.02 affects any interest, right, duty, immunity
or indemnity in favor of the Trustee under this Agreement, the Trustee may in
its discretion decline to execute such document.

          Section 9.04. Execution of Supplemental Agreements. In executing, or
accepting the additional trusts created by, any supplemental agreement
permitted by this Article or the modifications thereby of the trust created by
this Agreement, the Trustee shall be entitled to receive, and shall be fully
protected in relying upon, written advice of counsel or an Opinion of Counsel
stating that the execution of such supplemental agreement is authorized or
permitted by this Agreement.

          Section 9.05. Effect of Supplemental Agreements. Upon the execution
of any supplemental agreement under this Article, this Agreement shall be
modified in accordance therewith, and such supplemental agreement shall form a
part of this Agreement for all purposes; and every Certificateholder
theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.

          Section 9.06. Conformity with Trust Indenture Act. Every
supplemental agreement executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.

          Section 9.07. Reference in Certificates to Supplemental Agreements.
Certificates authenticated and delivered after the execution of any
supplemental agreement pursuant to this Article may bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental
agreement; and, in such case, suitable notation may be made upon Outstanding
Certificates after proper presentation and demand.

                                   ARTICLE X

                  AMENDMENTS TO INDENTURES AND NOTE DOCUMENTS

          Section 10.01. Amendments and Supplements to Indentures and Other
Note Documents. In the event that the Trustee, as holder (or beneficial owner
through the Subordination Agent) of any Equipment Note in trust for the
benefit of the Certificateholders or as Controlling Party under the
Intercreditor Agreement, receives (directly or indirectly through the
Subordination Agent) a request for a consent to any amendment, modification,
waiver or supplement under any Indenture, any other Note Document, any
Equipment Note, the Note Purchase Agreement or any other related document, the
Trustee shall forthwith send a notice of such proposed amendment,
modification, waiver or supplement to each Certificateholder registered on the
Register as of the date of such notice. The Trustee shall request from the
Certificateholders a Direction as to (a) whether or not to take or refrain
from taking (or direct the Subordination Agent to take or refrain from taking)
any action which a holder of such Equipment Note has the option to direct, (b)
whether or not to give or execute (or direct the Subordination Agent to give
or execute) any waivers, consents, amendments, modifications or supplements as
a holder of such Equipment Note or a Controlling Party and (c) how to vote (or
direct the Subordination Agent to vote) any Equipment Note if a vote has been
called for with respect thereto. Provided such a request for Certificateholder
Direction shall have been made, in directing any action or casting any vote or
giving any consent as the holder of any Equipment Note (or in directing the
Subordination Agent in any of the foregoing), (i) other than as

                                      47

<PAGE>

Controlling Party, the Trustee shall vote for or give consent to any such
action with respect to such Equipment Note in the same proportion as that of
(A) the aggregate face amounts of all Certificates actually voted in favor of
or for giving consent to such action by such Direction of Certificateholders
to (B) the aggregate face amount of all Outstanding Certificates and (ii) as
Controlling Party, the Trustee shall vote as directed in such
Certificateholder Direction by the Crtificateholders evidencing a Fractional
Undivided Interest aggregating not less than a majority in interest in the
Trust. For purposes of the immediately preceding sentence, a Certificate shall
have been "actually voted" if the Holder of such Certificate has delivered to
the Trustee an instrument evidencing such Holder's consent to such Direction
prior to two Business Days before the Trustee directs such action or casts
such vote or gives such consent. Notwithstanding the foregoing, but subject to
Section 6.04 and the Intercreditor Agreement, the Trustee may, in its own
discretion and at its own direction, consent and notify the relevant Loan
Trustee of such consent (or direct the Subordination Agent to consent and
notify the Loan Trustee of such consent) to any amendment, modification,
waiver or supplement under the relevant Indenture, any other Note Document,
any Equipment Note, the Note Purchase Agreement or any other related document,
if an Event of Default hereunder shall have occurred and be continuing, or if
such amendment, modification, waiver or supplement will not materially
adversely affect the interests of the Certificateholders.

                                  ARTICLE XI

                             TERMINATION OF TRUST

          Section 11.01. Termination of the Trust. The respective obligations
and responsibilities of the Company, the Guarantor and the Trustee with
respect to the Trust shall terminate upon the distribution to all Holders of
the Certificates and the Trustee of all amounts required to be distributed to
them pursuant to this Agreement and the disposition of all property held as
part of the Trust Property; provided, however, that in no event shall the
Trust continue beyond one hundred ten (110) years following the date of the
earliest execution of this Agreement.

          Notice of any such termination, specifying the Regular Distribution
Date (or Special Distribution Date, as the case may be) upon which the
Certificateholders may surrender their Certificates to the Trustee for payment
of the final distribution and cancellation, shall be mailed promptly, upon
notice to the Trustee, by the Trustee to Certificateholders not earlier than
the 60th day and not later than the 20th day next preceding such final
distribution specifying (A) the Regular Distribution Date (or Special
Distribution Date, as the case may be) upon which the proposed final payment
of the Certificates will be made upon presentation and surrender of
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 Regular Distribution Date (or Special
Distribution Date, as the case may be) is not applicable, payments being made
only upon presentation and surrender of the 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 Certificateholders. Upon
presentation and surrender of the Certificates in accordance with such notice,
the Trustee shall cause to be distributed to Certificateholders amounts
distributable on such final payments.

          In the event that all of the Certificateholders shall not surrender
their 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 Certificateholders to surrender

                                      48

<PAGE>

their Certificates for cancellation and receive the final distribution with
respect thereto. No additional interest shall accrue on the Certificates after
the Regular Distribution Date (or Special Distribution Date, as the case may
be). In the event that any money held by the Trustee for the payment of
distributions on the 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
related Owner Trustees, Owner Participants and the Company.

                                  ARTICLE XII

                           MISCELLANEOUS PROVISIONS

          Section 12.01. Limitation on Rights of Certificateholders. The death
or incapacity of any Certificateholder shall not operate to terminate this
Agreement, or the Trust, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the
Trust, nor otherwise affect the rights, obligations, and liabilities of the
parties hereto or any of them.

          Section 12.02. Liabilities of Certificateholders. Neither the
existence of the Trust nor any provision in this Agreement is intended to or
shall limit the liability the Certificateholders would otherwise incur if the
Certificateholders owned Trust Property as co-owners, or incurred any
obligations of the Trust, directly rather than through the Trust.

          Section 12.03. Certificates Nonassessable and Fully Paid. Subject to
Section 12.02, Certificateholders shall not be personally liable for
obligations of the Trust, the Fractional Undivided Interests represented by
the Certificates shall be nonassessable for any losses or expenses of the
Trust or for any reason whatsoever, and Certificates upon authentication
thereof by the Trustee pursuant to Section 3.03 are and shall be deemed fully
paid. No Certificateholder shall have any right (except as expressly provided
herein) to vote or in any manner otherwise control the operation and
management of the Trust Property, the Trust, or the obligations of the parties
hereto, nor shall anything set forth herein, or contained in the terms of the
Certificates, be construed so as to constitute the Certificateholders from
time to time as partners or members of an association.

          Section 12.04. Notices.
          (a) Unless otherwise specifically provided herein, all notices
required under the terms and provisions of this Agreement shall be in English
and in writing, and any such notice may be given by United States mail,
courier service, telecopy (confirmed by telephone or in writing in the case of
notice by telecopy) or any other customary means of communication, and any
such notice shall be effective upon receipt, if to the Company or the
Guarantor, to:

                American Trans Air, Inc.
                7337 West Washington Street
                Indianapolis International Airport
                Indianapolis, Indiana 06927
                Attention: Executive Vice President and Chief Financial Officer
                Facsimile: (317) 240-7087

                                      49

<PAGE>

                 if to the Trustee, to:

                 Wilmington Trust Company
                 Rodney Square North
                 1100 North Market Street
                 Wilmington, Delaware 19890

                 Attention:        Corporate Trust Administration
                 Facsimile:        (302) 651-8882

          (b) The Company, the Guarantor or the Trustee, by notice to the
other, may designate additional or different addresses for subsequent notices
or communications.

          (c) Any notice or communication to Certificateholders shall be
mailed by first- class mail to the addresses for Certificateholders shown on
the Register kept by the Registrar and to addresses filed with the Trustee.
Failure so to mail a notice or communication or any defect in such notice or
communication shall not affect its sufficiency with respect to other
Certificateholders.

          (d) If a notice or communication is mailed in the manner provided
above within the time prescribed, it is conclusively presumed to have been
duly given, whether or not the addressee receives it.

          (e) If the Company mails a notice or communication to the
Certificateholders, it shall mail a copy to the Trustee and to each Paying
Agent at the same time.

          (f) Notwithstanding the foregoing, all communications or notices to
the Trustee shall be deemed to be given only when received by a Responsible
Officer of the Trustee.

          (g) The Trustee shall promptly furnish the Company with a copy of
any demand, notice or written communication received by the Trustee hereunder
from any Certificateholder, Owner Trustee or Loan Trustee.

          Section 12.05. Governing Law. THIS AGREEMENT HAS BEEN DELIVERED IN
THE STATE OF NEW YORK AND THIS AGREEMENT AND THE CERTIFICATES SHALL BE
GOVERNED BY 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.

          Section 12.06. Severability of Provisions. If any one or more of the
covenants, agreements, provisions, or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions,
or terms shall be deemed severable from the remaining covenants, agreements,
provisions, or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement or the Trust or of
the Certificates or the rights of the Certificateholders thereof.

          Section 12.07. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

                                      50

<PAGE>

          Section 12.08. Successors and Assigns. All covenants, agreements,
representations and warranties in this Agreement by the Trustee, the Guarantor
and the Company shall bind and, to the extent permitted hereby, shall inure to
the benefit of and be enforceable by their respective successors and assigns,
whether so expressed or not.

          Section 12.09. Benefits of Agreement. Nothing in this Agreement or
in the Certificates, express or implied, shall give to any Person, other than
the parties hereto and their successors hereunder, and the Certificateholders,
any benefit or any legal or equitable right, remedy or claim under this
Agreement.

          Section 12.10. Legal Holidays. In any case where any Regular
Distribution Date or Special Distribution Date relating to any Certificate
shall not be a Business Day, then (notwithstanding any other provision of this
Agreement) payment need not be made on such date, but may be made on the next
succeeding Business Day with the same force and effect as if made on such
Regular Distribution Date or Special Distribution Date, and no interest shall
accrue during the intervening period.

          Section 12.11. Counterparts. For the purpose of facilitating the
execution of this Agreement and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.

          Section 12.12. Communication by Certificateholders with Other
Certificateholders. Certificateholders may communicate with other
Certificateholders with respect to their rights under this Agreement or the
Certificates pursuant to Section 3.12(b) of the Trust Indenture Act. The
Company, the Guarantor, the Trustee and any and all other persons benefited by
this Agreement shall have the protection afforded by Section 312(c) of the
Trust Indenture Act.

          Section 12.13. Intention of Parties. The parties hereto intend that
the 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 Certificateholder, by its acceptance of its
Certificate or a beneficial interest therein, agrees to treat the Trust as a
grantor trust for all U.S. federal, state and local income tax purposes. The
powers granted and obligations undertaken pursuant to this Agreement shall be
so construed so as to further such intent.

                                      51

<PAGE>

          IN WITNESS WHEREOF, the Guarantor, the Company and the Trustee have
caused this Agreement to be duly executed by their respective officers, all as
of the day and year first written above.

                                     AMTRAN, INC.

                                     By: _____________________
                                         Executive Vice President and
                                         Chief Financial Officer

                                         AMERICAN TRANS AIR, INC.

                                         By: _____________________
                                             Chief Financial Officer

                                         WILMINGTON TRUST COMPANY,
                                         as Trustee

                                         By: _____________________
                                             Title:

                                      52

<PAGE>

                                                                     EXHIBIT A

               FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION
                    WITH TRANSFERS PURSUANT TO REGULATION S

                                                                        [date]

Wilmington Trust Company,
not in its individual
capacity but solely as Trustee
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

Attention:  Corporate Trust Administration

                              AMERICAN TRANS AIR
              PASS-THROUGH TRUST, SERIES 2000-1C-S (the "Trust")
                  Pass Through Certificates, Series 2000-1C-S
                             (the "Certificates")
Sirs:

          In connection with our proposed sale of $[ ] Fractional Undivided
Interest of the Certificates, we confirm that such sale has been effected
pursuant to and in accordance with Regulation S under the Securities Act of
1933, as amended, and, accordingly, we represent that:

          (1) the offer of the Certificates was not made to a person in the
     United States;

          (2) either (a) at the time the buy order was originated, the
     transferee was outside the United States or we and any person acting on
     our behalf reasonably believed that the transferee was outside the United
     States or (b) the transaction was executed in, on or through the
     facilities of a designated off-shore securities market and neither we nor
     any person acting on our behalf knows that the transaction has been
     pre-arranged with a buyer in the United States;

          (3) no directed selling efforts have been made in the United States
     in contravention of the requirements of Rule 903(b) or Rule 904(b) of
     Regulation S, as applicable; and

          (4) the transaction is not part of a plan or scheme to evade the
     registration requirements of the Securities Act.

          In addition, if the sale is made during a restricted period and the
provisions of Rule 903(c)(3) or Rule 904(c)(1) of Regulation S are applicable
thereto, we confirm that such sale has been made in accordance with the
applicable provisions of Rule 903(c)(3) or Rule 904(c)(1), as the case may be.

                                       1

<PAGE>

          You and American Trans Air, Inc. are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof
to any interested party in any administrative or legal proceedings or official
inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.

                                  Very truly yours,

                                  [Name of Transferor]

                                  By:______________________
                                     Authorized Signature

                                       2

<PAGE>

                                                                     EXHIBIT B

                           FORM OF CERTIFICATE TO BE
                         DELIVERED IN CONNECTION WITH
                   TRANSFERS TO NON-QIB ACCREDITED INVESTORS

                                                                        [date]
Wilmington Trust Company,
not in its individual capacity
but solely as Trustee
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

Attention:  Corporate Trust Administration

American Trans Air, Inc.
7337 West Washington Street
Indianapolis International Airport
Indianapolis, Indiana  06927

                              AMERICAN TRANS AIR
              PASS-THROUGH TRUST, SERIES 2000-1C-S (the "Trust")
                  Pass Through Certificates, Series 2000-1C-S
                             (the "Certificates")

Ladies and Gentlemen:

          In connection with our proposed purchase of US$[ ] Fractional
Undivided Interest of Certificates, we confirm that:

          1. We understand that any subsequent transfer of the Certificates is
     subject to certain restrictions and conditions set forth in the Pass
     Through Trust Agreement dated as of February 15, 2000 relating to the
     Certificates (the "Pass Through Trust Agreement") and the undersigned
     agrees to be bound by, and not to resell, pledge or otherwise transfer
     the Certificates except in compliance with, such restrictions and
     conditions and the Securities Act of 1933, as amended (the "Securities
     Act").

          2. We are purchasing Certificates having an aggregate principal
     amount of not less than $1,000 and each account (if any) for which we are
     purchasing Certificates is purchasing Certificates having an aggregate
     principal amount of not less than $1,000.

          3. We understand that the Certificates have not been registered
     under the Securities Act, that the Certificates are being sold to us in a
     transaction that is exempt from the registration requirements of the
     securities Act and that the Certificates may not be offered or sold
     except as permitted in the following sentence. We agree, on our own
     behalf and on behalf of any accounts for which we are acting as
     hereinafter stated, that if we should sell any Certificate within two
     years after the later of the original issuance of such certificate and
     the last date on which such Certificate is owned by the Company, the
     Trustee or any affiliate of any such persons, we will do so only (A) in
     accordance with

                                                    1

<PAGE>

     Rule 144A under the Securities Act to a "qualified institutional buyer"
     (as defined therein), (B) to an institutional "accredited investor" (as
     defined below) that, prior to such transfer, furnishes to you and
     American Trans Air, Inc., a signed letter substantially in the form of
     this letter, (C) outside the United States in accordance with Rule 904 of
     Regulation S under the Securities Act, (D) pursuant to the exemption from
     registration provided by Rule 144 under the Securities Act, or (E)
     pursuant to an effective registration statement under the Securities Act,
     and we further agree to provide to any person purchasing any of the
     Certificates from us a notice advising such purchaser that resales of the
     Certificates are restricted as stated herein. We further understand that
     the Certificates purchased by us will bear a legend to the foregoing
     effect.

          4. We understand that, on any proposed resale of any Certificates,
     we will be required to furnish to you and American Trans Air, Inc. such
     certifications, legal opinions and other information as you and American
     Trans Air, Inc. may reasonably require to confirm that the proposed sale
     complies with the foregoing restrictions. We further understand that the
     Certificates purchased by us will bear a legend to the foregoing effect.

          5. We are an institutional "accredited investor" (as defined in Rule
     501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and
     have such knowledge and experience in financial and business matters as
     to be capable of evaluating the merits and risks of our investment in the
     Certificates and we and any accounts for which we are acting are each
     able to bear the economic risk of our or their investments.

          6. We are acquiring the Certificates purchased by us for our own
     account or for one or more accounts (each of which is an institutional
     "accredited investor") as to each of which we exercise sole investment
     discretion and not with a view to any distribution of the Certificates,
     subject, nevertheless to the understanding that the disposition of our
     property shall at all times be and remain within our control.

          You and American Trans Air, Inc. are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof
to any interested party in any administrative or legal proceedings or official
inquiry with respect to the matters covered hereby.

                                    Very truly yours,

                                    By: _______________________
                                        [Name of Transferee]

                                    By: _______________________
                                        Authorized Signature

                                       2

<PAGE>

                                                                     EXHIBIT C

               FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION
                            WITH TRANSFERS TO QIBs

                                                                        [date]

Wilmington Trust Company,
not in its individual
capacity but solely as Trustee
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

Attention:  Corporate Trust Administration

                              AMERICAN TRANS AIR
              PASS-THROUGH TRUST, SERIES 2000-1C-S (the "Trust")
                  Pass Through Certificates, Series 2000-1C-S
                             (the "Certificates")

Ladies and Gentlemen:

          In connection with our proposed sale of $[ ] Fractional Undivided
Interest of the Certificates, we confirm that without utilizing any general
solicitation or general advertising that such Certificates are being
transferred in compliance with the exemption from registration under the
Securities Act of 1933, as amended, provided by Rule 144A thereunder.

Date:                              [Name of Transferor

                                   NOTE: The signature must
                                   correspond with the name
                                   as written upon the face
                                   of the within- mentioned
                                   Certificate in every
                                   particular, without
                                   alteration or any change
                                   whatsoever.

Signature Guarantee:

TO BE COMPLETED BY PURCHASER:

          The undersigned represents and warrants that it is purchasing the
within-mentioned Certificate for its own account or an account with respect to
which it exercises sole investment discretion and that it and any such account
is a "qualified institutional buyer" within the meaning of Rule 144A under the
Securities Act of 1933, as amended, and is aware that the sale to it is

                                       1

<PAGE>

being made in reliance on Rule 144A and has been advised of the applicable
transfer restrictions relating to the Certificates and acknowledges that it
has received such information regarding the Company as the undersigned has
requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the
undersigned's foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

Dated:                                                    [Name of Transferee]
      -------------

                             NOTE:      To be executed by an executive officer.

                                       2EXHIBIT 4.9

  __________________________________________________________________________

                          REVOLVING CREDIT AGREEMENT
                                   (2000-1G)

                         Dated as of February 15, 2000

                                    between

                           WILMINGTON TRUST COMPANY,

                      not in its individual capacity but
                        solely as Subordination Agent,
                         as agent and trustee for the
                 American Trans Air 2000-1G Pass Through Trust

                                  as Borrower

                                      and

                                CITIBANK, N.A.

                             as Liquidity Provider

                                  Relating to

                American Trans Air 2000-1G Pass Through Trust,
                                Series 2000-1G
             8.039% American Trans Air Pass Through Certificates,
                               Series 2000-1G-O

  __________________________________________________________________________

<PAGE>

                                                                             2

                               TABLE OF CONTENTS

                                                                          Page

ARTICLE 1  DEFINITIONS.......................................................1

     Section 1.1       Certain Defined Terms.................................1

ARTICLE 2  AMOUNT AND TERMS OF THE COMMITMENT................................7

     Section 2.1.  The Advances..............................................7
     Section 2.2.  Making the Advances.......................................7
     Section 2.3.  Fees......................................................9
     Section 2.4.  Adjustments or Termination of the Maximum Commitment......9
     Section 2.5.  Repayments of Interest Advances or the Final Advance......9
     Section 2.6.  Repayments of Provider Advances..........................10
     Section 2.7.  Payments to the Liquidity Provider Under the
                     Intercreditor Agreement................................11
     Section 2.8.  Book Entries.............................................11
     Section 2.9.  Payments from Available Funds Only.......................11
     Section 2.10.  Extension of the Expiry Date; Non-Extension Advance.....11

ARTICLE 3  OBLIGATIONS OF THE BORROWER......................................12

     Section 3.1.  Increased Costs..........................................12
     Section 3.2.  Capital Adequacy.........................................13
     Section 3.3.  Payments Free of Deductions..............................14
     Section 3.4.  Payments.................................................14
     Section 3.5.  Computations.............................................14
     Section 3.6.  Payment on Non-Business Days.............................14
     Section 3.7.  Interest.................................................14
     Section 3.8.  Replacement of Borrower..................................16
     Section 3.9.  Funding Loss Indemnification.............................16
     Section 3.10. Illegality...............................................16

ARTICLE 4  CONDITIONS PRECEDENT.............................................17

     Section 4.1.  Conditions Precedent to Effectiveness of Section 2.1.....17
     Section 4.2.  Conditions Precedent to Borrowing........................18

ARTICLE 5  COVENANTS........................................................18

     Section 5.1.  Affirmative Covenants of the Borrower....................18

ARTICLE 6  LIQUIDITY EVENTS OF DEFAULT......................................19

ARTICLE 7  MISCELLANEOUS....................................................20

<PAGE>

                                                                             3

     Section 7.1.  Amendments, Etc..........................................20
     Section 7.2.  Notices, Etc.............................................20
     Section 7.3   No Waiver; Remedies......................................21
     Section 7.4.  Further Assurances.......................................21
     Section 7.5.  Indemnification; Survival of Certain Provisions..........21
     Section 7.6.  Liability of the Liquidity Provider......................22
     Section 7.7.  Costs, Expenses and Taxes................................22
     Section 7.8.  Binding Effect; Participations...........................23
     Section 7.9.  Severability.............................................24
     Section 7.10. GOVERNING LAW............................................24
     Section 7.11. Submission to Jurisdiction; Waiver of Jury Trial; Waiver
                      of Immunity...........................................24
     Section 7.12. Execution in Counterparts................................25
     Section 7.13. Entirety.................................................25
     Section 7.14. Headings.................................................25
     Section 7.15. Transfer.................................................25
     Section 7.16. LIQUIDITY PROVIDER'S OBLIGATION TO MAKE ADVANCES.........25

ANNEX I            Interest Advance Notice of Borrowing

ANNEX II           Non-Extension Advance Notice of Borrowing

ANNEX III          Downgrade Advance Notice of Borrowing

ANNEX IV           Final Advance Notice of Borrowing

ANNEX V            Notice of Termination

ANNEX VI           Notice of Replacement Subordination Agent

<PAGE>

                          REVOLVING CREDIT AGREEMENT
                                   (2000-1G)

     This REVOLVING CREDIT AGREEMENT dated as of February 15, 2000, between
WILMINGTON TRUST COMPANY, a Delaware banking corporation, not in its
individual capacity but solely as Subordination Agent under the Intercreditor
Agreement (each as defined below), as agent and trustee for the Class G Trust
(as defined below) (the "Borrower"), and CITIBANK, N.A., a national banking
association ("Citibank" or the "Liquidity Provider").

                             W I T N E S S E T H:

     WHEREAS, pursuant to the Class G Trust Agreement (such term and all other
capitalized terms used in these recitals having the meanings set forth or
referred to in Section 1.1), the Class G Trust is issuing the Class G
Certificates; and

     WHEREAS, the Borrower, in order to support the timely payment of a
portion of the interest on the Class G Certificates in accordance with their
terms, has requested the Liquidity Provider to enter into this Agreement,
providing in part for the Borrower to request in specified circumstances that
Advances be made hereunder.

     NOW, THEREFORE, in consideration of the premises, the parties hereto
agree as follows:

                                   ARTICLE 1

                                  DEFINITIONS

          Section 1.1 Certain Defined Terms. (a) Definitions. As used in this
Agreement and unless otherwise expressly indicated, or unless the context
clearly requires otherwise, the following capitalized terms shall have the
following respective meanings for all purposes of this Agreement:

          "Additional Cost" has the meaning assigned to such term in Section
     3.1.

          "Advance" means an Interest Advance, a Final Advance, a Provider
     Advance or an Applied Provider Advance, as the case may be.

          "Applicable Liquidity Rate" has the meaning assigned to such term in
     Section 3.7(g).

          "Applicable Margin" means (x) with respect to any Unpaid Advance or
     Applied Provider Advance, 2.25%, or (y) with respect to any Unapplied
     Provider Advance, 0.55%.

          "Applied Downgrade Advance" has the meaning assigned to such term in
     Section 2.6(a).

<PAGE>

                                                                             2

          "Applied Non-Extension Advance" has the meaning assigned to such
     term in Section 2.6(a).

          "Applied Provider Advance" has the meaning assigned to such term in
     Section 2.6(a).

          "Assignment and Assumption Agreement" means the Assignment and
     Assumption to be entered into between the Class G Trustee and the trustee
     of the Successor Trust, substantially in the form of Exhibit D to the
     Trust Supplement No. 2000-1G-O, dated as of the date hereof, relating to
     the Class G Trust.

          "Base Rate" means a fluctuating interest rate per annum in effect
     from time to time, which rate per annum shall at all times be equal to
     (a) the weighted average of the rates on overnight Federal funds
     transactions with members of the Federal Reserve System arranged by
     Federal funds brokers, as published for such day (or, if such day is not
     a Business Day, for the next preceding Business Day) by the Federal
     Reserve Bank of New York or if such rate is not so published for any day
     that is a Business Day, the average of the quotations for such day for
     such transactions received by the Liquidity Provider from three Federal
     funds brokers of recognized standing selected by it, plus (b) one-quarter
     of one percent (1/4 of 1%).

          "Base Rate Advance" means an Advance that bears interest at a rate
     based upon the Base Rate.

          "Borrower" has the meaning assigned to such term in the recital of
     parties to this Agreement.

          "Borrowing" means the making of Advances requested by delivery of a
     Notice of Borrowing.

          "Business Day" means any day other than a Saturday or Sunday or a
     day on which commercial banks are required or authorized to close in
     Indianapolis, Indiana, or New York, New York, or, so long as any Class G
     Certificate is outstanding, the city and state in which the Class G
     Trustee, the Borrower or any Loan Trustee maintains its Corporate Trust
     Office or receives or disburses funds, and, if the applicable Business
     Day relates to any Advance or other amount bearing interest based on the
     LIBOR Rate, on which dealings are carried on in the London interbank
     market.

          "Deposits" has the meaning assigned to such term in the Deposit
     Agreement.

          "Depositary" means Citibank, N.A.

          "Deposit Agreement" means the Deposit Agreement (Class G) dated
     February 15, 2000 between First Security Bank, National Association, as
     Escrow Agent and Citibank, N.A., as Depositary, pertaining to the Class G
     Certificates, as the same may be amended, modified or supplemented from
     time to time in accordance with the terms thereof.

          "Downgrade Advance" means an Advance made pursuant to Section
     2.2(c).

<PAGE>

                                                                             3

          "Effective Date" has the meaning specified in Section 4.1. The
     delivery of the certificate of the Liquidity Provider contemplated by
     Section 4.1(e) shall be conclusive evidence that the Effective Date has
     occurred.

          "Excluded Taxes" means (i) Taxes imposed on the overall net income
     of the Liquidity Provider or of its Lending Office, and (ii) Excluded
     Withholding Taxes.

          "Excluded Withholding Taxes" means (i) withholding Taxes imposed by
     the United States except to the extent that such United States
     withholding Taxes are imposed as a result of any change in applicable law
     after the date hereof (excluding from change in applicable law for this
     purpose a change in an applicable treaty or other change in law affecting
     the applicability of a treaty), or in the case of a successor Liquidity
     Provider (including a transferee of an Advance) or Lending Office, after
     the date on which such successor Liquidity Provider obtains its interest
     or on which the Lending Office is changed, and (ii) any withholding Taxes
     imposed by the United States which are imposed or increased as a result
     of the Liquidity Provider failing to deliver to the Borrower any
     certificate or document (which certificate or document in the good faith
     judgment of the Liquidity Provider it is legally entitled to provide)
     which is reasonably requested by the Borrower to establish that payments
     under this Agreement are exempt from (or entitled to a reduced rate of)
     withholding Tax.

          "Expenses" means liabilities, obligations, damages, settlements,
     penalties, claims, actions, suits, costs, expenses and disbursements
     (including, without limitation, reasonable fees and disbursements of
     legal counsel and costs of investigation), provided that Expenses shall
     not include any Taxes.

          "Expiry Date" means February 12, 2001, initially, or any date to
     which the Expiry Date is extended pursuant to Section 2.10.

          "Final Advance" means an Advance made pursuant to Sections 2.2(d)
     and 6.1.

          "Intercreditor Agreement" means the Intercreditor Agreement dated
     the date hereof, among the Trustees, the Liquidity Provider, the
     liquidity provider under each Liquidity Facility (other than this
     Agreement), the Policy Provider and the Subordination Agent, as the same
     may be amended, supplemented or otherwise modified from time to time in
     accordance with its terms.

          "Interest Advance" means an Advance made pursuant to Section 2.2(a).

          "Interest Period" means, with respect to any LIBOR Advance, each of
     the following periods:

             (i) the period beginning on the third Business Day following either
     (x) the Liquidity Provider's receipt of the Notice of Borrowing for such
     LIBOR Advance or (y) the withdrawal of funds from the Class G Cash
     Collateral Account for the purpose of paying interest on the Class G
     Certificates as contemplated by Section 2.6(a) hereof and, in either
     case, ending on the next Regular Distribution Date; and

<PAGE>

                                                                             4

               (ii) each subsequent period commencing on the last day of the
     immediately preceding Interest Period and ending on the next Regular
     Distribution Date.

          "Lending Office" means the lending office of the Liquidity Provider
     presently located in New York, New York, or such other lending office as
     the Liquidity Provider from time to time shall notify the Borrower as its
     lending office hereunder; provided that the Liquidity Provider shall not
     change its Lending Office to a Lending Office outside the United States
     of America except in accordance with Section 3.1, 3.2 or 3.3 hereof.

          "LIBOR Advance" means an Advance bearing interest at a rate based
     upon the LIBOR Rate.

          "LIBOR Rate" means, with respect to any Interest Period, (i) the
     rate per annum appearing on display page 3750 (British Bankers
     Association - LIBOR) of the Dow Jones Markets Service (or any successor
     or substitute therefor) at approximately 11:00 A.M. (London time) two
     Business Days before the first day of such Interest Period, as the rate
     for dollar deposits with a maturity comparable to such Interest Period,
     or (ii) if the rate calculated pursuant to clause (i) above is not
     available, the average (rounded upwards, if necessary, to the next higher
     1/16 of 1%) of the rates per annum at which deposits in dollars are
     offered for the relevant Interest Period by three banks of recognized
     standing selected by the Liquidity Provider in the London interbank
     market at approximately 11:00 A.M. (London time) two Business Days before
     the first day of such Interest Period in an amount approximately equal to
     the principal amount of the LIBOR Advance to which such Interest Period
     is to apply and for a period of time comparable to such Interest Period.

          "Liquidity Event of Default" means the occurrence of either (a) the
     Acceleration of all of the Equipment Notes or (b) an ATA Bankruptcy
     Event.

          "Liquidity Indemnitee" means (i) the Liquidity Provider, (ii) each
     Affiliate of the Liquidity Provider, (iii) the respective directors,
     officers, employees and agents of the Liquidity Provider and its
     Affiliates, and (iv) the successors and permitted assigns of the persons
     described in clauses (i) to (iii), inclusive.

          "Liquidity Provider" has the meaning assigned to such term in the
     recital of parties to this Agreement.

          "Maximum Available Commitment" shall mean, subject to the proviso
     contained in the third sentence of Section 2.2(a), at any time of
     determination, (a) the Maximum Commitment at such time less (b) the
     aggregate amount of each Interest Advance outstanding at such time;
     provided that following a Provider Advance or a Final Advance, the
     Maximum Available Commitment shall be zero.

          "Maximum Commitment" means, for any day, the lesser of (x)
     $25,860,489.59 and (y) the Required Amount on such day.

          "Non-Excluded Taxes" has the meaning specified in Section 3.3.

<PAGE>

                                                                             4

          "Non-Extension Advance" means an Advance made pursuant to Section
     2.2(b).

          "Notice of Borrowing" has the meaning specified in Section 2.2(e).

          "Notice of Replacement Subordination Agent" has the meaning
     specified in Section 3.8.

          "Offering Memorandum" means the Offering Memorandum dated February
     8, 2000 of ATA and Amtran relating to the Certificates, as such Offering
     Memorandum may be amended or supplemented.

          "Performing Note Deficiency" means any time that less than 65% of
     the then aggregate outstanding principal amount of all Equipment Notes
     are Performing Equipment Notes.

          "Provider Advance" means a Downgrade Advance or a Non-Extension
     Advance.

          "Regulatory Change" has the meaning assigned to such term in Section
     3.1.

          "Replenishment Amount" has the meaning assigned to such term in
     Section 2.6(b).

          "Required Amount" means, for any day, the sum of the aggregate
     amount of interest, calculated at the rate per annum equal to the Stated
     Interest Rate for the Class G Certificates, that would be payable on the
     Class G Certificates on each of the six successive quarterly Regular
     Distribution Dates immediately following such day or, if such day is a
     Regular Distribution Date, on such day and the succeeding five quarterly
     Regular Distribution Dates, in each case calculated on the basis of the
     Pool Balance of the Class G Certificates on such day and without regard
     to expected future payments of principal on the Class G Certificates.
     Notwithstanding the above, in the event of any Policy Provider Election,
     for the purposes of the definition of the Required Amount, the Pool
     Balance shall be deemed to be reduced by the amount (if positive) by
     which (a) the then outstanding principal balance of each Series G
     Equipment Note in respect of which such Policy Provider Election has been
     made shall exceed (b) the amount of any Policy Drawings previously paid
     by the Policy Provider in respect of principal on such Series G Equipment
     Note.

          "Successor Trust" means American Trans Air Pass Through Trust
     2000-1G-S.

          "Termination Date" means the earliest to occur of the following: (i)
     the Expiry Date; (ii) the date on which the Borrower delivers to the
     Liquidity Provider a certificate, signed by a Responsible Officer of the
     Borrower, certifying that all of the Class G Certificates have been paid
     in full (or provision has been made for such payment in accordance with
     the Intercreditor Agreement and the Trust Agreements) or are otherwise no
     longer entitled to the benefits of this Agreement; (iii) the date on
     which the Borrower delivers to the Liquidity Provider a certificate,
     signed by a Responsible Officer of the Borrower, certifying that a
     Replacement Liquidity Facility has been substituted for this Agreement in
     full pursuant to Section 3.6(e) of the Intercreditor Agreement; (iv) the
     fifth

<PAGE>

                                                                             6

     Business Day following the receipt by the Borrower of a Termination
     Notice from the Liquidity Provider pursuant to Section 6.1 hereof; and
     (v) the date on which no Advance is or may (including by reason of
     reinstatement as herein provided) become available for a Borrowing
     hereunder.

          "Termination Notice" means the Notice of Termination substantially
     in the form of Annex V to this Agreement.

          "Transferee" has the meaning assigned to such term in Section
     7.8(b).

          "Unapplied Downgrade Advance" means any Downgrade Advance other than
     an Applied Downgrade Advance.

          "Unapplied Provider Advance" means any Provider Advance other than
     an Applied Provider Advance.

          "Unpaid Advance" has the meaning assigned to such term in Section
     2.5.

              (b) Terms Defined in the Intercreditor Agreement. For all purposes
     of this Agreement, the following terms shall have the respective meanings
     assigned to such terms in the Intercreditor Agreement:

         "Acceleration,", "Affiliate", "Amtran", " ATA", "ATA Bankruptcy
         Event", "Certificates", "Class C Certificates", "Class G Cash
         Collateral Account", "Class G Certificates", "Class G Trust", "Class
         G Trust Agreement", "Class G Trustee", "Closing Date", "Controlling
         Party", "Corporate Trust Office", "Distribution Date", "Downgraded
         Facility", "Equipment Notes", "Fee Letter", "Final Legal Distribution
         Date", "Financing Agreement", "Indenture", "Initial Purchasers",
         "Investment Earnings", "Liquidity Facility", "Liquidity Obligations",
         "Loan Trustee", "Moody's", "Non-Extended Facility", "Note Purchase
         Agreement", "Operative Agreements", "Participation Agreement",
         "Performing Equipment Note", "Person", "Policy Drawings", "Policy
         Provider", "Policy Provider Election", "Pool Balance", "Purchase
         Agreement", "Rating Agency", "Regular Distribution Date",
         "Replacement Liquidity Facility", "Responsible Officer", "Scheduled
         Payment", "Series G Equipment Notes", "Special Payment", "Standard &
         Poor's", "Stated Interest Rate", "Subordination Agent", "Taxes",
         "Threshold Rating", "Transfer", "Trust Agreements", "Trustee" and
         "Written Notice".

            (c) Interpretation. Each scheduled payment with respect to the Class
     G Certificates shall be deemed to be comprised of interest and principal
     components, with the interest component equaling interest accrued at the
     Stated Interest Rate for the Class G Certificates from (i) the later of
     (x) the date of the issuance thereof and (y) the most recent but
     preceding Regular Distribution Date to (ii) the Regular Distribution Date
     on which such Scheduled Payment is being made, such interest to be
     considered payable in arrears on such Regular Distribution Date and to be
     calculated and allocated in the same manner as interest on the Series G
     Equipment Notes.

<PAGE>
                                                                          7

                                    ARTICLE 2

                      AMOUNT AND TERMS OF THE COMMITMENT

          Section 2.1. The Advances. The Liquidity Provider hereby irrevocably
agrees, on the terms and conditions hereinafter set forth, to make Advances to
the Borrower from time to time on any Business Day during the period from the
Effective Date until 12:00 noon (New York City time) on the Expiry Date
(unless the obligations of the Liquidity Provider shall be earlier terminated
in accordance with the terms of Section 2.4(b)) in an aggregate amount at any
time outstanding not to exceed the Maximum Commitment.

          Section 2.2. Making the Advances.

          (a) Interest Advances shall be made in one or more Borrowings by
delivery to the Liquidity Provider of one or more written and completed
Notices of Borrowing in substantially the form of Annex I attached hereto,
signed by a Responsible Officer of the Borrower, in an amount not exceeding
the Maximum Available Commitment at such time and shall be used solely for the
payment when due of the interest on the Class G Certificates at the Stated
Interest Rate therefor in accordance with Section 3.6(a) of the Intercreditor
Agreement. Each Interest Advance made hereunder shall automatically reduce the
Maximum Available Commitment and the amount available to be borrowed hereunder
by subsequent Advances by the amount of such Interest Advance (subject to
reinstatement as provided in the next sentence). Upon repayment to the
Liquidity Provider of all or any part of the amount of any Interest Advance
made pursuant to this Section 2.2(a), together with accrued interest thereon
(as provided herein), the Maximum Available Commitment shall be reinstated by
the amount of such repaid Interest Advance, but not to exceed the Maximum
Commitment; provided, however, that the Maximum Available Commitment shall not
be so reinstated at any time if (i) a Liquidity Event of Default shall have
occurred and be continuing and (ii) there is a Performing Note Deficiency.

          (b) A Non-Extension Advance shall be made in a single Borrowing if
this Agreement is not extended in accordance with Section 3.6(d) of the
Intercreditor Agreement (unless a Replacement Liquidity Facility to replace
this Agreement shall have been previously delivered to the Borrower in
accordance with said Section 3.6(d)) by delivery to the Liquidity Provider of
a written and completed Notice of Borrowing in substantially the form of Annex
II attached hereto, signed by a Responsible Officer of the Borrower, in an
amount equal to the Maximum Available Commitment at such time, and shall be
used to fund the Class G Cash Collateral Account in accordance with said
Section 3.6(d) and Section 3.6(f) of the Intercreditor Agreement.

          (c) A Downgrade Advance shall be made in a single Borrowing upon a
downgrading of the Liquidity Provider's short-term unsecured debt rating
issued by either Rating Agency below the applicable Threshold Rating (as
provided for in Section 3.6(c) of the Intercreditor Agreement) unless a
Replacement Liquidity Facility to replace this Agreement shall have been
previously delivered to the Borrower in accordance with said Section 3.6(c),
by delivery to the Liquidity Provider of a written and completed Notice of
Borrowing in substantially the form of Annex III attached hereto, signed by a
Responsible Officer of the Borrower, in an amount equal to the Maximum
Available Commitment at such time, and shall be used to fund the Class G Cash
Collateral Account in accordance with said Section 3.6(c) and Section 3.6(f)
of the Intercreditor Agreement.

<PAGE>

                                                                             8

          (d) A Final Advance shall be made in a single Borrowing upon the
receipt by the Borrower of a Termination Notice from the Liquidity Provider
pursuant to Section 6.1 hereof by delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex
IV attached hereto, signed by a Responsible Officer of the Borrower, in an
amount equal to the Maximum Available Commitment at such time, and shall be
used to fund the Class G Cash Collateral Account (in accordance with Sections
3.6(f) and 3.6(i) of the Intercreditor Agreement).

          (e) Each Borrowing shall be made on notice in writing (a "Notice of
Borrowing") in substantially the form required by Section 2.2(a), 2.2(b), 2.
2(c) or 2.2(d), as the case may be, given by the Borrower to the Liquidity
Provider. If a Notice of Borrowing is delivered by the Borrower in respect of
any Borrowing no later than 10:00 a.m. (New York City time) on a Business Day,
upon satisfaction of the conditions precedent set forth in Section 4.2 with
respect to a requested Borrowing, the Liquidity Provider shall make available
to the Borrower, in accordance with its payment instructions, the amount of
such Borrowing in U.S. dollars and immediately available funds, before 12:30
p.m. (New York City time) on such Business Day or on such later Business Day
specified in such Notice of Borrowing. If a Notice of Borrowing is delivered
by the Borrower in respect of any Borrowing after 10:00 a.m. (New York City
time) on a Business Day, upon satisfaction of the conditions precedent set
forth in Section 4.2 with respect to a requested Borrowing, the Liquidity
Provider shall make available to the Borrower, in accordance with its payment
instructions, the amount of such Borrowing in U.S. dollars and in immediately
available funds, before 12:30 p.m. (New York City time) on the first Business
Day next following the day of receipt of such Notice of Borrowing or on such
later Business Day specified by the Borrower in such Notice of Borrowing.
Payments of proceeds of a Borrowing shall be made by wire transfer of
immediately available funds to the Borrower in accordance with such wire
transfer instructions as the Borrower shall furnish from time to time to the
Liquidity Provider for such purpose. Each Notice of Borrowing shall be
irrevocable and binding on the Borrower.

          (f) Upon the making of any Advance requested pursuant to a Notice of
Borrowing, in accordance with the Borrower's payment instructions, the
Liquidity Provider shall be fully discharged of its obligation hereunder with
respect to such Notice of Borrowing, and the Liquidity Provider shall not
thereafter be obligated to make any further Advances hereunder in respect of
such Notice of Borrowing to the Borrower or to any other Person.
Notwithstanding the provisions of Section 2.02(e), if the Liquidity Provider
makes an Advance requested pursuant to a Notice of Borrowing before 12:30 p.m.
(New York City time) on the Business Day after the date of payment specified
in said Section 2.02(e), the Liquidity Provider shall have fully discharged
its obligations hereunder with respect to such Advance and shall not be in
default hereunder. Following the making of any Advance pursuant to Section
2.2(b), (c) or (d) hereof to fund the Class G Cash Collateral Account, the
Liquidity Provider shall have no interest in or rights to the Class G Cash
Collateral Account, such Advance or any other amounts from time to time on
deposit in the Class G Cash Collateral Account; provided that the foregoing
shall not affect or impair the obligations of the Subordination Agent to make
the distributions contemplated by Section 3.6(e) or (f) of the Intercreditor
Agreement. By paying to the Borrower proceeds of Advances requested by the
Borrower in accordance with the provisions of this Agreement, the Liquidity
Provider makes no representation as to, and assumes no responsibility for, the
correctness or sufficiency for any purpose of the amount of the Advances so
made and requested.

<PAGE>

                                                                             9

          Section 2.3. Fees. The Borrower agrees to pay to the Liquidity
Provider the fees set forth in the Fee Letter.

          Section 2.4. Adjustments or Termination of the Maximum Commitment.

          (a) Automatic Adjustments. Promptly following each date on which the
Required Amount is (1) reduced as a result of a reduction in the Pool Balance
of the Class G Certificates or otherwise, (2) increased as a result of an
increase in the "Stated Interest Rate", or (3) subsequent to such an increase
described in clause (2), reduced pursuant to the definition of "State Interest
Rate", the Maximum Commitment shall automatically be reduced or increased, as
the case may be, to an amount equal to the Required Amount (as calculated by
the Borrower). The Borrower shall give notice of any such automatic reduction
of the Maximum Commitment to the Liquidity Provider (with a copy to Amtran)
within two Business Days thereof. The failure by the Borrower to furnish any
such notice shall not affect such automatic reduction or increase of the
Maximum Commitment.

          (b) Termination. Upon the making of any Provider Advance or Final
Advance hereunder or the occurrence of the Termination Date, the obligation of
the Liquidity Provider to make further Advances hereunder shall automatically
and irrevocably terminate, and the Borrower shall not be entitled to request
any further Borrowing hereunder.

          Section 2.5. Repayments of Interest Advances or the Final Advance.
Subject to Sections 2.6, 2.7 and 2.9 hereof, the Borrower hereby agrees,
without notice of an Advance or demand for repayment from the Liquidity
Provider (which notice and demand are hereby waived by the Borrower), to pay,
or to cause to be paid, to the Liquidity Provider on each date on which the
Liquidity Provider shall make an Interest Advance or the Final Advance, an
amount equal to (a) the amount of such Advance (any such Advance, until
repaid, is referred to herein as an "Unpaid Advance"), plus (b) interest on
the amount of each such Unpaid Advance as provided in Section 3.7 hereof;
provided that if (i) the Liquidity Provider shall make a Provider Advance at
any time after making one or more Interest Advances which shall not have been
repaid in accordance with this Section 2.5 or (ii) this Liquidity Facility
shall become a Downgraded Facility or Non-Extended Facility at any time when
unreimbursed Interest Advances have reduced the Maximum Available Commitment
to zero, then such Interest Advances shall cease to constitute Unpaid Advances
and shall be deemed to have been converted into an Applied Downgrade Advance
or an Applied Non-Extension Advance, as the case may be, for all purposes of
this Agreement (including, without limitation, for the purpose of determining
when such Interest Advance is required to be repaid to the Liquidity Provider
in accordance with Section 2.6 and for the purposes of Section 2.6(b)). The
Borrower and the Liquidity Provider agree that the repayment in full of each
Interest Advance and Final Advance on the date such Advance is made is
intended to be a contemporaneous exchange for new value given to the Borrower
by the Liquidity Provider.

<PAGE>

                                                                            10

          Section 2.6. Repayments of Provider Advances.

          (a) Amounts advanced hereunder in respect of a Provider Advance
shall be deposited in the Class G Cash Collateral Account, invested and
withdrawn from the Class G Cash Collateral Account as set forth in Sections
3.6(c), (d) and (f) of the Intercreditor Agreement. The Borrower agrees to pay
to the Liquidity Provider, on each Regular Distribution Date, commencing on
the first Regular Distribution Date after the making of a Provider Advance,
interest on the principal amount of any such Provider Advance as provided in
Section 3.7; provided, however, that amounts in respect of a Provider Advance
withdrawn from the Class G Cash Collateral Account for the purpose of paying
interest on the Class G Certificates in accordance with Section 3.6(f) of the
Intercreditor Agreement (the amount of any such withdrawal being (y) in the
case of a Downgrade Advance, an "Applied Downgrade Advance" and (z) in the
case of a Non-Extension Advance, an "Applied Non-Extension Advance" and,
together with an Applied Downgrade Advance, an "Applied Provider Advance")
shall thereafter (subject to Section 2.6(b)) be treated as an Interest Advance
under this Agreement for purposes of determining the Applicable Liquidity Rate
for interest payable thereon; provided further, however, that if, following
the making of a Provider Advance, the Liquidity Provider delivers a
Termination Notice to the Borrower pursuant to Section 6.1 hereof, such
Provider Advance shall thereafter be treated as a Final Advance under this
Agreement for purposes of determining the Applicable Liquidity Rate for
interest payable thereon. Subject to Sections 2.7 and 2.9 hereof, immediately
upon the withdrawal of any amounts from the Class G Cash Collateral Account on
account of a reduction in the Required Amount, the Borrower shall repay to the
Liquidity Provider a portion of the Provider Advances in a principal amount
equal to the amount of such reduction, plus interest on the principal amount
prepaid as provided in Section 3.7 hereof.

          (b) At any time when an Applied Provider Advance (or any portion
thereof) is outstanding, upon the deposit in the Class G Cash Collateral
Account of any amount pursuant to clause "third" of Section 2.4(b) of the
Intercreditor Agreement, clause "third" of Section 3.2 of the Intercreditor
Agreement or clause "fourth" of Section 3.3 of the Intercreditor Agreement
(any such amount being a "Replenishment Amount") for the purpose of
replenishing or increasing the balance thereof up to the Required Amount at
such time, (i) the aggregate outstanding principal amount of all Applied
Provider Advances (and of Provider Advances treated as an Interest Advance for
purposes of determining the Applicable Liquidity Rate for interest payable
thereon) shall be automatically reduced by the amount of such Replenishment
Amount and (ii) the aggregate outstanding principal amount of all Unapplied
Provider Advances shall be automatically increased by the amount of such
Replenishment Amount.

          (c) Upon the provision of a Replacement Liquidity Facility in
replacement of this Agreement in accordance with Section 3.6(e) of the
Intercreditor Agreement, amounts remaining on deposit in the Class G Cash
Collateral Account after giving effect to any Applied Provider Advance on the
date of such replacement shall be reimbursed to the Liquidity Provider, but
only to the extent such amounts are necessary to repay in full to the
Liquidity Provider all amounts owing to it hereunder.

          Section 2.7. Payments to the Liquidity Provider Under the
Intercreditor Agreement. In order to provide for payment or repayment to the
Liquidity Provider of any amounts hereunder, the Intercreditor Agreement
provides that amounts available and referred to in Articles II and III of the
Intercreditor Agreement, to the extent payable to the Liquidity

<PAGE>

                                                                            11

Provider pursuant to the terms of the Intercreditor Agreement (including,
without limitation, Section 3.6(f) of the Intercreditor Agreement), shall be
paid to the Liquidity Provider in accordance with the terms thereof. Amounts
so paid to the Liquidity Provider shall be applied by the Liquidity Provider
to Liquidity Obligations then due and payable in accordance with the
Intercreditor Agreement or, if not provided for in the Intercreditor
Agreement, then in such manner as the Liquidity Provider shall deem
appropriate.

          Section 2.8. Book Entries. The Liquidity Provider shall maintain in
accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrower resulting from Advances made from time to time
and the amounts of principal and interest payable hereunder and paid from time
to time in respect thereof; provided, however, that the failure by the
Liquidity Provider to maintain such account or accounts shall not affect the
obligations of the Borrower in respect of Advances.

          Section 2.9. Payments from Available Funds Only. All payments to be
made by the Borrower under this Agreement shall be made only from the amounts
received by it that constitute Scheduled Payments, Special Payments or
payments under Section 7 (Owned Aircraft) or Section 9 (Leased Aircraft) of
the Participation Agreements and Section 6 of the Note Purchase Agreement and
only to the extent that the Borrower shall have sufficient income or proceeds
therefrom to enable the Borrower to make payments in accordance with the terms
hereof after giving effect to the priority of payments provisions set forth in
the Intercreditor Agreement. The Liquidity Provider agrees that it will look
solely to such amounts to the extent available for distribution to it as
provided in the Intercreditor Agreement and this Agreement and that the
Borrower, in its individual capacity, is not personally liable to it for any
amounts payable or liability under this Agreement except as expressly provided
in this Agreement, the Intercreditor Agreement or any Participation Agreement.
Amounts on deposit in the Class G Cash Collateral Account shall be available
to the Borrower to make payments under this Agreement only to the extent and
for the purposes expressly contemplated in Section 3.6(f) of the Intercreditor
Agreement.

          Section 2.10. Extension of the Expiry Date; Non-Extension Advance.
No earlier than the 60th day and no later than the 40th day prior to the then
effective Expiry Date (unless such Expiry Date is on or after the date that is
15 days after the Final Legal Distribution Date for the Class G Certificates),
the Borrower shall request that the Liquidity Provider extend the Expiry Date
to the earlier of (i) the date which is 15 days after the Final Legal
Distribution Date for the Class G Certificates and (ii) the day that is the
day immediately preceding the 364th day occurring after the then effective
Expiry Date (unless the obligations of the Liquidity Provider are earlier
terminated in accordance with the terms hereof). The Liquidity Provider shall
advise the Borrower, no earlier than 40 days and no later than 25 days prior
to the then effective Expiry Date, whether, in its sole discretion, it agrees
to so extend the Expiry Date. If the Liquidity Provider advises the Borrower
on or before the 25th day prior to the Expiry Date then in effect that such
Expiry Date shall not be so extended, or fails irrevocably and unconditionally
to advise the Borrower on or before the 25th day prior to the Expiry Date then
in effect that such Expiry Date shall be so extended (and, in each case, if
the Liquidity Provider shall not have been replaced in accordance with Section
3.6(e) of the Intercreditor Agreement), the Borrower shall be entitled on and
after such 25th day (but prior to the then effective Expiry Date) to request a
Non-Extension Advance in accordance with Section 2.2(b) hereof and Section
3.6(d) of the Intercreditor Agreement.

<PAGE>

                                                                            12

                                   ARTICLE 3

                          OBLIGATIONS OF THE BORROWER

          Section 3.1. Increased Costs. Subject to the Fee Letter, the
Borrower shall pay to the Liquidity Provider, upon demand by the Liquidity
Provider (such demand to be made not later than 180 days after a Responsible
Officer of the Liquidity Provider obtains actual knowledge of any event
referred to in clause (1) or (2) below), such amounts as may be necessary to
compensate the Liquidity Provider for any increased costs incurred by the
Liquidity Provider which are attributable to its making or maintaining any
LIBOR Advances hereunder or its obligation to make any such Advances
hereunder, or any reduction in any amount receivable by the Liquidity Provider
under this Agreement or the Intercreditor Agreement in respect of any such
Advances or such obligation (such increases in costs and reductions in amounts
receivable being herein called "Additional Costs"), resulting from any change
after the date of this Agreement in U.S. federal, state, municipal, or foreign
laws or regulations (including Regulation D), or the adoption or making after
the date of this Agreement of any interpretations, directives, or requirements
applying to a class of banks including the Liquidity Provider under any U.S.
federal, state, municipal, or any foreign laws or regulations (whether or not
having the force of law) by any court, central bank or monetary authority
charged with the interpretation or administration thereof (a "Regulatory
Change"), which: (1) changes the basis of taxation of any amounts payable to
the Liquidity Provider under this Agreement in respect of any such Advances
(other than Excluded Taxes); or (2) imposes or modifies any reserve, special
deposit, compulsory loan or similar requirements relating to any extensions of
credit or other assets of, or any deposits with other liabilities of, the
Liquidity Provider (including any such Advances or any deposits referred to in
the definition of LIBOR Rate or related definitions); provided that if such
demand for payment is made after such 180-day period, the Borrower shall be
obligated to pay such amounts only with respect to such increased cost
actually incurred or effected on or after the 180th day prior to the date of
such demand. The Liquidity Provider agrees to use reasonable efforts
(consistent with applicable legal and regulatory restrictions) to change the
jurisdiction of its Lending Office if making such change would avoid the need
for, or reduce the amount of, any amount payable under this Section 3.1 that
may thereafter accrue and would not, in the reasonable judgment of the
Liquidity Provider, be otherwise disadvantageous to the Liquidity Provider.

          The Liquidity Provider agrees that if it shall make a demand for
payment of additional amounts under this Section 3.1, the Borrower shall have
the right to obtain a Replacement Liquidity Facility in replacement of this
Agreement in accordance with Section 3.6(e) of the Intercreditor Agreement
provided that such replacement would eliminate or reduce the obligation of the
Borrower to pay such additional amounts. The Liquidity Provider will notify
the Borrower of any event occurring after the date of this Agreement that will
entitle the Liquidity Provider to compensation pursuant to this Section 3.1 as
promptly as practicable after it obtains knowledge thereof and determines to
request such compensation, which notice shall describe in reasonable detail
the calculation of the amounts owed under this Section. Determinations by the
Liquidity Provider for purposes of this Section 3.1 of the effect of any
Regulatory Change on its costs of making or maintaining Advances or on amounts
receivable by it in respect of Advances, and of the additional amounts
required to compensate the Liquidity Provider in respect of any Additional
Costs, shall be prima facie evidence of the amount owed under this Section.

<PAGE>

                                                                          13

          Section 3.2. Capital Adequacy. Subject to the Fee Letter, if (1) the
adoption, after the date hereof, of any applicable governmental law, rule or
regulation regarding capital adequacy, (2) any change, after the date hereof,
in the interpretation or administration of any such law, rule or regulation by
any central bank or other governmental authority charged with the
interpretation or administration thereof or (3) compliance by the Liquidity
Provider or any corporation controlling the Liquidity Provider with any
applicable guideline or request of general applicability, issued after the
date hereof, by any central bank or other governmental authority (whether or
not having the force of law) that constitutes a change of the nature described
in clause (2), has the effect of requiring an increase in the amount of
capital required to be maintained by the Liquidity Provider or any corporation
controlling the Liquidity Provider, and such increase is based upon the
Liquidity Provider's obligations hereunder and other similar obligations and
has the effect of reducing the rate of return on the Liquidity Provider's
capital as a consequence of issuing or maintaining its commitment hereunder or
its funding or maintaining Advances to a level below that which the Liquidity
Provider could have achieved but for such adoption, change or compliance
(taking into consideration the Liquidity Provider's policies with respect to
capital adequacy) by an amount deemed by the Liquidity Provider to be
material, then, upon demand by the Liquidity Provider, the Borrower shall pay
to the Liquidity Provider from time to time such additional amount or amounts
as are necessary to compensate the Liquidity Provider for such portion of such
increase as shall be reasonably allocable to the Liquidity Provider's
obligations to the Borrower hereunder. The Liquidity Provider agrees to use
reasonable efforts (consistent with applicable legal and regulatory
restrictions) to change the jurisdiction of its Lending Office if making such
change would avoid the need for, or reduce the amount of, any amount payable
under this Section that may thereafter accrue and would not, in the reasonable
judgment of the Liquidity Provider, be otherwise materially disadvantageous to
the Liquidity Provider.

          The Liquidity Provider agrees that if it shall make a demand for
payment of additional amounts under this Section 3.2 the Borrower shall have
the right to obtain a Replacement Liquidity Facility in replacement of this
Agreement in accordance with Section 3.6(c) of the Intercreditor Agreement
provided that such replacement would eliminate or reduce the obligation of the
Borrower to pay such additional amounts. The Liquidity Provider will notify
the Borrower of any event occurring after the date of this Agreement that will
entitle the Liquidity Provider to compensation pursuant to this Section 3.2 as
promptly as practicable after it obtains knowledge thereof and determines to
request such compensation, which notice shall describe in reasonable detail
the calculation of the amounts owed under this Section. Determinations by the
Liquidity Provider for purposes of this Section 3.2 of the effect of any
increase in the amount of capital required to be maintained by the Liquidity
Provider and of the amount allocable to the Liquidity Provider's obligations
to the Borrower hereunder shall be prima facie evidence of the amounts owed
under this Section.

          Section 3.3. Payments Free of Deductions. All payments made by the
Borrower under this Agreement shall be made free and clear of, and without
reduction for or on account of, any present or future stamp or other taxes,
levies, imposts, duties, charges, fees, deductions, withholdings, restrictions
or conditions of any nature whatsoever now or hereafter imposed, levied,
collected, withheld or assessed, excluding Excluded Taxes (such non-excluded
taxes being referred to herein, collectively, as "Non-Excluded Taxes" and,
individually, as a "Non-Excluded Tax"). If any Non-Excluded Taxes are required
to be withheld from any amounts payable to the Liquidity Provider under this
Agreement, the amounts so payable to the Liquidity

<PAGE>

                                                                            14

Provider shall be increased to the extent necessary to yield to the Liquidity
Provider (after payment of all Non-Excluded Taxes and taxes imposed on the
receipt of such increase) interest or any other such amounts payable under
this Agreement at the rates or in the amounts specified in this Agreement. The
Liquidity Provider agrees to use reasonable efforts (consistent with its
internal policy and legal and regulatory restrictions) to change the
jurisdiction of its Lending Office if making such change would avoid the need
for, or reduce the amount of, any such additional amounts that may thereafter
accrue and would not, in the reasonable judgment of the Liquidity Provider, be
otherwise disadvantageous to the Liquidity Provider. The Liquidity Provider is
duly organized and validly existing as a national banking association under
the laws of the United States of America.

          Section 3.4. Payments. The Borrower shall make or cause to be made
each payment to the Liquidity Provider under this Agreement so as to cause the
same to be received by the Liquidity Provider not later than 1:00 P.M. (New
York City time) on the day when due. The Borrower shall make all such payments
in lawful money of the United States of America, to the Liquidity Provider in
immediately available funds, by wire transfer to the account of Citibank, N.A.
at Citibank, N.A., 399 Park Avenue, New York, NY 10043, ABA #021000089,
Account #4063-2387, Reference: American Trans Air Pass Through Trust, Series
2000-1G, Attention: Timothy Smith.

          Section 3.5. Computations. All computations of interest based on the
Base Rate shall be made on the basis of a year of 365 or 366 days, as the case
may be, and all computations of interest based on the LIBOR Rate shall be made
on the basis of a year of 360 days, in each case for the actual number of days
(including the first day but excluding the last day) occurring in the period
for which such interest is payable.

          Section 3.6. Payment on Non-Business Days. Whenever any payment to
be made hereunder shall be stated to be due on a day other than a Business
Day, such payment shall be made on the next succeeding Business Day and no
additional interest shall be due as a result (and if so made, shall be deemed
to have been made when due). If any payment in respect of interest on an
Advance is so deferred to the next succeeding Business Day, such deferral
shall not delay the commencement of the next Interest Period for such Advance
or reduce the number of days for which interest will be payable on such
Advance on the next interest payment date for such Advance.

          Section 3.7. Interest.

          (a) Subject to Section 2.9, the Borrower shall pay, or shall cause
to be paid, without duplication, interest on (i) the unpaid principal amount
of each Advance from and including the date of such Advance (or, in the case
of an Applied Provider Advance, from and including the date on which the
amount thereof was withdrawn from the Class G Cash Collateral Account to pay
interest on the Class G Certificates) to but excluding the date such principal
amount shall be paid in full (or, in the case of an Applied Provider Advance,
the date on which the Class G Cash Collateral Account is fully replenished in
respect of such Advance) and (ii) any other amount due hereunder (whether
fees, commissions, expenses or other amounts or, to the extent permitted by
law, installments of interest on Advances or any such other amount) which is
not paid when due (whether at stated maturity, by acceleration or otherwise)
from and including the due date thereof to but excluding the date such amount
is paid in full, in each such case, at a

<PAGE>

                                                                            15

fluctuating interest rate per annum for each day equal to the Applicable
Liquidity Rate (as defined below) for such Advance or such other amount as in
effect for such day, but in no event at a rate per annum greater than the
maximum rate permitted by applicable law; provided, however, that, if at any
time the otherwise applicable interest rate as set forth in this Section 3.7
shall exceed the maximum rate permitted by applicable law, then any subsequent
reduction in such interest rate will not reduce the rate of interest payable
pursuant to this Section 3.7 below the maximum rate permitted by applicable
law until the total amount of interest accrued equals the amount of interest
that would have accrued if such otherwise applicable interest rate as set
forth in this Section 3.7 had at all times been in effect.

          (b) Each Advance (including, without limitation, each outstanding
Unapplied Provider Advance) will be either a Base Rate Advance or a LIBOR
Advance as provided in this Section. Each such Advance will be a Base Rate
Advance for the period from the date of its borrowing to (but excluding) the
third Business Day following the Liquidity Provider's receipt of the Notice of
Borrowing for such Advance. Thereafter, such Advance shall be a LIBOR Advance;
provided that the Borrower (at the direction of the Controlling Party, so long
as the Liquidity Provider is not the Controlling Party) may (x) convert the
Final Advance into a Base Rate Advance on the last day of an Interest Period
for such Advance by giving the Liquidity Provider no less than four Business
Days' prior written notice of such election or (y) elect to maintain the Final
Advance as a Base Rate Advance by not requesting a conversion of the Final
Advance to a LIBOR Advance under Clause (5) of the applicable Notice of
Borrowing (or, if such Final Advance is deemed to have been made, without
delivery of a Notice of Borrowing pursuant to Section 2.6, by requesting,
prior to 11:00 a.m. on the first Business Day immediately following the
Borrower's receipt of the applicable Termination Notice, that such Final
Advance not be converted from a Base Rate Advance to a LIBOR Advance).

          (c) Each LIBOR Advance shall bear interest during each Interest
Period at a rate per annum equal to the LIBOR Rate for such Interest Period
plus the Applicable Margin for such LIBOR Advance, payable in arrears on the
last day of such Interest Period and, in the event of the payment of principal
of such LIBOR Advance on a day other than such last day, on the date of such
payment (to the extent of interest accrued on the amount of principal repaid).

          (d) Each Base Rate Advance shall bear interest at a rate per annum
equal to the Base Rate plus the Applicable Margin for such Base Rate Advance,
payable in arrears on each Regular Distribution Date and, in the event of the
payment of principal of such Base Rate Advance on a day other than a Regular
Distribution Date, on the date of such payment (to the extent of interest
accrued on the amount of principal repaid). Each change in the Base Rate shall
become effective immediately.

          (e) [intentionally omitted]

          (f) Each amount not paid when due hereunder (whether fees,
commissions, expenses or other amounts or, to the extent permitted by
applicable law, installments of interest on Advances but excluding Advances)
shall bear interest at a rate per annum equal to the Base Rate plus 2.00%
until paid.

          (g) The rates of interest specified in this Section 3.7 with respect
to any Advance or other amount shall be referred to as the "Applicable
Liquidity Rate".

<PAGE>

                                                                            16

          Section 3.8. Replacement of Borrower. From time to time and subject
to the successor Borrower's meeting the eligibility requirements set forth in
Section 6.9 of the Intercreditor Agreement applicable to the Subordination
Agent upon the effective date and time specified in a written and completed
Notice of Replacement Subordination Agent in substantially the form of Annex
VI attached hereto (a "Notice of Replacement Subordination Agent") delivered
to the Liquidity Provider by the then Borrower, the successor Borrower
designated therein shall be substituted for as the Borrower for all purposes
hereunder.

          Section 3.9. Funding Loss Indemnification. The Borrower shall pay to
the Liquidity Provider, upon the request of the Liquidity Provider, such
amount or amounts as shall be sufficient (in the reasonable opinion of the
Liquidity Provider) to compensate it for any loss, cost, or expense incurred
by reason of the liquidation or redeployment of deposits or other funds
acquired by the Liquidity Provider to fund or maintain any LIBOR Advance (but
excluding loss of anticipated profits) incurred as a result of:

                  (a) Any repayment of a LIBOR Advance on a date other than
         the last day of the Interest Period for such Advance; or

                  (b) Any failure by the Borrower to borrow a LIBOR Advance on
         the date for borrowing specified in the relevant notice under Section
         2.2.

          Section 3.10. Illegality. Notwithstanding any other provision in
this Agreement, if any change in any applicable law, rule or regulation, or
any change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation
or administration thereof, or compliance by the Liquidity Provider (or its
Lending Office) with any request or directive (whether or not having the force
of law) of any such authority, central bank or comparable agency shall make it
unlawful or impossible for the Liquidity Provider (or its Lending Office) to
maintain or fund its LIBOR Advances, then upon notice to the Borrower by the
Liquidity Provider, the outstanding principal amount of the LIBOR Advances
shall be converted to Base Rate Advances (a) immediately upon demand of the
Liquidity Provider, if such change or compliance with such request, in the
judgment of the Liquidity Provider, requires immediate repayment; or (b) at
the expiration of the last Interest Period to expire before the effective date
of any such change or request.

                                   ARTICLE 4

                             CONDITIONS PRECEDENT

          Section 4.1. Conditions Precedent to Effectiveness of Section 2.1.
Section 2.1 of this Agreement shall become effective on and as of the first
date (the "Effective Date") on which the following conditions precedent have
been satisfied or waived:

               (a) The Liquidity Provider shall have received on or before the
          Closing Date each of the following, and in the case of each document
          delivered pursuant to paragraphs (i), (ii) and (iii), each in form
          and substance satisfactory to the Liquidity Provider:

                    (i) this Agreement duly executed on behalf of the
               Borrower;

<PAGE>

                                                                            17

                    (ii) the Intercreditor Agreement duly executed on behalf
               of each of the parties thereto;

                    (iii) fully executed copies of each of the Operative
               Agreements executed and delivered on or before the Closing Date
               (other than this Agreement and the Intercreditor Agreement) and
               each Guaranty (as defined in each Participation Agreement)
               entered into on or prior to the date hereof;

                    (iv) a copy of the Offering Memorandum and a specimen copy
               of the Class G Certificate;

                    (v) an executed copy of each document, instrument,
               certificate and opinion delivered on or before the Closing Date
               pursuant to the Class G Trust Agreement, the Intercreditor
               Agreement, the Participation Agreements and the other Operative
               Agreements entered into on or prior to the date hereof (in the
               case of each such opinion, other than the opinion of counsel
               for the Initial Purchasers, either addressed to the Liquidity
               Provider or accompanied by a letter from the counsel rendering
               such opinion to the effect that the Liquidity Provider is
               entitled to rely on such opinion as of its date as if it were
               addressed to the Liquidity Provider);

                    (vi) evidence that there shall have been made and shall be
               in full force and effect, all filings, recordings and/or
               registrations, and there shall have been given or taken any
               notice or other similar action as may be reasonably necessary
               or, to the extent reasonably requested by the Liquidity
               Provider, reasonably advisable, in order to establish, perfect,
               protect and preserve the right, title and interest, remedies,
               powers, privileges, liens and security interests of, or for the
               benefit of, the Trustees, the Borrower and the Liquidity
               Provider created by the Operative Agreements executed and
               delivered on or prior to the Closing Date;

                    (vii) a letter from Amtran agreeing to provide to the
               Liquidity Provider the periodic financial reports referred to
               in Section 8.04 of the Trust Agreements and agreeing to cause
               the Company to deliver to the Liquidity Provider with respect
               to any Participation Agreement or Financing Agreement executed
               and delivered after the date hereof, the certificate referred
               to in Section 2(b) of the Note Purchase Agreement; and

                    (viii) such other documents, instruments, opinions and
               approvals pertaining to the transactions contemplated hereby or
               by the other Operative Agreements as the Liquidity Provider
               shall have reasonably requested.

                  (b) The following statement shall be true on and as of the
         Effective Date: no event has occurred and is continuing, or would
         result from the entering into of this Agreement or the making of any
         Advance, which constitutes a Liquidity Event of Default.

                  (c) The Liquidity Provider shall have received payment in
         full of all fees and other sums required to be paid to or for the
         account of the Liquidity Provider on or prior to the Effective Date.

<PAGE>

                                                                            18

                  (d) All conditions precedent to the issuance of the
         Certificates under the Trust Agreements shall have been satisfied or
         waived, and all conditions precedent to the purchase of the
         Certificates on the Closing Date by the Initial Purchasers shall have
         been satisfied (unless any of such conditions precedent shall have
         been waived by the Initial Purchasers).

                  (e) The Borrower shall have received a certificate, dated
         the date hereof, signed by a duly authorized representative of the
         Liquidity Provider, certifying that all conditions precedent to the
         effectiveness of Section 2.1 have been satisfied or waived.

          Section 4.2. Conditions Precedent to Borrowing. The obligation of
the Liquidity Provider to make an Advance on the occasion of each Borrowing
shall be subject to the conditions precedent that the Effective Date shall
have occurred and, prior to the date of such Borrowing, the Borrower shall
have delivered a Notice of Borrowing which conforms to the terms and
conditions of this Agreement and has been completed as may be required by the
relevant form of the Notice of Borrowing for the type of Advances requested.

                                   ARTICLE 5

                                   COVENANTS

                  Section 5.1. Affirmative Covenants of the Borrower. So long
as any Advance shall remain unpaid or the Liquidity Provider shall have any
Maximum Commitment hereunder or the Borrower shall have any obligation to pay
any amount to the Liquidity Provider hereunder, the Borrower will, unless the
Liquidity Provider shall otherwise consent in writing:

                  (1) Performance of This and Other Agreements. Punctually pay
         or cause to be paid all amounts payable by it under this Agreement
         and the other Operative Agreements and observe and perform in all
         material respects the conditions, covenants and requirements
         applicable to it contained in this Agreement and the other Operative
         Agreements.

                  (2) Reporting Requirements. Furnish to the Liquidity
         Provider with reasonable promptness, such other information and data
         with respect to the transactions contemplated by the Operative
         Agreements as from time to time may be reasonably requested by the
         Liquidity Provider; and permit the Liquidity Provider, upon
         reasonable notice, to inspect the Borrower's books and records with
         respect to such transactions and to meet with officers and employees
         of the Borrower to discuss such transactions.

                  (3) Certain Operative Agreements. Furnish to the Liquidity
         Provider with reasonable promptness, such Operative Agreements
         entered into after the date hereof as from time to time may be
         reasonably requested by the Liquidity Provider.

          Section 5.2. Negative Covenants of the Borrower. So long as any
Advance shall remain unpaid or the Liquidity Provider shall have any Maximum
Commitment hereunder or the Borrower shall have any obligation to pay any
amount to the Liquidity Provider hereunder, the Borrower will not without the
prior written consent of the Liquidity Provider:

<PAGE>

                                                                            19

                           (a) Amendments. Modify, amend or supplement, or
                  give any consent to any modification, amendment or
                  supplement or make any waiver with respect to, any provision
                  of the Trust Agreements or the Intercreditor Agreement,
                  except for any supplemental agreement to the Trust
                  Agreements provided for in Section 9.01 thereof.

                  (b) Borrower. Appoint or permit or suffer to be appointed
         any successor Borrower without the prior written approval of the
         Liquidity Provider (which approval shall not be unreasonably withheld
         or delayed).

                                   ARTICLE 6

                          LIQUIDITY EVENTS OF DEFAULT

          Section 6.1. Liquidity Events of Default. If (a) any Liquidity Event
of Default has occurred and is continuing and (b) there is a Performing Note
Deficiency, the Liquidity Provider may, in its discretion, deliver to the
Borrower a Termination Notice, the effect of which shall be to cause (i) the
obligation of the Liquidity Provider to make Advances hereunder to expire on
the fifth Business Day after the date on which such Termination Notice is
received by the Borrower, (ii) the Borrower to promptly request, and the
Liquidity Provider to promptly make, a Final Advance in accordance with
Section 2.2(d) hereof and Section 3.6(i) of the Intercreditor Agreement, (iii)
all other outstanding Advances to be automatically converted into Final
Advances for purposes of determining the Applicable Liquidity Rate for
interest payable thereon, and (iv) subject to Sections 2.7 and 2.9 hereof, all
Advances (including, without limitation, any Provider Advance and Applied
Provider Advance), any accrued interest thereon and any other amounts
outstanding hereunder to become immediately due and payable to the Liquidity
Provider.

                                  ARTICLE 7

                                 MISCELLANEOUS

          Section 7.1. Amendments, Etc. No amendment or waiver of any
provision of this Agreement, nor consent to any departure by the Borrower
therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Liquidity Provider, and, in the case of an amendment or of a
waiver by the Borrower, the Borrower, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given.

          Section 7.2. Notices, Etc. Except as otherwise expressly provided
herein, all notices and other communications provided for hereunder shall be
in writing (including telecopier and mailed or delivered or sent by
telecopier):

<PAGE>

                                                                            20

     Borrower:                  WILMINGTON TRUST COMPANY
                                Rodney Square North
                                1100 North Market Street
                                Wilmington, DE 19890-0001

                                Attention:    Corporate Trust Administration
                                Telephone:    (302) 651-1000
                                Telecopy:     (302) 651-8882

     Liquidity Provider:        CITIBANK, N.A.
                                2 Penns Way, Suite 200
                                New Castle, DE  19720

                                Attention: Tim Smith
                                Telephone: (302) 894-6059
                                Telecopy:  (302) 894-6120
                                Reference:     American Trans Air Pass Through
                                               Trust 2000-1G

                                with a copy to:

                                CITIBANK, N.A.
                                399 Park Avenue 12/2
                                New York, NY  10043
                                Attention: Arthur Deffaa
                                Telephone: (212) 559-1725
                                Telecopy: (212) 793-1246
                                Reference:     American Trans Air Pass Through
                                               Trust 2000-1G

or, as to each of the foregoing, at such other address as shall be designated
by such Person in a written notice to the others. All such notices and
communications shall be effective (i) if given by telecopier, when transmitted
to the telecopier number specified above, and (ii) if given by other means,
when delivered at the address specified above, except that written notices to
the Liquidity Provider pursuant to the provisions of Articles II and III
hereof shall not be effective until received by the Liquidity Provider. A copy
of all notices delivered hereunder to either party shall in addition be
delivered to each of the parties to the Participation Agreements at their
respective addresses set forth therein.

          Section 7.3 No Waiver; Remedies. No failure on the part of the
Liquidity Provider to exercise, and no delay in exercising, any right under
this Agreement shall operate as a waiver thereof; nor shall any single or
partial exercise of any right under this Agreement preclude any other or
further exercise thereof or the exercise of any other right. The remedies
herein provided are cumulative and not exclusive of any remedies provided by
law.

<PAGE>

                                                                            21

          Section 7.4. Further Assurances. The Borrower agrees to do such
further acts and things and to execute and deliver to the Liquidity Provider
such additional assignments, agreements, powers and instruments as the
Liquidity Provider may reasonably require or deem advisable to carry into
effect the purposes of this Agreement and the other Operative Agreements or to
better assure and confirm unto the Liquidity Provider its rights, powers and
remedies hereunder and under the other Operative Agreements.

          Section 7.5. Indemnification; Survival of Certain Provisions. The
Liquidity Provider shall be indemnified hereunder to the extent and in the
manner described in Section 7 of the Participation Agreements and Section 6 of
the Note Purchase Agreement. In addition, the Borrower agrees to indemnify,
protect, defend and hold harmless the Liquidity Provider from, against and in
respect of, and shall pay on demand, all Expenses of any kind or nature
whatsoever (other than any Expenses of the nature described in Sections 3.1,
3.2 or 7.7 hereof or in the Fee Letter (regardless of whether indemnified
against pursuant to said Sections or in such Fee Letter)), that may be
imposed, incurred by or asserted against any Liquidity Indemnitee, in any way
relating to, resulting from, or arising out of or in connection with any
action, suit or proceeding by any third party against such Liquidity
Indemnitee and relating to this Agreement, the Fee Letter, the Intercreditor
Agreement or any Financing Agreement; provided, however, that the Borrower
shall not be required to indemnify, protect, defend and hold harmless any
Liquidity Indemnitee in respect of any Expense of such Liquidity Indemnitee to
the extent such Expense is (i) attributable to the gross negligence or willful
misconduct of such Liquidity Indemnitee or any other Liquidity Indemnitee,
(ii) ordinary and usual operating overhead expense, or (iii) attributable to
the failure by such Liquidity Indemnitee or any other Liquidity Indemnitee to
perform or observe any agreement, covenant or condition on its part to be
performed or observed in this Agreement, the Intercreditor Agreement, the Fee
Letter or any other Operative Agreement to which it is a party. The
indemnities contained in Section 7 of the Participation Agreements, and the
provisions of Sections 3.1, 3.2, 3.3, 3.9, 7.5 and 7.7 hereof, shall survive
the termination of this Agreement.

          Section 7.6. Liability of the Liquidity Provider.

          (1) Neither the Liquidity Provider nor any of its officers,
employees, directors or Affiliates shall be liable or responsible for: (i) the
use which may be made of the Advances or any acts or omissions of the Borrower
or any beneficiary or transferee in connection therewith; (ii) the validity,
sufficiency or genuineness of documents, or of any endorsement thereon, even
if such documents should prove to be in any or all respects invalid,
insufficient, fraudulent or forged; or (iii) the making of Advances by the
Liquidity Provider against delivery of a Notice of Borrowing and other
documents which do not comply with the terms hereof; provided, however, that
the Borrower shall have a claim against the Liquidity Provider, and the
Liquidity Provider shall be liable to the Borrower, to the extent of any
damages suffered by the Borrower which were the result of (A) the Liquidity
Provider's willful misconduct or negligence in determining whether documents
presented hereunder comply with the terms hereof, or (B) any breach by the
Liquidity Provider of any of the terms of this Agreement, including, but not
limited to, the Liquidity Provider's failure to make lawful payment hereunder
after the delivery to it by the Borrower of a Notice of Borrowing strictly
complying with the terms and conditions hereof.

          (2) Neither the Liquidity Provider nor any of its officers,
employees, directors or Affiliates shall be liable or responsible in any
respect for (i) any error, omission, interruption or

<PAGE>

                                                                            22

delay in transmission, dispatch or delivery of any message or advice, however
transmitted, in connection with this Agreement or any Notice of Borrowing
delivered hereunder, or (ii) any action, inaction or omission which may be
taken by it in good faith, absent willful misconduct or negligence (in which
event the extent of the Liquidity Provider's potential liability to the
Borrower shall be limited as set forth in the immediately preceding
paragraph), in connection with this Agreement or any Notice of Borrowing.

          Section 7.7. Costs, Expenses and Taxes. The Borrower agrees to pay,
or cause to be paid (A) on the Effective Date and on such later date or dates
on which the Liquidity Provider shall make demand, all reasonable
out-of-pocket costs and expenses (including, without limitation, the
reasonable fees and expenses of outside counsel for the Liquidity Provider) of
the Liquidity Provider in connection with the preparation, negotiation,
execution, delivery, filing and recording of this Agreement, any other
Operative Agreement and any other documents which may be delivered in
connection with this Agreement and (B) on demand, all reasonable costs and
expenses (including reasonable counsel fees and expenses) of the Liquidity
Provider in connection with (i) the enforcement of this Agreement or any other
Operative Agreement, (ii) the modification or amendment of, or supplement to,
this Agreement or any other Operative Agreement or such other documents which
may be delivered in connection herewith or therewith (whether or not the same
shall become effective) or (iii) any action or proceeding relating to any
order, injunction, or other process or decree restraining or seeking to
restrain the Liquidity Provider from paying any amount under this Agreement,
the Intercreditor Agreement or any other Operative Agreement or otherwise
affecting the application of funds in the Class G Cash Collateral Account. In
addition, the Borrower shall pay any and all recording, stamp and other
similar taxes and fees payable or determined to be payable in connection with
the execution, delivery, filing and recording of this Agreement, any other
Operative Agreement and such other documents, and agrees to save the Liquidity
Provider harmless from and against any and all liabilities with respect to or
resulting from any delay in paying or omission to pay such taxes or fees.

          Section 7.8. Binding Effect; Participations.

          (a) This Agreement shall be binding upon and inure to the benefit of
the Borrower and the Liquidity Provider and their respective successors and
assigns, except that neither the Liquidity Provider (except as otherwise
provided in this Section 7.8) nor (except as contemplated by Section 3.8) the
Borrower shall have the right to assign its rights or obligations hereunder or
any interest herein without the prior written consent of the other party,
subject to the requirements of Section 7.8(b). The Liquidity Provider may
grant participations herein or in any of its rights hereunder (including,
without limitation, funded participations and participations in rights to
receive interest payments hereunder) and under the other Operative Agreements
to such Persons (other than ATA or its Affiliates) as the Liquidity Provider
may in its sole discretion select, subject to the requirements of Section
7.8(b). No such participation by the Liquidity Provider, however, will relieve
the Liquidity Provider of its obligations hereunder. In connection with any
participation or any proposed participation, the Liquidity Provider may
disclose to the participant or the proposed participant any information that
the Borrower is required to deliver or to disclose to the Liquidity Provider
pursuant to this Agreement. The Borrower acknowledges and agrees that the
Liquidity Provider's source of funds may derive in part from its participants
(other than ATA or its Affiliates). Accordingly, references in this Agreement
and the other Operative Agreements to determinations, reserve and capital
adequacy requirements, increased

<PAGE>

                                                                            23

costs, reduced receipts, additional amounts due pursuant to Section 3.3 and
the like as they pertain to the Liquidity Provider shall be deemed also to
include those of each of its participants (subject, in each case, to the
maximum amount that would have been incurred by or attributable to the
Liquidity Provider directly if the Liquidity Provider, rather than the
participant, had held the interest participated).

          (b) If, pursuant to subsection (a) above, the Liquidity Provider
sells any participation in this Agreement to any bank or other entity (each, a
"Transferee"), then, concurrently with the effectiveness of such
participation, the Transferee shall (i) represent to the Liquidity Provider
(for the benefit of the Liquidity Provider and the Borrower) either (A) that
it is incorporated under the laws of the United States or a state thereof or
(B) that under applicable law and treaties, no taxes will be required to be
withheld with respect to any payments to be made to such Transferee in respect
of this Agreement, (ii) furnish to the Liquidity Provider and the Borrower
either (x) a statement that it is incorporated under the laws of the United
States or a state thereof or (y) if it is not so incorporated, two copies of a
properly completed United States Internal Revenue Service Form W-8ECI or Form
W-8BEN, as appropriate, or other applicable form, certificate or document
prescribed by the Internal Revenue Service certifying, in each case, such
Transferee's entitlement to a complete exemption from United States federal
withholding tax with respect to any and all payments to be made hereunder, and
(iii) agree (for the benefit of the Liquidity Provider and the Borrower) to
provide the Liquidity Provider and the Borrower a new Form W-8ECI or Form
W-8BEN, as appropriate, (A) on or before the date that any such form expires
or becomes obsolete or (B) after the occurrence of any event requiring a
change in the most recent form previously delivered by it and prior to the
immediately following due date of any payment by the Borrower hereunder,
certifying in the case of a Form W-8BEN or Form W-8ECI that such Transferee is
entitled to a complete exemption from United States federal withholding tax on
payments under this Agreement. Unless the Borrower has received forms or other
documents reasonably satisfactory to it (and required by applicable law)
indicating that payments hereunder are not subject to United States federal
withholding tax, the Borrower will withhold taxes as required by law from such
payments at the applicable statutory rate.

          (c) Notwithstanding the other provisions of this Section 7.8, the
Liquidity Provider may assign and pledge all or any portion of the Advances
owing to it to any Federal Reserve Bank or the United States Treasury as
collateral security pursuant to Regulation A of the Board of Governors of the
Federal Reserve System and any Operating Circular issued by such Federal
Reserve Bank, provided that any payment in respect of such assigned Advances
made by the Borrower to the Liquidity Provider in accordance with the terms of
this Agreement shall satisfy the Borrower's obligations hereunder in respect
of such assigned Advance to the extent of such payment. No such assignment
shall release the Liquidity Provider from its obligations hereunder.

          Section 7.9. Severability. Any provision of this Agreement which is
prohibited, unenforceable or not authorized in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition,
unenforceability or nonauthorization without invalidating the remaining
provisions hereof or affecting the validity, enforceability or legality of
such provision in any other jurisdiction.

<PAGE>

                                                                            24

          Section 7.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

          Section 7.11. Submission to Jurisdiction; Waiver of Jury Trial;
Waiver of Immunity.

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

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

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

                           (iii) agrees that service of process in any such
                  action or proceeding may be effected by mailing a copy
                  thereof by registered or certified mail (or any
                  substantially similar form of mail), postage prepaid, to
                  each party hereto at its address set forth in Section 7.2
                  hereof, or at such other address of which the Liquidity
                  Provider shall have been notified pursuant thereto; and

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

          (b) THE BORROWER AND THE LIQUIDITY PROVIDER EACH HEREBY AGREE TO
WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM
RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS
BEING ESTABLISHED, including, without limitation, contract claims, tort
claims, breach of duty claims and all other common law and statutory claims.
The Borrower and the Liquidity Provider each warrant and represent that it has
reviewed this waiver with its legal counsel, and that it knowingly and
voluntarily waives its jury trial rights following consultation with such
legal counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER
ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

          Section 7.12. Execution in Counterparts. This Agreement may be
executed in any number of counterparts and by different parties hereto on
separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

<PAGE>

                                                                            25

          Section 7.13. Entirety. This Agreement, the Intercreditor Agreement
and the other Operative Agreements to which the Liquidity Provider is a party
constitute the entire agreement of the parties hereto with respect to the
subject matter hereof and supersedes all prior understandings and agreements
of such parties.

          Section 7.14. Headings. Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose.

          Section 7.15. Transfer. The Liquidity Provider hereby acknowledges
and consents to the Transfer contemplated by the Assignment and Assumption
Agreement.

          Section 7.16. LIQUIDITY PROVIDER'S OBLIGATION TO MAKE ADVANCES.
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS OF THE
LIQUIDITY PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE BORROWER'S RIGHTS TO
DELIVER NOTICES OF BORROWING REQUESTING THE MAKING OF ADVANCES HEREUNDER,
SHALL BE UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN
EACH CASE STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.

                                     * * *

<PAGE>

                                                                             26

          IN WITNESS WHEREOF, the parties have caused this Agreement to be
duly executed and delivered by their respective officers thereunto duly
authorized as of the date first set forth above.

                                        WILMINGTON TRUST COMPANY, not in its
                                            individual capacity but solely as
                                            Subordination Agent, as agent
                                            and trustee for the Class G
                                            Trust, as Borrower

                                        By:____________________________________
                                           Name:
                                           Title:

                                        CITIBANK, N.A.,
                                             as Liquidity Provider

                                        By:____________________________________
                                           Name:
                                           Title:

<PAGE>

                                                                    Annex I to
                                                    Revolving Credit Agreement

                     INTEREST ADVANCE NOTICE OF BORROWING

          The undersigned, a duly authorized signatory of the undersigned
borrower (the "Borrower"), hereby certifies to CITIBANK, N.A. (the " Liquidity
Provider"), with reference to the Revolving Credit Agreement (2000-1G) dated
as of February 15, 2000, between the Borrower and the Liquidity Provider (the
"Liquidity Agreement"; the terms defined therein and not otherwise defined
herein being used herein as therein defined or referenced), that:

               (1) The Borrower is the Subordination Agent under the
          Intercreditor Agreement.

               (2) The Borrower is delivering this Notice of Borrowing for the
          making of an Interest Advance by the Liquidity Provider to be used
          for the payment of the interest on the Class G Certificates which
          was payable on __________ (the "Distribution Date") in accordance
          with the terms and provisions of the Class G Trust Agreement and the
          Class G Certificates, which Advance is requested to be made on
          ____________.

               (3) The amount of the Interest Advance requested hereby (i) is
          $    , to be applied in respect of the payment of the interest which
          was due and payable on the Class G Certificates on the Distribution
          Date, (ii) does not include any amount with respect to the payment
          of principal of, or premium on, the Class G Certificates, or
          principal of, or interest or premium on the Class C Certificates,
          (iii) was computed in accordance with the provisions of the Class G
          Certificates, the Class G Trust Agreement and the Intercreditor
          Agreement (a copy of which computation is attached hereto as
          Schedule I), (iv) does not exceed the Maximum Available Commitment
          on the date hereof, (v) does not include any amount of interest
          which was due and payable on the Class G Certificates on such
          Distribution Date but which remains unpaid due to the failure of the
          Depositary to pay any amount of accrued interest on the Deposits on
          such Distribution Date and (vi) has not been and is not the subject
          of a prior or contemporaneous Notice of Borrowing.

               (4) Upon receipt by or on behalf of the Borrower of the amount
          requested hereby, (a) the Borrower will apply the same in accordance
          with the terms of Section 3.6(b) of the Intercreditor Agreement, (b)
          no portion of such amount shall be applied by the Borrower for any
          other purpose and (c) no portion of such amount until so applied
          shall be commingled with other funds held by the Borrower.

          The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, the making of the Interest Advance as requested by this Notice of
Borrowing shall automatically reduce, subject to reinstatement in accordance
with the terms of the Liquidity Agreement, the Maximum Available Commitment by
an amount equal to the amount of the Interest Advance requested to be made
hereby as set forth in clause (i) of paragraph (3) of this Certificate and
such reduction shall automatically result in corresponding reductions in the
amounts available to be borrowed pursuant to a subsequent Advance.

<PAGE>

                                                                             2

              IN WITNESS WHEREOF, the Borrower has executed and delivered this
Notice of Borrowing as of the _____ day of _____________.

                                         WILMINGTON TRUST COMPANY, not in its
                                             individual capacity but solely as
                                             Subordination Agent, as Borrower

                                        By:____________________________________
                                           Name:
                                           Title:

<PAGE>

              SCHEDULE I TO INTEREST ADVANCE NOTICE OF BORROWING

 [Insert Copy of Computations in accordance with Interest Advance Notice of
 Borrowing]

<PAGE>

                                                                      Annex II
                                                    Revolving Credit Agreement

                   NON-EXTENSION ADVANCE NOTICE OF BORROWING

     The undersigned, a duly authorized signatory of the undersigned borrower
(the "Borrower"), hereby certifies to CITIBANK, N.A. (the "Liquidity
Provider"), with reference to the Revolving Credit Agreement (2000-1G) dated
as of February 15, 2000, between the Borrower and the Liquidity Provider (the
"Liquidity Agreement"; the terms defined therein and not otherwise defined
herein being used herein as therein defined or referenced), that:

     (1) The Borrower is the Subordination Agent under the Intercreditor
Agreement.

     (2) The Borrower is delivering this Notice of Borrowing for the making of
the Non-Extension Advance by the Liquidity Provider to be used for the funding
of the Class G Cash Collateral Account in accordance with Section 3.6(d) of
the Intercreditor Agreement, which Advance is requested to be made on .

     (3) The amount of the Non-Extension Advance requested hereby (i) is
$__________, which equals the Maximum Available Commitment on the date hereof
and is to be applied in respect of the funding of the Class G Cash Collateral
Account in accordance with Section 3.6(d) of the Intercreditor Agreement, (ii)
does not include any amount with respect to the payment of the principal of,
or premium on, the Class G Certificates, or principal of, or interest or
premium on the Class C Certificates, (iii) was computed in accordance with the
provisions of the Class G Certificates, the Class G Trust Agreement and the
Intercreditor Agreement (a copy of which computation is attached hereto as
Schedule I), and (iv) has not been and is not the subject of a prior or
contemporaneous Notice of Borrowing under the Liquidity Agreement.

     (4) Upon receipt by or on behalf of the Borrower of the amount requested
hereby, (a) the Borrower will deposit such amount in the Class G Cash
Collateral Account and apply the same in accordance with the terms of Section
3.6(d) of the Intercreditor Agreement, (b) no portion of such amount shall be
applied by the Borrower for any other purpose and (c) no portion of such
amount until so applied shall be commingled with other funds held by the
Borrower.

     The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Non-Extension Advance as requested by this
Notice of Borrowing shall automatically and irrevocably terminate the
obligation of the Liquidity Provider to make further Advances under the
Liquidity Agreement; and (B) following the making by the Liquidity Provider of
the Non-Extension Advance requested by this Notice of Borrowing, the Borrower
shall not be entitled to request any further Advances under the Liquidity
Agreement.

<PAGE>

     IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ___ day of          , .

                                         WILMINGTON TRUST COMPANY, not in its
                                             individual capacity but solely as
                                             Subordination Agent, as Borrower

                                        By:____________________________________
                                           Name:
                                           Title:

<PAGE>

                 SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE OF
           BORROWING [Insert Copy of computations in accordance with
                  Non-Extension Advance Notice of Borrowing]

<PAGE>

                                                                  Annex III to
                                                    Revolving Credit Agreement

                     DOWNGRADE ADVANCE NOTICE OF BORROWING

     The undersigned, a duly authorized signatory of the undersigned borrower
(the "Borrower"), hereby certifies to CITIBANK, N.A. (the "Liquidity
Provider"), with reference to the Revolving Credit Agreement (2000-1G) dated
as of February 15, 2000, between the Borrower and the Liquidity Provider (the
"Liquidity Agreement"; the terms defined therein and not otherwise defined
herein being used herein as therein defined or referenced), that:

               (1) The Borrower is the Subordination Agent under the
          Intercreditor Agreement.

               (2) The Borrower is delivering this Notice of Borrowing for the
          making of the Downgrade Advance by the Liquidity Provider to be used
          for the funding of the Class G Cash Collateral Account in accordance
          with Section 3.6(c) of the Intercreditor Agreement by reason of the
          downgrading of the short-term unsecured debt rating of the Liquidity
          Provider issued by either Rating Agency below the applicable
          Threshold Rating, which Advance is requested to be made on
          ____________, _____.

               (3) The amount of the Downgrade Advance requested hereby (i) is
          $_______, which equals the Maximum Available Commitment on the date
          hereof and is to be applied in respect of the funding of the Class G
          Cash Collateral Account in accordance with Section 3.6(c) of the
          Intercreditor Agreement, (ii) does not include any amount with
          respect to the payment of the principal of, or premium on, the Class
          G Certificates, or principal of, or interest or premium on the Class
          C Certificates, (iii) was computed in accordance with the provisions
          of the Class G Certificates, the Class G Trust Agreement and the
          Intercreditor Agreement (a copy of which computation is attached
          hereto as Schedule I), and (iv) has not been and is not the subject
          of a prior or contemporaneous Notice of Borrowing under the
          Liquidity Agreement.

               (4) Upon receipt by or on behalf of the Borrower of the amount
          requested hereby, (a) the Borrower will deposit such amount in the
          Class G Cash Collateral Account and apply the same in accordance
          with the terms of Section 3.6(c) of the Intercreditor Agreement, (b)
          no portion of such amount shall be applied by the Borrower for any
          other purpose and (c) no portion of such amount until so applied
          shall be commingled with other funds held by the Borrower.

     The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Downgrade Advance as requested by this Notice
of Borrowing shall automatically and irrevocably terminate the obligation of
the Liquidity Provider to make further Advances under the Liquidity Agreement;
and (B) following the making by the Liquidity Provider of the Downgrade
Advance requested by this Notice of Borrowing, the Borrower shall not be
entitled to request any further Advances under the Liquidity Agreement.

                                     * * *

<PAGE>

       IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ___ day of ______________, _____.

                                         WILMINGTON TRUST COMPANY, not in its
                                             individual capacity but solely as
                                             Subordination Agent, as Borrower

                                        By:____________________________________
                                           Name:
                                           Title:

<PAGE>

              SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING

                [Insert Copy of computations in accordance with
                    Downgrade Advance Notice of Borrowing]

<PAGE>

                                                                   Annex IV to
                                                    Revolving Credit Agreement

                       FINAL ADVANCE NOTICE OF BORROWING

     The undersigned, a duly authorized signatory of the undersigned borrower
(the "Borrower"), hereby certifies to CITIBANK, N.A. (the "Liquidity
Provider"), with reference to the Revolving Credit Agreement (2000-1G) dated
as of February 15, 2000, between the Borrower and the Liquidity Provider (the
"Liquidity Agreement"; the terms defined therein and not otherwise defined
herein being used herein as therein defined or referenced), that:

         (1)  The Borrower is the Subordination Agent under the Intercreditor
      Agreement.

         (2) The Borrower is delivering this Notice of Borrowing for the
      making of the Final Advance by the Liquidity Provider to be used for the
      funding of the Class G Cash Collateral Account in accordance with
      Section 3.6(i) of the Intercreditor Agreement by reason of the receipt
      by the Borrower of a Termination Notice from the Liquidity Provider with
      respect to the Liquidity Agreement, which Advance is requested to be
      made on ______________, ___.

         (3) The amount of the Final Advance requested hereby (i) is
      $__________, which equals the Maximum Available Commitment on the date
      hereof and is to be applied in respect of the funding of the Class G
      Cash Collateral Account in accordance with Section 3.6(i) of the
      Intercreditor Agreement, (ii) does not include any amount with respect
      to the payment of principal of, or premium on, the Class G Certificates,
      or principal of, or interest or premium on the Class C Certificates,
      (iii) was computed in accordance with the provisions of the Class G
      Certificates, the Class G Trust Agreement and the Intercreditor
      Agreement (a copy of which computation is attached hereto as Schedule
      I), and (iv) has not been and is not the subject of a prior or
      contemporaneous Notice of Borrowing.

         (4) Upon receipt by or on behalf of the Borrower of the amount
      requested hereby, (a) the Borrower will deposit such amount in the Class
      G Cash Collateral Account and apply the same in accordance with the
      terms of Section 3.6(i) of the Intercreditor Agreement, (b) no portion
      of such amount shall be applied by the Borrower for any other purpose
      and (c) no portion of such amount until so applied shall be commingled
      with other funds held by the Borrower.

         (5) The Borrower hereby requests that the Advance requested hereby be
      a Base Rate Advance [and that such Base Rate Advance be converted into a
      LIBOR Advance on the third Business Day following your receipt of this
      notice].*

     The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Final Advance as requested by this Notice of
Borrowing shall automatically and irrevocably terminate the obligation of the
Liquidity Provider to make further Advances under the Liquidity Agreement; and
(B) following the making by the Liquidity Provider of the Final Advance
requested by this Notice of Borrowing, the Borrower shall not be entitled to
request any further Advances under the Liquidity Agreement.

                                     * * *

--------
         *Bracketed language is optional.

<PAGE>

     IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ___ day of ____________, ___.

                                         WILMINGTON TRUST COMPANY, not in its
                                             individual capacity but solely as
                                             Subordination Agent, as Borrower

                                        By:____________________________________
                                            Name:
                                            Title:

<PAGE>

                SCHEDULE I TO FINAL ADVANCE NOTICE OF BORROWING

                [Insert Copy of Computations in accordance with
                      Final Advance Notice of Borrowing]

<PAGE>

                                                                    Annex V to
                                                    Revolving Credit Agreement

                             NOTICE OF TERMINATION

                                                   [Date]

Wilmington Trust Company,
  as Subordination Agent, as Borrower
Rodney Square North
1100 North Market Square
Wilmington, DE 19890-0001

Attention: Corporate Trust Administration

     Re: Revolving Credit Agreement dated as of February 15, 2000, between
         Wilmington Trust Company, as Subordination Agent, as agent and trustee
         for the American Trans Air Pass Through Trust, Series 2000-1G, as
         Borrower, and CITIBANK, N.A. (the "Liquidity Agreement")

Ladies and Gentlemen:

     You are hereby notified that pursuant to Section 6.1 of the Liquidity
Agreement, by reason of the occurrence of a Liquidity Event of Default and the
existence of a Performing Note Deficiency (each as defined therein), we are
giving this notice to you in order to cause (i) our obligations to make
Advances (as defined therein) under such Liquidity Agreement to terminate on
the fifth Business Day after the date on which you receive this notice and
(ii) you to request a Final Advance under the Liquidity Agreement pursuant to
Section 3.6(i) of the Intercreditor Agreement (as defined in the Liquidity
Agreement) as a consequence of your receipt of this notice.

     THIS NOTICE IS THE "NOTICE OF TERMINATION" PROVIDED FOR UNDER THE
LIQUIDITY AGREEMENT. OUR OBLIGATIONS TO MAKE ADVANCES UNDER THE LIQUIDITY
AGREEMENT WILL TERMINATE ON THE FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU
RECEIVE THIS NOTICE.

                                        Very truly yours,

                                        CITIBANK, N.A., as Liquidity Provider

                                        By: __________________________________
                                               Name:
                                               Title:

cc:    Wilmington Trust Company,
         as Class G Trustee

<PAGE>

                                                                   Annex VI to
                                                    Revolving Credit Agreement

                   NOTICE OF REPLACEMENT SUBORDINATION AGENT

[Date]
Attention:

     Revolving Credit Agreement dated as of February 15, 2000, between
Wilmington Trust Company, as Subordination Agent, as agent and trustee for the
American Trans Air Pass Through Trust, 2000-1G, as Borrower, and Citibank,
N.A. (the "Liquidity Agreement")

Ladies and Gentlemen:

     For value received, the undersigned beneficiary hereby irrevocably
transfers to:

                               ----------------------
                               (Name of Transferee)

                               ----------------------
                               (Name of Transferee)

all rights and obligations of the undersigned as Borrower under the Liquidity
Agreement referred to above. The transferee has succeeded the undersigned as
Subordination Agent under the Intercreditor Agreement referred to in the first
paragraph of the Liquidity Agreement, pursuant to the terms of Section 8.1 of
the Intercreditor Agreement.

       By this transfer, all rights of the undersigned as Borrower under the
Liquidity Agreement are transferred to the transferee and the transferee shall
hereafter have the sole rights and obligations as Borrower thereunder. The
undersigned shall pay any costs and expenses of such transfer, including, but
not limited to, transfer taxes or governmental charges.

<PAGE>

         We ask that this transfer be effective as of _______________, ___.

                                         WILMINGTON TRUST COMPANY, not in its
                                             individual capacity but solely as
                                             Subordination Agent, as Borrower

                                        By:____________________________________
                                            Name:
                                            Title:

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