Document:

<Page>
                                                                   Exhibit 10.28

                                                               EXECUTION VERSION

================================================================================

                            TRUST AGREEMENT [N296SK]

                          Dated as of December 20, 2001

                                     between

                       SILVERMINE RIVER FINANCE TWO, INC.,
                              as Owner Participant

                                       and

                WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
                                as Owner Trustee

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

                  Covering One Embraer Model EMB-145LR Aircraft
                      Bearing U.S. Registration No. N296SK
                     and Manufacturer's Serial Number 145514

================================================================================

<Page>

                                                TABLE OF CONTENTS
<Table>
<Caption>
                                                                                                       PAGE
<S>                                                                                                      <C>
ARTICLE I      DEFINITIONS AND TERMS......................................................................1
     Section 1.1.   Definitions...........................................................................1

ARTICLE II     AUTHORITY TO EXECUTE CERTAIN OPERATIVE AGREEMENTS; DECLARATION OF TRUST....................1
     Section 2.1.   Authority to Execute Documents........................................................1
     Section 2.2.   Declaration...........................................................................1

ARTICLE III    ACCEPTANCE AND DELIVERY OF AIRCRAFT; LEASE OF AIRCRAFT; REPLACEMENT........................2
     Section 3.1.   Authorization.........................................................................2
     Section 3.2.   Conditions Precedent..................................................................3
     Section 3.3.   Postponement of Delivery Date.........................................................3
     Section 3.4.   Authorization in Respect of a Replacement Airframe or Replacement Engines.............3
     Section 3.5.   Trust Agreement Remaining in Full Force and Effect....................................4
     Section 3.6.   Authorization in Respect of Return of an Engine.......................................4

ARTICLE IV     RECEIPT, DISTRIBUTION AND APPLICATION OF INCOME FROM THE TRUST ESTATE......................4
     Section 4.1.   Distribution of Payments..............................................................4
     Section 4.2.   Method of Payments....................................................................4

ARTICLE V      DUTIES OF THE OWNER TRUSTEE................................................................5
     Section 5.1.   Notice of Event of Default............................................................5
     Section 5.2.   Action Upon Instructions..............................................................5
     Section 5.3.   Indemnification.......................................................................6
     Section 5.4.   No Duties Except as Specified in Trust Agreement or Instructions......................6
     Section 5.5.   No Action Except Under Specified Documents or Instructions............................7

ARTICLE VI     THE OWNER TRUSTEE..........................................................................7
     Section 6.1.   Acceptance of Trusts and Duties.......................................................7
     Section 6.2.   Absence of Certain Duties.............................................................7
     Section 6.3.   No Representations or Warranties as to Certain Matters................................8
     Section 6.4.   No Segregation of Monies Required; Investment Thereof.................................9
     Section 6.5.   Reliance Upon Certificates, Counsel and Agents........................................9
     Section 6.6.   Not Acting in Individual Capacity.....................................................9
     Section 6.7.   Fees; Compensation....................................................................9
     Section 6.8.   Tax Returns..........................................................................10
     Section 6.9.   Fixed Investment Trust...............................................................10

ARTICLE VII    INDEMNIFICATION OF THE OWNER TRUSTEE BY THE OWNER PARTICIPANT.............................10
     Section 7.1.   The Owner Participant to Indemnify the Owner Trustee.................................10
</Table>

<Page>

<Table>
<Caption>
                                                                                                       PAGE
<S>                                                                                                      <C>
ARTICLE VIII   SUCCESSOR OWNER TRUSTEES; CO-TRUSTEES.....................................................11
     Section 8.1.   Resignation of the Owner Trustee; Appointment of Successor...........................11
     Section 8.2.   Co-Trustees and Separate Trustees....................................................12

ARTICLE IX     SUPPLEMENTS AND AMENDMENTS TO TRUST AGREEMENT  AND OTHER DOCUMENTS........................14
     Section 9.1.   Supplements and Amendments...........................................................14
     Section 9.2.   Discretion as to Execution of Documents..............................................14
     Section 9.3.   Absence of Requirements as to Form...................................................14
     Section 9.4.   Distribution of Documents............................................................14

ARTICLE X      MISCELLANEOUS.............................................................................14
     Section 10.1.  Termination of Trust Agreement.......................................................14
     Section 10.2.  The Owner Participant Has No Legal Title in Trust Estate.............................15
     Section 10.3.  Assignment, Sale, etc., of Aircraft..................................................15
     Section 10.4.  Trust Agreement for Benefit of Certain Parties Only..................................15
     Section 10.5.  Notices..............................................................................15
     Section 10.6.  Severability.........................................................................16
     Section 10.7.  Waivers, etc...................................................................... ..16
     Section 10.8.  Counterparts.........................................................................16
     Section 10.9.  Binding Effect, etc................................................................ .16
     Section 10.10. Headings; References.................................................................16
     Section 10.11. GOVERNING LAW........................................................................16
     Section 10.12. Administration of Trust..............................................................17
</Table>

                                       ii
<Page>

                            TRUST AGREEMENT [N296SK]

          This TRUST AGREEMENT [N296SK], dated as of December 20, 2001 between
SILVERMINE RIVER FINANCE TWO, INC., a Delaware corporation (together with its
successors and permitted assigns, the "Owner Participant"), and WELLS FARGO BANK
NORTHWEST, NATIONAL ASSOCIATION, a national banking association (in its
individual capacity, "WFB") and otherwise not in its individual capacity but
solely as trustee hereunder (herein in such capacity with its permitted
successors and assigns called the "Owner Trustee") (as hereafter from time to
time supplemented or amended, this or the "Trust Agreement").

                              W I T N E S S E T H :

                                    ARTICLE I

                              DEFINITIONS AND TERMS

          Section 1.1. DEFINITIONS. Capitalized terms used herein and defined in
Appendix A shall, except as such definitions may be specifically modified in the
body of this Trust Agreement for the purposes of a particular section, paragraph
or clause, have the meanings given such terms in Appendix A and, unless
otherwise specified, such meanings shall be equally applicable to both the
singular and the plural forms of such terms.

                                   ARTICLE II

               AUTHORITY TO EXECUTE CERTAIN OPERATIVE AGREEMENTS;
                              DECLARATION OF TRUST

          Section 2.1. AUTHORITY TO EXECUTE DOCUMENTS. The Owner Participant
hereby authorizes and directs the Owner Trustee to do the following, and the
Owner Trustee agrees for the benefit of the Owner Participant that it will do
the following (i) to execute and deliver the Participation Agreement, the Lease,
the Lease Supplement covering the Aircraft, the Airframe Warranty Assignment and
Consent, the Engine Warranty Assignment and Consent and any other agreements,
instruments or documents, to which the Owner Trustee is a party in the
respective forms thereof in which delivered from time to time by the Owner
Participant to the Owner Trustee for execution and delivery and (ii) subject to
the terms hereof, to exercise its rights (upon instructions received from the
Owner Participant) and perform its duties under the documents referred to in
this Section in accordance with the terms thereof.

          Section 2.2. DECLARATION OF TRUST. The Owner Trustee hereby declares
that it will hold the Trust Estate upon the trusts hereinafter set forth for the
use and benefit of the Owner Participant, subject, however, to the provisions of
the Lease. This Trust Agreement is not intended by the Owner Participant to
create, and the trust created hereby is not intended by the Owner Participant
and the other parties interested herein to constitute a business trust for the
purposes of the Bankruptcy Code.

<Page>

                                   ARTICLE III

                      ACCEPTANCE AND DELIVERY OF AIRCRAFT;
                         LEASE OF AIRCRAFT; REPLACEMENT

          Section 3.1. AUTHORIZATION. (a) The Owner Participant hereby
authorizes and directs the Owner Trustee to, and the Owner Trustee agrees for
the benefit of the Owner Participant that, on the Delivery Date it will, subject
to due compliance with the terms of Section 3.02 hereof:

               (i) authorize a representative or representatives of the Owner
          Trustee to accept delivery of the Aircraft and the Bills of Sale
          pursuant to the Participation Agreement;

               (ii) execute and deliver each of the Operative Agreements to
          which the Owner Trustee is to be a party;

               (iii) purchase the Aircraft pursuant to the Participation
          Agreement;

               (iv) pay an amount equal to Lessor's Cost to, or at the direction
          of, Solitair and the Seller pursuant to the Participation Agreement in
          consideration of the sale of the Aircraft to the Owner Trustee
          thereunder;

               (v) make application to the FAA for registration of the Aircraft
          in the name of the Owner Trustee by filing or causing to be filed with
          the FAA (i) the FAA Bill of Sale, (ii) the FAA Aircraft Registration
          Application in the name of the Owner Trustee (including, without
          limitation, an affidavit from the Owner Trustee stating that it is a
          "citizen of the United States" within the meaning of Section
          40102(a)(15) of the Transportation Code), and (iii) this Trust
          Agreement;

               (vi) take such other action as may reasonably be required of the
          Owner Trustee hereunder or under the Participation Agreement or the
          Lease to effectuate the transactions contemplated thereby; and

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

          (b)  The Owner Participant hereby authorizes and directs the Owner
       Trustee to, and the Owner Trustee agrees for the benefit of the Owner
       Participant that it will:

               (i) immediately after the delivery of the Aircraft to the Owner
          Trustee, cause the Aircraft to be leased to Lessee under the Lease;
          and

               (ii) execute and deliver a Lease Supplement covering the
          Aircraft.

                                       2
<Page>

          Section 3.2. CONDITIONS PRECEDENT. The right and obligation of the
Owner Trustee to take the action required by Section 3.01 hereof shall be
subject to the following conditions precedent:

          (a) the Owner Participant shall have made the full amount of the
     Commitment with respect to the Aircraft available to the Owner Trustee, in
     immediately available funds, in accordance with Section 2.01(c) of the
     Participation Agreement; and

          (b) the terms and conditions of Section 3.01 of the Participation
     Agreement shall have been waived by the Owner Participant or complied with
     in a manner satisfactory to the Owner Participant. The Owner Participant
     shall, by instructing Owner Trustee to release the full amount of the
     Commitment then held by Owner Trustee as provided in Section 2.01 of the
     Participation Agreement, be deemed to have found satisfactory to it, or
     waived, all such conditions precedent.

          Section 3.3. POSTPONEMENT OF DELIVERY DATE. The Owner Trustee, upon
instructions from the Owner Participant, shall take all action specified in
Section 2.01 of the Participation Agreement as action to be taken by the Owner
Trustee.

          Section 3.4. AUTHORIZATION IN RESPECT OF A REPLACEMENT AIRFRAME OR
REPLACEMENT ENGINES. The Owner Trustee agrees for the benefit of the Owner
Participant that, upon the receipt by a Responsible Officer of Owner Trustee of
an authorization and direction from the Owner Participant, it will, in the event
of a Replacement Airframe or Replacement Engines, if any, being substituted
pursuant to Section 8(a)(i) of the Lease, or a Replacement Engine being
substituted pursuant to Section 7(e) of the Lease, subject to due compliance
with the terms of Sections 8(d) and 7(e) of the Lease, as the case may be:

          (a) to the extent not previously accomplished by a prior
     authorization, authorize a representative or representatives of the Owner
     Trustee to accept delivery of the Replacement Airframe or Replacement
     Engines, if any, or the Replacement Engine;

          (b) accept from Lessee or other vendor of the Replacement Airframe or
     Replacement Engines, if any, or the Replacement Engine, a bill of sale or
     bills of sale (if tendered) and the invoice, if any, with respect to the
     Replacement Airframe and Replacement Engines, if any, or the Replacement
     Engine being furnished pursuant to Section 8(a)(i) or 7(e) of the Lease;

          (c) in the case of a Replacement Airframe, make application to the FAA
     (or the Aeronautical Authority of any jurisdiction other than the United
     States of America in which the Replacement Airframe is then registered in
     accordance with the terms of the Lease) for registration in the name of the
     Owner Trustee of the Aircraft of which such Replacement Airframe is a part;

          (d) execute and deliver a Lease Supplement covering (i) the Aircraft
     of which such Replacement Airframe is part of and, (ii) such Replacement
     Engine, as the case may be;

                                       3
<Page>

          (e) transfer its interest in (without recourse except as to
     obligations in respect of Lessor's Liens) and to the Airframe and Engines
     (if any) or the Engine being replaced to or at the direction of Lessee; and

          (f) take such further action as may be contemplated by Sections 8(d)
     or 7(e) of the Lease, as the case may be.

          Section 3.5. TRUST AGREEMENT REMAINING IN FULL FORCE AND EFFECT. In
the event of the substitution of a Replacement Airframe for the Airframe or the
substitution of a Replacement Engine for any Engine or engine all provisions of
this Trust Agreement relating to such replaced Airframe or Engine or engine
shall be applicable to such Replacement Airframe or Replacement Engine, with the
same force and effect as if such Replacement Airframe or Replacement Engine were
the same airframe or engine as the Airframe or Engine being replaced but for the
Event of Loss with respect to such Airframe or Engine.

          Section 3.6. AUTHORIZATION IN RESPECT OF RETURN OF AN ENGINE. The
Owner Trustee agrees for the benefit of the Owner Participant that, upon the
receipt by a Responsible Officer of the Owner Trustee of an authorization and
direction from the Owner Participant, it will, in the event of an engine being
transferred to the Owner Trustee pursuant to Section 12(b) of the Lease, subject
to due compliance with the terms of such Section 12(b):

          (a) accept from Lessee or other vendor the bill of sale contemplated
     by such Section 12(b) with respect to such engine being transferred to the
     Owner Trustee; and

          (b) transfer its right, title and interest in (without recourse or
     warranty except a warranty against Lessor's Liens) and to an Engine to or
     at the direction of Lessee as contemplated by such Section 12(b).

                                   ARTICLE IV

                      RECEIPT, DISTRIBUTION AND APPLICATION
                         OF INCOME FROM THE TRUST ESTATE

          Section 4.1. DISTRIBUTION OF PAYMENTS. All Basic Rent, Supplemental
Rent, insurance proceeds and requisition, indemnity or other payments of any
kind included in the Trust Estate and any other amounts received as part of the
Trust Estate and for the application or distribution of which no provision is
made herein, shall be distributed forthwith upon receipt by the Owner Trustee in
the following order of priority: FIRST, so much of such payment as shall be
required to pay or reimburse the Owner Trustee for any fees or expenses not
otherwise paid or reimbursed as to which the Owner Trustee is entitled to be so
paid or reimbursed pursuant to the provisions hereof shall be retained by the
Owner Trustee; and SECOND, the balance, if any, shall be paid to the Owner
Participant.

          Section 4.2. METHOD OF PAYMENTS. The Owner Trustee shall make
distributions or cause distributions to be made to the Owner Participant
pursuant to this Article IV by transferring by wire transfer in immediately
available funds the amount to be distributed to such account or accounts of the
Owner Participant as it may designate from time to time by written notice to the
Owner Trustee (and the Owner Trustee shall use reasonable efforts to cause such

                                       4
<Page>

funds to be transferred by wire transfer on the same day as received, but in any
case not later than the next succeeding Business Day); provided, however, that
the Owner Trustee shall use its best efforts to invest overnight, for the
benefit of the Owner Participant, in investments that would be permitted by
Section 15 of the Lease (but only to the extent such investments are available
and, if such investments are not available, then in such other investments
available to the Owner Trustee which, after consultation with the Owner
Participant, the Owner Participant shall direct), all funds not transferred by
the Owner Trustee by wire transfer on the same day as they were received.
Notwithstanding the foregoing, the Owner Trustee will, if so requested by the
Owner Participant by written notice, pay any and all amounts payable by the
Owner Trustee hereunder to the Owner Participant either (i) by crediting such
amount or amounts to an account or accounts maintained by the Owner Participant
as it may designate from time to time by written notice to the Owner Trustee, in
immediately available funds, (ii) by payment at the trust office of the Owner
Trustee (the trust office of the Owner Trustee shall be the principal corporate
trust office of the Owner Trustee at 79 South Main Street, Salt Lake City, Utah
84111, Attention: Corporate Trust Department, or the principal corporate trust
office of any successor Owner Trustee), in immediately available funds, or (iii)
by mailing an official bank check or checks in such amount or amounts payable to
the Owner Participant at such address as the Owner Participant shall have
designated in writing to the Owner Trustee.

                                    ARTICLE V

                           DUTIES OF THE OWNER TRUSTEE

          Section 5.1. NOTICE OF EVENT OF DEFAULT. If the Owner Trustee shall
have knowledge of a Default or an Event of Default, the Owner Trustee shall give
to the Owner Participant and the Lessee prompt telephonic or telecopied notice
thereof followed by prompt confirmation thereof by certified mail, postage
prepaid. Subject to the terms of Section 5.03, the Owner Trustee shall take such
action or shall refrain from taking such action, not inconsistent with the
provisions of the Operative Agreements, with respect to such Default or Event of
Default as the Owner Trustee shall be directed in writing by the Owner
Participant. For all purposes of this Trust Agreement and the Lease, the Owner
Trustee shall not be deemed to have knowledge of a Default or an Event of
Default unless notified in writing thereof in the manner and at the address set
forth in Section 10.05 or unless an officer in the Corporate Trust Department
who has responsibility for, or familiarity with, the transactions contemplated
hereunder, under the Participation Agreement or any Vice President in the
Corporate Trust Department of the Owner Trustee has actual knowledge thereof.

          Section 5.2. ACTION UPON INSTRUCTIONS. Subject in all respects to the
terms of Sections 5.01 and 5.03 and to the terms of the other Operative
Agreements, upon the written instructions at any time and from time to time of
the Owner Participant, the Owner Trustee will take such of the following actions
as may be specified in such instructions: (i) give such notice or direction or
exercise such right, remedy or power hereunder or under any of the Operative
Agreements to which the Owner Trustee is a party, or in respect of all or any
part of the Trust Estate, as shall be specified in such instructions; (ii) take
such action to preserve or protect the Trust Estate (including the discharge of
any Liens or encumbrances) as may be specified in such instructions; (iii)
approve as satisfactory to it all matters required by the terms of the Lease to
be satisfactory to the Owner Trustee, it being understood that without written
instructions of the

                                       5
<Page>

Owner Participant, the Owner Trustee shall not approve any such matter as
satisfactory to it; (iv) after the expiration or earlier termination of the
Lease, convey all of the Owner Trustee's right, title and interest in and to the
Aircraft for such amount, on such terms and to such purchaser or purchasers as
shall be designated in such instructions, or retain, lease or otherwise dispose
of, or from time to time take such action with respect to, the Aircraft on such
terms as shall be set forth in such instructions or deliver the Aircraft to the
Owner Participant in accordance with such instructions; and (v) take or refrain
from taking such other action or actions as may be specified in such
instructions. In the event that the Owner Trustee is unsure of the application
of any provision of this Trust Agreement or any other agreement relating to the
transactions contemplated hereby, the Owner Trustee may request and rely upon
instructions of the Owner Participant.

          Section 5.3. INDEMNIFICATION. The Owner Trustee shall not be required
to take or refrain from taking any action under Section 5.01 (other than the
giving of notices referred to therein) or 5.02 unless the Owner Trustee shall
have been indemnified by the Owner Participant, in manner and form satisfactory
to the Owner Trustee, against any liability, cost or expense (including
reasonable counsel fees and disbursements) which may be incurred in connection
therewith; and, if the Owner Participant shall have directed the Owner Trustee
to take or refrain from taking any such action, the Owner Participant agrees to
furnish such indemnity as shall be required and in addition to pay the
reasonable fees and charges of the Owner Trustee for the services performed or
to be performed by it pursuant to such direction. The Owner Trustee shall not be
required to take any action under Section 5.01 or 5.02 if the Owner Trustee
shall reasonably determine, or shall have been advised by counsel, that such
action is contrary to the terms of any of the Operative Agreements to which the
Owner Trustee is a party, or is otherwise contrary to Applicable Law.

          Section 5.4. NO DUTIES EXCEPT AS SPECIFIED IN TRUST AGREEMENT OR
INSTRUCTIONS.
          The Owner Trustee shall not have any duty or obligation to manage,
control, use, sell, dispose of or otherwise deal with the Aircraft or any other
part of the Trust Estate, or otherwise to take or refrain from taking any action
under, or in connection with any of the Operative Agreements to which the Owner
Trustee is a party, except as expressly required by the terms of any of the
Operative Agreements to which the Owner Trustee is a party, or as expressly
provided by the terms hereof or in written instructions from the Owner
Participant received pursuant to the terms of Section 5.01 or 5.02, and no
implied duties or obligations shall be read into this Trust Agreement or any of
the Operative Agreements to which the Owner Trustee is a party against the Owner
Trustee. The Owner Trustee nevertheless agrees that it will, in its individual
capacity and at its own cost and expense (but without any right of indemnity in
respect of any such cost or expense under Section 7.01) promptly take such
action as may be necessary duly to discharge and satisfy in full (i) all
Lessor's Liens attributable to the Owner Trustee in its individual capacity,
(ii) any Liens (other than Lessor's Liens attributable to it in its individual
capacity) created as a result of its breach of any of its obligations under this
Trust Agreement (subject to the limitations on the liability of the Owner
Trustee in its individual capacity set forth in Section 6.01) on any part of the
Trust Estate, or on any properties of the Owner Trustee assigned, pledged or
mortgaged as part of the Trust Estate, which arise from acts of the Owner
Trustee in its individual capacity, the rights of Lessee under the Lease and the
rights of the Owner Participant hereunder, and (iii) any other Liens or
encumbrances attributable to the Owner Trustee in its individual capacity on any
part of the Trust Estate which result from claims

                                       6
<Page>

against the Owner Trustee in its individual capacity unrelated to the ownership
of the Aircraft, the administration of the Trust Estate or the transactions
contemplated by the Operative Agreements.

          Section 5.5. NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
INSTRUCTIONS.
          The Owner Trustee shall have no power or authority to, and the Owner
Trustee agrees that it will not, manage, control, use, sell, dispose of or
otherwise deal with the Aircraft or any other part of the Trust Estate except
(i) as expressly required by the terms of any of the Operative Agreements to
which the Owner Trustee is a party, (ii) as expressly provided by the terms
hereof, or (iii) as expressly provided in written instructions from the Owner
Participant pursuant to Section 5.01 or 5.02.

                                   ARTICLE VI

                                THE OWNER TRUSTEE

          Section 6.1. ACCEPTANCE OF TRUSTS AND DUTIES. WFB accepts the trusts
hereby created and agrees to perform the same but only upon the terms hereof
applicable to it. WFB also agrees to receive and disburse all monies received by
it constituting part of the Trust Estate upon the terms hereof. WFB shall not be
answerable or accountable under any circumstances, except for (i) its own
willful misconduct or gross negligence, (ii) its performance of the terms of the
last sentence of Section 5.04, (iii) its failure to use ordinary care in
receiving or disbursing funds or to comply with the first sentence of Section
6.08, (iv) liabilities that may result from the inaccuracy of any representation
or warranty of the Owner Trustee in its individual capacity (or from the failure
by the Owner Trustee in its individual capacity to perform any covenant made in
its individual capacity) in Section 6.03 or in any of the Operative Agreements
to which the Owner Trustee is a party, (v) taxes, fees or other charges on,
based on or measured by any fees, commissions or other compensation received by
WFB as compensation for its services rendered as the Owner Trustee, and (vi) its
failure (in its individual capacity or as Owner Trustee) to use ordinary care in
connection with its obligations to invest funds pursuant to Section 15 of the
Lease or Section 4.02 hereof; PROVIDED, HOWEVER, that the failure to act or
perform in the absence of instructions after the Owner Trustee has requested
instructions from the Owner Participant pursuant to the last sentence of
Section 5.02 shall not constitute willful misconduct or gross negligence for
purposes of clause (i) of this Section 6.01.

          Section 6.2. ABSENCE OF CERTAIN DUTIES. Except in accordance with
written instructions furnished pursuant to Sections 5.01 and 5.02 and except as
provided in, and without limiting the generality of, Sections 3.01, 5.04 and
5.05 and the last sentence of Section 8.01(b), the Owner Trustee shall have no
duty (i) to see to any registration of the Aircraft or any recording or filing
of the Lease, this Trust Agreement, any financing or continuation statement or
of any supplement to any thereof or to see to the maintenance of any such
registration, rerecording or refiling, except that of Owner Trustee to comply
with the FAA reporting requirements set forth in 14 C.F.R. Section 47.45 and 14
C.F.R. Section 47.51 or any successor provisions, and that the Owner Trustee
shall upon written request furnished by Lessee take such action as may be
required of the Owner Trustee to maintain the registration of the Aircraft in
the name of the Owner Trustee under the Act or, to the extent the Aircraft is
registered in a country other than the United States of America pursuant to
Section 4.02 of the Participation Agreement, other

                                       7
<Page>

Applicable Law, and to the extent that information for that purpose is supplied
by Lessee pursuant to any of the Operative Agreements, complete and timely
submit any and all reports relating to the Aircraft which may from time to time
be required by the FAA or any government or governmental authority having
jurisdiction, (ii) to see to any insurance on the Aircraft or to effect or
maintain any such insurance, whether or not Lessee shall be in default with
respect thereto, (iii) to see to the payment or discharge of any tax, assessment
or other governmental charge or any Lien or encumbrance of any kind owing with
respect to, assessed or levied against any part of the Trust Estate except as
provided by Section 5.04 hereof or Section 5.03(b) of the Participation
Agreement, (iv) to confirm or verify any financial statements of Lessee or (v)
to inspect the Aircraft or the books and records of Lessee with respect to the
Aircraft. Notwithstanding the foregoing, the Owner Trustee will furnish to Owner
Participant, promptly upon receipt thereof, duplicates or copies of all reports,
notices, requests, demands, certificates, financial statements and other
instruments furnished to Owner Trustee under the Lease or any other Operative
Agreement except to the extent to which a Responsible Officer of Owner Trustee
reasonably believes (and confirms by telephone call with Owner Participant) that
duplicates or copies thereof have already been furnished to Owner Participant by
some other Person.

          Section 6.3. NO REPRESENTATIONS OR WARRANTIES AS TO CERTAIN MATTERS.
THE OWNER TRUSTEE IN ITS INDIVIDUAL CAPACITY OR AS THE OWNER TRUSTEE DOES NOT
MAKE AND SHALL NOT BE DEEMED TO HAVE MADE (a) ANY REPRESENTATION OR WARRANTY,
EXPRESS OR IMPLIED, AS TO THE TITLE, VALUE, CONDITION, DESIGN, OPERATION,
MERCHANTABILITY OR FITNESS FOR USE FOR A PARTICULAR PURPOSE OF THE AIRCRAFT, ANY
ENGINE THEREOF, ABSENCE OF LATENT OR OTHER DEFECTS (WHETHER OR NOT DISCOVERABLE)
OR ANY OTHER REPRESENTATION OR WARRANTY WITH RESPECT TO THE AIRCRAFT OR ANY
ENGINE WHATSOEVER, except that the Owner Trustee in its individual capacity
warrants that on the Delivery Date the Owner Trustee shall have received and
shall hold whatever title to the Aircraft was conveyed to it by Seller free and
clear of Lessor's Liens attributable to the Owner Trustee in its individual
capacity, shall be in compliance with the last sentence of Section 5.04 hereof
and that the Aircraft shall during the Lease Term be free of Lessor's Liens
attributable to it in its individual capacity, or (b) any representation or
warranty as to the validity, legality or enforceability of this Trust Agreement
or any other Operative Agreement to which the Owner Trustee in its individual
capacity or as Owner Trustee is a party, or any other document or instrument, or
as to the correctness of any statement contained in any thereof except to the
extent that any such statement is expressly made herein or therein as a
representation by the Owner Trustee in its individual capacity and except that
the Owner Trustee in its individual capacity hereby represents and warrants that
it has all corporate power and authority to execute, deliver and perform this
Trust Agreement and that this Trust Agreement has been, and (assuming the due
authorization, execution and delivery of the Trust Agreement by the Owner
Participant) the other Operative Agreements to which the Owner Trustee is a
party have been (or at the time of execution and delivery of any such instrument
by the Owner Trustee hereunder or pursuant to the terms of the Participation
Agreement that such an instrument will be) duly executed and delivered by one of
its officers who is or will be, as the case may be, duly authorized to execute
and deliver such instruments on behalf of the Owner Trustee and that this Trust
Agreement has been duly authorized, executed and delivered by WFB and
constitutes the legal, valid and binding obligation of WFB enforceable against
it in accordance with its terms, except as such terms may be limited by
bankruptcy, insolvency, reorganization, moratorium or

                                       8
<Page>

other similar laws affecting the rights of creditors generally and by general
principles of equity, regardless of whether considered in a proceeding in equity
or at law.

          Section 6.4. NO SEGREGATION OF MONIES REQUIRED; INVESTMENT THEREOF.
Monies received by the Owner Trustee hereunder need not be segregated in any
manner except to the extent required by Applicable Law, and may be deposited
under such general conditions as may be prescribed by Applicable Law, and shall
be invested as provided in Section 4.02 hereof or Section 15 of the Lease.

          Section 6.5. RELIANCE UPON CERTIFICATES, COUNSEL AND AGENTS. The Owner
Trustee shall incur no liability to anyone in acting in reliance upon any
signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, bond or other document or paper reasonably believed by it to be
genuine and reasonably believed by it to be signed by the proper party or
parties. Unless other evidence in respect thereof is specifically prescribed
herein, any request, direction, order or demand of the Owner Participant or
Lessee mentioned herein or in any of the other Operative Agreements to which the
Owner Trustee is a party shall be sufficiently evidenced by written instruments
signed by a person purporting to be a Responsible Officer of the Owner
Participant or Lessee, as the case may be. The Owner Trustee may accept a copy
of a resolution of the Board of Directors of Lessee or the Owner Participant, as
the case may be, certified by the Secretary or an Assistant Secretary of Lessee
or the Owner Participant, as the case may be, as duly adopted and in full force
and effect, as conclusive evidence that such resolution has been duly adopted by
said Board and that the same is in full force and effect. As to any fact or
matter the manner of ascertainment of which is not specifically described
herein, the Owner Trustee may, absent actual knowledge to the contrary, for all
purposes hereof rely on a certificate signed by a Responsible Officer of Lessee
or the Owner Participant, as the case may be, as to such fact or matter, and
such certificate shall constitute full protection to the Owner Trustee for any
action taken or omitted to be taken by it in good faith in reliance thereon.

          In the administration of the trusts hereunder, the Owner Trustee may
exercise its powers and perform its duties hereunder directly or through agents
or attorneys and the Owner Trustee shall not be liable for the default or
misconduct of any agents or attorneys selected by it with reasonable care. In
the administration of the trusts hereunder, the Owner Trustee may consult with
counsel, accountants and other skilled persons and the Owner Trustee shall not
be liable for anything done, suffered or omitted in good faith by it in
accordance with the advice or opinion of any such counsel, accountants or other
skilled persons selected by it with reasonable care.

          Section 6.6. NOT ACTING IN INDIVIDUAL CAPACITY. In acting hereunder,
the Owner Trustee acts solely as trustee and not in its individual capacity
except as otherwise expressly provided herein; and, except as may be otherwise
expressly provided in this Trust Agreement, including without limitation,
Section 6.01, the Lease or the Participation Agreement, all Persons having any
claim against the Owner Trustee by reason of the transactions contemplated
hereby shall look only to the Trust Estate for payment or satisfaction thereof.

          Section 6.7. FEES; COMPENSATION. Except as provided in Section 5.03 or
7.01, the Owner Trustee agrees that it shall have no right against the Owner
Participant or the Trust Estate for any fee as compensation for its services
hereunder.

                                       9
<Page>

          Section 6.8. TAX RETURNS. The Owner Trustee shall be responsible for
the keeping of all appropriate books and records relating to the receipt and
disbursement of all monies under this Trust Agreement or any agreement
contemplated hereby. The Owner Trustee agrees, without expense to the Owner
Participant, to file an application with the Internal Revenue Service for a
taxpayer identification number with respect to the trust created by this Trust
Agreement. The Owner Participant shall be responsible for causing to be prepared
and filed all income tax returns required to be filed by the Owner Participant.
The Owner Trustee shall be responsible for causing to be prepared, at the
request of the Owner Participant and the expense of the Lessee, all income tax
returns required to be filed with respect to the trust created hereby and shall
execute and file such returns; provided, however the Owner Trustee shall send a
completed copy of such return to the Owner Participant not more than 60 nor less
than 30 days prior to the due date of the return provided that the Owner Trustee
shall have timely received all necessary information to complete and deliver to
the Owner Participant such return. The Owner Participant or the Owner Trustee,
as the case may be, upon request, will furnish the Owner Trustee or the Owner
Participant, as the case may be, with all such information as may be reasonably
required from the Owner Participant or the Owner Trustee, as the case may be, in
connection with the preparation of such income tax returns.

          Section 6.9. FIXED INVESTMENT TRUST. Notwithstanding anything herein
to the contrary, the Owner Trustee shall not be authorized and shall have no
power to "vary the investment" of the Owner Participant within the meaning of
section 301.7701-4(c) of the Treasury Regulations.

                                   ARTICLE VII

                      INDEMNIFICATION OF THE OWNER TRUSTEE
                            BY THE OWNER PARTICIPANT

          Section 7.1. THE OWNER PARTICIPANT TO INDEMNIFY THE OWNER TRUSTEE. The
Owner Participant hereby agrees, whether or not any of the transactions
contemplated hereby shall be consummated, to assume liability for, and does
hereby indemnify, protect, save, defend and hold harmless the Owner Trustee in
its individual capacity, and its successors, assigns (but not security assigns),
directors, officers, representatives, agents, employees and servants, from and
against any and all liabilities, obligations, losses, damages, penalties, taxes
(excluding any taxes payable by the Owner Trustee on or measured by any
compensation received by the Owner Trustee for its services hereunder), claims,
actions, suits, costs, expenses or disbursements (including, without limitation,
reasonable legal fees, but excluding internal costs and expenses such as
salaries and overhead) and expenses of any kind and nature whatsoever which may
be imposed on, incurred by or asserted against the Owner Trustee in its
individual capacity (whether or not also indemnified against by Lessee under the
Lease or under the Participation Agreement or also indemnified against by any
other Person; PROVIDED that Owner Participant shall be subrogated to the rights
of Owner Trustee against Lessee or any other indemnitor) in any way relating to
or arising out of this Trust Agreement or any of the other Operative Agreements
or the enforcement of any of the terms of any thereof, or in any way relating to
or arising out of the manufacture, purchase, acceptance, nonacceptance,
rejection, ownership, delivery, lease, possession, use, operation, condition,
sale, return or other disposition of the Airframe, any Engine or any Part of the
foregoing (including, without limitation, latent and other defects,

                                       10
<Page>

whether or not discoverable, and any claim for patent, trademark or copyright
infringement), or in any way relating to or arising out of the administration of
the Trust Estate or the action or inaction of the Owner Trustee hereunder,
except (a) in the case of willful misconduct or gross negligence on the part of
the Owner Trustee either as trustee or in its individual capacity in the
performance or nonperformance of its duties hereunder or under any of the other
Operative Agreements to which it is a party or (b) those resulting from the
inaccuracy of any representation or warranty of the Owner Trustee in its
individual capacity (or from the failure of the Owner Trustee in its individual
capacity to perform any covenant) in Section 6.03, or in any of the Operative
Agreements, or (c) those arising or resulting from any of the matters described
in the last sentence of Section 6.01, or (d) those resulting from its failure to
perform the terms of the last sentence of Section 5.04 hereof or from its
failure to use ordinary care in the receipt and disbursement of funds or in
connection with its obligation to invest funds pursuant to Section 15 of the
Lease or Section 4.02 hereof or in compliance with the first Section of Section
6.08, or (e) any liability on the part of Owner Trustee arising out of its
negligence or willful or negligent misconduct in connection with its obligations
under Section 5.01, 6.08 or 8.02 hereof, or (f) those arising under any
circumstances or upon any terms where Lessee would not have been required to
indemnify Owner Trustee, in its individual capacity, pursuant to Section 6.01 or
7.01 of the Participation Agreement disregarding for purposes of this Section
7.01, Sections 6.01(ii), 6.01(v) and 7.01(b)(ii) of the Participation Agreement;
PROVIDED, that before asserting its right to indemnification, if any, pursuant
to this Section 7.01, Owner Trustee shall first demand its corresponding right
to indemnification pursuant to Section 6.01 or 7.01 of the Participation
Agreement (but need not exhaust any or all remedies available thereunder). The
indemnities contained in this Section 7.01 extend to the Owner Trustee only in
its individual capacity and shall not be construed as indemnities of the Trust
Estate. The indemnities contained in this Section 7.01 shall survive the
termination of this Trust Agreement and the resignation or removal of the Owner
Trustee. In addition, if necessary, the Owner Trustee shall be entitled to
indemnification from the Trust Estate for any liability, obligation, loss,
damage, penalty, tax, claim, action, suit, cost, expense or disbursement
indemnified against pursuant to this Section 7.01 to the extent not reimbursed
by Lessee, the Owner Participant or others, but without releasing any of them
from their respective agreements of reimbursement.

                                  ARTICLE VIII

                      SUCCESSOR OWNER TRUSTEES; CO-TRUSTEES

          Section 8.1. RESIGNATION OF THE OWNER TRUSTEE; APPOINTMENT OF
SUCCESSOR. (a) RESIGNATION OR REMOVAL. The Owner Trustee or any successor Owner
Trustee (i) shall resign if required to do so pursuant to Section 5.02(b) of the
Participation Agreement and (ii) may resign at any time without cause by giving
at least 60 days prior written notice to the Owner Participant and Lessee, such
resignation to be effective upon the acceptance of appointment by the successor
Owner Trustee under Section 8.01(b). In addition, the Owner Participant may at
any time remove the Owner Trustee, or revoke the trusts created by this Trust
Agreement, in either case with or without cause by a notice in writing delivered
to the Owner Trustee and Lessee. Any such removal shall be effective upon the
acceptance of appointment by the successor Owner Trustee under Section 8.01(b).
In the case of the resignation or removal of the Owner Trustee, the Owner
Participant may appoint a successor Owner Trustee by an instrument in writing.
If a successor Owner Trustee shall not have been appointed within 30 days after
such notice of

                                       11
<Page>

resignation or removal, the Owner Trustee may apply to any court of competent
jurisdiction to appoint a successor Owner Trustee to act until such time, if
any, as a successor shall have been appointed as above provided. Any successor
Owner Trustee so appointed by such court shall immediately and without further
act be superseded by any successor Owner Trustee appointed as above provided
within one year from the date of the appointment by such court.

          (b) EXECUTION AND DELIVERY OF DOCUMENTS, ETC. Any successor Owner
Trustee, however appointed, shall execute and deliver to the predecessor Owner
Trustee, with a copy to Owner Participant and Lessee, an instrument accepting
such appointment and assuming the obligations of Owner Trustee, in its
individual capacity and as Owner Trustee, under the Operative Agreements to
which Owner Trustee is a party, and thereupon such successor Owner Trustee,
without further act, shall become vested with all the estates, properties,
rights, powers, duties and trusts of the predecessor Owner Trustee in the trust
hereunder with like effect as if originally named the Owner Trustee herein; but
nevertheless, upon the written request of such successor Owner Trustee, such
predecessor Owner Trustee shall execute and deliver an instrument transferring
to such successor Owner Trustee upon the trusts herein expressed, all the
estates, properties, rights, powers and trusts of such predecessor Owner
Trustee, and such predecessor Owner Trustee shall duly assign, transfer, deliver
and pay over to such successor Owner Trustee all monies or other property then
held by such predecessor Owner Trustee upon the trusts herein expressed. Upon
the appointment of any successor Owner Trustee hereunder, the predecessor Owner
Trustee will complete, execute and deliver to the successor Owner Trustee such
documents as are necessary to cause registration of the Aircraft included in the
Trust Estate to be transferred upon the records of the FAA or other governmental
authority having jurisdiction, into the name of the successor Owner Trustee.

          (c) QUALIFICATION. Any successor Owner Trustee, however appointed,
shall be a Citizen of the United States, shall be qualified to act as a trustee
in Utah (if the trust created hereby is to remain in such state) and shall also
be a bank or trust company organized under the laws of the United States of
America or any state thereof having a combined capital and surplus of at least
$100,000,000, if there be such an institution willing, able and legally
qualified to perform the duties of the Owner Trustee hereunder upon reasonable
and customary terms.

          (d) MERGER, ETC. Any corporation into which the Owner 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 Owner
Trustee shall be a party, or any corporation to which substantially all the
corporate trust business of the Owner Trustee may be transferred, shall, subject
to the terms of Section 8.01(c), be the Owner Trustee hereunder without further
act.

          Section 8.2. CO-TRUSTEES AND SEPARATE TRUSTEES. If at any time or
times it shall be necessary or prudent in order to conform to any Applicable Law
of any jurisdiction in which all or any part of the Trust Estate is located, or
the Owner Trustee shall be advised by counsel that it is so necessary or prudent
in the interest of the Owner Participant or the Owner Trustee, or the Owner
Trustee shall have been directed to do so by the Owner Participant, the Owner
Trustee and the Owner Participant shall execute and deliver an agreement
supplemental hereto and all other instruments and agreements necessary or proper
to constitute another bank or trust company or one or more Persons (any and all
of which shall be a Citizen of the United States)

                                       12
<Page>

approved by the Owner Trustee and the Owner Participant, either to act as
co-trustee or co-trustees, jointly with the Owner Trustee, or to act as separate
trustee or trustees hereunder (any such co-trustee or separate trustee being
herein sometimes referred to as an "additional trustee"). In the event the Owner
Participant shall not have joined in the execution of such agreements
supplemental hereto within ten days after the receipt of a written request from
the Owner Trustee so to do, the Owner Trustee may act under the foregoing
provisions of this Section 8.02 without the concurrence of the Owner
Participant; and the Owner Participant hereby appoints the Owner Trustee its
agent and attorney-in-fact to act for it under the foregoing provisions of this
Section 8.02 in either of such contingencies.

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

          (a) all powers, duties, obligations and rights conferred upon the
     Owner Trustee in respect of the custody, control and management of monies,
     the Aircraft or documents authorized to be delivered hereunder or under the
     Participation Agreement shall be exercised solely by the corporation
     designated as the Owner Trustee in the first paragraph of this Trust
     Agreement, or its successors as the Owner Trustee hereunder;

          (b) all other rights, powers, duties and obligations conferred or
     imposed upon the Owner Trustee and any limitations thereon shall be
     conferred or imposed upon and exercised or performed by the corporation
     designated as the Owner Trustee in the first paragraph of this Trust
     Agreement or its successors as the Owner Trustee, and such additional
     trustee or trustees jointly, except to the extent that under any Applicable
     Law of any jurisdiction in which any particular act or acts are to be
     performed (including the holding of title to the Trust Estate), the Owner
     Trustee shall be incompetent or unqualified to perform such act or acts, in
     which event such rights, powers, duties and obligations shall be exercised
     and performed by such additional trustee or trustees;

          (c) no power given to, or which it is provided hereby may be exercised
     by, any such additional trustee or trustees shall be exercised hereunder by
     such additional trustee or trustees, except jointly with, or with the
     consent in writing of, the corporation designed as the Owner Trustee in
     this Trust Agreement or its successor as the Owner Trustee, anything herein
     contained to the contrary notwithstanding;

          (d) no trustee hereunder shall be personally liable by reason of any
     act or omission of any other trustee hereunder; and

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

                                       13
<Page>

          In case any separate trustee under this Section 8.02 shall die, become
incapable of acting, resign or be removed, the title to the Trust Estate and all
rights and duties of such separate trustee shall, so far as permitted by
Applicable Law, vest in and be exercised by Owner Trustee, without the
appointment of a successor to such separate trustee.

                                   ARTICLE IX

                  SUPPLEMENTS AND AMENDMENTS TO TRUST AGREEMENT
                               AND OTHER DOCUMENTS

          Section 9.1. SUPPLEMENTS AND AMENDMENTS. At any time and from time to
time, upon the written request of the Owner Participant, (i) the Owner Trustee,
together with the Owner Participant, shall execute a supplement to this Trust
Agreement for the purpose of adding provisions to, or changing or eliminating
provisions of, this Trust Agreement (except Section 10.11) as specified in such
request, and (ii) the Owner Trustee shall enter into such written amendment of
or supplement to any other Operative Agreement to which the Owner Trustee is a
party as Lessee may agree to and as may be specified in such request, or execute
and deliver such written waiver or modification of or consent under the terms of
any such Operative Agreement as Lessee may agree to and as may be specified in
such request.

          Section 9.2. DISCRETION AS TO EXECUTION OF DOCUMENTS. If in the
opinion of the Owner Trustee any document required to be executed pursuant to
the terms of Section 9.01 adversely affects any right, duty, immunity or
indemnity in favor of the Owner Trustee hereunder or under any other Operative
Agreement to which the Owner Trustee is a party, the Owner Trustee may in its
discretion decline to execute such document unless Owner Trustee is furnished
with indemnification from Lessee or any other party upon terms and in amounts
reasonably satisfactory to Owner Trustee to protect the Trust Estate and Owner
Trustee against any and all liabilities, costs and expenses arising out of the
execution of such documents.

          Section 9.3. ABSENCE OF REQUIREMENTS AS TO FORM. It shall not be
necessary for any written request furnished pursuant to Section 9.01 to specify
the particular form of the proposed documents to be executed pursuant to such
Section, but it shall be sufficient if such request shall indicate the substance
thereof.

          Section 9.4. DISTRIBUTION OF DOCUMENTS. Promptly after the execution
by the Owner Trustee of any document entered into pursuant to Section 9.01, the
Owner Trustee shall mail, by certified mail, postage prepaid, a conformed copy
thereof to the Owner Participant, but the failure of the Owner Trustee to mail
such conformed copy shall not impair or affect the validity of such document.

                                    ARTICLE X

                                  MISCELLANEOUS

          Section 10.1. TERMINATION OF TRUST AGREEMENT. This Trust Agreement and
the trusts created hereby shall terminate and this Trust Agreement shall be of
no further force or effect upon the earliest of (a) the later of (x) the sale or
other final disposition by the Owner

                                       14
<Page>

Trustee of all property constituting part of the Trust Estate and the final
distribution by the Owner Trustee of all monies or other property or proceeds
constituting part of the Trust Estate in accordance with Article IV hereof,
provided that at such time Lessee shall have fully complied with all of the
terms of the Participation Agreement and the Lease, and (y) the expiration or
termination of the Lease in accordance with its terms or (b) twenty-one (21)
years less one day after the death of the last survivor of all of the
descendants of the grandparents of Joseph P. Kennedy living on the date of the
earliest execution of this Trust Agreement by either party hereto, otherwise
this Trust Agreement and the trusts created hereby shall continue in full force
and effect in accordance with the terms hereof.

          Notwithstanding the foregoing, this Trust Agreement and trust created
hereby shall terminate and the Trust Estate shall be distributed to the Owner
Participant, and this Trust Agreement shall be of no further force and effect,
upon the election of the Owner Participant by notice to the Owner Trustee, if
such notice shall be accompanied by the written agreement (in form and substance
satisfactory to the Owner Trustee) of the Owner Participant assuming all
obligations of the Owner Trustee under or contemplated by the Operative
Agreements or incurred by it as trustee hereunder and releasing the Owner
Trustee therefrom; provided, however, that such notice may be given only after
the Lease shall no longer be in effect.

          Section 10.2. THE OWNER PARTICIPANT HAS NO LEGAL TITLE IN TRUST
ESTATE. The Owner Participant does not have legal title to any part of the Trust
Estate. No transfer, by operation of law or otherwise, of any right, title and
interest of the Owner Participant in and to the Trust Estate hereunder shall
operate to terminate this Trust Agreement or the trusts hereunder or entitle any
successors or transferees of the Owner Participant to an accounting or to the
transfer of legal title to any part of the Trust Estate.

          Section 10.3. ASSIGNMENT, SALE, ETC., OF AIRCRAFT. Any assignment,
sale, transfer or other conveyance of the Aircraft, any Engine, any Part or any
interest therein by the Owner Trustee made pursuant to the terms hereof or of
the Lease or the Participation Agreement shall bind the Owner Participant and
shall be effective to transfer or convey all right, title and interest of the
Owner Trustee and the Owner Participant in and to the Aircraft, such Engine,
such Part or interest therein. No purchaser or other grantee shall be required
to inquire as to the authorization, necessity, expediency or regularity of such
assignment, sale, transfer or conveyance or as to the application of any sale or
other proceeds with respect thereto by the Owner Trustee.

          Section 10.4. TRUST AGREEMENT FOR BENEFIT OF CERTAIN PARTIES ONLY.
Except for the terms of Section 4.01, Articles V and VIII, Sections 9.01, 10.01
and 10.03 hereof, nothing herein, whether express or implied, shall be construed
to give any Person other than the Owner Trustee, WFB, the Lessee and the Owner
Participant any legal or equitable right, remedy or claim under or in respect of
this Trust Agreement; but this Trust Agreement shall be held to be for the sole
and exclusive benefit of the Owner Trustee, WFB, the Lessee and the Owner
Participant.

          Section 10.5. NOTICES. Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be given in the manner set
forth in Section 12.01 of the Participation Agreement.

                                       15
<Page>

          Section 10.6. SEVERABILITY. Any provision hereof which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

          Section 10.7. WAIVERS, ETC. No term or provision hereof may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing entered into in compliance with the terms of Article IX hereof; and any
waiver of the terms hereof shall be effective only in the specified instance and
for the specific purpose given.

          Section 10.8. COUNTERPARTS. This Trust Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

          Section 10.9. BINDING EFFECT, ETC. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the Owner
Trustee and its successors and permitted assigns, and the Owner Participant, its
successors and permitted assigns. Any request, notice, direction, consent,
waiver or other instrument or action by the Owner Participant or Owner Trustee
shall bind their respective successors and permitted assigns.

          Section 10.10. HEADINGS; REFERENCES. The headings of the various
Articles and Sections herein are for convenience of reference only and shall not
define or limit any of the terms or provisions hereof.

          Section 10.11. GOVERNING LAW. (a) THIS TRUST AGREEMENT SHALL IN ALL
RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF UTAH, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

          (b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO
HEREBY IRREVOCABLY AGREES, ACCEPTS AND SUBMITS ITSELF TO THE NON-EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN THE CITY AND COUNTY OF
NEW YORK AND OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN
CONNECTION WITH ANY LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTER
RELATING TO OR ARISING OUT OF OR IN CONNECTION WITH THIS TRUST AGREEMENT.

          (c) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO
HEREBY IRREVOCABLY CONSENTS AND AGREES THAT THE SERVICE OF ANY AND ALL LEGAL
PROCESS, SUMMONS NOTICES AND DOCUMENTS OF ANY OF THE AFOREMENTIONED COURTS IN
ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE MADE BY MAILING COPIES THEREOF BY
REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, AT THE ADDRESS REFERRED TO IN
SECTION 10.05. EACH PARTY HERETO HEREBY AGREES THAT SERVICE UPON IT IN
ACCORDANCE WITH THIS SECTION 10.11(c) SHALL CONSTITUTE VALID AND EFFECTIVE
PERSONAL SERVICE UPON SUCH PARTY.

                                       16
<Page>

          (d) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, AND AGREES NOT TO ASSERT, BY WAY OF MOTION, AS A
DEFENSE, OR OTHERWISE, IN ANY LEGAL ACTION OR PROCEEDING BROUGHT HEREUNDER IN
ANY OF THE ABOVE-NAMED COURTS, THAT SUCH ACTION OR PROCEEDING IS BROUGHT IN AN
INCONVENIENT FORUM, THAT VENUE FOR THE ACTION OR PROCEEDING IS IMPROPER OR THAT
THIS TRUST AGREEMENT OR ANY OTHER OPERATIVE AGREEMENT MAY NOT BE ENFORCED IN OR
BY SUCH COURTS.

          (e) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO
HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION IN ANY COURT IN ANY JURISDICTION BASED UPON OR ARISING OUT OF OR RELATING
TO THIS TRUST AGREEMENT.

          Section 10.12. ADMINISTRATION OF TRUST. The principal place of
administration of the trust created by this Trust Agreement shall be in the
State of Utah.

            [The remainder of this page is intentionally left blank.]

                                       17
<Page>

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

                               SILVERMINE RIVER FINANCE TWO, INC.

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

                               WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

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

                                       18

<Page>

NOTE TO EXHIBIT 10.28

The 12 additional Trust Agreements are substantially identical in all material
respects to the filed Trust Agreement except as follows:

<Table>
<Caption>

------------------------------------- ----------------------------------- -----------------------------------
            TAIL NUMBER                          CLOSING DATE                     OWNER-PARTICIPANT

------------------------------------- ----------------------------------- -----------------------------------
<S>                                   <C>                                 <C>
N289SK                                           July, 2001                General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N290SK                                           July, 2001                General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N291SK                                          August, 2001               General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N292SK                                          August, 2001               General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N293SK                                         September, 2001             General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N294SK                                         September, 2001             General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N295SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N297SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N298SK                                          October, 2001              Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N299SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N370SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N371SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------

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

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

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

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

------------------------------------- ----------------------------------- -----------------------------------
</Table><Page>

                                                                   EXHIBIT 10.29

                                                 EXECUTION VERSION

         TAX INDEMNITY AGREEMENT [N296SK] dated as of
         December 20, 2001 (the "Tax Indemnity Agreement") between
         CHAUTAUQUA AIRLINES, INC. (the "Lessee") and   SILVERMINE
         RIVER FINANCE TWO, INC. (the "Owner Participant").

                                     RECITAL

         As inducement to the Owner Participant to enter into the transactions
contemplated by that certain Participation Agreement [N296SK] dated as of
December 20, 2001 among Lessee, Owner Participant and Wells Fargo Bank
Northwest, National Association, as Owner Trustee, (the "Participation
Agreement"), and in consideration of the mutual covenants contained herein and
in the Participation Agreement and other documents contemplated thereby, the
Lessee and the Owner Participant hereby agree as follows:

         SECTION 1. DEFINITIONS.

         (a) The term "Owner Participant" shall include each member of the
affiliated group (within the meaning of Section 1504 of the Code (or any
successor provision thereto)) of which the Owner Participant is a member and
each entity which joins the Owner Participant in filing a combined, unitary or
consolidated state income tax return.

         (b) "Tax Attribute Period" shall mean the period beginning on the
Delivery Date and ending on December 31, 2008; PROVIDED that in the event the
depreciation period for the Aircraft is other than the period specified in Tax
Assumption 2(d)(i) as a result of a Lessee Act, such Tax Attribute Period shall
end on the last day of the last taxable year in which a depreciation deduction
for the Aircraft is allowed to Silvermine River Finance Two, Inc.

         (c) "Reasonable Basis" for a position exists if tax counsel may
properly advise reporting such position on a tax return in accordance with
Formal Opinion 85-352 issued by the Standing Committee on Ethics and
Professional Responsibility of the American Bar Association.

         (d) "Permitted Percentage" shall mean 10% during the Tax Attribute
Period.

         (e) Except as otherwise provided herein, capitalized terms used herein
without definition shall have the meanings ascribed thereto in Appendix A to the
Participation Agreement.

         SECTION 2. TAX ASSUMPTIONS

         The transactions described in the Participation Agreement have been
entered into on the assumptions (the "Tax Assumptions") that for federal income
tax purposes:

         (a) the entity created by the Trust Agreement will be treated either as
a "grantor trust" under Sections 671 ET SEQ. of the Code (and any successor
provisions thereto) or

<Page>

as an agent or nominee of the Owner Participant, and the Owner Participant will
be treated as the owner of the entire trust and be required and entitled to take
into account in computing its taxable income all items of income, gain, loss,
deduction and credit of the trust in accordance with the accrual method of
accounting;

         (b) at all times during the period beginning on the Delivery Date and
ending at the end of the Term, the Lease will constitute a "true lease", the
Owner Participant will be treated as the purchaser, sole owner and lessor of the
Aircraft and the Lessee will be treated as the lessee of the Aircraft;

         (c) the Owner Participant's taxable year is the calendar year;

         (d) the Owner Participant, as the owner of the Aircraft for federal
income tax purposes, will be entitled to the following federal income tax
benefits:

              (i) cost recovery deductions equal to 14.29% of Lessor's Cost in
2001, 24.49% of Lessor's Cost in 2002, 17.49% of Lessor's Cost in 2003, 12.49%
of Lessor's Cost in 2004, 8.93% of Lessor's Cost in 2005, 8.92% of Lessor's Cost
in 2006, 8.93% of Lessor's Cost in 2007 and 4.46% of Lessor's Cost in 2008 (the
"MACRS Deductions"); and

              (ii) amortization deductions for Transaction Costs paid or
incurred by the Owner Participant in connection with the transactions
contemplated by the Operative Agreements computed on a straight-line basis over
the period commencing on the first day and ending on the last day of the Basic
Term of the Lease (the "Amortization Deductions", and together with the MACRS
Deductions, the "Assumed Tax Benefits");

         (e) no amount will be includible in the gross income of the Owner
Participant for income tax purposes with respect to the transactions
contemplated by the Operative Agreements at or at any time prior to the
expiration or earlier termination of the Lease other than (i) Basic Rent and
Renewal Rent in the amounts and at the times required pursuant to the Lease,
accrued and allocated in the manner provided by the Lease, (ii) any payment of
Termination Value (or the payment of amounts calculated by reference thereto) or
sales proceeds pursuant to Section 13 or 14 of the Lease, (iii) any amount paid
to or for the benefit of the Owner Participant and specifically identified or
calculated as interest, (iv) amounts to the extent they are offset by deductions
in the same taxable year to the Owner Participant arising out of the event
causing the inclusion of income (other than the Assumed Tax Benefits), (v) all
amounts payable on a grossed up or After Tax Basis to, or for the benefit of,
the Owner Participant, and (vi) amounts received by or for the benefit of the
Owner Participant pursuant to a warranty claim or as insurance proceeds with
respect to a loss or damage to the Aircraft, to the extent the Owner Participant
actually receives and retains and is not required to pay over such amounts to a
Lessee Person or some other Person unrelated to the Owner Participant;

         (f) the Owner Participant will be a domestic corporation subject to a
federal income tax rate of 35% (the "Assumed Federal Rate") and a state and
local income tax rate (before taking into account the deductibility of state and
local income taxes for Federal income tax purposes) of 4.615% (the "Assumed
State and Local Rate"), resulting in a combined rate (after giving effect to the
deductibility of such state and local income taxes for federal income tax

                                        2
<Page>

purposes) of 38% (the "Assumed Tax Rate") in 2001 and in each year thereafter,
and the Owner Participant will have sufficient taxable income to fully utilize
the Assumed Tax Benefits against income taxable at the Assumed Tax Rate;

         (g) the Aircraft will be deemed to be placed in service by the Owner
Participant within the meaning of Section 168 of the Code on the Delivery Date;

         (h) none of the Owner Participant, the Lessee or any sublessee is, or
at any time during the Term will be, a "tax exempt entity" within the meaning of
Section 168(h) of the Code;

         (i) the Owner Participant will not be subject to the alternative
minimum tax under Section 55 of the Code;

         (j) no portion of the MACRS Deductions will be recaptured under
Section 1245 of the Code or otherwise during the Term;

         (k) the Lease will not be a "disqualified leaseback or long-term
agreement" within the meaning of Section 467(b) of the Code; and

         (l) for each taxable year of the Owner Participant during the Tax
Attribute Period not more than the Permitted Percentage of any item of income,
deduction or loss with respect to the transactions contemplated by the Operative
Agreements will be treated for federal income tax purposes as derived from, or
allocable to, sources outside the United States;

         The foregoing assumptions will be appropriately modified or adjusted
from time to time to reflect the occurrence of an event for which an indemnity
has been paid pursuant to this Agreement.

         SECTION 3. RECORDS AND STATEMENTS.

         The Lessee shall, at its expense, maintain such information or records
(including details of the use or operation of the Aircraft outside the United
States) relating to the Aircraft as are regularly maintained by the Lessee or as
may be required by law to be maintained (including, but not limited to, flight
logs). The Lessee shall, at the Lessee's expense, maintain and provide any such
records or information, and such other information customarily maintained by
comparable airlines, as the Owner Participant may reasonably request from the
Lessee to enable the Owner Participant and the Owner Trustee to fulfill their
respective tax filing, tax audit and tax litigation obligations.

         SECTION 4. REPRESENTATIONS, WARRANTIES AND COVENANTS OF LESSEE.

         The Lessee represents, warrants and covenants that:

         (a) During the Tax Attribute Period the Aircraft is not and will not be
subject to Section 168(g) of the Code, assuming that the Owner Participant is
not a "tax-exempt entity" within the meaning of Section 168(h)(2) of the Code
and that the Owner Participant has not made an election under Section
168(g)(1)(E) of the Code;

                                        3
<Page>

         (b) neither Lessee nor any Person controlled by it, in control of it,
or under common control with it, directly or indirectly, nor any Person claiming
by, through or under the Lessee, nor any sublessee or other user or person in
possession of the Aircraft (or any Parts) during the Term, nor any Affiliate of
any of the foregoing (but excluding the Lessor or the Owner Participant or any
Person claiming by, through or under the Lessor or the Owner Participant but not
so excluding any Person claiming directly or indirectly through or under the
Lease or the Lessee) (each such Person not so excluded, a "Lessee Person") has
claimed or will claim the MACRS Deductions or the Amortization Deductions or any
other depreciation or cost recovery deduction or interest deduction with respect
to the Aircraft for federal, state, local or foreign income tax purposes, or
will claim to be the owner of the Aircraft in respect of any period during the
Term, or has taken or will take any action or position (not required by the
Operative Agreements) inconsistent with the Tax Assumptions or the status of the
Owner Participant as the sole owner of the Aircraft for federal, state, local
and foreign tax purposes;

         (c) as of the Delivery Date (i) the Aircraft will not require any
improvements, modifications or additions (other than ancillary items of
removable equipment of a kind that customarily are selected and furnished by
purchasers or lessees of similar aircraft) in order to be rendered complete for
its intended use by the Lessee and (ii) Lessee has no present intention to make
any material nonseverable improvement, modification or addition to the Aircraft;

         (d) neither Lessee nor any member of the "lessee group" (as defined in
Rev. Proc. 2001-28, 2001-19 I.R.B. 1156) of which Lessee is a member has, on the
Delivery Date (assuming consummation of the transaction described in
Section 2.01(a) of the Participation Agreement), any investment in the Aircraft
within the meaning of Section 4.04 of Rev. Proc. 2001-28;

         (e) intentionally omitted;

         (f) any written information supplied by the Lessee (or its agents) to
the Appraiser and relied on by such Appraiser in making the appraisal and
identified to the Lessee in a letter from the Appraiser attached hereto as
Schedule 4(f) was accurate and complete at the time given and as of the Delivery
Date, and the Lessee did not withhold any information in connection with any
request by the Appraiser for information that would render the information
actually provided misleading; and

         (g) if at the time of the transfer of title of the Aircraft to the
Lessor on the Closing Date the Aircraft were instead acquired by the Lessee, the
Aircraft would constitute "7 year property" within the meaning of Section
168(e)(1) of the Code in the hands of the Lessee.

         SECTION 5. FEDERAL INCOME TAX INDEMNITY.

         (a) If for any taxable year, (i) as a result of (A) any act or omission
on the part of the Lessee or any Lessee Person (other than (I) the execution and
delivery of the Operative Agreements or (II) any act permitted or required under
the Operative Agreements, except for any alteration, modification, addition or
improvement to, or any repair, maintenance, substitution, replacement, pooling,
interchange or temporary or permanent removal from service or retirement of, the
Aircraft, any Engine or any Parts by any Lessee Person), (B) the inaccuracy or
breach of

                                        4
<Page>

any representation, agreement, covenant or warranty of the Lessee contained
herein or in any other Operative Agreement or (C) the receipt of any refunds,
damages, insurance, warranty or similar proceeds or requisition, condemnation or
similar proceeds attributable to the Aircraft, any Engine or any Parts, by any
person other than the Owner Participant (or if received by the Owner
Participant, not retained by the same) (each such act, omission, inaccuracy,
breach or event described in clause (A), (B) or (C), a "Lessee Act"), the Owner
Participant shall suffer a loss, disallowance, reduction, elimination,
disqualification or deferral of, shall suffer a delay in claiming, shall not
have the right to claim, or shall be required to recapture (a "Recapture"), all
or any portion of the Assumed Tax Benefits, or (ii) the Owner Participant shall
be required to include in its gross income for federal income tax purposes any
amount other than the amounts described in Section 2(e) hereof (an "Inclusion")
as a result of (A) any alteration, modification, addition or improvement to, or
any repair, maintenance, substitution, replacement, pooling, interchange or
temporary or permanent removal from service or retirement of, the Aircraft, any
Engines or any Parts by any Lessee Person, (B) any payment by the Lessee of Rent
in an amount greater than due, or at a time earlier than at the time required,
pursuant to the Lease, (C) except to the extent such Inclusion constitutes a
Recapture, any receipt of any refunds, damages, insurance, warranty or similar
proceeds or requisition, condemnation or similar proceeds with respect to the
Aircraft, any Engines or any Parts by any person other than the Owner
Participant (or if received by the Owner Participant, not retained by the same),
(D) the Owner Participant's actual or constructive receipt of payments of
Supplemental Rent that are not made on an After Tax Basis to the Owner
Participant, (E) any receipt of earnings on funds held as security for Lessee's
obligations that are not retained by the Owner Participant, or (F) except to the
extent such Inclusion constitutes a Recapture, any Lessee Act described in
Section 5(a)(i)(A) or (B) hereof that results in a disposition of the Aircraft,
any Engine or any Parts for federal income tax purposes (any such event in
clause (i) or (ii) hereinafter being referred to as a "Tax Loss"), then the
Lessee shall pay to the Owner Participant, on an After Tax Basis, an indemnity
in a lump-sum amount computed in accordance with the following sentence. The
lump-sum amount shall be an amount which, taking into account the other payments
under the Operative Agreements and the various increases and decreases in
federal, state and local taxes (and in the case of an Inclusion, foreign taxes),
preserves the yield portion of the Owner Participant's Net Economic Return and
compensates the Owner Participant for the amount of any related interest,
penalties, and additions to tax payable by the Owner Participant. The
computation of such lump-sum amount shall be made by the Owner Participant
utilizing the methodology and assumptions, including the Tax Assumptions,
utilized by the Owner Participant in determining its Net Economic Return, except
as such assumptions shall be varied to take into account such Tax Loss or any
previous Tax Loss for which an indemnity was paid under this Agreement;
PROVIDED, HOWEVER, that in the case of a Tax Loss resulting from an Inclusion,
the computation of such lump-sum amount shall be made on the basis of the Owner
Participant's actual-tax detriments and benefits incurred or anticipated as of
the time of such Tax Loss (including any unavailability of a net operating loss
carryover of the Owner Participant). Further, for purposes of determining the
amounts of the increase and reduction in income taxes as a result of a Tax Loss,
the applicable tax rate shall be the Assumed Tax Rate, except with respect to a
Tax Loss resulting from an Inclusion, the increased and reduced federal, state,
local and foreign income taxes payable by (or not refundable to) the Owner
Participant as a result of such Tax Loss shall be computed by utilizing the
actual rates for federal, state, local and foreign taxes applicable to the Owner
Participant at the time of such Tax Loss. Any Tax Loss attributable to an
Inclusion which

                                        5
<Page>

does not actually result in an increase in the Owner Participant's federal,
state, local or foreign income tax liability (or a decrease in the Owner
Participant's refund of such income taxes) in the year of such inclusion but
which reduces any net operating loss, business credit, foreign tax credit
carryover or other tax attribute of the Owner Participant shall be treated as
giving rise to an actual increase in federal, state, local or foreign income tax
liability in the year for which such tax attribute if not reduced thereby would
have given rise to a reduction in the Owner Participant's federal, state, local
or foreign tax liability.

         Each payment by the Lessee pursuant to this Section 5(a) shall be made
within 30 days after receipt of a written demand certifying that there has been
a Tax Loss, describing in reasonable detail the Tax Loss in question, the amount
of additional income tax, interest, penalties and additions to tax and the
calculation of the payment due in respect thereof and describing the event or
condition that the Owner Participant claims gives rise to an obligation by the
Lessee to indemnify hereunder (but in no event earlier that two (2) Business
Days prior to the date on which the Owner Participant is required to pay
additional federal, income taxes as a result of the Tax Loss); PROVIDED THAT, if
a contest of the Tax Loss is being conducted pursuant to Section 7 hereof,
payment (other than payments required under Section 7(b)), shall not be required
from the Lessee until 30 days after the Final Determination of such contest.

         (b) If, as the result of a Tax Loss or a change of facts that gave rise
to a Tax Loss, the amount of federal, and as regards any Inclusion, state, local
and foreign income taxes payable by the Owner Participant for any taxable year
shall be less than the amount of such taxes which would have been payable by the
Owner Participant had such Tax Loss or such change not occurred (or as the
result thereof the Owner Participant shall receive a refund of such income
taxes, which shall be greater than the amount of such refund, if any, which the
Owner Participant would have received had such Tax Loss or change not occurred)
(any such tax savings (other than savings already taken into account in
determining the indemnity pursuant to Section 5(a)), a "Correlative Benefit"),
then the Owner Participant shall pay to the Lessee the amount of any actual
resulting reduction in taxes (or increased refund, including any actual interest
(net of any taxes payable with respect to such refund or interest) received or
credited thereon), plus any net additional federal, state, local or foreign tax
benefits or savings actually realized by the Owner Participant as the result of
any payment made pursuant to this sentence (such actual reduction in or
increased refund of income taxes to be determined, with respect to a Tax Loss or
change other than as a result of an Inclusion, on a hypothetical basis, I.E.,
assuming the Owner Participant can utilize any additional tax benefits resulting
from the Tax Loss or change at the Assumed Tax Rate, and with respect to a Tax
Loss resulting from an Inclusion, to be determined on an actual basis, I.E., by
using the actual federal, state, local and foreign income tax rates (and, to the
extent that the Owner Participant utilizes the additional tax benefits as a
reduction or refund of state, local and foreign income taxes otherwise payable
by the Owner Participant, the actual composite state, local and foreign income
tax rates applicable to such reduction or refund) applicable to the Owner
Participant for the year in which such additional benefits arise); PROVIDED,
HOWEVER, that the amount payable by the Owner Participant pursuant to this
sentence shall not exceed the sum of the amounts previously paid by the Lessee
to the Owner Participant pursuant to Section 5(a), less the aggregate amount of
all prior payments by the Owner Participant to the Lessee under this sentence,
with any excess amount otherwise payable being carried forward and available to
reduce PRO TANTO any subsequent obligation of Lessee to Owner Participant
pursuant to Section 5(a); PROVIDED, FURTHER, that the Owner Participant shall
not be obligated to make any payment

                                        6
<Page>

pursuant to this sentence while a Specified Default or Event of Default shall
have occurred and be continuing. If an amount payable by the Owner Participant
to the Lessee pursuant to this Section 5(b) is not paid when due because of the
occurrence and continuation of any Specified Default or Event of Default, such
amount shall be payable by the Owner Participant to the Lessee upon the Lessee's
curing all Specified Defaults or Events of Default. Subject to the provisions
above, each payment made by the Owner Participant to the Lessee pursuant to this
Section 5(b) shall be made within 30 days after the Owner Participant files a
tax return or receives a refund or adjustment from the Internal Revenue Service
which reflects such reduction in federal income tax. For purposes of calculating
indemnity obligations pursuant to Section 5(a) and amounts due to Lessee
pursuant to this Section 5(b), it shall be assumed that the Owner Participant
suffers a Tax Loss or is entitled to Correlative Benefits for state, local and
foreign income tax purposes if and only if the Owner Participant suffers a
corresponding Tax Loss or realizes a corresponding benefit for federal income
tax purposes.

         (c) Any taxes that are imposed on the Owner Participant as a result of
the subsequent disallowance of all or any portion of a reduction (or refund) of
the Owner Participant's tax liability for which the Owner Participant has paid
the Lessee pursuant to Section 5(b), shall be treated as a Tax Loss subject to
indemnification under this Agreement without regard to Section 6 or 7 hereof.

         (d) (i) If, as a result of the use or operation or location of the
Aircraft outside the United States by any Lessee Person, the Tax Assumption set
forth in Section 2(l) hereof shall be inaccurate during any taxable year of the
Owner Participant included in whole or in part within the Tax Attribute Period
(an "Excess Foreign Allocation"), and if as a result thereof the amount of the
foreign tax credits available for utilization by the Owner Participant for any
taxable year shall be less than the amount of the foreign tax credits that would
have been available for utilization by the Owner Participant if such Tax
Assumption had been accurate (such event being referred to herein as a "Foreign
Tax Credit Loss"), then the Lessee shall pay to the Owner Participant as an
indemnity and on an After Tax Basis an amount which is equal to the actual
increase in the federal income taxes payable by (or not refundable to) the Owner
Participant for such taxable year as a result of such Foreign Tax Credit Loss,
plus the amount of any interest, penalties and additions to tax payable by the
Owner Participant as a result of such Foreign Tax Credit Loss. The amounts of
any increase in federal income taxes payable by (or not refundable to) the Owner
Participant as a result of a Foreign Tax Credit Loss shall be computed on the
assumption that any reduced amount of foreign tax credits of the Owner
Participant is attributable to an Excess Foreign Allocation and foreign source
losses arising from other equipment leasing transactions that provided the Owner
Participant with indemnification for the loss of foreign tax credits, on a PRO
RATA basis, prior to being attributable to any other foreign source deductions
or losses of the Owner Participant.

             (ii) If, as a result of (A) a Foreign Tax Credit Loss or an Excess
Foreign Allocation or (B) the usage or location of the Aircraft outside the
United States so that more than the Permitted Percentage of any item of income
or gain with respect to the transactions contemplated by the Operative
Agreements during any taxable year is treated as derived from sources outside
the United States, the amount of the foreign tax credits that the Owner
Participant utilizes against its tax liability for a taxable year exceeds the
amount of such foreign tax credits to which the Owner Participant would have
otherwise been entitled, and

                                        7
<Page>

provided that no Specified Default or any Event of Default shall have occurred
and be continuing (in which event such amounts shall become payable upon the
Lessee's curing such Specified Default or Event of Default), then the Owner
Participant shall pay to the Lessee the amount of any actual reduction in its
Federal income tax liability (or actual increase in a refund of Federal income
taxes owing to the Owner Participant) as a result of such increase in foreign
tax credits, plus any net additional Federal, state, local and foreign income
tax benefits actually realized by the Owner Participant as the result of such
payment; PROVIDED, HOWEVER, that the sum of the amounts payable by the Owner
Participant pursuant to this sentence shall not exceed the sum of the amounts
previously paid by the Lessee to the Owner Participant pursuant to Section
5(d)(i) to the extent not previously taken into account under this provision
(with any excess amount otherwise payable being carried forward and available to
reduce PRO TANTO any subsequent obligation of Lessee to Owner Participant
pursuant to this Section 5(d)) and PROVIDED, FURTHER, HOWEVER, that no payment
shall be required with respect to clause (B) above unless and until the usage or
location outside the United States has resulted in an aggregate amount of
increased foreign tax credits being available to the Owner Participant equal to
the aggregate amount of unindemnified tax increases suffered by the Owner
Participant resulting from the application of the Permitted Percentages during
the Tax Attribute Period. For purposes of this Section 5(d)(ii), in determining
the order in which the Owner Participant utilizes any foreign tax credits
against the Owner Participant's federal income taxes, the Owner Participant
shall be deemed to utilize (A) first, all foreign tax credits other than those
described in clause (B) of this sentence, and (B) then, on a PRO RATA basis, all
foreign tax credits, the utilization of which by the Owner Participant results
from either (x) the carryover or the carryforward of foreign tax credits which
were unutilized due to foreign source losses arising from equipment leasing
transactions that provided the Owner Participant with indemnification for the
loss of foreign tax credits (including this transaction) or (y) foreign source
income or gain generated by such transactions to the extent such foreign source
income or gain is sufficient to give rise to a payment obligation to the Lessee
thereunder.

         Once a foreign tax is deemed to be utilized pursuant to the ordering
rules set forth above, it shall not subsequently be recharacterized as not
having been utilized as a result of a foreign tax liability arising in a
subsequent year.

             (iii) Each payment by the Lessee pursuant to this Section 5(d)
shall be made within 30 days after receipt of a written demand therefor
accompanied by a written statement describing in reasonable detail the Foreign
Tax Credit Loss in question, the amount of additional Federal income tax,
interest, penalties and additions to tax and the calculation of the payment due
in respect thereof (but in no event earlier than two (2) Business Days prior to
the date such additional Federal income taxes are due); PROVIDED THAT, if a
contest of the Foreign Tax Credit Loss is being conducted pursuant to Section 7
hereof, payment (other than payments required under Section 7(b)) shall not be
required from the Lessee until 30 days after the Final Determination of such
contest. Each payment by the Owner Participant to the Lessee pursuant to this
Section 5(d) in respect of an actual increase in available foreign tax credits
shall be made within 30 days after the Owner Participant files a tax return (or
receives a refund or adjustment) which reflects the utilization of such
increased foreign tax credit. Notwithstanding anything herein to the contrary,
any taxes that are imposed on the Owner Participant as a result of the
subsequent disallowance of the reduction of the Owner Participant's tax
liability, for which reduction the Owner Participant has paid the Lessee
pursuant to this Section 5(d), shall be treated

                                        8
<Page>

as a Foreign Tax Credit Loss subject to indemnification under this Agreement
without regard to Section 6 or 7.

         (e) Upon request of the Lessee, the accuracy of the Owner Participant's
calculation of the amount or amounts payable to either the Owner Participant or
the Lessee pursuant to this Section 5 and any recomputations of Termination
Values pursuant to Section 3(d) of the Lease shall be verified by a lease
advisory firm or a nationally recognized firm of accountants to be selected by
the Owner Participant and reasonably acceptable to the Lessee and, in order to
enable such firm to verify such adjustments, the Owner Participant shall provide
to such firm (for their own confidential use and not to be disclosed to the
Lessee or any other person) all information reasonably necessary for such
verification, including any computer analyses used by the Owner Participant to
calculate such amount or amounts. The results of such verification shall be
binding on the parties hereto. The cost of such verification shall be borne by
the Lessee unless it is the determination of such verification that the actual
amount payable deviates, in a manner favorable to the Lessee, by more than 10%
from the amount originally determined by the Owner Participant, in which case
such cost shall be borne by the Owner Participant.

         SECTION 6. EXCLUDED EVENTS.

         The Owner Participant shall not be entitled to any payment from the
Lessee under Section 5 hereof in respect of any Tax Loss to the extent such Tax
Loss is a result of one or more of the following events:

         (a) (i) any voluntary sale, assignment, transfer or other disposition
by the Owner Participant or the Lessor (at the direction of the Owner
Participant) of, the Aircraft, any Engine or any Parts, or of any interest in
the transaction, the Trust, the Trust Estate, the Rent or any Operative
Agreement; or (ii) any involuntary sale, assignment, transfer or disposition of
the Aircraft, any Engine or any Parts or any such interest resulting from the
bankruptcy or insolvency of, or proceedings for the relief of debtors, or
foreclosure proceedings, against the Owner Participant or the Lessor, unless, in
each case, such voluntary or involuntary sale, assignment, transfer or
disposition occurs in connection with the exercise of remedies in connection
with an Event of Default that has occurred and is continuing or in connection
with any substitution or replacement of the Aircraft, any Engine or any Parts by
a Lessee Person;

         (b) any event whereby the Lessee is required to pay Termination Value,
or an amount determined by reference thereto, to the extent that such amount has
been paid and such value properly reflects the timing of the tax consequences to
the Owner Participant of such payment and/or the event giving rise to Lessee's
obligation to make such payment;

         (c) without the written concurrence of the Lessee, the failure of the
Owner Participant to properly claim or make appropriate elections with respect
to any of the Assumed Tax Benefits, the inclusion by the Owner Participant of
any Recapture or Inclusion in the Owner Participant's gross income as reported
on its federal income tax return (including any amended return) or other tax
filing or document, or the taking of a position by the Owner Participant on a
Federal income tax return (or amended return) that would result in a Foreign Tax
Credit Loss, unless, in any such case, the Owner Participant shall have received
a written opinion of

                                        9
<Page>

independent tax counsel selected by the Owner Participant and reasonably
acceptable to the Lessee that no Reasonable Basis exists for making such claim
or election, failing to so include in gross income, or failing to take such
position with respect to a Foreign Tax Credit Loss (and for this purpose such
counsel may take into account the Lessee's failure to provide accurate and
timely information pursuant to the Lessee's obligations under Section 3 of this
Agreement to furnish information to the Owner Participant);

         (d) except in the case of a Tax Loss resulting from a substitution or
replacement of the Aircraft or an Inclusion any amendment or addition to, or
change in the Code or other federal statutes relating to taxation or regulations
promulgated thereunder, which is enacted, adopted or promulgated after the
Delivery Date; PROVIDED that a change in federal income tax rates shall be taken
into account in determining gross-ups;

         (e) the failure of the trust created by the Trust Agreement to qualify
as a grantor trust under Section 671 ET SEQ. of the Code, or as a nominee, agent
or partnership for federal income tax purposes, but only to the extent of a
resulting increase in the Lessee's indemnity obligations hereunder;

         (f) a determination that the Lease is not a "true lease," or that the
Owner Participant is not the purchaser, owner or lessor of the Aircraft, for
federal income tax purposes, unless, in either case, as a result of a Lessee
Act;

         (g) any failure of the Owner Participant to contest a claim in
accordance with the contest provisions in Section 7 hereof, to the extent
Lessee's ability to contest is materially adversely affected;

         (h) the willful misconduct or gross negligence by the Owner
Participant;

         (i) any amendment or modification to any Operative Agreement not
requested by, or with the written consent of, Lessee unless in connection with
an Event of Default;

         (j) the application of Section 168(f), Section 168(g)(7), Section 183,
Section 465, Section 469 of the Code or regulations thereunder but, in each
case, only to the extent of a resulting increase in the Lessee's indemnity
obligations hereunder;

         (k) the inability of the Owner Participant to include in its original
tax basis in the Aircraft all or any portion of an amount equal to the Lessor's
Cost, other than as a result of a Lessee Act;

         (l) the application of any minimum tax, including the alternative
minimum tax imposed under Section 55 ET SEQ. of the Code but only to the
extent of a resulting increase in the Lessee's indemnity obligations hereunder;

         (m) application of the mid-quarter convention described in Section
168(d)(4)(C) of the Code but only to the extent of a resulting increase in the
Lessee's indemnity obligations hereunder;

                                       10
<Page>

         (n) application of Section 467(b)(2) of the Code or the relevant
Treasury Regulations promulgated thereunder (other than as a result of any
adjustment of Basic Rent in connection with an Event of Default);

         (o) the treatment of less than the Permitted Percentage of any item of
income, gain, loss, deduction or credit with respect to the Aircraft or the
transactions contemplated by the Operative Agreements as from sources outside
the United States; or

         (p) the failure of the Owner Participant to have sufficient taxable
income or tax liability to benefit from the Assumed Tax Benefits;

         (q) the status of the Owner Participant as a "tax exempt entity" within
the meaning of Section 168(h) of the Code or as a Person that is not a "United
States person" within the meaning of Section 7701(a)(30) of the Code;

         (r) a change in the Owner Participant's taxable year from a calendar
year;

         (s) the existence or exercise in accordance with the Lease by the
Lessee of an option to renew the Lease set forth in Section 13(a) of the Lease
or to purchase the Aircraft set forth in Section 13(b) of the Lease or to
terminate the Lease set forth in Section 14 of the Lease;

         (t) any event occurring after the expiration or earlier termination of
the Lease and, if required, the return of the Aircraft to Lessor or placement in
storage of the Aircraft in accordance with the terms of the Lease; or

         (u) the inclusion of any amount in income of the Lessor or the Owner
Participant with respect to any period upon or after termination of the Lease as
a consequence of any substitution, improvement or modification of the Airframe
or of any Engine.

         SECTION 7. CONTEST PROVISIONS.

         (a) The Owner Participant shall notify the Lessee within 30 days of
receipt from the Internal Revenue Service of a written proposed or final revenue
agent's report, a 30-day letter or a notice of deficiency (as described in
Section 6212 of the Code), in which an adjustment is proposed to the federal
income taxes of the Owner Participant for which the Lessee would be required to
indemnify the Owner Participant pursuant to this Agreement. The failure of the
Owner Participant to promptly notify the Lessee pursuant to the preceding
sentence shall not relieve the Lessee of its obligation to indemnify the Owner
Participant pursuant to this Agreement, except to the extent such failure
materially adversely impairs the Lessee's ability to contest such adjustment.
If, within 15 days of receipt of notice from the Owner Participant, Lessee
requests, in writing, the Owner Participant to do so, the Owner Participant
shall contest the proposed adjustment, shall consider in good faith any
suggestions made by the Lessee as to the method of pursuing such contest, and,
provided the Lessee is complying with its obligations under this Section 7,
shall not, without the consent of the Lessee, except as provided in this Section
7(a), settle such proposed adjustment; PROVIDED, HOWEVER, that the Owner
Participant shall not be obligated to contest such adjustment unless (i) Owner
Participant shall have received

                                       11
<Page>

a written opinion of independent tax counsel selected by the Owner Participant
and reasonably acceptable to the Lessee ("Tax Counsel") that there is a
Reasonable Basis for contesting the matter in question, (ii) the amount of the
indemnity potentially payable by Lessee in respect of such adjustment is in
excess of $75,000, (iii) no Event of Default shall have occurred and be
continuing (PROVIDED, HOWEVER, that if an Event of Default other than as a
result of a payment default or bankruptcy shall exist, the foregoing restriction
shall not apply if the Lessee posts a bond to secure payment of amounts that
will fall due in the event of an adverse resolution of the controversy), (iv)
the Owner Participant has determined, in good faith, that the contest shall not
result in a material risk of the loss or forfeiture of the Aircraft (unless the
Lessee has provided to the Owner Participant a bond or other sufficient
protection against such risk of loss or forfeiture reasonably satisfactory to
the Owner Participant) or the imposition of criminal penalties and (v) the
Lessee shall have acknowledged, in writing, that the contest is with respect to
a liability that is the Lessee's responsibility pursuant to this Agreement
except that the Lessee shall not be bound by its acknowledgment of liability to
the extent that the Final Determination articulates conclusions of law and fact
that clearly and unambiguously demonstrate that the Lessee is not liable under
this Agreement for the contested amounts hereunder. The Owner Participant shall
afford Lessee reasonable opportunities to consult with Owner Participant and
shall keep Lessee reasonably informed regarding communications from the Internal
Revenue Service, or in connection with any judicial proceeding, and the nature
of all actions proposed to be taken to contest such proposed adjustment and
consider in good faith such requests as the Lessee shall make concerning the
most appropriate forum and manner in which to proceed, including (w) the
arguments to be made in contesting the proposed adjustment, (x) whether any
action to contest such proposed adjustment will initially be by way of judicial
or administrative proceedings, or both, (y) whether any such proposed adjustment
will be contested by resisting payment thereof or by paying the same and seeking
a refund thereof and (z) if the Owner Participant shall undertake judicial
action with respect to such proposed adjustment, the court or other judicial
body before which such action will be commenced; but in all cases the Owner
Participant shall have ultimate discretion to determine the nature (and forum)
of, and shall control the prosecution of, all such actions. The Owner
Participant shall, if requested by the Lessee in a timely written request, seek
judicial review of any adverse administrative determination and shall, if Tax
Counsel is of the opinion that such appeal is more likely than not to prevail,
appeal an adverse determination by any judicial court; PROVIDED, HOWEVER, that
the Owner Participant shall not be required to appeal, or seek leave to appeal,
an adverse determination to the United States Supreme Court. At any time,
whether before or after commencing to take the action set forth in this Section
7, the Owner Participant may decline to contest or appeal all or any portion of
a proposed adjustment, or may compromise or settle any such proposed adjustment,
by notifying the Lessee in writing that the Lessee is relieved of its obligation
to indemnify the Owner Participant with respect to such adjustment or such
portion, as the case may be; PROVIDED, HOWEVER, that the Lessee shall not be
obligated to indemnify the Owner Participant hereunder with respect to any other
Tax Loss for which a successful contest or appeal is foreclosed as a result of
the failure to take action with respect to such contest or appeal (or the
settlement or compromise of such contest or appeal without the consent of the
Lessee), and the Owner Participant shall repay to the Lessee such amounts
theretofore advanced or paid by the Lessee related to such adjustment, contest
or appeal (other than amounts described in the first sentence of Section 7(b)).
Notwithstanding the foregoing, if the Owner Participant notifies the Lessee that
it does not wish to contest an issue which the Owner Participant has previously
contested in

                                       12
<Page>

accordance with this Section 7 and which was resolved adversely to the Owner
Participant for an earlier taxable year in a judicial proceeding, then unless
the Owner Participant shall have received an opinion of Tax Counsel that as a
result of a change in law, it is more likely than not that a contest of the
matter in question will be successful, the Owner Participant shall not be
required to contest such issue.

         (b) The Owner Participant shall not be required to take any action
pursuant to this Section 7 unless and until the Lessee shall have agreed in
writing to reimburse the Owner Participant in a manner reasonably satisfactory
to Owner Participant (on demand and on a basis grossed-up for all applicable
federal, state, local and foreign taxes) for all reasonable out-of-pocket fees
and expenses, any statutory or regulatory penalties, interest, additions to tax,
or other similar liabilities, costs or losses which the Owner Participant may
incur as a result of contesting the validity of any proposed adjustment
(including, without limitation, any reasonable fees and disbursements of outside
counsel incurred in connection with taking any action or rendering any opinion
described in Section 7(a)). If the Owner Participant determines to contest any
adjustment by paying the additional tax and suing for a refund, the Lessee shall
timely lend to the Owner Participant on an interest-free basis an amount equal
to the sum of any tax, interest, penalties and additions to tax required to be
paid and shall indemnify the Owner Participant in a manner reasonably
satisfactory to the Owner Participant against any adverse tax consequences
resulting from such advance. Upon receipt by the Owner Participant of a refund
(or upon application of an amount otherwise refundable against another tax
liability of the Owner Participant) of any amount paid by it, in respect of
which amount the Owner Participant shall have been paid or advanced an
equivalent amount by the Lessee, the Owner Participant shall pay to the Lessee
the amount of such refund (plus any amounts otherwise refundable but applied
against another tax liability of the Owner Participant) (which, in the case of
any contest in which a loan has been advanced pursuant to this paragraph, shall
be deemed to be in repayment of the loan advanced by the Lessee to the extent
fairly attributable thereto), together with any interest received (including by
way of credit or offset) by the Owner Participant on such refund or application
that is fairly attributable to the amount and the period of such payment or
advance by the Lessee (net of any taxes incurred by the Owner Participant with
respect to the receipt or accrual of such interest), plus any net additional
federal, state, local and foreign tax benefits actually realized by the Owner
Participant as the result of such payment (or any payment under this paragraph);
and, upon disallowance of any such refund, the Lessee shall forgive the amount
of the loan fairly attributable thereto and shall pay to the Owner Participant
the balance of the amount of its indemnity obligation hereunder (including such
amount as shall be equal to the sum, on an After Tax Basis, of any tax,
interest, penalties or additions to tax payable with respect to the forgiveness
of such loan) or if such advance exceeds the amount of such indemnity
obligation, the Owner Participant shall pay such excess to the Lessee. Any
subsequent loss of such refund shall be treated as a Tax Loss subject to
indemnification pursuant to Section 5 hereof without regard to Section 6 (other
than Section 6(c) or (h)) hereof or this Section 7.

         (c) If any adjustment referred to in this Section 7 shall be proposed
and the Lessee shall have requested the Owner Participant to contest such
adjustment as above provided and the Lessee shall have duly complied with its
obligations under this Section 7, then notwithstanding any provision to the
contrary in Section 5 hereof, the Lessee's liability with respect to such
adjustment shall become fixed upon a "Final Determination" of such adjustment;
PROVIDED, HOWEVER, that if the opinion of Tax Counsel provided pursuant to
paragraph (a) of this

                                       13
<Page>

Section 7 is to the effect that there is not a Reasonable Basis for a contest or
the required basis for an appeal, as the case may be, then the Lessee's
obligation to pay such indemnity within 30 days shall become fixed upon receipt
of such opinion by the Lessee. A "Final Determination" with respect to a Tax
Loss shall mean (i) a decision, judgment, decree or other order by any court of
competent jurisdiction, which decision, judgment, decree or other order has
become final after all allowable appeals (in the case of the Owner Participant
as required under this Section 7) by either party to the action have been
exhausted or the time for filing such appeal has expired, (ii) a closing
agreement entered into under Section 7121 of the Code, or any other settlement
agreement entered into in connection with an administrative or judicial
proceeding and with the consent of the Lessee where required, (iii) the
expiration of the time for instituting suit with respect to a notice of
deficiency or (iv) the expiration of the time for instituting a claim for
refund, or if such a claim was filed, the expiration of the time for instituting
suit with respect thereto.

         SECTION 8. SURVIVAL OF AGREEMENT.

         The obligations and liabilities of the Lessee and the Owner Participant
arising under this Agreement shall continue in full force and effect,
notwithstanding the expiration or other termination of the Lease or the
Participation Agreement, until all such obligations under this Agreement have
been met and all such liabilities under this Agreement have been paid in full.
This Agreement shall inure to the benefit of any successor or assign to the
Owner Participant or the Lessee permitted pursuant to the Participation
Agreement and the Lease; PROVIDED, HOWEVER, that (a) such successor or assign
shall have specifically agreed in writing to be bound by the terms and
conditions of this Agreement to perform the obligations imposed hereunder on the
Owner Participant or the Lessee, as the case may be, in accordance with the
interest of such successor or assign in the Trust or in the Aircraft, the Lease
and the Operative Agreements and (b) in applying the terms hereof to such
successor or assign, the terms "Owner Participant" and "Lessee" as used herein
shall mean such respective successor or assign.

         SECTION 9. NOTICES.

         Any notice provided for in this Agreement shall be given in the manner
provided in the Participation Agreement.

         SECTION 10. PAYMENTS.

         Any payments required to be made by the Lessee pursuant to this
Agreement shall be made directly by the Lessee to the Owner Participant, and no
such payment shall constitute part of the corpus of the Trust Estate. Payments
made by the Lessee or the Owner Participant pursuant to this Agreement shall be
made by wire transfer of immediately available funds to such bank and/or account
in the continental United States as specified by the other party in written
directions to the paying party, and if no such direction shall have been given,
by check payable in immediately available funds to the order of such payee and
mailed to such payee by certified mail, postage prepaid, at its address provided
for purposes of the Participation Agreement.

                                       14
<Page>

         SECTION 11. NO SETOFF.

         No payment required to be made by the Lessee pursuant to this Agreement
shall be subject to any right of setoff, counterclaim, defense, abatement,
suspension, deferment or reduction, and, except in accordance with the express
terms hereof, the Lessee shall have no right to terminate this Agreement or to
be released, relieved or discharged from any obligation or liability under this
Agreement for any reason whatsoever.

         SECTION 12. LATE PAYMENTS, INTEREST.

         Any late payment by any party hereto of any of its obligations under
this Agreement shall bear interest at the Past Due Rate.

         SECTION 13. EXCLUSIVE REMEDY.

         The indemnities and other rights provided to the Owner Participant in
this Agreement shall be the sole remedy of the Owner Participant for a breach or
inaccuracy of any representation, warranty or covenant contained herein or for
loss of income tax benefits, or for Tax Loss resulting from any Inclusion.

         SECTION 14. GOVERNING LAW.

         This Agreement shall be governed by and construed in accordance with
the laws of the State of New York applicable to contracts made and to be
performed entirely within such state.

         SECTION 15. COUNTERPARTS.

         This Agreement may be simultaneously executed in any number of
counterparts, each of which so executed shall be deemed to be an original, and
such counterparts together shall constitute and be one and the same instrument.

         SECTION 16. CERTAIN ADJUSTMENTS.

         If the Lessee has made payments under this Tax Indemnity Agreement, the
Owner Participant shall, if appropriate, make adjustments to the schedule of
Termination Values (if applicable) to preserve the Owner Participant's Net
Economic Return and to prevent any duplication of payments or any payment for
Tax Losses previously paid. If an event giving rise to the payment of an amount
determined by reference to a schedule of Termination Values shall occur and the
date as of which the Owner Participant shall be affected for tax purposes shall
be earlier or later than the date taken into account in computing such schedule,
such values shall be appropriately adjusted based otherwise on the same
assumptions previously used by the Owner Participant in calculating such
schedule.

                                       15
<Page>

         IN WITNESS WHEREOF, the Lessee and the Owner Participant have caused
this Tax Indemnity Agreement to be duly executed as of the day and year first
above written.

                                             CHAUTAUQUA AIRLINES, INC.

                                             By: /s/ Robert H. Cooper
                                                --------------------------------
                                                Name: Robert H. Cooper
                                                Title: Vice President

                                             SILVERMINE RIVER FINANCE TWO, INC.

                                             By: /s/ Norman Liu
                                                --------------------------------
                                                Name: Norman Liu
                                                Title: Vice President

<Page>

SCHEDULE 4(f) [letter from Appraiser]

                                       17

<Page>

NOTE TO EXHIBIT 10.29

The 12 additional Tax Indemnity Agreements are substantially identical in all
material respects to the filed Tax Indemnity Agreement except as follows:

<Table>
<Caption>

------------------------------------- ----------------------------------- -----------------------------------
            TAIL NUMBER                          CLOSING DATE                     OWNER-PARTICIPANT

------------------------------------- ----------------------------------- -----------------------------------
<S>                                   <C>                                 <C>
N289SK                                           July, 2001                General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N290SK                                           July, 2001                General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N291SK                                          August, 2001               General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N292SK                                          August, 2001               General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N293SK                                         September, 2001             General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N294SK                                         September, 2001             General Electric Capital Corp.
------------------------------------- ----------------------------------- -----------------------------------
N295SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N297SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N298SK                                          October, 2001              Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N299SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N370SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------
N371SK                                          November, 2001             Silvermine River Finance Two, Inc.
------------------------------------- ----------------------------------- -----------------------------------

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

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

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

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

------------------------------------- ----------------------------------- -----------------------------------
</Table>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]