Document:

e60709081ex4_5.htm

    
 

    

    

    
      
        
          

        

      

    

    INTERCREDITOR
AGREEMENT

    (2009-1)

    

    Dated as
of

    July 1,
2009

    

    AMONG

    

    WILMINGTON
TRUST COMPANY,

    not in
its individual capacity

    but
solely as Trustee under the

    Continental
Airlines Pass Through Trust 2009-1A

    

    GOLDMAN
SACHS BANK USA,

    as
Liquidity Provider

    

    

    AND

    

    WILMINGTON
TRUST COMPANY,

    not in
its individual capacity except

    as
expressly set forth herein but

    solely as
Subordination Agent and Trustee

    

     

     

    
      
        

      

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    TABLE OF CONTENTS

    

    

    Page

    
      
        	
                 

                ARTICLE I  DEFINITIONS

              	
                 

                2

              
	
                SECTION 1.1.  Definitions

              	
                2

              
	
                 

                ARTICLE II  TRUST ACCOUNTS; CONTROLLING
      PARTY

              	
                 

                17

              
	
                SECTION 2.1.  Agreement to Terms of Subordination;
      Payments from Monies Received Only

              	
                17

              
	
                SECTION 2.2.  Trust Accounts

              	
                17

              
	
                SECTION 2.3.  Deposits to the Collection Account and
      Special Payments Account

              	
                19

              
	
                SECTION 2.4.  Distributions of Special
      Payments

              	
                19

              
	
                SECTION 2.5.  Designated
      Representatives

              	
                20

              
	
                SECTION 2.6.  Controlling Party

              	
                21

              
	
                 

                ARTICLE III  RECEIPT, DISTRIBUTION AND
      APPLICATION  OF AMOUNTS RECEIVED

              	
                 

                22

              
	
                SECTION 3.1.  Written Notice of
      Distribution

              	
                22

              
	
                SECTION 3.2.  Distribution of Amounts on Deposit in
      the Collection Account

              	
                24

              
	
                SECTION 3.3.  Other Payments

              	
                26

              
	
                SECTION 3.4.  Payments to the Trustees and the
      Liquidity Provider

              	
                26

              
	
                SECTION 3.5.  Liquidity Facility

              	
                26

              
	
                 

                ARTICLE IV  EXERCISE OF
    REMEDIES

              	
                 

                32

              
	
                SECTION 4.1.  Directions from the Controlling
      Party

              	
                32

              
	
                SECTION 4.2.  Remedies
Cumulative

              	
                34

              
	
                SECTION 4.3.  Discontinuance of
      Proceedings

              	
                34

              
	
                SECTION 4.4.  Right of Certificateholders and the
      Liquidity Provider to Receive Payments Not to Be
    Impaired

              	
                34

              
	
                SECTION 4.5.  Undertaking for
    Costs

              	
                35

              
	
                 

                ARTICLE V  DUTIES OF THE SUBORDINATION AGENT;
      AGREEMENTS OF TRUSTEES, ETC.

              	
                 

                35

              
	
                SECTION 5.1.  Notice of Indenture Default or
      Triggering Event

              	
                35

              
	
                SECTION 5.2.  Indemnification

              	
                36

              
	
                SECTION 5.3.  No Duties Except as Specified in this
      Intercreditor Agreement

              	
                37

              
	
                SECTION 5.4.  Notice from the Liquidity Provider and
      Trustees

              	
                37

              
	
                 

                ARTICLE VI  THE SUBORDINATION
      AGENT

              	
                 

                37

              
	
                SECTION 6.1.  Authorization; Acceptance of Trusts
      and Duties

              	
                37

              
	
                SECTION 6.2.  Absence of Duties

              	
                37

              
	
                SECTION 6.3.  No Representations or Warranties as to
      Documents

              	
                38

              
	
                SECTION 6.4.  No Segregation of Monies; No
      Interest

              	
                38

              

      

    

     

     

    

    
      
        
           

        

        
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                SECTION 6.5.  Reliance; Agents; Advice of
      Counsel

              	
                38

              
	
                SECTION 6.6.  Capacity in Which
      Acting

              	
                38

              
	
                SECTION 6.7.  Compensation

              	
                39

              
	
                SECTION 6.8.  May Become
      Certificateholder

              	
                39

              
	
                SECTION 6.9.  Subordination Agent Required;
      Eligibility

              	
                39

              
	
                SECTION 6.10.  Money to Be Held in
      Trust

              	
                39

              
	
                 

                ARTICLE VII  INDEMNIFICATION OF SUBORDINATION
      AGENT

              	
                 

                39

              
	
                SECTION 7.1.  Scope of
      Indemnification

              	
                40

              
	
                 

                ARTICLE VIII  SUCCESSOR SUBORDINATION
      AGENT

              	
                 

                40

              
	
                SECTION 8.1.  Replacement of Subordination Agent;
      Appointment of Successor

              	
                40

              
	
                 

                ARTICLE IX  SUPPLEMENTS AND
      AMENDMENTS

              	
                 

                41

              
	
                SECTION 9.1.  Amendments, Waivers, Possible Future
      Issuance of an Additional Class of Certificates, etc.

              	
                41

              
	
                SECTION 9.2.  Subordination Agent
      Protected

              	
                43

              
	
                SECTION 9.3.  Effect of Supplemental
      Agreements

              	
                43

              
	
                SECTION 9.4.  Notice to Rating
      Agencies

              	
                44

              
	
                 

                ARTICLE X  MISCELLANEOUS

              	
                 

                44

              
	
                SECTION 10.1.  Termination of Intercreditor
      Agreement

              	
                44

              
	
                SECTION 10.2.  Intercreditor Agreement for Benefit
      of Trustee, Liquidity Provider and Subordination Agent

              	
                44

              
	
                SECTION 10.3.  Notices

              	
                44

              
	
                SECTION 10.4.  Severability

              	
                45

              
	
                SECTION 10.5.  No Oral Modifications or Continuing
      Waivers

              	
                45

              
	
                SECTION 10.6.  Successors and
      Assigns

              	
                45

              
	
                SECTION 10.7.  Headings

              	
                46

              
	
                SECTION 10.8.  Counterpart Form

              	
                46

              
	
                SECTION 10.9.  Subordination

              	
                46

              
	
                SECTION 10.10.  Governing Law

              	
                47

              
	
                SECTION 10.11.  Submission to Jurisdiction; Waiver
      of Jury Trial; Waiver of Immunity

              	
                47

              

      

    

    

    

    
      
        
           

        

        
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    INTERCREDITOR
AGREEMENT

     

    INTERCREDITOR
AGREEMENT dated as of July 1, 2009, among WILMINGTON TRUST COMPANY, a Delaware
banking corporation ("WTC"), not in its
individual capacity but solely as Trustee of the Trust (each as defined below);
GOLDMAN SACHS BANK USA, a corporation organized under the banking law of the
State of New York, as Liquidity Provider; and WILMINGTON TRUST COMPANY, not in
its individual capacity except as expressly set forth herein, but solely as
Subordination Agent and trustee hereunder (in such capacity, together with any
successor appointed pursuant to Article VIII hereof, the "Subordination
Agent").

     

    WHEREAS,
all capitalized terms used herein shall have the respective meanings referred to
in Article I hereof;

     

    WHEREAS,
pursuant to each Indenture, Continental will issue on a recourse basis the
Series A Equipment Notes to finance or refinance, as the case may be, the
related Aircraft;

     

    WHEREAS,
pursuant to the Financing Agreements, the Class A Trust will acquire the Series
A Equipment Notes having an interest rate equal to the Stated Interest Rate
applicable to the Class A Certificates to be issued by the Class A
Trust;

     

    WHEREAS,
pursuant to the Class A Trust Agreement, the Class A Trust proposes to issue the
Class A Certificates having the interest rate and the final distribution date
described in the Class A Trust Agreement on the terms and subject to the
conditions set forth therein;

     

    WHEREAS,
pursuant to the Underwriting Agreement, the Underwriters propose to purchase the
Class A Certificates issued by the Class A Trust in the aggregate face amount
set forth opposite the name of the Class A Trust on Schedule I thereto on the
terms and subject to the conditions set forth therein;

     

    WHEREAS,
the Liquidity Provider proposes to enter into a revolving credit agreement
relating to the Class A Certificates with the Subordination Agent, as agent for
the Class A Trustee, for the benefit of the Class A
Certificateholders;

     

    WHEREAS,
The Goldman Sachs Group, Inc., a Delaware corporation (the "Guarantor"), will
guarantee in full, pursuant to a General Guarantee Agreement, dated as of
December 1, 2008, made by the Guarantor (the "Guarantee
Agreement"), the payment obligations of Goldman Sachs Bank USA under the
Liquidity Facility; and

     

    WHEREAS,
it is a condition precedent to the obligations of the Underwriters under the
Underwriting Agreement that the Subordination Agent, the Class A Trustee and the
Liquidity Provider agree to the terms of subordination set forth in this
Agreement in respect of each Class of Certificates, and the Subordination Agent,
the Class A Trustee and the Liquidity Provider, by entering into this Agreement,
hereby acknowledge and agree to such terms of subordination and the other
provisions of this Agreement.

     

    

    
      
        
           

        

        
           

          
            

          

        

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

     

     

    ARTICLE I

     

    DEFINITIONS

     

    SECTION 1.1.  Definitions.  For
all purposes of this Agreement, except as otherwise expressly provided or unless
the context otherwise requires:

     

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

     

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

     

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

     

    (4)           the
term "including" means "including without limitation".

     

    "Acceleration" means,
with respect to the amounts payable in respect of Equipment Notes issued under
any Indenture, such amounts becoming immediately due and payable by declaration
or otherwise.  "Accelerate", "Accelerated" and
"Accelerating"
have meanings correlative to the foregoing.

     

    "Additional
Certificateholders" has the meaning specified in Section
9.1(c).

     

    "Additional
Certificates" has the meaning specified in Section 9.1(c).

     

    "Additional Equipment
Notes" has the meaning specified in Section 9.1(c).

     

    "Additional Trust" has
the meaning specified in Section 9.1(c).

     

    "Additional Trust
Agreement" has the meaning specified in Section 9.1(c).

     

    "Additional Trustee"
has the meaning specified in Section 9.1(c).

     

    "Administration
Expenses" has the meaning specified in clause "first" of
Section 3.2.

     

    "Advance" means any
Advance as defined in the Liquidity Facility.

     

    "Affiliate" means,
with respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with such Person.  For
the

     

    

    
      
        
           

        

        
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    purposes
of this definition, "control" means the power, directly or indirectly, to direct
or cause the direction of the management and policies of such Person whether
through the ownership of voting securities or by contract or otherwise; and the
terms "controlling" and "controlled" have meanings correlative to the
foregoing.

     

    "Aircraft" means, with
respect to each Indenture, the "Aircraft" referred to therein.

     

    "Appraisal" has the
meaning specified in Section 4.1(a)(iv).

     

    "Appraised Current Market
Value" of any Aircraft means the lower of the average and the median of
the three most recent Post-Default Appraisals of such Aircraft.

     

    "Appraisers" means
Aircraft Information Services, Inc., BK Associates, Inc. and Morten Beyer and
Agnew, Inc. or, so long as the Person entitled or required hereunder to select
such Appraiser acts reasonably, any other nationally recognized appraiser
reasonably satisfactory to the Subordination Agent and the Controlling
Party.

     

    "Assignment and Assumption
Agreement" means the Assignment and Assumption Agreement to be executed
by the Trustee in its capacity as trustee of the Original Class A Trust and as
trustee of the Successor Class A Trust in accordance with the Class A Trust
Agreement, as the same may be amended, modified or supplemented from time to
time.

     

    "Available Amount"
means, with respect to the Liquidity Facility on any date, the Maximum Available
Commitment (as defined therein) on such date.

     

    "Bankruptcy Code"
means the United States Bankruptcy Code, 11 U.S.C. Sections 101 et seq.

     

    "Basic Agreement"
means the Pass Through Trust Agreement dated as of September 25, 1997 between
Continental and WTC, not in its individual capacity, except as otherwise
expressly provided therein, but solely as trustee.

     

    "Business Day" means
any day other than a Saturday or Sunday or a day on which commercial banks are
required or authorized to close in Houston, Texas, New York, New York, or, so
long as any Certificate is outstanding, the city and state in which any Trustee,
the Subordination Agent or any Loan Trustee maintains its Corporate Trust Office
and that, solely with respect to the making and repayment of Advances under the
Liquidity Facility, also is a "Business Day" as defined in the Liquidity
Facility.

     

    "Cash Collateral
Account" means an Eligible Deposit Account in the name of the
Subordination Agent maintained at an Eligible Institution, which shall be the
Subordination Agent if it shall so qualify, into which all amounts drawn under
the Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(m)
shall be deposited.

     

    "Certificate" means a
Class A Certificate and/or any Additional Certificates as the context may so
require.

     

    

    
      
        
           

        

        
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    "Certificateholder"
means any holder of one or more Certificates.

     

    "Class" means a class
of Certificates issued by the Class A Trust and/or any Additional Trust as the
context may so require.

     

    "Class A
Certificateholder" means, at any time, any holder of one or more
Class A Certificates.

     

    "Class A Certificates"
means the certificates issued by the Class A Trust, substantially in the form of
Exhibit A to the Class A Trust Agreement, and authenticated by the Class A
Trustee, representing fractional undivided interests in the Class A Trust, and
any certificates issued in exchange therefor or replacement thereof pursuant to
the terms of the Class A Trust Agreement.

     

    "Class A Trust" means
(i) prior to the Transfer, the Continental Airlines Pass Through Trust 2009-1A-O
created and administered pursuant to the Class A Trust Agreement and (ii) after
the Transfer, the Continental Airlines Pass Through Trust 2009-1A-S created and
administered pursuant to the Class A Trust Agreement.

     

    "Class A Trust
Agreement" means (i) prior to the Transfer, the Basic Agreement, as
supplemented by the Supplement No. 2009-1A-O thereto dated as of the date
hereof, governing the creation and administration of the Continental Airlines
Pass Through Trust 2009-1A-O (the "Original Class A
Trust") and the issuance of the Class A Certificates, as the same may be
amended, supplemented or otherwise modified from time to time in accordance with
its terms, and (ii) after the Transfer, the Basic Agreement, as
supplemented by the Supplement No. 2009-1A-S thereto, governing the
creation and administration of the Continental Airlines Pass Through Trust
2009-1A-S (the "Successor Class A
Trust") and the issuance of the Class A Certificates, as the same may be
amended, supplemented or otherwise modified from time to time in accordance with
its terms.

     

    "Class A Trustee"
means WTC, not in its individual capacity except as expressly set forth in the
Class A Trust Agreement, but solely as trustee under the Class A Trust
Agreement, together with any successor trustee appointed pursuant
thereto.

     

    "Closing Date" means
July 1, 2009.

     

    "Code" means the
Internal Revenue Code of 1986, as amended from time to time, and the Treasury
Regulations promulgated thereunder.

     

    "Collateral" has the
meaning specified in the Indentures.

     

    "Collection Account"
means the Eligible Deposit Account established by the Subordination Agent
pursuant to Section 2.2(a)(i) which the Subordination Agent shall make deposits
in and withdrawals from in accordance with this Agreement.

     

    "Consent Period" has
the meaning specified in Section 3.5(d).

     

    

    
      
        
           

        

        
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    "Continental" means
Continental Airlines, Inc., a Delaware corporation, and its successors and
assigns.

     

    "Continental Bankruptcy
Event" means the occurrence and continuation of any of the
following:

     

    (a)           Continental
shall consent to the appointment of or the taking of possession by a receiver,
trustee or liquidator of itself or of a substantial part of its property, or
Continental shall admit in writing its inability to pay its debts generally as
they come due, or does not pay its debts generally as they become due or shall
make a general assignment for the benefit of creditors, or Continental shall
file a voluntary petition in bankruptcy or a voluntary petition or an answer
seeking reorganization, liquidation or other relief in a case under any
bankruptcy laws or other insolvency laws (as in effect at such time) or an
answer admitting the material allegations of a petition filed against
Continental in any such case, or Continental shall seek relief by voluntary
petition, answer or consent, under the provisions of any other bankruptcy or
other similar law providing for the reorganization or winding-up of corporations
(as in effect at such time) or Continental shall seek an agreement, composition,
extension or adjustment with its creditors under such laws, or Continental's
board of directors shall adopt a resolution authorizing corporate action in
furtherance of any of the foregoing; or

     

    (b)           an
order, judgment or decree shall be entered by any court of competent
jurisdiction appointing, without the consent of Continental, a receiver, trustee
or liquidator of Continental or of any substantial part of its property, or any
substantial part of the property of Continental shall be sequestered, or
granting any other relief in respect of Continental as a debtor under any
bankruptcy laws or other insolvency laws (as in effect at such time), and any
such order, judgment or decree of appointment or sequestration shall remain in
force undismissed, unstayed and unvacated for a period of 60 days after the date
of entry thereof; or

     

    (c)           a
petition against Continental in a case under any bankruptcy laws or other
insolvency laws (as in effect at such time) is filed and not withdrawn or
dismissed within 60 days thereafter, or if, under the provisions of any law
providing for reorganization or winding-up of corporations which may apply to
Continental, any court of competent jurisdiction assumes jurisdiction, custody
or control of Continental or of any substantial part of its property and such
jurisdiction, custody or control remains in force unrelinquished, unstayed and
unterminated for a period of 60 days.

     

    "Continental
Provisions" has the meaning specified in Section 9.1(a).

     

    "Controlling Party"
means the Person entitled to act as such pursuant to the terms of Section
2.6.

     

    "Corporate Trust
Office" means, with respect to any Trustee, the Subordination Agent or
any Loan Trustee, the office of such Person in the city at which, at any
particular time, its corporate trust business shall be principally
administered.

     

    

    
      
        
           

        

        
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    "Current Distribution
Date" means a Distribution Date specified as a reference date for
calculating the Expected Distributions with respect to the Certificates of any
Trust as of such Distribution Date.

     

    "Delivery Period Expiry
Date" means the earlier of (a) December 31, 2009 and (b) the date on
which the Series A Equipment Notes with respect to all Aircraft (as defined in
the Note Purchase Agreement) (including any Substitute Aircraft in lieu of the
New Aircraft (as defined in the Note Purchase Agreement)) have been purchased by
the Class A Trust in accordance with the Note Purchase Agreement.

     

    "Deposit Agreement"
means the Deposit Agreement pertaining to the Class A Certificates, dated
as of the date hereof, between the Escrow Agent and the Depositary, as the same
may be amended, modified or supplemented from time to time in accordance with
the terms thereof.

     

    "Depositary" means The
Bank of New York Mellon, as depositary under the Deposit Agreement.

     

    "Deposits" has the
meaning set forth in the Deposit Agreement.

     

    "Designated
Representatives" means the Subordination Agent Representatives, the
Trustee Representatives and the Provider Representatives identified under
Section 2.5.

     

    "Distribution Date"
means a Regular Distribution Date or a Special Distribution Date.

     

    "Dollars" or "$" means United
States dollars.

     

    "Downgrade Drawing"
has the meaning specified in Section 3.5(c).

     

    "Downgrade Event"
means (i) the short-term unsecured debt rating or short-term issuer credit
rating, as the case may be, of the Liquidity Provider (other than the initial
Liquidity Provider) then issued by either Rating Agency being lower than the
applicable Threshold Rating and (ii) in the case of the initial Liquidity
Facility, the short-term unsecured debt rating or short-term issuer credit
rating, as the case may be, of the Guarantor then issued by either Rating Agency
being lower than the applicable Threshold Rating or the Guarantee ceasing to be
in full force and effect or becoming invalid or unenforceable or the Guarantor
repudiating its liability thereunder, unless each Rating Agency shall have
confirmed in writing on or prior to the date of any downgrading of the Liquidity
Provider or the Guarantor, as the case may be, that such downgrading will not
result in the downgrading, withdrawal or suspension of the ratings of the Class
A Certificates, in which case such downgrading of such short-term unsecured debt
rating or short-term issuer credit rating, as the case may be, shall not
constitute a Downgrade Event.

     

    "Downgraded Facility"
has the meaning specified in Section 3.5(c).

     

    "Drawing" means an
Interest Drawing, a Final Drawing, a Special Termination Drawing, a
Non-Extension Drawing or a Downgrade Drawing, as the case may be.

     

    

    
      
        
           

        

        
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    "Eligible Deposit
Account" means either (a) a segregated account with an Eligible
Institution or (b) a segregated trust account with the corporate trust
department of a depository institution organized under the laws of the United
States of America or any one of the states thereof or the District of Columbia
(or any U.S. branch of a foreign bank), having corporate trust powers and acting
as trustee for funds deposited in such account, so long as any of the securities
of such depository institution has a long-term unsecured debt rating of at least
A3 from Moody's and a long-term issuer credit rating of at least A- from
Standard & Poor's.  An Eligible Deposit Account may be maintained
with the Liquidity Provider so long as the Liquidity Provider is an Eligible
Institution; provided that the
Liquidity Provider shall have waived all rights of set-off and counterclaim with
respect to such account.

     

    "Eligible Institution"
means (a) the corporate trust department of the Subordination Agent or any
Trustee, as applicable, or (b) a depository institution organized under the laws
of the United States of America or any one of the states thereof or the District
of Columbia (or any U.S. branch of a foreign bank), which has a long-term
unsecured debt rating or issuer credit rating, as the case may be, from each
Rating Agency of at least A-3 or its equivalent.

     

    "Eligible Investments"
means (a) investments in obligations of, or guaranteed by, the United States
government having maturities no later than 90 days following the date of such
investment, (b) investments in open market commercial paper of any corporation
incorporated under the laws of the United States of America or any state thereof
with a short-term unsecured debt rating issued by Moody's of at least P-1 and a
short-term issuer credit rating issued by Standard & Poor's of at least A-1
having maturities no later than 90 days following the date of such investment or
(c) investments in negotiable certificates of deposit, time deposits, banker's
acceptances, commercial paper or other direct obligations of, or obligations
guaranteed by, commercial banks organized under the laws of the United States or
of any political subdivision thereof (or any U.S. branch of a foreign bank) with
a short-term unsecured debt rating by Moody's of at least P-1 and a short-term
issuer credit rating by Standard & Poor's of at least A-1, having maturities
no later than 90 days following the date of such investment; provided, however, that (x) all
Eligible Investments that are bank obligations shall be denominated in Dollars;
and (y) the aggregate amount of Eligible Investments at any one time that are
bank obligations issued by any one bank shall not be in excess of 5% of such
bank's capital surplus; provided further that any
investment of the types described in clauses (a), (b) and (c) above may be made
through a repurchase agreement in commercially reasonable form with a bank or
other financial institution qualifying as an Eligible Institution so long as
such investment is held by a third party custodian also qualifying as an
Eligible Institution; provided further, however, that in the
case of any Eligible Investment issued by a domestic branch of a foreign bank,
the income from such investment shall be from sources within the United States
for purposes of the Code.  Notwithstanding the foregoing, no
investment of the types described in clause (b) above which is issued or
guaranteed by Continental or any of its Affiliates, and no investment in the
obligations of any one bank in excess of $10,000,000, shall be an Eligible
Investment unless a Ratings Confirmation shall have been received with respect
to the making of such investment.

     

    "Equipment Note Special
Payment" means a Special Payment on account of the redemption, purchase
or prepayment of all of the Equipment Notes issued pursuant to an
Indenture.

     

    

    
      
        
           

        

        
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    "Equipment Notes"
means, at any time, the Series A Equipment Notes, any series of Additional
Equipment Notes and in each case, any Equipment Notes issued in exchange
therefor or replacement thereof pursuant to the terms of the
Indentures.

     

    "Escrow Agent" means
Wells Fargo Bank Northwest, National Association, as escrow agent under each
Escrow and Paying Agent Agreement, together with its successors in such
capacity.

     

    "Escrow and Paying Agent
Agreement" means the Escrow and Paying Agent Agreement dated as of the
date hereof between the Escrow Agent, the Underwriters, the Trustee and the
Paying Agent, as the same may be amended, modified or supplemented from time to
time in accordance with the terms thereof.

     

    "Escrow Receipts" has
the meaning assigned to such term in the Escrow and Paying Agent
Agreement.

     

    "Expected
Distributions" means, with respect to the Class A Certificates on any
Current Distribution Date, the difference between (A) the Pool Balance of the
Class A Certificates as of the immediately preceding Distribution Date (or, if
the Current Distribution Date is the first Distribution Date, the original
aggregate face amount of the Class A Certificates) and (B) the Pool Balance
of the Class A Certificates as of the Current Distribution Date calculated on
the basis that (i) the principal of the Non-Performing Equipment Notes held in
the Class A Trust has been paid in full and such payments have been distributed
to the holders of the Class A Certificates, (ii) the principal of the Performing
Equipment Notes held in the Class A Trust has been paid when due (without giving
effect to any Acceleration of Performing Equipment Notes) and such payments have
been distributed to the holders of the Class A Certificates and (iii) the
principal of any Equipment Notes formerly held in the Class A Trust that have
been sold pursuant to the terms hereof has been paid in full and such payments
have been distributed to the holders of the Class A Certificates, but without
giving effect to any reduction in the Pool Balance as a result of any
distribution attributable to Deposits occurring after the immediately preceding
Distribution Date (or, if the Current Distribution Date is the first
Distribution Date, occurring after the initial issuance of the Class A
Certificates).  For purposes of calculating Expected Distributions
with respect to the Class A Certificates, any Premium paid on the Series A
Equipment Notes held in the Class A Trust which has not been distributed to the
Class A Certificateholders (other than such Premium or a portion thereof applied
to the payment of interest on the Class A Certificates or the reduction of the
Pool Balance of the Class A Trust) shall be added to the amount of such Expected
Distributions.

     

    "Expiry Date" has the
meaning set forth in the Liquidity Facility.

     

    "Facility Office"
means the office of the Liquidity Provider, presently located at New York, New
York, or such other office as the Liquidity Provider from time to time shall
notify the Class A Trustee as its "Facility Office" under the Liquidity
Facility; provided that the
Liquidity Provider shall not change its Facility Office to another Facility
Office outside the United States of America except in accordance with Section
3.01, 3.02 or 3.03 of the Liquidity Facility.

     

    

    
      
        
           

        

        
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    "Fee Letters" means,
collectively, (i) the Fee Letter dated as of the date hereof among Goldman Sachs
Bank USA, the Subordination Agent and Continental with respect to the initial
Liquidity Facility and (ii) any fee letter entered into among the Subordination
Agent,  any Replacement Liquidity Provider and Continental in respect
of the Liquidity Facility.

     

    "Final Distributions"
means, with respect to the Class A Certificates on any Distribution Date, the
sum of (x) the aggregate amount of all accrued and unpaid interest on the Class
A Certificates (excluding interest, if any, payable with respect to the Deposits
relating to the Class A Trust) and (y) the Pool Balance of the Class A
Certificates as of the immediately preceding Distribution Date (less the amount
of the Deposits for the Class A Certificates as of such preceding Distribution
Date other than any portion of such Deposits thereafter used to acquire the
Series A Equipment Notes pursuant to the Note Purchase
Agreement).  For purposes of calculating Final Distributions with
respect to the Class A Certificates, any Premium paid on the Series A Equipment
Notes held in the Class A Trust which has not been distributed to the Class A
Certificateholders (other than such Premium or a portion thereof applied to the
payment of interest on the Class A Certificates or the reduction of the Pool
Balance of the Class A Trust) shall be added to the amount of such Final
Distributions.

     

    "Final Drawing" has
the meaning specified in Section 3.5(i).

     

    "Final Legal Distribution
Date" means, with respect to the Class A Certificates, January 8,
2018.

     

    "Financing Agreement"
means each of the Participation Agreements, the Indentures and the Note Purchase
Agreement.

     

    "Guarantee Agreement"
has the meaning assigned to such term in the preliminary statements to this
Agreement.

     

    "Guarantor" has the
meaning assigned to such term in the preliminary statements to this
Agreement.

     

    "Indenture" means each
of the Trust Indentures entered into by the Loan Trustee and Continental,
pursuant to the Note Purchase Agreement, in each case as the same may be
amended, supplemented or otherwise modified from time to time in accordance with
its terms.

     

    "Indenture Default"
means, with respect to any Indenture, any Event of Default (as such term is
defined in such Indenture) thereunder.

     

    "Interest Drawing" has
the meaning specified in Section 3.5(a).

     

    "Interest Payment
Date" means each date on which interest is due and payable under the
Liquidity Facility on a Downgrade Drawing, Non-Extension Drawing, a Special
Termination Drawing or Final Drawing thereunder, other than any such date on
which interest is due and payable under the Liquidity Facility only on an
Applied Provider Advance or Applied Special Termination Advance (as such terms
are defined in the Liquidity Facility).

     

    "Interest Period" has
the meaning specified in the Indentures.

     

    

    
      
        
           

        

        
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    "Investment Earnings"
means investment earnings on funds on deposit in the Trust Accounts net of
losses and investment expenses of the Subordination Agent in making such
investments.

     

    "Lien" means any
mortgage, pledge, lien, charge, claim, disposition of title, encumbrance, lease,
sublease, sub-sublease or security interest of any kind, including, without
limitation, any thereof arising under any conditional sales or other title
retention agreement.

     

    "Liquidity Event of
Default" has the meaning assigned to such term in the Liquidity
Facility.

     

    "Liquidity Expenses"
means all Liquidity Obligations other than (i) the principal amount of any
Drawings under the Liquidity Facility and (ii) any interest accrued on any
Liquidity Obligations.

     

    "Liquidity Facility"
means, initially, the Revolving Credit Agreement dated as of the date hereof,
between the Subordination Agent, as agent and trustee for the Class A Trust, and
the initial Liquidity Provider, and from and after the replacement of such
Revolving Credit Agreement pursuant hereto, the Replacement Liquidity Facility
therefor, if any, in each case as amended, supplemented or otherwise modified
from time to time in accordance with its terms.

     

    "Liquidity
Obligations" means all principal, interest, fees and other amounts owing
to the Liquidity Provider under the Liquidity Facility, Section 8.1 of the
Participation Agreements or the Fee Letters.

     

    "Liquidity Provider"
means Goldman Sachs Bank USA or, if applicable, any Replacement Liquidity
Provider which has issued a Replacement Liquidity Facility to replace the
Liquidity Facility pursuant to Section 3.5(e).

     

    "Loan Trustee" means,
with respect to any Indenture, the mortgagee thereunder.

     

    "Minimum Sale Price"
means, with respect to any Aircraft or the Equipment Notes issued in respect of
such Aircraft, at any time, in the case of the sale of an Aircraft,
75%, or in the case of the sale of related Equipment Notes, 85%, of
the Appraised Current Market Value of such Aircraft.

     

    "Moody's" means
Moody's Investors Service, Inc.

     

    "Non-Controlling
Party" means, at any time, any Trustee or other Person which is not the
Controlling Party at such time.

     

    "Non-Extended
Facility" has the meaning specified in Section 3.5(d).

     

    "Non-Extension
Drawing" has the meaning specified in Section 3.5(d).

     

    "Non-Performing Equipment
Note" means an Equipment Note issued pursuant to an Indenture that is not
a Performing Equipment Note.

     

    

    
      
        
           

        

        
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    "Note Purchase
Agreement" means the Note Purchase Agreement, dated as of the date
hereof, among Continental, the Trustee, the Escrow Agent, the Subordination
Agent and the Paying Agent, as amended, supplemented or otherwise modified from
time to time in accordance with its terms.

     

    "Officer's
Certificate" of any Person means a certification signed by a Responsible
Officer of such Person.

     

    "Operative Agreements"
means this Agreement, the Liquidity Facility, the Guarantee Agreement, the Trust
Agreement, the Underwriting Agreement, the Financing Agreements, the Fee
Letters, the Equipment Notes and the Certificates, together with all exhibits
and schedules included with any of the foregoing.

     

    "Original Class A
Trust" has the meaning assigned to such term in the definition of "Class
A Trust Agreement".

     

    "Outstanding" means,
when used with respect to each Class of Certificates, as of the date of
determination, all Certificates of such Class theretofore authenticated and
delivered under the related Trust Agreement, except:

     

    (i)           Certificates
of such Class theretofore canceled by the Registrar (as defined in such Trust
Agreement) or delivered to the Trustee thereunder or such Registrar for
cancellation;

     

    (ii)           Certificates
of such Class for which money in the full amount required to make the Final
Distribution with respect to such Certificates pursuant to Section 11.01 of such
Trust Agreement has been theretofore deposited with the related Trustee in trust
for the holders of such Certificates as provided in Section 4.01 of such Trust
Agreement pending distribution of such money to such Certificateholders pursuant
to such Final Distribution payment; and

     

    (iii)           Certificates
of such Class in exchange for or in lieu of which other Certificates have been
authenticated and delivered pursuant to such Trust Agreement;

     

    provided, however, that in
determining whether the holders of the requisite Outstanding amount of such
Certificates have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, any Certificates owned by Continental or any of its
Affiliates shall be disregarded and deemed not to be Outstanding, except that,
in determining whether such Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Certificates that such Trustee knows to be so owned shall be so
disregarded.  Certificates so owned that have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the applicable Trustee the pledgee's right so to act with
respect to such Certificates and that the pledgee is not Continental or any of
its Affiliates.

     

    "Overdue Scheduled
Payment" means any Scheduled Payment which is not in fact received by the
Subordination Agent within five days after the Scheduled Payment Date relating
thereto.

     

    

    
      
        
           

        

        
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    "Participation
Agreement" means, with respect to each Indenture, the "Participation
Agreement" referred to therein.

     

    "Payee" has the
meaning specified in Section 2.4(c).

     

    "Paying Agent" means
Wilmington Trust Company, as paying agent under the Escrow and Paying Agent
Agreement, together with its successors in such capacity.

     

    "Paying Agent Account"
has the meaning assigned to such term in the Escrow and Paying Agent
Agreement.

     

    "Performing Equipment
Note" means an Equipment Note with respect to which no payment default
has occurred and is continuing (without giving effect to any Acceleration);
provided that
in the event of a bankruptcy proceeding under the Bankruptcy Code in which
Continental is a debtor any payment default existing during the 60-Day Period
(or such longer period as may apply under Section 1110(b) of the Bankruptcy Code
or as may apply for the cure of such payment default under Section 1110(a)(2)(B)
of the Bankruptcy Code) shall not be taken into consideration until the
expiration of the applicable period.

     

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

     

    "Person" means any
individual, corporation, partnership, joint venture, association, limited
liability company, joint-stock company, trust, trustee, unincorporated
organization or government or any agency or political subdivision
thereof.

     

    "Pool Balance" means,
with respect to the Class A Certificates, as of any date, (i) the original
aggregate face amount of the Class A Certificates less (ii) the
aggregate amount of all payments made as of such date in respect of the Class A
Certificates or in respect of Deposits relating to the Class A Trust other than
payments made in respect of interest or Premium thereon or reimbursement of any
costs and expenses in connection therewith.  The Pool Balance for the
Class A Trust or for the Class A Certificates issued by the Class A Trust as of
any date shall be computed after giving effect to any special distribution with
respect to unused Deposits, if any, payment of principal of the Equipment Notes
or payment with respect to other Trust Property held in the Class A Trust and
the distribution thereof to be made on that date.

     

    "Post-Default
Appraisals" has the meaning specified in
Section 4.1(a)(iv).

     

    "Premium" means any
"Make-Whole Amount" as such term is defined in any Indenture.

     

    "Proceeding" means any
suit in equity, action at law or other judicial or administrative
proceeding.

     

    "Provider Incumbency
Certificate" has the meaning specified in Section 2.5(c).

     

    "Provider
Representatives" has the meaning specified in Section
2.5(c).

     

    

    
      
        
           

        

        
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    "PTC Event of Default"
means, with respect to the Class A Trust Agreement, the failure to pay within 10
Business Days of the due date thereof:  (i) the outstanding Pool
Balance of the Class A Certificates on the Final Legal Distribution Date for the
Class A Certificates or (ii) interest due on the Class A Certificates on
any Distribution Date (unless, in the case of the Class A Trust Agreement, the
Subordination Agent shall have made an Interest Drawing or a withdrawal from the
Cash Collateral Account with respect thereto in an aggregate amount sufficient
to pay such interest and shall have distributed such amount to the Class A
Trustee).

     

    "Rating Agencies"
means, collectively, at any time, each nationally recognized rating agency which
shall have been requested to rate the Certificates and which shall then be
rating the Certificates.  The initial Rating Agencies will be Moody's
and Standard & Poor's.

     

    "Ratings Confirmation"
means, with respect to any action proposed to be taken, a written confirmation
from each of the Rating Agencies that such action would not result in (i) a
reduction of the rating for any Class of Certificates below the then current
rating for such Class of Certificates or (ii) a withdrawal or suspension of the
rating of any Class of Certificates.

     

    "Regular Distribution
Dates" means each January 8 and July 8, commencing on January 8, 2010;
provided, however, that, if any
such day shall not be a Business Day, the related distribution shall be made on
the next succeeding Business Day without distribution of interest for such
additional period.

     

    "Replacement Liquidity
Facility" means an irrevocable revolving credit agreement (or agreements)
in substantially the form of the Liquidity Facility, including reinstatement
provisions, or in such other form (which may include a letter of credit) as
shall permit the Rating Agencies to confirm in writing their respective ratings
then in effect for the Class A Certificates (before downgrading of such ratings,
if any, as a result of the downgrading of the Liquidity Provider), in a face
amount (or in an aggregate face amount) equal to the then Required Amount and
issued by a Person (or Persons) having unsecured short-term debt rating or
issuer credit rating, as the case may be, issued by both Rating Agencies which
are equal to or higher than the Threshold Rating.  Without limitation
of the form that a Replacement Liquidity Facility otherwise may have pursuant to
the preceding sentence, a Replacement Liquidity Facility may have a stated
expiration date earlier than 15 days after the Final Legal Distribution Date of
the Class A Certificates so long as such Replacement Liquidity Facility provides
for a Non-Extension Drawing as contemplated by Section 3.5(d)
hereof.

     

    "Replacement Liquidity
Provider" means a Person (or Persons) who issues a Replacement Liquidity
Facility.

     

    "Required Amount"
means with respect to the Liquidity Facility or Cash Collateral Account, for any
day, the sum of the aggregate amount of interest, calculated at the rate per
annum equal to the Stated Interest Rate for the Class A Certificates, that would
be payable on the Class A Certificates on each of the three successive Regular
Distribution Dates immediately following such day or, if such day is a Regular
Distribution Date, on such day and the succeeding two Regular Distribution
Dates, in each case calculated on the basis of the Pool Balance of the Class A
Certificates on such day and without regard to expected future distributions of
principal on the Class A Certificates.

     

    

    
      
        
           

        

        
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    "Responsible Officer"
means (i) with respect to the Subordination Agent and each of the Trustees, any
officer in the corporate trust administration department of the Subordination
Agent or such Trustee or any other officer customarily performing functions
similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred
because of his knowledge of and familiarity with a particular subject and (ii)
with respect to the Liquidity Provider, any authorized officer of the Liquidity
Provider.

     

    "Scheduled Payment"
means, with respect to any Series A Equipment Note, (i) any payment of
principal or interest on such Equipment Note (other than an Overdue Scheduled
Payment) due from the obligor thereon, which payment represents the installment
of principal at the stated maturity of such installment of principal on such
Equipment Note, the payment of regularly scheduled interest accrued on the
unpaid principal amount of such Equipment Note, or both or (ii) any payment of
interest on the Class A Certificates with funds drawn under the Liquidity
Facility or withdrawn from the Cash Collateral Account, which payment represents
the payment of regularly scheduled interest accrued on the unpaid principal
amount of the related Series A Equipment Note; provided that any
payment of principal of, Premium, if any, or interest resulting from the
redemption or purchase of any Series A Equipment Note shall not constitute a
Scheduled Payment.

     

    "Scheduled Payment
Date" means, with respect to any Scheduled Payment, the date on which
such Scheduled Payment is scheduled to be made under the applicable Series A
Equipment Note.

     

    "Section 2.4 Fraction"
means, with respect to any Special Distribution Date, a fraction, the numerator
of which shall be the amount of principal of the applicable Series A Equipment
Notes being redeemed, purchased or prepaid on such Special Distribution Date,
and the denominator of which shall be the aggregate unpaid principal amount of
all Series A Equipment Notes outstanding as of such Special Distribution
Date.

     

    "Series A Equipment
Notes" means the Series A Equipment Notes issued pursuant to any
Indenture by Continental and authenticated by the Loan Trustee thereunder, and
any such Equipment Notes issued in exchange therefor or replacement thereof
pursuant to the terms of such Indenture.

     

    "60-Day Period" means
60-day period specified in Section 1110(a)(2)(A) of the Bankruptcy
Code.

     

    "Special Distribution
Date" means, with respect to any Special Payment, the date chosen by the
Subordination Agent pursuant to Section 2.4(a) for the distribution of such
Special Payment in accordance with this Agreement, whether distributed pursuant
to Section 2.4 or Section 3.2 hereof.

     

    "Special Payment"
means any payment (other than a Scheduled Payment) in respect of, or any
proceeds of, any Equipment Note or Collateral.

     

    "Special Payments
Account" means the Eligible Deposit Account created pursuant to Section
2.2(a)(ii) as a sub-account to the Collection Account.

     

    

    
      
        
           

        

        
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    "Special Termination
Drawing" has the meaning specified in Section 3.5(m).

     

    "Special Termination
Notice" has the meaning specified in the Liquidity Facility.

     

    "Standard &
Poor's" means Standard & Poor's Ratings Services, a Standard &
Poor's Financial Services LLC business.

     

    "Stated Amount" means
the Maximum Commitment (as defined in the Liquidity Facility) of the Liquidity
Provider under the Liquidity Facility.

     

    "Stated Expiration
Date" has the meaning specified in Section 3.5(d).

     

    "Stated Interest Rate"
means, with respect to the Class A Certificates, 9.000% per annum.

     

    "Subordination Agent"
has the meaning specified in the recital of parties to this
Agreement.

     

    "Subordination Agent
Incumbency Certificate" has the meaning specified in
Section 2.5(a).

     

    "Subordination Agent
Representatives" has the meaning specified in
Section 2.5(a).

     

    "Substitute Aircraft"
has the meaning set forth in the Note Purchase Agreement.

     

    "Successor Class A
Trust" has the meaning assigned to such term in the definition of "Class
A Trust Agreement".

     

    "Tax" and "Taxes" mean any and
all taxes, fees, levies, duties, tariffs, imposts, and other charges of any kind
(together with any and all interest, penalties, loss, damage, liability,
expense, additions to tax and additional amounts or costs incurred or imposed
with respect thereto) imposed or otherwise assessed by the United States of
America or by any state, local or foreign government (or any subdivision or
agency thereof) or other taxing authority, including, without
limitation:  taxes or other charges on or with respect to income,
franchises, windfall or other profits, gross receipts, property, sales, use,
capital stock, payroll, employment, social security, workers' compensation,
unemployment compensation, or net worth and similar charges; taxes or other
charges in the nature of excise, withholding, ad valorem, stamp, transfer, value
added, taxes on goods and services, gains taxes, license, registration and
documentation fees, customs duties, tariffs, and similar charges.

     

    "Termination Notice"
has the meaning assigned to such term in the Liquidity Facility.

     

    "Threshold Rating"
means the short-term unsecured debt rating of P-1 by Moody's and the short-term
issuer credit rating of A-1 by Standard & Poor's.

     

    

    
      
        
           

        

        
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    "Transfer" means, with
respect to the Class A Trust, the transfers contemplated by the Assignment and
Assumption Agreement.

     

    "Treasury Regulations"
means regulations, including proposed or temporary regulations, promulgated
under the Code.  References herein to specific provisions of proposed
or temporary regulations shall include analogous provisions of final Treasury
Regulations or other successor Treasury Regulations.

     

    "Triggering Event"
means (x) the occurrence of an Indenture Default under all of the Indentures
resulting in a PTC Event of Default with respect to the Class A Certificates,
(y) the Acceleration of all of the outstanding Series A Equipment Notes (provided that, with
respect to the period prior to the Delivery Period Expiry Date, the aggregate
principal balance of such Equipment Notes is in excess of $150,000,000 or (z)
the occurrence of a Continental Bankruptcy Event.

     

    "Trust" means the
Class A Trust and/or any Additional Trust created to issue Additional
Certificates in accordance with the provisions of Section 9.1(c) hereof, as the
context may so require.

     

    "Trust Accounts" has
the meaning specified in Section 2.2(a).

     

    "Trust Agreement"
means the Class A Trust Agreement and/or any Additional Trust Agreement as the
context may so require.

     

    "Trust Property" with
respect to any Trust, has the meaning set forth in the Trust Agreement for such
Trust.

     

    "Trustee" means the
Class A Trustee and/or any Additional Trustee as the context may so
require.

     

    "Trustee Incumbency
Certificate" has the meaning specified in Section 2.5(b).

     

    "Trustee
Representatives" has the meaning specified in
Section 2.5(b).

     

    "Unapplied Provider
Advance" has the meaning specified in the Liquidity
Facility.

     

    "Underwriters" means
Morgan Stanley & Co. Incorporated, Goldman, Sachs & Co. and Calyon
Securities (USA) Inc.

     

    "Underwriting
Agreement" means the Underwriting Agreement dated June 16, 2009 among the
Underwriters, the Depositary and Continental, relating to the purchase of the
Certificates by the Underwriters, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with its terms.

     

    "Written Notice"
means, from the Subordination Agent, any Trustee or the Liquidity Provider, a
written instrument executed by the Designated Representative of
such

     

    

    
      
        
           

        

        
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    Person.  An
invoice delivered by a Liquidity Provider pursuant to Section 3.1 in accordance
with its normal invoicing procedures shall constitute Written Notice under such
Section.

     

    "WTC" has the meaning
specified in the recital of parties to this Agreement.

     

     

    ARTICLE II

     

    TRUST
ACCOUNTS; CONTROLLING PARTY

     

    SECTION 2.1.  Agreement to Terms of
Subordination; Payments from Monies Received Only.  (a)  Each
Trustee hereby acknowledges and agrees to the terms of subordination and
distribution set forth in this Agreement in respect of each Class of
Certificates and agrees to enforce such provisions and cause all payments in
respect of the Equipment Notes held by the Subordination Agent and the Liquidity
Facility to be applied in accordance with the terms of this
Agreement.  In addition, each Trustee hereby agrees to cause the
Equipment Notes purchased by the related Trust to be registered in the name of
the Subordination Agent or its nominee, as agent and trustee for such Trustee,
to be held in trust by the Subordination Agent solely for the purpose of
facilitating the enforcement of the subordination and other provisions of this
Agreement.

     

    (b)           Except
as otherwise expressly provided in the next succeeding sentence of this Section
2.1, all payments to be made by the Subordination Agent hereunder shall be made
only from amounts received by it that constitute Scheduled Payments, Special
Payments, payments under Section 8.1 of the Participation Agreements or payments
under Section 6 of the Note Purchase Agreement, and only to the extent that the
Subordination Agent shall have received sufficient income or proceeds therefrom
to enable it to make such payments in accordance with the terms
hereof.  Each of the Trustees and the Subordination Agent hereby
agrees and, as provided in each Trust Agreement, each Certificateholder, by its
acceptance of a Certificate and the Liquidity Provider, by entering into the
Liquidity Facility, has agreed to look solely to such amounts to the extent
available for distribution to it as provided in this Agreement and to the
relevant Deposits and that none of the Trustees, Loan Trustees nor the
Subordination Agent is personally liable to any of them for any amounts payable
or any liability under this Agreement, any Trust Agreement, the Liquidity
Facility or such Certificate, except (in the case of the Subordination Agent) as
expressly provided herein or (in the case of the Trustees) as expressly provided
in each Trust Agreement or (in the case of the Loan Trustees) as expressly
provided in any Operative Agreement.

     

    SECTION 2.2.  Trust
Accounts.  (a)  Upon
the execution of this Agreement, the Subordination Agent shall establish and
maintain in its name (i) the Collection Account as an Eligible Deposit Account,
bearing a designation clearly indicating that the funds deposited therein are
held in trust for the benefit of the Trustees, the Certificateholders and the
Liquidity Provider and (ii) as a sub-account in the Collection Account, the
Special Payments Account as an Eligible Deposit Account, bearing a designation
clearly indicating that the funds deposited therein are held in trust for the
benefit of the Trustees, the Certificateholders and the Liquidity
Provider.  The Subordination Agent shall establish and maintain the
Cash Collateral Account pursuant to and under the circumstances set forth in
Section 3.5(f) hereof.  Upon such establishment and maintenance under
Section 3.5(f) hereof, the Cash Collateral Account shall,

     

    

    
      
        
           

        

        
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    together
with the Special Payments Account and the Collection Account, constitute the
"Trust
Accounts" hereunder.  Without limiting the foregoing, all
monies credited to the Trust Accounts shall be, and shall remain, the property
of the relevant Trust(s).

     

    (b)           Funds
on deposit in the Trust Accounts shall be invested and reinvested by the
Subordination Agent in Eligible Investments selected by the Subordination Agent
if such investments are reasonably available and have maturities no later than
the earlier of (i) 90 days following the date of such investment and (ii) the
Business Day immediately preceding the Regular Distribution Date or the date of
the related distribution pursuant to Section 2.4 hereof, as the case may be,
next following the date of such investment; provided, however, that
following the making of a Downgrade Drawing, a Non-Extension Drawing or a
Special Termination Drawing under the Liquidity Facility, the Subordination
Agent shall invest and reinvest such funds in Eligible Investments at the
direction of Continental (or, if and to the extent so specified to the
Subordination Agent by Continental, the Liquidity Provider); provided further, however, that,
notwithstanding the foregoing proviso, following the making of a Downgrade
Drawing or a Non-Extension Drawing, the Subordination Agent shall invest and
reinvest the amounts in the Cash Collateral Account in Eligible Investments
pursuant to the written instructions of the Liquidity Provider; provided further, however, that upon
the occurrence and during the continuation of a Triggering Event, the
Subordination Agent shall invest and reinvest such amounts in accordance with
the written instructions of the Controlling Party.  Unless otherwise
expressly provided in this Agreement (including, without limitation, with
respect to Investment Earnings on amounts on deposit in the Cash Collateral
Account pursuant to Section 3.5(f) hereof), any Investment Earnings shall be
deposited in the Collection Account when received by the Subordination Agent and
shall be applied by the Subordination Agent in the same manner as the other
amounts on deposit in the Collection Account are to be applied and any losses
shall be charged against the principal amount invested, in each case net of the
Subordination Agent's reasonable fees and expenses in making such
investments.  The Subordination Agent shall not be liable for any loss
resulting from any investment, reinvestment or liquidation required to be made
under this Agreement other than by reason of its willful misconduct or gross
negligence.  Eligible Investments and any other investment required to
be made hereunder shall be held to their maturities except that any such
investment may be sold (without regard to its maturity) by the Subordination
Agent without instructions whenever such sale is necessary to make a
distribution required under this Agreement.  Uninvested funds held
hereunder shall not earn or accrue interest.

     

    (c)           The
Subordination Agent shall possess all right, title and interest in all funds on
deposit from time to time in the Trust Accounts and in all proceeds thereof
(including all income thereon, except as otherwise expressly provided in Section
3.3(b) with respect to Investment Earnings).  The Trust Accounts shall
be held in trust by the Subordination Agent under the sole dominion and control
of the Subordination Agent for the benefit of the Trustees, the
Certificateholders and the Liquidity Provider, as the case may
be.  If, at any time, any of the Trust Accounts ceases to be an
Eligible Deposit Account, the Subordination Agent shall within 10 Business Days
(or such longer period, not to exceed 30 calendar days, for which a Ratings
Confirmation for the Class A Certificates shall have been obtained) establish a
new Collection Account, Special Payments Account or Cash Collateral Account, as
the case may be, as an Eligible Deposit Account and shall transfer any cash
and/or any investments to such new Collection Account, Special Payments Account
or Cash Collateral Account, as the case may be.

     

    

    
      
        
           

        

        
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    So long
as WTC is an Eligible Institution, the Trust Accounts shall be maintained with
it as Eligible Deposit Accounts.

     

    SECTION 2.3.  Deposits to the Collection
Account and Special Payments Account.  (a)  The
Subordination Agent shall, upon receipt thereof, deposit in the Collection
Account all Scheduled Payments received by it (other than any Scheduled Payment
which by the express terms hereof is to be deposited to the Cash Collateral
Account).

     

    (b)           The
Subordination Agent shall, on each date when one or more Special Payments are
made to the Subordination Agent as holder of the Equipment Notes, deposit in the
Special Payments Account the aggregate amount of such Special
Payments.

     

    SECTION 2.4.  Distributions of Special
Payments.  (a)  Notice of Special
Payment.  Except as provided in Section 2.4(c) below, upon
receipt by the Subordination Agent, as registered holder of the Equipment Notes,
of any notice of a Special Payment (or, in the absence of any such notice, upon
receipt by the Subordination Agent of a Special Payment), the Subordination
Agent shall promptly give notice thereof to each Trustee and the Liquidity
Provider.  The Subordination Agent shall promptly calculate the amount
of the redemption or purchase of Equipment Notes, the amount of any Overdue
Scheduled Payment or the proceeds of Equipment Notes or Collateral, as the case
may be, comprising such Special Payment under the applicable Indenture or
Indentures and shall promptly send to each Trustee and the Liquidity Provider a
Written Notice of such amount and the amount allocable to each
Trust.  Such Written Notice shall also set the distribution date for
such Special Payment (a "Special Distribution
Date"), which shall be the Business Day which immediately follows the
later to occur of (x) the 15th day after the date of such Written Notice and (y)
the date the Subordination Agent has received or expects to receive such Special
Payment.  Amounts on deposit in the Special Payments Account shall be
distributed in accordance with Sections 2.4(b) and 2.4(c) and Article III
hereof, as applicable.

     

    For the
purposes of the application of any Equipment Note Special Payment distributed on
a Special Distribution Date in accordance with Section 3.2 hereof, so long as no
Indenture Default shall have occurred and be continuing under any
Indenture:

     

       
(i)              the
amount of accrued and unpaid Liquidity Expenses that are not yet due that are
payable pursuant to clause "second" thereof shall be multiplied by the
Section 2.4 Fraction;

     

       
(ii)              clause
"third" thereof shall be deemed to read as follows:  "third, (x) such
amount as shall be required to pay accrued and unpaid interest then in arrears
on all Liquidity Obligations (at the rate, or in the amount, provided in the
Liquidity Facility) plus an amount equal to the amount of accrued and unpaid
interest on the Liquidity Obligations not in arrears multiplied by the Section
2.4 Fraction, and (y) if a Special Termination Drawing has been made under the
Liquidity Facility and has not been converted into a Final Drawing, the
outstanding amount of such Special Termination Drawing shall be distributed to
the Liquidity Provider"; and

     

    (iii)             clause
"seventh" thereof shall be deemed to read as follows:  "seventh, such amount
as shall be required to pay accrued, due and unpaid interest at the Stated
Interest

     

    

    
      
        
           

        

        
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    Rate on
the outstanding Pool Balance of the Class A Certificates together with (without
duplication) accrued and unpaid interest at the Stated Interest Rate on the
outstanding principal amount of the Series A Equipment Notes held in the Class A
Trust being redeemed, purchased or prepaid, in each case excluding interest, if
any, payable with respect to the Deposits relating to the Class A
Trust".

     

    (b)           Investment of Amounts in
Special Payments Account.  Any amounts on deposit in the
Special Payments Account prior to the distribution thereof pursuant to Section
2.4 or 3.2 shall be invested in accordance with Section
2.2(b).  Investment Earnings on such investments shall be distributed
in accordance with Article III hereof.

     

    (c)           Certain
Payments.  Except for amounts constituting Liquidity
Obligations which shall be distributed as provided in Section 3.2, the
Subordination Agent will distribute promptly upon receipt thereof (i) any
indemnity payment or expense reimbursement received by it from Continental in
respect of any Trustee, the Liquidity Provider, any Paying Agent, the
Depositary, the Guarantor or the Escrow Agent (collectively, the "Payees") and (ii) any
compensation received by it from Continental under any Operative Agreement in
respect of any Payee, directly to the Payee entitled thereto.

     

    SECTION 2.5.  Designated
Representatives.  (a)  With
the delivery of this Agreement, the Subordination Agent shall furnish to the
Liquidity Provider and each Trustee, and from time to time thereafter may
furnish to the Liquidity Provider and each Trustee, at the Subordination Agent's
discretion, or upon the Liquidity Provider's or any Trustee's request (which
request shall not be made more than one time in any 12-month period), a
certificate (a "Subordination Agent
Incumbency Certificate") of a Responsible Officer of the Subordination
Agent certifying as to the incumbency and specimen signatures of the officers of
the Subordination Agent and the attorney-in-fact and agents of the Subordination
Agent (the "Subordination Agent
Representatives") authorized to give Written Notices on behalf of the
Subordination Agent hereunder.  Until the Liquidity Provider and each
Trustee receives a subsequent Subordination Agent Incumbency Certificate, it
shall be entitled to rely on the last Subordination Agent Incumbency Certificate
delivered to it hereunder.

     

    (b)           With
the delivery of this Agreement, each Trustee shall furnish to the Subordination
Agent, and from time to time thereafter may furnish to the Subordination Agent,
at such Trustee's discretion, or upon the Subordination Agent's request (which
request shall not be made more than one time in any 12-month period), a
certificate (a "Trustee Incumbency
Certificate") of a Responsible Officer of such Trustee certifying as to
the incumbency and specimen signatures of the officers of such Trustee and the
attorney-in-fact and agents of such Trustee (the "Trustee
Representatives") authorized to give Written Notices on behalf of such
Trustee hereunder.  Until the Subordination Agent receives a
subsequent Trustee Incumbency Certificate, it shall be entitled to rely on the
last Trustee Incumbency Certificate delivered to it hereunder.

     

    (c)           With
the delivery of this Agreement, the Liquidity Provider shall furnish to the
Subordination Agent, and from time to time thereafter may furnish to the
Subordination Agent, at the Liquidity Provider's discretion, or upon the
Subordination Agent's request (which request shall not be made more than one
time in any 12-month period), a certificate (each, a

     

    

    
      
        
           

        

        
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    "Provider Incumbency
Certificate") of any Responsible Officer of the Liquidity Provider
certifying as to the incumbency and specimen signatures of any officer,
attorney-in-fact, agent or other designated representative of the Liquidity
Provider (in each case, the "Provider
Representatives" and, together with the Subordination Agent
Representatives and the Trustee Representatives, the "Designated
Representatives") authorized to give Written Notices on behalf of the
Liquidity Provider hereunder.  Until the Subordination Agent receives
a subsequent Provider Incumbency Certificate, it shall be entitled to rely on
the last Provider Incumbency Certificate delivered to it hereunder by the
Liquidity Provider.

     

    SECTION 2.6.  Controlling
Party.  (a)  The
Trustees and the Liquidity Provider hereby agree that, with respect to any
Indenture at any given time, the Loan Trustee thereunder will be directed in
taking, or refraining from taking, any action under such Indenture or with
respect to the Equipment Notes issued thereunder (i) so long as no Indenture
Default has occurred and is continuing thereunder, by the holders of at least a
majority of the outstanding principal amount of such Equipment Notes (provided
that, for so long as the Subordination Agent is the registered holder of the
Equipment Notes, the Subordination Agent shall act with respect to this clause
(i) in accordance with the directions of the Trustees (in the case of each such
Trustee, with respect to the Equipment Notes issued under such Indenture and
held as Trust Property of such Trust) constituting, in the aggregate, directions
with respect to at least a majority of outstanding principal amount of Equipment
Notes except as provided in Section 9.1(b)), and (ii) after the occurrence and
during the continuance of an Indenture Default thereunder, in taking, or
refraining from taking, any action under such Indenture or with respect to such
Equipment Notes, including exercising remedies thereunder (including
Accelerating the Equipment Notes issued thereunder or foreclosing the Lien on
the Aircraft securing such Equipment Notes), by the Controlling
Party.  Notwithstanding the foregoing, in taking any action or giving
any direction to the applicable Loan Trustee pursuant to Section 4.08 of any
Indenture, the Subordination Agent shall be directed by the Controlling Party,
notwithstanding that no Indenture Default under such Indenture shall have
occurred and be continuing.

     

    (b)           The
"Controlling Party" shall be (x) the Class A Trustee and (y) upon payment of
Final Distributions to the holders of Class A Certificates, the Additional
Trustee (if any).  For purposes of giving effect to the provisions of
Section 2.6(a) and this Section 2.6(b), the Trustees (other than the
Controlling Party) irrevocably agree (and the Certificateholders (other than the
Certificateholders represented by the Controlling Party) shall be deemed to
agree by virtue of their purchase of Certificates) that the Subordination Agent,
as record holder of the Equipment Notes, shall exercise its voting rights in
respect of the Equipment Notes so held by the Subordination Agent as directed by
the Controlling Party and any vote so exercised shall be binding upon the
Trustees and all Certificateholders.

     

    The
Subordination Agent shall give Written Notice to all of the other parties to
this Agreement promptly upon a change in the identity of the Controlling
Party.  Each of the parties hereto agrees that it shall not exercise
any of the rights of the Controlling Party at such time as it is not the
Controlling Party hereunder; provided, however, that nothing
herein contained shall prevent or prohibit any Non-Controlling Party from
exercising such rights as shall be specifically granted to such Non-Controlling
Party hereunder and under the other Operative Agreements.

     

    

    
      
        
           

        

        
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    (c)           Notwithstanding
the foregoing provisions of clauses (a) and (b) above, at any time after 18
months from the earliest to occur of (i) the date on which the entire Required
Amount as of such date under the Liquidity Facility shall have been drawn
(excluding a Downgrade Drawing, a Non-Extension Drawing or a Special Termination
Drawing but including a Final Drawing or a Downgrade Drawing, a Non-Extension
Drawing or a Special Termination Drawing that has been converted to a Final
Drawing under the Liquidity Facility) and shall remain unreimbursed, (ii) the
date on which the portion of any Downgrade Drawing, Non-Extension Drawing or
Special Termination Drawing equal to the Required Amount as of such date under
the Liquidity Facility shall have become and remain "Applied Downgrade
Advances", "Applied Non-Extension Advances" or "Applied Special Termination
Advances", as the case may be, under and as defined in the Liquidity Facility
and (iii) the date on which all Equipment Notes under all Indentures shall have
been Accelerated (provided that (x)
with respect to the period prior to the Delivery Period Expiry Date, such
Equipment Notes have an aggregate outstanding principal balance of in excess of
$150,000,000, and (y) in the event of a bankruptcy proceeding under the
Bankruptcy Code in which Continental is a debtor, any amounts payable in respect
of Equipment Notes which have become immediately due and payable by declaration
or otherwise shall not be considered Accelerated for purposes of this sub-clause
(iii) until the expiration of the 60-day period under Section 1110(a)(2)(A) of
the Bankruptcy Code or such longer period as may apply under
Section 1110(a)(2)(B) or Section 1110(b) of the Bankruptcy Code), the
Liquidity Provider (so long as it has not defaulted in its obligation to make
any Drawing under the Liquidity Facility) shall have the right to elect, by
Written Notice to the Subordination Agent and each of the Trustees, to become
the Controlling Party hereunder at any time from and including the last day of
such 18-month period.

     

    (d)           The
exercise of remedies by the Controlling Party under this Agreement shall be
expressly limited by Sections 4.1(a)(ii) and 4.1(a)(iii) hereof.

     

    (e)           The
Controlling Party shall not be entitled to require or obligate any
Non-Controlling Party to provide funds necessary to exercise any right or remedy
hereunder.

     

     

    ARTICLE III

     

    RECEIPT,
DISTRIBUTION AND APPLICATION

    OF
AMOUNTS RECEIVED

     

    SECTION 3.1.  Written Notice of
Distribution.  (a)  No
later than 3:00 P.M. (New York City time) on the Business Day immediately
preceding each Distribution Date, each of the following Persons shall deliver to
the Subordination Agent a Written Notice setting forth the following information
as at the close of business on such Business Day:

     

    (i)           the
Class A Trustee shall separately set forth the amounts to be paid in accordance
with clause "first" of Section 3.2 hereof (to reimburse payments made by such
Trustee or the Class A Certificateholders, as the case may be, pursuant to
subclause (ii) or (iv) of clause "first"), subclauses (ii) and (iii) of
clause "sixth" of Section 3.2 hereof and clauses "seventh" and "eighth" of
Section 3.2 hereof;

     

    

    
      
        
           

        

        
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    (ii)           the
Liquidity Provider shall separately set forth the amounts to be paid to it in
accordance with subclauses (iii) and (iv) of clause "first" of Section 3.2
hereof, clause "second" of Section 3.2 hereof, clause "third" of Section 3.2
hereof, clause "fourth" of Section 3.2 hereof and clause "fifth" of Section 3.2
hereof; and

     

    (iii)           each
Trustee shall set forth the amounts to be paid in accordance with clause "sixth"
of Section 3.2 hereof.

     

    (b)           At
such time as a Trustee or the Liquidity Provider shall have received all amounts
owing to it (and, in the case of a Trustee, the Certificateholders for which it
is acting) pursuant to Section 3.2 hereof, as applicable, and, in the case of
the Liquidity Provider, its commitment or obligations under the Liquidity
Facility shall have terminated or expired, such Person shall, by a Written
Notice, so inform the Subordination Agent and each other party to this
Agreement.

     

    (c)           As
provided in Section 6.5 hereof, the Subordination Agent shall be fully protected
in relying on any of the information set forth in a Written Notice provided by
any Trustee or the Liquidity Provider pursuant to paragraphs (a) and (b) above
and shall have no independent obligation to verify, calculate or recalculate any
amount set forth in any Written Notice delivered in accordance with such
paragraphs.

     

    (d)           Any
Written Notice delivered by any Trustee, the Liquidity Provider or the
Subordination Agent, as applicable, pursuant to Section 3.1(a) hereof, if made
prior to 10:00 A.M. (New York City time) on any Business Day, shall be effective
on the date delivered (or if delivered later on a Business Day or if delivered
on a day which is not a Business Day shall be effective as of the next Business
Day).  Subject to the terms of this Agreement, the Subordination Agent
shall as promptly as practicable comply with any such instructions; provided, however, that any
transfer of funds pursuant to any instruction received after 10:00 A.M.
(New York City time) on any Business Day may be made on the next succeeding
Business Day.

     

    (e)           In
the event the Subordination Agent shall not receive from any Person any
information set forth in paragraph (a) above which is required to enable the
Subordination Agent to make a distribution to such Person pursuant to Section
3.2 hereof, the Subordination Agent shall request such information and, failing
to receive any such information, the Subordination Agent shall not make such
distribution(s) to such Person.  In such event, the Subordination
Agent shall make distributions pursuant to clauses "first" through "eighth" of
Section 3.2 to the extent it shall have sufficient information to enable it to
make such distributions, and shall continue to hold any funds remaining, after
making such distributions, until the Subordination Agent shall receive all
necessary information to enable it to distribute any funds so
withheld.

     

    (f)           On
such dates (but not more frequently than monthly) as the Liquidity Provider or
any Trustee shall request, but in any event automatically at the end of each
calendar quarter, the Subordination Agent shall send to such party a written
statement reflecting all amounts on deposit with the Subordination Agent
pursuant to Section 3.1(e) hereof.

     

    

    
      
        
           

        

        
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    The
notices required under this Section 3.1(a) may be in the form of a schedule or
similar document provided to the Subordination Agent by the parties referenced
therein or by any one of them, which schedule or similar document may state
that, unless there has been a prepayment of the Certificates, such schedule or
similar document is to remain in effect until any substitute notice or amendment
shall be given to the Subordination Agent by the party providing such
notice.

     

    SECTION 3.2.  Distribution of Amounts on
Deposit in the Collection Account.  Except
as otherwise provided in Sections 2.4, 3.1(e), 3.3, 3.5(b), 3.5(k) and 3.5(m),
amounts on deposit in the Collection Account (including amounts on deposit in
the Special Payments Account) shall be promptly distributed on each Regular
Distribution Date (or, in the case of any amount described in Section 2.4(a), on
the Special Distribution Date thereof) in the following order of priority and in
accordance with the information provided to the Subordination Agent pursuant to
Section 3.1(a) hereof:

     

    first, such amount as
shall be required to reimburse (i) the Subordination Agent for any
reasonable out-of-pocket costs and expenses actually incurred by it (to the
extent not previously reimbursed) or reasonably expected to be incurred by it
for the period ending on the next succeeding Regular Distribution Date (which
shall not exceed $150,000 unless approved in writing by the Controlling Party)
in the protection of, or the realization of the value of, the Equipment Notes or
any Collateral, shall be applied by the Subordination Agent in reimbursement of
such costs and expenses, (ii) the Class A Trustee for any amounts of the
nature described in clause (i) above actually incurred by it under the
Class A Trust Agreement (to the extent not previously reimbursed), shall be
distributed to the Class A Trustee, (iii) the Liquidity Provider for any
amounts of the nature described in clause (i) above actually incurred by it
(to the extent not previously reimbursed), shall be distributed to the Liquidity
Provider, and (iv) the Liquidity Provider or any Class A Certificateholder
for payments, if any, made by it to the Subordination Agent or any Trustee in
respect of amounts described in clause (i) above actually incurred by it
(to the extent not previously reimbursed) (collectively, the "Administration
Expenses"), shall be distributed to the Liquidity Provider or the Class A
Trustee for the account of the Class A Certificateholder, in each such case, pro
rata on the basis of all amounts described in clauses (i) through
(iv) above;

     

    second, such amount
as shall be required to pay all accrued and unpaid Liquidity Expenses owed to
the Liquidity Provider shall be distributed to the Liquidity
Provider;

     

    third, (i) such
amount as shall be required to pay the aggregate amount of accrued and unpaid
interest on all Liquidity Obligations (at the rate, or in the amount, provided
in the Liquidity Facility), and (ii) if a Special Termination Drawing has been
made under the Liquidity Facility and has not been converted into a Final
Drawing, the outstanding amount of such Special Termination Drawing shall be
distributed to the Liquidity Provider;

     

    fourth, such amount
as shall be required (A) if the Cash Collateral Account had been previously
funded as provided in Section 3.5(f), unless (i) a Performing Note Deficiency
exists and a Liquidity Event of Default shall have occurred and be
continuing

     

    

    
      
        
           

        

        
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    with
respect to the Liquidity Facility or (ii) a Final Drawing shall have occurred,
to fund the Cash Collateral Account up to its Required Amount shall be deposited
in the Cash Collateral Account, (B) if the Liquidity Facility shall become
a Downgraded Facility or a Non-Extended Facility at a time when unreimbursed
Interest Drawings under such Liquidity Facility have reduced the Available
Amount thereunder to zero, unless (i) a Performing Note Deficiency exists and a
Liquidity Event of Default shall have occurred and be continuing with respect to
the Liquidity Facility or (ii) a Final Drawing shall have occurred, to deposit
into the Cash Collateral Account an amount equal to the Required Amount shall be
deposited in the Cash Collateral Account, and (C) if, neither subclause (A) nor
subclause (B) of this clause "fourth" is applicable, to pay or reimburse the
Liquidity Provider in an amount equal to the amount of all Liquidity Obligations
then due (other than amounts payable pursuant to clause "second" or "third" of
this Section 3.2);

     

    fifth, if any amounts
are to be distributed pursuant to either subclause (A) or (B) of clause "fourth"
above, then the Liquidity Provider shall be paid the excess of (x) the
aggregate outstanding amount of unreimbursed Advances (whether or not then due)
under the Liquidity Facility over (y) the Required Amount;

     

    sixth, such amount as
shall be required to reimburse or pay (i) the Subordination Agent for any
Tax (other than Taxes imposed on compensation paid hereunder), expense, fee,
charge or other loss incurred by or any other amount payable to the
Subordination Agent in connection with the transactions contemplated hereby (to
the extent not previously reimbursed), shall be applied by the Subordination
Agent in reimbursement of such amount, (ii) the Class A Trustee for any Tax
(other than Taxes imposed on compensation paid under the Class A Trust
Agreement), expense, fee, charge, loss or any other amount payable to the Class
A Trustee under the Class A Trust Agreements (to the extent not previously
reimbursed), shall be distributed to the Class A Trustee, and (iii) each
Class A Certificateholder for payments, if any, made by it pursuant to
Section 5.2 hereof in respect of amounts described in clause (i)
above, shall be distributed to the Class A Trustee for the account of the Class
A Certificateholder;

     

    seventh, such amount
as shall be required to pay in full accrued and unpaid interest at the Stated
Interest Rate on Pool Balance of the Class A Certificates (excluding
interest, if any, payable with respect to the Deposits relating to the Class A
Trust) shall be distributed to the Class A Trustee;

     

    eighth, such amount
as shall be required to pay in full Expected Distributions to the holders of the
Class A Certificates on such Distribution Date shall be distributed to the Class
A Trustee; and

     

    ninth, the balance,
if any, of any such amount remaining thereafter shall be held in the Collection
Account for later distribution in accordance with this Article III.

     

    If
Additional Certificates have been issued pursuant to Section 9.1(c) hereof, any
and all distributions with respect to such Additional Certificates shall be made
following payment of Expected Distributions with respect to the Class A
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    amendment
hereto executed and delivered in connection with the issuance of such Additional
Certificates.

     

    With
respect to clauses "first" and "sixth" above, no amounts shall be reimbursable
to the Subordination Agent, any Trustee, the Liquidity Provider or any
Certificateholder for any payments made by any such Person in connection with
any Equipment Note that is no longer held by the Subordination Agent (to the
extent that such payments relate to periods after such Equipment Note ceases to
be held by the Subordination Agent).

     

    SECTION 3.3.  Other
Payments.  (a)  Any
payments received by the Subordination Agent for which no provision as to the
application thereof is made in this Agreement shall be distributed by the
Subordination Agent (i) in the order of priority specified in Section 3.2 hereof
and (ii) to the extent received or realized at any time after the Final
Distributions for the Class A Certificates have been made, in the manner
provided in clause "first" of Section 3.2 hereof.

     

    (b)           Notwithstanding
the priority of payments specified in Section 3.2, in the event any Investment
Earnings on amounts on deposit in the Cash Collateral Account resulting from an
Unapplied Provider Advance are deposited in the Collection Account or the
Special Payments Account, such Investment Earnings shall be used to pay interest
payable in respect of such Unapplied Provider Advance to the extent of such
Investment Earnings.

     

    (c)           If
the Subordination Agent receives any Scheduled Payment after the Scheduled
Payment Date relating thereto, but prior to such payment becoming an Overdue
Scheduled Payment, then the Subordination Agent shall deposit such Scheduled
Payment in the Collection Account and promptly distribute such Scheduled Payment
in accordance with the priority of distributions set forth in Section 3.2
hereof; provided that, for
the purposes of this Section 3.3(c) only, the reference in clause "eighth" of
Section 3.2 to "Distribution Date" shall be deemed to refer to such Scheduled
Payment Date.

     

    SECTION 3.4.  Payments to the Trustees and
the Liquidity Provider.  Any
amounts distributed hereunder to the Liquidity Provider shall be paid to the
Liquidity Provider by wire transfer of funds to the account that the Liquidity
Provider shall provide to the Subordination Agent.  The Subordination
Agent shall provide a Written Notice of any such transfer to the Liquidity
Provider at the time of such transfer.  Any amounts distributed
hereunder by the Subordination Agent to any Trustee which shall not be the same
institution as the Subordination Agent shall be paid to such Trustee by wire
transfer to the account such Trustee shall provide to the Subordination
Agent.

     

    SECTION 3.5.  Liquidity
Facility.  (a)
 Interest
Drawings.  If on any Distribution Date, after giving effect to
the subordination provisions of this Agreement, the Subordination Agent shall
not have sufficient funds for the payment of any amounts due and owing in
respect of accrued interest on the Class A Certificates (at the Stated
Interest Rate) (other than any amount of interest which was due and payable on
the Class A Certificates on such Distribution Date but which remains unpaid due
to the failure of the Depositary to pay any amount of accrued interest on the
Deposits on such Distribution Date), then, prior to 12:30 p.m. (New York City
time) on such Distribution Date, (i) the Subordination Agent shall request
a drawing (each such

     

    

    
      
        
           

        

        
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    drawing,
an "Interest
Drawing") under the Liquidity Facility in an amount equal to the lesser
of (x) an amount sufficient to pay the amount of such accrued interest (at
the Stated Interest Rate) and (y) the Available Amount, and shall pay such
amount to the Class A Trustee in payment of such accrued interest.

     

    (b)           Application of Interest
Drawings.  Notwithstanding anything to the contrary contained
in this Agreement, all payments received by the Subordination Agent in respect
of an Interest Drawing under the Liquidity Facility and all amounts withdrawn by
the Subordination Agent from the Cash Collateral Account, and payable in each
case to the Class A Certificateholders or the Class A Trustee, shall be promptly
distributed to the Class A Trustee.

     

    (c)           Downgrade
Drawings.  (i) A Downgrade Drawing shall be requested by the
Subordination Agent as provided in Section 3.5(c)(iii), if at any time a
Downgrade Event shall have occurred (the Liquidity Facility following a
Downgrade Event being referred to as a "Downgraded
Facility"), unless an event described in Section 3.5(c)(ii) occurs with
respect to the Liquidity Facility.

     

    (ii)  If at any time the
Liquidity Facility becomes a Downgraded Facility, the Subordination Agent shall
request a Downgrade Drawing thereunder in accordance with Section 3.5(c)(iii),
unless the Liquidity Provider or Continental arranges for a Replacement
Liquidity Provider to issue and deliver a Replacement Liquidity Facility to the
Subordination Agent within 10 days after receiving notice of a Downgrade Event
(but not later than the expiration date of the Downgraded
Facility).

     

    (iii)  Upon the occurrence of
any Downgrade Event, unless a Replacement Liquidity Facility is arranged as
provided in Section 3.5(c)(ii), the Subordination Agent shall, on the 10th day
referred to in Section 3.5(c)(ii) (or if such 10th day is not a Business Day, on
the next succeeding Business Day) (or, if earlier, the expiration date of the
Downgraded Facility), request a drawing in accordance with and to the extent
permitted by the Downgraded Facility (such drawing, a "Downgrade Drawing")
of the Available Amount thereunder.  Amounts drawn pursuant to a
Downgrade Drawing shall be maintained and invested as provided in Section 3.5(f)
hereof.  The Liquidity Provider may also arrange for a Replacement
Liquidity Provider to issue and deliver a Replacement Liquidity Facility at any
time after such Downgrade Drawing so long as such Downgrade Drawing has not been
reimbursed in full to the Liquidity Provider.

     

    (d)           Non-Extension
Drawings.  If at any time the Liquidity Facility is scheduled
to expire on a date (the "Stated Expiration
Date") prior to the date that is 15 days after the Final Legal
Distribution Date for the Class A Certificates, then, no earlier than the 45th
day and no later than the 30th day prior to the then Stated Expiration Date, the
Subordination Agent shall request that the Liquidity Provider extend the Stated
Expiration Date until the earlier of (i) the date which is 15 days after such
Final Legal Distribution Date and (ii) the date that is the day immediately
preceding the 364th day
occurring after the last day of the applicable Consent Period (as hereinafter
defined) (unless the obligations of the Liquidity Provider under the Liquidity
Facility are earlier terminated in accordance with the Liquidity
Facility).  Whether or not the Liquidity Provider has received a
request from the Subordination Agent, the Liquidity Provider shall advise the
Subordination Agent, no earlier than the 30th day
(or, if earlier, the date of the Liquidity Provider's receipt of such request,
if any, from the Subordination Agent) and no later

     

    

    
      
        
           

        

        
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    than the
25th
day prior to the Stated Expiration Date then in effect (such period, with
respect to the Liquidity Facility, the "Consent Period"),
whether, in its sole discretion, it agrees to extend such Stated Expiration
Date.  If (A) on or before the date on which such Consent Period ends,
the Liquidity Facility shall not have been replaced in accordance with Section
3.5(e) and (B) the Liquidity Provider fails irrevocably and unconditionally to
advise the Subordination Agent on or before the date on which such Consent
Period ends that such Stated Expiration Date then in effect shall be so
extended, the Subordination Agent shall, on the date on which such Consent
Period ends (or as soon as possible thereafter), in accordance with the terms of
the expiring Liquidity Facility (a "Non-Extended
Facility"), request a drawing under such expiring Liquidity Facility
(such drawing, a "Non-Extension
Drawing") of the Available Amount thereunder.  Amounts drawn
pursuant to a Non-Extension Drawing shall be maintained and invested in
accordance with Section 3.5(f) hereof.

     

    (e)           Issuance of Replacement
Liquidity Facility.  (i)  At any time, Continental
may, at its option, with cause or without cause, arrange for a Replacement
Liquidity Facility to replace the Liquidity Facility (including any Replacement
Liquidity Facility provided pursuant to Section 3.5(e)(ii) hereof); provided, however, that the
Liquidity Provider shall not be replaced by Continental as the Liquidity
Provider during the period commencing on the 90th day
after the Closing Date and ending on the second anniversary of the Closing Date
unless (A) there shall have become due to the Liquidity Provider, or the
Liquidity Provider shall have demanded, amounts pursuant to Section 3.01, 3.02
or 3.03 of the Liquidity Facility and the replacement of the Liquidity Provider
would reduce or eliminate the obligation to pay such amounts or Continental
determines in good faith that there is a substantial likelihood that the
Liquidity Provider will have the right to claim any such amounts (unless the
Liquidity Provider waives, in writing, any right it may have to claim such
amounts), which determination shall be set forth in a certificate delivered by
Continental to the Liquidity Provider setting forth the basis for such
determination and accompanied by an opinion of outside counsel selected by
Continental and reasonably acceptable to the Liquidity Provider verifying the
legal conclusions, if any, of such certificate relating to such basis, provided that, in the
case of any likely claim for such amounts based upon any proposed, or proposed
change in, law, rule, regulation, interpretation, directive, requirement,
request or administrative practice, such opinion may assume the adoption or
promulgation of such proposed matter, (B) it shall become unlawful or impossible
for the Liquidity Provider (or its Facility Office) to maintain or fund its
LIBOR Advances as described in Section 3.10 of the Liquidity Facility, (C) the
Liquidity Facility of such Liquidity Provider shall become a Downgraded Facility
or a Non-Extended Facility or a Downgrade Drawing or a Non-Extension Drawing
shall have occurred under the Liquidity Facility of the Liquidity Provider or
(D) the Liquidity Provider shall have breached any of its payment (including,
without limitation, funding) obligations under the Liquidity
Facility.  If such Replacement Liquidity Facility is provided at any
time after a Downgrade Drawing, a Non-Extension Drawing or a Special Termination
Drawing has been made, all funds on deposit in the Cash Collateral Account will
be returned to the Liquidity Provider being replaced.

     

    (ii)           If
the Liquidity Provider shall determine not to extend its Liquidity Facility in
accordance with Section 3.5(d), then the Liquidity Provider may, at its
option, arrange for a Replacement Liquidity Facility to replace the Liquidity
Facility during the period no earlier than 30 days and no later than 25 days
prior to the then effective Expiry Date of the Liquidity Facility.  At
any time after a Non-Extension Drawing has been made under the
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    Facility,
the Liquidity Provider may, at its option, arrange for a Replacement Liquidity
Facility to replace the Liquidity Facility under which such Non-Extension
Drawing has been made.

     

    (iii)           No
Replacement Liquidity Facility arranged by Continental or the Liquidity Provider
in accordance with clause (i) or (ii) above or pursuant to Section 3.5(c),
respectively, shall become effective and no such Replacement Liquidity Facility
shall be deemed the "Liquidity Facility" under the Operative Agreements, unless
and until (A) each of the conditions referred to in sub-clauses (iv)(x) and (z)
below shall have been satisfied, (B) if such Replacement Liquidity Facility
shall materially adversely affect the rights, remedies, interests or obligations
of the Class A Certificateholders under any of the Operative Agreements, the
Class A Trustee shall have consented, in writing, to the execution and issuance
of such Replacement Liquidity Facility and (C) in the case of a Replacement
Liquidity Facility arranged by the Liquidity Provider under Section 3.5(e)(ii)
or pursuant to Section 3.5(c), such Replacement Liquidity Facility is acceptable
to Continental.

     

    (iv)           In
connection with the issuance of each Replacement Liquidity Facility, the
Subordination Agent shall (x) prior to the issuance of such Replacement
Liquidity Facility, obtain written confirmation from each Rating Agency that
such Replacement Liquidity Facility will not cause a reduction of any rating
then in effect for any Class of Certificates by such Rating Agency (without
regard to any downgrading of any rating of any Liquidity Provider being replaced
(or, in the case of the initial Liquidity Provider, the Guarantor) pursuant to
Section 3.5(c) hereof), (y) pay all Liquidity Obligations then owing to the
replaced Liquidity Provider (which payment shall be made first from available
funds in the applicable Cash Collateral Account as described in clause (iii) of
Section 3.5(f) hereof, and thereafter from any other available source,
including, without limitation, a drawing under the Replacement Liquidity
Facility) and (z) cause the issuer of the Replacement Liquidity Facility to
deliver the Replacement Liquidity Facility to the Subordination Agent, together
with a legal opinion opining that such Replacement Liquidity Facility is an
enforceable obligation of such Replacement Liquidity Provider.

     

    (v)           Upon
satisfaction of the conditions set forth in clauses (iii) and (iv) of this
Section 3.5(e) with respect to a Replacement Liquidity Facility, (w) the
replaced Liquidity Facility shall terminate, (x) the Subordination Agent shall,
if and to the extent so requested by Continental or the Liquidity Provider being
replaced, execute and deliver any certificate or other instrument required in
order to terminate the replaced Liquidity Facility, shall surrender the replaced
Liquidity Facility to the Liquidity Provider being replaced and shall execute
and deliver the Replacement Liquidity Facility and any associated Fee Letters,
(y) each of the parties hereto shall enter into any amendments to this Agreement
necessary to give effect to (1) the replacement of the Liquidity Provider with
the applicable Replacement Liquidity Provider and (2) the replacement of the
Liquidity Facility with the applicable Replacement Liquidity Facility and (z)
the applicable Replacement Liquidity Provider shall be deemed to be the
Liquidity Provider with the rights and obligations of the Liquidity Provider
hereunder and under the other Operative Agreements and such Replacement
Liquidity Facility shall be deemed to be the Liquidity Facility hereunder and
under the other Operative Agreements.

     

    (f)           Cash Collateral Accounts;
Withdrawals; Investments.  In the event the Subordination Agent
shall draw all available amounts under the Liquidity Facility pursuant
to

     

    

    
      
        
           

        

        
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    Section
3.5(c), 3.5(d), 3.5(i) or 3.5(m) hereof, or in the event amounts are to be
deposited in the Cash Collateral Account pursuant to subclause (A) or (B) of
clause "fourth" of Section 3.2, amounts so drawn or to be deposited, as the case
may be, shall be deposited by the Subordination Agent in the Cash Collateral
Account.  All amounts on deposit in the Cash Collateral Account shall
be invested and reinvested in Eligible Investments in accordance with
Section 2.2(b) hereof.

     

    On each
Interest Payment Date (or, in the case of any Special Distribution Date with
respect to the distribution of a Special Payment, on such Special Distribution
Date), Investment Earnings on amounts on deposit in the Cash Collateral Account
(or, in the case of any Special Distribution Date with respect to the
distribution of a Special Payment, so long as no Indenture Default shall have
occurred and be continuing under any Indenture, a fraction of such Investment
Earnings equal to the Section 2.4 Fraction) shall be deposited in the Collection
Account (or, in the case of any Special Distribution Date with respect to the
distribution of a Special Payment, the Special Payments Account) and applied on
such Interest Payment Date (or Special Distribution Date, as the case may be) in
accordance with Section 3.2 or 3.3 (as applicable).  The Subordination
Agent shall deliver a written statement to Continental and the Liquidity
Provider one day prior to each Interest Payment Date and Special Distribution
Date setting forth the aggregate amount of Investment Earnings held in the Cash
Collateral Account as of such date.  In addition, from and after the
date funds are so deposited, the Subordination Agent shall make withdrawals from
such account as follows:

     

    (i)           on
each Distribution Date, the Subordination Agent shall, to the extent it shall
not have received funds to pay accrued and unpaid interest due and owing on the
Class A Certificates (at the Stated Interest Rate) after giving effect to the
subordination provisions of this Agreement, withdraw from the Cash Collateral
Account, and pay to the Class A Trustee, an amount equal to the lesser of
(x) an amount necessary to pay accrued and unpaid interest (at the Stated
Interest Rate) on the Class A Certificates and (y) the amount on deposit in the
Cash Collateral Account;

     

    (ii)           on
each date on which the Pool Balance of the Class A Trust shall have been reduced
by payments made to the Class A Certificateholders pursuant to Section 3.2
hereof or pursuant to Section 2.03 of the Escrow and Paying Agent Agreement, the
Subordination Agent shall withdraw from the Cash Collateral Account such amount
as is necessary so that, after giving effect to the reduction of the Pool
Balance on such date (and any reduction in the amounts on deposit in the Cash
Collateral Account resulting from a prior withdrawal of amounts on deposit in
the Cash Collateral Account on such date) and any transfer of Investment
Earnings from the Cash Collateral Account to the Collection Account or the
Special Payments Account on such date, an amount equal to the sum of the
Required Amount plus (if on a Distribution Date not coinciding with an Interest
Payment Date) Investment Earnings on deposit in such Cash Collateral Account
(after giving effect to any such transfer of Investment Earnings) will be on
deposit in the Cash Collateral Account and shall first, pay such withdrawn
amount to the Liquidity Provider until the Liquidity Obligations owing to the
Liquidity Provider shall have been paid in full, and second, deposit any
remaining withdrawn amount in the Collection Account;

     

    

    
      
        
           

        

        
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    (iii)           if
a Replacement Liquidity Facility shall be delivered to the Subordination Agent
following the date on which funds have been deposited into the Cash Collateral
Account, the Subordination Agent shall withdraw all amounts on deposit in the
Cash Collateral Account and shall pay such amounts to the replaced Liquidity
Provider until all Liquidity Obligations owed to such Person shall have been
paid in full, and shall deposit any remaining amount in the Collection Account;
and

     

    (iv)           following
the payment of Final Distributions with respect to the Class A Certificates, on
the date on which the Subordination Agent shall have been notified by the
Liquidity Provider that the Liquidity Obligations owed to the Liquidity Provider
have been paid in full, the Subordination Agent shall withdraw all amounts on
deposit in the Cash Collateral Account and shall deposit such amount in the
Collection Account.

     

    (g)           Reinstatement.  With
respect to any Interest Drawing under the Liquidity Facility, upon the
reimbursement of the Liquidity Provider for all or any part of the amount of
such Interest Drawing, together with any accrued interest thereon, the Available
Amount shall be reinstated by an amount equal to the amount of such Interest
Drawing so reimbursed to the Liquidity Provider but not to exceed the Stated
Amount; provided, however, that the
Liquidity Facility shall not be so reinstated in part or in full at any time if
(x) both a Performing Note Deficiency exists and a Liquidity Event of Default
shall have occurred and be continuing with respect to the Liquidity Facility or
(y) a Final Drawing, a Non-Extension Drawing, a Downgrade Drawing or a Special
Termination Drawing shall have occurred with respect to the Liquidity Facility
or an Interest Drawing shall have been converted into a Final
Drawing.  In the event that (i) funds are withdrawn from the Cash
Collateral Account pursuant to clause (i) or (ii) of Section 3.5(f) hereof or
(ii) the Liquidity Facility shall become a Downgraded Facility or a Non-Extended
Facility at a time when unreimbursed Interest Drawings under the Liquidity
Facility have reduced the Available Amount thereunder to zero, then funds
received by the Subordination Agent at any time other than (x) any time when a
Liquidity Event of Default shall have occurred and be continuing with respect to
the Liquidity Facility and a Performing Note Deficiency exists or (y) any time
after a Final Drawing shall have occurred with respect to the Liquidity Facility
or an Interest Drawing shall have been converted into a Final Drawing, shall be
deposited in the Cash Collateral Account as and to the extent provided in clause
"fourth" of Section 3.2 and applied in accordance with Section 3.5(f)
hereof.

     

    (h)           Reimbursement.  The
amount of each drawing under the Liquidity Facility shall be due and payable,
together with interest thereon, on the dates and at the rates, respectively,
provided in the Liquidity Facility.

     

    (i)           Final
Drawing.  Upon receipt from the Liquidity Provider of a
Termination Notice with respect to the Liquidity Facility, the Subordination
Agent shall, not later than the date specified in such Termination Notice, in
accordance with the terms of the Liquidity Facility, request a drawing under the
Liquidity Facility of all available and undrawn amounts thereunder (a "Final
Drawing").  Amounts drawn pursuant to a Final Drawing shall be
maintained and invested in accordance with Section 3.5(f) hereof.

     

    (j)           Adjustments of Stated
Amount.  Promptly following each date on which the Required
Amount is reduced as a result of a reduction in the Pool Balance with respect to
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    Class A
Certificates or otherwise, the Stated Amount shall automatically be adjusted to
an amount equal to the Required Amount (as calculated by the Subordination Agent
after giving effect to such payment).

     

    (k)           Relation to Subordination
Provisions.  Interest Drawings under the Liquidity Facility and
withdrawals from the Cash Collateral Account, in each case, in respect of
interest on the Class A Certificates, will be distributed to the Class A
Trustee, notwithstanding Section 3.2 hereof.

     

    (l)           Assignment of Liquidity
Facility.  The Subordination Agent agrees not to consent to the
assignment by the Liquidity Provider of any of its rights or obligations under
the Liquidity Facility or any interest therein, unless (i) Continental
shall have consented to such assignment and (ii) each Rating Agency shall
have provided a Ratings Confirmation in respect of such assignment; provided, that the
Subordination Agent shall consent to such assignment if the conditions in the
foregoing clauses (i) and (ii) are satisfied, and the foregoing is not intended
to and shall not be construed to limit the rights of the initial Liquidity
Provider under Section 3.5(e)(ii).

     

    (m)           Special Termination
Drawing.  Upon receipt of a Special Termination Notice with
respect to the Liquidity Facility, the Subordination Agent shall, not later than
the date specified in such Special Termination Notice, in accordance with the
terms of the Liquidity Facility, request a drawing under the Liquidity Facility
of all available and undrawn amounts thereunder (a "Special Termination
Drawing").  Amounts drawn pursuant to a Special Termination
Drawing shall be maintained and invested in accordance with Section 3.5(f)
hereof.

     

     

    ARTICLE IV

     

    EXERCISE
OF REMEDIES

     

    SECTION 4.1.  Directions from the
Controlling Party.  (a)  (i)  Following
the occurrence and during the continuation of an Indenture Default under any
Indenture, the Controlling Party shall direct the Subordination Agent, as the
holder of Equipment Notes issued under such Indenture, which in turn shall
direct the Loan Trustee under such Indenture, in the exercise of remedies
available to the holder of such Equipment Notes, including, without limitation,
the ability to vote all such Equipment Notes held by the Subordination Agent in
favor of Accelerating such Equipment Notes in accordance with the provisions of
such Indenture.  If the Equipment Notes issued pursuant to any
Indenture and held by the Subordination Agent have been Accelerated following an
Indenture Default with respect thereto, the Controlling Party may direct the
Subordination Agent to sell, assign, contract to sell or otherwise dispose of
and deliver all (but not less than all) of such Equipment Notes to any Person at
public or private sale, at any location at the option of the Controlling Party,
all upon such terms and conditions as it may reasonably deem advisable in
accordance with applicable law.

     

    (ii)           Following
the occurrence and during the continuation of an Indenture Default under any
Indenture, in the exercise of remedies pursuant to such Indenture, the Loan
Trustee under such Indenture may be directed to lease the related Aircraft to
any Person

     

    

    
      
        
           

        

        
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    (including
Continental) so long as the Loan Trustee in doing so acts in a "commercially
reasonable" manner within the meaning of Article 9 of the Uniform Commercial
Code as in effect in any applicable jurisdiction (including Sections 9-610 and
9-627 thereof).

     

    (iii)           Notwithstanding
the foregoing, so long as any Certificates remain Outstanding, during the period
ending on the date which is nine months after the earlier of (x) the
Acceleration of the Equipment Notes issued pursuant to any Indenture and (y) the
occurrence of a Continental Bankruptcy Event, without the consent of each
Trustee, no Aircraft subject to the Lien of such Indenture or such Equipment
Notes may be sold if the net proceeds from such sale would be less than the
Minimum Sale Price for such Aircraft or such Equipment Notes.

     

    (iv)           Upon
the occurrence and continuation of an Indenture Default under any Indenture, the
Subordination Agent will obtain three desktop appraisals from the Appraisers
selected by the Controlling Party setting forth the current market value,
current lease rate and distressed value (in each case, as defined by the
International Society of Transport Aircraft Trading or any successor
organization) of the Aircraft subject to such Indenture (each such appraisal, an
"Appraisal" and the current market
value appraisals being referred to herein as the "Post-Default
Appraisals"). For so long as any
Indenture Default shall be continuing under any Indenture, and without limiting
the right of the Controlling Party to request more frequent Appraisals, the
Subordination Agent will obtain updated Appraisals on the date that
is 364 days from the date of the most recent Appraisal (or if a
Continental Bankruptcy Event shall have occurred and is continuing, on the date
that is 180 days from the date of the most recent
Appraisal).

     

    (b)           Following
the occurrence and during the continuance of an Indenture Default under any
Indenture, the Controlling Party shall take such actions as it may reasonably
deem most effectual to complete the sale or other disposition of the relevant
Aircraft or Equipment Notes.  In addition, in lieu of any sale,
assignment, contract to sell or other disposition, the Controlling Party may
maintain or cause the Subordination Agent to maintain possession of such
Equipment Notes and continue to apply monies received in respect of such
Equipment Notes in accordance with Article III hereof.  In addition,
in lieu of such sale, assignment, contract to sell or other disposition, or in
lieu of such maintenance of possession, the Controlling Party may, subject to
the terms and conditions of the related Indenture, instruct the Loan Trustee
under such Indenture to foreclose on the Lien on the related Aircraft or to take
any other remedial action permitted under such Indenture or under any applicable
law.

     

    (c)           If
following a Continental Bankruptcy Event and during the pendency thereof, the
Controlling Party receives a proposal from or on behalf of Continental to
restructure the financing of any one or more of the Aircraft, the Controlling
Party shall promptly thereafter give the Subordination Agent and each Trustee
notice of the material economic terms and conditions of such restructuring
proposal whereupon the Subordination Agent acting on behalf of each Trustee
shall endeavor using reasonable commercial efforts to make such terms and
conditions of such restructuring proposal available to all Certificateholders
(whether by posting on DTC's Internet board or
otherwise).  Thereafter, neither the Subordination Agent nor any
Trustee, whether acting on instructions of the Controlling Party or otherwise,
may, without the consent of each Trustee, enter into any term sheet, stipulation
or other agreement (whether in the form of an adequate protection stipulation,
an extension under Section 1110(b) of the Bankruptcy

     

    

    
      
        
           

        

        
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    Code or
otherwise) to effect any such restructuring proposal with or on behalf of
Continental unless and until the material economic terms and conditions of such
restructuring shall have been made available to all Certificateholders for a
period of not less than 15 calendar days (except that such requirement shall not
apply to any such term sheet, stipulation or other agreement that is entered
into on or prior to the expiry of the 60-Day Period and that is effective for a
period not longer than three months from the expiry of the 60-Day
Period).  If Additional Certificates have been issued and are
outstanding and any Additional Certificateholder gives irrevocable notice of the
exercise of its right to purchase all (but not less than all) of the Class A
Certificates pursuant to the applicable Trust Agreement prior to the expiry of
the 15-day notice period specified above, the Controlling Party may not direct
the Subordination Agent or any Trustee to enter into any such restructuring
proposal with respect to any of the Aircraft unless and until such Additional
Certificateholders shall fail to purchase the Class A Certificates on the date
that it is required to make such purchase.

     

    SECTION 4.2.  Remedies
Cumulative.  Each
and every right, power and remedy given to the Trustees, the Liquidity Provider,
the Controlling Party or the Subordination Agent specifically or otherwise in
this Agreement shall be cumulative and shall be in addition to every other
right, power and remedy herein specifically given or now or hereafter existing
at law, in equity or by statute, and each and every right, power and remedy
whether specifically herein given or otherwise existing may, subject always to
the terms and conditions hereof, be exercised from time to time and as often and
in such order as may be deemed expedient by any Trustee, the Liquidity Provider,
the Controlling Party or the Subordination Agent, as appropriate, and the
exercise or the beginning of the exercise of any power or remedy shall not be
construed to be a waiver of the right to exercise at the same time or thereafter
any other right, power or remedy.  No delay or omission by any
Trustee, the Liquidity Provider, the Controlling Party or the Subordination
Agent in the exercise of any right, remedy or power or in the pursuit of any
remedy shall impair any such right, power or remedy or be construed to be a
waiver of any default or to be an acquiescence therein.

     

    SECTION 4.3.  Discontinuance of
Proceedings.  In
case any party to this Agreement (including the Controlling Party in such
capacity) shall have instituted any Proceeding to enforce any right, power or
remedy under this Agreement by foreclosure, entry or otherwise, and such
Proceeding shall have been discontinued or abandoned for any reason or shall
have been determined adversely to the Person instituting such Proceeding, then
and in every such case each such party shall, subject to any determination in
such Proceeding, be restored to its former position and rights hereunder, and
all rights, remedies and powers of such party shall continue as if no such
Proceeding had been instituted.

     

    SECTION 4.4.  Right of Certificateholders
and the Liquidity Provider to Receive Payments Not to Be
Impaired.  Anything
in this Agreement to the contrary notwithstanding but subject to each Trust
Agreement, the right of any Certificateholder or the Liquidity Provider,
respectively, to receive payments hereunder (including without limitation
pursuant to Section 3.2 hereof) when due, or to institute suit for the
enforcement of any such payment on or after the applicable Distribution Date,
shall not be impaired or affected without the consent of such Certificateholder
or the Liquidity Provider, respectively.

     

    

    
      
        
           

        

        
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    SECTION 4.5.  Undertaking for
Costs.  In
any Proceeding for the enforcement of any right or remedy under this Agreement
or in any Proceeding against any Controlling Party or the Subordination Agent
for any action taken or omitted by it as Controlling Party or Subordination
Agent, as the case may be, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys' fees and expenses, against any party litigant in the suit,
having due regard to the merits and good faith of the claims or defenses made by
the party litigant.  The provisions of this Section do not apply to a
suit instituted by the Subordination Agent, the Liquidity Provider or a Trustee
or a suit by Certificateholders holding more than 10% of the original principal
amount of any Class of Certificates.

     

     

    ARTICLE V

     

    DUTIES OF
THE SUBORDINATION AGENT;

    AGREEMENTS
OF TRUSTEES, ETC.

     

    SECTION 5.1.  Notice of Indenture Default
or Triggering Event.  (a)  In
the event the Subordination Agent shall have actual knowledge of the occurrence
of an Indenture Default or a Triggering Event, as promptly as practicable, and
in any event within 10 days after obtaining knowledge thereof, the Subordination
Agent shall transmit by mail or courier to the Rating Agencies, the Liquidity
Provider and the Trustees notice of such Indenture Default or Triggering Event,
unless such Indenture Default or Triggering Event shall have been cured or
waived.  For all purposes of this Agreement, in the absence of actual
knowledge on the part of a Responsible Officer, the Subordination Agent shall
not be deemed to have knowledge of any Indenture Default or Triggering Event
unless notified in writing by one or more Trustees, the Liquidity Provider or
one or more Certificateholders.

     

    (b)           Other
Notices.  The Subordination Agent will furnish to the Liquidity
Provider and each Trustee, promptly upon receipt thereof, duplicates or copies
of all reports, notices, requests, demands, certificates, financial statements
and other instruments furnished to the Subordination Agent as registered holder
of the Equipment Notes or otherwise in its capacity as Subordination Agent to
the extent the same shall not have been otherwise directly distributed to the
Liquidity Provider or Trustee, as applicable, pursuant to the express provision
of any other Operative Agreement.

     

    (c)           Securities
Position.  Upon the occurrence of an Indenture Default, the
Subordination Agent shall instruct the Trustees to, and the Trustees shall,
request that DTC post on its Internet bulletin board a securities position
listing setting forth the names of all the parties reflected on DTC's books as
holding interests in the Certificates.

     

    (d)           Reports.  Promptly
after the occurrence of a Triggering Event or an Indenture Default resulting
from the failure of Continental to make payments on any Equipment Note and on
every Regular Distribution Date while the Triggering Event or such Indenture
Default shall be continuing, the Subordination Agent will provide to the
Trustees, the Liquidity

     

    

    
      
        
           

        

        
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    Provider,
the Rating Agencies and Continental a statement setting forth the following
information:

     

    (i)           after
a Continental Bankruptcy Event, with respect to each Aircraft, whether such
Aircraft is (A) subject to the 60-day period of
Section 1110(a)(2)(A) of the Bankruptcy Code, (B) subject to an
election by Continental under Section 1110(a) of the Bankruptcy Code,
(C) covered by an agreement contemplated by Section 1110(b) of the
Bankruptcy Code or (D) not subject to any of (A), (B) or
(C);

     

    (ii)           to
the best of the Subordination Agent's knowledge, after requesting such
information from Continental, (A) whether the Aircraft are currently in
service or parked in storage, (B) the maintenance status of the Aircraft
and (C) the location of the Engines (as defined in the
Indentures);

     

    (iii)           the
current Pool Balance of the Certificates and outstanding principal amount of all
Equipment Notes;

     

    (iv)           the
expected amount of interest which will have accrued on the Equipment Notes and
on the Certificates as of the next Regular Distribution Date;

     

    (v)           the
amounts paid to each Person on such Distribution Date pursuant to this
Agreement;

     

    (vi)           details
of the amounts paid on such Distribution Date identified by reference to the
relevant provision of this Agreement and the source of payment (by Aircraft and
party);

     

    (vii)           if
the Subordination Agent has made a Final Drawing under the Liquidity
Facility;

     

    (viii)                      the
amounts currently owed to the Liquidity Provider;

     

    (ix)           the
amounts drawn under the Liquidity Facility; and

     

    (x)           after
a Continental Bankruptcy Event, any operational reports filed by Continental
with the bankruptcy court which are available to the Subordination Agent on a
non-confidential basis.

     

    SECTION 5.2.  Indemnification.  The
Subordination Agent shall not be required to take any action or refrain from
taking any action under Section 5.1 (other than the first sentence thereof) or
Article IV hereof unless the Subordination Agent shall have been indemnified (to
the extent and in the manner reasonably satisfactory to the Subordination Agent)
against any liability, cost or expense (including counsel fees and expenses)
which may be incurred in connection therewith.  The Subordination
Agent shall not be under any obligation to take any action under this Agreement
and nothing contained in this Agreement shall require the Subordination Agent to
expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers if it shall have reasonable grounds for believing that
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    indemnity
against such risk or liability is not reasonably assured to it.  The
Subordination Agent shall not be required to take any action under Section 5.1
(other than the first sentence thereof) or Article IV hereof, nor shall any
other provision of this Agreement be deemed to impose a duty on the
Subordination Agent to take any action, if the Subordination Agent shall have
been advised by counsel that such action is contrary to the terms hereof or is
otherwise contrary to law.

     

    SECTION 5.3.  No Duties Except as
Specified in this Intercreditor Agreement.  The
Subordination Agent shall not have any duty or obligation to take or refrain
from taking any action under, or in connection with, this Agreement, except as
expressly provided by the terms of this Agreement; and no implied duties or
obligations shall be read into this Agreement against the Subordination
Agent.  The Subordination Agent 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 5.2 or 7.1 hereof) promptly
take such action as may be necessary to duly discharge all Liens on any of the
Trust Accounts or any monies deposited therein which result from claims against
it in its individual capacity not related to its activities hereunder or any
other Operative Agreement.

     

    SECTION 5.4.  Notice from the Liquidity
Provider and Trustees.  If
the Liquidity Provider or a Trustee has notice of an Indenture Default or a
Triggering Event, such Person shall promptly give notice thereof to each other
party hereto, provided, however, that no such
Person shall have any liability hereunder as a result of its failure to deliver
any such notice.

     

     

    ARTICLE VI

     

    THE
SUBORDINATION AGENT

     

    SECTION 6.1.  Authorization; Acceptance of
Trusts and Duties.  The
Class A Trustee hereby designates and appoints the Subordination Agent as its
agent and trustee under the Liquidity Facility and authorizes the Subordination
Agent to enter into the Liquidity Facility as its agent and
trustee.  The Liquidity Provider and each Trustee hereby designate and
appoint the Subordination Agent as the Subordination Agent under this
Agreement.  WTC hereby accepts the duties hereby created and
applicable to it as the Subordination Agent and agrees to perform the same but
only upon the terms of this Agreement and agrees to receive and disburse all
monies received by it in accordance with the terms hereof.  The
Subordination Agent shall not be answerable or accountable under any
circumstances, except (a) for its own willful misconduct or gross negligence (or
ordinary negligence in the handling of funds), (b) as provided in Sections 2.2
or 5.3 hereof and (c) for liabilities that may result from the material
inaccuracy of any representation or warranty of the Subordination Agent made in
its individual capacity in any Operative Agreement.  The Subordination
Agent shall not be liable for any error of judgment made in good faith by a
Responsible Officer of the Subordination Agent, unless it is proved that the
Subordination Agent was negligent in ascertaining the pertinent
facts.

     

    SECTION 6.2.  Absence of
Duties.  The
Subordination Agent shall have no duty to see to any recording or filing of this
Agreement or any other document, or to see to the maintenance of any such
recording or filing.

     

    

    
      
        
           

        

        
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    SECTION 6.3.  No Representations or
Warranties as to Documents.  The
Subordination Agent in its individual capacity does not make nor shall be deemed
to have made any representation or warranty as to the validity, legality or
enforceability of this Agreement or any other Operative Agreement or as to the
correctness of any statement contained in any thereof, except for the
representations and warranties of the Subordination Agent, made in its
individual capacity, under any Operative Agreement to which it is a
party.  The Certificateholders, the Trustees and the Liquidity
Provider make no representation or warranty hereunder whatsoever.

     

    SECTION 6.4.  No Segregation of Monies; No
Interest.  Any
monies paid to or retained by the Subordination Agent pursuant to any provision
hereof and not then required to be distributed to any Trustee or the Liquidity
Provider as provided in Articles II and III hereof or deposited into one or more
Trust Accounts need not be segregated in any manner except to the extent
required by such Articles II and III and by law, and the Subordination Agent
shall not (except as otherwise provided in Section 2.2 hereof) be liable for any
interest thereon; provided, however, that any
payments received or applied hereunder by the Subordination Agent shall be
accounted for by the Subordination Agent so that any portion thereof paid or
applied pursuant hereto shall be identifiable as to the source
thereof.

     

    SECTION 6.5.  Reliance; Agents; Advice of
Counsel.  The
Subordination Agent shall not incur liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, bond or other document or paper believed by it to be genuine
and believed by it to be signed by the proper party or parties.  As to
the Pool Balance of any Trust as of any date, the Subordination Agent may for
all purposes hereof rely on a certificate signed by any Responsible Officer of
the applicable Trustee, and such certificate shall constitute full protection to
the Subordination Agent for any action taken or omitted to be taken by it in
good faith in reliance thereon.  As to any fact or matter relating to
the Liquidity Provider or the Trustees the manner of ascertainment of which is
not specifically described herein, the Subordination Agent may for all purposes
hereof rely on a certificate, signed by any Responsible Officer of the
applicable Liquidity Provider or Trustee, as the case may be, as to such fact or
matter, and such certificate shall constitute full protection to the
Subordination Agent for any action taken or omitted to be taken by it in good
faith in reliance thereon.  The Subordination Agent shall assume, and
shall be fully protected in assuming, that the Liquidity Provider and each of
the Trustees are authorized to enter into this Agreement and to take all action
to be taken by them pursuant to the provisions hereof, and shall not inquire
into the authorization of the Liquidity Provider and the Trustees with respect
thereto.  In the administration of the trusts hereunder, the
Subordination Agent may execute any of the trusts or powers hereof and perform
its powers and duties hereunder directly or through agents or attorneys and may
consult with counsel, accountants and other skilled persons to be selected and
retained by it, and the Subordination Agent shall not be liable for the acts or
omissions of any agent appointed with due care or for anything done, suffered or
omitted in good faith by it in accordance with the advice or written opinion of
any such counsel, accountants or other skilled persons.

     

    SECTION 6.6.  Capacity in Which
Acting.  The
Subordination Agent acts hereunder solely as agent and trustee herein and not in
its individual capacity, except as otherwise expressly provided in the Operative
Agreements.

     

    

    
      
        
           

        

        
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    SECTION 6.7.  Compensation.  The
Subordination Agent shall be entitled to reasonable compensation, including
expenses and disbursements, for all services rendered hereunder and shall have a
priority claim to the extent set forth in Article III hereof on all monies
collected hereunder for the payment of such compensation, to the extent that
such compensation shall not be paid by others.  The Subordination
Agent agrees that it shall have no right against any Trustee or the Liquidity
Provider for any fee as compensation for its services as agent under this
Agreement.  The provisions of this Section 6.7 shall survive the
termination of this Agreement.

     

    SECTION 6.8.  May Become
Certificateholder.  The
institution acting as Subordination Agent hereunder may become a
Certificateholder and have all rights and benefits of a Certificateholder to the
same extent as if it were not the institution acting as the Subordination
Agent.

     

    SECTION 6.9.  Subordination Agent
Required; Eligibility.  There
shall at all times be a Subordination Agent hereunder which shall be a
corporation organized and doing business under the laws of the United States of
America or of any State or the District of Columbia having a combined capital
and surplus of at least $100,000,000 (or the obligations of which, whether now
in existence or hereafter incurred, are fully and unconditionally guaranteed by
a corporation organized and doing business under the laws of the United States
of America, any State thereof or of the District of Columbia and having a
combined capital and surplus of at least $100,000,000), if there is such an
institution willing and able to perform the duties of the Subordination Agent
hereunder upon reasonable or customary terms.  Such corporation shall
be a citizen of the United States and shall be authorized under the laws of the
United States or any State thereof or of the District of Columbia to exercise
corporate trust powers and shall be subject to supervision or examination by
federal, state or District of Columbia authorities.  If such
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of any of the aforesaid supervising or examining
authorities, then, for the purposes of this Section 6.9, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so
published.

     

    In case
at any time the Subordination Agent shall cease to be eligible in accordance
with the provisions of this Section, the Subordination Agent shall resign
immediately in the manner and with the effect specified in Section
8.1.

     

    SECTION 6.10.  Money to Be Held in
Trust.  All
Equipment Notes, monies and other property deposited with or held by the
Subordination Agent pursuant to this Agreement shall be held in trust for the
benefit of the parties entitled to such Equipment Notes, monies and other
property.  All such Equipment Notes, monies or other property shall be
held in the Trust Department of the institution acting as Subordination Agent
hereunder.

     

     

    ARTICLE VII

     

    INDEMNIFICATION
OF SUBORDINATION AGENT

     

    

    
      
        
           

        

        
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    SECTION 7.1.  Scope of
Indemnification.  The
Subordination Agent shall be indemnified hereunder to the extent and in the
manner described in Section 8.1 of the Participation Agreements and Section 6 of
the Note Purchase Agreement.  The indemnities contained in such
Sections of such agreements shall survive the termination of this
Agreement.

     

     

    ARTICLE VIII

     

    SUCCESSOR
SUBORDINATION AGENT

     

    SECTION 8.1.  Replacement of Subordination
Agent; Appointment of Successor.  The
Subordination Agent may resign at any time by so notifying each other party
hereto.  The Controlling Party may remove the Subordination Agent for
cause by so notifying the Subordination Agent and may appoint a successor
Subordination Agent.  The Controlling Party shall remove the
Subordination Agent if:

     

    (1)           the
Subordination Agent fails to comply with Section 6.9 hereof;

     

    (2)           the
Subordination Agent is adjudged bankrupt or insolvent;

     

    (3)           a
receiver or other public officer takes charge of the Subordination Agent or its
property; or

     

    (4)           the
Subordination Agent otherwise becomes incapable of acting.

     

    If the
Subordination Agent resigns or is removed or if a vacancy exists in the office
of Subordination Agent for any reason (the Subordination Agent in such event
being referred to herein as the retiring Subordination Agent), the Controlling
Party shall promptly appoint a successor Subordination Agent.

     

    A
successor Subordination Agent shall deliver (x) a written acceptance of its
appointment as Subordination Agent hereunder to the retiring Subordination Agent
and (y) a written assumption of its obligations hereunder and under the
Liquidity Facility to each party hereto, upon which the resignation or removal
of the retiring Subordination Agent shall become effective, and the successor
Subordination Agent shall have all the rights, powers and duties of the
Subordination Agent under this Agreement.  The successor Subordination
Agent shall mail a notice of its succession to each other party
hereto.  The retiring Subordination Agent shall promptly transfer its
rights under the Liquidity Facility and all of the property held by it as
Subordination Agent to the successor Subordination Agent.

     

    If a
successor Subordination Agent does not take office within 60 days after the
retiring Subordination Agent resigns or is removed, the retiring Subordination
Agent or the Class A Trustee may petition any court of competent jurisdiction
for the appointment of a successor Subordination Agent.

     

    If the
Subordination Agent fails to comply with Section 6.9 hereof (to the extent
applicable), the Class A Trustee or the Liquidity Provider may petition any
court of competent

     

    

    
      
        
           

        

        
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    jurisdiction
for the removal of the Subordination Agent and the appointment of a successor
Subordination Agent.

     

    Notwithstanding
the foregoing, no resignation or removal of the Subordination Agent shall be
effective unless and until a successor has been appointed.  No
appointment of a successor Subordination Agent shall be effective unless and
until the Rating Agencies shall have delivered a Ratings
Confirmation.

     

     

    ARTICLE IX

     

    SUPPLEMENTS
AND AMENDMENTS

     

    SECTION 9.1.  Amendments, Waivers,
Possible Future Issuance of an Additional Class of Certificates,
etc.  (a)  This
Agreement may not be supplemented, amended or modified without the consent of
the Class A Trustee (acting, except in the case of any amendment pursuant to
Section 3.5(e)(v)(y) hereof with respect to any Replacement Liquidity Facility
or any amendment contemplated by the last sentence of this Section 9.1(a), with
the consent of holders of the Class A Certificates evidencing interests in the
Class A Trust aggregating not less than a majority in interest in such Trust or
as otherwise authorized pursuant to the relevant Trust Agreement), the
Subordination Agent and the Liquidity Provider; provided, however, that this
Agreement may be supplemented, amended or modified without the consent of the
Class A Trustee if such supplement, amendment or modification (i) is in
accordance with Section 9.1(c) hereof or (ii) cures an ambiguity or
inconsistency or does not materially adversely affect the Class A Trustee or the
holders of the Class A Certificates; provided further, however, that, if
such supplement, amendment or modification (A) would (x) directly or indirectly
modify or supersede, or otherwise conflict with, Section 2.2(b), Section 3.5(e),
Section 3.5(f)(other than the last sentence thereof), Section 3.5(l), the last
sentence of this Section 9.1(a), Section 9.1(c), the second sentence of Section
10.6 or this proviso (collectively, the "Continental
Provisions") or (y) otherwise adversely affect the interests of a
potential Replacement Liquidity Provider or of Continental with respect to its
ability to replace the Liquidity Facility or with respect to its payment
obligations under any Operative Agreement or (B) is made pursuant to the last
sentence of this Section 9.1(a) or pursuant to Section 9.1(c), then such
supplement, amendment or modification shall not be effective without the
additional written consent of Continental.  Notwithstanding the
foregoing, without the consent of each Class A Certificateholder and the
Liquidity Provider, no supplement, amendment or modification of this Agreement
may (i) reduce the percentage of the interest in the Class A Trust necessary to
consent to modify or amend any provision of this Agreement or to waive
compliance therewith or (ii) except as provided in this Section 9.1(a) or
Section 9.1(c), modify Section 2.4 or 3.2 hereof, relating to the distribution
of monies received by the Subordination Agent hereunder from the Equipment Notes
or pursuant to the Liquidity Facility.  Nothing contained in this
Section shall require the consent of the Class A Trustee at any time following
the payment of Final Distributions with respect to the related Class A
Certificates.  If the Replacement Liquidity Facility for the Liquidity
Facility in accordance with Section 3.5(e) hereof is to be comprised of more
than one instrument as contemplated by the definition of the term "Replacement
Liquidity Facility", then each of the parties hereto agrees to amend this
Agreement to incorporate appropriate mechanics for multiple Liquidity Facilities
for an individual Trust.

     

    

    
      
        
           

        

        
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    (b)           In
the event that the Subordination Agent, as the registered holder of any
Equipment Notes, receives a request for the giving of any notice or for its
consent to any amendment, supplement, modification, consent or waiver under such
Equipment Notes, the Indenture pursuant to which such Equipment Notes were
issued, or the related Participation Agreement or other related document, (i) if
no Indenture Default shall have occurred and be continuing with respect to such
Indenture, the Subordination Agent shall request directions with respect to such
Equipment Notes from the Class A Trustee and shall vote or consent in accordance
with the directions of such Trustee, and (ii) if any Indenture Default shall
have occurred and be continuing with respect to such Indenture, the
Subordination Agent will exercise its voting rights with respect to such
Equipment Notes as directed by the Controlling Party (subject to Sections 4.1
and 4.4 hereof); provided that no such
amendment, modification or waiver shall, without the consent of each affected
Certificateholder and the Liquidity Provider, reduce the amount of principal or
interest payable by Continental under any Series A Equipment Note or change the
time of payments or method of calculation of any amount under any Equipment
Note.

     

    (c)           Pursuant
to the terms of Section 2.02 of each Indenture and Section 4(a)(vi) of the Note
Purchase Agreement, one additional series of Equipment Notes (the "Additional Equipment
Notes") may be issued from time to time after the Delivery Period Expiry
Date, provided
that no more than one series of Additional Equipment Notes shall be outstanding
at any time.  The Additional Equipment Notes (to be designated "Series B Equipment
Notes") will be subordinated in right of payment to the Series A
Equipment Notes.  If any series of Additional Equipment Notes is
issued under any Indenture, such series of Additional Equipment Notes shall be
issued to a new pass through trust (an "Additional Trust")
that issues a class of pass through certificates (the "Additional
Certificates") to certificateholders (the "Additional
Certificateholders") pursuant to a pass through trust agreement (an
"Additional Trust
Agreement") with a trustee (an "Additional
Trustee").  On each Distribution Date, no distributions or
other cash payments may be made on or in respect of the Additional Certificates
unless and until the Expected Distributions with respect to the Class A
Certificates on such Distribution Date have been made in full; provided that, the
Additional Trustee shall be reimbursed on a pari passu basis with the
Class A Trustee for any amounts of the nature described in clause (i) of clause
"first" of Section 3.2 hereof but solely to the extent such amounts (x)
constitute ordinary administrative expenses (and for the avoidance of doubt,
"ordinary administrative expenses" shall not include any costs or expenses
(including any costs of counsel) incurred by the Additional Trustee related to
enforcement under any of the Operative Agreements) and (y) have been actually
incurred by the Additional Trustee under the Additional Trust
Agreement.  If Additional Certificates are to be so issued, this
Agreement shall be amended by written agreement of Continental and the
Subordination Agent to provide for the subordination of the Additional
Certificates to the Administration Expenses, the Liquidity Obligations, the
Class A Certificates and otherwise on the terms noted above.  Such
issuance and the amendment of this Agreement as provided below shall require
Ratings Confirmation and shall not materially adversely affect the Class A
Trustee.  This Agreement shall be amended by written agreement of
Continental and the Subordination Agent to give effect to the issuance of any
Additional Certificates subject to the following terms and
conditions:

     

    (i)           the
Additional Trustee shall be added as a party to this Agreement;

     

    

    
      
        
           

        

        
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    (ii)           the
definitions of "Certificate", "Class", "Equipment Notes", "Final Legal
Distribution Date", "Trust", "Trust Agreement" and "Controlling Party" (and such
other applicable definitions) and the subordination provisions of this Agreement
shall be revised, as appropriate, to reflect the issuance of the Additional
Certificates (and the subordination thereof, as provided above);

     

    (iii)           the
Additional Certificates shall not have the benefit of any credit support similar
to the Liquidity Facility;

     

    (iv)           the
Additional Certificates cannot be issued to Continental but may be issued to any
of Continental's Affiliates so long as such Affiliate shall have bankruptcy
remote and special purpose provisions in its certificate of incorporation or
other organizational documents and any subsequent transfer of the Additional
Certificates to any Affiliate of Continental shall be similarly
restricted;

     

    (v)           the
provisions of this Agreement governing payments with respect to Certificates and
related notices, including Sections 2.4, 3.1 and 3.2, shall be revised to
provide for distributions on the Additional Certificates after payment of the
Administration Expenses, the Liquidity Obligations, the Class A Certificates and
otherwise on the terms of subordination noted above; and

     

    (vi)           the
scheduled payment dates on such series of Additional Equipment Notes shall be on
the Regular Distribution Dates subject always to the terms of subordination
noted above.

     

    The
issuance of the Additional Certificates in compliance with all of the foregoing
terms of this Section 9.1(c) shall not require the consent of any of the Class A
Trustee or the holders of the Class A Certificates.  The Liquidity
Provider hereby agrees and confirms that it shall be deemed to consent to any
issuance and amendment in accordance with this Section 9.1(c).

     

    SECTION 9.2.  Subordination Agent
Protected.  If,
in the reasonable opinion of the institution acting as the Subordination Agent
hereunder, any document required to be executed pursuant to the terms of Section
9.1 affects any right, duty, immunity or indemnity with respect to it under this
Agreement or the Liquidity Facility, the Subordination Agent may in its
discretion decline to execute such document.

     

    SECTION 9.3.  Effect of Supplemental
Agreements.  Upon
the execution of any amendment, consent or supplement hereto pursuant to the
provisions hereof, this Agreement shall be and be deemed to be and shall be
modified and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under this Agreement
of the parties hereto and beneficiaries hereof shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such supplemental
agreement shall be and be deemed to be and shall be part of the terms and
conditions of this Agreement for any and all purposes.  In executing
or accepting any supplemental agreement permitted by this Article IX, the
Subordination Agent shall be entitled to receive, and shall be fully protected
in relying upon, an opinion of counsel

     

    

    
      
        
           

        

        
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    stating
that the execution of such supplemental agreement is authorized or permitted by
this Agreement.

     

    SECTION 9.4.  Notice to Rating
Agencies.  Promptly
upon receipt of any amendment, consent, modification, supplement or
waiver contemplated by this Article IX and prior to taking any action
required to be taken thereunder, the Subordination Agent shall send a copy
thereof to each Rating Agency.

     

     

    ARTICLE X

     

    MISCELLANEOUS

     

    SECTION 10.1.  Termination of Intercreditor
Agreement.  Following
payment of Final Distributions with respect to the Class A Certificates and the
payment in full of all Liquidity Obligations to the Liquidity Provider and provided that there
shall then be no other amounts due to the Class A Certificateholders, the Class
A Trustee, the Liquidity Provider and the Subordination Agent hereunder or under
the Class A Trust Agreement, and that the commitment of the Liquidity Provider
under the Liquidity Facility shall have expired or been terminated, this
Agreement and the trusts created hereby shall terminate and this Agreement shall
be of no further force or effect.  Except as aforesaid or otherwise
provided, this Agreement and the trusts created hereby shall continue in full
force and effect in accordance with the terms hereof.

     

    SECTION 10.2.  Intercreditor Agreement for
Benefit of Trustee, Liquidity Provider and Subordination
Agent.  Subject
to the second sentence of Section 10.6 and the provisions of Sections 4.4
and 9.1, nothing in this Agreement, whether express or implied, shall be
construed to give to any Person other than the Class A Trustee, the Liquidity
Provider and the Subordination Agent any legal or equitable right, remedy or
claim under or in respect of this Agreement.

     

    SECTION 10.3.  Notices.  Unless
otherwise expressly specified or permitted by the terms hereof, all notices,
requests, demands, authorizations, directions, consents, waivers or documents
provided or permitted by this Agreement to be made, given, furnished or filed
shall be in writing, mailed by certified mail, postage prepaid, or by confirmed
telecopy and

     

    (i)           if
to the Subordination Agent, addressed to at its office at:

     

    WILMINGTON
TRUST COMPANY

    One
Rodney Square

    1100 N.
Market Street

    Wilmington,
DE 19890-1605

    Attention:  Corporate
Capital Market Services

    Telecopy:  (302)
636-4140

     

    (ii)           if
to any Trustee, addressed to it at its office at:

     

    

    
      
        
           

        

        
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    WILMINGTON
TRUST COMPANY

    One
Rodney Square

    1100 N.
Market Street

    Wilmington,
DE 19890-1605

    Attention:  Corporate
Capital Market Services

    Telecopy:  (302)
636-4140

     

    (iii)           if
to the Liquidity Provider, addressed to it at its office at:

     

    GOLDMAN SACHS BANK USA

    
      	
               
      

            	
              30
      Hudson Street, 36th
      Floor

            

    

    
      	
               
      

            	
              Jersey
      City, NJ 07302

            

    

    
      	
               
      

            	
              Attention:  Muhammad
      Khan 

            

    

    
      	
               
      

            	
              Telecopy:  (917)
      977-3966

            

    

    
      	
               
      

            	
              Telephone:  (212)
      357-4350

            

    

    

    Whenever
any notice in writing is required to be given by the Trustee, the Liquidity
Provider or the Subordination Agent to any of the other of them, such notice
shall be deemed given and such requirement satisfied when such notice is
received.  Any party hereto may change the address to which notices to
such party will be sent by giving notice of such change to the other parties to
this Agreement.

     

    SECTION 10.4.  Severability.  Any
provision of this Agreement 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 10.5.  No Oral Modifications or
Continuing Waivers.  No
terms or provisions of this Agreement may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party or
other Person against whom enforcement of the change, waiver, discharge or
termination is sought and any other party or other Person whose consent is
required pursuant to this Agreement and any waiver of the terms hereof shall be
effective only in the specific instance and for the specific purpose
given.

     

    SECTION 10.6.  Successors and
Assigns.  All
covenants and agreements contained herein shall be binding upon, and inure to
the benefit of, each of the parties hereto and the successors and assigns of
each, all as herein provided.  In addition, the Continental Provisions
shall inure to the benefit of Continental and its successors and assigns, and
(without limitation of the foregoing) Continental is hereby constituted, and
agreed to be, an express third party beneficiary of the Continental
Provisions.  Upon the occurrence of the Transfers contemplated by the
Assignment and Assumption Agreements, the Trustee of the Original Class A Trust
shall (without any further act) be deemed to have transferred all of its rights,
title and interest in and to this Agreement to the trustee of the Successor
Class A Trust of the same Class and, thereafter, the trustee of the Successor
Class A Trust shall be deemed to be the "Trustee" of the Successor Class A Trust
with the rights and obligations of the "Trustee" hereunder and
under

     

    

    
      
        
           

        

        
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    the other
Operative Agreements and each reference to the Trust herein shall be deemed a
reference to the Successor Class A Trust.

     

    SECTION 10.7.  Headings.  The
headings of the various Articles and Sections herein and in the table of
contents hereto are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

     

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

     

    SECTION 10.9.  Subordination.  (a)  As
between the Liquidity Provider, on the one hand, and the Trustee (and any
Additional Trustee) and the Class A Certificateholders (and any Additional
Certificateholders), on the other hand, and as between the Trustee (and any
Additional Trustee) and the related Certificateholders (and any Additional
Certificateholders), this Agreement shall be a subordination agreement for
purposes of Section 510 of the United States Bankruptcy Code, as amended
from time to time.

     

    (b)           Notwithstanding
the provisions of this Agreement, if prior to the payment in full to the
Liquidity Provider of all Liquidity Obligations then due and payable, any party
hereto shall have received any payment or distribution in respect of Equipment
Notes or any other amount under the Indentures or other Operative Agreements
which, had the subordination provisions of this Agreement been properly applied
to such payment, distribution or other amount, would not have been distributed
to such Person, then such payment, distribution or other amount shall be
received and held in trust by such Person and paid over or delivered to the
Subordination Agent for application as provided herein.

     

    (c)           If
the Trustee, the Liquidity Provider or the Subordination Agent receives any
payment in respect of any obligations owing hereunder (or, in the case of the
Liquidity Provider, in respect of the Liquidity Obligations), which is
subsequently invalidated, declared preferential, set aside and/or required to be
repaid to a trustee, receiver or other party, then, to the extent of such
payment, such obligations (or, in the case of the Liquidity Provider, in respect
of the Liquidity Obligations) intended to be satisfied shall be revived and
continue in full force and effect as if such payment had not been
received.

     

    (d)           The
Class A Trustee (on behalf of itself and the holders of the Class A
Certificates), the Liquidity Provider and the Subordination Agent confirm that
the payment priorities specified in Section 3.2 shall apply in all
circumstances, notwithstanding the fact that the obligations owed to the Class A
Trustee and the holders of Class A Certificates are secured by certain assets
and the Liquidity Obligations may not be so secured.  The Class A
Trustee expressly agrees (on behalf of itself and the holders of the Class A
Certificates) not to assert priority over the holders of Liquidity Obligations
(except as specifically set forth in Section 3.2) due to their status as secured
creditors in any bankruptcy, insolvency or other legal proceeding.

     

    (e)           Each
of the Class A Trustee (on behalf of itself and the holders of the Class A
Certificates), the Liquidity Provider and the Subordination Agent may take any
of the following actions without impairing its rights under this
Agreement:

     

    

    
      
        
           

        

        
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    (i)           obtain
a Lien on any property to secure any amounts owing to it hereunder, including,
in the case of the Liquidity Provider, the Liquidity Obligations,

     

    (ii)           obtain
the primary or secondary obligation of any other obligor with respect to any
amounts owing to it hereunder, including, in the case of the Liquidity Provider,
any of the Liquidity Obligations,

     

    (iii)           renew,
extend, increase, alter or exchange any amounts owing to it hereunder,
including, in the case of the Liquidity Provider, any of the Liquidity
Obligations, or release or compromise any obligation of any obligor with respect
thereto,

     

    (iv)           refrain
from exercising any right or remedy, or delay in exercising such right or
remedy, which it may have, or

     

    (v)           take
any other action which might discharge a subordinated party or a surety under
applicable law;

     

    provided, however, that the
taking of any such actions by the Class A Trustee, the Liquidity Provider or the
Subordination Agent shall not prejudice the rights or adversely affect the
obligations of any other party under this Agreement.

     

    SECTION 10.10.  Governing
Law.  THIS
AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE.

     

    SECTION 10.11.  Submission to Jurisdiction;
Waiver of Jury Trial; Waiver of Immunity.

     

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

     

    (i)           submits
for itself and its property in any legal action or proceeding relating to this
Agreement or any other Operative Agreement, or for recognition and enforcement
of any judgment in respect hereof or thereof, to the exclusive jurisdiction of
the courts of the State of New York, the courts of the United States of America
for the Southern District of New York, and the appellate courts from any
thereof; provided, that, in the case
Continental is a debtor in a proceeding under the Bankruptcy Code, each party
also submits for itself and its property to the court that has jurisdiction over
the bankruptcy proceedings;

     

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

     

    (iii)           agrees
that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to each party hereto at its address set
forth in

     

    

    
      
        
           

        

        
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    Section
10.3 hereof, or at such other address of which the other parties shall have been
notified pursuant thereto; and

     

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

     

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

     

         
(c)           The
Liquidity Provider hereby waives any immunity it may have from the jurisdiction
of the courts of the United States or of any State and waives any immunity any
of its properties located in the United States may have from attachment or
execution upon a judgment entered by any such court under the United States
Foreign Sovereign Immunities Act of 1976 or any similar successor
legislation.

    
      

      

      
        
          
             

          

          
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            IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their
respective officers thereunto duly authorized, as of the day and year first
above written, and acknowledge that this Agreement has been made and delivered
in the City of New York, and this Agreement has become effective only upon such
execution and delivery.

     

    
      	 
      	
              WILMINGTON
      TRUST COMPANY,

              not
      in its individual capacity but solely as Trustee for the Class A
      Trust

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	
              Name:

            	 
      
	 
      	
              Title:

            	 
      

    

    

    

    
      	 
      	
              GOLDMAN
      SACHS BANK USA, as the Liquidity Provider

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	
              Name:

            	 
      
	 
      	
              Title:

            	 
      

    

    

    

    
      	 
      	
              WILMINGTON
      TRUST COMPANY,

              not
      in its individual capacity except as expressly set forth herein but solely
      as Subordination Agent and trustee

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	
              Name:

            	 
      
	 
      	
              Title:

            	 
      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

     

    Intercreditor
Agreemente60709081ex4_6.htm

     

    

    

    

    

    

    

    

    DEPOSIT
AGREEMENT

    (Class
A)

    

    Dated as
of July 1, 2009

    

    

    between

    

    

    WELLS
FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

    

    as Escrow
Agent

    

    

    and

    

    

    THE BANK
OF NEW YORK MELLON

    

    as
Depositary

    

    

    

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    TABLE OF
CONTENTS

    

    Page

    
      
        	
                 

                SECTION 1.1  Acceptance of
      Depositary

              	
                 

                2

              
	
                 

                SECTION 1.2  Establishment of
      Accounts

              	
                 

                2

              
	
                 

                SECTION 2.1  Deposits

              	
                 

                2

              
	
                 

                SECTION 2.2  Interest

              	
                 

                2

              
	
                 

                SECTION 2.3  Withdrawals

              	
                 

                3

              
	
                 

                SECTION 2.4  Other Accounts

              	
                 

                3

              
	
                 

                SECTION 3.  Termination

              	
                 

                4

              
	
                 

                SECTION 4.  Payments

              	
                 

                4

              
	
                 

                SECTION 5.  Representation and
      Warranties

              	
                 

                4

              
	
                 

                SECTION 6.  Transfer

              	
                 

                5

              
	
                 

                SECTION 7.  Amendment, Etc.

              	
                 

                6

              
	
                 

                SECTION 8.  Notices

              	
                 

                6

              
	
                 

                SECTION 9.  Obligations
    Unconditional

              	
                 

                7

              
	
                 

                SECTION 10.  Entire Agreement

              	
                 

                7

              
	
                 

                SECTION 11.  Governing Law

              	
                 

                7

              
	
                 

                SECTION 12.  Submission to Non-Exclusive
      Jurisdiction

              	
                 

                7

              
	
                 

                SECTION 13.  Waiver of Jury Trial
      Right

              	
                 

                7

              
	
                 

                SECTION 14.  Counterparts

              	
                 

                7

              
	
                 

                SECTION 15.  Rights of
    Receiptholders

              	
                 

                7

              
	
                 

                SECTION 16.  Limitation on
Damages

              	
                 

                8

              

      

    

    

    

    
      
        
           

        

        
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    DEPOSIT
AGREEMENT (Class A) dated as of July 1, 2009 (as amended, modified or
supplemented from time to time, this “Agreement”) between
WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national banking
association, as Escrow Agent under the Escrow and Paying Agent Agreement
referred to below (in such capacity, together with its successors in such
capacity, the “Escrow
Agent”), and THE BANK OF NEW YORK MELLON, as depositary bank (the “Depositary”).

     

    W I T N E S S E T
H

     

    WHEREAS,
Continental Airlines, Inc. (“Continental”) and
Wilmington Trust Company, not in its individual capacity except as otherwise
expressly provided therein, but solely as trustee (in such capacity,
together with its successors in such capacity, the “Pass Through
Trustee”) have entered into a Trust Supplement, dated as of July 1, 2009
(the “Trust
Supplement”) to the Pass Through Trust Agreement dated as of September
25, 1997 (together, as amended, modified or supplemented from time to time in
accordance with the terms thereof, the “Pass Through Trust
Agreement”) relating to Continental Airlines Pass Through Trust 2009-1A-O
pursuant to which the Continental Airlines Pass Through Trust, Series 2009-1A-O
Certificates referred to therein (the “Certificates”) are
being issued (the date of such issuance, the “Issuance
Date”);

     

    WHEREAS,
Continental and Morgan Stanley & Co. Incorporated, Goldman, Sachs & Co.
and Calyon Securities (USA) Inc. (collectively, the “Underwriters” and,
together with their respective transferees and assigns as registered owners of
the Certificates, the “Investors”) have
entered into an Underwriting Agreement dated as of June 16, 2009 pursuant to
which the Pass Through Trustee will issue and sell the Certificates to the
Underwriters;

     

    WHEREAS,
Continental, the Pass Through Trustee and certain other persons concurrently
herewith are entering into the Note Purchase Agreement, dated as of the date
hereof (the “Note
Purchase Agreement”), pursuant to which the Pass Through Trustee has
agreed to acquire from time to time on or prior to the Delivery Period
Termination Date (as defined in the Note Purchase Agreement) equipment notes
(the “Equipment
Notes”) issued to finance certain aircraft currently owned by Continental
and certain other aircraft to be acquired by Continental, as owner, utilizing a
portion of the proceeds from the sale of the Certificates (the “Net
Proceeds”);

     

    WHEREAS,
the Escrow Agent, the Underwriters, the Pass Through Trustee and Wilmington
Trust Company, as paying agent for the Escrow Agent (in such capacity, together
with its successors in such capacity, the “Paying Agent”)
concurrently herewith are entering into an Escrow and Paying Agent Agreement,
dated as of the date hereof (as amended, modified or supplemented from time to
time in accordance with the terms thereof, the “Escrow and Paying Agent
Agreement”); and

     

    WHEREAS,
the Underwriters and the Pass Through Trustee intend that the Net Proceeds be
held in escrow by the Escrow Agent on behalf of the Investors pursuant to the
Escrow and Paying Agent Agreement, subject to withdrawal upon request of and
proper certification by the Pass Through Trustee for the purpose of purchasing
Equipment Notes, and

     

    

    
      
        
           

        

        
           

          
            

          

        

        
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    that
pending such withdrawal the Net Proceeds be deposited by the Escrow Agent with
the Depositary pursuant to this Agreement, which provides for the Depositary to
pay interest for distribution to the Investors and to establish accounts from
which the Escrow Agent shall make withdrawals upon request of and proper
certification by the Pass Through Trustee.

     

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

     

    SECTION 1.1  Acceptance of
Depositary.  The
Depositary hereby agrees to act as depositary bank as provided herein and in
connection therewith to accept all amounts to be delivered to or held by the
Depositary pursuant to the terms of this Agreement.  The Depositary
further agrees to hold, maintain and safeguard the Deposits and the Accounts (as
defined below) during the term of this Agreement in accordance with the
provisions of this Agreement.  The Escrow Agent shall not have any
right to withdraw, assign or otherwise transfer moneys held in the Accounts
except as permitted by this Agreement.

    

    SECTION 1.2  Establishment of
Accounts.  The
Escrow Agent hereby instructs the Depositary, and the Depositary agrees, to
establish the separate deposit accounts listed on Schedule I hereto and to
establish such additional separate deposit accounts as may be required in
connection with the deposits contemplated by Section 2.4 hereof (each, an “Account” and
collectively, the “Accounts”), each in
the name of the Escrow Agent and all on the terms and conditions set forth in
this Agreement.

    

    SECTION 2.1  Deposits.  The
Escrow Agent shall direct the Underwriters to deposit with the Depositary on the
date of this Agreement (the “Deposit Date”) in
Federal (same day) funds by wire transfer to:  The Bank of New York
Mellon, ABA No. 021000018, Account Name: Corporate Trust Agency, Account
Number: GLA / 111-565, For Further Credit: A/C No. 227572, Reference:
Continental 2009-1, and the Depositary shall accept from the Underwriters, on
behalf of the Escrow Agent, the sum of US$389,687,000.  Upon
acceptance of such sum, the Depositary shall (i) establish each of the deposits
specified in Schedule I hereto maturing on January 29, 2010 (including any
deposit made pursuant to Section 2.4 hereof, individually, a “Deposit” and,
collectively, the “Deposits”) and (ii)
credit each Deposit to the related Account as set forth therein.  No
amount shall be deposited in any Account other than the related
Deposit.

    

    SECTION 2.2  Interest.  Each
Deposit shall bear interest from and including the date of deposit to but
excluding the date of withdrawal at the rate of 9.000% per annum (computed on
the basis of a year of twelve 30-day months) payable to the Paying Agent on
behalf of the Escrow Agent semi-annually in arrears on each January 8 and July
8, commencing on January 8, 2010 (each, an “Interest Payment
Date”), and on the date of the Final Withdrawal (as defined below), or
the date of the Replacement Withdrawal (as defined below), as applicable, all in
accordance with the terms of this Agreement (whether or not any such Deposit is
withdrawn on an Interest Payment Date).  Interest accrued on any
Deposit that is withdrawn pursuant to a Notice of Purchase Withdrawal (as
defined below) shall be paid on the next Interest Payment Date, notwithstanding
any intervening Final Withdrawal (as defined below).

    

    

    
      
        
           

        

        
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    SECTION 2.3  Withdrawals.  (a)  On
and after the date seven days after the establishment of any Deposit, the Escrow
Agent may, by providing at least one Business Day's prior notice of withdrawal
to the Depositary in the form of Exhibit A hereto (a “Notice of Purchase
Withdrawal”), withdraw not less than the entire balance of such Deposit,
except that at any time prior to the actual withdrawal of such Deposit, the
Escrow Agent or the Pass Through Trustee may, by notice to the Depositary, which
notice has been actually received by the Depositary prior to such actual
withdrawal, cancel such withdrawal (including on the scheduled date therefor),
and thereafter such Deposit shall continue to be maintained by the Depositary in
accordance with the original terms thereof.  Following such withdrawal
the balance in the related Account shall be zero and the Depositary shall close
such Account.  As used in this Agreement, “Business Day” means
any day, other than a Saturday, Sunday or other day on which commercial banks
are authorized or required by law to close in New York, New York, Houston, Texas
or Wilmington, Delaware.  The Depositary may waive the foregoing
requirement that any Deposit can only be withdrawn on or after seven days after
the establishment thereof, and may instead reserve the right, upon at least 14
days' prior written notice to Continental, the Escrow Agent and the Pass Through
Trustee, to require seven days' notice for any withdrawal.

    

    (b)           (i)
The Escrow Agent may, by providing at least 15 days' prior notice of withdrawal
to the Depositary in the form of Exhibit B hereto (a “Notice of Final
Withdrawal”), withdraw the entire amount of all of the remaining Deposits
together with the payment by the Depositary of all accrued and unpaid interest
on such Deposits to but excluding the specified date of withdrawal (a “Final Withdrawal”),
on such date as shall be specified in such Notice of Final
Withdrawal.  If a Notice of Final Withdrawal has not been given to the
Depositary on or before January 8, 2010 and there are unwithdrawn Deposits on
such date, the Depositary shall pay the amount of the Final Withdrawal to the
Paying Agent on January 29, 2010.

     

    (ii) The
Escrow Agent may, by providing at least five Business Days' prior notice of
withdrawal to the Depositary in the form of Exhibit C hereto (a “Notice of Replacement
Withdrawal”), withdraw the entire amount of all Deposits then held by the
Depositary together with all accrued and unpaid interest on such Deposits
(including Deposits previously withdrawn pursuant to a Notice of Purchase
Withdrawal) to but excluding the specified date of withdrawal (a “Replacement
Withdrawal”), on such date as shall be specified in such Notice of
Replacement Withdrawal.

     

    (c)           If
the Depositary receives a duly completed Notice of Purchase Withdrawal, Notice
of Final Withdrawal or Notice of Replacement Withdrawal (each, a “Withdrawal Notice”)
complying with the provisions of this Agreement, it shall make the payments
specified therein in accordance with the provisions of this
Agreement.  Notwithstanding anything to the contrary contained in this
Agreement, in no event shall the Depositary be required, pursuant to any
Withdrawal Notice or otherwise, to make payments hereunder on or in respect of
any Deposit in excess of the amount of such Deposit together with accrued
interest thereon as provided in this Agreement.

     

    SECTION 2.4  Other
Accounts.  On
the date of withdrawal of any Deposit (other than the date of the Final
Withdrawal or Replacement Withdrawal), the Escrow Agent, or the Pass Through
Trustee on behalf of the Escrow Agent, shall re-deposit with the Depositary any
portion thereof not used to acquire Equipment Notes and the Depositary shall
accept the same for

    

    
      
        
           

        

        
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    deposit
hereunder.  Any sums so received for deposit shall be established as a
new Deposit and credited to a new Account, all as more fully provided in Section
2.1 hereof, and thereafter the provisions of this Agreement shall apply thereto
as fully and with the same force and effect as if such Deposit had been
established on the Deposit Date except that (i) such Deposit may not be
withdrawn prior to the date seven days after the establishment thereof and (ii)
such Deposit shall mature on January 29, 2010 and bear interest as provided in
Section 2.2.  The Depositary shall promptly give notice to the Escrow
Agent of receipt of each such re-deposit and the account number assigned
thereto.

     

    SECTION 3.  Termination.  This
Agreement shall terminate on the fifth Business Day after the later of the date
on which (i) all of the Deposits shall have been withdrawn and paid as provided
herein without any re-deposit and (ii) all accrued and unpaid interest on the
Deposits shall have been paid as provided herein, but in no event prior to the
date on which the Depositary shall have performed in full its obligations
hereunder.

    

    SECTION 4.  Payments.  All
payments made by the Depositary hereunder shall be paid in United States Dollars
and immediately available funds by wire transfer (i) in the case of accrued
interest on the Deposits payable under Section 2.2 hereof or any Final
Withdrawal, directly to the Paying Agent at Wilmington Trust Company,
Wilmington, DE, ABA# 031100092, Account No. 093733-000.1, Attention: Chad May,
Telephone No.: (302) 636-6291 (Rusty Morse), Reference: CAL 2009-1, or to such
other account as the Paying Agent may direct from time to time in writing to the
Depositary and the Escrow Agent and (ii) in the case of any withdrawal of one or
more Deposits pursuant to a Notice of Purchase Withdrawal or Notice of
Replacement Withdrawal, directly to or as directed by the Pass Through Trustee
as specified and in the manner provided in such Notice of Purchase Withdrawal or
Notice of Replacement Withdrawal.  The Depositary hereby waives any
and all rights of set-off, combination of accounts, right of retention or
similar right (whether arising under applicable law, contract or otherwise) it
may have against the Deposits howsoever arising.  To the extent
permitted by applicable law, all payments on or in respect of each Deposit shall
be made free and clear of and without reduction for or on account of any and all
taxes, levies or other impositions or charges (collectively, “Taxes”).  However,
if the Depositary (or if the Paying Agent shall have notified the Depositary
that the Paying Agent (pursuant to Section 2.04 of the Escrow and Paying Agent
Agreement)) shall be required by law to deduct or withhold any Taxes from or in
respect of any sum payable hereunder, the Depositary shall (i) make, or cause to
be made, such deductions or withholding and (ii) pay, or cause to be paid, the
full amount deducted or withheld in accordance with applicable
law.  If the date on which any payment due on any Deposit would
otherwise fall on a day which is not a Business Day, such payment shall be made
on the next succeeding Business Day, and no additional interest shall accrue in
respect of such extension.

    

    SECTION 5.  Representation and
Warranties.  The
Depositary hereby represents and warrants to Continental, the Escrow Agent, the
Pass Through Trustee and the Paying Agent that:

    

    (a)           it
is a New York banking corporation duly organized and validly existing in good
standing under the laws of its jurisdiction of organization;

     

    

    
      
        
           

        

        
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    (b)           it
has full power, authority and legal right to conduct its business and operations
as currently conducted and to enter into and perform its obligations under this
Agreement;

     

    (c)           the
execution, delivery and performance of this Agreement have been duly authorized
by all necessary corporate action on the part of it and do not require any
stockholder approval, or approval or consent of any trustee or holder of any
indebtedness or obligations of it, and this Agreement has been duly executed and
delivered by it and constitutes its legal, valid and binding obligations
enforceable against it in accordance with the terms hereof;

     

    (d)           no
authorization, consent or approval of or other action by, and no notice to or
filing with, any United States federal or state governmental authority or
regulatory body is required for the execution, delivery or performance by it of
this Agreement;

     

    (e)           neither
the execution, delivery or performance by it of this Agreement, nor compliance
with the terms and provisions hereof, conflicts or will conflict with or results
or will result in a breach or violation of any of the terms, conditions or
provisions of, or will require any consent or approval under, any law,
governmental rule or regulation or the charter documents, as amended, or bylaws,
as amended, of it or any similar instrument binding on it or any order, writ,
injunction or decree of any court or governmental authority against it or by
which it or any of its properties is bound or of any indenture, mortgage or
contract or other agreement or instrument to which it is a party or by which it
or any of its properties is bound, or constitutes or will constitute a default
thereunder or results or will result in the imposition of any lien upon any of
its properties; and

     

    (f)           there
are no pending or, to its knowledge, threatened actions, suits, investigations
or proceedings (whether or not purportedly on behalf of it) against or affecting
it or any of its property before or by any court or administrative agency
(except, in the case of the immediately following clause (i), as set forth in
Part II, Item 1 – Legal Proceedings of the Form 10-Q of The Bank of New York
Mellon Corporation for the quarterly period ended March 31, 2009 filed with the
Securities and Exchange Commission) which, if adversely determined, (i) would
adversely affect the ability of it to perform its obligations under this
Agreement or (ii) would call into question or challenge the validity of this
Agreement or the enforceability hereof in accordance with the terms hereof, nor
is the Depositary in default with respect to any order of any court,
governmental authority, arbitration board or administrative agency so as to
adversely affect its ability to perform its obligations under this
Agreement.

    

    SECTION 6.  Transfer.  Neither
party hereto shall be entitled to assign or otherwise transfer this Agreement
(or any interest herein) other than (in the case of the Escrow Agent) to a
successor escrow agent under the Escrow and Paying Agent Agreement and other
than (in the case of the Depositary) to any corporation into which the
Depositary shall merge or with which it shall be consolidated, and any purported
assignment in violation thereof shall be void.  This Agreement shall
be binding upon the parties hereto and their respective successors

    

    
      
        
           

        

        
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    and (in
the case of the Escrow Agent) permitted assigns.  Upon the occurrence
of the Transfer (as defined below) contemplated by the Assignment and Assumption
Agreement (as defined below), the Pass Through Trustee shall (without further
act) be deemed to have transferred all of its right, title and interest in and
to this Agreement to the trustee of the Successor Trust (as defined below) and,
thereafter, the trustee of the Successor Trust shall be deemed to be the “Pass
Through Trustee” hereunder with the rights of the “Pass Through Trustee”
hereunder, and each reference herein to “Continental Airlines Pass Through Trust
2009-1A-O” shall be deemed to be a reference to “Continental Airlines Pass
Through Trust 2009-1A-S”.  The Escrow Agent and the Depositary hereby
acknowledge and consent to the Transfer contemplated by the Assignment and
Assumption Agreement.  For the purposes of this Section 6, “Transfer” means the
transfer contemplated by the Assignment and Assumption Agreement; “Assignment and Assumption
Agreement” means the Assignment and Assumption Agreement to be entered
into between the Pass Through Trustee and the trustee of the Successor Trust,
substantially in the form of Exhibit C to the Trust Supplement; and “Successor Trust”
means the Continental Airlines Pass Through Trust 2009-1A-S.

    

    SECTION 7.  Amendment,
Etc.  This
Agreement may not be amended, waived or otherwise modified except by an
instrument in writing signed by the party against whom the amendment, waiver or
other modification is sought to be enforced and by the Pass Through
Trustee.

    

    SECTION 8.  Notices.  Unless
otherwise expressly provided herein, any notice or other communication under
this Agreement shall be in writing (including by facsimile) and shall be deemed
to be given and effective upon receipt thereof.  All notices shall be
sent to (x) in the case of the Depositary, The Bank of New York Mellon, 101
Barclay Street, Floor 8W, New York, New York 10286, Attention: Corporate
Finance, Mary Miselis, Vice President, Reference: Continental Airlines Pass
Through Trust 2009-1A-S, (Telecopier:  (212) 815-5704) at the
foregoing address or (y) in the case of the Escrow Agent, Wells Fargo Bank
Northwest, National Association, 299 South Main Street, 12th Floor, Salt Lake
City, UT 84111, Attention: Corporate Trust Services (Telecopier: (801)
246-5053), in each case, with a copy to the Pass Through Trustee, Wilmington
Trust Company, 1100 North Market Street, Rodney Square North, Wilmington, DE
19890-1605, Attention: Corporate Capital Market Services (Telecopier: (302)
636-4140 and to Continental, Continental Airlines, Inc., 1600 Smith Street,
Dept. HQS-FN, Houston, TX 77002, Attention: Treasurer (Telecopier: (713)
324-2447) (or at such other address as any such party may specify from time to
time in a written notice to the parties hereto).  On or prior to the
execution of this Agreement, the Escrow Agent has delivered to the Depositary a
certificate containing specimen signatures of the representatives of the Escrow
Agent who are authorized to give notices and instructions with respect to this
Agreement.  The Depositary may conclusively rely on such certificate
until the Depositary receives written notice from the Escrow Agent to the
contrary.

    

    The Depositary shall have the right,
but shall not be required, to rely upon and comply with instructions and
directions sent by e-mail by persons believed by the Depositary to be authorized
to give instructions and directions on behalf of the Escrow
Agent.  The Depositary shall have no duty or obligation to verify or
confirm that the person who sent such instructions or directions is, in fact, a
person authorized to give instructions or directions on behalf of
the

     

    

    
      
        
           

        

        
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    Escrow
Agent; and the Depositary shall have no liability for any losses, liabilities,
costs or expenses incurred or sustained by the Escrow Agent as a result of such
reliance upon or compliance with such instructions or directions.  The
Escrow Agent agrees to assume all risks arising out of the use of e-mail to
submit instructions and directions to the Depositary, including without
limitation the risk of the Depositary acting on unauthorized instructions, and
the risk of interception and misuse by third parties.

     

    

    SECTION 9.  Obligations
Unconditional.  The
Depositary hereby acknowledges and agrees that its obligation to repay each
Deposit together with interest thereon as provided herein is absolute,
irrevocable and unconditional and constitutes a full recourse obligation of the
Depositary enforceable against it to the full extent of all of its assets and
properties.

    

    SECTION 10.  Entire
Agreement.  This
Agreement (including all attachments hereto) sets forth all of the promises,
covenants, agreements, conditions and understandings between the Depositary and
the Escrow Agent with respect to the subject matter hereof and supersedes all
prior and contemporaneous agreements and undertakings, inducements or
conditions, express or implied, oral or written.

    

    SECTION 11.  Governing
Law.  This
Agreement, and the rights and obligations of the Depositary and the Escrow Agent
with respect to the Deposits, shall be governed by, and construed in accordance
with, the laws of the State of New York and subject to the provisions of
Regulation D of the Board of Governors of the Federal Reserve System (or any
successor), as the same may be modified and supplemented and in effect from time
to time.

    

    SECTION 12.  Submission to Non-Exclusive
Jurisdiction in New York.  Each of the parties hereto, to the
extent it may do so under applicable law, hereby (a) irrevocably submits itself
to the non-exclusive jurisdiction of the courts of the State of New York sitting
in the City of New York and to the non-exclusive jurisdiction of the United
States District Court for the Southern District of New York, for the purposes of
any suit, action or other proceeding arising out of this Agreement, the subject
matter hereof or any of the transactions contemplated hereby brought by any
party or parties hereto, or their successors or permitted assigns and (b)
waives, and agrees not to assert, by way of motion, as a defense, or otherwise,
in any such suit, action or proceeding, that the suit, action or proceeding is
brought in an inconvenient forum, that the venue of the suit, action or
proceeding is improper or that this Agreement or the subject matter hereof or
any of the transactions contemplated hereby may not be enforced in or by such
courts.

    

    SECTION 13.  Waiver of Jury Trial
Right.  EACH
OF THE DEPOSITARY AND THE ESCROW AGENT ACKNOWLEDGES AND ACCEPTS THAT IN ANY
SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT SUCH
PARTY IRREVOCABLY WAIVES ITS RIGHT TO A TRIAL BY JURY.

    

    SECTION 14.  Counterparts.  This
Agreement may be executed in one or more counterparts, all of which taken
together shall constitute one instrument.

    

    SECTION 15.  Rights of
Receiptholders.  The
Depositary acknowledges that, if the Depositary shall fail to pay when due
hereunder any interest on the Deposits or the Final

    

    
      
        
           

        

        
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    Withdrawal,
the “Receiptholders” (as defined in the Escrow and Paying Agent Agreement) shall
have the right to claim directly against the Depositary and that any such claim
shall not be subject to defenses that the Depositary may have against the Escrow
Agent.

    

    SECTION 16.  Limitation on
Damages.  In no event shall the Depositary be responsible or
liable for special, indirect, punitive, or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit, whether or not
foreseeable) suffered by Escrow Agent or any of the Receiptholders (as defined
in the Escrow and Paying Agent Agreement) in connection with this Agreement or
the transaction contemplated or any relationships established by this Agreement
irrespective of whether the Depositary has been advised of the likelihood of
such loss or damage and regardless of the form of action.

    

    

    
      
        
           

        

        
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    IN
WITNESS WHEREOF, the Escrow Agent and the Depositary have caused this Deposit
Agreement to be duly executed as of the day and year first above
written.

     

    
      	 
      	
              WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

                  as
      Escrow Agent

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    
      	 
      	
              THE
      BANK OF NEW YORK MELLON,

                  as
      Depositary

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
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    Schedule
I

    

    

    Schedule of
Deposits

    Class
A

    

    

    
      
        	
                 

                Aircraft Type

                 

              	
                 

                Deposit Amount

              	
                 

                Account No.

              
	
                Boeing
      777-224ER

              	
                $41,734,000

              	
                227574

              
	
                Boeing
      777-224ER

              	
                $41,366,000

              	
                227576

              
	
                Boeing
      777-224ER

              	
                $43,478,000

              	
                227578

              
	 
      	 
      	 
      
	
                Boeing
      757-224

              	
                $13,992,000

              	
                227580

              
	
                Boeing
      757-224

              	
                $13,262,000

              	
                227582

              
	 
      	 
      	 
      
	
                Boeing
      737-924ER

              	
                $28,258,000

              	
                227584

              
	
                Boeing
      737-924ER

              	
                $28,258,000

              	
                227587

              
	
                Boeing
      737-924ER

              	
                $28,258,000

              	
                227589

              
	
                Boeing
      737-924ER

              	
                $28,258,000

              	
                227591

              
	
                Boeing
      737-924ER

              	
                $28,258,000

              	
                227593

              
	 
      	 
      	 
      
	
                Boeing
      737-824

              	
                $14,834,000

              	
                227599

              
	
                Boeing
      737-824

              	
                $15,510,000

              	
                227603

              
	
                Boeing
      737-824

              	
                $15,510,000

              	
                227609

              
	 
      	 
      	 
      
	
                Boeing
      737-724

              	
                $12,225,000

              	
                227612

              
	
                Boeing
      737-724

              	
                $11,913,000

              	
                227614

              
	
                Boeing
      737-724

              	
                $12,181,000

              	
                227616

              
	
                Boeing
      737-724

              	
                $12,392,000

              	
                227618

              

      

    

    

    
      
        
           

        

        
           

          
            

          

        

        
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    EXHIBIT
A

    

    

    

    NOTICE OF
PURCHASE WITHDRAWAL

    

    

    The Bank
of New York Mellon

    101
Barclay Street, Floor 8W

    New York,
New York 10286

    Attention:  Corporate
Finance, Mary Miselis, Vice President

    Reference:
Continental Airlines 2009-1

    Telecopier:
(212) 815-5704

    

     

    Gentlemen:

     

    Reference
is made to the Deposit Agreement (Class A) dated as of _________________, 2009
(the “Deposit
Agreement”) between Wells Fargo Bank Northwest, National Association, as
Escrow Agent, and The Bank of New York Mellon, as Depositary (the “Depositary”).

     

    In
accordance with Section 2.3(a) of the Deposit Agreement, the undersigned hereby
requests the withdrawal of the entire amount of the Deposit, $[_______], Account
No. ____________.

     

    The
undersigned hereby directs the Depositary to pay the entire amount of the
Deposit to ________________, Account No. _____, Reference:  _________]
on _________ __, 200__, upon the telephonic request of a representative of the
Pass Through Trustee.

     

    
      	 
      	
              WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

                  as
      Escrow Agent

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    Dated:
_______ __, 200_

    

    
      
        
           

        

        
           

          
            

          

        

        
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    EXHIBIT
B

    

    

    NOTICE OF
FINAL WITHDRAWAL

    

    

    The Bank
of New York Mellon

    101
Barclay Street, Floor 8W

    New York,
New York 10286

    Attention:  Corporate
Finance, Mary Miselis, Vice President

    Reference:
Continental Airlines 2009-1

    Telecopier:
(212) 815-5704

    

    Gentlemen:

     

    Reference
is made to the Deposit Agreement (Class A) dated as of _______________, 2009
(the “Deposit
Agreement”) between Wells Fargo Bank Northwest, National Association, as
Escrow Agent, and The Bank of New York Mellon, as Depositary (the “Depositary”).

     

    In
accordance with Section 2.3(b)(i) of the Deposit Agreement, the undersigned
hereby requests the withdrawal of the entire amount of all
Deposits.

     

    The
undersigned hereby directs the Depositary to pay the entire amount of the
Deposits and accrued interest thereon to the Paying Agent at Wilmington Trust
Company, ABA# 031100092, Account No. _____________, Reference: Continental
2009-1A.

     

    
      	 
      	
              WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

                  as
      Escrow Agent

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    Dated:
_________, 200_

    

    
      
        
           

        

        
           

          
            

          

        

        
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    EXHIBIT
C

     

    NOTICE OF
REPLACEMENT WITHDRAWAL

    

    

    The Bank
of New York Mellon

    101
Barclay Street, Floor 8W

    New York,
New York 10286

    Attention:  Corporate
Finance, Mary Miselis, Vice President

    Reference:  Continental
Airlines 2009-1

    Telecopier:
(212) 815-5704

    

    Gentlemen:

    

    Reference
is made to the Deposit Agreement (Class A) dated as of _____________, 2009 (the
“Deposit
Agreement”) between Wells Fargo Bank Northwest, National Association, as
Escrow Agent, and The Bank of New York Mellon, as Depositary (the “Depositary”).

     

    In
accordance with Section 2.3(b)(ii) of the Deposit Agreement, the undersigned
hereby requests the withdrawal of the entire amount of all
Deposits.

     

    The
undersigned hereby directs the Depositary to pay the entire amount of the
Deposits and accrued interest thereon to [_____________________], Reference:
Continental 2009-1A.

     

    
      	 
      	
              WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

                  as
      Escrow Agent

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    Dated:
_________, 200_

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