Document:

ESCROW AND PAYING AGENT AGREEMENT
                                   (Class G-2)

                           Dated as of March 25, 2002

                                      among

                WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

                                 as Escrow Agent

                     CREDIT SUISSE FIRST BOSTON CORPORATION,

                          J.P. MORGAN SECURITIES INC.,

               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

                            SALOMON SMITH BARNEY INC.

                                       and

                        MORGAN STANLEY & CO. INCORPORATED

                                 as Underwriters

                            WILMINGTON TRUST COMPANY,
                         not in its individual capacity,
                       but solely as Pass Through Trustee
                              for and on behalf of
               Continental Airlines Pass Through Trust 2002-1G-2-O

                             as Pass Through Trustee

                                       and

                            WILMINGTON TRUST COMPANY

                                 as Paying Agent

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                                TABLE OF CONTENTS
                                                                           PAGE

SECTION 1.          Escrow Agent..............................................2
     Section 1.01.  Appointment of Escrow Agent...............................2
     Section 1.02.  Instruction; Etc..........................................3
     Section 1.03.  Initial Escrow Amount; Issuance of Escrow Receipts........4
     Section 1.04.  Payments to Receiptholders................................4
     Section 1.05.  Mutilated, Destroyed, Lost or Stolen Escrow Receipt.......4
     Section 1.06.  Additional Escrow Amounts.................................5
     Section 1.07.  Resignation or Removal of Escrow Agent....................5
     Section 1.08.  Persons Deemed Owners.....................................5
     Section 1.09.  Further Assurances........................................6

SECTION 2.          Paying Agent..............................................6
     Section 2.01.  Appointment of Paying Agent...............................6
     Section 2.02.  Establishment of Paying Agent Account.....................6
     Section 2.03.  Payments from Paying Agent Account........................6
     Section 2.04.  Withholding Taxes.........................................7
     Section 2.05.  Resignation or Removal of Paying Agent....................7
     Section 2.06.  Notice of Final Withdrawal................................8

SECTION 3.          Payments..................................................8

SECTION 4.          Other Actions.............................................9

SECTION 5.          Representations and Warranties of the Escrow Agent........9

SECTION 6.          Representations and Warranties of the Paying Agent.......10

SECTION 7.          Indemnification..........................................11

SECTION 8.          Amendment, Etc...........................................11

SECTION 9.          Notices..................................................12

SECTION 10.         Transfer.................................................12

SECTION 11.         Entire Agreement.........................................13

SECTION 12.         Governing Law............................................13

SECTION 13.         Waiver of Jury Trial Right...............................13

SECTION 14.         Counterparts.............................................13

Exhibit A           Escrow Receipt

Exhibit B           Withdrawal Certificate

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ESCROW AND PAYING AGENT AGREEMENT (Class G-2) dated as of March 25, 2002 (as
amended, modified or supplemented from time to time, this "AGREEMENT") among
WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national banking
association, as Escrow Agent (in such capacity, together with its successors in
such capacity, the "ESCROW AGENT"); CREDIT SUISSE FIRST BOSTON CORPORATION, J.P.
MORGAN SECURITIES INC., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
SALOMON SMITH BARNEY INC. and MORGAN STANLEY & CO. INCORPORATED, as Underwriters
of the Certificates referred to below (the "UNDERWRITERS" and together with
their respective transferees and assigns as registered owners of the
Certificates, the "INVESTORS") under the Underwriting Agreement referred to
below; WILMINGTON TRUST COMPANY, a Delaware banking corporation, not in its
individual capacity except as otherwise expressly provided herein, but solely as
trustee (in such capacity, together with its successors in such capacity, the
"PASS THROUGH TRUSTEE") under the Pass Through Trust Agreement referred to
below; and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as paying
agent hereunder (in such capacity, together with its successors in such
capacity, the "PAYING AGENT").

                               W I T N E S S E T H

            WHEREAS, Continental Airlines, Inc. ("CONTINENTAL") and the Pass
Through Trustee have entered into a Trust Supplement, dated as of March 25, 2002
(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 2002-1G-2-O (the "PASS
THROUGH TRUST") pursuant to which the Continental Airlines Pass Through Trust,
Series 2002-1G-2-O Certificates referred to therein (the "CERTIFICATES") are
being issued (the date of such issuance, the "ISSUANCE DATE");

            WHEREAS, Continental and the Underwriters have entered into an
Underwriting Agreement dated as of March 11, 2002 (as amended, modified or
supplemented from time to time in accordance with the terms thereof, the
"UNDERWRITING AGREEMENT") pursuant to which the Pass Through Trustee will issue
and sell the Certificates to the Underwriters;

            WHEREAS, Continental, the Pass Through Trustee, certain other pass
through trustees 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 the acquisition of aircraft by Continental, as owner,
utilizing a portion of the proceeds from the sale of the Certificates (the "NET
PROCEEDS");

            WHEREAS, the Underwriters and the Pass Through Trustee intend that
the Net Proceeds (excluding any amount used to purchase Equipment Notes on the
Issuance Date) be held in escrow by the Escrow Agent on behalf of the Investors,
subject to withdrawal upon request by the Pass Through Trustee and satisfaction
of the conditions set forth in the Note Purchase Agreement for the purpose of
purchasing Equipment Notes, and that pending such withdrawal the Net Proceeds be
deposited on behalf of the Escrow Agent with Credit Suisse First Boston, acting
through its New York branch, as Depositary (the "DEPOSITARY", which shall also

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be deemed to refer to any Replacement Depositary (as defined in the Note
Purchase Agreement) from and after the date on which the Deposits are
transferred to such Replacement Depositary) under the Deposit Agreement, dated
as of the date hereof between the Depositary and the Escrow Agent relating to
the Pass Through Trust (as amended, modified, supplemented or replaced from time
to time in accordance with the terms thereof, the "DEPOSIT AGREEMENT", which
shall also be deemed to refer to any Replacement Deposit Agreement (as defined
in the Note Purchase Agreement) to which the Escrow Agent becomes a party
pursuant to Section 1.02(a) hereof from and after the transfer of the Deposits
from the Depositary to the Replacement Depositary) pursuant to which, among
other things, the Depositary will pay interest for distribution to the Investors
and establish accounts from which the Escrow Agent shall make withdrawals upon
request of and proper certification by the Pass Through Trustee;

            WHEREAS, the Escrow Agent wishes to appoint the Paying Agent to pay
amounts required to be distributed to the Investors in accordance with this
Agreement; and

            WHEREAS, capitalized terms used but not defined herein shall have
the meanings ascribed to such terms in the Pass Through Trust Agreement.

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

            SECTION 1. ESCROW AGENT.

            Section 1.01. APPOINTMENT OF ESCROW AGENT. Each of the Underwriters,
for and on behalf of each of the Investors, hereby irrevocably appoints,
authorizes and directs the Escrow Agent to act as escrow agent and fiduciary
hereunder and under the Deposit Agreement for such specific purposes and with
such powers as are specifically delegated to the Escrow Agent by the terms of
this Agreement, together with such other powers as are reasonably incidental
thereto. Any and all money received and held by the Escrow Agent under this
Agreement or the Deposit Agreement shall be held in escrow by the Escrow Agent
in accordance with the terms of this Agreement. This Agreement is irrevocable
and the Investors' rights with respect to any monies received and held in escrow
by the Escrow Agent under this Agreement or the Deposit Agreement shall only be
as provided under the terms and conditions of this Agreement and the Deposit
Agreement. The Escrow Agent (which term as used in this sentence shall include
reference to its affiliates and its own and its affiliates' officers, directors,
employees and agents): (a) shall have no duties or responsibilities except those
expressly set forth in this Agreement; (b) shall not be responsible to the Pass
Through Trustee or the Investors for any recitals, statements, representations
or warranties of any person other then itself contained in this Agreement or the
Deposit Agreement or for the failure by the Pass Through Trustee, the Investors
or any other person or entity (other than the Escrow Agent) to perform any of
its obligations hereunder (whether or not the Escrow Agent shall have any
knowledge thereof); and (c) shall not be responsible for any action taken or
omitted to be taken by it hereunder or provided for herein or in connection
herewith, except for its own willful misconduct or gross negligence (or simple
negligence in connection with the handling of funds).

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            Section 1.02. INSTRUCTION; ETC. The Underwriters, for and on behalf
of each of the Investors, hereby irrevocably instruct the Escrow Agent, and the
Escrow Agent agrees, (a) to enter into the Deposit Agreement, and, if requested
by the Company pursuant to Section 4)(a)(viii) of the Note Purchase Agreement,
to enter into a Replacement Deposit Agreement with the Replacement Depositary
specified by the Company, (b) to appoint the Paying Agent as provided in this
Agreement, (c) upon receipt at any time and from time to time prior to the
Termination Date (as defined below) of a certificate substantially in the form
of Exhibit B hereto (a "WITHDRAWAL CERTIFICATE") executed by the Pass Through
Trustee, together with an attached Notice of Purchase Withdrawal in
substantially the form of Exhibit A to the Deposit Agreement duly completed by
the Pass Through Trustee (the "APPLICABLE NOTICE OF PURCHASE WITHDRAWAL" and the
withdrawal to which it relates, a "PURCHASE WITHDRAWAL"), immediately to execute
the Applicable Notice of Purchase Withdrawal as Escrow Agent and transmit it to
the Depositary by facsimile transmission in accordance with the Deposit
Agreement; PROVIDED that, upon the request of the Pass Through Trustee after
such transmission, the Escrow Agent shall cancel such Applicable Notice of
Purchase Withdrawal, (d) upon receipt of a Withdrawal Certificate executed by
the Pass Through Trustee, together with an attached Notice of Replacement
Withdrawal in substantially the form of Exhibit C to the Deposit Agreement duly
completed by the Pass Through Trustee, to (X) give such Notice of Replacement
Withdrawal to the Depositary requesting a withdrawal, on the date specified in
such notice, which shall not be less than five Business Days after such notice
is given (the "REPLACEMENT WITHDRAWAL Date"), of all Deposits then held by the
Depositary together with all accrued and unpaid interest on such Deposits to but
excluding the Replacement Withdrawal Date, and (Y) direct the Depositary to
transfer such Deposits and accrued interest on behalf of the Escrow Agent to the
Replacement Depositary in accordance with the Replacement Deposit Agreement, and
(e) if there are any undrawn Deposits (as defined in the Deposit Agreement) on
the "TERMINATION DATE", which shall mean the earlier of (i) November 30, 2002
(provided that, if a labor strike occurs or continues at The Boeing Company
after the Issuance Date and prior to November 30, 2002 (a "LABOR STRIKE"), such
date shall be extended by adding thereto the number of days that such strike
continued in effect after the Issuance Date (the "ADDITIONAL DAYS") and (ii) the
day on which the Escrow Agent receives notice from the Pass Through Trustee that
the Pass Through Trustee's obligation to purchase Equipment Notes under the Note
Purchase Agreement has terminated, to give notice to the Depositary (with a copy
to the Paying Agent) substantially in the form of Exhibit B to the Deposit
Agreement requesting a withdrawal of all of the remaining Deposits, together
with accrued and unpaid interest on such Deposits to the date of withdrawal, on
the 25th day after the date that such notice of withdrawal is given to the
Depositary (or, if not a Business Day, on the next succeeding Business Day) (a
"FINAL WITHDRAWAL"), PROVIDED that if the day scheduled for the Final Withdrawal
in accordance with the foregoing is within 10 days before or after a Regular
Distribution Date, then the Escrow Agent shall request that such requested Final
Withdrawal be made on such Regular Distribution Date (the date of such requested
withdrawal, the "FINAL WITHDRAWAL DATE"). If for any reason the Escrow Agent
shall have failed to give the Final Withdrawal Notice to the Depositary on or
before December 9, 2002 (PROVIDED that if a Labor Strike occurs or continues,
such date shall be extended by the Additional Days), and there are unwithdrawn
Deposits on such date, the Final Withdrawal Date shall be deemed to be December
31, 2002 (PROVIDED that if a Labor Strike occurs or continues, such date shall
be extended by the Additional Days).

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            Section 1.03. INITIAL ESCROW AMOUNT; ISSUANCE OF ESCROW RECEIPTS.
The Escrow Agent hereby directs the Underwriters to, and the Underwriters hereby
acknowledge that on the date hereof they shall, irrevocably deliver to the
Depositary on behalf of the Escrow Agent, an amount in U.S. dollars ("DOLLARS")
and immediately available funds equal to $194,522,000 (or such lesser amount
equal to the Net Proceeds less amounts used to purchase Equipment Notes on the
Issuance Date) for deposit on behalf of the Escrow Agent with the Depositary in
accordance with Section 2.1 of the Deposit Agreement. The Underwriters hereby
instruct the Escrow Agent, upon receipt of such sum from the Underwriters, to
confirm such receipt by executing and delivering to the Pass Through Trustee an
Escrow Receipt in the form of Exhibit A hereto (an "ESCROW RECEIPT"), (a) to be
affixed by the Pass Through Trustee to each Certificate and (b) to evidence the
same percentage interest (the "ESCROW INTEREST") in the Account Amounts (as
defined below) as the Fractional Undivided Interest in the Pass Through Trust
evidenced by the Certificate to which it is to be affixed. The Escrow Agent
shall provide to the Pass Through Trustee for attachment to each Certificate
newly issued under and in accordance with the Pass Through Trust Agreement an
executed Escrow Receipt as the Pass Through Trustee may from time to time
request of the Escrow Agent. Each Escrow Receipt shall be registered by the
Escrow Agent in a register (the "REGISTER") maintained by the Escrow Agent in
the same name and same manner as the Certificate to which it is attached and may
not thereafter be detached from such Certificate to which it is to be affixed
prior to the distribution of the Final Withdrawal (the "FINAL DISTRIBUTION").
After the Final Distribution, no additional Escrow Receipts shall be issued and
the Pass Through Trustee shall request the return to the Escrow Agent for
cancellation of all outstanding Escrow Receipts.

            Section 1.04. PAYMENTS TO RECEIPTHOLDERS. All payments and
distributions made to holders of an Escrow Receipt (collectively
"RECEIPTHOLDERS") in respect of the Escrow Receipt shall be made only from
amounts deposited in the Paying Agent Account (as defined below) ("ACCOUNT
AMOUNTS"). Each Receiptholder, by its acceptance of an Escrow Receipt, agrees
that (a) it will look solely to the Account Amounts for any payment or
distribution due to such Receiptholder pursuant to the terms of the Escrow
Receipt and this Agreement and (b) it will have no recourse to Continental, the
Pass Through Trustee, the Paying Agent or the Escrow Agent, except as expressly
provided herein or in the Pass Through Trust Agreement. No Receiptholder shall
have any right to vote or in any manner otherwise control the operation and
management of the Paying Agent Account or the obligations of the parties hereto,
nor shall anything set forth herein, or contained in the terms of the Escrow
Receipt, be construed so as to constitute the Receiptholders from time to time
as partners or members of an association.

            Section 1.05. MUTILATED, DESTROYED, LOST OR STOLEN ESCROW RECEIPT.
If (a) any mutilated Escrow Receipt is surrendered to the Escrow Agent or the
Escrow Agent receives evidence to its satisfaction of the destruction, loss or
theft of any Escrow Receipt and (b) there is delivered to the Escrow Agent and
the Pass Through Trustee such security, indemnity or bond, as may be required by
them to hold each of them harmless, then, absent notice to the Escrow Agent or
the Pass Through Trustee that such destroyed, lost or stolen Escrow Receipt has
been acquired by a bona fide purchaser, and provided that the requirements of
Section 8-405 of the Uniform Commercial Code in effect in any applicable
jurisdiction are met, the Escrow Agent shall execute, authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Escrow Receipt, a new Escrow Receipt or Escrow Receipts and of like Escrow

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Interest in the Account Amounts and bearing a number not contemporaneously
outstanding.

            In connection with the issuance of any new Escrow Receipt under this
Section 1.05, the Escrow Agent may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Pass
Through Trustee and the Escrow Agent) connected therewith.

            Any duplicate Escrow Receipt issued pursuant to this Section 1.05
shall constitute conclusive evidence of the appropriate Escrow Interest in the
Account Amounts, as if originally issued, whether or not the lost, stolen or
destroyed Escrow Receipt shall be found at any time.

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

            Section 1.06. ADDITIONAL ESCROW AMOUNTS. On the date of any Purchase
Withdrawal, the Pass Through Trustee may re-deposit with the Depositary some or
all of the amounts so withdrawn in accordance with Section 2.4 of the Deposit
Agreement.

            Section 1.07. RESIGNATION OR REMOVAL OF ESCROW AGENT. Subject to the
appointment and acceptance of a successor Escrow Agent as provided below, the
Escrow Agent may resign at any time by giving 30 days' prior written notice
thereof to the Investors, but may not otherwise be removed except for cause by
the written consent of the Investors with respect to Investors representing
Escrow Interests aggregating not less than a majority in interest in the Account
Amounts (an "ACTION OF INVESTORS"). Upon any such resignation or removal, the
Investors, by an Action of Investors, shall have the right to appoint a
successor Escrow Agent. If no successor Escrow Agent shall have been so
appointed and shall have accepted such appointment within 30 days after the
retiring Escrow Agent's giving of notice of resignation or the removal of the
retiring Escrow Agent, then the retiring Escrow Agent may appoint a successor
Escrow Agent. Any successor Escrow Agent shall be a bank which has an office in
the United States with a combined capital and surplus of at least $100,000,000.
Upon the acceptance of any appointment as Escrow Agent hereunder by a successor
Escrow Agent, such successor Escrow Agent shall enter into such documents as the
Pass Through Trustee shall require and shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the retiring Escrow
Agent, and the retiring Escrow Agent shall be discharged from its duties and
obligations hereunder. No resignation or removal of the Escrow Agent shall be
effective unless a written confirmation shall have been obtained from each of
Moody's Investors Service, Inc. and Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc., that the replacement of the Escrow
Agent with the successor Escrow Agent will not result in (a) a reduction of the
rating for the Certificates below the then current rating for the Certificates
or (b) a withdrawal or suspension of the rating of the Certificates.

            Section 1.08. PERSONS DEEMED OWNERS. Prior to due presentment of a
Certificate for registration of transfer, the Escrow Agent and the Paying Agent
may treat the Person in whose name any Escrow Receipt is registered (as of the
day of determination) as the owner of such Escrow Receipt for the purpose of
receiving distributions pursuant to this Agreement and for all other purposes

<PAGE>

whatsoever, and neither the Escrow Agent nor the Paying Agent shall be affected
by any notice to the contrary.

            Section 1.09. FURTHER ASSURANCES. The Escrow Agent agrees to take
such actions, and execute such other documents, as may be reasonably requested
by the Pass Through Trustee in order to effectuate the purposes of this
Agreement and the performance by the Escrow Agent of its obligations hereunder.

            SECTION 2. PAYING AGENT.

            Section 2.01. APPOINTMENT OF PAYING AGENT. The Escrow Agent hereby
irrevocably appoints and authorizes the Paying Agent to act as its paying agent
hereunder, for the benefit of the Investors, for such specific purposes and with
such powers as are specifically delegated to the Paying Agent by the terms of
this Agreement, together with such other powers as are reasonably incidental
thereto. Any and all money received and held by the Paying Agent under this
Agreement or the Deposit Agreement shall be held in the Paying Agent Account for
the benefit of the Investors. The Paying Agent (which term as used in this
sentence shall include reference to its affiliates and its own and its
affiliates' officers, directors, employees and agents): (a) shall have no duties
or responsibilities except those expressly set forth in this Agreement, and
shall not by reason of this Agreement be a trustee for the Escrow Agent; (b)
shall not be responsible to the Escrow Agent for any recitals, statements,
representations or warranties of any person other then itself contained in this
Agreement or for the failure by the Escrow Agent or any other person or entity
(other than the Paying Agent) to perform any of its obligations hereunder
(whether or not the Paying Agent shall have any knowledge thereof); and (c)
shall not be responsible for any action taken or omitted to be taken by it
hereunder or provided for herein or in connection herewith, except for its own
willful misconduct or gross negligence (or simple negligence in connection with
the handling of funds).

            Section 2.02. ESTABLISHMENT OF PAYING AGENT ACCOUNT. The Paying
Agent shall establish a deposit account (the "PAYING AGENT ACCOUNT") at
Wilmington Trust Company in the name of the Escrow Agent. It is expressly
understood by the parties hereto that the Paying Agent is acting as the paying
agent of the Escrow Agent hereunder and that no amounts on deposit in the Paying
Agent Account constitute part of the Trust Property.

            Section 2.03. PAYMENTS FROM PAYING AGENT ACCOUNT. The Escrow Agent
hereby irrevocably instructs the Paying Agent, and the Paying Agent agrees to
act, as follows:

                  (a) On each Interest Payment Date (as defined in the Deposit
      Agreement) or as soon thereafter as the Paying Agent has confirmed receipt
      in the Paying Agent Account from the Depositary of any amount in respect
      of accrued interest on the Deposits, the Paying Agent shall distribute out
      of the Paying Agent Account the entire amount deposited therein by the
      Depositary. There shall be so distributed to each Receiptholder of record
      on the 15th day (whether or not a Business Day) preceding such Interest
      Payment Date by check mailed to such Receiptholder, at the address
      appearing in the Register, such Receiptholder's pro rata share (based on
      the Escrow Interest in the Account Amounts held by such Receiptholder) of
      the total amount of interest deposited by the Depositary in the Paying
      Agent Account on such date, except that, with respect to Escrow Receipts
      registered on the Record Date in the name of The Depository Trust Company

<PAGE>

      ("DTC"), such distribution shall be made by wire transfer in immediately
      available funds to the account designated by DTC.

                  (b) Upon the confirmation by the Paying Agent of receipt in
      the Paying Agent Account from the Depositary of any amount in respect of
      the Final Withdrawal, the Paying Agent shall forthwith distribute the
      entire amount of the Final Withdrawal deposited therein by the Depositary.
      There shall be so distributed to each Receiptholder of record on the 15th
      day (whether or not a Business Day) preceding the Final Withdrawal Date by
      check mailed to such Receiptholder, at the address appearing in the
      Register, such Receiptholder's pro rata share (based on the Escrow
      Interest in the Account Amounts held by such Receiptholder) of the total
      amount in the Paying Agent Account on account of such Final Withdrawal,
      except that, with respect to Escrow Receipts registered on the Record Date
      in the name of DTC, such distribution shall be made by wire transfer in
      immediately available funds to the account designated by DTC.

                  (c) If any payment of interest or principal in respect of the
      Final Withdrawal is not received by the Paying Agent within five days of
      the applicable date when due, then it shall be distributed to
      Receiptholders after actual receipt by the Paying Agent on the same basis
      as a Special Payment is distributed under the Pass Through Trust
      Agreement.

                  (d) The Paying Agent shall include with any check mailed
      pursuant to this Section any notice required to be distributed under the
      Pass Through Trust Agreement that is furnished to the Paying Agent by the
      Pass Through Trustee.

            Section 2.04. WITHHOLDING TAXES. The Paying Agent shall exclude and
withhold from each distribution of accrued interest on the Deposits (as defined
in the Deposit Agreement) and any amount in respect of the Final Withdrawal any
and all withholding taxes applicable thereto as required by law. The Paying
Agent agrees to act as such withholding agent and, in connection therewith,
whenever any present or future taxes or similar charges are required to be
withheld with respect to any amounts payable in respect of the Deposits (as
defined in the Deposit Agreement) or the escrow amounts, to withhold such
amounts and timely pay the same to the appropriate authority in the name of and
on behalf of the Receiptholders, that it will file any necessary withholding tax
returns or statements when due, and that, as promptly as possible after the
payment thereof, it will deliver to each such Receiptholder appropriate
documentation showing the payment thereof, together with such additional
documentary evidence as such Receiptholder may reasonably request from time to
time. The Paying Agent agrees to file any other information reports as it may be
required to file under United States law.

            Section 2.05. Resignation or Removal of Paying Agent. Subject to the
appointment and acceptance of a successor Paying Agent as provided below, the
Paying Agent may resign at any time by giving 30 days' prior written notice
thereof to the Escrow Agent, but may not otherwise be removed except for cause
by the Escrow Agent. Upon any such resignation or removal, the Escrow Agent
shall have the right to appoint a successor Paying Agent. If no successor Paying
Agent shall have been so appointed and shall have accepted such appointment
within 30 days after the retiring Paying Agent's giving of notice of resignation

<PAGE>

or the removal of the retiring Paying Agent, then the retiring Paying Agent may
appoint a successor Paying Agent. Any Successor Paying Agent shall be a bank
which has an office in the United States with a combined capital and surplus of
at least $100,000,000. Upon the acceptance of any appointment as Paying Agent
hereunder by a successor Paying Agent, such successor Paying Agent shall enter
into such documents as the Escrow Agent shall require and shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Paying Agent, and the retiring Paying Agent shall be discharged
from its duties and obligations hereunder.

            Section 2.06. NOTICE OF FINAL WITHDRAWAL. Promptly after receipt by
the Paying Agent of notice that the Escrow Agent has requested a Final
Withdrawal or that a Final Withdrawal will be made, the Paying Agent shall cause
notice of the distribution of the Final Withdrawal to be mailed to each of the
Receiptholders at its address as it appears in the Register. Such notice shall
be mailed not less than 15 days prior to the Final Withdrawal Date. Such notice
shall set forth:

                  (i) the Final Withdrawal Date and the date for
      determining Receiptholders of record who shall be entitled to
      receive distributions in respect of the Final Withdrawal,

                  (ii) the amount of the payment in respect of the
      Final Withdrawal for each $1,000 face amount Certificate (based
      on information provided by the Pass Through Trustee) and the
      amount thereof constituting unused Deposits (as defined in the
      Deposit Agreement) and interest thereon, and

                  (iii) if the Final Withdrawal Date is the same date
      as a Regular Distribution Date, the total amount to be received
      on such date for each $1,000 face amount Certificate (based on
      information provided by the Pass Through Trustee).

            Such mailing may include any notice required to be given to
Certificateholders in connection with such distribution pursuant to the Pass
Through Trust Agreement.

            SECTION 3. PAYMENTS. If, notwithstanding the instructions in Section
4 of the Deposit Agreement that all amounts payable to the Escrow Agent under
the Deposit Agreement be paid by the Depositary directly to the Paying Agent,
the Pass Through Trustee or a Replacement Depositary (depending on the
circumstances), the Escrow Agent receives any payment thereunder, then the
Escrow Agent shall forthwith pay such amount in Dollars and in immediately
available funds by wire transfer to (a) in the case of a payment of accrued
interest on the Deposits (as defined in the Deposit Agreement) or any Final
Withdrawal, directly to the Paying Agent Account, (b) in the case of any
Purchase Withdrawal, directly to the Pass Through Trustee or its designee as
specified and in the manner provided in the Applicable Notice of Purchase
Withdrawal and (c) in the case of any Replacement Withdrawal, to the Replacement
Depositary as provided in the Replacement Depositary Agreement. The Escrow Agent
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 amounts payable to the Paying Agent howsoever
arising.

<PAGE>

            SECTION 4. OTHER ACTIONS. The Escrow Agent shall take such other
actions under or in respect of the Deposit Agreement (including, without
limitation, the enforcement of the obligations of the Depositary thereunder) as
the Investors, by an Action of Investors, may from time to time request.

            SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE ESCROW AGENT. The
Escrow Agent represents and warrants to Continental, the Investors, the Paying
Agent and the Pass Through Trustee as follows:

                  (i) it is a national banking association duly
      organized and validly existing in good standing under the laws
      of the United States of America;

                  (ii) 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,
      the Deposit Agreement and any Replacement Deposit Agreement;

                  (iii) the execution, delivery and performance of
      each of this Agreement, the Deposit Agreement and any
      Replacement Deposit 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 each
      such document 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 or thereof except
      as such enforceability may be limited by bankruptcy, insolvency,
      moratorium, reorganization or other similar laws or equitable
      principles of general application to or affecting the
      enforcement of creditors' rights generally (regardless of
      whether such enforceability is considered in a proceeding in
      equity or at law);

                  (iv) 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, the Deposit Agreement or any Replacement
      Deposit Agreement;

                  (v) neither the execution, delivery or performance
      by it of this Agreement, the Deposit Agreement or any
      Replacement Deposit Agreement, nor compliance with the terms and
      provisions hereof or thereof, 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
      any indenture, mortgage or contract or other agreement or
      instrument to which it is a party or by which it or any of its

<PAGE>

      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

                  (vi) 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 which, if adversely determined, (A) would
      adversely affect the ability of it to perform its obligations
      under this Agreement, the Deposit Agreement or any Replacement
      Deposit Agreement or (B) would call into question or challenge
      the validity of this Agreement or the Deposit Agreement or the
      enforceability hereof or thereof in accordance with the terms
      hereof or thereof, nor is the Escrow Agent 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 or the Deposit Agreement.

            SECTION 6. REPRESENTATIONS AND WARRANTIES OF THE PAYING AGENT. The
Paying Agent represents and warrants to Continental, the Investors, the Escrow
Agent and the Pass Through Trustee as follows:

                  (i) it is a Delaware banking company duly organized
      and validly existing in good standing under the laws of its
      jurisdiction of incorporation;

                  (ii) 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;

                  (iii) the execution, delivery and performance of
      this Agreement has been duly authorized by all necessary
      corporate action on the part of it and does not require any
      stockholder approval, or approval or consent of any trustee or
      holder of any indebtedness or obligations of it, and such
      document 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 except as such
      enforceability may be limited by bankruptcy, insolvency,
      moratorium, reorganization or other similar laws or equitable
      principles of general application to or affecting the
      enforcement of creditors' rights generally (regardless of
      whether such enforceability is considered in a proceeding in
      equity or at law);

                  (iv) 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;

                  (v) 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,

<PAGE>

      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
      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

                  (vi) 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 which, if adversely determined, (A) would
      adversely affect the ability of it to perform its obligations
      under this Agreement or (B) would call into question or
      challenge the validity of this Agreement or the enforceability
      hereof in accordance with the terms hereof, nor is the Paying
      Agent 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 7. INDEMNIFICATION. Except for actions expressly required of
the Escrow Agent or the Paying Agent hereunder, each of the Escrow Agent and the
Paying Agent shall in all cases be fully justified in failing or refusing to act
hereunder unless it shall have been indemnified by the party requesting such
action in a manner reasonably satisfactory to it against any and all liability
and expense which may be incurred by it by reason of taking or continuing to
take any such action. In the event Continental requests any amendment to any
Operative Agreement (as defined in the Note Purchase Agreement), the Pass
Through Trustee agrees to pay all reasonable fees and expenses (including,
without limitation, fees and disbursements of counsel) of the Escrow Agent and
the Paying Agent in connection therewith.

            SECTION 8. AMENDMENT, ETC. Upon request of the Pass Through Trustee
and approval by an Action of Investors, the Escrow Agent shall enter into an
amendment to this Agreement, so long as such amendment does not adversely affect
the rights or obligations of the Escrow Agent or the Paying Agent, PROVIDED that
upon request of the Pass Through Trustee and without any consent of the
Investors, the Escrow Agent shall enter into an amendment to this Agreement for
any of the following purposes:

                  (1) to correct or supplement any provision in this Agreement
      which may be defective or inconsistent with any other provision herein or
      to cure any ambiguity or correct any mistake or to modify any other
      provision with respect to matters or questions arising under this
      Agreement, PROVIDED that any such action shall not materially adversely
      affect the interests of the Investors; or

                  (2) to comply with any requirement of the SEC, applicable law,
      rules or regulations of any exchange or quotation system on which the
      Certificates are listed or any regulatory body; or

<PAGE>

                  (3) to evidence and provide for the acceptance of appointment
      under this Agreement of a successor Escrow Agent, successor Paying Agent
      or successor Pass Through Trustee.

            SECTION 9. 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 (a) in the case of the Investors,
as their respective addresses shall appear in the Register, (b) in the case of
the Escrow Agent, Wells Fargo Bank Northwest, National Association, 79 South
Main Street, Third Floor, Salt Lake City, UT 84111, Attention: Corporate Trust
Services (Telecopier: (801) 246-5053), (c) in the case of 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) or (d) in the case of the Paying Agent, Wilmington
Trust Company, 1100 North Market Street, Rodney Square North, Wilmington, DE
19890-1605, Attention: Corporate Capital Market Services (Telecopier: (302)
636-4140), in each case with a copy 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 other parties). On or prior
to the execution of this Agreement, the Pass Through Trustee has delivered to
the Escrow Agent a certificate containing specimen signatures of the
representatives of the Pass Through Trustee who are authorized to give notices
and instructions with respect to this Agreement. The Escrow Agent may
conclusively rely on such certificate until the Escrow Agent receives written
notice from the Pass Through Trustee to the contrary.

            SECTION 10. TRANSFER. No 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 Section 1.06 hereof
or (in the case of the Paying Agent) to a successor paying agent under Section
2.04 hereof, and any purported assignment in violation thereof shall be void.
This Agreement shall be binding upon the parties hereto and their respective
successors and (in the case of the Escrow Agent and the Paying Agent) their
respective 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 and obligations of the "Pass Through Trustee"
hereunder and each reference herein to "Continental Airlines Pass Through Trust
2002-1G-2-O" shall be deemed to be a reference to "Continental Airlines Pass
Through Trust 2002-1G-2-S". The parties hereto hereby acknowledge and consent to
the Transfer contemplated by the Assignment and Assumption Agreement. As used
herein, "TRANSFER" means the transfers of the assets to the Successor Trust
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;
"SUCCESSOR TRUST" means the Continental Airlines Pass Through Trust 2002-1G-2-S.

<PAGE>

            SECTION 11. ENTIRE AGREEMENT. This Agreement sets forth all of the
promises, covenants, agreements, conditions and understandings among the Escrow
Agent, the Paying Agent, the Underwriters and the Pass Through Trustee 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 12. GOVERNING LAW. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.

            SECTION 13. WAIVER OF JURY TRIAL RIGHT. EACH OF THE ESCROW AGENT,
THE PAYING AGENT, THE INVESTORS AND THE PASS THROUGH TRUSTEE 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.

<PAGE>

            IN WITNESS WHEREOF, the Escrow Agent, the Paying Agent, the
Underwriters and the Pass Through Trustee have caused this Escrow and Paying
Agent Agreement (Class G-2) 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:

                                        CREDIT SUISSE FIRST BOSTON
                                        CORPORATION, J.P. MORGAN SECURITIES
                                        INC., MERRILL LYNCH, PIERCE, FENNER &
                                        SMITH INCORPORATED, SALOMON SMITH
                                        BARNEY INC. and MORGAN STANLEY & CO.
                                        INCORPORATED,
                                           as Underwriters

                                        By:  CREDIT SUISSE FIRST BOSTON
                                              CORPORATION

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

                                        WILMINGTON TRUST COMPANY, not in its
                                        individual capacity, but solely as
                                        Pass Through Trustee for and on behalf
                                        of Continental Airlines Pass Through
                                        Trust 2002-1G-2-O

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

<PAGE>

                                        WILMINGTON TRUST COMPANY,
                                          as Paying Agent

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

<PAGE>
                                                                       EXHIBIT A

                  CONTINENTAL AIRLINES 2002-1G-2 ESCROW RECEIPT

                                     No. __

            This Escrow Receipt evidences a fractional undivided interest in
amounts ("ACCOUNT AMOUNTS") from time to time deposited into a certain paying
agent account (the "PAYING AGENT ACCOUNT") described in the Escrow and Paying
Agent Agreement (Class G-2) dated as of March 25, 2002 (as amended, modified or
supplemented from time to time, the "ESCROW AND PAYING AGENT AGREEMENT") among
Wells Fargo Bank Northwest, National Association, as Escrow Agent (in such
capacity, together with its successors in such capacity, the "ESCROW AGENT"),
Credit Suisse First Boston Corporation, J.P. Morgan Securities Inc., Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Salomon Smith Barney Inc. and Morgan
Stanley & Co. Incorporated, as Underwriters, Wilmington Trust Company, as Pass
Through Trustee (in such capacity, together with its successors in such
capacity, the "PASS THROUGH TRUSTEE") and Wilmington Trust Company, as paying
agent (in such capacity, together with its successors in such capacity, the
"PAYING AGENT"). Capitalized terms not defined herein shall have the meanings
assigned to them in the Escrow and Paying Agent Agreement.

            This Escrow Receipt is issued under and is subject to the terms,
provisions and conditions of the Escrow and Paying Agent Agreement. By virtue of
its acceptance hereof the holder of this Escrow Receipt assents and agrees to be
bound by the provisions of the Escrow and Paying Agent Agreement and this Escrow
Receipt.

            This Escrow Receipt represents a fractional undivided interest in
amounts deposited from time to time in the Paying Agent Account, and grants or
represents no rights, benefits or interests of any kind in respect of any assets
or property other than such amounts. This Escrow Receipt evidences the same
percentage interest in the Account Amounts as the Fractional Undivided Interest
in the Pass Through Trust evidenced by the Certificate to which this Escrow
Receipt is affixed.

            All payments and distributions made to Receiptholders in respect of
the Escrow Receipt shall be made only from Account Amounts deposited in the
Paying Agent Account. The holder of this Escrow Receipt, by its acceptance of
this Escrow Receipt, agrees that it will look solely to the Account Amounts for
any payment or distribution due to it pursuant to this Escrow Receipt and that
it will not have any recourse to Continental, the Pass Through Trustee, the
Paying Agent or the Escrow Agent, except as expressly provided herein or in the
Pass Through Trust Agreement. No Receiptholder of this Escrow Receipt shall have
any right to vote or in any manner otherwise control the operation and
management of the Paying Agent Account, nor shall anything set forth herein, or
contained in the terms of this Escrow Receipt, be construed so as to constitute
the Receiptholders from time to time as partners or members of an association.

            This Escrow Receipt may not be assigned or transferred except in
connection with the assignment or transfer of the Certificate to which this
Escrow Receipt is affixed. After payment to the holder hereof of its Escrow
Interest in the Final Distribution, upon the request of the Pass Through
Trustee, the holder hereof will return this Escrow Receipt to the Pass Through
Trustee.

<PAGE>

            The Paying Agent may treat the person in whose name the Certificate
to which this Escrow Receipt is attached as the owner hereof for all purposes,
and the Paying Agent shall not be affected by any notice to the contrary.

            THIS ESCROW RECEIPT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

<PAGE>

            IN WITNESS WHEREOF, the Escrow Agent has caused this Escrow Receipt
to be duly executed.

Dated:  March 25, 2002

                                        WELLS FARGO BANK NORTHWEST,
                                        NATIONAL ASSOCIATION,
                                          as Escrow Agent

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

<PAGE>
                                                                       EXHIBIT B

                             WITHDRAWAL CERTIFICATE
                                   (Class G-2)

                Wells Fargo Bank Northwest, National Association
                                 as Escrow Agent

Dear Sirs:

            Reference is made to the Escrow and Paying Agent Agreement, dated as
of March 25, 2002 (the "Agreement"). [We hereby certify to you that the
conditions to the obligations of the undersigned to execute a Participation
Agreement pursuant to the Note Purchase Agreement have been satisfied] [We
hereby notify you that the Depositary is being replaced in accordance with
Section 4(a)(viii) of the Note Purchase Agreement]. Pursuant to Section
[1.02(c)][1.02(d)] of the Agreement, please execute the attached [Notice of
Purchase Withdrawal][Notice of Replacement Withdrawal] and immediately transmit
by facsimile to the Depositary, at (212) 325-8319, Attention: Robert Finney.

                                        Very truly yours,

                                        WILMINGTON TRUST COMPANY,
                                        not in its individual capacity but
                                        solely as Pass Through Trustee

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

Dated:  ____________, 200_----------------------------------------------------------------

                             NOTE PURCHASE AGREEMENT

                           Dated as of March 25, 2002

                                      Among

                           CONTINENTAL AIRLINES, INC.,

                            WILMINGTON TRUST COMPANY,
                    as Pass Through Trustee under each of the
                          Pass Through Trust Agreements

                            WILMINGTON TRUST COMPANY,
                             as Subordination Agent

                WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
                                 as Escrow Agent

                                       and

                            WILMINGTON TRUST COMPANY,
                                 as Paying Agent

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

<PAGE>

                        INDEX TO NOTE PURCHASE AGREEMENT
                                                                          Page

SECTION 1.  Financing of New Aircraft........................................4
SECTION 2.  Conditions Precedent.............................................8
SECTION 3.  Representations and Warranties...................................9
SECTION 4.  Covenants.......................................................14
SECTION 5.  Notices.........................................................18
SECTION 6.  Expenses........................................................18
SECTION 7.  Further Assurances..............................................19
SECTION 8.  Miscellaneous...................................................19
SECTION 9.  Governing Law...................................................21

                                    Schedules

Schedule I        Eligible Aircraft and Scheduled Delivery Months
Schedule II       Trust Supplements
Schedule III      Mandatory Document Terms
Schedule IV       Mandatory Economic Terms

                                      ANNEX

Annex A  Definitions

                                    EXHIBITS

Exhibit A         Form of Delivery Notice
Exhibit B         Form of Participation Agreement
Exhibit C         Form of Indenture

<PAGE>
                             NOTE PURCHASE AGREEMENT

            This NOTE PURCHASE AGREEMENT, dated as of March 25, 2002, among
(i)CONTINENTAL AIRLINES, INC., a Delaware corporation (the "COMPANY"),
(ii)WILMINGTON TRUST COMPANY ("WTC"), a Delaware banking corporation, not in its
individual capacity except as otherwise expressly provided herein, but solely as
trustee (in such capacity together with its successors in such capacity, the
"PASS THROUGH TRUSTEE") under each of the four separate Pass Through Trust
Agreements (as defined below), (iii) WILMINGTON TRUST COMPANY, a Delaware
banking corporation, as subordination agent and trustee (in such capacity
together with its successors in such capacity, the "SUBORDINATION AGENT") under
the Intercreditor Agreement (as defined below), (iv) WELLS FARGO BANK NORTHWEST,
NATIONAL ASSOCIATION, a national banking association, as Escrow Agent (in such
capacity together with its successors in such capacity, the "ESCROW AGENT"),
under each of the Escrow and Paying Agent Agreements (as defined below) and (v)
WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Paying Agent (in
such capacity together with its successors in such capacity, the "PAYING AGENT")
under each of the Escrow and Paying Agent Agreements.

                              W I T N E S S E T H:

            WHEREAS, capitalized terms used but not defined herein shall have
the meanings ascribed to such terms in Annex A hereto;

            WHEREAS, the Company has obtained commitments from the Manufacturer
pursuant to the Aircraft Purchase Agreements for the delivery of the ten
aircraft listed in Schedule I hereto (together with any aircraft substituted
therefor in accordance with an Aircraft Purchase Agreement prior to the delivery
thereof, the "ELIGIBLE AIRCRAFT"), and the Company wishes to finance pursuant to
this Agreement a portion of the purchase price of two Boeing 757-324 aircraft,
four of the six Boeing 767-424ER aircraft, and one of the two Boeing 777-224ER
aircraft included in the Eligible Aircraft (such aircraft to be financed
hereunder, the "NEW AIRCRAFT");

            WHEREAS, pursuant to the Basic Pass Through Trust Agreement and each
of the Trust Supplements set forth in Schedule II hereto, and concurrently with
the execution and delivery of this Agreement, separate grantor trusts
(collectively, the "PASS THROUGH TRUSTS" and, individually, a "PASS THROUGH
TRUST") have been created to facilitate certain of the transactions contemplated

<PAGE>

hereby, including, without limitation, the issuance and sale of pass through
certificates pursuant thereto (collectively, the "CERTIFICATES") to provide for
a portion of the financing of the New Aircraft;

            WHEREAS, the Company has entered into the Underwriting Agreement,
dated as of March 11, 2002 (the "UNDERWRITING AGREEMENT") with the Underwriters
named therein (the "UNDERWRITERS") which provides that the Company will cause
the Pass Through Trustee under the Class G-1 Pass Through Trust (the "CLASS G-1
PASS THROUGH TRUSTEE") and the Pass Through Trustee under the Class G-2 Pass
Through Trust (the "CLASS G-2 PASS THROUGH Trustee") to issue and sell the Class
G-1 Certificates and the Class G-2 Certificates, respectively, to the
Underwriters on the Issuance Date;

            WHEREAS, the Company has entered into the Certificate Purchase
Agreement, dated as of March 11, 2002 (the "CERTIFICATE PURCHASE AGREEMENT"),
with the purchaser named therein (the "INITIAL PURCHASER") which provides that
the Company will cause the Pass Through Trustee under the Class H Pass Through
Trust (the "CLASS H PASS THROUGH TRUSTEE") and the Pass Through Trustee under
the Class I Pass Through Trust (the "CLASS I PASS THROUGH TRUSTEE") to issue and
sell the Class H Certificates and the Class I Certificates to the Initial
Purchaser on the Issuance Date;

            WHEREAS, concurrently with the execution and delivery of this
Agreement, the Company, the Subordination Agent, the Escrow Agent and WTC, as
Reference Agent (the "REFERENCE AGENT"), entered into the Reference Agency
Agreement, dated the Issuance Date (the "REFERENCE AGENCY AGREEMENT"), whereby
the Reference Agent will determine LIBOR and calculate the interest rates
payable on the Series G-1 Equipment Notes, Series H Equipment Notes and under
the Deposit Agreement relating to the Class G-1 Pass Through Trust;

            WHEREAS, concurrently with the execution and delivery of this
Agreement, (i) the Escrow Agent and the Depositary have entered into two Deposit
Agreements, dated as of the Issuance Date, one each relating to the Class G-1
and Class G-2 Pass Through Trust (together, the "DEPOSIT AGREEMENTS") whereby
the Escrow Agent agreed to direct the Underwriters to make certain deposits
referred to therein on the Issuance Date (the "INITIAL DEPOSITS") and to permit
the applicable Pass Through Trustees to make additional deposits from time to
time thereafter (the Initial Deposits together with such additional deposits are
collectively referred to as the "DEPOSITS") and (ii) the applicable Pass Through
Trustees, Underwriters, Paying Agents and Escrow Agents have entered into two

<PAGE>

Escrow and Paying Agent Agreements, dated as of the Issuance Date, one each
relating to the Class G-1 and Class G-2 Pass Through Trust (together, the
"ESCROW AND PAYING AGENT AGREEMENTS"), whereby, among other things, (a) the
Underwriters agreed to deliver an amount equal to the amount of the Initial
Deposits to the Depositary on behalf of the applicable Escrow Agent and (b) the
applicable Escrow Agent, upon the Depositary receiving such amount, agreed to
deliver escrow receipts to be affixed to each Certificate;

            WHEREAS, upon receipt of a Delivery Notice with respect to a New
Aircraft, subject to the terms and conditions of this Agreement, the applicable
Pass Through Trustees will enter into the applicable Financing Agreements
relating to such New Aircraft;

            WHEREAS, upon the financing of each New Aircraft, (i) the Class G-1
and Class G-2 Pass Through Trustees each will fund its purchase of Equipment
Notes with the proceeds of one or more Deposits withdrawn by the applicable
Escrow Agent under the related Deposit Agreement bearing the same interest rate
as the Certificates issued by the applicable Pass Through Trust and (ii) the
Class H and Class I Pass Through Trustees each will fund its purchase of
Equipment Notes with cash provided by the Initial Purchaser of the Certificates
issued by the applicable Pass Through Trust; and

            WHEREAS, concurrently with the execution and delivery of this
Agreement, (i) Landesbank Hessen-Thuringen Girozentrale (the "PRIMARY LIQUIDITY
PROVIDER"), has entered into two revolving credit agreements, one each for the
benefit of the Certificateholders of the Class G-1 and Class G-2 Pass Through
Trusts, in each case with the Subordination Agent, as agent for the Pass Through
Trustee on behalf of each such Pass Through Trust (each such revolving credit
agreement with the Primary Liquidity Provider, a "PRIMARY LIQUIDITY FACILITY"),
(ii) Merrill Lynch Capital Services, Inc. (the "ABOVE-CAP LIQUIDITY PROVIDER")
has entered into the ISDA Master Agreement, the Schedule to such ISDA Master
Agreement and the Class G-1 Above Cap Liquidity Confirmation that supplements
such ISDA Master Agreement, each with the Subordination Agent, on behalf of the
Class G-1 Trustee (the "ABOVE-CAP LIQUIDITY AGREEMENT") and (iii) the Pass
Through Trustees, the Primary Liquidity Provider, the Above-Cap Liquidity
Provider, the Policy Provider (as defined below) and the Subordination Agent
have entered into the Intercreditor Agreement, dated as of the date hereof (the
"INTERCREDITOR AGREEMENT");

<PAGE>

            WHEREAS, concurrently with the execution and delivery of this
Agreement, Ambac Assurance Corporation (the "POLICY PROVIDER") has entered into
the Insurance and Indemnity Agreement (the "POLICY PROVIDER AGREEMENT"), with
the Company and the Subordination Agent, as agent and trustee for the Class G-1
Pass Through Trustee and the Class G-2 Pass Through Trustee, and the Policy
Provider has issued the two separate certificate guaranty insurance policies
provided for therein, one each for the benefit of the Class G-1 and Class G-2
Certificateholders (the "POLICIES").

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

            SECTION 1. FINANCING OF NEW AIRCRAFT. (a) The Company confirms that
it has entered into the Aircraft Purchase Agreements with the Manufacturer
pursuant to which the Company has agreed to purchase, and the Manufacturer has
agreed to deliver, the Eligible Aircraft in the months specified in Schedule I
hereto, all on and subject to terms and conditions specified in the applicable
Aircraft Purchase Agreement. The Company agrees to finance the New Aircraft in
the manner provided herein, all on and subject to the terms and conditions
hereof and of the relevant Financing Agreements.

            (b) In furtherance of the foregoing, the Company agrees to give the
parties hereto, the Depositary, the Policy Provider, the Initial Purchaser and
each of the Rating Agencies not less than two Business Days' prior notice
substantially in the form of Exhibit A hereto (a "DELIVERY NOTICE") of the
scheduled delivery date (the "SCHEDULED DELIVERY DATE") (or, in the case of a
substitute Delivery Notice under Section 1(e) or (f) hereof, one Business Day's
prior notice) in respect of each New Aircraft under the applicable Aircraft
Purchase Agreement, which notice shall:

            (i) specify the Scheduled Delivery Date of such New Aircraft (which
shall be a Business Day before the Cut-off Date and, except as provided in
Section 1(f) hereof, the date (the "FUNDING DATE") on which the financing
therefor in the manner provided herein shall be consummated);

            (ii) instruct each Pass Through Trustee being requested to purchase
Equipment Notes pursuant to such Delivery Notice (the "APPLICABLE PASS THROUGH
TRUSTEES") to enter into the Participation Agreement included in the Financing

<PAGE>

Agreements with respect to such Aircraft in such form and at such a time on or
before the Funding Date specified in such Delivery Notice and to perform its
obligations thereunder;

            (iii) instruct each of the Class G-1 and Class G-2 Pass Through
Trustees to instruct the relevant Escrow Agent to provide a Notice of Purchase
Withdrawal to the Depositary with respect to the Equipment Notes to be issued to
such Pass Through Trustee in connection with the financing of such New Aircraft
(except in the case of any such financing on the Issuance Date); and

            (iv) specify the aggregate principal amount of each series of
Equipment Notes, if any, to be issued, and purchased by the Applicable Pass
Through Trustees, in connection with the financing of such New Aircraft
scheduled to be delivered on such Funding Date (which shall in all respects
comply with the Mandatory Economic Terms).

Notwithstanding the foregoing, in the case of any New Aircraft delivered to the
Company prior to the Issuance Date to be financed pursuant to the terms hereof
on the Issuance Date, the Delivery Notice therefor may be delivered to the
parties hereto on the Issuance Date. The Company shall finance at least one New
Aircraft on the Issuance Date.

            (c) Upon receipt of a Delivery Notice, the Applicable Pass Through
Trustees shall, and shall cause the Subordination Agent to, enter into and
perform their obligations under the Participation Agreement specified in such
Delivery Notice, PROVIDED that such Participation Agreement and the Indenture to
be entered into pursuant to such Participation Agreement shall be in the forms
thereof annexed hereto in all material respects and, if modified in any material
respect, as to which prior written consent of the Policy Provider shall have
been obtained and as to which Rating Agency Confirmation shall have been
obtained from each Rating Agency by the Company (to be delivered by the Company
to the Applicable Pass Through Trustees on or before the relevant Funding Date,
it being understood that if the Policy Provider consent and Rating Agency
Confirmation shall have been received with respect to any Financing Agreements
and such Financing Agreements are utilized for subsequent New Aircraft (or
Substitute Aircraft) without material modifications, no additional Policy
Provider consent or Rating Agency Confirmation shall be required); PROVIDED,
HOWEVER, that the relevant Financing Agreements as executed and delivered shall
not vary the Mandatory Economic Terms and shall contain the Mandatory Document

<PAGE>

Terms. Notwithstanding the foregoing, an Indenture may be modified to the extent
required for the issuance of Equipment Notes pursuant to Section 4(a)(vi) of
this Agreement, subject to the terms of such Section and Section 9.1(c) or
9.1(d) of the Intercreditor Agreement, whichever may be applicable. The Company
shall pay the reasonable costs and expenses of the Rating Agencies in connection
with obtaining any such Rating Agency Confirmation. With respect to each New
Aircraft, the Company shall cause WTC (or such other person that meets the
eligibility requirements to act as loan trustee under the Indenture) to execute
as Loan Trustee the Financing Agreements relating to such Aircraft to which such
Loan Trustee is intended to be a party, and shall concurrently therewith execute
such Financing Agreements to which the Company is intended to be a party and
perform its respective obligations thereunder. Upon the request of either Rating
Agency or an Initial Purchaser, the Company shall deliver or cause to be
delivered to such Rating Agency or Initial Purchaser a true and complete copy of
each Financing Agreement relating to the financing of each New Aircraft together
with a true and complete set of the closing documentation (including legal
opinions) delivered to the related Loan Trustee, Subordination Agent and Pass
Through Trustee under the related Participation Agreement.

            (d) The Company agrees that all Equipment Notes issued pursuant to
any Indenture shall initially be registered in the name of the Subordination
Agent on behalf of the applicable Pass Through Trustee (or, in the case of the
Series J, on behalf of the Pass Through Trustee with respect to the Class J
Certificates).

            (e) If after giving any Delivery Notice, there shall be a delay in
the delivery of the Eligible Aircraft referred to therein, or if on the
Scheduled Delivery Date of the Eligible Aircraft the financing thereof in the
manner contemplated hereby shall not be consummated for whatever reason, the
Company shall give the parties hereto, the Depositary, the Policy Provider and
the Initial Purchaser prompt notice thereof. Concurrently with the giving of
such notice of postponement or subsequently, the Company shall give the parties
hereto, the Depositary, the Policy Provider and the Initial Purchaser a
substitute Delivery Notice specifying the date to which delivery and related
financing of such Eligible Aircraft or of another Eligible Aircraft of the same
type in lieu thereof shall have been re-scheduled (which shall be a Business Day
before the Cut-off Date on which the Escrow Agents shall be entitled to withdraw
one or more Deposits under each of the applicable Deposit Agreements to enable

<PAGE>

each of the Class G-1 and Class G-2 Pass Through Trustees to fund its purchase
of the related Equipment Notes). Upon receipt of any such notice of
postponement, each Applicable Pass Through Trustee shall comply with its
obligations under Section 5.01 of each of the Trust Supplements and thereafter
the financing of such Eligible Aircraft, as specified in such substitute
Delivery Notice, shall take place on the re-scheduled Delivery Date therefor
(all on and subject to the terms and conditions of the relevant Financing
Agreements) unless further postponed as provided herein.

            (f) Anything in this Section 1 to the contrary notwithstanding, the
Company shall have the right to accept delivery of a New Aircraft under the
applicable Aircraft Purchase Agreement on the Delivery Date thereof by
utilization of bridge financing of such New Aircraft and promptly thereafter
give the parties hereto, the Depositary, the Policy Provider and the Initial
Purchaser a Delivery Notice specifying a Funding Date not later than 90 days
after the Delivery Date of such New Aircraft and no later than the Cut-off Date
and otherwise complying with the provisions of Section 1(b) hereof. All other
terms and conditions of this Note Purchase Agreement shall apply to the
financing of any such New Aircraft on the re-scheduled Funding Date therefor
except (i) the re-scheduled Funding Date shall be deemed the Delivery Date of
such New Aircraft for all purposes of this Section 1 and (ii) the related
Financing Agreements shall be amended to reflect the original delivery of such
New Aircraft to the Company.

            (g) If the Scheduled Delivery Date for any Eligible Aircraft is
delayed (a) more than 30 days beyond the last day of the month set forth
opposite such Eligible Aircraft under the heading "Scheduled Delivery Months" in
Schedule I hereto or (b) beyond August 31, 2002, the Company may identify for
delivery a substitute aircraft therefor meeting the following conditions (a
"SUBSTITUTE AIRCRAFT"): (i) a Substitute Aircraft must be a Boeing 757-300,
767-400ER or 777-200ER aircraft manufactured after the date of this Agreement,
(ii) one or more Substitute Aircraft of the same or different types may be
substituted for one or more Eligible Aircraft of the same or different types so
long as after giving effect thereto such substitution does not vary the
Mandatory Economic Terms and (iii) the Company shall be obligated to obtain
prior written consent of the Policy Provider and each Initial Purchaser and to
obtain Rating Agency Confirmation in respect of the replacement of any Eligible
Aircraft by Substitute Aircraft. Upon the satisfaction of the conditions set
forth above with respect to a Substitute Aircraft, the Eligible Aircraft to be

<PAGE>

replaced shall cease to be subject to this Agreement and all rights and
obligations of the parties hereto concerning such Eligible Aircraft shall cease,
and such Substitute Aircraft shall become and thereafter be subject to the terms
and conditions of this Agreement to the same extent as such Eligible Aircraft.

            (h) The Company shall have no liability for the failure of the Pass
Through Trustees to purchase Equipment Notes with respect to any New Aircraft or
Substitute Aircraft.

            (i) The Company shall provide to Standard & Poor's Ratings Services
and the Policy Provider, at least three Business Days prior to the Funding Date
for each New Aircraft, copies of the Financing Agreements, and opinions of
counsel to be delivered pursuant to the Participation Agreement, marked to show
changes from the forms thereof attached as Exhibits to this Agreement and any
supplements or amendments to any other Operative Agreement to be entered into in
connection with such Funding Date.

            (j) Anything herein to the contrary notwithstanding, the Company
shall not have the right, and shall not be entitled, at any time to request the
issuance of Equipment Notes of any series to either the Class G-1 or Class G-2
Pass Through Trustee in an aggregate principal amount in excess of the amount of
the Deposits then available for withdrawal by the Escrow Agent under and in
accordance with the provisions of the related Deposit Agreement.

            SECTION 2. CONDITIONS PRECEDENT. The obligation of the Applicable
Pass Through Trustees to enter into, and to cause the Subordination Agent to
enter into, any Participation Agreement as directed pursuant to a Delivery
Notice and to perform its obligations thereunder is subject to satisfaction of
the following conditions:

            (a) no Triggering Event shall have occurred;

            (b) the Company shall have delivered a certificate to each such Pass
Through Trustee, each Initial Purchaser, the Policy Provider and the Primary
Liquidity Provider stating that (i) such Participation Agreement and the other
Financing Agreements to be entered into pursuant to such Participation Agreement
do not vary the Mandatory Economic Terms and contain the Mandatory Document
Terms, and (ii) any substantive modification of such Financing Agreements from
the forms of Financing Agreements attached to this Agreement do not materially

<PAGE>

and adversely affect the Policy Provider, the Initial Purchaser or the
Certificateholders, and such certification shall be true and correct; and

            (c) upon purchase hereunder of the Series G-1 or Series G-2
Equipment Notes relating to any New Aircraft, the Series H Equipment Notes
relating to such New Aircraft shall be concurrently purchased by the Pass
Through Trustee for the Class H Certificates.

            Anything herein to the contrary notwithstanding, the obligation of
each Pass Through Trustee to purchase Equipment Notes shall terminate on the
Cut-off Date.

            SECTION 3. REPRESENTATIONS AND WARRANTIES. (a) The Company
represents and warrants that:

                 (i) the Company is duly incorporated, validly existing and in
            good standing under the laws of the State of Delaware and is a
            "citizen of the United States" as defined in Section 40102(a)(15) of
            the Act, and has the full corporate power, authority and legal right
            under the laws of the State of Delaware to execute and deliver this
            Agreement and each Financing Agreement to which it will be a party
            and to carry out the obligations of the Company under this Agreement
            and each Financing Agreement to which it will be a party;

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

                 (iii) this Agreement constitutes the legal, valid and binding
            obligation of the Company, enforceable against it in accordance with
            its terms, except as the same may be limited by applicable
            bankruptcy, insolvency, reorganization, moratorium or similar laws
            affecting the rights of creditors generally and by general
            principles of equity, whether considered in a proceeding at law or
            in equity.

                  (b) WTC represents and warrants that:

<PAGE>

                 (i) WTC is duly incorporated, validly existing and in good
            standing under the laws of the State of Delaware and is a "citizen
            of the United States" as defined in Section 40102(a)(15) of the Act,
            and has the full corporate power, authority and legal right under
            the laws of the State of Delaware and the United States pertaining
            to its banking, trust and fiduciary powers to execute and deliver
            this Agreement and each Financing Agreement to which it will be a
            party and to carry out the obligations of WTC, in its capacity as
            Subordination Agent, Pass Through Trustee or Paying Agent, as the
            case may be, under this Agreement and each Financing Agreement to
            which it will be a party;

                 (ii) the execution and delivery by WTC, in its capacity as
            Subordination Agent, Pass Through Trustee or Paying Agent, as the
            case may be, of this Agreement and the performance by WTC, in its
            capacity as Subordination Agent, Pass Through Trustee or Paying
            Agent, as the case may be, of its obligations under this Agreement
            have been duly authorized by WTC, in its capacity as Subordination
            Agent, Pass Through Trustee or Paying Agent, as the case may be, and
            will not violate its articles of association or by-laws or the
            provisions of any indenture, mortgage, contract or other agreement
            to which it is a party or by which it is bound; and

                 (iii) this Agreement constitutes the legal, valid and binding
            obligations of WTC, in its capacity as Subordination Agent, Pass
            Through Trustee or Paying Agent, as the case may be, enforceable
            against it in accordance with its terms, except as the same may be
            limited by applicable bankruptcy, insolvency, reorganization,
            moratorium or similar laws affecting the rights of creditors
            generally and by general principles of equity, whether considered in
            a proceeding at law or in equity.

            (c) The Pass Through Trustee hereby confirms to each of the other
parties hereto that its representations and warranties set forth in Section 7.15
of the Basic Pass Through Trust Agreement and Section 5.04 of each Trust
Supplement are true and correct as of the date hereof.

            (d) The Subordination Agent represents and warrants that:

<PAGE>

                 (i) the Subordination Agent is duly incorporated, validly
            existing and in good standing under the laws of the State of
            Delaware, and has the full corporate power, authority and legal
            right under the laws of the State of Delaware and the United States
            pertaining to its banking, trust and fiduciary powers to execute and
            deliver this Agreement and each Financing Agreement to which it is
            or will be a party and to perform its obligations under this
            Agreement and each Financing Agreement to which it is or will be a
            party;

                 (ii) this Agreement has been duly authorized, executed and
            delivered by the Subordination Agent; this Agreement constitutes the
            legal, valid and binding obligations of the Subordination Agent
            enforceable against it in accordance with its terms, except as the
            same may be limited by applicable bankruptcy, insolvency,
            reorganization, moratorium or similar laws affecting the rights of
            creditors generally and by general principles of equity, whether
            considered in a proceeding at law or in equity;

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

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

<PAGE>

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

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

            (e) The Escrow Agent represents and warrants that:

                 (i) the Escrow Agent is a national banking association duly
            incorporated, validly existing and in good standing under the laws
            of the United States and has the full corporate power, authority and
            legal right under the laws of the United States pertaining to its
            banking, trust and fiduciary powers to execute and deliver this
            Agreement, each Deposit Agreement and each Escrow and Paying Agent
            Agreement (collectively, the "ESCROW AGENT AGREEMENTS") and to carry
            out the obligations of the Escrow Agent under each of the Escrow
            Agent Agreements;

                 (ii) the execution and delivery by the Escrow Agent of each of
            the Escrow Agent Agreements and the performance by the Escrow Agent
            of its obligations hereunder and thereunder have been duly
            authorized by the Escrow Agent and will not

<PAGE>

            violate its articles of association or by-laws or the provisions
            of any indenture, mortgage, contract or other agreement to which
            it is a party or by which it is bound; and

                 (iii) each of the Escrow Agent Agreements constitutes the
            legal, valid and binding obligations of the Escrow Agent enforceable
            against it in accordance with its terms, except as the same may be
            limited by applicable bankruptcy, insolvency, reorganization,
            moratorium or similar laws affecting the rights of creditors
            generally and by general principles of equity, whether considered in
            a proceeding at law or in equity.

            (f) The Paying Agent represents and warrants that:

                 (i) the Paying Agent is duly incorporated, validly existing and
            in good standing under the laws of the State of Delaware and has the
            full corporate power, authority and legal right under the laws of
            the United States pertaining to its banking, trust and fiduciary
            powers to execute and deliver this Agreement and the Escrow and
            Paying Agent Agreement (collectively, the "PAYING AGENT AGREEMENTS")
            and to carry out the obligations of the Paying Agent under each of
            the Paying Agent Agreements;

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

                 (iii) each of the Paying Agent Agreements constitutes the
            legal, valid and binding obligations of the Paying Agent enforceable
            against it in accordance with its terms, except as the same may be
            limited by applicable bankruptcy, insolvency, reorganization,
            moratorium or similar laws affecting the rights of creditors
            generally and by general principles of equity, whether considered in
            a proceeding at law or in equity.

<PAGE>

            SECTION 4. COVENANTS. (a) The Company covenants with each of the
other parties hereto that:

            (i) on the date that the Depositary is obligated to pay the amount
of the Final Withdrawal to the Paying Agent pursuant to a Deposit Agreement
relating to any Trust, the Company shall pay to the Pass Through Trustee of such
Trust no later than 12:30 p.m. (New York time) an amount equal to the Deposit
Break Amount (in the case of the Class G-1 Trust) or the Deposit Make-Whole
Premium (in the case of the Class G-2 Trust) to be paid in respect of such Final
Withdrawal amount;

            (ii) subject to Section 4(a)(iv) of this Agreement, the Company
shall at all times maintain its corporate existence and shall not wind up,
liquidate or dissolve or take any action, or fail to take any action, that would
have the effect of any of the foregoing;

            (iii) the Company shall at all times remain a U.S. Air Carrier (as
defined in the Financing Agreements) and shall at all times be otherwise
certificated and registered to the extent necessary to entitle the Loan Trustee
to the rights afforded to secured parties of aircraft equipment under Section
1110;

            (iv) Section 4.07 of each Indenture is hereby incorporated by
reference herein;

            (v) the Company agrees to provide written notice to each of the
parties hereto of the occurrence of the Cut-off Date no later than one Business
Day after the date thereof, such notice to refer specifically to the Pass
Through Trustee's obligation to assign, transfer and deliver all of its right,
title and interest to the Trust Property (as defined in each Pass Through Trust
Agreement) to the trustee of the Related Trust (as defined in each Pass Through
Trust Agreement) in accordance with Section 7.01 of each of the Trust
Supplements;

            (vi) the Company shall not redeem and re-issue any Series H
Equipment Notes or issue any Series J Equipment Notes pursuant to any Indenture,
unless it shall have obtained written confirmation from each Rating Agency that
the reissuance or issuance of such Equipment Notes, as the case may be, will not
(in each case without regard to the Policies) result in (1) a reduction of the
rating for the Class G-1 or Class G-2 Certificates (or any other Class of
Certificates then rated by any Rating Agency) below the then current rating for
such Class of Certificates or (2) a withdrawal or suspension of the rating of

<PAGE>

the Class G-1 or Class G-2 Certificates (or any other Class of Certificates then
rated by any Rating Agency). It shall be a condition to the reissuance of such
Series H Equipment Notes (the "REISSUED NOTES") that (A) (1) the original
principal amount of such Reissued Notes shall not be less than, but may equal or
be greater than, the principal amount of the Series H Equipment Notes being
simultaneously redeemed (the "ORIGINAL NOTES"), (2) the principal amount of such
Reissued Notes scheduled to be outstanding on any Payment Date subsequent to
such reissuance, after giving effect to any scheduled payment of principal of
such Reissued Notes on such date, shall not be less than would have been the
case with respect to the Original Notes had they not been redeemed, (3) the
final maturity date of the Reissued Notes shall not be prior to, but may be the
same as or later than, the final maturity date of the Original Notes, (4) the
interest rate payable on the Reissued Notes may differ from the interest rate on
the Original Notes and (5) the other terms of the Reissued Notes shall be the
same in all material respects as the other terms of the Original Notes and (B)
unless the Policy Provider shall otherwise agree (1) the aggregate original
principal amount of such Reissued Notes under all of the Indentures shall not
exceed 45% of the sum of the Series G-1 and Series G-2 Equipment Notes as of the
date of such reissuance, (2) the aggregate principal amount of such Reissued
Notes under all of the Indentures scheduled to be outstanding on any Payment
Date subsequent to such reissuance, after giving effect to any scheduled payment
of principal of such Reissued Notes on such date, shall not exceed 45% of the
sum of the Series G-1 and Series G-2 Equipment Notes issued under all of the
Indentures originally scheduled to be outstanding on such Payment Date, after
giving effect to any scheduled payment of principal of such Series G-1 and
Series G-2 Equipment Notes on such date, (3) if the interest rate for the
Reissued Notes is determined based on a margin over LIBOR, such margin shall not
exceed the Applicable Margin for the Series H (as defined in Schedule 3 to the
Participation Agreements), and (4) if the preceding clause (3) is not
applicable, the interest rate for the Reissued Notes shall not exceed the Swap
Fixed Rate, as agreed by the Company and the Policy Provider or, if they cannot
agree within five Business Days after request of the Company, as determined by
an independent investment banking firm selected by blind drawing by the Company,
witnessed by the Policy Provider, from among the five largest U.S. banking
firms, based on publicly reported revenues for the preceding fiscal year (whose
fees and expenses shall be borne equally by the Company and the Policy
Provider). If the Company redeems the Series I Equipment Notes, it shall not
reissue any Series I Equipment Notes. It shall be a condition to the issuance of

<PAGE>

the Series J Equipment Notes that, unless the Policy Provider shall otherwise
agree, the sum of the principal amount scheduled to be outstanding at all times
after such issuance of such Series J Equipment Notes, the Series I Equipment
Notes and the Series H Equipment Notes (or, if applicable, Reissued Notes) under
each Indenture shall be less than a majority of the aggregate principal amount
of all Equipment Notes scheduled to be outstanding after such issuance under
such Indenture. Any reissuance of the Series H Equipment Notes and issuance of
Series J Equipment Notes shall be subject to the terms of Section 9.1(c) and
9.1(d), respectively, of the Intercreditor Agreement;

            (vii) the Company shall not, and shall cause its Affiliates not to,
acquire any Class I Certificates; and

            (viii) If the Depositary's short-term unsecured debt rating shall at
any time fall below A-1+ from Standard & Poor's Ratings Services or P-1 from
Moody's Investors Service, Inc. (such minimum ratings, the "DEPOSITARY THRESHOLD
RATINGS"), the Company shall, within 30 days after such event occurring, cause
the Depositary to be replaced with a depository bank (a "REPLACEMENT
DEPOSITARY") on the following terms and preconditions:

            (A) the Replacement Depositary must meet the Depositary Threshold
Rating (unless the Company shall have obtained the prior written consent of the
Policy Provider) and the Company shall have obtained written confirmation from
each Rating Agency that such replacement will not cause a reduction of any
rating then in effect for the Class G-1 or Class G-2 Certificates by such Rating
Agency (without regard to any downgrading of any rating of the Depositary being
replaced and without regard to the Policy);

            (B) the Company shall pay all fees, expenses and other amounts then
owing to the replaced Depositary; and

            (C) the Company shall cause the Replacement Depositary to enter into
a Replacement Deposit Agreement for the Class G-1 or Class G-2 Certificates with
the Escrow Agent (and, upon request of the Company the Escrow Agent agrees to
enter into any such Replacement Deposit Agreement) and shall cause the
Replacement Depositary to deliver to the Company, the Policy Provider and each
Rating Agency legal opinions and other closing documentation substantially
similar in scope and substance as those that were delivered by the Depositary

<PAGE>

being replaced in connection with the execution and delivery of the Deposit
Agreement being replaced.

            Upon satisfaction of the foregoing conditions, the Company shall
instruct the Class G-1 Pass Through Trustee and Class G-2 Pass Through Trustee,
and each such Pass Through Trustee agrees, to execute and deliver to the Escrow
Agent a duly completed Withdrawal Certificate (as defined in the Escrow and
Paying Agent Agreements) together with a Notice of Replacement Withdrawal (as
defined in the Escrow and Paying Agent Agreements).

            Each of the parties hereto agrees, at the Company's request, to
enter into any amendments to this Agreement, the Escrow and Paying Agent
Agreements and any other Operative Agreements as may be necessary or desirable
to give effect to the replacement of the Depositary with the Replacement
Depositary and the replacement of the Deposit Agreements with the Replacement
Deposit Agreements.

            Upon the execution and delivery of the Replacement Deposit
Agreements, the Replacement Depositary shall be deemed to be the Depositary with
all of the rights and obligations of the Depositary hereunder and under the
other Operative Agreements and the Replacement Deposit Agreements shall be
deemed to be the Deposit Agreements hereunder and under the other Operative
Agreements, except that the obligations of the replaced Depositary under its
Deposit Agreements resulting from the delivery of any Withdrawal Notice
delivered thereunder shall remain in full force and effect notwithstanding the
execution and delivery of the Replacement Deposit Agreements.

            (b) WTC, in its individual capacity, covenants with each of the
other parties to this Agreement that it will, immediately upon obtaining
knowledge of any facts that would cast doubt upon its continuing status as a
"citizen of the United States" as defined in Section 40102(a)(15) of the Act and
promptly upon public disclosure of negotiations in respect of any transaction
which would or might adversely affect such status, notify in writing all parties
hereto of all relevant matters in connection therewith. Upon WTC giving any such
notice, WTC shall, subject to Section 8.02 of any Indenture then entered into,
resign as Loan Trustee in respect of such Indenture.

            (c) The Escrow Agent covenants with each of the other parties hereto
that it will not agree or consent to any amendment or modification to the
Deposit Agreement or the Escrow and Paying Agent Agreement for the Class G-1 or

<PAGE>

Class G-2 Pass Through Trust without the Policy Provider's consent, if such
amendment or modification would adversely affect the interests of the Policy
Provider (such consent not to be unreasonably withheld or delayed).

            SECTION 5. NOTICES. Unless otherwise specifically provided herein,
all notices required or permitted by the terms of this Agreement shall be in
English and in writing, and any such notice shall become effective upon being
delivered personally or, if promptly confirmed by mail, when dispatched by
facsimile or other written telecommunication, addressed to such party hereto at
its address or facsimile number set forth below the signature of such party at
the foot of this Agreement or to such other address or facsimile number as such
party may hereafter specify by notice to the other parties. Notice shall be
given to the Policy Provider at the address specified in the Intercreditor
Agreement and to each Initial Purchaser at its address specified in the
Certificate Purchase Agreement.

            SECTION 6. EXPENSES. (a) The Company agrees to pay to the
Subordination Agent when due an amount or amounts equal to the fees payable to
the Primary Liquidity Provider under Section 2.03 of each Primary Liquidity
Facility and the related Fee Letter (as defined in the Intercreditor Agreement)
multiplied by a fraction the numerator of which shall be the then outstanding
aggregate amount of the Deposits under the Deposit Agreements and the
denominator of which shall be the sum of (x) the then outstanding aggregate
principal amount of the Series G-1 Equipment Notes and Series G-2 Equipment
Notes issued under all of the Indentures and (y) the then outstanding aggregate
amount of the Deposits under the Deposit Agreements.

            (b) So long as no Equipment Notes have been issued in respect of any
Aircraft, the Company agrees to pay (i) to the Subordination Agent when due (A)
the amount equal to interest on any Downgrade Advance (other than any Applied
Downgrade Advance) payable under Section 3.07 of each Primary Liquidity Facility
minus Investment Earnings while such Downgrade Advance shall be outstanding, (B)
the amount equal to interest on any Non-Extension Advance (other than any
Applied Non-Extension Advance) payable under Section 3.07 of each Primary
Liquidity Facility minus Investment Earnings while such Non-Extension Advance
shall be outstanding and (C) any other amounts owed to the Primary Liquidity
Provider by the Subordination Agent as borrower under each Primary Liquidity
Facility (other than amounts due as repayment of advances thereunder or as
interest on such advances, except to the extent payable pursuant to clause (A)

<PAGE>

or (B)), (ii) all compensation and reimbursement of expenses, disbursements and
advances payable by the Company under the Pass Through Trust Agreements, (iii)
all compensation and reimbursement of expenses and disbursements payable to the
Subordination Agent under the Intercreditor Agreement except with respect to any
income or franchise taxes incurred by the Subordination Agent in connection with
the transactions contemplated by the Intercreditor Agreement, (iv) in the event
the Company requests any amendment to any Operative Agreement, all reasonable
fees and expenses (including, without limitation, fees and disbursements of
counsel) of the Escrow Agent and/or the Paying Agent in connection therewith and
(v) all compensation and reimbursement of expenses and disbursements payable to
the Policy Provider under the Policy Provider Agreement (except for fees payable
under Section 6(c) below). For purposes of this Section 6(b), the terms "Applied
Downgrade Advance", "Applied Non-Extension Advance", "Downgrade Advance",
"Investment Earnings" and "Non-Extension Advance" shall have the meanings
specified in each Primary Liquidity Facility.

            (c) The Company agrees to pay to the Subordination Agent when due
for application in accordance with the Intercreditor Agreement an amount or
amounts equal to the fees payable to the Policy Provider under Section 3.02 of
the Policy Provider Agreement (but excluding all such fees paid by the Company
to the Policy Provider under the Policy Provider Agreement) multiplied by a
fraction the numerator of which shall be the then outstanding aggregate amount
of Deposits under the Deposit Agreements and the denominator of which shall be
the sum of (x) the outstanding aggregate principal amount of the Series G-1 and
Series G-2 Equipment Notes issued under all of the Indentures and (y) the then
outstanding aggregate amount of the Deposits under the Deposit Agreements.

            SECTION 7. FURTHER ASSURANCES. Each party hereto shall duly execute,
acknowledge and deliver, or shall cause to be executed, acknowledged and
delivered, all such further agreements, instruments, certificates or documents,
and shall do and cause to be done such further acts and things, in any case, as
any other party hereto shall reasonably request in connection with its
administration of, or to carry out more effectually the purposes of, or to
better assure and confirm unto it the rights and benefits to be provided under,
this Agreement.

            SECTION 8. MISCELLANEOUS. (a) Provided that the transactions
contemplated hereby have been consummated, and except as otherwise provided for
herein, the representations, warranties and agreements herein of the Company,

<PAGE>

the Subordination Agent, the Escrow Agent, the Paying Agent and the Pass Through
Trustee, and the Company's, the Subordination Agent's, the Escrow Agent's, the
Paying Agent's and the Pass Through Trustee's obligations under any and all
thereof, shall survive the expiration or other termination of this Agreement and
the other agreements referred to herein.

            (b) This Agreement may be executed in any number of counterparts
(and each of the parties hereto shall not be required to execute the same
counterpart). Each counterpart of this Agreement, including a signature page
executed by each of the parties hereto, shall be an original counterpart of this
Agreement, but all of such counterparts together shall constitute one
instrument. Neither this Agreement nor any of the terms hereof may be
terminated, amended, supplemented, waived or modified orally, but only by an
instrument in writing signed by the party against which the enforcement of the
termination, amendment, supplement, waiver or modification is sought. The index
preceding this Agreement and the headings of the various Sections of this
Agreement are for convenience of reference only and shall not modify, define,
expand or limit any of the terms or provisions hereof. The terms of this
Agreement shall be binding upon, and shall inure to the benefit of, the Company
and its successors and permitted assigns, the Pass Through Trustee and its
successors as Pass Through Trustee (and any additional trustee appointed) under
any of the Pass Through Trust Agreements, the Escrow Agent and its successors as
Escrow Agent under the Escrow and Paying Agent Agreements, the Paying Agent and
its successors as Paying Agent under the Escrow and Paying Agent Agreement and
the Subordination Agent and its successors as Subordination Agent under the
Intercreditor Agreement.

            (c) This Agreement is not intended to, and shall not, provide any
person not a party hereto (other than the Underwriters and each of the
beneficiaries of Section 6 hereof) with any rights of any nature whatsoever
against any of the parties hereto, and no person not a party hereto (other than
the Underwriters and each of the beneficiaries of Section 6 hereof) shall have
any right, power or privilege in respect of, or have any benefit or interest
arising out of, this Agreement. To the extent that this Agreement expressly
confers upon, gives or grants any right, power, privilege, benefit, interest,
remedy or claim to any of the beneficiaries of Section 6 hereof (including, but
not limited to rights, powers, privileges, benefits, interests, remedies and
claims under Section 6) each such party is hereby recognized as a third party

<PAGE>

beneficiary hereunder and may enforce any such right, power, privilege, benefit,
interest, remedy or claim.

            SECTION 9. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THIS AGREEMENT
IS BEING DELIVERED IN THE STATE OF NEW YORK.

<PAGE>

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

                                        CONTINENTAL AIRLINES, INC.

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

                                         Address:  1600 Smith Street
                                                   Dept. HQS-FN
                                                   Houston, TX  77002
                                                   Attention:  Treasurer
                                                   Facsimile:  (713) 324-2447

                                        WILMINGTON TRUST COMPANY,
                                        not in its individual capacity,
                                        except as otherwise provided
                                        herein, but solely as Pass Through
                                        Trustee

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

                                        Address:  Rodney Square North
                                                  1100 North Market Street
                                                  Wilmington, Delaware 19890
                                                  Attention: Corporate Trust
                                                  Administration
                                                  Facsimile:  (302) 651-8882
<PAGE>

                                        WILMINGTON TRUST COMPANY,
                                        not in its individual capacity,
                                        except as otherwise provided
                                        herein, but solely as
                                        Subordination Agent

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

                                        Address:  Rodney Square North
                                                  1100 North Market Street
                                                  Wilmington, Delaware 19890
                                                  Attention: Corporate Trust
                                                  Administration
                                                  Facsimile:  (302) 651-8882

                                       WELLS FARGO BANK NORTHWEST,
                                       NATIONAL ASSOCIATION,
                                       as Escrow Agent

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

                                        Address:  79 South Main Street
                                                  Salt Lake City, Utah 84111
                                                  Attention: Corporate Trust
                                                  Department, 3rd Floor
                                                  Facsimile:  (801) 246-5053

<PAGE>

                                        WILMINGTON TRUST COMPANY,
                                        as Paying Agent

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

                                        Address:  Rodney Square North
                                                  1100 North Market Street
                                                  Wilmington, Delaware 19890
                                                  Attention: Corporate Trust
                                                  Administration
                                                  Facsimile:  (302) 651-8882

<PAGE>

                                  SCHEDULE I to
                             NOTE PURCHASE AGREEMENT

                 ELIGIBLE AIRCRAFT AND SCHEDULED DELIVERY MONTHS

                          Expected
 New Aircraft           Registration       Manufacturer's        Scheduled
   TYPE                    NUMBER          SERIAL NUMBER       DELIVERY MONTH
----------------      ----------------    ----------------    -----------------

Boeing 757-324             N75853              32812              Feb 2002

Boeing 757-324             N75854              32813              Feb 2002

Boeing 767-424ER           N68061              29456              Mar 2002

Boeing 767-424ER           N76062              29457              Mar 2002

Boeing 767-424ER           N69063              29458             April 2002

Boeing 767-424ER           N76064              29459             April 2002

Boeing 767-424ER           N76065              29460              May 2002

Boeing 767-424ER           N77066              29461              May 2002

Boeing 777-224ER           N78017              31679              Mar 2002

Boeing 777-224ER           N37018              31680             April 2002

<PAGE>

                                 SCHEDULE II to
                             NOTE PURCHASE AGREEMENT

                                TRUST SUPPLEMENTS

Trust Supplement dated as of the Issuance Date between the Company and the Pass
Through Trustee in respect of Continental Airlines Pass Through Trust, Series
2002-1G-1-O.

Trust Supplement dated as of the Issuance Date between the Company and the Pass
Through Trustee in respect of Continental Airlines Pass Through Trust, Series
2002-1G-2-O.

Trust Supplement dated as of the Issuance Date between the Company and the Pass
Through Trustee in respect of Continental Airlines Pass Through Trust, Series
2002-1H-O.

Trust Supplement dated as of the Issuance Date between the Company and the Pass
Through Trustee in respect of Continental Airlines Pass Through Trust, Series
2002-1I-O.

<PAGE>
                                 SCHEDULE III to
                             NOTE PURCHASE AGREEMENT

                            MANDATORY DOCUMENT TERMS

1.     May not modify in any material adverse respect the Granting Clause of the
       Indenture so as to deprive the Note Holders or the Related Note Holders
       (as defined in the Indenture) of a first priority security interest in
       and mortgage lien on the Aircraft or to eliminate any of the obligations
       secured thereby or otherwise modify in any material adverse respect as
       regards the interests of the Note Holders, the Subordination Agent, the
       Liquidity Providers or the Mortgagee the provisions of Article II or III
       or Section 4.05(c), 5.01, 5.02, 6.02, 10.01(a), 11.04, 11.11, 11.12 or
       11.13 of the Indenture or the definition of "Break Amount" or "Make-Whole
       Amount" in Annex A to the Indenture.

2.     May not modify in any material adverse respect as regards the interests
       of the Note Holders, the Subordination Agent, the Liquidity Providers or
       the Mortgagee the provisions of Section 4.1.8, 4.1.9, 4.1.10, 4.1.11,
       6.1.3(b), 6.3, 10, 12.8(a) or 12.9 of the Participation Agreement, of the
       provisions of Section 4.1.2(x) of the Participation Agreement so as to
       eliminate the requirement to deliver to the Loan Participant or the
       Mortgagee, as the case may be, the legal opinions to be provided to such
       Persons thereunder (recognizing that the lawyers rendering such opinions
       may be changed) or of the provisions of Section 6.4.5(a)(ii) of the
       Participation Agreement as regards the rights of the Mortgagee thereunder
       or otherwise modify the terms of the Participation Agreement to deprive
       the Trustees, the Subordination Agent, the Liquidity Providers or the
       Mortgagee of any indemnity or right of reimbursement in its favor for
       Expenses or Taxes.

       Notwithstanding the foregoing, any such Mandatory Document Term may be
       modified to correct or supplement any such provision which may be
       defective or to cure any ambiguity or correct any mistake, PROVIDED that
       any such action shall not materially adversely affect the interests of
       the Note Holders, the Subordination Agent, the Liquidity Providers, the
       Mortgagee or the Certificateholders.

<PAGE>

                                 SCHEDULE IV to
                             NOTE PURCHASE AGREEMENT

                            MANDATORY ECONOMIC TERMS

EQUIPMENT NOTES

            Obligor: Continental

            Maximum Principal Amount:

            The aggregate principal amount of the Series G-1, G-2 and H
Equipment Notes issued with respect to an Aircraft shall equal the amounts set
forth in the following table:

                    Manufacturer's
                        Serial
 AIRCRAFT TYPE          NUMBER        SERIES G-1     SERIES G-2       SERIES H
 -------------      -------------     ----------     ----------       --------

Boeing 757-324         32812        $ 13,236,852    $ 19,123,458    $ 14,336,941

Boeing 757-324         32813          13,236,852      19,123,458      14,336,941

Boeing 767-424ER       29456          20,053,877      28,972,107      21,720,516

Boeing 767-424ER       29457          20,053,877      28,972,107      21,720,516

Boeing 767-424ER       29458          20,053,877      28,972,107      21,720,516

Boeing 767-424ER       29459          20,053,877      28,972,107      21,720,516

Boeing 767-424ER       29460          20,053,877      28,972,107      21,720,516

Boeing 767-424ER       29461          20,053,877      28,972,107      21,720,516

Boeing 777-224ER       31679          27,954,788      40,386,656      30,278,054

Boeing 777-224ER       31680          27,954,788      40,386,656      30,278,054

The original aggregate principal amount of all Series G-1, G-2 and H Equipment
Notes for all Aircraft shall not exceed the aggregate face amount of all Class
G-1, G-2 and H Certificates originally issued on the Issuance Date. The original
aggregate principal amount of all Series G-1, G-2 and H Equipment Notes shall
not exceed the original aggregate face amount of all Certificates of the related
Class originally issued on the Issuance Date.

The Loan to Aircraft Value for the Series G-1, G-2 and H Equipment Notes issued
in respect of each Aircraft computed on the date of issuance thereof (with (i)
the principal amount of the series of Equipment Notes that rank equally or
senior aggregated for purposes of the calculation and (ii) the value for such
Aircraft for these purposes equal to the value (the "ASSUMED

<PAGE>

APPRAISED VALUE") for such Aircraft set forth in the Prospectus Supplement under
"Description of the Aircraft and the Appraisals--The Appraisals" in the column
"Appraised Value") and thereafter based on such value after giving effect to the
Depreciation Assumption (as defined in the Prospectus Supplement in "Description
of the Equipment Notes--Loan to Value Ratios of Equipment Notes")) will not
exceed as of the issuance date of such Equipment Notes and any August 15 Regular
Distribution Date thereafter (assuming no default in the payment of the
Equipment Notes and after giving effect to scheduled payments) the Loan to
Aircraft Value for such series of Equipment Notes for such Aircraft set forth in
the following table for the applicable date (with the maximum at issuance the
same as the maximum at August 15, 2002):

                                  Class G-1         Class G-2         Class H
                                  Equipment         Equipment        Equipment
DATE                                NOTE              NOTE             NOTE
-----------------------------     ---------         ---------        ---------
August 15, 2002.............        52.9%             52.9%            76.3%
August 15, 2003.............        51.8              51.8             74.8
August 15, 2004.............        50.7              50.7             71.7
August 15, 2005.............        49.7              49.7             68.0
August 15, 2006.............        48.6              48.6             64.8
August 15, 2007.............        47.4              47.4             N/A
August 15, 2008.............        46.3              46.3             N/A
August 15, 2009.............        45.2              45.2             N/A
August 15, 2010.............        44.0              44.0             N/A
August 15, 2011 ............        N/A               N/A              N/A

As of the Delivery Period Termination Date and each August 15 Regular
Distribution Date thereafter, the Loan to Aircraft Value for each Class of
Certificates indicated below (computed (i) after aggregating the principal
amount of the class of Certificates that rank equally or senior and (ii) as of
any such date on the basis of the Assumed Appraised Value of all Aircraft that
have been financed pursuant to the Note Purchase Agreement and the Depreciation
Assumption) will not exceed (assuming no default in the payment of the Equipment
Notes and after giving effect to scheduled payments) the percentages set forth
in the following table for the applicable date:

<PAGE>

                                  Class G-1        Class G-2         Class H
DATE (1)                         CERTIFICATES     CERTIFICATES     CERTIFICATES
-------------------------------  ------------     ------------     ------------
August 15, 2002...............       52.6%             52.6%            75.9%
August 15, 2003...............       51.5              51.5             74.4
August 15, 2004...............       50.5              50.5             71.4
August 15, 2005...............       49.4              49.4             67.2
August 15, 2006...............       48.3              48.3             64.4
August 15, 2007...............       47.2              47.2             N/A
August 15, 2008...............       46.1              46.1             N/A
August 15, 2009...............       44.9              44.9             N/A
August 15, 2010...............       43.8              43.8             N/A
August 15, 2011 ..............       42.6              42.6             N/A

------------
(1)   If the Delivery Period Termination Date is not a Regular Distribution
      Date, the LTV applicable to the Delivery Period Termination Date shall be
      the LTV for the next preceding Regular Distribution Date, unless the
      Delivery Period Termination Date is before August 15, 2002, in which case
      the LTV for August 15, 2002, shall apply.

<PAGE>

Initial Average Life (in years) for any Aircraft:

            Series G-1:  not more than 5.0 years from the Issuance Date

            Series H:    not more than 4.1 years from the Issuance Date

AVERAGE LIFE (IN YEARS)

       As of the Delivery Period Termination Date, the average life of the Class
       G-1 Certificates and the Class H Certificates shall not be more than 5.0
       years and 4.1 years, respectively, from the Issuance Date (computed
       without regard to the acceleration of any Equipment Notes and after
       giving effect to any special distribution on the Certificates thereafter
       required in respect of unused Deposits).

FINAL MATURITY DATE

       There shall be a payment of principal scheduled on at least one Series
       G-1 Equipment Note on August 15, 2011, and no Series G-1 Equipment Note
       shall mature after such date.

       Series G-2:       February 15, 2012, with no scheduled amortization

       There shall be a payment of principal scheduled on at least one Series H
       Equipment Note on February 15, 2007, and no Series H Equipment Note shall
       mature after such date.

Series G-1 Debt Rate (computed on the basis of a 360-day year and the actual
days elapsed, payable quarterly in arrears): LIBOR (as defined in the Reference
Agency Agreement) plus 0.45% (or in the case of the Interest Period commencing
on the Issuance Date, as determined pursuant to the Underwriting Agreement)

Series G-2 Debt Rate (computed on the basis of a 360-day year consisting of
twelve 30-day months, payable quarterly in arrears): 6.563%

Payment Due Rate:        Debt Rate plus 2% per annum

Payment Dates:           February 15, May 15, August 15 and November 15

<PAGE>

Make-Whole Premiums:     As provided in Article II of the form of Indenture
                         marked as Exhibit C of the Note Purchase Agreement
                         (the "INDENTURE FORM")

Redemption:              As provided in Article II of the Indenture Form

All-risk hull insurance: Not less than the unpaid principal amount of the Series
                         G-2 Equipment Notes, together with six months of
                         interest accrued thereon, plus 110% of the unpaid
                         principal amount of the Series G-1 and H Equipment
                         Notes, subject to Continental's right to self-insure on
                         terms no more favorable to Continental in any material
                         respect than those set forth in Section G of Annex B to
                         the Indenture Form.

<PAGE>

                                   ANNEX A to
                             NOTE PURCHASE AGREEMENT

                                   DEFINITIONS

            "ABOVE-CAP LIQUIDITY AGREEMENT" has the meaning set forth in the
tenth recital to the Note Purchase Agreement.

            "ABOVE-CAP LIQUIDITY PROVIDER" has the meaning set forth in the
tenth recital to the Note Purchase Agreement.

            "ACT" means 49 U.S.C.ss.ss.40101-46507.

            "AFFILIATE" means, with respect to any person, any other person
directly or indirectly controlling, controlled by or under common control with
such person. For 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 "controlling," "controlled by" and "under common
control with" have correlative meanings.

            "AIRCRAFT PURCHASE AGREEMENT" means, in the case of the Boeing
767-424ER Aircraft, the Purchase Agreement No. 2060, dated as of October 10,
1997, in the case of the Boeing 777-224ER Aircraft, the Purchase Agreement No.
2061, dated as of October 10, 1997 or, in the case of the Boeing 757-324
Aircraft, the Purchase Agreement No. 2333 dated December 29, 2000, as amended,
each between the Company and the Manufacturer (including all exhibits thereto,
together with all letter agreements entered into that by their terms constitute
part of any such Purchase Agreement); and "AIRCRAFT PURCHASE AGREEMENTS" means
all such agreements.

            "APPLICABLE PASS THROUGH TRUSTEE" has the meaning provided in
Section 1(b)(ii) of the Note Purchase Agreement.

            "ASSUMED AMORTIZATION SCHEDULE" means the amortization schedule set
forth on page S-42 of the Prospectus Supplement.

            "AVERAGE LIFE DATE" means, for any Equipment Note, the date which
follows the time of determination by a period equal to the Remaining Weighted
Average Life of such Equipment Note. "REMAINING WEIGHTED AVERAGE LIFE" on a
given date with respect to any Equipment Note shall be the number of days equal
to the quotient obtained by dividing (a) the sum of each of the products
obtained by multiplying (i) the amount of each then remaining scheduled payment

<PAGE>

of principal of such Equipment Note by (ii) the number of days from and
including such determination date to but excluding the date on which such
payment of principal is scheduled to be made, by (b) the then outstanding
principal amount of such Equipment Note.

            "BANKRUPTCY CODE" means the United States Bankruptcy Code, 11
U.S.C.ss.ss.101 ET SEQ.

            "BASIC PASS THROUGH TRUST AGREEMENT" means the Pass Through Trust
Agreement, dated September 25, 1997, between the Company and Pass Through
Trustee, as such agreement may be supplemented, amended or modified, but does
not include any Trust Supplement.

            "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, Wilmington, Delaware or Salt Lake City, Utah.

            "CERTIFICATES" has the meaning set forth in the third recital to the
Note Purchase Agreement.

            "CERTIFICATEHOLDER" means the Person in whose name a Certificate is
registered in the Register.

            "CERTIFICATE PURCHASE AGREEMENT" has the meaning set forth in the
fifth recital to the Note Purchase Agreement.

            "CLASS" means the class of Certificates issued by each Pass Through
Trust.

            "CLASS G-1 CERTIFICATES" means Certificates issued by the
Class G-1 Pass Through Trust.

            "CLASS G-2 CERTIFICATES" means Certificates issued by the Class G-2
Pass Through Trust.

            "CLASS H CERTIFICATES" means Certificates issued by the Class H Pass
Through Trust.

            "CLASS I CERTIFICATES" means Certificates issued by the Class I Pass
Through Trust.

            "CLASS J CERTIFICATES" means pass through certificates issued by the
Continental Airlines Pass Through Trust, Series 2002-1J, if any.

<PAGE>

            "COMPANY" means Continental Airlines, Inc., a Delaware corporation.

            "CORPORATE TRUST OFFICE" with respect to any Pass Through Trustee or
any Loan Trustee, means the office of such trustee in the city at which at any
particular time its corporate trust business shall be principally administered.

            "CUT-OFF DATE" means the earlier of (a) the day after the Delivery
Period Termination Date and (b) the date on which a Triggering Event occurs.

            "DELIVERY PERIOD TERMINATION DATE" means the earlier of (a) August
31, 2002, or, if the Equipment Notes relating to all of the New Aircraft (or
Substitute Aircraft in lieu thereof) have not been purchased by the Pass Through
Trustees on or prior to such date due to any reason beyond the control of the
Company and not occasioned by the Company's fault or negligence, November 30,
2002 (provided that, if a labor strike occurs or continues at the Manufacturer
after the Issuance Date on or prior to either or both of such dates referred to
in this clause (a), such date or dates on or following the Issuance Date shall
be extended by adding thereto the number of days that such strike continued in
effect after the Issuance Date) and (b) the date on which Equipment Notes issued
with respect to all of the New Aircraft (or Substitute Aircraft in lieu thereof)
have been purchased by the Pass Through Trustees in accordance with the Note
Purchase Agreement.

            "DELIVERY DATE" means the Business Day on which a New Aircraft is
delivered to and accepted by the Company.

            "DEPOSIT" has the meaning set forth in the seventh recital to the
Note Purchase Agreement.

            "DEPOSIT AGREEMENT" has the meaning set forth in the seventh recital
to the Note Purchase Agreement.

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

            "DEPOSIT BREAK AMOUNT" means, with respect to the distribution of
unused Deposits to holders of Class G-1 Certificates, as of the date the
Depositary is obligated to pay the amount of the Final Withdrawal to the Paying
Agent for purposes of such distribution (the "Applicable Date"), an amount
determined by the Reference Agent on the date that is two Business Days prior to

<PAGE>

the Applicable Date pursuant to the formula set forth below (with terms defined
in the Reference Agency Agreement and used below having such respective defined
meanings), provided, however, that no Deposit Break Amount will be payable (x)
if the Deposit Break Amount, as calculated pursuant to the formula set forth
below, is equal to or less than zero or (y) on or in respect of any Applicable
Date that is a Payment Date.

            Deposit Break Amount = Z-Y

            Where:

            X = with respect to any applicable Interest Period, the sum of (i)
                the amount of such Final Withdrawal plus (ii) interest payable
                thereon during such entire Interest Period at then effective
                LIBOR.

            Y = X, discounted to present value from the last day of the then
                applicable Interest Period to the Applicable Date, using then
                effective LIBOR as the discount rate.

            Z = X, discounted to present value from the last day of the then
                applicable Interest Period to the Applicable Date, using a rate
                equal to the applicable London interbank offered rate for a
                period commencing on the Applicable Date and ending on the last
                day of the then applicable Interest Period, determined by the
                Reference Agent as of two Business Days prior to the Applicable
                Date as the discount rate.

            "DEPOSIT MAKE-WHOLE PREMIUM" means, with respect to the distribution
of unused Deposits to holders of Class G-2 Certificates, as of any date of
determination, an amount equal to the excess, if any, of (a) the present value
of the excess of (i) the scheduled payment of principal and interest to maturity
of the Equipment Notes, assuming the required principal amount thereof were
issued, on each remaining Regular Distribution Date for such Class under the
Assumed Amortization Schedule over (ii) the scheduled payment of principal and
interest to maturity of the Equipment Notes in the amount of the remaining
Deposits for such Class on each such Regular Distribution Date under the Assumed
Amortization Schedule (assuming a pro rata reduction in the amortization
amounts), such present value computed by discounting such excess on a quarterly
basis on each Regular Distribution Date (assuming a 360-day year of twelve

<PAGE>

30-day months) using a discount rate equal to the Treasury Yield over (b) the
amount of such Deposits to be distributed to the holders of such Certificates
plus accrued and unpaid interest to but excluding the date of determination from
and including the preceding Regular Distribution Date (or if such date of
determination precedes the first Regular Distribution Date, the date of issuance
of the Certificates). The date of determination of the Deposit Make-Whole Amount
shall be the third Business Day prior to the applicable distribution date.

            "ELIGIBLE AIRCRAFT" has the meaning set forth in the second recital
to the Note Purchase Agreement.

            "EQUIPMENT NOTES" means and includes any equipment notes issued
under any Indenture in the form specified in Section 2.01 thereof (as such form
may be varied pursuant to the terms of such Indenture) and any Equipment Note
issued under any Indenture in exchange for or replacement of any other Equipment
Note.

            "ESCROW AGENT" has the meaning set forth in the first paragraph of
the Note Purchase Agreement.

            "ESCROW AND PAYING AGENT AGREEMENT" has the meaning set forth in the
seventh recital to the Note Purchase Agreement.

            "FAA" means the Federal Aviation Administration of the United
States.

            "FINAL WITHDRAWAL" with respect to each Escrow and Paying Agent
Agreement, has the meaning set forth in Section 1.02 thereof.

            "FINANCING AGREEMENTS" means, collectively, the Participation
Agreement, the Indenture and the Equipment Notes issued thereunder.

            "GOVERNMENT ENTITY" means (a) any federal, state, provincial or
similar government, and any body, board, department, commission, court,
tribunal, authority, agency or other instrumentality of any such government or
otherwise exercising any executive, legislative, judicial, administrative or
regulatory functions of such government or (b) any other government entity
having jurisdiction over any matter contemplated by the Operative Agreements or
relating to the observance or performance of the obligations of any of the
parties to the Operative Agreements.

<PAGE>

            "INDENTURE" means the Trust Indenture and Mortgage substantially in
the form of Exhibit C to the Note Purchase Agreement.

            "INITIAL PURCHASER" has the meaning set forth in the fifth recital
to the Note Purchase Agreement.

            "INTERCREDITOR AGREEMENT" has the meaning set forth in the tenth
recital to the Note Purchase Agreement.

            "ISSUANCE DATE" means the date of the original issuance of the
Certificates.

            "LAW" means (a) any constitution, treaty, statute, law, decree,
regulation, order, rule or directive of any Government Entity, and (b) any
judicial or administrative interpretation or application of, or decision under,
any of the foregoing.

            "LIBOR" has the meaning set forth in the Reference Agency Agreement.

            "LIQUIDITY FACILITIES" means, collectively, the Above-Cap Liquidity
Agreement and the Primary Liquidity Facilities.

            "LIQUIDITY PROVIDERS" means the Primary Liquidity Provider and the
Above-Cap Liquidity Provider.

            "LOAN TRUSTEE" means the "Mortgagee" as defined in the Financing
Agreements.

            "MANDATORY DOCUMENT TERMS" means the terms set forth on Schedule III
to the Note Purchase Agreement.

            "MANDATORY ECONOMIC TERMS" means the terms set forth on Schedule IV
to the Note Purchase Agreement.

            "MANUFACTURER" means The Boeing Company, a Delaware corporation,
solely in its capacity as manufacturer or seller of New Aircraft.

            "NEW AIRCRAFT" has the meaning set forth in the second recital to
the Note Purchase Agreement.

            "NOTE PURCHASE AGREEMENT" means the Note Purchase Agreement to which
this Annex A is attached.

<PAGE>

            "NOTICE OF PURCHASE WITHDRAWAL" with respect to each Deposit
Agreement, has the meaning set forth in Section 2.3 thereof.

            "OPERATIVE AGREEMENTS" means, collectively, the Pass Through Trust
Agreements, the Escrow and Paying Agent Agreements, the Deposit Agreements, the
Liquidity Facilities, the Intercreditor Agreement, the Trust Agreements, the
Reference Agency Agreement, the Equipment Notes, the Policy Provider Agreement,
the Policies, the Certificates and the Financing Agreements.

            "PARTICIPATION AGREEMENT" means, the Participation Agreement
substantially in the form of Exhibit B to the Note Purchase Agreement.

            "PASS THROUGH TRUST" has the meaning set forth in the third recital
to the Note Purchase Agreement.

            "PASS THROUGH TRUST AGREEMENT" means each of the four separate Trust
Supplements referred to in the third recital to the Note Purchase Agreement,
together in each case with the Basic Pass Through Trust Agreement, each dated as
of the Issuance Date, by and between the Company and Pass Through Trustee.

            "PASS THROUGH TRUSTEE" has the meaning set forth in the first
paragraph of the Note Purchase Agreement.

            "PAYING AGENT" has the meaning set forth in the first paragraph of
the Note Purchase Agreement.

            "PERSON" means any individual, firm, partnership, joint venture,
trust, trustee, Government Entity, organization, association, corporation,
limited liability company, government agency, committee, department, authority
and other body, corporate or incorporate, whether having distinct legal status
or not, or any member of any of the same.

            "POLICY" has the meaning set forth in the eleventh recital to the
Note Purchase Agreement.

            "POLICY PROVIDER AGREEMENT" has the meaning set forth in the
eleventh recital to the Note Purchase Agreement.

            "PRIMARY LIQUIDITY FACILITY" has the meaning set forth in the tenth
recital to the Note Purchase Agreement.

<PAGE>

            "PRIMARY LIQUIDITY PROVIDER" has the meaning set forth in the tenth
recital to the Note Purchase Agreement.

            "PROSPECTUS SUPPLEMENT" means the final Prospectus Supplement, dated
March 11, 2002, to the Prospectus, dated August 23, 2001, of the Company
relating to the offering of the Certificates.

            "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 Investors Service, Inc. and Standard & Poor's Ratings
Services, a division of The McGraw-Hill Companies, Inc.

            "RATING AGENCY CONFIRMATION" means, with respect to (1) any
Financing Agreement that has been modified in any material respect from the
forms thereof attached to the Note Purchase Agreement or (2) a Substitute
Aircraft, a written confirmation from each of the Rating Agencies (in each case
without regard to the Policies) that (1) the use of such Financing Agreement
with such modifications or (2) the substituting of such Substitute Aircraft for
an Eligible Aircraft, whichever of the foregoing shall in a particular case
require Rating Agency Confirmation, would not result in (i) a reduction of the
rating for the Class G-1 or Class G-2 Certificates (or any other Class of
Certificates then rated by the Rating Agencies) below the then current rating
for such Class of Certificates or (ii) a withdrawal or suspension of the rating
of the Class G-1 or Class G-2 Certificates (or any other Class of Certificates
then rated by the Rating Agencies).

            "REFERENCE AGENT" has the meaning set forth in the sixth recital to
the Note Purchase Agreement.

            "REFERENCE AGENCY AGREEMENT" has the meaning set forth in the sixth
recital to the Note Purchase Agreement.

            "REGISTER" means the register maintained pursuant to Sections 3.04
and 7.12 of the Basic Pass Through Trust Agreement with respect to each Pass
Through Trust.

            "REGULAR DISTRIBUTION DATES" shall mean February 15, May 15, August
15 and November 15 of each year, commencing May 15, 2002.

            "REISSUED NOTES" has the meaning set forth in Section 4(a)(vi) of
the Note Purchase Agreement.

<PAGE>

            "SECTION 1110" means 11 U.S.C. ss. 1110 of the Bankruptcy Code or
any successor or analogous Section of the federal bankruptcy Law in effect from
time to time.

            "SERIES G-1 EQUIPMENT NOTES" means Equipment Notes issued under an
Indenture and designated as "Series G-1" thereunder.

            "SERIES G-2 EQUIPMENT NOTES" means Equipment Notes issued under an
Indenture and designated as "Series G-2" thereunder.

            "SERIES H EQUIPMENT NOTES" means Equipment Notes issued under an
Indenture and designated as "Series H" thereunder.

            "SERIES I EQUIPMENT NOTES" means Equipment Notes issued under an
Indenture and designated as "Series I" thereunder.

            "SERIES J EQUIPMENT NOTES" means Equipment Notes issued under an
Indenture and designated as "Series J", if any.

            "SUBORDINATION AGENT" has the meaning set forth in the first
paragraph of the Note Purchase Agreement.

            "SUBSTITUTE AIRCRAFT" has the meaning set forth in Section 1(g) of
the Note Purchase Agreement.

            "SWAP FIXED RATE" means the sum of (i) the fixed rate (calculated on
the basis of a 360 day year comprised of twelve 30-day months) that would be
payable by the fixed rate payor on each Payment Date (as defined in the
Reference Agency Agreement) after the issuance of the Reissued Notes to and
including the maturity date thereof on a notional amount equal to the unpaid
principal amount of the Reissued Notes scheduled to be outstanding during the
Interest Period (as defined in the Reference Agency Agreement) ending on such
Payment Date in exchange for payment on such Payment Date to such fixed rate
payor of interest on such notional amount at a rate per annum equal to LIBOR
plus the Applicable Spread for the Series H Equipment Notes (as defined in
Schedule 3 to the Participation Agreements) (calculated on the basis of a 360
day year and actual days elapsed) under an interest rate swap transaction
entered into on customary and prevailing U.S. swap market terms as of a date
within ten Business Days prior to the actual issuance date of the Reissued Notes
plus (ii) fifty basis points.

<PAGE>

            "TAXES" means all license, recording, documentary, registration and
other similar fees and all taxes, levies, imposts, duties, charges, assessments
or withholdings of any nature whatsoever imposed by any Taxing Authority,
together with any penalties, additions to tax, fines or interest thereon or
additions thereto.

            "TAXING AUTHORITY" means any federal, state or local government or
other taxing authority in the United States, any foreign government or any
political subdivision or taxing authority thereof, any international taxing
authority or any territory or possession of the United States or any taxing
authority thereof.

            "TREASURY YIELD" means, as of any date of determination, with
respect to any Equipment Note (utilizing the Assumed Amortization Schedule
applicable thereto), the interest rate (expressed as a decimal and, in the case
of United States Treasury bills, converted to a bond equivalent yield)
determined to be the per annum rate equal to the quarterly yield to maturity for
United States Treasury securities maturing on the Average Life Date of such
Equipment Note and trading in the public securities markets either as determined
by interpolation between the most recent weekly average yield to maturity for
two series of United States Treasury securities, trading in the public
securities markets, (A) one maturing as close as possible to, but earlier than,
the Average Life Date of such Equipment Note and (B) the other maturing as close
as possible to, but later than, the Average Life Date of such Equipment Note, in
each case as published in the most recent H.15(519) or, if a weekly average
yield to maturity for United States Treasury securities maturing on the Average
Life Date of such Equipment Note is reported on the most recent H.15(519), such
weekly average yield to maturity as published in such H.15(519). The "most
recent H.15(519)" means the H.15(519) most recently published prior to the close
of business on the date of determination of the Deposit Make-Whole Premium.

            "TRIGGERING EVENT" has the meaning assigned to such term in the
Intercreditor Agreement.

            "TRUST SUPPLEMENT" means an agreement supplemental to the Basic Pass
Through Trust Agreement pursuant to which (i) a separate trust is created for
the benefit of the holders of the Pass Through Certificates of a class, (ii) the
issuance of the Pass Through Certificates of such class representing fractional

<PAGE>

undivided interests in such trust is authorized and (iii) the terms of the Pass
Through Certificates of such class are established.

            "UNDERWRITERS" has the meaning set forth in the fourth recital to
the Note Purchase Agreement.

            "WTC" has the meaning set forth in the first paragraph of the Note
Purchase Agreement.

<PAGE>
                                  EXHIBIT A to
                             NOTE PURCHASE AGREEMENT

                             FORM OF DELIVERY NOTICE

                            Dated as of [__________]

To each of the addressees listed
     in Schedule A hereto

          RE:  DELIVERY NOTICE IN ACCORDANCE WITH NOTE
               PURCHASE AGREEMENT REFERRED TO BELOW

Gentlemen:

      Reference is made to the Note Purchase Agreement, dated as of March 25,
2002, among Continental Airlines, Inc. (the "COMPANY"), Wilmington Trust
Company, as Pass Through Trustee under each of the Pass Through Trust Agreements
(as defined therein) (the "PASS THROUGH TRUSTEE"), Wilmington Trust Company, as
Subordination Agent (the "SUBORDINATION AGENT"), Wells Fargo Bank Northwest,
National Association, as Escrow Agent (the "ESCROW AGENT") and Wilmington Trust
Company, as Paying Agent (the "PAYING AGENT") (as in effect from time to time,
the "NOTE PURCHASE AGREEMENT"). Unless otherwise defined herein, capitalized
terms used herein shall have the meanings set forth in the Note Purchase
Agreement or, to the extent not defined therein, the Intercreditor Agreement.

      Pursuant to Section 1(b) of the Note Purchase Agreement, the undersigned
hereby notifies you, in respect of the Boeing [_______] aircraft with
manufacturer's serial number [______] (the "AIRCRAFT"), of the following:

(1)   The Scheduled Delivery Date of the Aircraft is [_________];

(2)   The Funding Date for the Aircraft shall be [__________]; and

(3)   The aggregate amount of each series of Equipment Notes to be issued, and
      purchased by the respective Pass Through Trustees referred to below (each,
      an "APPLICABLE PASS THROUGH TRUSTEE"), on the Funding Date, in connection
      with the financing of such Aircraft is as follows:

      (a)   the Class G-1 Trustee shall purchase Series G-1 Equipment Notes in
            the amount of $[__________];

<PAGE>

      (b)   the Class G-2 Trustee shall purchase Series G-2 Equipment Notes in
            the amount of $[__________];

      (c)   the Class H Trustee shall purchase Series H Equipment Notes in the
            amount of $[__________]; and

      (d)   the Class I Trustee shall purchase Series I Equipment Notes in the
            amount of $[__________].<F1>

      The Company hereby instructs the Class G-1 Trustee to (i) execute a
Withdrawal Certificate in the form of Annex A hereto dated as of [__________]
and attach thereto a Notice of Purchase Withdrawal dated such date completed as
set forth on Exhibit A hereto and (ii) deliver such Withdrawal Certificate and
Notice of Purchase Withdrawal to the applicable Escrow Agent.<F2>

      The Company hereby instructs the Class G-2 Trustee to (i) execute a
Withdrawal Certificate in the form of Annex A hereto dated as of [__________]
and attach thereto a Notice of Purchase Withdrawal dated such date completed as
set forth on Exhibit B hereto and (ii) deliver such Withdrawal Certificate and
Notice of Purchase Withdrawal to the applicable Escrow Agent.<F3>

      The Company hereby instructs each Applicable Pass Through Trustee to (i)
purchase Equipment Notes of a series and in an amount set forth opposite such
Pass Through Trustee in clause (3) above with a portion of the proceeds [of the
withdrawals of Deposits referred to in the applicable Notice of Purchase
Withdrawal referred to above or, in the case of the Class H Trustee [and Class I
Trustee],<F4> received on the Funding Date from the Initial Purchaser]<F5>
[received by it from the sale of Certificates on the Issuance Date]<F6> and (ii)
in the case of the Class G-1 Trust and Class G-2 Trust, re-deposit with the
Depositary the excess, if any, of the amount so withdrawn OVER the purchase
price of such Equipment Notes.

------------
<F1>
Eliminate if the Class I Trustee will not purchase Equipment Notes for the
Aircraft.

<F2>
Eliminate if the Funding Date is the Issuance Date.

<F3>
Eliminate if the Funding Date is the Issuance Date.

<F4>
Eliminate if the Class I Trustee will not purchase Equipment Notes for the
Aircraft.

<F5>
Insert for each Funding Date after the Issuance Date.

<F6>
Insert if the Funding Date is the Issuance Date.

<PAGE>

      The Company hereby instructs each Applicable Pass Through Trustee to (a)
enter into the Participation Agreement [____] dated as of [__________] among the
Company, as Owner, and Wilmington Trust Company, as Mortgagee and Loan
Participant, (b) perform its obligations thereunder and (c) deliver such
certificates, documents and legal opinions relating to such Pass Through Trustee
as required thereby.

Yours faithfully,

Continental Airlines, Inc.

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

<PAGE>

                                   SCHEDULE A

Wilmington Trust Company, as
   Pass Through Trustee, Subordination
   Agent and Mortgagee
Rodney Square North
1100 North Market Street
Wilmington, Delaware  19890
Attention:  Corporate Trust Administration
Facsimile:  (302) 651-8882

Wells Fargo Bank Northwest, National Association,
   as Escrow Agent
79 South Main Street, 3rd Floor
Salt Lake City, Utah  84111
Attention:  Corporate Trust Department
Facsimile:  (801) 246-5053

Standard & Poor's Ratings Services
55 Water Street, 35th Floor
New York, New York 10004
Attention:  Michael K. Vernier
Facsimile:  (212) 438-6632

Moody's Investor Service, Inc.
99 Church Street
New York, New York  10007
Attention:  Richard Bittenbender
Facsimile:  (212) 553-3855

Ambac Assurance Corporation
One State Street Plaza
New York, New York 10004
Attention:  Surveillance Department
Facsimile:  (212) 363-1459

Boeing Capital Loan Corporation
2325-B Renaissance Drive, Suite 8
Las Vegas, Nevada  89119
Attention:  David Hancock
Client Services Manager
Fax:  702-966-4247

<PAGE>

                                                                         Annex A

                             WITHDRAWAL CERTIFICATE
                                   (Class ___)

Wells Fargo Bank Northwest, National Association,
as Escrow Agent

Ladies and Gentlemen:

            Reference is made to the Escrow and Paying Agent Agreement, dated as
of March 25, 2002 (the "Agreement"). We hereby certify to you that the
conditions to the obligations of the undersigned to execute a Participation
Agreement pursuant to the Note Purchase Agreement have been satisfied. Pursuant
to Section 1.02(c) of the Agreement, please execute the attached Notice of
Purchase Withdrawal and immediately transmit by facsimile to the Depositary, at
(212) 325-8319.

            Capitalized terms used herein but not defined herein shall have the
meanings set forth in the Agreement.

                                        Very truly yours,

                                        WILMINGTON TRUST COMPANY,
                                        not in its individual capacity by
                                        solely as Pass Through Trustee

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

Dated: As of [__________]

<PAGE>

                                                                       Exhibit A

                          NOTICE OF PURCHASE WITHDRAWAL

CREDIT SUISSE FIRST BOSTON
New York Branch
11 Madison Avenue
New York, NY 10010
Attention:      Robert Finney
Telecopier:     212-325-8319

Gentlemen:

            Reference is made to the Deposit Agreement (Class G-1) dated as of
March 25, 2002 (the "DEPOSIT AGREEMENT") between Wells Fargo Bank Northwest,
National Association, as Escrow Agent, and Credit Suisse First Boston, New York
branch, as Depositary (the "DEPOSITARY").

            In accordance with Section 2.4(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 proceeds of
the Deposit to [___________________], Account No. [____], Reference: [_________]
on [________ __, 20___], 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: As of [__________]

<PAGE>

                                                                       Exhibit B

                          NOTICE OF PURCHASE WITHDRAWAL

CREDIT SUISSE FIRST BOSTON
New York Branch
11 Madison Avenue
New York, NY 10010
Attention:  Robert Finney
Telecopier: 212-325-8319

Gentlemen:

            Reference is made to the Deposit Agreement (Class G-2) dated as of
March 25, 2002 (the "DEPOSIT AGREEMENT") between Wells Fargo Bank Northwest,
National Association, as Escrow Agent, and Credit Suisse First Boston, New York
branch, 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 proceeds of
the Deposit to [___________________], Account No. [____], Reference: [_________]
on [________ __, 20__], 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: As of [__________]

<PAGE>

                                  EXHIBIT B to
                             NOTE PURCHASE AGREEMENT

                         FORM OF PARTICIPATION AGREEMENT

                               (Filed Separately)

<PAGE>
                                  EXHIBIT C to
                             NOTE PURCHASE AGREEMENT

                                FORM OF INDENTURE

                               (Filed Separately)

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