Document:

Exhibit 4.10 - Form of Trust Agreement

    
      

      

    

     

    

     

    [AMENDED
      AND RESTATED]1 

     

    TRUST
      AGREEMENT [TN]

     

    Dated
      as
      of [DD]

     

    Between

     

    [OP]

     

    and

     

    WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

     

    One
      Embraer Model EMB-145 XR Aircraft

    Bearing
      Manufacturer’s Serial No. [MSN]

    and
      U.S.
      Registration No. N[REG]

    with
      Two
      Allison Model AE3007A1E Engines

    Bearing
      Engine Manufacturer’s Serial Nos. CAE[E1] and CAE[E2]

     

     

    
      

      

    

     

     

     

    _____________________

     

    1. Delete
      for New Aircraft.

     

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

     

    Page

    
      	
               

              SECTION
                1.  DEFINITIONS

            	
              1

            
	
               

              SECTION
                2.  DECLARATION OF
                TRUST

            	
              1

            
	
               

              SECTION
                3.  AUTHORIZATION; CONDITIONS
                PRECEDENT

            	
              2

            
	
              3.1  Authorization

            	
              2

            
	
              3.2  Conditions
                Precedent

            	
              3

            
	
               

              SECTION
                4.  RECEIPT, DISTRIBUTION AND APPLICATION
                OF INCOME FROM THE TRUST ESTATE

            	
              3

            
	
              4.1  Payments
                from Trust Estate
                Only

            	
              3

            
	
              4.2  Distribution
                of
                Payments

            	
              4

            
	
              4.2.1  Payments
                to
                Mortgagee

            	
              4

            
	
              4.2.2  Payments
                to Owner Trustee, Other
                Parties

            	
              4

            
	
              4.2.3  Certain
                Distributions to Owner
                Participant

            	
              4

            
	
              4.2.4  Excluded
                Payments

            	
              5

            
	
              4.2.5  Payments
                to the
                Lessee

            	
              5

            
	
              4.3  Method
                of Payments

            	
              5

            
	
               

              SECTION
                5.  DUTIES OF OWNER
                TRUSTEE

            	
              5

            
	
              5.1  Notice
                of Event of
                Default

            	
              5

            
	
              5.2  Action
                upon
                Instructions

            	
              6

            
	
              5.3  Limitations
                on Duties

            	
              6

            
	
              5.4  No
                Duties except as Specified; No Action
                except as Specified

            	
              7

            
	
              5.4.1  No
                Duties except as
                Specified

            	
              7

            
	
              5.4.2  No
                Action except as
                Specified

            	
              7

            
	
              5.5  Satisfaction
                of Conditions
                Precedent

            	
              7

            
	
              5.6  Fixed
                Investment Trust

            	
              7

            
	
               

              SECTION
                6.  OWNER TRUSTEE

            	
              7

            
	
              6.1  Acceptance
                of Trusts and
                Duties

            	
              7

            
	
              6.2  Absence
                of Certain
                Duties

            	
              8

            
	
              6.3  No
                Representations or Warranties as to
                Certain Matters

            	
              9

            
	
              6.4  No
                Segregation of Monies;
                Interest

            	
              9

            
	
              6.5  Reliance
                upon Certificates, Counsel and
                Agents

            	
              10

            
	
              6.6  Not
                Acting in Individual
                Capacity

            	
              10

            

    

     

     

     

    
      
        
        

      

      
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    TABLE
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      CONTENTS

    (Continued)

     

    Page

    

    
      	
              6.7  Fees;
                Compensation

            	
              10

            
	
              6.8  Tax
                Returns

            	
              11

            
	
               

              SECTION
                7.  INDEMNIFICATION OF WELLS FARGO BY
                OWNER PARTICIPANT

            	
              11

            
	
               

              SECTION
                8.  TRANSFER OF OWNER PARTICIPANT’S
                INTEREST

            	
              12

            
	
              8.1  Transfer
                of Interest

            	
              12

            
	
               

              SECTION
                9.  SUCCESSOR OWNER TRUSTEES;
                CO-TRUSTEES

            	
              13

            
	
              9.1  Resignation
                of Owner Trustee; Appointment
                of Successor

            	
              13

            
	
              9.1.1  Resignation
                or
                Removal

            	
              13

            
	
              9.1.2  Execution
                and Delivery of Documents,
                Etc.

            	
              14

            
	
              9.1.3  Qualifications

            	
              14

            
	
              9.1.4  Merger,
                Etc.

            	
              14

            
	
              9.2  Co-Trustees
                and Separate
                Trustees

            	
              14

            
	
               

              SECTION
                10.  SUPPLEMENTS AND AMENDMENTS TO TRUST
                AGREEMENT AND OTHER DOCUMENTS

            	
              16

            
	
              10.1  Supplements
                and Amendments and Delivery
                Thereof

            	
              16

            
	
              10.1.1  Supplements
                and
                Amendments

            	
              16

            
	
              10.1.2  Delivery
                of Amendments and
                Supplements to Certain Parties

            	
              16

            
	
              10.2  Discretion
                as to Execution of
                Documents

            	
              16

            
	
              10.3  Absence
                of Requirements as to
                Form

            	
              17

            
	
              10.4  Distribution
                of
                Documents

            	
              17

            
	
              10.5  No
                Request Needed as to Lease Supplement
                and Trust Indenture Supplement

            	
              17

            
	
               

              SECTION
                11.  MISCELLANEOUS

            	
              17

            
	
              11.1  Termination
                of Trust
                Agreement

            	
              17

            
	
              11.2  Termination
                at Option of the Owner
                Participant

            	
              18

            
	
              11.3  Owner
                Participant Has No Legal Title in
                Trust Estate

            	
              18

            
	
              11.4  Assignment,
                Sale, etc. of
                Aircraft

            	
              18

            
	
              11.5  Trust
                Agreement for Benefit of Certain
                Parties Only

            	
              18

            
	
              11.6  Citizenship
                of Owner
                Participant

            	
              18

            
	
              11.7  Notices

            	
              19

            
	
              11.8  Severability

            	
              19

            
	
              11.9  Waivers,
                Etc.

            	
              19

            

    

     

     

    
      
        
        

      

      
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              11.10  Counterparts

            	
              19

            
	
              11.11  Binding
                Effect,
                Etc.

            	
              19

            
	
              11.12  Headings;
                References

            	
              20

            
	
              11.13  Name
                of the Trust

            	
              20

            
	
              11.14  Governing
                Law

            	
              20

            
	
               

              SECTION
                12.  CERTAIN
                LIMITATIONS

            	
              20

            
	
              12.1  Limitations
                on Control;
                Exceptions

            	
              20

            

    

     

     

    
      
        
        

      

      
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    [AMENDED
      AND RESTATED]2
      TRUST
      AGREEMENT [TN]

     

     

    This
      [AMENDED AND RESTATED]3 TRUST
      AGREEMENT [TN], dated as of [DD], between [OP], a corporation organized under
      the laws of the OP Jurisdiction (“Owner Participant”), and WELLS FARGO BANK
      NORTHWEST, NATIONAL ASSOCIATION, a national banking association (in its
      individual capacity, “Wells Fargo” and otherwise not in its individual capacity
      but solely as trustee hereunder, “Owner Trustee”)[, which amends and restates in
      its entirety the Trust Agreement [TN], dated as of [EPD], between the Owner
      Participant and Wells Fargo (the “Original Trust Agreement”).]4

     

    In
      connection with the issuance of the Equipment Notes on a non-recourse basis
      by
      the Owner Trustee in accordance with the Participation Agreement [TN], dated
      as
      of the date hereof, among Continental Airlines, Inc., Owner Participant, Owner
      Trustee, Wilmington Trust Company and Embraer-Empresa Brasileira de Aeronáutica
      S.A., Owner Participant and Wells Fargo wish to [amend and restate the Original
      Trust Agreement in its entirety as]5 [enter
      into this agreement on the terms]6 set
      forth
      below.

     

    Accordingly,
      the parties hereto agree as follows:

     

    W
      I T
      N E S S E T H:

     

    SECTION
      1. DEFINITIONS

     

    Capitalized
      terms used but not defined herein shall have the respective meanings set forth
      or incorporated by reference, and shall be construed and interpreted in the
      manner described, in Annex A to the Lease Agreement [TN], dated as of the date
      hereof, between Owner Trustee and Continental Airlines, Inc, as
      Lessee.

     

    SECTION
      2. DECLARATION
      OF TRUST

     

    Wells
      Fargo hereby declares that it will hold the Trust Estate as Owner Trustee upon
      the trusts hereinafter set forth for the use and benefit of Owner Participant,
      subject, however, to the provisions of and the Lien created by the Trust
      Indenture and to the provisions of the Lease and the Participation
      Agreement.

    _____________________

     

    2. Delete
      for New Aircraft.

     

    3. Delete
      for New Aircraft.

     

    4. Delete
      for New Aircraft.

     

    5. Delete
      for New Aircraft.

     

    6. Insert
      for New Aircraft.

    
      
        
          
          

        

        
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    SECTION
      3. AUTHORIZATION;
      CONDITIONS PRECEDENT

     

    3.1 
      Authorization

     

    In
      respect of the Aircraft, Owner Participant hereby authorizes and directs Owner
      Trustee to, and Owner Trustee agrees for the benefit of Owner Participant that
      it will, on and after the Closing Date, subject (except with respect to Section
      3.1(a)) to due compliance with the terms of Section 3.2:

     

    (a) execute
      and deliver the Participation Agreement, the Trust Indenture, the Lease and
      the
      other Owner Trustee Agreements (in the respective forms in which they are
      delivered from time to time by Owner Participant to Owner Trustee);

     

    (b) subject
      to the terms of this Trust Agreement, exercise (i) its rights and perform its
      duties under the Participation Agreement, (ii) the rights and perform the duties
      of Lessor under the Lease and (iii) its rights and perform its duties under
      the
      Trust Indenture and the other Owner Trustee Agreements;

     

    (c) execute,
      issue and deliver to Mortgagee for authentication and further delivery to the
      Subordination Agent the Equipment Notes in the amount and as provided in Section
      2 of the Participation Agreement;

     

    [(d) purchase
      the Aircraft pursuant to the Purchase Agreement as assigned to Owner Trustee
      pursuant to the Purchase Agreement Assignment;]7

     

    [(e) accept
      from Seller the delivery of the Aircraft Bill of Sale, the FAA Bill of Sale
      and
      the invoice with respect to such Aircraft;]8

     

    [(f) effect
      the registration of the Aircraft with the FAA in the name of Owner Trustee
      by
      filing or causing to be filed with the FAA: (i) the FAA Bill of Sale;
      (ii) an Aircraft Registration Application in the name of Owner Trustee
      (including, without limitation, an affidavit from Owner Trustee in compliance
      with the provisions of Section 47.7(c)(2) of the FAA Regulations); and
      (iii) this Trust Agreement;]9

     

    (g) execute
      and deliver all agreements, documents and instruments referred to in Section
      5
      of the Participation Agreement to which Owner Trustee is to be a
      party;

     

    (h) execute
      and deliver Lease Supplement No. 1 covering the Aircraft;

     

    (i) execute
      and deliver a Trust Indenture Supplement covering the Aircraft;

    _____________________

    7. Insert
      for New Aircraft.

     

    8. Insert
      for New Aircraft.

     

    9. Insert
      for New Aircraft.

     

    
      
        
          
          

        

        
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    (j) [make
      payment to the Owner Participant of the proceeds from the sale of the Equipment
      Notes received by it;]10 [make
      payment of Lessor’s Cost for the Aircraft from the aggregate amount of the
      Commitments for the Aircraft of Owner Participant and Loan Participant, to
      the
      extent available to Owner Trustee, in the manner provided in the Participation
      Agreement;]11 and

     

    (k) execute
      and deliver all such other instruments, documents or certificates and take
      all
      such other actions in accordance with the direction of Owner Participant, as
      Owner Participant may deem necessary or advisable in connection with the
      transactions contemplated by this Trust Agreement and the other Operative
      Agreements.

     

    3.2 
      Conditions Precedent

     

    The
      rights and obligations of Owner Trustee to take the actions required by Section
      3.1 shall be subject to the following conditions precedent:

     

    (a) Owner
      Trustee shall have received the notice described in Section 5.1.1 of the
      Participation Agreement, when and as required thereby, or shall have been deemed
      to have waived such notice in accordance with Section 5.1.1 of the Participation
      Agreement;

     

    [(b) Each
      Participant shall have made the full amount of its Commitment specified in
      Section 2.1 of the Participation Agreement available to Owner Trustee, in
      immediately available funds, in accordance with Sections 2 and 4 of the
      Participation Agreement; and]12

     

    (c) Owner
      Participant shall have notified Owner Trustee that the terms and conditions
      of
      Section 5 of the Participation Agreement, insofar as they relate to conditions
      precedent to performance by Owner Participant of its obligations thereunder,
      have been either fulfilled to the satisfaction of, or waived by, Owner
      Participant. Owner Participant shall, by instructing Owner Trustee to release
      for filing with the FAA the FAA Filed Documents be deemed to have found
      satisfactory to it, or waived, all such conditions precedent.

     

    SECTION
      4. RECEIPT,
      DISTRIBUTION AND APPLICATION OF INCOME FROM THE TRUST ESTATE

     

    4.1 
      Payments from Trust Estate Only

     

    Except
      as
      provided in Section 7, all payments to be made by Owner Trustee under this
      Trust
      Agreement shall be made only from [(a) in the case of funds made available
      in accordance with Section 4 of the Participation Agreement, the
      Commitments (except as otherwise provided in Section 14 of the
      Participation Agreement) and (b) in the case of all other 

    _____________________

    10. Delete
      for New Aircraft.

     

    11. Insert
      for New Aircraft.

     

    12. Insert
      for New Aircraft.

     

    
      
        
          
          

        

        
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    payments,]13
      the
      income from and proceeds of the Trust Estate to the extent that Owner Trustee
      shall have received sufficient income or proceeds from the Trust Estate to
      make
      such payments. Owner Participant agrees that it will look solely to the income
      from and proceeds of the Trust Estate (except as otherwise provided in Section
      14 of the Participation Agreement) to the extent available for distribution
      to
      Owner Participant as provided in this Trust Agreement. Except as provided in
      Section 7, Owner Participant agrees that Wells Fargo is neither personally
      liable to Owner Participant for any amounts payable nor subject to any other
      liability under this Trust Agreement.

     

    4.2 
      Distribution of Payments

     

    
                   
4.2.1 
Payments
        to Mortgagee

       

    

    Until
      the
      Trust Indenture shall have been discharged pursuant to Section 10.01 thereof,
      all Rent, insurance proceeds and requisition or other payments of any kind
      included in the Trust Estate (other than Excluded Payments) payable to Owner
      Trustee shall be payable directly to Mortgagee (and, if any of the same are
      received by Owner Trustee, shall upon receipt be paid over to Mortgagee without
      deduction, set-off or adjustment of any kind) for distribution in accordance
      with the provisions of Article III of the Trust Indenture; provided,
      that
      any payments received by Owner Trustee from (a) Airframe Manufacturer with
      respect to Owner Trustee’s fees and disbursements or (b) Owner Participant
      pursuant to Section 7 shall not be paid over to Mortgagee but shall be retained
      by Owner Trustee and applied toward the purpose for which such payments were
      made.

     

                 
4.2.2 
Payments
      to Owner Trustee, Other Parties

     

    After
      the
      Trust Indenture shall have been discharged pursuant to Section 10.01 thereof,
      any payment of the type referred to in Section 4.2.1 (other than Excluded
      Payments) received by Owner Trustee, any payment received from Mortgagee (other
      than Excluded Payments) and any other amount received as part of the Trust
      Estate and for the application or distribution of which no provision is made
      in
      this Trust Agreement shall be distributed forthwith upon receipt by Owner
      Trustee in the following order of priority: first,
      so much
      of such payment as shall be required to reimburse Owner Trustee for any expenses
      not otherwise reimbursed as to which Owner Trustee is entitled to be so
      reimbursed pursuant to the provisions hereof shall be retained by Owner Trustee;
      second,
      the
      balance, if any, shall be paid to Owner Participant.

     

                  
4.2.3 
Certain
      Distributions to Owner Participant

     

    All
      amounts from time to time distributable by Mortgagee to Owner Participant
      pursuant to the Trust Indenture shall, if paid to Owner Trustee, be distributed
      by Owner Trustee to Owner Participant in accordance with the provisions of
      Article III of the Trust Indenture; provided,
      that
      any payments received by Owner Trustee from (a) Lessee with respect to Owner
      Trustee’s fees and disbursements or (b) Owner Participant pursuant to Section 7
      shall not be paid over to Owner Participant but shall be retained by Owner
      Trustee and applied toward the purpose for which such payments were
      made.

    _____________________

     

    13. Insert
      for New Aircraft.

     

    
      
        
          
          

        

        
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4.2.4 
Excluded
      Payments

     

    Any
      Excluded Payments received by Owner Trustee shall be paid by Owner Trustee
      to
      the Person to whom such Excluded Payments are payable under the provisions
      of
      the Participation Agreement, the Tax Indemnity Agreement or the
      Lease.

     

                  
4.2.5 
      Payments to the Lessee

     

    Notwithstanding
      any other provision of any Operative Agreement to the contrary, if Lessee shall
      have given to Owner Trustee written notice that an amount is due to Lessee
      and
      unpaid under the Indemnity Agreement, all amounts that would otherwise be paid
      to Owner Participant under this Agreement shall instead be paid to Lessee until
      such amount owed to Lessee shall have been paid in full, provided
      that
      Lessee shall not be entitled to payment of a Primary Amount (as defined in
      the
      Indemnity Agreement) under this Section 4.2.5 if at the time Lessee gives such
      notice to Owner Trustee the Owner Participant is not the Airframe Manufacturer
      or an Affiliate of Airframe Manufacturer.

     

    4.3 
Method
      of
      Payments

     

    Owner
      Trustee shall make distributions or cause distributions to be made to Owner
      Participant pursuant to this Section 4 by transferring the amount to be
      distributed by wire transfer in immediately available funds on the day received
      (or on the next succeeding Business Day if the funds to be so distributed shall
      not have been received by Owner Trustee by 12:00 noon, New York City time,
      and
      which funds Owner Trustee shall not have been reasonably able to distribute
      to
      Owner Participant on the day received) to Owner Participant’s account set forth
      in Schedule 1 to the Participation Agreement or to such other account or
      accounts of Owner Participant as Owner Participant may designate from time
      to
      time in writing to Owner Trustee; provided,
      that
      Owner Trustee shall use reasonable efforts to invest overnight, in investments
      that would be permitted under Section 4.4 of the Lease, all funds received
      by it
      at or later than 12:00 noon, New York City time, and which funds Owner Trustee
      shall not have been reasonably able to distribute to Owner Participant on the
      day received).

     

    SECTION
      5. DUTIES
      OF
      OWNER TRUSTEE

     

    5.1 
Notice
      of
      Event of Default

     

    (a) If
      Owner
      Trustee shall have knowledge of a Lease Default or a Lease Event of Default
      or
      an Indenture Default or an Indenture Event of Default, Owner Trustee shall
      give
      to Owner Participant, Mortgagee and Lessee prompt telephonic or telex notice
      thereof followed by prompt confirmation thereof by certified mail, postage
      prepaid, provided,
      that
      (i) in the case of an event which with the passage of time would constitute
      an
      Indenture Event of Default of the type referred to in paragraph (c) or (e)
      of
      Section 4.02 of the Trust Indenture, such notice shall in no event be furnished
      later than ten days after Owner Trustee shall first have knowledge of such
      event
      and (ii) in the case of a misrepresentation by Owner Trustee which with the
      passage of time would constitute an Indenture Event of Default of the type
      referred to in paragraph (d) of Section 4.02 of the Trust Indenture, such notice
      shall in no event be furnished later than ten days after Owner Trustee shall
      first have knowledge of such event.

    

    
      
        
          
          

        

        
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    (b) Subject
      to the terms of Section 5.3, Owner Trustee shall take such action or shall
      refrain from taking such action, not inconsistent with the provisions of the
      Trust Indenture, with respect to such Lease Default, Lease Event of Default,
      Indenture Default or Indenture Event of Default or other event as Owner Trustee
      shall be directed in writing by Owner Participant. For all purposes of this
      Trust Agreement, the Lease and the other Operative Agreements, in the absence
      of
      Actual Knowledge of Owner Trustee, Owner Trustee shall not be deemed to have
      knowledge of a Lease Default, Lease Event of Default, Indenture Default or
      Indenture Event of Default unless notified in writing by Mortgagee, Owner
      Participant or Lessee.

     

    5.2 
      Action upon Instructions

     

    Subject
      to the terms of Sections 5.1 and 5.3, upon the written instructions at any
      time
      and from time to time of Owner Participant, Owner Trustee will take such of
      the
      following actions, not inconsistent with the provisions of the Lease and the
      Trust Indenture, as may be specified in such instructions: (a) give such notice
      or direction or exercise such right, remedy or power under this Trust Agreement
      or any of the other Owner Trustee Agreements or in respect of all or any part
      of
      the Trust Estate, or take such other action, as shall be specified in such
      instructions (including entering into such agreements and instruments as shall
      be necessary under Section 10); (b) take such action to preserve or protect
      the
      Trust Estate (including the discharge of Liens) as may be specified in such
      instructions; (c) approve as satisfactory to it all matters required by the
      terms of the Lease or the other Operative Agreements to be satisfactory to
      Owner
      Trustee, it being understood that without written instructions of Owner
      Participant, Owner Trustee shall not approve any such matter as satisfactory
      to
      it; (d) subject to the rights of Lessee under the Operative Agreements, after
      the expiration or earlier termination of the Lease, convey all of Owner
      Trustee’s right, title and interest in and to the Aircraft for such amount, on
      such terms and to such purchaser or purchasers as shall be designated in such
      instructions, or retain, lease or otherwise dispose of, or from time to time
      take such other action with respect to, the Aircraft on such terms as shall
      be
      designated in such instructions; and (e) take or refrain from taking such other
      action or actions as may be specified in such instructions.

     

    5.3 
Limitations
      on Duties

     

    Owner
      Trustee shall not be required to take any action under Section 5.1 (other than
      the giving of the notices referred to therein) or 5.2 if Owner Trustee shall
      reasonably believe such action is not adequately indemnified by Owner
      Participant under Section 7, unless Lessee or Owner Participant agrees to
      furnish such additional indemnity as shall reasonably be required, in manner
      and
      form satisfactory to Owner Trustee, and, in addition to the extent not otherwise
      paid pursuant to the provisions of the Lease or of the Participation Agreement,
      to pay the reasonable compensation of Owner Trustee for the services performed
      or to be performed by it pursuant to such direction and any reasonable fees
      and
      disbursements of counsel or agents employed by Owner Trustee in connection
      therewith. Owner Trustee shall not be required to take any action under Section
      5.1 or 5.2 (other than the giving of the notices referred to therein) if Owner
      Trustee shall have been advised by counsel that such action is contrary to
      the
      terms of any of the Owner Trustee Agreements or is otherwise contrary to Law
      and
      Owner Trustee has delivered to Owner Participant written notice of the basis
      for
      its refusal to act.

    

    
      
        
          
          

        

        
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    5.4 
No
      Duties
      except as Specified; No Action except as Specified

     

                 
5.4.1 
No
      Duties except as
      Specified

      

    Owner
      Trustee shall not have any duty or obligation to manage, control, use, sell,
      dispose of or otherwise deal with the Aircraft or any other part of the Trust
      Estate or to otherwise take or refrain from taking any action under, or in
      connection with, any of the Owner Trustee Agreements, except as expressly
      required by the terms of any of the Owner Trustee Agreements, or (to the extent
      not inconsistent with the provisions of the Trust Indenture) as expressly
      provided by the terms hereof or in a written instruction from Owner Participant
      received pursuant to the terms of Section 5.1 or 5.2, and no implied duties
      or
      obligations shall be read into this Trust Agreement against Owner Trustee.
      Wells
      Fargo agrees that it will, in its individual capacity and at its own cost or
      expense (but without any right of indemnity in respect of any such cost or
      expense hereunder or under the Participation Agreement), promptly take such
      action as may be necessary to duly discharge and satisfy in full all Lessor
      Liens attributable to it in its individual capacity which it is required to
      discharge pursuant to Section 7.3.1 of the Participation Agreement and otherwise
      comply with the terms of said Section binding upon it.

     

                 
5.4.2 
No
      Action except as
      Specified

     

    Owner
      Trustee shall have no power, right or authority to, and agrees that it will
      not,
      manage, control, use, sell, dispose of or otherwise deal with the Aircraft
      or
      any other part of the Trust Estate except (a) as expressly required by the
      terms
      of any of the Owner Trustee Agreements, (b) as expressly provided by the terms
      hereof or (c) as expressly provided in written instructions from Owner
      Participant pursuant to Section 5.1 or 5.2.

     

    5.5 
Satisfaction
      of Conditions Precedent

     

    Anything
      in this Trust Agreement to the contrary notwithstanding, Owner Trustee shall,
      subject to the satisfaction of special counsel for Owner Trustee of the
      occurrence of all the applicable conditions precedent specified in Section
      3.2,
      comply with the provisions of Section 3.1.

     

    5.6 
Fixed
      Investment Trust

     

    Notwithstanding
      anything in this Trust Agreement to the contrary, Owner Trustee shall not be
      authorized and shall have no power to “vary the investment” of Owner Participant
      within the meaning of Treasury Regulations Section 301.7701-4(c)(1), it being
      understood that Owner Trustee shall have the power and authority to fulfill
      its
      obligations under Section 4.3 hereof, Section 4.3.3 of the Participation
      Agreement and Section 4.4 of the Lease.

     

    SECTION
      6. OWNER
      TRUSTEE

     

    6.1 
Acceptance
      of Trusts and Duties

     

    Wells
      Fargo accepts the trusts hereby created and agrees to perform the same as Owner
      Trustee but only upon the terms hereof and the Trust Indenture applicable to
      it.
      Owner Trustee also agrees to receive and disburse all monies received by it
      constituting part of the Trust 

    

    
      
        
          
          

        

        
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    Estate
      pursuant to the terms hereof. Wells Fargo shall not be answerable or accountable
      under any circumstances, except for (a) its own willful misconduct or gross
      negligence (including, without limitation, in connection with any activities
      of
      Owner Trustee in violation of Section 5.4.2), (b) its failure (in its individual
      capacity) to perform its obligations under Section 5.4.1, (c) its or Owner
      Trustee’s failure to use ordinary care to receive or disburse funds or to comply
      with the first sentence of Section 6.8, (d) liabilities that may result from
      the
      inaccuracy of any representation or breach of warranty of it in its individual
      capacity (or from the failure by it in its individual capacity to perform any
      covenant) in this Trust Agreement, the Trust Indenture, the Lease or the
      Participation Agreement or elsewhere in any of the other Operative Agreements,
      (e) taxes, fees or other charges on, based on or measured by any fees,
      commissions or compensation received by Wells Fargo in connection with the
      transactions contemplated by this Trust Agreement and the other Operative
      Agreements to which it (in its individual capacity or as Owner Trustee) is
      a
      party, (f) its or Owner Trustee’s failure to use ordinary care in receiving or
      disbursing funds or in connection with its obligation to invest funds pursuant
      to Section 4 of the Participation Agreement, Section 4.4 of the Lease or Section
      4.3 hereof, (g) any liability on the part of Owner Trustee arising out of its
      negligence or willful or negligent misconduct in connection with its obligations
      under Section 5.1 (other than the first sentence thereof), 6.8 or 9.2 hereof
      or
      Section 4.01 of the Trust Indenture. Wells Fargo shall have no obligation to
      advance its individual funds for any purpose, and Owner Trustee shall have
      no
      obligation to distribute to Owner Participant, Lessee or any third party any
      amounts to be paid to Owner Trustee until such amounts are collected by Owner
      Trustee.

     

    6.2 
Absence
      of Certain Duties

     

    (a) Except
      in
      accordance with written instructions furnished pursuant to Section 5.1 or 5.2
      and except as provided in, and without limiting the generality of, Sections
      3.1
      and 5.4.1 and the last sentence of Section 9.1.2, and subject to Section 4.01
      of
      the Trust Indenture, neither Owner Trustee nor Wells Fargo shall have any duty
      (i) to see to any recording or filing of any Operative Agreement or of any
      supplement to any thereof or to see to the maintenance of any such recording
      or
      filing or any other filing of reports with the FAA or other governmental
      agencies, except that of Wells Fargo to comply with the FAA reporting
      requirements set forth in 14 C.F.R. § 47.45 and 14 C.F.R. § 47.51, and Owner
      Trustee shall, to the extent that information for that purpose is timely
      supplied by Lessee pursuant to any of the Operative Agreements, complete and
      timely submit (and furnish Owner Participant with a copy of) any and all reports
      relating to the Aircraft that may from time to time be required by the FAA
      or
      any government or governmental authority having jurisdiction, (ii) to see to
      any
      insurance on the Aircraft or to effect or maintain any such insurance, whether
      or not Lessee shall be in default with respect thereto, other than to forward
      to
      Owner Participant copies of all reports and other written information which
      Owner Trustee receives from Lessee pursuant to Section 11 of the Lease, (iii)
      except as provided in Section 7.3.1 or 7.3.2 of the Participation Agreement,
      Section 4.01 of the Trust Indenture or Section 5.4 or 6.1 hereof, to see to
      the
      payment or discharge of any tax, assessment or other governmental charge or
      any
      lien or encumbrance of any kind owing with respect to or assessed or levied
      against any part of the Trust Indenture Estate or the Trust Estate, except
      as
      provided in Section 6.3.9 of the Participation Agreement or (iv) to inspect
      Lessee’s books and records with respect to the Aircraft at any time permitted
      pursuant to the Lease.

    

    
      
        
          
          

        

        
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    (b) Notwithstanding
      clause (a), Owner Trustee will furnish to Mortgagee and Owner Participant,
      promptly upon receipt thereof, duplicates or copies of all reports, notices,
      requests, demands, certificates, financial statements and other instruments
      furnished to Owner Trustee under the Lease or any other Operative Agreement
      except to the extent to which a responsible officer of Owner Trustee reasonably
      believes (and confirms by telephone call with Owner Participant) that duplicates
      or copies thereof have already been furnished to Owner Participant by some
      other
      person.

     

    6.3 
No
      Representations or Warranties as to Certain Matters

     

    NEITHER
      WELLS FARGO NOR OWNER TRUSTEE MAKES OR SHALL BE DEEMED TO HAVE MADE (a) ANY
      REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, AIRWORTHINESS,
      VALUE, CONDITION, DESIGN, OPERATION, MERCHANTABILITY OR FITNESS FOR USE FOR
      A
      PARTICULAR PURPOSE OF THE AIRCRAFT OR ANY PART THEREOF, AS TO THE ABSENCE OF
      LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AS TO THE ABSENCE OF
      ANY
      INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT, THE ABSENCE OF ANY STRICT
      LIABILITY OBLIGATION OR ANY OTHER REPRESENTATION OR WARRANTY, EXPRESS OR
      IMPLIED, WITH RESPECT TO THE AIRCRAFT OR ANY PART THEREOF WHATSOEVER, except
      that Wells Fargo warrants to Owner Participant that on the Delivery Date Owner
      Trustee shall have received whatever title to the Aircraft that was conveyed
      to
      it and that the Aircraft shall, on the Closing Date and during the Term, be
      free
      of Lessor Liens attributable to Wells Fargo or (b) any representation or
      warranty as to the validity, legality or enforceability of this Trust Agreement
      or any other Operative Agreement to which Wells Fargo, in its individual
      capacity or as Owner Trustee, is a party, or any other document or instrument,
      or as to the correctness of any statement contained in any thereof except to
      the
      extent that any such statement is expressly made herein or therein by such
      party
      as a representation by Wells Fargo, in its individual capacity or as Owner
      Trustee, as the case may be, and except that Wells Fargo hereby represents
      and
      warrants that it has all corporate power and authority to execute, deliver
      and
      perform this Trust Agreement and that this Trust Agreement has been, and
      (assuming due authorization, execution and delivery by Owner Participant of
      this
      Trust Agreement) the other Operative Agreements to which it or Owner Trustee
      is
      a party have been (or at the time of execution and delivery of any such
      instrument by it or Owner Trustee under this Trust Agreement or pursuant to
      the
      terms of the Participation Agreement that such an instrument will be) duly
      executed and delivered by one of its officers who is or will be, as the case
      may
      be, duly authorized to execute and deliver such instruments on behalf of itself
      or Owner Trustee, as the case may be, and that this Trust Agreement constitutes
      the legal, valid and binding obligation of Wells Fargo or Owner Trustee, as
      the
      case may be, enforceable against Wells Fargo or Owner Trustee, as the case
      may
      be, in accordance with its terms.

     

    6.4 
No
      Segregation of Monies; Interest

     

    Monies
      received by Owner Trustee under this Trust Agreement need not be segregated
      in
      any manner except to the extent required by Law, or except as provided in
      written instructions from Owner Participant, and shall be invested as provided
      in Section 4.3 hereof or Section 4.4 of the Lease.

    

    
      
        
          
          

        

        
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    6.5 
Reliance
      upon Certificates, Counsel and Agents

     

    Owner
      Trustee shall incur no liability to anyone in acting in good faith in reliance
      upon and in accordance with any signature, instrument, notice, resolution,
      request, consent, order, certificate, report, opinion, bond or other document
      or
      paper reasonably believed by it to be genuine and reasonably believed by it
      to
      be signed by the proper party or parties. Unless other evidence in respect
      thereof is specifically prescribed in this Trust Agreement, any request,
      direction, order or demand of Owner Participant or Lessee mentioned in this
      Trust Agreement or in any of the other Owner Trustee Agreements shall be
      sufficiently evidenced by written instruments signed by the Chairman of the
      Board, the President, any Vice President or any other officer and in the name
      of
      Owner Participant or Lessee, as the case may be. Owner Trustee may accept a
      copy
      of a resolution of the Board of Directors or Executive Committee of Lessee,
      certified by the Secretary or an Assistant Secretary of Lessee as duly adopted
      and in full force and effect, as conclusive evidence that such resolution has
      been duly adopted by said Board of Directors or Executive Committee and that
      the
      same is in full force and effect. As to any fact or matter the manner of
      ascertainment of which is not specifically described in this Trust Agreement,
      Owner Trustee may, absent Actual Knowledge to the contrary, for all purposes
      rely on a certificate signed by the Chairman of the Board, the President, any
      Vice President or any other officer of Lessee, and the Treasurer or an Assistant
      Treasurer or the Secretary or an Assistant Secretary of Lessee, as to such
      fact
      or matter, and such certificate shall constitute full protection to Owner
      Trustee for any action taken or omitted to be taken by it in good faith in
      reliance thereon and in accordance therewith. In the administration of trusts
      under this Trust Agreement, Owner Trustee may execute any of the trusts or
      powers and perform its powers and duties under this Trust Agreement directly
      or
      through agents or attorneys and may, at the expense of the Trust Estate, consult
      with counsel, accountants and other skilled persons to be selected and employed
      by it. Owner Trustee shall not be liable for anything done, suffered or omitted
      in good faith by it in accordance with the advice or opinion of any such
      counsel, accountants or other skilled persons.

     

    6.6 
Not
      Acting in Individual Capacity

     

    In
      acting
      under this Trust Agreement, Wells Fargo acts solely as Owner Trustee and not
      in
      its individual capacity except as otherwise expressly provided in this Trust
      Agreement or in the other Operative Agreements to which it is a party; and,
      except as may be otherwise expressly provided in this Trust Agreement, the
      Lease, the Participation Agreement and the Trust Indenture, all persons, other
      than the Owner Participant as provided in this Trust Agreement or the Trust
      Indenture, having any claim against Owner Trustee by reason of the transactions
      contemplated hereby shall look only to the Trust Estate for payment or
      satisfaction thereof except to the extent provided in Section 6.1 or otherwise
      as Owner Trustee shall expressly agree otherwise in writing.

     

    6.7 
Fees;
      Compensation

     

    Airframe
      Manufacturer shall pay the Transaction Expenses and ongoing fees of Owner
      Trustee throughout the Term pursuant to Section 9.2 of the Participation
      Agreement. The Trust Estate shall not have any liability for any such fees
      and
      expenses; provided,
      that
      the foregoing shall not limit the obligations of Owner Participant under
      Sections 5.3 and 7; provided,
      

    

    
      
        
          
          

        

        
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    that
      Owner Trustee shall have a Lien upon the Trust Estate for any such fee not
      paid
      by Airframe Manufacturer as contemplated by Section 9.2 of the Participation
      Agreement and such Lien shall entitle Owner Trustee to priority as to payment
      thereof over payment to any other Person under this Trust Agreement;
provided,
      that
      such Lien shall be subject and subordinate in all events to the Lien of the
      Trust Indenture; and provided,
      further,
      that
      Owner Trustee shall have no right to exercise, and shall not exercise, any
      rights or remedies Owner Trustee may have with respect to such Lien unless
      and
      until the Secured Obligations have been paid and performed in full.

     

    6.8 
Tax
      Returns

     

    Owner
      Trustee shall be responsible for the keeping of all appropriate books and
      records relating to the receipt and disbursement of all monies under this Trust
      Agreement or any agreement contemplated hereby. Owner Participant shall be
      responsible for causing to be prepared and filed all income tax returns required
      to be filed by Owner Participant. Owner Trustee shall be responsible for causing
      to be prepared, at the expense of Airframe Manufacturer, all income tax returns
      required to be filed with respect to the trust created hereby and shall execute
      and file such returns; provided,
      that
      Owner Trustee shall send promptly a completed copy of such return to Owner
      Participant not more than sixty nor less than fifteen days prior to the due
      date
      of the return, provided,
      that
      Owner Trustee shall have timely received all necessary information to complete
      and deliver to Owner Participant such return. Owner Participant, upon request,
      will furnish Owner Trustee with all such information as may be reasonably
      required from Owner Participant in connection with the preparation of such
      income tax returns. Owner Trustee shall keep copies of all returns delivered
      to
      or filed by it.

     

    SECTION
      7. INDEMNIFICATION
      OF WELLS FARGO BY OWNER PARTICIPANT

     

    Owner
      Participant hereby agrees, whether or not any of the transactions contemplated
      hereby shall be consummated, to assume liability for, and hereby indemnifies,
      protects, saves and keeps harmless, Wells Fargo and its successors, assigns,
      agents and servants, from and against any and all liabilities, obligations,
      losses, damages, penalties, taxes (excluding any Taxes which are not required
      to
      be indemnified by Lessee pursuant to Section 9.1 or 9.3 of the Participation
      Agreement and excluding any taxes payable by Wells Fargo on or measured by
      any
      compensation received by Wells Fargo for its services under this Trust
      Agreement), claims, actions, suits, costs, expenses or disbursements (including,
      without limitation, reasonable legal fees and expenses, but excluding internal
      costs and expenses such as salaries and overhead, and including, without
      limitation, any liability of an owner, any strict liability and any liability
      without fault) of any kind and nature whatsoever which may be imposed on,
      incurred by or asserted against Wells Fargo (whether or not also indemnified
      against by Lessee under the Lease or under the Participation Agreement or also
      indemnified against by any other Person; provided,
      that
      Owner Participant shall be subrogated to the rights of Owner Trustee against
      Lessee or any other indemnitor) in any way relating to or arising out of this
      Trust Agreement or any of the other Operative Agreements or the enforcement
      of
      any of the terms of any thereof, or in any way relating to or arising out of
      the
      manufacture, purchase, acceptance, nonacceptance, rejection, ownership,
      delivery, lease, possession, use, operation, condition, sale, return or other
      disposition of the Aircraft (including, without limitation, latent and other
      defects, whether or not discoverable, and any claim for patent, trademark or
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    relating
      to or arising out of the administration of the Trust Estate or the action or
      inaction of Owner Trustee, under this Trust Agreement, except (a) in the case
      of
      gross negligence or willful misconduct on the part of Wells Fargo, in its
      individual capacity or as Owner Trustee, in the performance or nonperformance
      of
      its duties under this Trust Agreement or under any of the other Owner Trustee
      Agreements or (b) those Claims resulting from the inaccuracy of any
      representation or warranty of Wells Fargo (or from the failure of Wells Fargo
      to
      perform any of its covenants) in Section 6.3 of this Trust Agreement, in Section
      6.03 of the Trust Indenture, in Section 4 of the Lease, in Section 6.3 and
      Section 7.3 of the Participation Agreement or elsewhere in any of the other
      Operative Agreements or (c) as may result from a breach by Wells Fargo of its
      covenant in the last sentence of Section 5.4.1 or (d) in the case of the failure
      to use ordinary care on the part of Wells Fargo, in its individual capacity
      or
      as Owner Trustee, in the receipt or disbursement of funds or in connection
      with
      its obligation to invest funds pursuant to Section 4 of the Participation
      Agreement, Section 4.4 of the Lease or Section 4.3 hereof or in compliance
      with
      the provisions of the first sentence of Section 6.8 or (e) any liability on
      the
      part of Owner Trustee arising out of its negligence or willful or negligent
      misconduct in connection with its obligations under Section 5.1, 6.8 or 9.2
      hereof or Section 4.01 of the Trust Indenture, or (f) those claims arising
      under
      any circumstances or upon any terms where Lessee would not have been required
      to
      indemnify Wells Fargo pursuant to Section 9.1 or 9.3 of the Participation
      Agreement (disregarding for purposes of this paragraph Sections 9.1.2(b) and
      9.3.2(j)); provided,
      that
      before asserting its right to indemnification, if any, pursuant to this Section
      7, Wells Fargo shall first demand its corresponding right to indemnification
      pursuant to Section 9 of the Participation Agreement (but need not exhaust
      any
      or all remedies available thereunder). The indemnities contained in this Section
      7 extend to Wells Fargo only in its individual capacity and shall not be
      construed as indemnities of the Trust Indenture Estate or the Trust Estate
      (except to the extent, if any, that Wells Fargo has been reimbursed by the
      Trust
      Indenture Estate or the Trust Estate for amounts covered by the indemnities
      contained in this Section 7). The indemnities contained in this Section 7 shall
      survive the termination of this Trust Agreement. In addition, if necessary,
      Wells Fargo shall be entitled to indemnification from the Trust Estate, subject
      to the Lien of the Trust Indenture, for any liability, obligation, loss, damage,
      penalty, tax, claim, action, suit, cost, expense or disbursement indemnified
      against pursuant to this Section 7 to the extent not reimbursed by Lessee,
      Owner
      Participant or others, but without releasing any of them from their respective
      agreements of reimbursement; and, to secure the same Wells Fargo shall have
      a
      lien on the Trust Estate, subject to the lien of the Trust Indenture and subject
      further to the provisions of Section 6.7, which shall be prior to any interest
      therein of Owner Participant. The payor of any indemnity under this Section
      7
      shall be subrogated to any right of the person indemnified in respect of the
      matter as to which such indemnity was paid.

     

    SECTION
      8. TRANSFER
      OF OWNER PARTICIPANT’S INTEREST

     

    8.1 
Transfer
      of Interest

     

    All
      provisions of Section 10 of the Participation Agreement shall (with the same
      force and effect as if set forth in full in this Section 8.1) be applicable
      to
      any assignment, conveyance or other transfer by Owner Participant of any of
      its
      right, title or interest in and to the Participation Agreement, the Trust Estate
      or this Trust Agreement. 

    

    
      
        
          
          

        

        
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    SECTION
      9. SUCCESSOR
      OWNER TRUSTEES; CO-TRUSTEES

     

    9.1 
Resignation
      of Owner Trustee; Appointment of Successor

     

                 
9.1.1 
Resignation
      or Removal

     

    Owner
      Trustee or any successor Owner Trustee (a) shall resign if required to do so
      pursuant to Section 13.3 of the Participation Agreement or upon obtaining Actual
      Knowledge of any facts that would cast doubt upon its continuing status as
      a
      Citizen of the United States and (b) may resign at any time without cause by
      giving at least 60 days’ prior written notice to Owner Participant, Mortgagee
      and Lessee, such resignation to be effective upon the assumption of the trusts
      hereunder by the successor Owner Trustee under Section 9.1.2. In addition,
      [subject to Section 12.1(b), Owner Participant may at any time remove Owner
      Trustee, but only with]14[Owner
      Participant may at any time remove Owner Trustee with or without]15
      cause by
      a notice in writing delivered to Owner Trustee, Mortgagee and Lessee, such
      removal to be effective upon the assumption of the trusts hereunder by the
      successor Owner Trustee under Section 9.1.2 [, provided,
      that,
      in the case of a removal without cause, unless a Lease Event of Default shall
      have occurred and be continuing, such removal shall be subject to the consent
      of
      Lessee (which consent shall not be unreasonably withheld)]16.
      In the
      case of the resignation or removal of Owner Trustee, Owner Participant may
      appoint a successor Owner Trustee by an instrument signed by Owner Participant,
      with, unless a Lease Event of Default shall have occurred and be continuing,
      the
      consent of Lessee (which consent shall not be unreasonably withheld). If a
      successor Owner Trustee shall not have been appointed within 30 days after
      such
      notice of resignation or removal, Owner Trustee, Owner Participant, Lessee
      or
      Mortgagee may apply to any court of competent jurisdiction to appoint a
      successor Owner Trustee to act until such time, if any, as a successor shall
      have been appointed as above provided. Any successor Owner Trustee so appointed
      by such court shall immediately and without further act be superseded by any
      successor Owner Trustee appointed as above provided within one year from the
      date of the appointment by such court.

     

                          9.1.2 
Execution
      and Delivery of Documents, Etc.

     

    Any
      successor Owner Trustee, however appointed, shall execute and deliver to the
      predecessor Owner Trustee, with a copy to Owner Participant, Lessee and
      Mortgagee, an instrument accepting such appointment and assuming the obligations
      of Owner Trustee, in its individual capacity and as Owner Trustee, under the
      Owner Trustee Agreements, and thereupon such successor Owner Trustee, without
      further act, shall become vested with all the estates, properties, rights,
      powers, duties and trusts of the predecessor Owner Trustee in the trusts under
      this Trust Agreement with like effect as if originally named Owner Trustee
      in
      this Trust Agreement; but nevertheless, upon the written request of such
      successor Owner Trustee, such predecessor Owner Trustee shall execute and
      deliver an instrument transferring to such successor 

    _____________________

     

    14. Include
      if OP not a Citizen of the U.S.

     

    15. Delete
      if
      OP not a Citizen of the U.S.

     

    16. Delete
      if
      OP not a Citizen of the U.S.

     

    

    
      
        
          
          

        

        
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    Owner
      Trustee, upon the trusts herein expressed, all the estates, properties, rights,
      powers and trusts of such predecessor Owner Trustee, and such predecessor Owner
      Trustee shall duly assign, transfer, deliver and pay over to such successor
      Owner Trustee all monies or other property then held by such predecessor Owner
      Trustee upon the trusts herein expressed. Upon the appointment of any successor
      Owner Trustee under this Section 9.1, the predecessor Owner Trustee will execute
      such documents as are provided to it by such successor Owner Trustee and will
      take such further actions as are requested of it by such successor Owner Trustee
      as are required to cause registration of the Aircraft included in the Trust
      Estate to be transferred upon the records of the FAA, or other governmental
      authority having jurisdiction, into the name of the successor Owner
      Trustee.

     

                 
9.1.3 
      Qualifications

     

    Any
      successor Owner Trustee, however appointed, shall be a Citizen of the United
      States and shall also be a bank or trust company organized under the Laws of
      the
      United States or any state thereof having a combined capital and surplus of
      at
      least $100,000,000, if there be such an institution willing, able and legally
      qualified to perform the duties of Owner Trustee under this Trust Agreement
      upon
      reasonable or customary terms. No such successor Owner Trustee shall be located
      in a jurisdiction which creates material adverse consequences for Lessee (unless
      such material adverse consequences would be created by substantially all
      jurisdictions where major banking or trust institutions are
      located).

     

                 
9.1.4 
Merger,
      Etc.

     

    Any
      corporation into which Wells Fargo may be merged or converted or with which
      it
      may be consolidated, or any corporation resulting from any merger, conversion
      or
      consolidation to which Wells Fargo shall be a party, or any corporation to
      which
      substantially all the corporate trust business of Wells Fargo may be
      transferred, shall, subject to the terms of Section 9.1.3, be Owner Trustee
      under this Trust Agreement without further act, provided,
      that
      such corporation shall not also be the Mortgagee.

     

    9.2 
Co-Trustees
      and Separate Trustees

     

    (a) If
      at any time it shall be necessary or prudent in order to conform to any Law
      of
      any jurisdiction in which all or any part of the Trust Estate is located, or
      Owner Trustee being advised by counsel shall determine that it is so necessary
      or prudent in the interest of Owner Participant or Owner Trustee, or Owner
      Trustee shall have been directed to do so by Owner Participant, Owner Trustee
      and Owner Participant shall execute and deliver an agreement supplemental hereto
      and all other instruments and agreements necessary or proper to constitute
      another bank or trust company or one or more persons (any or all of which shall
      be a Citizen of the United States) approved by Owner Trustee and Owner
      Participant, either to act as co-trustee, jointly with Owner Trustee, or to
      act
      as separate trustee under this Trust Agreement (any such co-trustee or separate
      trustee being herein sometimes referred to as an “additional trustee”). In the
      event Owner Participant shall not have joined in the execution of such
      agreements’ supplemental hereto within ten days after the receipt of a written
      request from Owner Trustee so to do, or in case a Lease Event of Default or
      Indenture Event of Default shall occur and be continuing, Owner Trustee may
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    concurrence
      of Owner Participant; and Owner Participant hereby appoints Owner Trustee its
      agent and attorney-in-fact to act for it under the foregoing provisions of
      this
      Section 9.2 in either of such contingencies.

     

    (b) Every
      additional trustee under this Trust Agreement shall, to the extent permitted
      by
      Law, be appointed and act, and Owner Trustee and its successors shall act,
      subject to the following provisions and conditions:

     

    (i) All
      powers, duties, obligations and rights conferred upon Owner Trustee in respect
      of the custody, control and management of monies, the Aircraft or documents
      authorized to be delivered under this Trust Agreement or under the Participation
      Agreement shall be exercised solely by Owner Trustee;

     

    (ii) All
      other
      rights, powers, duties and obligations conferred or imposed upon Owner Trustee
      shall be conferred or imposed upon and exercised or performed by Owner Trustee
      and such additional trustee jointly, except to the extent that under any Law
      of
      any jurisdiction in which any particular act or acts are to be performed
      (including the holding of title to the Trust Estate) Owner Trustee shall be
      incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations shall be exercised and performed by
      such
      additional trustee;

     

    (iii) No
      power
      given to, or which it is provided hereby may be exercised by, any such
      additional trustee shall be exercised under this Trust Agreement by such
      additional trustee, except jointly with, or with the consent in writing of,
      Owner Trustee;

     

    (iv) No
      trustee under this Trust Agreement shall be personally liable by reason of
      any
      action or omission of any other trustee under this Trust Agreement;

     

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

     

    (vi) No
      appointment of, or action by, any additional trustee will relieve Owner Trustee
      of any of its obligations under, or otherwise affect any of the terms of, the
      Trust Indenture or affect the interests of Mortgagee or the Note Holders in
      the
      Trust Indenture Estate.

     

    (c) In
      case
      any separate trustee under this Section 9.2 shall die, become incapable of
      acting, resign or be removed, the title to the Trust Estate and all rights
      and
      duties of such separate trustee shall, so far as permitted by Law, vest in
      and
      be exercised by Owner Trustee, without the appointment of a successor to such
      separate trustee.

    

    
      
        
          
          

        

        
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    SECTION
      10. SUPPLEMENTS
      AND AMENDMENTS TO TRUST AGREEMENT AND OTHER DOCUMENTS

     

    10.1 
Supplements
      and Amendments and Delivery Thereof

     

                   
10.1.1 
Supplements
      and
      Amendments

      

    Subject
      to Section 7.2.2 of the Participation Agreement, this Trust Agreement may not
      be
      amended, supplemented or otherwise modified except by an instrument in writing
      signed by Owner Trustee and Owner Participant. Subject to Section 10.2, Section
      9.01 of the Trust Indenture and Section 7.6.7 of the Participation Agreement,
      Owner Trustee will execute any amendment, supplement or other modification
      of
      this Trust Agreement or of any other Owner Trustee Agreement which it is
      requested in writing to execute by Owner Participant, except that Owner Trustee
      shall not execute any such amendment, supplement or other modification which,
      by
      the express provisions of any of the above documents, requires the consent
      of
      any other party unless such consent shall have been obtained; and provided,
      that,
      without the prior written consent of Owner Participant, (a) no such supplement,
      amendment or modification shall (i) modify any of the provisions of Section
      4 or
      this Section 10.1, (ii) reduce, modify or amend any indemnities in favor of
      Owner Participant as set forth in Section 9 of the Participation Agreement
      or in
      the Tax Indemnity Agreement, (iii) reduce the amount or extend the time of
      payment of Basic Rent, Supplemental Rent, Stipulated Loss Value or Termination
      Value as set forth in the Lease (except in accordance with Section 3 of the
      Lease) or (iv) modify any of the rights of Owner Participant under the Trust
      Indenture and (b) no such supplement, amendment or modification shall require
      Owner Participant to invest or advance funds or shall entail any additional
      personal liability or the surrender of any indemnification, claim or individual
      right on the part of Owner Participant with respect to any agreement or
      obligation.

     

                 
10.1.2 
Delivery
      of Amendments and
      Supplements to Certain Parties

      

    A
      signed
      copy of each amendment or supplement referred to in Section 10.1.1 to which
      Lessee is not a party shall be delivered promptly by Owner Trustee to Lessee,
      and a signed copy of each amendment or supplement referred to in Section 10.1.1
      shall be delivered promptly by Owner Trustee to Mortgagee.

     

    10.2 
Discretion
      as to Execution of Documents

     

    Prior
      to
      executing any document required to be executed by it pursuant to the terms
      of
      Section 10.1, Owner Trustee shall be entitled to receive an opinion of its
      counsel to the effect that the execution of such document is authorized under
      this Trust Agreement. If in the opinion of Owner Trustee any such document
      adversely affects any right, duty, immunity or indemnity in favor of Owner
      Trustee under this Trust Agreement or under any other Owner Trustee Agreement,
      Owner Trustee may in its discretion decline to execute such document unless
      Owner Trustee is furnished with indemnification from Lessee or any other party
      upon terms and in amounts reasonably satisfactory to Owner Trustee to protect
      the Trust Estate and the Owner Trustee against any and all liabilities, costs
      and expenses arising out of the execution of such documents.

    

    
      
        
          
          

        

        
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    10.3 
Absence
      of Requirements as to Form

     

    It
      shall
      not be necessary for any written request furnished pursuant to Section 10.1
      to
      specify the particular form of the proposed documents to be executed pursuant
      to
      such Section 10.1, but it shall be sufficient if such request shall indicate
      the
      substance thereof.

     

    10.4 
Distribution
      of Documents

     

    Promptly
      after the execution by Owner Trustee of any document entered into pursuant
      to
      Section 10.1, Owner Trustee shall mail, by certified mail, postage prepaid,
      a
      conformed copy thereof to Owner Participant, but the failure of Owner Trustee
      to
      mail such conformed copy shall not impair or affect the validity of such
      document.

     

    10.5 
No
      Request Needed as to Lease Supplement and Trust Indenture
      Supplement

     

    No
      written request pursuant to Section 10.1 shall be required to enable Owner
      Trustee to enter into, pursuant to Section 3.1 and the Lease or the Trust
      Indenture, as the case may be, the Lease Supplement with Lessee and the Trust
      Indenture Supplement.

     

    SECTION
      11. MISCELLANEOUS

     

    11.1 
Termination
      of Trust Agreement

     

    This
      Trust Agreement and the trusts created hereby shall be of no further force
      or
      effect upon the earlier of (a) both the final discharge of the Trust Indenture
      pursuant to Section 10.01 thereof and the sale or other final disposition by
      Owner Trustee of all property constituting part of the Trust Estate and the
      final distribution by Owner Trustee of all monies or other property or proceeds
      constituting part of the Trust Estate in accordance with Section 4, provided,
      that at
      such time Lessee shall have fully complied with all of the terms of the Lease
      and the Participation Agreement or (b) 21 years less one day after the death
      of
      the last survivor of all of the descendants of the grandparents of David C.
      Rockefeller living on the date of the earliest execution of this Trust Agreement
      by any party hereto, but if this Trust Agreement and the trusts created hereby
      shall be or become authorized under applicable Law to be valid for a period
      commencing on the 21st anniversary of the death of such last survivor (or,
      without limiting the generality of the foregoing, if legislation shall become
      effective providing for the validity of this Trust Agreement and the trusts
      created hereby for a period in gross exceeding the period for which this Trust
      Agreement and the trusts created hereby are hereinabove stated to extend and
      be
      valid), then this Trust Agreement and the trusts created hereby shall not
      terminate under this clause (b) but shall extend to and continue in effect,
      but
      only if such nontermination and extension shall then be valid under applicable
      Law, until the day preceding such date as the same shall, under applicable
      Law,
      cease to be valid; otherwise this Trust Agreement and the trusts created hereby
      shall continue in full force and effect in accordance with the terms hereof.
      Except as expressly set forth in Section 11.2, this Trust Agreement and the
      trusts created hereby may not be revoked by Owner Participant.

    

    
      
        
          
          

        

        
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    11.2 
Termination
      at Option of the Owner Participant

     

    Notwithstanding
      Section 11.1 hereof, this Agreement and trust created hereby shall terminate
      and
      the Trust Estate shall be distributed to the Owner Participant, and this
      Agreement shall be of no further force and effect, upon the election of the
      Owner Participant by notice to the Owner Trustee, if such notice shall be
      accompanied by the written agreement (in form and substance satisfactory to
      the
      Owner Trustee) of the Owner Participant assuming all obligations of the Owner
      Trustee under or contemplated by the Operative Agreements or incurred by it
      as
      trustee hereunder and releasing the Owner Trustee therefrom; provided, however,
      that such notice may be given only after the time the Lien of the Trust
      Indenture is discharged under Section 10.01 of the Trust Indenture and after
      the
      Lease shall no longer be in effect.

     

    11.3 
Owner
      Participant Has No Legal Title in Trust Estate

     

    Owner
      Participant shall not have legal title to any part of the Trust Estate. No
      transfer, by operation of Law or otherwise, of any right, title and interest
      of
      Owner Participant in and to the Trust Estate under this Trust Agreement shall
      operate to terminate this Trust Agreement or the trusts under this Trust
      Agreement or entitle any successors or transferees of Owner Participant to
      an
      accounting or to the transfer of legal title to any part of the Trust
      Estate.

     

    11.4 
Assignment,
      Sale, etc. of Aircraft

     

    Any
      assignment, sale, transfer or other conveyance of the Aircraft by Owner Trustee
      made pursuant to the terms of this Trust Agreement or of the Lease or the
      Participation Agreement shall bind Owner Participant and shall be effective
      to
      transfer or convey all right, title and interest of Owner Trustee and Owner
      Participant in and to the Aircraft. No purchaser or other grantee shall be
      required to inquire as to the authorization, necessity, expediency or regularity
      of such assignment, sale, transfer or conveyance or as to the application of
      any
      sale or other proceeds with respect thereto by Owner Trustee.

     

    11.5 
Trust
      Agreement for Benefit of Certain Parties Only

     

    Except
      for the terms of Section 10 of the Participation Agreement incorporated in
      Section 8 and except as otherwise provided in Sections 4.2.5, 5.1, 6.7, 9,
      10.1,
      11.1 and 11.2, nothing in this Trust Agreement, whether express or implied,
      shall be construed to give any person other than Owner Trustee and Owner
      Participant any legal or equitable right, remedy or claim under or in respect
      of
      this Trust Agreement; and this Trust Agreement shall be held to be for the
      sole
      and exclusive benefit of Owner Trustee and Owner Participant.

     

    11.6 
Citizenship
      of Owner Participant

     

    If
      at any
      time there shall be more than one Owner Participant, then any Owner Participant
      who shall cease to be a Citizen of the United States shall have no voting or
      similar rights under this Trust Agreement and shall have no right to direct,
      influence or limit the exercise of, or to prevent the direction or influence
      of,
      or place any limitation on the exercise of, Owner Trustee’s authority or to
      remove Owner Trustee.

    

    
      
        
          
          

        

        
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    11.7 
Notices

     

    Unless
      otherwise expressly permitted by the terms of this Trust Agreement, all notices,
      requests, demands, authorizations, directions, consents, waivers and other
      communications required or permitted to be made, given, furnished or filed
      under
      this Trust Agreement shall be in writing, shall refer specifically to this
      Trust
      Agreement and shall be personally delivered, sent by telecopy, telex or other
      means of electronic facsimile or telecommunication transmission, sent by
      registered mail or certified mail, return receipt requested, postage prepaid,
      or
      sent by overnight courier service, in each case to the respective telex,
      telecopy or other number or address set forth for such party in Schedule 1
      to
      the Participation Agreement, or to such other telex, telecopy or other number
      or
      address as each party hereto may hereafter specify by notice to the other
      parties hereto. Each such notice, request, demand, authorization, direction,
      consent, waiver or other communication shall be effective when received or,
      if
      made, given, furnished or filed (a) by telecopy or other means of electronic
      facsimile or telecommunication transmission, when confirmed, or (b) by
      registered or certified mail, three Business Days after being deposited,
      properly addressed, in the U.S. mail.

     

    11.8 
Severability

     

    If
      any
      provision of this Trust Agreement shall be held invalid, illegal or
      unenforceable in any respect in any jurisdiction, then, to the extent permitted
      by Law, (a) all other provisions hereof shall remain in full force and effect
      in
      such jurisdiction and (b) such invalidity, illegality or unenforceability shall
      not affect the validity, legality or enforceability of such provision in any
      other jurisdiction. If, however, any Law pursuant to which such provisions
      are
      held invalid, illegal or unenforceable may be waived, such Law is hereby waived
      by the parties hereto to the full extent permitted, to the end that this Trust
      Agreement shall be deemed to be a valid and binding agreement in all respects,
      enforceable in accordance with its terms.

     

    11.9 
Waivers,
      Etc.

     

    No
      term
      or provision hereof may be changed, waived, discharged or terminated orally,
      but
      only by an instrument in writing entered into in compliance with the
      terms
      of Section 10; and any waiver of the terms hereof shall be effective only
      in the specific instance and for the specific purpose given.

     

    11.10 
Counterparts

     

    This
      Trust Agreement and any amendments, waivers, consents or supplements hereto
      may
      be executed in any number of counterparts, each of which when so executed shall
      be deemed to be an original, and all of which counterparts, taken together,
      shall constitute one and the same instrument.

     

    11.11 
      Binding Effect, Etc.

     

    All
      covenants and agreements contained in this Trust Agreement shall be binding
      upon, and inure to the benefit of, Owner Trustee and its successors and assigns,
      and Owner Participant and its successors and, to the extent permitted by Section
      8, assigns. Any request, 

    

    
      
        
          
          

        

        
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    notice,
      direction, consent, waiver or other instrument or action by Owner Participant
      shall bind its successors and assigns.

     

    11.12 
Headings;
      References

     

    The
      headings and the table of contents used in this Trust Agreement are for
      convenience of reference only and shall not define or limit any of the terms
      or
      provisions hereof and shall not in any way affect the construction of, or be
      taken into consideration in interpreting, this Trust Agreement.

     

    11.13 
Name
      of
      the Trust

     

    The
      name
      of the trust created hereby shall be “XJT Owner Trust [TN]” and such name may
      (but need not) be used in any correspondence and filings made with respect
      to
      the security interest granted under the Trust Indenture or otherwise by the
      Owner Trustee in connection with the trust created hereby.

     

    11.14 
Governing
      Law

     

    THIS
      TRUST AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY THE LAWS OF THE STATE
      OF
      UTAH, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, WITHOUT
      GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS.

     

    [SECTION
      12. CERTAIN LIMITATIONS

     

    12.1 
Limitations
      on Control; Exceptions

     

    (a) Notwithstanding
      any other provision of this Agreement, at any time that the Owner Participant
      is
      not a citizen of the United States as defined in 49 U.S.C. Section 40102(a)(15)
      (a “Citizen”), the Owner Participant shall have no rights or powers to direct,
      influence, or control the Owner Trustee in the performance of the Owner
      Trustee’s duties under this Agreement in connection with matters involving the
      ownership and operation of the Aircraft by the Owner Trustee. In all matters
      involving the ownership and operation of the Aircraft by the Owner Trustee,
      the
      Owner Trustee shall have absolute and complete discretion in connection
      therewith and shall be free of any kind of influence or control whatsoever
      by
      the Owner Participant at any time that the Owner Participant is not a Citizen,
      and the Owner Trustee shall exercise its duties under this Agreement in
      connection with all matters involving the ownership and operation of the
      Aircraft by the Owner Trustee as it, in its discretion, shall deem necessary
      to
      protect the interests of the United States, notwithstanding any countervailing
      interest of any foreign power that, or whose citizens, may have a direct or
      indirect interest in the Owner Participant and any such action by the Owner
      Trustee shall not be considered malfeasance or in breach of any obligation
      that
      the Owner Trustee might otherwise have to the Owner Participant; provided,
      however,
      that
      subject to the foregoing limitations, the Owner Trustee shall exercise its
      discretion in all matters involving the ownership and operation of the Aircraft
      by the Owner Trustee with due regard for the interests of the Owner Participant.
      In exercising any of its rights and duties under this Agreement in connection
      with matters that may arise not relating to the ownership and operation of
      the
      Aircraft, the Owner Trustee shall be permitted to seek the advice 

    

    
      
        
          
          

        

        
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    of
      the
      Owner Participant before taking, or refraining from taking, any action with
      respect thereto. The Owner Trustee shall notify the Owner Participant of its
      exercise of rights and duties under the Trust Agreement in connection with
      matters involving the ownership and operation of the Aircraft by the Owner
      Trustee. 

     

    (b) At
      any
      time the Owner Participant is not a Citizen of the United States, the Owner
      Participant shall have no rights or powers to remove the Owner Trustee except
      with cause, including without limitation for gross negligence, willful
      misconduct, misfeasance, malfeasance, or nonfeasance in, or material breach
      of,
      its duties under the Trust Agreement or applicable law.

     

    (c) Subject
      to the requirements of subsection (a) above, the Owner Trustee will not, without
      the prior written consent of the Owner Participant, (a) sell, mortgage, pledge,
      or otherwise dispose of the Aircraft or other assets held in the trust estate
      relating thereto, except as otherwise provided for in this Agreement, or (b)
      amend the Lease or other Operative Documents or give any consents thereunder.
      

     

    (d) Notwithstanding
      any other provision of this Section 12.1, the Owner Participant shall be
      entitled to receive from the Owner Trustee, or otherwise, and the Owner Trustee
      shall not be entitled to retain, all rent, payment, and insurance proceeds,
      and
      other payments of any kind or nature whatsoever payable to the Owner Participant
      pursuant to the Trust Agreement or any other Operative Agreements in the same
      manner as if the power of management and control had not been transferred to
      the
      Owner Trustee as provided in this Section 12.1.

     

    (e) The
      purpose of this Section 12.1 is to give the Owner Trustee the power to manage
      and control the Aircraft with respect to matters involving the ownership and
      operation of the Aircraft by the Owner Trustee so as to assure that (a) the
      Aircraft shall be controlled with respect to such matters by a Citizen of the
      United States, (b) if the Owner Participant is not a Citizen of the United
      States, the Owner Participant shall have no power to influence or control the
      exercise of the Owner Trustee’s authority with respect to such matters, and (c)
      the Owner Trustee shall be able to give the affidavit required by Section
      47.7(c)(2)(iii) of the Federal Aviation Regulations, 14 C.F.R. 47.7(c)(2)(iii).
      The restrictions and requirements of this Section 12.1 shall be construed in
      furtherance of such purpose.

     

    (f) If
      persons who are not “citizens of the United States” as defined in 49 U.S.C.
      section 40102(a)(15) or resident aliens have the power to direct or remove
      the
      Owner Trustee, either directly or indirectly through the control of another
      person, those persons together may not have more than 25% of the aggregate
      power
      to direct or remove the Owner Trustee. Nothing in this paragraph prevents those
      Persons from having more than 25% of the beneficial interest in the Trust
      Estate.]17

     

    [This
      space intentionally left blank.]

    _____________________

     

    17. Include
      Section 12 if OP not a Citizen of the U.S.

     

    

    
      
        
          
          

        

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

     

    [OP]

     

    By
      _______________________________

         
      Name:

         
      Title:

     

    WELLS
      FARGO BANK NORTHWEST,

    NATIONAL
      ASSOCIATION

     

    By
      _______________________________

    
           
        Name:

           
        Title:Exhibit 4.11 - 9.798% Certificate No. 1

    Certificate

    No.
      1

     

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

     

    CONTINENTAL
      AIRLINES PASS THROUGH TRUST 2005-ERJ1

     

    9.798%
      Continental Airlines Pass Through Certificate, Series 2005-ERJ1

    Issuance
      Date: September 22, 2005

     

    Final
      Maturity Date: October 1, 2022

     

    Evidencing
      A Fractional Undivided Interest In The Continental Airlines Pass Through Trust
      2005-ERJ1, The Property Of Which Shall Include Certain Equipment Notes Each
      Secured By An Aircraft Leased To Continental Airlines, Inc.

     

    $311,010,000
      Fractional Undivided Interest

    representing
      0.0003215330697% of the Trust per $1,000 face amount

     

    THIS
      CERTIFIES THAT CEDE & CO., for value received, is the registered owner of a
      $311,010,000 (THREE HUNDRED ELEVEN MILLION, TEN THOUSAND DOLLARS) Fractional
      Undivided Interest in the Continental Airlines Pass Through Trust 2005-ERJ1
      (the
“Trust”)
      created by Wilmington Trust Company, as trustee (the “Trustee”),
      pursuant to a Pass Through Trust Agreement, dated as of September 25, 1997
      (the
“Basic
      Agreement”),
      between the Trustee and Continental Airlines, Inc., a Delaware corporation
      (the
“Company”),
      as
      supplemented by Trust Supplement No. 2005-ERJ1 thereto, dated as of September
      22, 2005 (the “Trust
      Supplement”
and,
      together with the Basic Agreement, the “Agreement”),
      between the Trustee and the Company, a summary of certain of the pertinent
      provisions of which is set forth below. To the extent not otherwise defined
      herein, the capitalized terms used herein have the meanings assigned to them
      in
      the Agreement. This Certificate is one of the duly authorized Certificates
      designated as “9.798% Continental Airlines Pass Through Certificates, Series
      2005-ERJ1”(herein called the “Certificates”).
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement. By virtue of its acceptance hereof, the holder
      of
      this Certificate (the “Certificateholder”
and,
      together with all other holders of Certificates issued by the Trust, the
“Certificateholders”)
      assents to and agrees to be bound by the provisions

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

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    of
      the
      Agreement and the Intercreditor Agreement. The property of the Trust includes
      certain Equipment Notes and all rights of the Trust to receive payments under
      the Intercreditor Agreement and the Liquidity Facility (the “Trust
      Property”).
      Each
      issue of the Equipment Notes is secured by, among other things, a security
      interest in an Aircraft leased to the Company.

     

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

     

    Subject
      to and in accordance with the terms of the Agreement and the Intercreditor
      Agreement, from funds then available to the Trustee, there will be distributed
      on the 1st
      day of
      each month (a “Regular
      Distribution Date”)
      commencing on October 1, 2005 to the Person in whose name this Certificate
      is
      registered at the close of business on the 15th day preceding the Regular
      Distribution Date, an amount in respect of the Scheduled Payments on the
      Equipment Notes due on such Regular Distribution Date, the receipt of which
      has
      been confirmed by the Trustee, equal to the product of the percentage interest
      in the Trust evidenced by this Certificate and an amount equal to the sum of
      such Scheduled Payments. Subject to and in accordance with the terms of the
      Agreement and the Intercreditor Agreement, in the event that Special Payments
      on
      the Equipment Notes are received by the Trustee, from funds then available
      to
      the Trustee, there shall be distributed on the applicable Special Distribution
      Date, to the Person in whose name this Certificate is registered at the close
      of
      business on the 15th day preceding the Special Distribution Date, an amount
      in respect of such Special Payments on the Equipment Notes, the receipt of
      which
      has been confirmed by the Trustee, equal to the product of the percentage
      interest in the Trust evidenced by this Certificate and an amount equal to
      the
      sum of such Special Payments so received. If a Regular Distribution Date or
      Special Distribution Date is not a Business Day, distribution shall be made
      on
      the immediately following Business Day with the same force and effect as if
      made
      on such Regular Distribution Date or Special Distribution Date and no interest
      shall accrue during the intervening period. The Trustee shall mail notice of
      each Special Payment and the Special Distribution Date therefor to the
      Certificateholder of this Certificate.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the Person
      entitled thereto, without presentation or surrender of this Certificate or
      the
      making of any notation hereon, except that with respect to Certificates
      registered on the Record Date in the name of a Clearing Agency (or its nominee),
      such distribution shall be made by wire transfer. Except as otherwise provided
      in the Agreement and notwithstanding the above, the final distribution on this
      Certificate will be made after notice mailed by the Trustee of the pendency
      of
      such distribution and only upon presentation and surrender of this Certificate
      at the office or agency of the Trustee specified in such notice.

     

    The
      Certificates do not represent a direct obligation of, or an obligation
      guaranteed by, or an interest in, the Company or the Trustee or any affiliate
      thereof. The Certificates are limited in right of payment, all as more
      specifically set forth on the face hereof and in the Agreement. All payments
      or
      distributions made to Certificateholders under the Agreement shall be made
      only
      from the Trust Property and only to the extent that the Trustee

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        A-3

        

      

    

     

    shall
      have sufficient income or proceeds from the Trust Property to make such payments
      in accordance with the terms of the Agreement. Each Certificateholder of this
      Certificate, by its acceptance hereof, agrees that it will look solely to the
      income and proceeds from the Trust Property to the extent available for
      distribution to such Certificateholder as provided in the Agreement. This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for information with respect to the interests, rights, benefits,
      obligations, privileges, and duties evidenced hereby. A copy of the Agreement
      may be examined during normal business hours at the principal office of the
      Trustee, and at such other places, if any, designated by the Trustee, by any
      Certificateholder upon request. 

     

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

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        A-4

        

      

    

     

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

     

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

     

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

     

    THE
      AGREEMENT AND THIS CERTIFICATE HAVE BEEN DELIVERED IN THE STATE OF NEW YORK
      AND
      SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
      OF
      NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
      SHALL
      BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        A-5

        

      

    

     

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

     

    CONTINENTAL
      AIRLINES PASS THROUGH

    TRUST
      2005-ERJ1

     

    By: WILMINGTON
      TRUST COMPANY,

    as
      Trustee

     

    By:_________________________

    Name:

    Title:

    

    

    
      
        
          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

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

     

    WILMINGTON
      TRUST COMPANY,

    as
      Trustee

     

    By:_________________________

    Name:

    Title:

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