Document:

e60709081ex4_3.htm

     

     

    
      

       

      
        
          

        

    

    
      

       

      REVOLVING
CREDIT AGREEMENT

    

    
      (2009-1A)

       

      

    

    dated as
of July 1, 2009

     

    between

     

    WILMINGTON TRUST
COMPANY,

    as
Subordination Agent,

    as Agent
and Trustee for the

    Continental
Airlines Pass Through Trust 2009-1A,

    as
Borrower

     

    and

     

    GOLDMAN SACHS BANK
USA,

    as
Liquidity Provider

     

     

    __________________________

     

    Relating
to Continental Airlines

    Pass
Through Trust 2009-1A 9.000% Continental Airlines

    Pass
Through Certificates, Series 2009-1A

    __________________________

     

     

    
      

       

        
          

        

      

      

       

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    TABLE OF CONTENTS

     

    Page

    
      
        	
                 

                ARTICLE I DEFINITIONS

              	
                 

                1

              
	
                Section 1.01  Certain Defined
    Terms

              	
                1

              
	
                 

                ARTICLE II AMOUNT AND TERMS OF THE
      COMMITMENT

              	
                 

                7

              
	
                Section 2.01  The Advances

              	
                7

              
	
                Section 2.02  Making the
    Advances

              	
                8

              
	
                Section 2.03  Fees

              	
                10

              
	
                Section 2.04  Reductions or Termination of the
      Maximum Commitment

              	
                10

              
	
                Section 2.05  Repayments of Interest Advances, the
      Special Termination Advance or the Final Advance

              	
                10

              
	
                Section 2.06  Repayments of Provider
      Advances

              	
                11

              
	
                Section 2.07  Payments to the Liquidity Provider
      Under the Intercreditor Agreement

              	
                12

              
	
                Section 2.08  Book Entries

              	
                12

              
	
                Section 2.09  Payments from Available Funds
      Only

              	
                12

              
	
                Section 2.10  Extension of the Expiry Date;
      Non-Extension Advance

              	
                13

              
	
                 

                ARTICLE III OBLIGATIONS OF THE
      BORROWER

              	
                 

                13

              
	
                Section 3.01  Increased Costs

              	
                13

              
	
                Section 3.02  Capital Adequacy

              	
                14

              
	
                Section 3.03  Payments Free of
      Deductions

              	
                15

              
	
                Section 3.04  Payments

              	
                16

              
	
                Section 3.05  Computations

              	
                16

              
	
                Section 3.06  Payment on Non-Business
      Days

              	
                16

              
	
                Section 3.07  Interest

              	
                16

              
	
                Section 3.08  Replacement of
      Borrower

              	
                18

              
	
                Section 3.09  Funding Loss
      Indemnification

              	
                18

              
	
                Section 3.10  Illegality

              	
                19

              
	
                 

                ARTICLE IV CONDITIONS PRECEDENT

              	
                 

                19

              
	
                Section 4.01  Conditions Precedent to Effectiveness
      of Section 2.01

              	
                19

              
	
                Section 4.02  Conditions Precedent to
      Borrowing

              	
                21

              
	
                Section 4.03  Representations and
      Warranties

              	
                21

              
	
                 

                ARTICLE V COVENANTS

              	
                 

                21

              
	
                Section 5.01  Affirmative Covenants of the
      Borrower

              	
                21

              
	
                Section 5.02  Negative Covenants of the
      Borrower

              	
                22

              
	
                 

                ARTICLE VI LIQUIDITY EVENTS OF DEFAULT AND SPECIAL
      TERMINATION

              	
                 

                22

              
	
                Section 6.01  Liquidity Events of
      Default

              	
                22

              
	
                Section 6.02  Special
    Termination

              	
                22

              

      

    

     

    
 

    
      
        
           

        

        
          i

          
            

          

        

        
           

        

      

    

    

    

    
      
        	
                 

                ARTICLE VII MISCELLANEOUS

              	
                 

                23

              
	
                Section 7.01  Amendments, Etc.

              	
                23

              
	
                Section 7.02  Notices, Etc.

              	
                23

              
	
                Section 7.03  No Waiver;
    Remedies

              	
                23

              
	
                Section 7.04  Further
Assurances

              	
                23

              
	
                Section 7.05  Indemnification; Survival of Certain
      Provisions

              	
                24

              
	
                Section 7.06  Liability of the Liquidity
      Provider

              	
                24

              
	
                Section 7.07  Costs, Expenses and
      Taxes

              	
                25

              
	
                Section 7.08  Binding Effect;
      Participations

              	
                25

              
	
                Section 7.09  Severability

              	
                26

              
	
                Section 7.10  GOVERNING LAW

              	
                26

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

              	
                26

              
	
                Section 7.12  Execution in
      Counterparts

              	
                27

              
	
                Section 7.13  Entirety

              	
                28

              
	
                Section 7.14  Headings

              	
                28

              
	
                Section 7.15  Transfer

              	
                28

              
	
                Section 7.16  LIQUIDITY PROVIDER’S OBLIGATION TO
      MAKE ADVANCES

              	
                28

              
	
                Section 7.17  Patriot Act

              	
                28

              

      

    

     

    

    
      
        	
                Schedule
      A

              	
                -

              	
                Certain Economic Terms

              
	
                Schedule
      B

              	
                -

              	
                Administration Details

              
	
                Annex
      I

              	
                -

              	
                Interest Advance Notice of Borrowing

              
	
                Annex II

              	
                -

              	
                Non-Extension Advance Notice of
    Borrowing

              
	
                Annex III

              	
                -

              	
                Downgrade Advance Notice of
  Borrowing

              
	
                Annex IV

              	
                -

              	
                Final Advance Notice of Borrowing

              
	
                Annex V

              	
                -

              	
                Notice of Termination

              
	
                Annex VI

              	
                -

              	
                Notice of Replacement Subordination
    Agent

              
	
                Annex
      VII

              	
                -

              	
                Special Termination Advance Notice of
      Borrowing

              
	
                Annex
      VIII

              	
                -

              	
                Notice of Special
  Termination

              

      

    

    

    

    
      
        
           

        

        
          ii

          
            

          

        

        
          BACK

        

      

    

    

    REVOLVING
CREDIT AGREEMENT (2009-1A)

     

    THIS REVOLVING CREDIT AGREEMENT
(2009-1A) dated as of July 1, 2009, between WILMINGTON TRUST COMPANY, a
Delaware banking corporation, not in its individual capacity but solely as
Subordination Agent under the Intercreditor Agreement (each as defined below),
as agent and trustee for the Class A Trust (as defined below) (the “Borrower”),
and GOLDMAN SACHS BANK
USA, a corporation organized under the banking law of the State of New
York (the “Liquidity
Provider”).

     

    W I T N E S S E T
H:

     

    WHEREAS, pursuant to the
Class A Trust Agreement (such term and all other capitalized terms used in
these recitals having the meanings set forth or referred to in
Section 1.01), the Class A Trust is issuing the Class A
Certificates;

     

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

     

    WHEREAS, The Goldman Sachs
Group, Inc., a Delaware corporation (the “Guarantor”),
will guarantee in full, pursuant to a General Guarantee Agreement, dated as of
December 1, 2008, made by the Guarantor (the “Guarantee
Agreement”), the payment obligations of the Liquidity Provider under this
Agreement.

     

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

     

    ARTICLE I

     

    DEFINITIONS

     

    Section 1.01 Certain Defined
Terms.  (a) Definitions.  As
used in this Agreement and unless otherwise expressly indicated, or unless the
context clearly requires otherwise, the following capitalized terms shall have
the following respective meanings for all purposes of this
Agreement:

     

    “Additional
Costs” has the meaning assigned to such term in
Section 3.01.

     

    “Advance”
means an Interest Advance, a Final Advance, a Provider Advance, a Special
Termination Advance, an Applied Special Termination Advance, or an Applied
Provider Advance, as the case may be.

     

    “Applicable
Liquidity Rate” has the meaning assigned to such term in
Section 3.07(g).

     

    “Applicable
Margin” means (x) with respect to any Unpaid Advance (including,
without limitation, any Unapplied Special Termination Advance and any Applied
Special Termination Advance) or Applied Provider Advance, the rate per annum
specified in item 1 of Schedule A, or

     

    

    
      
        
           

        

        
           

          
            

          

        

        
          BACK

        

      

    

    

    (y) with
respect to any Unapplied Provider Advance, the rate per annum specified in the
Fee Letter.

     

    “Applied
Downgrade Advance” has the meaning assigned to such term in
Section 2.06(a).

     

    “Applied
Non-Extension Advance” has the meaning assigned to such term in
Section 2.06(a).

     

    “Applied
Provider Advance” has the meaning assigned to such term in
Section 2.06(a).

     

    “Applied
Special Termination Advance” means the amount in respect of a Special
Termination Advance withdrawn from the Cash Collateral Account for the purpose
of paying interest on the Class A Certificates in accordance with Section 3.5(f)
of the Intercreditor Agreement.

     

    “Assignment
and Assumption Agreement” means the Assignment and Assumption Agreement
to be entered into between the Borrower and the trustee of the Successor Trust,
substantially in the form of Exhibit C to the Trust Supplement
No. 2009-1A-O, dated as of the date hereof, relating to the Class A
Trust.

     

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

     

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

     

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

     

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

     

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

     

    “Consent
Period” has the meaning assigned to such term in Section
2.10.

     

    

    
      
        
           

        

        
          2

          
            

          

        

        
          BACK

        

      

    

    

    “Covered
Affiliates” means any Affiliate of the Liquidity Provider that provides
services for the Liquidity Provider in connection with the transactions
contemplated by this Agreement, the Intercreditor Agreement, the Fee Letter
applicable to this Agreement or any other Operative Agreement.

     

    “Deposit
Agreement” means the Deposit Agreement dated as of the date hereof
between Wells Fargo Bank Northwest, National Association, as Escrow Agent, and
The Bank of New York Mellon, as Depositary, pertaining to the Class A
Certificates, as the same may be amended, modified or supplemented from time to
time in accordance with the terms thereof.

     

    “Depositary”
has the meaning assigned to such term in the Deposit Agreement.

     

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

     

    “Downgrade
Advance” means an Advance made pursuant to
Section 2.02(c).

     

    “Effective
Date” has the meaning assigned to such term in
Section 4.01.  The delivery of the certificate of the Liquidity
Provider contemplated by Section 4.01(e) shall be conclusive evidence that
the Effective Date has occurred.

     

    “Excluded
Taxes” means (i) taxes imposed on the overall net income of the
Liquidity Provider or of its Facility Office by the jurisdiction where such
Liquidity Provider’s principal office or such Facility Office is located, and
(ii) Excluded Withholding Taxes.

     

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

     

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

     

    “Expiry
Date” means the “Initial Expiry Date” specified in item 2 of
Schedule A, initially, or any date to which the Expiry Date is extended
pursuant to Section 2.10.

     

    “Facility
Office” means the office of the Liquidity Provider presently located at
New York, New York or such other office as the Liquidity Provider from time to
time shall notify the Borrower as its Facility Office hereunder; provided that
the Liquidity Provider shall not change

     

    

    
      
        
           

        

        
          3

          
            

          

        

        
          BACK

        

      

    

    

    its
Facility Office to another Facility Office outside the United States of America
except in accordance with Section 3.01, 3.02 or 3.03 hereof.

     

    “Final
Advance” means an Advance made pursuant to
Section 2.02(d).

     

    “GAAP”
means generally accepted accounting principles as set forth in the statements of
financial accounting standards issued by the Financial Accounting Standards
Board of the American Institute of Certified Public Accountants, as such
principles may at any time or from time to time be varied by any applicable
financial accounting rules or regulations issued by the Securities and Exchange
Commission and, with respect to any person, shall mean such principles applied
on a basis consistent with prior periods except as may be disclosed in such
person’s financial statements.

     

    “Guarantee
Agreement” has the meaning assigned to such term in the recitals to this
Agreement.

     

    “Guarantor”
has the meaning assigned to such term in the recitals to this
Agreement.

     

     “Intercreditor
Agreement” means the Intercreditor Agreement dated as of the date hereof
among the Trustee, the Liquidity Provider and the Subordination Agent, as the
same may be amended, supplemented or otherwise modified from time to time in
accordance with its terms.

     

    “Interest
Advance” means an Advance made pursuant to
Section 2.02(a).

     

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

     

    (i)           the
period beginning on the third LIBOR Business Day following either (x) the
date of the Liquidity Provider’s receipt of the Notice of Borrowing for such
LIBOR Advance or (y) the date of the withdrawal of funds from the Cash
Collateral Account for the purpose of paying interest on the Class A
Certificates as contemplated by Section 2.06(a) hereof and, in either case,
ending on the next Regular Distribution Date (or, if such day is not a Business
Day, the next succeeding Business Day); and

     

    (ii)           each
subsequent period commencing on the last day of the immediately preceding
Interest Period and ending on the next Regular Distribution Date (or, if such
day is not a Business Day, the next succeeding Business Day);

     

    provided,
however, that if (x) the Final Advance shall have been made, or
(y) other outstanding Advances shall have been converted into the Final
Advance, then the Interest Periods shall be successive periods of one month
beginning on the third LIBOR Business Day following the Liquidity Provider’s
receipt of the Notice of Borrowing for such Final Advance (in the case of
clause (x) above) or the Regular Distribution Date (or, if such day is not
a Business Day, the next succeeding Business Day) following such conversion (in
the case of clause (y) above).

     

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

     

    

    
      
        
           

        

        
          4

          
            

          

        

        
          BACK

        

      

    

    

    “LIBOR
Business Day” means any day on which dealings in dollars are carried on
in the London interbank market.

     

    “LIBOR
Rate” means, with respect to any Interest Period,

     

    (i)           the
rate per annum appearing on display page Reuters Screen LIBOR01 Page (or any
successor or substitute therefor) at approximately 11:00 a.m. (London time)
two LIBOR Business Days before the first day of such Interest Period, as the
rate for dollar deposits with a maturity comparable to such Interest Period,
or

     

    (ii)           if
the rate calculated pursuant to clause (i) above is not available, the
average (rounded upwards, if necessary, to the next 1/16 of 1%) of the rates per
annum at which deposits in dollars are offered for the relevant Interest Period
by three banks of recognized standing selected by the Liquidity Provider in the
London interbank market at approximately 11:00 a.m. (London time) two LIBOR
Business Days before the first day of such Interest Period in an amount
approximately equal to the principal amount of the LIBOR Advance to which such
Interest Period is to apply and for a period comparable to such Interest
Period.

     

    “Liquidity
Event of Default” means the occurrence of either (a) the
Acceleration of all of the Equipment Notes (provided that, with respect to the
period prior to the Delivery Period Expiry Date, such Equipment Notes have an
aggregate outstanding principal balance in excess of the amount specified in
item 3 on Schedule A) or (b) a Continental Bankruptcy Event.

     

    “Liquidity
Indemnitee” means (i) the Liquidity Provider, (ii) the Guarantor,
(iii) the Covered Affiliates, (iv) the directors, officers, employees and agents
of the Liquidity Provider, the Guarantor and the Covered Affiliates, and
(v) the successors and permitted assigns of the persons described in
clauses (i) through (iv) inclusive.

     

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

     

    “Maximum
Available Commitment” means, subject to the proviso contained in the
third sentence of Section 2.02(a), at any time of determination,
(a) the Maximum Commitment at such time less (b) the aggregate amount
of each Interest Advance outstanding at such time; provided that following a
Provider Advance, a Special Termination Advance or a Final Advance, the Maximum
Available Commitment shall be zero.

     

    “Maximum
Commitment” means initially the amount specified in item 4 on Schedule A,
as such amount may be reduced from time to time in accordance with
Section 2.04(a).

     

    “Non-Excluded
Tax” has the meaning assigned to such term in
Section 3.03(a).

     

    “Non-Extension
Advance” means an Advance made pursuant to
Section 2.02(b).

     

    “Notice of
Borrowing” has the meaning assigned to such term in
Section 2.02(e).

     

    

    
      
        
           

        

        
          5

          
            

          

        

        
          BACK

        

      

    

    

    “Notice of
Replacement Subordination Agent” has the meaning assigned to such term in
Section 3.08.

     

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

     

    “Prospectus
Supplement” means the final Prospectus Supplement dated the date
specified in item 5 on Schedule A relating to the Certificates, as such
Prospectus Supplement may be amended or supplemented.

     

    “Provider
Advance” means a Downgrade Advance or a Non-Extension
Advance.

     

    “Regulation
U” means Regulation U of the Board of Governors of the Federal Reserve
System.

     

    “Regulatory
Change” has the meaning assigned to such term in
Section 3.01.

     

    “Replenishment
Amount” has the meaning assigned to such term in
Section 2.06(b).

     

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

     

    “Special
Termination Advance” means an Advance made pursuant to Section
2.02(g).

     

    “Special
Termination Notice” means the Notice of Termination substantially in the
form of Annex VIII to this Agreement.

     

    “Successor
Trust” means Continental Airlines Pass Through Trust
2009-1A-S.

     

    “Termination
Date” means the earliest to occur of the
following:  (i) the Expiry Date; (ii) the date on which the
Borrower delivers to the Liquidity Provider a certificate, signed by a
Responsible Officer of the Borrower, certifying that all of the Class A
Certificates have been paid in full (or provision has been made for such payment
in accordance with the Intercreditor Agreement and the Trust Agreement) or are
otherwise no longer entitled to the benefits of this Agreement; (iii) the
date on which the Borrower delivers to the Liquidity Provider a certificate,
signed by a Responsible Officer of the Borrower, certifying that a Replacement
Liquidity Facility has been substituted for this Agreement in full pursuant to
Section 3.5(e) of the Intercreditor Agreement; (iv) the fifth Business
Day following the receipt by the Borrower of a Termination Notice or Special
Termination Notice from the Liquidity Provider pursuant to Section 6.01
hereof; and (v) the date on which no Advance is or may (including by reason
of reinstatement as herein provided) become available for a Borrowing
hereunder.

     

    

    
      
        
           

        

        
          6

          
            

          

        

        
          BACK

        

      

    

    

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

     

    “Unapplied
Downgrade Advance” means any Downgrade Advance other than an Applied
Downgrade Advance.

     

    “Unapplied
Non-Extension Advance” means any Non-Extension Advance other than an
Applied Non-Extension Advance.

     

    “Unapplied
Provider Advance” means any Provider Advance other than an Applied
Provider Advance.

     

    “Unapplied
Special Termination Advance” means any Special Termination Advance other
than an Applied Special Termination Advance.

     

    “Unpaid
Advance” has the meaning assigned to such term in
Section 2.05.

     

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

     

    “Acceleration”,
“Additional
Certificates”, “Aircraft”,
“Bankruptcy
Code”, “Cash
Collateral Account”, “Certificate”,
“Class A
Certificates”, “Class A
Trust”, “Class A
Trust Agreement”, “Class A
Trustee”, “Closing
Date”, “Continental”,
“Continental
Bankruptcy Event”, “Controlling
Party”, “Corporate
Trust Office”, “Delivery
Period Expiry Date”, “Downgraded
Facility”, “Downgrade
Event”, “Equipment
Notes”, “Fee
Letter”, “Final
Legal Distribution Date”, “Financing
Agreement”, “Investment
Earnings”, “Liquidity
Facility”, “Liquidity
Obligations”, “Loan
Trustee”, “Non-Extended
Facility”, “Note
Purchase Agreement”, “Operative
Agreements”, “Participation
Agreement”, “Performing
Equipment Note”, “Person”,
“Pool
Balance”, “Rating
Agencies”, “Regular
Distribution Date”, “Replacement
Liquidity Facility”, “Responsible
Officer”, “Scheduled
Payment”, “Special
Payment”, “Stated
Interest Rate”, “Subordination
Agent”, “Taxes”,
“Threshold
Rating”, “Transfer”,
“Trust
Agreement”, “Trustee”,
“Underwriters”,
and “Underwriting
Agreement”.

     

    ARTICLE II

    AMOUNT
AND TERMS OF THE COMMITMENT

     

    Section 2.01 The
Advances.  The
Liquidity Provider hereby irrevocably agrees, on the terms and conditions
hereinafter set forth, to make Advances to the Borrower from time to time on any
Business Day during the period from the Effective Date until 1:00 p.m. (New
York City time) on the Expiry Date (unless the obligations of the Liquidity
Provider shall be earlier terminated in accordance with the terms of
Section 2.04(b)) in an aggregate amount at any time outstanding not to
exceed the Maximum Commitment.

     

    

    
      
        
           

        

        
          7

          
            

          

        

        
          BACK

        

      

    

    

    Section 2.02 Making the
Advances.  (a)  Interest
Advances shall be made in one or more Borrowings by delivery to the Liquidity
Provider of one or more written and completed Notices of Borrowing in
substantially the form of Annex I attached hereto, signed by a Responsible
Officer of the Borrower, in an amount not exceeding the Maximum Available
Commitment at such time and shall be used solely for the payment when due of
interest on the Class A Certificates at the Stated Interest Rate therefor
in accordance with Section 3.5(a) of the Intercreditor
Agreement.  Each Interest Advance made hereunder shall automatically
reduce the Maximum Available Commitment and the amount available to be borrowed
hereunder by subsequent Advances by the amount of such Interest Advance (subject
to reinstatement as provided in the next sentence).  Upon repayment to
the Liquidity Provider in full of the amount of any Interest Advance made
pursuant to this Section 2.02(a), together with accrued interest thereon
(as provided herein), the Maximum Available Commitment shall be reinstated by
the amount of such repaid Interest Advance but not to exceed the Maximum
Commitment; provided, however, that the Maximum Available Commitment shall not
be so reinstated at any time if (x) (i) a Liquidity Event of Default shall
have occurred and be continuing and (ii) there is a Performing Note
Deficiency or (y) a Final Advance, a Special Termination Advance, a Downgrade
Advance or a Non-Extension Advance shall have been made or an Interest Advance
shall have been converted into a Final Advance.

     

    (b) A
Non-Extension Advance shall be made in a single Borrowing if this Agreement is
not extended in accordance with Section 3.5(d) of the Intercreditor
Agreement (unless a Replacement Liquidity Facility to replace this Agreement
shall have been delivered to the Borrower as contemplated by said
Section 3.5(d) within the time period specified in such Section) by
delivery to the Liquidity Provider of a written and completed Notice of
Borrowing in substantially the form of Annex II attached hereto, signed by
a Responsible Officer of the Borrower, in an amount equal to the Maximum
Available Commitment at such time, and shall be used solely to fund the Cash
Collateral Account in accordance with said Section 3.5(d) and
Section 3.5(f) of the Intercreditor Agreement.

     

    (c) A
Downgrade Advance shall be made in a single Borrowing upon the occurrence of a
Downgrade Event (as provided for in Section 3.5(c) of the Intercreditor
Agreement) unless a Replacement Liquidity Facility to replace this Agreement
shall have been previously delivered to the Borrower in accordance with said
Section 3.5(c), by delivery to the Liquidity Provider of a written and
completed Notice of Borrowing in substantially the form of Annex III
attached hereto, signed by a Responsible Officer of the Borrower, in an amount
equal to the Maximum Available Commitment at such time, and shall be used solely
to fund the Cash Collateral Account in accordance with said Section 3.5(c)
and Section 3.5(f) of the Intercreditor Agreement.  Upon the
occurrence of a Downgrade Event, the Liquidity Provider shall promptly deliver
notice thereof to the Borrower, the Class A Trustee and
Continental.

     

    (d) A Final
Advance shall be made in a single Borrowing upon the receipt by the Borrower of
a Termination Notice from the Liquidity Provider pursuant to Section 6.01
hereof by delivery to the Liquidity Provider of a written and completed Notice
of Borrowing in substantially the form of Annex IV attached hereto, signed
by a Responsible Officer of the Borrower, in an amount equal to the Maximum
Available Commitment at such time, and shall be used solely to fund the Cash
Collateral Account (in accordance with Sections 3.5(f) and 3.5(i) of the
Intercreditor Agreement).

     

    

    
      
        
           

        

        
          8

          
            

          

        

        
          BACK

        

      

    

    

    (e) Each
Borrowing shall be made on notice in writing (a “Notice of Borrowing”) in
substantially the form required by Section 2.02(a), 2.02(b), 2.02(c),
2.02(d) or 2.02(g), as the case may be, given by the Borrower to the Liquidity
Provider.  If a Notice of Borrowing is delivered by the Borrower in
respect of any Borrowing no later than 1:00 p.m. (New York City time) on a
Business Day, upon satisfaction of the conditions precedent set forth in
Section 4.02 with respect to a requested Borrowing, the Liquidity Provider
shall make available to the Borrower, in accordance with its payment
instructions, the amount of such Borrowing in U.S. dollars and immediately
available funds, before 4:00 p.m. (New York City time) on such Business Day
or on such later Business Day specified in such Notice of
Borrowing.  If a Notice of Borrowing is delivered by the Borrower in
respect of any Borrowing on a day that is not a Business Day or after
1:00 p.m. (New York City time) on a Business Day, upon satisfaction of the
conditions precedent set forth in Section 4.02 with respect to a requested
Borrowing, the Liquidity Provider shall make available to the Borrower, in
accordance with its payment instructions, the amount of such Borrowing in U.S.
dollars and in immediately available funds, before 12:00 Noon (New York City
time) on the first Business Day next following the day of receipt of such Notice
of Borrowing or on such later Business Day specified by the Borrower in such
Notice of Borrowing.  Payments of proceeds of a Borrowing shall be
made by wire transfer of immediately available funds to the Borrower in
accordance with such wire transfer instructions as the Borrower shall furnish
from time to time to the Liquidity Provider for such purpose.  Each
Notice of Borrowing shall be irrevocable and binding on the
Borrower.  Each Notice of Borrowing shall be effective upon receipt of
a copy thereof by the Liquidity Provider at the address specified pursuant to
Section 7.02.

     

    (f) Upon the
making of any Advance requested pursuant to a Notice of Borrowing, in accordance
with the Borrower’s payment instructions, the Liquidity Provider shall be fully
discharged of its obligation hereunder with respect to such Notice of Borrowing,
and the Liquidity Provider shall not thereafter be obligated to make any further
Advances hereunder in respect of such Notice of Borrowing to the Borrower or to
any other Person.  If the Liquidity Provider makes an Advance
requested pursuant to a Notice of Borrowing before 12:00 Noon (New York City
time) on the second Business Day after the date of payment specified in
Section 2.02(e), the Liquidity Provider shall have fully discharged its
obligations hereunder with respect to such Advance and an event of default shall
not have occurred hereunder.  Following the making of any Advance
pursuant to Section 2.02(b), (c), (d) or (g) hereof to fund the Cash
Collateral Account, the Liquidity Provider shall have no interest in or rights
to the Cash Collateral Account, the funds constituting such Advance or any other
amounts from time to time on deposit in the Cash Collateral Account; provided
that the foregoing shall not affect or impair the obligations of the
Subordination Agent to make the distributions contemplated by
Section 3.5(e) or (f) of the Intercreditor Agreement, and provided further,
that the foregoing shall not affect or impair the rights of the Liquidity
Provider to provide written instructions with respect to the investment and
reinvestment of amounts in the Cash Collateral Account to the extent provided in
Section 2.2(b) of the Intercreditor Agreement.  By paying to the
Borrower proceeds of Advances requested by the Borrower in accordance with the
provisions of this Agreement, the Liquidity Provider makes no representation as
to, and assumes no responsibility for, the correctness or sufficiency for any
purpose of the amount of the Advances so made and requested.

     

    

    
      
        
           

        

        
          9

          
            

          

        

        
          BACK

        

      

    

    

    (g) A Special
Termination Advance shall be made in a single Borrowing upon the receipt by the
Borrower of a Special Termination Notice from the Liquidity Provider pursuant to
Section 6.02, by delivery to the Liquidity Provider of a written and completed
Notice of Borrowing in substantially the form of Annex VII, signed by a
Responsible Officer of the Borrower, in an amount equal to the Maximum Available
Commitment at such time, and shall be used solely to fund the Cash Collateral
Account (in accordance with Section 3.5(f) and Section 3.5(m) of the
Intercreditor Agreement).

     

    Section 2.03 Fees.  The
Borrower agrees to pay to the Liquidity Provider the fees set forth in the Fee
Letter applicable to this Agreement.

     

    Section 2.04 Reductions or Termination of
the Maximum Commitment.

     

    (a) Automatic
Reduction.  Promptly following each date on which the Required Amount
is reduced as a result of a reduction in the Pool Balance of the Class A
Certificates or otherwise, the Maximum Commitment shall automatically be reduced
to an amount equal to such reduced Required Amount (as calculated by the
Borrower); provided that on the first Regular Distribution Date, the Maximum
Commitment shall automatically be reduced to the then Required
Amount.  The Borrower shall give notice of any such automatic
reduction of the Maximum Commitment to the Liquidity Provider within two
Business Days thereof.  The failure by the Borrower to furnish any
such notice shall not affect such automatic reduction of the Maximum
Commitment.

     

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

     

    Section 2.05 Repayments of Interest
Advances, the Special Termination Advance or the Final
Advance.  Subject
to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby agrees, without
notice of an Advance or demand for repayment from the Liquidity Provider (which
notice and demand are hereby waived by the Borrower), to pay, or to cause to be
paid, to the Liquidity Provider on each date on which the Liquidity Provider
shall make an Interest Advance, the Special Termination Advance or the Final
Advance, an amount equal to (a) the amount of such Advance (any such
Advance, until repaid, is referred to herein as an “Unpaid
Advance”) (if multiple Interest Advances are outstanding any such
repayment to be applied in the order in which such Interest Advances have been
made, starting with the earliest), plus (b) interest on the amount of each
such Unpaid Advance as provided in Section 3.07 hereof; provided that if
(i) the Liquidity Provider shall make a Provider Advance at any time after
making one or more Interest Advances which shall not have been repaid in
accordance with this Section 2.05 or (ii) this Liquidity Facility
shall become a Downgraded Facility or Non-Extended Facility at any time when
unreimbursed Interest Advances have reduced the Maximum Available Commitment to
zero, then such Interest Advances shall cease to constitute Unpaid Advances and
shall be deemed to have been changed into an Applied Downgrade Advance or an
Applied Non-Extension Advance, as the case may be, for all purposes of this
Agreement (including, without limitation, for the purpose of determining when
such Interest Advance is required to be repaid to the

     

    

    
      
        
           

        

        
          10

          
            

          

        

        
          BACK

        

      

    

    

    Liquidity
Provider in accordance with Section 2.06 and for the purposes of
Section 2.06(b)); provided, further, that if,
following the making of a Special Termination Advance, the Liquidity Provider
delivers a Termination Notice to the Borrower pursuant to Section 6.01, such
Special Termination Advance shall thereafter be converted to and treated as a
Final Advance under this Agreement for purposes of determining the obligation
for repayment thereof and treated as an Applied Special Termination Advance for
purposes of Section 2.6(c) of the Intercreditor Agreement.  The
Borrower and the Liquidity Provider agree that the repayment in full of each
Interest Advance, the Special Termination Advance and Final Advance on the date
such Advance is made is intended to be a contemporaneous exchange for new value
given to the Borrower by the Liquidity Provider.

     

    Section 2.06 Repayments of Provider
Advances.  (a)  Amounts
advanced hereunder in respect of a Provider Advance shall be deposited in the
Cash Collateral Account, invested and withdrawn from the Cash Collateral Account
as set forth in Sections 3.5(c), (d), (e) and (f) of the Intercreditor
Agreement.  Subject to Sections 2.07 and 2.09, the Borrower agrees to
pay to the Liquidity Provider, on each Regular Distribution Date, commencing on
the first Regular Distribution Date after the making of a Provider Advance,
interest on the principal amount of any such Provider Advance as provided in
Section 3.07; provided, however, that amounts
in respect of a Provider Advance withdrawn from the Cash Collateral Account for
the purpose of paying interest on the Class A Certificates in accordance
with Section 3.5(f) of the Intercreditor Agreement (the amount of any such
withdrawal being (y) in the case of a Downgrade Advance, an “Applied
Downgrade Advance” and (z) in the case of a Non-Extension Advance,
an “Applied
Non-Extension Advance” and, together with an Applied Downgrade Advance,
an “Applied
Provider Advance”) shall thereafter (subject to Section 2.06(b)) be
treated as an Interest Advance under this Agreement for purposes of determining
the Applicable Liquidity Rate for interest payable thereon and the dates on
which such interest is payable; provided further, however, that if,
following the making of a Provider Advance, the Liquidity Provider delivers a
Termination Notice to the Borrower pursuant to Section 6.01 hereof, such
Provider Advance shall thereafter be converted to and treated as a Final Advance
under this Agreement for purposes of determining the Applicable Liquidity Rate
for interest payable thereon and the obligation for repayment thereof and
treated as an Applied Downgrade Advance or Applied Non-Extension Advance, as the
case may be, for the purposes of Section 2.6(c) of the Intercreditor
Agreement.  Subject to Sections 2.07 and 2.09 hereof, immediately
upon the withdrawal of any amounts from the Cash Collateral Account on account
of a reduction in the Required Amount, the Borrower shall repay to the Liquidity
Provider a portion of the Provider Advances in a principal amount equal to the
amount of such reduction, plus interest on the principal amount prepaid as
provided in Section 3.07 hereof.

     

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

     

    

    
      
        
           

        

        
          11

          
            

          

        

        
          BACK

        

      

    

    

    Provider
Advances are outstanding, such Replenishment Amount to be applied in the order
in which such Applied Provider Advances have been made, starting with the
earliest) and (ii) the aggregate outstanding principal amount of all
Unapplied Provider Advances or of the Unapplied Special Termination Advance
shall be automatically increased by the amount of such Replenishment
Amount.

     

    (c) Upon the
provision of a Replacement Liquidity Facility in replacement of this Agreement
in accordance with Section 3.5(e) of the Intercreditor Agreement, amounts
remaining on deposit in the Cash Collateral Account after giving effect to any
Applied Provider Advance or Applied Special Termination Advance on the date of
such replacement shall be reimbursed to the replaced Liquidity Provider, but
only to the extent such amounts are necessary to repay in full to the replaced
Liquidity Provider all amounts owing to it hereunder.

     

    Section 2.07 Payments to the Liquidity
Provider Under the Intercreditor Agreement.  In
order to provide for payment or repayment to the Liquidity Provider of any
amounts hereunder, the Intercreditor Agreement provides that amounts available
and referred to in Articles II and III of the Intercreditor Agreement,
to the extent payable to the Liquidity Provider pursuant to the terms of the
Intercreditor Agreement (including, without limitation, Section 3.5(f) of
the Intercreditor Agreement), shall be paid to the Liquidity Provider in
accordance with the terms thereof.  Amounts so paid to, and not
required to be returned by, the Liquidity Provider shall be applied by the
Liquidity Provider to Liquidity Obligations then due and payable in accordance
with the Intercreditor Agreement and shall discharge in full the corresponding
obligations of the Borrower hereunder (or, if not provided for in the
Intercreditor Agreement, then in such manner as the Liquidity Provider shall
deem appropriate).

     

    Section 2.08 Book
Entries.  The
Liquidity Provider shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of the Borrower resulting from
Advances made from time to time and the amounts of principal and interest
payable hereunder and paid from time to time in respect thereof; provided,
however, that the failure by the Liquidity Provider to maintain such account or
accounts shall not affect the obligations of the Borrower in respect of
Advances.

     

    Section 2.09 Payments from Available
Funds Only.  All
payments to be made by the Borrower under this Agreement, including, without
limitation, Sections 7.05 and 7.07, shall be made only from the amounts that
constitute Scheduled Payments, Special Payments or payments under
Section 8.1 of the Participation Agreements and payments under the Fee
Letter and Section 6 of the Note Purchase Agreement and only to the extent
that the Borrower shall have sufficient income or proceeds therefrom to enable
the Borrower to make payments in accordance with the terms hereof after giving
effect to the priority of payments provisions set forth in the Intercreditor
Agreement.  The Liquidity Provider agrees that it will look solely to
such amounts in respect of payments to be made by the Borrower hereunder to the
extent available for distribution to it as provided in the Intercreditor
Agreement and this Agreement and that the Borrower, in its individual capacity,
is not personally liable to it for any amounts payable or liability under this
Agreement except as expressly provided in this Agreement, the Intercreditor
Agreement or any Participation Agreement.  Amounts on deposit in the
Cash Collateral Account shall be available to the Borrower to make payments
under this Agreement only to the extent and for the purposes expressly
contemplated in Section 3.5(f) of the Intercreditor Agreement.

     

    

    
      
        
           

        

        
          12

          
            

          

        

        
          BACK

        

      

    

    

    Section 2.10 Extension of the Expiry
Date; Non-Extension Advance.  No
earlier than the 45th day and no later than the 30th day prior to the then
effective Expiry Date (unless such Expiry Date is on or after the date that is
15 days after the Final Legal Distribution Date for the Class A
Certificates), the Borrower shall request that the Liquidity Provider extend the
Expiry Date to the earlier of (i) the date that is 15 days after the Final
Legal Distribution Date for the Class A Certificates and (ii) the date
that is the day immediately preceding the 364th day occurring after the last day
of the Consent Period (as hereinafter defined).  Whether or not the
Borrower has made such request, the Liquidity Provider shall advise the Borrower
no earlier than the 30th day (or, if earlier, the date of the Liquidity
Provider’s receipt of such request, if any, from the Borrower) and no later than
the 25th day prior to the then effective Expiry Date (such period, the “Consent
Period”), whether, in its sole discretion, it agrees to so extend the
Expiry Date.  If the Liquidity Provider advises the Borrower on or
before the date on which the Consent Period ends that such Expiry Date shall not
be so extended, or fails to irrevocably and unconditionally advise the Borrower
on or before the date on which the Consent Period ends that such Expiry Date
shall be so extended (and, in each case, if the Liquidity Provider shall not
have been replaced in accordance with Section 3.5(e) of the Intercreditor
Agreement), the Borrower shall be entitled on and after the date on which the
Consent Period ends (but prior to the then effective Expiry Date) to request a
Non-Extension Advance in accordance with Section 2.02(b) hereof and
Section 3.5(d) of the Intercreditor Agreement.

     

    

    ARTICLE III

     

    OBLIGATIONS
OF THE BORROWER

     

    Section 3.01 Increased
Costs.  The
Borrower shall pay to the Liquidity Provider from time to time such amounts as
may be necessary to compensate the Liquidity Provider for any increased costs
incurred by the Liquidity Provider which are attributable to its making or
maintaining any Advances hereunder or its obligation to make any such Advances
hereunder, or any reduction in any amount receivable by the Liquidity Provider
under this Agreement or the Intercreditor Agreement in respect of any such
Advances or such obligation (such increases in costs and reductions in amounts
receivable being herein called “Additional
Costs”), resulting from any change after the date of this Agreement in
U.S. federal, state, municipal, or foreign laws or regulations (including
Regulation D of the Board of Governors of the Federal Reserve System), or the
adoption or making after the date of this Agreement of any interpretations,
directives, or requirements applying to a class of banks including the Liquidity
Provider under any U.S. federal, state, municipal, or any foreign laws or
regulations (whether or not having the force of law) by any court, central bank
or monetary authority charged with the interpretation or administration thereof
(a “Regulatory
Change”), which:  (1) changes the basis of taxation of any
amounts payable to the Liquidity Provider under this Agreement in respect of any
such Advances or such obligation (other than Excluded Taxes); or
(2) imposes or modifies any reserve, special deposit, compulsory loan or
similar requirements relating to any extensions of credit or other assets of, or
any deposits with other liabilities of, the Liquidity Provider (including any
such Advances or such obligation or any deposits referred to in the definition
of LIBOR Rate or related definitions).  The Liquidity Provider agrees
to use reasonable efforts (consistent with applicable legal and regulatory
restrictions) to change the jurisdiction of its

     

    

    
      
        
           

        

        
          13

          
            

          

        

        
          BACK

        

      

    

    

    Facility
Office if making such change would avoid the need for, or reduce the amount of,
any amount payable under this Section that may thereafter accrue and would
not, in the reasonable judgment of the Liquidity Provider, be otherwise
disadvantageous to the Liquidity Provider.

     

    The
Liquidity Provider will notify the Borrower of any event occurring after the
date of this Agreement that will entitle the Liquidity Provider to compensation
pursuant to this Section 3.01 as promptly as practicable after it obtains
knowledge thereof and determines to request such compensation, which notice
shall describe in reasonable detail the calculation of the amounts owed under
this Section.  Determinations by the Liquidity Provider for purposes
of this Section 3.01 of the effect of any Regulatory Change on its costs of
making or maintaining Advances or on amounts receivable by it in respect of
Advances, and of the additional amounts required to compensate the Liquidity
Provider in respect of any Additional Costs, shall be prima facie evidence of
the amount owed under this Section.

     

    Notwithstanding
the preceding two paragraphs, the Liquidity Provider and the Subordination Agent
agree that any permitted assignee or participant of the initial Liquidity
Provider which is not a bank shall not be entitled to the benefits of the
preceding two paragraphs (but without limiting the provisions of
Section 7.08 hereof).

     

    Section 3.02 Capital
Adequacy.  If
(1) the adoption, after the date hereof, of any applicable governmental
law, rule or regulation regarding capital adequacy, (2) any change, after
the date hereof, in the interpretation or administration of any such law, rule
or regulation by any central bank or other governmental authority charged with
the interpretation or administration thereof or (3) compliance by the
Liquidity Provider or any corporation or bank controlling the Liquidity Provider
with any applicable guideline or request of general applicability, issued after
the date hereof, by any central bank or other governmental authority (whether or
not having the force of law) that constitutes a change of the nature described
in clause (2), has the effect of (x) requiring an increase in the
amount of capital required to be maintained by the Liquidity Provider or any
corporation or bank controlling the Liquidity Provider, or (y) reducing the rate
of return on assets or capital of the Liquidity Provider (or such corporation or
bank) and such adoption, change or compliance, as the case may be, relates to a
category of claims or assets that includes the Liquidity Provider’s obligations
hereunder (including funded obligations) and other similar obligations, the
Borrower shall, subject to the provisions of the next paragraph, pay to the
Liquidity Provider from time to time such additional amount or amounts as are
necessary to compensate the Liquidity Provider for such portion of such increase
or reduction as shall be reasonably allocable to the Liquidity Provider’s
obligations to the Borrower hereunder.  For the avoidance of doubt,
the proposals of The Basel Committee on Banking Supervision relating to capital
adequacy rules commonly known as Basel II will not be treated for purposes of
determining whether the Liquidity Provider (or any corporation or bank
controlling the Liquidity Provider) is entitled to compensation under this
Section 3.02 as having been adopted or having come into effect before the date
hereof, which rules shall be determined to be adopted only when the national
banking authorities, or other relevant administrative or legislative bodies
having primary jurisdiction or regulatory authority over the Liquidity Provider
(or any corporation or bank controlling the Liquidity Provider), adopt Basel II
in the primary jurisdiction of the Liquidity Provider.  The Liquidity
Provider agrees to use reasonable efforts (consistent with applicable legal and
regulatory restrictions) to change the jurisdiction of its Facility Office if
making such change would avoid the need for, or reduce the amount of, any amount
payable

     

    

    
      
        
           

        

        
          14

          
            

          

        

        
          BACK

        

      

    

    

    under
this Section that may thereafter accrue and would not, in the reasonable
judgment of the Liquidity Provider, be otherwise materially disadvantageous to
the Liquidity Provider.

     

    The
Liquidity Provider will notify the Borrower of any event occurring after the
date of this Agreement that will entitle the Liquidity Provider to compensation
pursuant to this Section 3.02 as promptly as practicable after it obtains
knowledge thereof and determines to request such compensation, which notice
shall describe in reasonable detail the calculation of the amounts owed under
this Section.  Determinations by the Liquidity Provider for purposes
of this Section 3.02 of the effect of any increase in the amount of capital
required to be maintained by the Liquidity Provider and of the amount allocable
to the Liquidity Provider’s obligations to the Borrower hereunder shall be
conclusive evidence of the amounts owed under this Section, absent manifest
error.

     

    Notwithstanding
the preceding two paragraphs, the Liquidity Provider and the Subordination Agent
agree that any permitted assignee or participant of the initial Liquidity
Provider which is not a bank shall not be entitled to the benefits of the
preceding two paragraphs (but without limiting the provisions of
Section 7.08 hereof).

     

    Section 3.03 Payments Free of
Deductions.  (a)  All
payments made by the Borrower under this Agreement shall be made free and clear
of, and without reduction for or on account of, any present or future stamp or
other taxes, levies, imposts, duties, charges, fees, deductions, withholdings,
restrictions or conditions of any nature whatsoever now or hereafter imposed,
levied, collected, withheld or assessed, excluding Excluded Taxes (such
non-excluded taxes being referred to herein, collectively, as “Non-Excluded
Taxes” and each, individually, as a “Non-Excluded
Tax”).  If any Non-Excluded Taxes are required to be withheld
from any amounts payable to the Liquidity Provider under this Agreement,
(i) the Borrower shall within the time prescribed therefor by applicable
law pay to the appropriate governmental or taxing authority the full amount of
any such Non-Excluded Taxes (and any additional Non-Excluded Taxes in respect of
the additional amounts payable under clause (ii) hereof) and make such
reports or returns in connection therewith at the time or times and in the
manner prescribed by applicable law, and (ii) the amounts so payable to the
Liquidity Provider shall be increased to the extent necessary to yield to the
Liquidity Provider (after payment of all Non-Excluded Taxes) interest or any
other such amounts payable under this Agreement at the rates or in the amounts
specified in this Agreement.  The Liquidity Provider agrees to use
reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to change the jurisdiction of its Facility Office if making such
change would avoid the need for, or reduce the amount of, any such additional
amounts that may thereafter accrue and would not, in the reasonable judgment of
the Liquidity Provider, be otherwise disadvantageous to the Liquidity
Provider.  From time to time upon the reasonable request of the
Borrower, the Liquidity Provider agrees to provide to the Borrower two original
Internal Revenue Service Forms W-8BEN, W-8ECI or W-9, as appropriate, or
any successor or other form prescribed by the Internal Revenue Service,
certifying that the Liquidity Provider is exempt from or entitled to a reduced
rate of United States withholding tax on payments pursuant to this
Agreement.  Within 30 days after the date of each payment hereunder,
the Borrower shall furnish to the Liquidity Provider the original or a certified
copy of (or other documentary evidence of) the payment of the Non-Excluded Taxes
applicable to such payment.

     

    

    
      
        
           

        

        
          15

          
            

          

        

        
          BACK

        

      

    

    

    (b) All
payments (including, without limitation, Advances) made by the Liquidity
Provider under this Agreement shall be made free and clear of, and without
reduction for or on account of, any Taxes.  If any Taxes are required
to be withheld or deducted from any amounts payable to the Borrower under this
Agreement, the Liquidity Provider shall (i) within the time prescribed
therefor by applicable law pay to the appropriate governmental or taxing
authority the full amount of any such Taxes (and any additional Taxes in respect
of the additional amounts payable under clause (ii) hereof) and make such
reports or returns in connection therewith at the time or times and in the
manner prescribed by applicable law, and (ii) pay to the Borrower an
additional amount which (after deduction of all such Taxes) will be sufficient
to yield to the Borrower the full amount which would have been received by it
had no such withholding or deduction been made.  Within 30 days after
the date of each payment hereunder, the Liquidity Provider shall furnish to the
Borrower the original or a certified copy of (or other documentary evidence of)
the payment of the Taxes applicable to such payment.

     

    (c) If any
exemption from, or reduction in the rate of, any Taxes is reasonably available
to the Borrower to establish that payments under this Agreement are exempt from
(or entitled to a reduced rate of) tax, the Borrower shall deliver to the
Liquidity Provider such form or forms and such other evidence of the eligibility
of the Borrower for such exemption or reduction as the Liquidity Provider may
reasonably identify to the Borrower as being required as a condition to
exemption from, or reduction in the rate of, any Taxes.

     

    Section 3.04 Payments.  The
Borrower shall make or cause to be made each payment to the Liquidity Provider
under this Agreement so as to cause the same to be received by the Liquidity
Provider not later than 1:00 P.M. (New York City time) on the day when
due.  The Borrower shall make all such payments in lawful money of the
United States of America, to the Liquidity Provider in immediately available
funds, by wire transfer to the account specified for the Liquidity Provider in
Schedule B.

     

    Section 3.05 Computations.  All
computations of interest based on the Base Rate shall be made on the basis of a
year of 365 or 366 days, as the case may be, and all computations of interest
based on the LIBOR Rate shall be made on the basis of a year of 360 days, in
each case for the actual number of days (including the first day but excluding
the last day) occurring in the period for which such interest is
payable.

     

    Section 3.06 Payment on Non-Business
Days.  Whenever
any payment to be made hereunder to the Liquidity Provider shall be stated to be
due on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day and no additional interest shall be due as a
result.  If any payment in respect of interest on an Advance is so
deferred to the next succeeding Business Day, such deferral shall not delay the
commencement of the next Interest Period for such Advance (if such Advance is a
LIBOR Advance) or reduce the number of days for which interest will be payable
on such Advance on the next interest payment date for such Advance.

     

    Section 3.07 Interest.  (a)  Subject
to Section 2.09, the Borrower shall pay, or shall cause to be paid, without
duplication, interest on (i) the unpaid principal amount of each Advance
from and including the date of such Advance (or, in the case of an Applied
Provider Advance or Applied Special Termination Advance, from and including the
date on which the

     

    

    
      
        
           

        

        
          16

          
            

          

        

        
          BACK

        

      

    

    

    amount
thereof was withdrawn from the Cash Collateral Account to pay interest on the
Class A Certificates) to but excluding the date such principal amount shall
be paid in full (or, in the case of an Applied Provider Advance or Applied
Special Termination Advance, the date on which the Cash Collateral Account is
fully replenished in respect of such Advance) and (ii) any other amount due
hereunder (whether fees, commissions, expenses or other amounts or, to the
extent permitted by law, installments of interest on Advances or any such other
amount) which is not paid when due (whether at stated maturity, by acceleration
or otherwise) from and including the due date thereof to but excluding the date
such amount is paid in full, in each such case, at a fluctuating interest rate
per annum for each day equal to the Applicable Liquidity Rate (as defined below)
for such Advance or such other amount, as the case may be, as in effect for such
day, but in no event at a rate per annum greater than the maximum rate permitted
by applicable law; provided, however, that, if at
any time the otherwise applicable interest rate as set forth in this
Section 3.07 shall exceed the maximum rate permitted by applicable law,
then any subsequent reduction in such interest rate will not reduce the rate of
interest payable pursuant to this Section 3.07 below the maximum rate
permitted by applicable law until the total amount of interest accrued equals
the amount of interest that would have accrued if such otherwise applicable
interest rate as set forth in this Section 3.07 had at all times been in
effect.

     

    (b) Except as
provided in clause (e) below, each Advance will be either a Base Rate
Advance or a LIBOR Advance as provided in this Section.  Each such
Advance will be a Base Rate Advance for the period from the date of its
borrowing to (but excluding) the third LIBOR Business Day following the
Liquidity Provider’s receipt of the Notice of Borrowing for such Advance, except
with respect to any Special Termination Advance, which shall be a LIBOR Advance
from the date of its borrowing (for the avoidance of doubt, any Unapplied
Special Termination Advance and any Applied Special Termination Advance shall
bear interest hereunder at the same rate).  Thereafter, such Advance
shall be a LIBOR Advance; provided that the Borrower (at the direction of the
Controlling Party, so long as the Liquidity Provider is not the Controlling
Party) may (x) convert the Final Advance into a Base Rate Advance on the
last day of an Interest Period for such Advance by giving the Liquidity Provider
no less than four Business Days’ prior written notice of such election or
(y) elect to maintain the Final Advance as a Base Rate Advance by not
requesting a conversion of the Final Advance to a LIBOR Advance under
Clause (5) of the applicable Notice of Borrowing (or, if such Final Advance
is deemed to have been made, without delivery of a Notice of Borrowing pursuant
to Section 2.06, by requesting, prior to 11:00 A.M. (New York City
time) on the first Business Day immediately following the Borrower’s receipt of
the applicable Termination Notice, that such Final Advance not be converted from
a Base Rate Advance to a LIBOR Advance).

     

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

     

    (d) Each Base
Rate Advance shall bear interest at a rate per annum equal to the Base Rate plus
the Applicable Margin for such Base Rate Advance, payable in arrears on each
Regular Distribution Date and, in the event of the payment of principal of such
Base Rate Advance on a

     

    

    
      
        
           

        

        
          17

          
            

          

        

        
          BACK

        

      

    

    

    day other
than a Regular Distribution Date, on the date of such payment (to the extent of
interest accrued on the amount of principal repaid).

     

    (e) Each
outstanding Unapplied Non-Extension Advance and Unapplied Downgrade Advance
shall bear interest in an amount equal to the Investment Earnings on amounts on
deposit in the Cash Collateral Account plus the Applicable Margin for such
Unapplied Non-Extension Advance on the amount of such Unapplied Non-Extension
Advance or Unapplied Downgrade Advance from time to time, payable in arrears on
each Regular Distribution Date.

     

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

     

    (g) Each
change in the Base Rate shall become effective immediately.  The rates
of interest specified in this Section 3.07 with respect to any Advance or
other amount shall be referred to as the “Applicable
Liquidity Rate”.

     

    Section 3.08 Replacement of
Borrower.  From
time to time and subject to the successor Borrower’s meeting the eligibility
requirements set forth in Section 6.9 of the Intercreditor Agreement
applicable to the Subordination Agent, upon the effective date and time
specified in a written and completed Notice of Replacement Subordination Agent
in substantially the form of Annex VI attached hereto (a “Notice of
Replacement Subordination Agent”) delivered to the Liquidity Provider by
the then Borrower, the successor Borrower designated therein shall be
substituted for the Borrower for all purposes hereunder.

     

    Section 3.09 Funding Loss
Indemnification.  The
Borrower shall pay to the Liquidity Provider, upon the request of the Liquidity
Provider, such amount or amounts as shall be sufficient (in the reasonable
opinion of the Liquidity Provider) to compensate it for any loss, cost, or
expense incurred by reason of the liquidation or redeployment of deposits or
other funds acquired by the Liquidity Provider to fund or maintain any LIBOR
Advance (but excluding loss of anticipated profits) incurred as a result
of:

     

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

     

    (2)    Any
failure by the Borrower to borrow a LIBOR Advance on the date for borrowing
specified in the relevant notice under Section 2.02.

     

    Calculation
of all amounts payable to the Liquidity Provider under this Section 3.09 shall
be made as though the Liquidity Provider had actually funded the related LIBOR
Advance through the purchase of a LIBOR deposit bearing interest at the LIBOR
Rate in an amount equal to its LIBOR Advance and having a maturity comparable to
the relevant Interest Period; provided however, that the Liquidity Provider may
fund any LIBOR Advance in any manner it sees fit and the foregoing assumptions
shall be utilized only for the purposes of calculating amounts payable under
this Section 3.09.

     

    

    
      
        
           

        

        
          18

          
            

          

        

        
          BACK

        

      

    

    

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

     

    ARTICLE IV

     

    CONDITIONS
PRECEDENT

     

    Section 4.01 Conditions Precedent to
Effectiveness of Section 2.01.  Section 2.01
of this Agreement shall become effective on and as of the first date (the “Effective
Date”) on which the following conditions precedent have been satisfied or
waived:

     

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

     

    (i) This
Agreement duly executed on behalf of the Borrower and the Fee Letter applicable
to this Agreement duly executed on behalf of the Borrower and
Continental;

     

    (ii) The
Intercreditor Agreement duly executed on behalf of each of the parties thereto
(other than the Liquidity Provider);

     

    (iii) Fully
executed copies of each of the Operative Agreements executed and delivered on or
before the Closing Date (other than this Agreement, the Guarantee Agreement, the
Fee Letter and the Intercreditor Agreement);

     

    (iv) A copy of
the Prospectus Supplement and specimen copies of the Class A
Certificates;

     

    (v) An
executed copy of each document, instrument, certificate and opinion delivered on
or before the Closing Date pursuant to the Class A Trust Agreement, the
Note Purchase Agreement, the Intercreditor Agreement and the other Operative
Agreements (in the case of each such opinion, other than the opinion of counsel
for the Underwriters, either addressed to the Liquidity Provider or accompanied
by a letter from the counsel rendering such

     

    

    
      
        
           

        

        
          19

          
            

          

        

        
          BACK

        

      

    

    

    opinion
to the effect that the Liquidity Provider is entitled to rely on such opinion as
of its date as if it were addressed to the Liquidity Provider);

     

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

     

    (vii) An
agreement from Continental, pursuant to which (i) Continental agrees to
provide to the Liquidity Provider (A) within 90 days after the end of each
of the first three fiscal quarters in each fiscal year of Continental, a
consolidated balance sheet of Continental as of the end of such quarter and
related statements of income and cash flows for the period commencing at the end
of the previous fiscal year and ending with the end of such quarter, setting
forth in each case in comparative form the corresponding figures for the
corresponding period in the preceding fiscal year, prepared in accordance with
GAAP; provided,
that so long as Continental is subject to the reporting requirements of the
Securities Exchange Act of 1934, as amended, a copy of Continental’s report on
Form 10-Q for such fiscal quarter (excluding exhibits) or a written notice
of Continental that such report has been filed with the Securities and Exchange
Commission, providing a website address at which such report may be accessed and
confirming that the report accessible at such website address conforms to the
original report filed with the Securities and Exchange Commission will satisfy
this subclause (A), and (B) within 120 days after the end of each
fiscal year of Continental, a consolidated balance sheet of Continental as of
the end of such fiscal year and related statements of income and cash flows of
Continental for such fiscal year, in comparative form with the preceding fiscal
year, prepared in accordance with GAAP, together with a report of Continental’s
independent certified public accountants with respect to their audit of such
financial statements; provided, that so long as Continental is subject to the
reporting requirements of the Securities Exchange Act of 1934, as amended, a
copy of Continental’s report on Form 10-K for such fiscal year (excluding
exhibits) or a written notice of Continental that such report has been filed
with the Securities and Exchange Commission, providing a website address at
which such report may be accessed and confirming that the report accessible at
such website address conforms to the original report filed with the Securities
and Exchange Commission will satisfy this subclause (B), and
(ii) Continental agrees to allow the Liquidity Provider to inspect
Continental’s books and records regarding such transactions, and to discuss such
transactions with officers and employees of Continental;

     

    (viii) Legal
opinions from (a) Richards, Layton & Finger, P.A., special counsel to the
Borrower, and (b) Hughes Hubbard & Reed LLP, special counsel to Continental,
each in form and substance reasonably satisfactory to the Liquidity Provider;
and

     

    (ix) Such
other documents, instruments, opinions and approvals pertaining to the
transactions contemplated hereby or by the other Operative Agreements as the
Liquidity Provider shall have reasonably requested, including, without
limitation, such documentation as the Liquidity Provider may require to satisfy
its “know your customer” policies.

     

    

    
      
        
           

        

        
          20

          
            

          

        

        
          BACK

        

      

    

    

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

     

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

     

    (d) All
conditions precedent to the issuance of the Certificates under the Trust
Agreement shall have been satisfied or waived and all conditions precedent to
the purchase of the Class A Certificates by the Underwriters under the
Underwriting Agreement shall have been satisfied or waived.

     

    (e) The
Borrower shall have received a certificate, dated the date hereof, signed by a
duly authorized representative of the Liquidity Provider, certifying that the
Effective Date is the date hereof.  Upon receipt by the Borrower of
such certificate, all conditions precedent to the effectiveness of
Section 2.01 shall be deemed to have been satisfied or waived.

     

    Section 4.02 Conditions Precedent to
Borrowing.  The
obligation of the Liquidity Provider to make an Advance on the occasion of each
Borrowing shall be subject to the conditions precedent that the Effective Date
shall have occurred and, on or prior to the date of such Borrowing, the Borrower
shall have delivered a Notice of Borrowing which conforms to the terms and
conditions of this Agreement and has been completed as may be required by the
relevant form of the Notice of Borrowing for the type of Advance
requested.

     

    Section 4.03 Representations and
Warranties.  The
representations and warranties of the Borrower as Subordination Agent in Section
5.2 of the Participation Agreements shall be deemed to be incorporated into this
Agreement as if set out in full herein and as if such representations and
warranties were made by the Borrower to the Liquidity Provider.  In
addition, the Borrower represents and warrants to the Liquidity Provider
that:

     

    (a)  Investment Company
Act.  The Borrower is not an “investment company” under the
Investment Company Act of 1940; and

    

    (b)  Margin
Stock.  The Borrower is not engaged principally, or as one of
its important activities, in the business of extending credit for the purpose,
whether immediate, incidental or ultimate, of buying or carrying “margin stock”
within the meaning of Regulation U, and no part of the proceeds of the Advances
will be used for the purpose, whether immediate, incidental or ultimate, of
buying or carrying any such “margin stock”.

    

    ARTICLE V

     

    COVENANTS

     

    Section 5.01 Affirmative Covenants of the
Borrower.  So
long as any Advance shall remain unpaid or the Liquidity Provider shall have any
Maximum Commitment hereunder or the

     

    

    
      
        
           

        

        
          21

          
            

          

        

        
          BACK

        

      

    

    

    Borrower
shall have any obligation to pay any amount to the Liquidity Provider hereunder,
the Borrower will, unless the Liquidity Provider shall otherwise consent in
writing:

     

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

     

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

     

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

     

    Section 5.02 Negative Covenants of the
Borrower.  So
long as any Advance shall remain unpaid or the Liquidity Provider shall have any
Maximum Commitment hereunder or the Borrower shall have any obligation to pay
any amount to the Liquidity Provider hereunder, the Borrower will not appoint or
permit or suffer to be appointed any successor Borrower without the prior
written consent of the Liquidity Provider, which consent shall not be
unreasonably withheld or delayed.

     

    ARTICLE VI

     

    LIQUIDITY
EVENTS OF DEFAULT AND SPECIAL TERMINATION

     

    Section 6.01 Liquidity Events of
Default.  If
(a) any Liquidity Event of Default has occurred and is continuing and
(b) there is a Performing Note Deficiency, the Liquidity Provider may, in
its discretion, deliver to the Borrower a Termination Notice, the effect of
which shall be to cause (i) the obligation of the Liquidity Provider to
make Advances hereunder to expire on the fifth Business Day after the date on
which such Termination Notice is received by the Borrower, (ii) the
Borrower to promptly request, and the Liquidity Provider to promptly make, a
Final Advance in accordance with Section 2.02(d) hereof and
Section 3.5(i) of the Intercreditor Agreement, (iii) all other
outstanding Advances to be automatically converted into Final Advances for
purposes of determining the Applicable Liquidity Rate for interest payable
thereon, and (iv) subject to Sections 2.07 and 2.09 hereof, all
Advances (including, without limitation, any Provider Advance and Applied
Provider Advance), any accrued interest thereon and any other amounts
outstanding hereunder to become immediately due and payable to the Liquidity
Provider.

     

    Section 6.02 Special
Termination.  If
the aggregate Pool Balance of the Class A Certificates is greater than the
aggregate outstanding principal amount of the Series A Equipment Notes (other
than any Series A Equipment Notes previously sold or with respect to which
the

     

    

    
      
        
           

        

        
          22

          
            

          

        

        
          BACK

        

      

    

    

    collateral
securing such Series A Equipment Notes has been disposed of) at any time during
the 18 month period prior to July 8, 2016 the Liquidity Provider may, in its
discretion, deliver to the Borrower a Special Termination Notice, the effect of
which shall be to cause (i) the obligation of the Liquidity Provider to make
Advances hereunder to expire on the fifth Business Day after the date on which
such Special Termination Notice is received by the Borrower, (ii) the Borrower
to promptly request, and the Liquidity Provider to promptly make, a Special
Termination Advance in accordance with Section 2.02(g) and Section 3.5(m) of the
Intercreditor Agreement, and (iii) subject to Sections 2.07 and 2.09, all
Advances (including, without limitation, any Provider Advance and Applied
Provider Advance), any accrued interest thereon and any other amounts
outstanding hereunder to become immediately due and payable to the Liquidity
Provider.

     

    ARTICLE VII

     

    MISCELLANEOUS

     

    Section 7.01 Amendments,
Etc.  No
amendment or waiver of any provision of this Agreement, nor consent to any
departure by the Borrower therefrom, shall in any event be effective unless the
same shall be in writing and signed by the Liquidity Provider, and, in the case
of an amendment or of a waiver by the Borrower, the Borrower, and then such
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

     

    Section 7.02 Notices,
Etc.  Except
as otherwise expressly provided herein, all notices and other communications
provided for hereunder shall be in writing (including telecopier and mailed or
delivered or sent by telecopier) addressed to the applicable party at its
address specified on Schedule B or to such other address as shall be designated
by such Person in a written notice to the others.  The Borrower shall
give all Notices of Borrowing via telecopier; provided, that, in
the event of a transmission failure, the Borrower shall use reasonable efforts
to deliver the applicable Notice of Borrowing to the Liquidity Provider on the
same Business Day using such other means as may be reasonably deemed necessary
by the Borrower.  All such notices and communications shall be
effective (i) if given by telecopier, when transmitted to the telecopier
number specified above, (ii) if given by mail, five Business Days after
being deposited in the mails addressed as specified above, and (iii) if
given by other means, when delivered at the address specified above, except that
written notices to the Liquidity Provider pursuant to the provisions of
Article II and Article III hereof shall not be effective until
received by the Liquidity Provider.  A copy of all notices delivered
hereunder to either party shall in addition be delivered to each of the parties
to the Participation Agreements at their respective addresses set forth
therein.

     

    Section 7.03 No Waiver;
Remedies.  No
failure on the part of the Liquidity Provider to exercise, and no delay in
exercising, any right under this Agreement shall operate as a waiver thereof;
nor shall any single or partial exercise of any right under this Agreement
preclude any other or further exercise thereof or the exercise of any other
right.  The remedies herein provided are cumulative and not exclusive
of any remedies provided by law.

     

    Section 7.04 Further
Assurances.  The
Borrower agrees to do such further acts and things and to execute and deliver to
the Liquidity Provider such additional assignments,

     

    

    
      
        
           

        

        
          23

          
            

          

        

        
          BACK

        

      

    

    

    agreements,
powers and instruments as the Liquidity Provider may reasonably require or deem
advisable to carry into effect the purposes of this Agreement and the other
Operative Agreements or to better assure and confirm unto the Liquidity Provider
its rights, powers and remedies hereunder and under the other Operative
Agreements.

     

    Section 7.05 Indemnification; Survival of
Certain Provisions.  The
Liquidity Provider shall be indemnified hereunder to the extent and in the
manner described in Section 8.1 of the Participation Agreements.  In
addition, the Borrower agrees to indemnify, protect, defend and hold harmless
the Liquidity Provider from, against and in respect of, and shall pay on demand,
all Expenses of any kind or nature whatsoever (other than any Expenses of the
nature described in Section 3.01, 3.02 or 7.07 hereof or in the Fee Letter
applicable to this Agreement (regardless of whether indemnified against pursuant
to said Sections or in such Fee Letter)), that may be imposed, incurred by or
asserted against any Liquidity Indemnitee, in any way relating to, resulting
from, or arising out of or in connection with any action, suit or proceeding by
any third party against such Liquidity Indemnitee and relating to this
Agreement, the Fee Letter, the Intercreditor Agreement or any Financing
Agreement; provided, however, that the
Borrower shall not be required to indemnify, protect, defend and hold harmless
any Liquidity Indemnitee in respect of any Expense of such Liquidity Indemnitee
to the extent such Expense is (i) attributable to the gross negligence or
willful misconduct of such Liquidity Indemnitee or any other Liquidity
Indemnitee, (ii) ordinary and usual operating overhead expense, or
(iii) attributable to the failure by such Liquidity Indemnitee or any other
Liquidity Indemnitee to perform or observe any agreement, covenant or condition
on its part to be performed or observed in this Agreement, the Intercreditor
Agreement, the Fee Letter applicable to this Agreement or any other Operative
Agreement to which it is a party.  The indemnities contained in
Section 8.1 of the Participation Agreements, and the provisions of
Sections 3.01, 3.02, 3.03, 3.09, 7.05 and 7.07 hereof, shall survive the
termination of this Agreement.

     

    Section 7.06 Liability of the Liquidity
Provider.  (a)  Neither
the Liquidity Provider nor any of its officers, employees, directors or
Affiliates shall be liable or responsible for:  (i) the use which
may be made of the Advances or any acts or omissions of the Borrower or any
beneficiary or transferee in connection therewith; (ii) the validity,
sufficiency or genuineness of documents, or of any endorsement thereon, even if
such documents should prove to be in any or all respects invalid, insufficient,
fraudulent or forged; or (iii) the making of Advances by the Liquidity
Provider against delivery of a Notice of Borrowing and other documents which do
not comply with the terms hereof; provided, however, that the
Borrower shall have a claim against the Liquidity Provider, and the Liquidity
Provider shall be liable to the Borrower, to the extent of any damages suffered
by the Borrower which were the result of (A) the Liquidity Provider’s
willful misconduct or negligence in determining whether documents presented
hereunder comply with the terms hereof, or (B) any breach by the Liquidity
Provider of any of the terms of this Agreement, including, but not limited to,
the Liquidity Provider’s failure to make lawful payment hereunder after the
delivery to it by the Borrower of a Notice of Borrowing strictly complying with
the terms and conditions hereof.  In no event, however, shall the
Liquidity Provider be liable on any theory of liability for any special,
indirect, consequential or punitive damages (including, without limitation, any
loss of profits, business or anticipated savings).

     

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

     

    

    
      
        
           

        

        
          24

          
            

          

        

        
          BACK

        

      

    

    

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

     

    Section 7.07 Costs, Expenses and
Taxes.  The
Borrower agrees to pay, or cause to be paid (A) on the Effective Date and
on such later date or dates on which the Liquidity Provider shall make demand,
all reasonable out-of-pocket costs and expenses (including, without limitation,
the reasonable fees and expenses of outside counsel for the Liquidity Provider)
of the Liquidity Provider in connection with the preparation, negotiation,
execution, delivery, filing and recording of this Agreement, any other Operative
Agreement and any other documents which may be delivered in connection with this
Agreement and (B) on demand, all reasonable costs and expenses (including
reasonable counsel fees and expenses) of the Liquidity Provider in connection
with (i) the enforcement of this Agreement or any other Operative
Agreement, (ii) the modification or amendment of, or supplement to, this
Agreement or any other Operative Agreement or such other documents which may be
delivered in connection herewith or therewith (whether or not the same shall
become effective) or any waiver or consent thereunder (whether or not the same
shall be effective) or (iii) any action or proceeding relating to any
order, injunction, or other process or decree restraining or seeking to restrain
the Liquidity Provider from paying any amount under this Agreement, the
Intercreditor Agreement or any other Operative Agreement or otherwise affecting
the application of funds in the Cash Collateral Account.  In addition,
the Borrower shall pay any and all recording, stamp and other similar taxes and
fees payable or determined to be payable in connection with the execution,
delivery, filing and recording of this Agreement, any other Operative Agreement
and such other documents, and agrees to hold the Liquidity Provider harmless
from and against any and all liabilities with respect to or resulting from any
delay in paying or omission to pay such taxes or fees.

     

    Section 7.08 Binding Effect;
Participations.  (a)  This
Agreement shall be binding upon and inure to the benefit of the Borrower and the
Liquidity Provider and their respective successors and assigns, except that
neither the Liquidity Provider (except as otherwise provided in this
Section 7.08 and in Section 3.5(l) of the Intercreditor Agreement) nor
(except as contemplated by Section 3.08) the Borrower shall have the right
to assign its rights or obligations hereunder or any interest herein without the
prior written consent of the other party, subject to the requirements of
Section 7.08(b).  In addition, the immediately preceding sentence
and this sentence of Section 7.08(a) and the first sentence of Section 7.08(b)
shall inure to the benefit of Continental and its successors and assigns, and
(without limitation of the foregoing) Continental is hereby constituted, and
agreed to be, an express third party beneficiary with respect to the provisions
referred to in this sentence.  The Liquidity Provider may grant
participations herein or in any of its rights hereunder (including, without
limitation, funded participations and participations in rights to receive
interest payments hereunder) and under the other Operative Agreements to such
Persons (other than Continental and its Affiliates) as the Liquidity Provider
may in its sole discretion select, subject to the requirements of
Section 7.08(b).  No such granting of participations by the
Liquidity Provider, however, will relieve the Liquidity Provider of its
obligations hereunder.  In connection with any participation or any
proposed participation, the

     

    

    
      
        
           

        

        
          25

          
            

          

        

        
          BACK

        

      

    

    

    Liquidity
Provider may disclose to the participant or the proposed participant any
information that the Borrower is required to deliver or to disclose to the
Liquidity Provider pursuant to this Agreement.  The Borrower
acknowledges and agrees that the Liquidity Provider’s source of funds may derive
in part from its participants.  Accordingly, references in this
Agreement and the other Operative Agreements to determinations, reserve and
capital adequacy requirements, increased costs, reduced receipts, additional
amounts due pursuant to Section 3.03 and the like as they pertain to the
Liquidity Provider shall be deemed also to include those of each of its
participants that are banks (subject, in each case, to the maximum amount that
would have been incurred by or attributable to the Liquidity Provider directly
if the Liquidity Provider, rather than the participant, had held the interest
participated).

     

    (b) Borrower
agrees that each participant shall be entitled to the benefits of Sections 3.01,
3.02, 3.03 and 3.09 to the same extent as if it were the Liquidity Provider and
had acquired its interest by assignment pursuant to Section 7.08(a); provided, however, that (A)
a participant shall not be entitled to receive any greater payment under Section
3.01, 3.02 or 3.03 than the Liquidity Provider would have been entitled to
receive with respect to the participation sold to such participant, unless the
sale of such participation is made with the prior written consent of the
Borrower and Continental and (B) a participant that is not incorporated in the
United States or a state thereof shall not be entitled to the benefits of
Section 3.03 unless the Borrower and Continental are notified of the
participation sale to such participant and such participant agrees to comply
with Section 3.03 as if it were the Liquidity Provider.  Except as
specifically set forth in clauses (A) and (B) above nothing herein shall require
any notice to Borrower or any other Person in connection with the sale of any
participation.

     

    (c) Notwithstanding
the other provisions of this Section 7.08, the Liquidity Provider may
assign and pledge all or any portion of the Advances owing to it to any Federal
Reserve Bank or the United States Treasury as collateral security pursuant to
Regulation A of the Board of Governors of the Federal Reserve System and any
Operating Circular issued by such Federal Reserve Bank, provided that any
payment in respect of such assigned Advances made by the Borrower to the
Liquidity Provider in accordance with the terms of this Agreement shall satisfy
the Borrower’s obligations hereunder in respect of such assigned Advance to the
extent of such payment.  No such assignment shall release the
Liquidity Provider from its obligations hereunder.

     

    Section 7.09 Severability.  Any
provision of this Agreement which is prohibited, unenforceable or not authorized
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition, unenforceability or non-authorization without invalidating
the remaining provisions hereof or affecting the validity, enforceability or
legality of such provision in any other jurisdiction.

     

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

     

    Section 7.11 Submission to Jurisdiction;
Waiver of Jury Trial; Waiver of Immunity.  (a) Each
of the parties hereto hereby irrevocably and unconditionally:

     

    

    
      
        
           

        

        
          26

          
            

          

        

        
          BACK

        

      

    

    

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

     

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

     

    (iii) agrees
that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to each party hereto at its address set
forth in Section 7.02 hereof, or at such other address of which the
Liquidity Provider shall have been notified pursuant thereto; and

     

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

     

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

     

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

     

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

     

    

    
      
        
           

        

        
          27

          
            

          

        

        
          BACK

        

      

    

    

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

     

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

     

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

     

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

     

    Section 7.17 Patriot
Act.  In
compliance with the USA Patriot Act and 31 CFR Part 103.121 and, in the case of
a non-U.S. entity, any other similar requirements of the relevant foreign
jurisdiction, when requested the Borrower shall provide to the Liquidity
Provider certain information relating to the Borrower that the Liquidity
Provider may be required to obtain and keep on file, including the Borrower’s
name, address and various identifying documents.

     

    Section 7.18 Fiduciary
Duty.  The Liquidity Provider and its Affiliates may have
economic interests that conflict with those of the Borrower, its stockholders
and/or its Affiliates.  The Borrower agrees that nothing in the
Operative Agreements or otherwise will be deemed to create an advisory,
fiduciary or agency relationship or fiduciary or implied duty between the
Liquidity Provider or its Affiliates, on the one hand, and the Borrower, its
stockholders or its Affiliates, on the other.  The Borrower
acknowledges and agrees that (a) the transactions contemplated by the Operative
Agreements (including the exercise of rights and remedies hereunder and
thereunder) are arm’s-length commercial transactions between the Liquidity
Provider and its Affiliates, on the one hand, and the Borrower, on the other,
and (b) in connection therewith and with the process leading thereto, (i)
neither the Liquidity Provider or its Affiliates have assumed an advisory or
fiduciary responsibility in favor of the Borrower, its stockholders or its
Affiliates with respect to the transactions contemplated hereby (or the exercise
of rights or remedies with respect thereto) or the process leading thereto
(irrespective of whether the Liquidity Provider or its Affiliates have advised,
are currently advising or will advise the Borrower, its stockholders or its
Affiliates on other matters) or any other obligation to the Borrower except the
obligations expressly set forth in the Operative Agreements and (ii) each of the
Liquidity Provider and its Affiliates is acting solely as principal and not as
the agent or fiduciary of the Borrower, its management, stockholders, creditors
or any other Person.  The Borrower acknowledges and agrees that the
Borrower has consulted its own legal and financial advisors to the extent it
deemed appropriate and that it is responsible for making its own independent
judgment with respect to such transactions and the process leading
thereto.  The

     

    

    
      
        
           

        

        
          28

          
            

          

        

        
          BACK

        

      

    

    

    Borrower
agrees that it will not claim that the Liquidity Provider or its Affiliates have
rendered advisory services of any nature or respect, or owes a fiduciary or
similar duty to the Borrower, in connection with such transaction or the process
leading thereto.

     

    

    

    
      
        
           

        

        
          29

          
            

          

        

        
          BACK

        

      

    

    

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

     

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

              as
      Borrower

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    
      	 
      	
              GOLDMAN SACHS BANK
      USA,

              as
      Liquidity Provider

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    

    
      
        
           

        

        
          30

          
            

          

        

        
          BACK

        

      

    

    

    SCHEDULE A

    TO

    REVOLVING
CREDIT AGREEMENT

     

    CERTAIN
ECONOMIC TERMS

     

    

    1.           Applicable
Margin (Unpaid Advance (including, without limitation, any Unapplied Special
Termination Advance and any Applied Special Termination Advance)/Applied
Provider Advance):   4.50% per annum.

    

    2.           Initial
Expiry Date:   June 29, 2010.

    

    3.           Liquidity
Event of Default Delivery Period
threshold:   $150,000,000.

    

    4.           Initial
Maximum Commitment:   $53,289,697.

    

    5.           Prospectus
Supplement date:   June 16, 2009.

    

    

    

    
      
        
           

        

        
          SCHEDULE
A 
Page 1

          
            

          

        

        
          BACK

        

      

    

    

    SCHEDULE B

    TO

    REVOLVING
CREDIT AGREEMENT

     

    ADMINISTRATION
DETAILS

     

    

    

    

    
      	
              Borrower:

            	
              WILMINGTON
      TRUST COMPANY

            

    

    

    
      	
              Address:

            	
              Rodney
      Square North

            

    

    1100
North Market Square

    Wilmington,
DE 19890-1605

    Attention:  Corporate
Capital Market Services

    Telephone:  (302)
636-6296

    Telecopy:   (302)
636-4140

     

    
      	
              Liquidity
      Provider:

            	
              GOLDMAN
      SACHS BANK USA

            

    

    

    
      	
              Address:

            	
              30
      Hudson Street, 36th
      Floor

            

    

    
      	
               
      

            	
              Jersey
      City, NJ 07302

            

    

    
      	
               
      

            	
              Attention:  Muhammad
      Khan 

            

    

    
      	
               
      

            	
              Telecopy:  (917)
      977-3966

            

    

    
      	
               
      

            	
              Telephone:  (212)
      357-4350

            

    

    

    

    
      	
              Account
      Details:

            	
              BANK:  CITIBANK,
      N.A.

            

    

    NEW YORK,
NY

    ABA #:
021000089

    ACCT.
NAME:  GOLDMAN SACHS BANK USA

    ACCOUNT
#: 30627664

    REFERENCE:  CONTINENTAL
AIRLINES

    ATTN:  BANK
LOAN OPERATIONS

    

    
      
        
           

        

        
          SCHEDULE
B 
Page 1

          
            

          

        

        
          BACK

        

      

    

    

    ANNEX I

    TO

    REVOLVING
CREDIT AGREEMENT

     

    INTEREST
ADVANCE NOTICE OF BORROWING

     

    The
undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies
to Goldman Sachs Bank USA (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2009-1A)
dated as of July 1, 2009, between the Borrower and the Liquidity Provider (the
“Liquidity
Agreement”; the terms defined therein and not otherwise defined herein
being used herein as therein defined or referenced), that:

     

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

     

    (2)           The
Borrower is delivering this Notice of Borrowing for the making of an Interest
Advance by the Liquidity Provider to be used, subject to clause (3)(v)
below, for the payment of interest on the Class A Certificates which was
payable on ____________, ____  (the “Distribution
Date”) in accordance with the terms and provisions of the Class A
Trust Agreement and the Class A Certificates, which Advance is requested to
be made on ____________, ____.  The Interest Advance should be
transferred to [name of bank/wire instructions/ABA number] in favor of account
number [    ], reference
[      ].

     

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

     

    (4)           Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower will apply the same in accordance with the terms of
Section 3.5(b) of the Intercreditor Agreement, (b) no portion of
such amount shall be applied by the Borrower for any other purpose and
(c) no portion of such amount until so applied shall be commingled with
other funds held by the Borrower.

     

    The
Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, the
making of the Interest Advance as requested by this Notice of Borrowing shall
automatically reduce, subject to reinstatement in accordance with the terms of
the Liquidity Agreement, the Maximum Available Commitment by an amount equal to
the amount of the Interest Advance

     

    

    
      
        
           

        

        
          ANNEX I

Page 1

          
            

          

        

        
          BACK

        

      

    

    

    requested
to be made hereby as set forth in clause (i) of paragraph (3) of this
Notice of Borrowing and such reduction shall automatically result in
corresponding reductions in the amounts available to be borrowed pursuant to a
subsequent Advance.

     

    

    
      
        
           

        

        
          ANNEX I

Page 2

          
            

          

        

        
          BACK

        

      

    

    

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

     

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

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    

    

    
      
        
           

        

        
          ANNEX I

Page 3

          
            

          

        

        
          BACK

        

      

    

    

    SCHEDULE I

    TO

    INTEREST
ADVANCE NOTICE OF BORROWING

     

    [Insert
copy of computations in accordance with Interest Advance Notice of
Borrowing]

     

    

    
      
        
           

        

        
          Annex I

Page 4

          
            

          

        

        
          BACK

        

      

    

    

    ANNEX II

    TO

    REVOLVING
CREDIT AGREEMENT

     

    NON-EXTENSION
ADVANCE NOTICE OF BORROWING

     

    The
undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies
to Goldman Sachs Bank USA (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2009-1A)
dated as of July 1, 2009, between the Borrower and the Liquidity Provider (the
“Liquidity
Agreement”; the terms defined therein and not otherwise defined herein
being used herein as therein defined or referenced), that:

     

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

     

    (2)           The
Borrower is delivering this Notice of Borrowing for the making of the
Non-Extension Advance by the Liquidity Provider to be used for the funding of
the Cash Collateral Account in accordance with Section 3.5(d) of the
Intercreditor Agreement, which Advance is requested to be made on __________,
____.  The Non-Extension Advance should be transferred to [name of
bank/wire instructions/ABA number] in favor of account number
[    ], reference
[                        ].

     

    (3)           The
amount of the Non-Extension Advance requested hereby (i) is
$_______________.__, which equals the Maximum Available Commitment on the date
hereof and is to be applied in respect of the funding of the Cash Collateral
Account in accordance with Section 3.5(d) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of the
principal of, or premium on, the Class A Certificates, or principal of, or
interest or premium on, any Additional Certificates, (iii) was computed in
accordance with the provisions of the Class A Certificates, the Liquidity
Agreement, the Class A Trust Agreement and the Intercreditor Agreement (a
copy of which computation is attached hereto as Schedule I), and
(iv) has not been and is not the subject of a prior or contemporaneous
Notice of Borrowing under the Liquidity Agreement.

     

    (4)           Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower will deposit such amount in the Cash Collateral Account
and apply the same in accordance with the terms of Section 3.5(d) of the
Intercreditor Agreement, (b) no portion of such amount shall be applied by
the Borrower for any other purpose and (c) no portion of such amount until
so applied shall be commingled with other funds held by the
Borrower.

     

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

     

    

    
      
        
           

        

        
          Annex II

Page 1

          
            

          

        

        
          BACK

        

      

    

     

    

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

     

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

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    

    

     

    

      
        
           

        

        
          Annex II

Page 2

          
            

          

        

        
          BACK

        

      

    SCHEDULE I

    TO

    NON-EXTENSION
ADVANCE NOTICE OF BORROWING

     

    [Insert
copy of computations in accordance with Non-Extension Advance Notice of
Borrowing]

     

     

     

    
      

      
        
          
             

          

          
            Annex II

Page 3

            
              

            

          

          
            BACK

          

        

      

    

    
 

    

    ANNEX III

    TO

    REVOLVING
CREDIT AGREEMENT

     

    DOWNGRADE
ADVANCE NOTICE OF BORROWING

     

    The
undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”),
hereby certifies to Goldman Sachs Bank USA (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2009-1A)
dated as of July 1, 2009, between the Borrower and the Liquidity Provider (the
“Liquidity
Agreement”; the terms defined therein and not otherwise defined herein
being used herein as therein defined or referenced), that:

     

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

     

    (2)           The
Borrower is delivering this Notice of Borrowing for the making of the Downgrade
Advance by the Liquidity Provider to be used for the funding of the Cash
Collateral Account in accordance with Section 3.5(c) of the Intercreditor
Agreement by reason of the occurrence of a Downgrade Event, which Advance is
requested to be made on __________, ____.  The Downgrade Advance
should be transferred to [name of bank/wire instructions/ABA number] in favor of
account number [    ], reference
[         ].

     

    (3)           The
amount of the Downgrade Advance requested hereby (i) is
$_______________.__, which equals the Maximum Available Commitment on the date
hereof and is to be applied in respect of the funding of the Cash Collateral
Account in accordance with Section 3.5(c) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of the
principal of, or premium on, the Class A Certificates, or principal of, or
interest or premium on, any Additional Certificates, (iii) was computed in
accordance with the provisions of the Class A Certificates, the Liquidity
Agreement, the Class A Trust Agreement and the Intercreditor Agreement (a
copy of which computation is attached hereto as Schedule I), and
(iv) has not been and is not the subject of a prior or contemporaneous
Notice of Borrowing under the Liquidity Agreement.

     

    (4)           Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower will deposit such amount in the Cash Collateral Account
and apply the same in accordance with the terms of Section 3.5(c) of the
Intercreditor Agreement, (b) no portion of such amount shall be applied by
the Borrower for any other purpose and (c) no portion of such amount until
so applied shall be commingled with other funds held by the
Borrower.

     

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

     

    

    
      
        
           

        

        
          Annex III

Page 1

          
            

          

        

        
          BACK

        

      

    

    
 

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

     

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

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    

    
      
        
           

        

        
          Annex III

Page 2

          
            

          

        

        
          BACK

        

      

    

    

    SCHEDULE I

    TO

    DOWNGRADE
ADVANCE NOTICE OF BORROWING

     

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

     

    

    
      
        
           

        

        
          Annex III

Page 3

          
            

          

        

        
          BACK

        

      

    

    

    ANNEX IV

    TO

    REVOLVING
CREDIT AGREEMENT

     

    FINAL
ADVANCE NOTICE OF BORROWING

     

    The
undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”),
hereby certifies to Goldman Sachs Bank USA (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2009-1A)
dated as of July 1, 2009, between the Borrower and the Liquidity Provider (the
“Liquidity
Agreement”; the terms defined therein and not otherwise defined herein
being used herein as therein defined or referenced), that:

     

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

     

    (2)           The
Borrower is delivering this Notice of Borrowing for the making of the Final
Advance by the Liquidity Provider to be used for the funding of the Cash
Collateral Account in accordance with Section 3.5(i) of the Intercreditor
Agreement by reason of the receipt by the Borrower of a Termination Notice from
the Liquidity Provider with respect to the Liquidity Agreement, which Advance is
requested to be made on ____________, ____.  The Final Advance should
be transferred to [name of bank/wire instructions/ABA number] in favor of
account number [    ], reference
[         ].

     

    (3)           The
amount of the Final Advance requested hereby (i) is $_________________.__,
which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Cash Collateral Account in accordance
with Section 3.5(i) of the Intercreditor Agreement, (ii) does not
include any amount with respect to the payment of principal of, or premium on,
the Class A Certificates, or principal of, or interest or premium on, any
Additional Certificates, (iii) was computed in accordance with the
provisions of the Class A Certificates, the Liquidity Agreement, the Class
A Trust Agreement and the Intercreditor Agreement (a copy of which computation
is attached hereto as Schedule I), and (iv) has not been and is not
the subject of a prior or contemporaneous Notice of Borrowing.

     

    (4)           Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower will deposit such amount in the Cash Collateral Account
and apply the same in accordance with the terms of Section 3.5(i) of the
Intercreditor Agreement, (b) no portion of such amount shall be applied by
the Borrower for any other purpose and (c) no portion of such amount until
so applied shall be commingled with other funds held by the
Borrower.

     

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

     

    The
Borrower hereby acknowledges that, pursuant to the Liquidity Agreement,
(A) the making of the Final Advance as requested by this Notice of
Borrowing shall automatically and irrevocably terminate the obligation of the
Liquidity Provider to make further Advances under

     

    

    
      
        
           

        

        
          Annex IV

Page 1

          
            

          

        

        
          BACK

        

      

    

    

    the
Liquidity Agreement; and (B) following the making by the Liquidity Provider
of the Final Advance requested by this Notice of Borrowing, the Borrower shall
not be entitled to request any further Advances under the Liquidity
Agreement.

     

    

    
      
        
           

        

        
          Annex IV

Page 2

          
            

          

        

        
          BACK

        

      

    

    

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

     

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

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    

    
      
        
           

        

        
          Annex IV

Page 3

          
            

          

        

        
          BACK

        

      

    

    

    SCHEDULE I

    TO

    FINAL
ADVANCE NOTICE OF BORROWING

     

    [Insert
copy of computations in accordance with Final Advance Notice of
Borrowing]

     

    

    
      
        
           

        

        
          Annex IV

Page 4

          
            

          

        

        
          BACK

        

      

    

    

    ANNEX V

    TO

    REVOLVING
CREDIT AGREEMENT

     

    NOTICE
OF TERMINATION

     

    [Date]

     

    Wilmington
Trust Company,

      as
Subordination Agent, as Borrower

    Rodney
Square North

    1100
North Market Square

    Wilmington,
DE 19890-0001

     

    Attention:  Corporate
Trust Administration

     

    Revolving
Credit Agreement dated as of July 1, 2009 between Wilmington Trust Company, as
Subordination Agent, as agent and trustee for the Continental Airlines Pass
Through Trust, 2009-1A-[O/S], as Borrower, and Goldman Sachs Bank USA (the
“Liquidity
Agreement”)

     

    Ladies
and Gentlemen:

     

    You are
hereby notified that pursuant to Section 6.01 of the Liquidity Agreement,
by reason of the occurrence of a Liquidity Event of Default and the existence of
a Performing Note Deficiency (each as defined therein), we are giving this
notice to you in order to cause (i) our obligations to make Advances under
such Liquidity Agreement to terminate on the fifth Business Day after the date
on which you receive this notice and (ii) you to request a Final Advance
under the Liquidity Agreement pursuant to Section 3.5(i) of the
Intercreditor Agreement as a consequence of your receipt of this
notice.

     

    Terms
used but not defined herein shall have the respective meanings ascribed thereto
in or pursuant to the Liquidity Agreement.

     

    

    
      
        
           

        

        
          Annex V

Page 1

          
            

          

        

        
          BACK

        

      

    

    
 

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

     

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	
              GOLDMAN SACHS BANK USA,
      as Liquidity Provider

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    cc:           Wilmington
Trust Company,

    as Class A Trustee

    

    
      
        
           

        

        
          Annex V

Page 2

          
            

          

        

        
          BACK

        

      

    

    

    ANNEX VI

    TO

    REVOLVING
CREDIT AGREEMENT

     

    NOTICE
OF REPLACEMENT SUBORDINATION AGENT

     

    [Date]

    Attention:

     

    Revolving
Credit Agreement dated as of July 1, 2009, between Wilmington Trust Company, as
Subordination Agent, as agent and trustee for the Continental Airlines Pass
Through Trust, 2009-1A-[O/S], as Borrower, and Goldman Sachs Bank USA (the
“Liquidity
Agreement”)

     

    Ladies
and Gentlemen:

     

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

     

    ______________________________

     

    [Name of
Transferee]

     

    ______________________________

     

    [Address
of Transferee]

     

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

     

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

     

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

     

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

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    
      
        
           

        

        
          Annex VI

Page 1

          
            

          

        

        
          BACK

        

      

    

    

    ANNEX VII

    TO

    REVOLVING
CREDIT AGREEMENT

     

    SPECIAL
TERMINATION ADVANCE NOTICE OF BORROWING

     

    The
undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”),
hereby certifies to Goldman Sachs Bank USA (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2009-1A) dated as of
July 1, 2009, between the Borrower and the Liquidity Provider (the “Liquidity
Agreement”; the terms defined therein and not otherwise defined herein
being used herein as therein defined or referenced), that:

     

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

     

    (2)           The
Borrower is delivering this Notice of Borrowing for the making of the Special
Termination Advance by the Liquidity Provider to be used for the funding of the
Cash Collateral Account in accordance with Section 3.5(m) of the
Intercreditor Agreement by reason of the receipt by the Borrower of a Special
Termination Notice from the Liquidity Provider with respect to the Liquidity
Agreement, which Advance is requested to be made on ____________,
____.  The Special Termination Advance should be transferred to [name
of bank/wire instructions/ABA number] in favor of account number
[    ], reference
[         ].

     

    (3)           The
amount of the Special Termination Advance requested hereby (i) is
$_________________.__, which equals the Maximum Available Commitment on the date
hereof and is to be applied in respect of the funding of the Cash Collateral
Account in accordance with Section 3.5(m) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of principal
of, or premium on, the Class A Certificates, or principal of, or interest
or premium on, any Additional Certificates, (iii) was computed in
accordance with the provisions of the Class A Certificates, the Liquidity
Agreement, the Class A Trust Agreement and the Intercreditor Agreement (a copy
of which computation is attached hereto as Schedule I), and (iv) has
not been and is not the subject of a prior or contemporaneous Notice of
Borrowing.

     

    (4)           Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower will deposit such amount in the Cash Collateral Account
and apply the same in accordance with the terms of Section 3.5(m) of the
Intercreditor Agreement, (b) no portion of such amount shall be applied by
the Borrower for any other purpose and (c) no portion of such amount until
so applied shall be commingled with other funds held by the
Borrower.

     

    The
Borrower hereby acknowledges that, pursuant to the Liquidity Agreement,
(A) the making of the Special Termination Advance as requested by this
Notice of Borrowing shall automatically and irrevocably terminate the obligation
of the Liquidity Provider to make further Advances under the Liquidity
Agreement; and (B) following the making by the Liquidity

     

    

    
      
        
           

        

        
          Annex VII

Page 1

          
            

          

        

        
          BACK

        

      

    

    

    Provider
of the Special Termination Advance requested by this Notice of Borrowing, the
Borrower shall not be entitled to request any further Advances under the
Liquidity Agreement.

     

    

    
      
        
           

        

        
          Annex VII

Page 2

          
            

          

        

        
          BACK

        

      

    

    

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

     

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

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    

    

    
      
        
           

        

        
          Annex VII

Page 3

          
            

          

        

        
          BACK

        

      

    

    

    SCHEDULE I

    TO

    SPECIAL
TERMINATION ADVANCE NOTICE OF BORROWING

     

    [Insert
copy of computations in accordance with Special Termination Advance Notice of
Borrowing]

    

    

    
      
        
           

        

        
          Annex VII

Page 4

          
            

          

        

        
          BACK

        

      

    

    

    ANNEX VIII

    TO

    REVOLVING
CREDIT AGREEMENT

     

    NOTICE
OF SPECIAL TERMINATION

     

    [Date]

     

    Wilmington
Trust Company,

      as
Subordination Agent, as Borrower

    Rodney
Square North

    1100
North Market Square

    Wilmington,
DE 19890-0001

     

    Attention:  Corporate
Trust Administration

     

    Revolving
Credit Agreement dated as of July 1, 2009 between Wilmington Trust Company, as
Subordination Agent, as agent and trustee for the Continental Airlines Pass
Through Trust, 2009-1A-[O/S], as Borrower, and Goldman Sachs Bank USA (the
“Liquidity
Agreement”)

     

    Ladies
and Gentlemen:

     

    You are
hereby notified that pursuant to Section 6.02 of the Liquidity Agreement,
by reason of the aggregate Pool Balance of the Class A Certificates exceeding
the aggregate outstanding principal amount of the Series A Equipment Notes
(other than any Series A Equipment Notes previously sold or with respect to
which the collateral securing such Series A Equipment Notes has been disposed
of) during the 18 month period prior to July 8, 2016, we are giving this notice
to you in order to cause (i) our obligations to make Advances under the
Liquidity Agreement to terminate on the fifth Business Day after the date on
which you receive this notice and (ii) you to request a Special Termination
Advance under the Liquidity Agreement pursuant to Section 3.5(m) of the
Intercreditor Agreement as a consequence of your receipt of this
notice.  Terms used but not defined herein shall have the respective
meanings ascribed thereto in or pursuant to the Liquidity
Agreement.

     

    

    
      
        
           

        

        
          Annex VII

Page 1

          
            

          

        

        
          BACK

        

      

    

    

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

     

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	
              GOLDMAN SACHS BANK USA,
      as Liquidity Provider

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    cc:           Wilmington
Trust Company,

    as Class A Trustee

     

     

     

    
      Annex VII

Page 2e60709081ex4_4.htm

     

    
      

      

      The
Goldman Sachs Group, Inc. | One New York Plaza | New York, New York
10004

      Tel:
212-902-1000

       

                                   Goldman

                             Sachs

       

      GENERAL
GUARANTEE AGREEMENT

       

      This
General Guarantee Agreement, dated December 1, 2008 (this “Guarantee”), is made
by The Goldman Sachs Group, Inc. (the “Guarantor”), a corporation duly organized
under the laws of the State of Delaware, in favor of each person (each, a
“Party”) to whom Goldman Sachs Bank USA, a New York state-chartered bank (as
successor-in-interest to Goldman Sachs Bank USA, a Utah Corporation) and a
subsidiary of the Guarantor (the “Company”), may owe any Obligations (as defined
below) from time to time.  In this Guarantee, the “Company” shall also
mean any banking subsidiary of the Guarantor, whether now existing or hereafter
formed, that succeeds to the business of Goldman Sachs Bank USA.

       

      1.           Guarantee.  For
value received, the Guarantor hereby unconditionally and, subject to the
provisions of paragraphs number six and seven, irrevocably guarantees to each
Party, the complete payment when due, whether by acceleration or otherwise, of
all payment obligations, whether now in existence or hereafter arising (other
than non-recourse payment obligations) of the Company, including, without
limitation, all payment obligations (other than non-recourse payment
obligations) in connection with any deposit, loan, letter of credit or similar
borrowing or lending obligation or arising under any swap, futures, option,
forward or other derivative instrument (the “Obligations”); provided, however, that, with respect
to any Party, “Obligations” shall not include any payment obligations, whether
now in existence or hereafter arising, of the Company in connection with any
certificate of deposit of the Company if such Party is an Unaffiliated Broker or
has purchased such certificate of deposit from an Unaffiliated Broker, in each
case whether the Unaffiliated Broker acts as agent or principal, whether the
purchase occurs in connection with the original issuance or any subsequent
transaction and whether the issuance or purchase of such certificate of deposit
occurred or will occur at any time in the past or
future.  “Unaffiliated Broker” means any broker, dealer or other
financial intermediary other than Goldman, Sachs & Co. or any of its
affiliates.  This Guarantee is one of payment and not of
collection.

       

      2.           Waiver
of Notice, etc.  Except as may be required by the contract, agreement
or instrument creating the Obligations, the Guarantor hereby waives notice of
acceptance of this Guarantee and notice of the Obligations, and waives proof of
reliance, diligence, presentment, demand for payment, protest, notice of
dishonor or non-payment of the Obligations, suit, and the taking of any other
action by any Party against, and any other notice to, the Company, the Guarantor
or others.

       

      3.           Nature
of Guarantee.  This Guarantee shall be construed as a continuing,
absolute and unconditional guarantee of payment without regard to (a) the
validity or enforceability of any Obligation or right of offset with respect
thereto at any time and from time to time held by any Party or (b) any other
circumstance whatsoever (with or without notice to or knowledge of the Company
or the Guarantor) which might constitute an equitable or legal discharge of
the

      
        
          
             

          

           

        

        
           

          
            

          

        

        
          2 

        

      

       

      Company
for the Obligations, or of the Guarantor under this Guarantee, in bankruptcy or
in any other instance; provided, however, that under no
circumstances will the Guarantor be liable to any Party hereunder for any amount
in excess of the amount which the Company actually owes to such Party and that
the Guarantor may assert any defense to payment available to the Company, other
than those arising in a bankruptcy or insolvency proceeding.

       

      A Party
may at any time and from time to time without notice to or consent of the
Guarantor and without impairing or releasing the obligations of the Guarantor
hereunder:  (1) agree with the Company to make any change in the
terms of the Obligations; (2) take or fail to take any action of any kind
in respect of any security for any obligation or liability of the Company to
such Party, (3) exercise or refrain from exercising any rights against the
Company or others in respect of the Obligations; or (4) compromise or
subordinate the Obligations.  Any other suretyship defenses are hereby
waived by the Guarantor.

       

      4.           Reinstatement.  The
Guarantor further agrees that this Guaranty shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of
any of the Obligations, or interest thereon is rescinded or must otherwise be
restored or returned by such Party upon the bankruptcy, insolvency, dissolution
or reorganization of the Company.

       

      5.           Subrogation.  The
Guarantor will not exercise any rights which it may acquire hereunder by way of
subrogation, as a result of a payment hereunder, until all due and unpaid
Obligations to such Party shall have been paid in full.  Any amount
paid to the Guarantor in violation of the preceding sentence shall be held by
Guarantor for the benefit of such Party and shall forthwith be paid to such
Party to be credited and applied to the due and unpaid
Obligations.  Subject to the foregoing, upon payment of all such due
and unpaid Obligations, the Guarantor shall be subrogated to the rights of such
Party against the Company with respect to such Obligations, and such Party
agrees to take at the Guarantor’s expense such steps as the Guarantor may
reasonably request to implement such subrogation.

       

      6.           Amendment
and Termination.  This Guarantee may be amended or terminated, as to
one Party, all Parties or a group of specified Parties and as to one Obligation,
all Obligations or specified Obligations, at any time by (i) issuance by
the Guarantor of a press release reported by the Dow Jones News Service, the
Associated Press or a comparable national news service, or (ii) written
notice signed by the Guarantor, with such amendment or termination effective
with respect to a Party on the opening of business on the fifth New York
business day after earlier of the issuance of such press release or the receipt
of such written notice, as applicable; provided, however, that no such
amendment or termination may adversely affect the rights of any Party relating
to any Obligations incurred prior to the effectiveness of such amendment or
termination; provided
further, that any such
amendment or termination may become effective as to one Party whether or not it
becomes effective with respect to another Party.

       

      7.           Assignment.  The
Guarantor may not assign its rights nor delegate its obligations under this
Guarantee with respect to a Party, in whole or in part, without prior written
consent of such Party, and any purported assignment or delegation absent such
consent is void, except for an assignment and delegation of all of the
Guarantor’s rights and obligations hereunder in whatever form the Guarantor
determines may be appropriate to a partnership, corporation, trust or other
organization in whatever form that succeeds to all or substantially all of the
Guarantor’s assets

      
        
           

        

        
           

          
            

          

        

        
          3 

        

      

       

      and
business and that assumes such obligations by contract, operation of law or
otherwise.  Upon any such delegation and assumption of obligations,
the Guarantor shall be relieved of and fully discharged from all obligations
hereunder, whether such obligations arose before or after such delegation and
assumption.

       

      5.           Governing
Law and Jurisdiction.  THIS GUARANTEE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING
EFFECT TO PRINCIPLES OF CONFLICTS OF LAW.  GUARANTOR AGREES TO THE
EXCLUSIVE JURISDICTION OF COURTS LOCATED IN THE STATE OF NEW YORK, UNITED STATES
OF AMERICA, OVER ANY DISPUTES ARISING UNDER OR RELATING TO THIS
GUARANTEE.

      

      
        
           

        

        
           

          
            

          

        

        
          4 

        

      

       

      IN
WITNESS WHEREOF, the Guarantor has duly executed this Guarantee as of the day
and year first above written.

      

      

      
        	 
      	
                THE
      GOLDMAN SACHS GROUP, INC.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                Name:

              	
                Elizabeth
      E. Beshel

              
	 
      	 
      	
                Title:

              	
                Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]