Document:

Exhibit 4.4 - Deposit Agreement

    

      EXECUTION
        VERSION

      

      

      

      

      

      

      

      DEPOSIT
        AGREEMENT

      

      

      Dated
        as
        of September 22, 2005

      

      

      between

      

      

      WELLS
        FARGO BANK NORTHWEST, NATIONAL ASSOCIATION 

      

      as
        Escrow
        Agent 

      

      

      and

      

      

      CITIBANK,
        N.A.

      as
        Depositary

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          Table
            of Contents

        

      

      

      

      TABLE
        OF CONTENTS

      

      Page

      
        	
                 

                SECTION
                  1.1 Acceptance of Depositary

              	
                 

                2

              
	
                 

                SECTION
                  1.2 Establishment of Accounts

              	
                 

                2

              
	
                 

                SECTION
                  2.1 Deposits

              	
                 

                2

              
	
                 

                SECTION
                  2.2 Interest

              	
                 

                2

              
	
                 

                SECTION
                  2.3 Withdrawals

              	
                 

                3

              
	
                 

                SECTION
                  2.4 Other Accounts

              	
                 

                3

              
	
                 

                SECTION
                  3. Termination

              	
                 

                4

              
	
                 

                SECTION
                  4. Payments

              	
                 

                4

              
	
                 

                SECTION
                  5. Representation and Warranties

              	
                 

                4

              
	
                 

                SECTION
                  6. Transfer

              	
                 

                5

              
	
                 

                SECTION
                  7. Amendment, Etc.

              	
                 

                6

              
	
                 

                SECTION
                  8. Notices

              	
                 

                6

              
	
                 

                SECTION
                  9. Obligations Unconditional

              	
                 

                6

              
	
                 

                SECTION
                  10. Entire Agreement

              	
                 

                7

              
	
                 

                SECTION
                  11. Governing Law

              	
                 

                7

              
	
                 

                SECTION
                  12. Waiver of Jury Trial Right

              	
                 

                7

              
	
                 

                SECTION
                  13. Counterparts

              	
                 

                7

              

      

      

      

      
        
          
          

        

        
          -i-

          
            

          

        

        
          Table
            of Contents

        

      

      

      DEPOSIT
        AGREEMENT dated as of September 22, 2005 (as amended, modified or supplemented
        from time to time, this "Agreement")
        between WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national banking
        association, as Escrow Agent under the Escrow and Paying Agent Agreement
        referred to below (in such capacity, together with its successors in such
        capacity, the "Escrow
        Agent"),
        and
        CITIBANK, N.A., a national banking association, as depositary bank (the
        "Depositary").

       

      W
        I T
        N E S S E T H

       

      WHEREAS,
        Continental Airlines, Inc. ("Continental")
        and
        Wilmington Trust Company, not in its individual capacity except as otherwise
        expressly provided therein, but solely as trustee (in such capacity, together
        with its successors in such capacity, the "Pass
        Through Trustee")
        have
        entered into a Trust Supplement, dated as of September 22, 2005, to the Pass
        Through Trust Agreement dated as of September 25, 1997 (together, as amended,
        modified or supplemented from time to time in accordance with the terms thereof,
        the "Pass
        Through Trust Agreement")
        relating to Continental Airlines Pass Through Trust 2005-ERJ1 pursuant to
        which
        the Continental Airlines Pass Through Trust, Series 2005-ERJ1 Certificates
        referred to therein (the "Certificates")
        are
        being issued (the date of such issuance, the "Issuance
        Date");
        

       

      WHEREAS,
        Continental, Embraer-Empresa Brasileira de Aeronáutica S.A., Citigroup Global
        Markets Inc. (the "Underwriter"
        and,
        together with its transferees and assigns as registered owners of the
        Certificates, the "Investors")
        and
        the Depositary have entered into an Underwriting Agreement dated as of September
        14, 2005, pursuant to which the Pass Through Trustee will issue and sell
        the
        Certificates to the Underwriter;

       

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

       

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

       

      WHEREAS,
        the Underwriter and the Pass Through Trustee intend that the Net Proceeds
        (excluding any amount used to purchase Equipment Notes on the Issuance Date)
        be
        held in escrow by the Escrow Agent on behalf of the Investors pursuant to
        the
        Escrow and Paying Agent Agreement, subject to withdrawal upon request of
        and
        proper certification by the Pass Through Trustee for the purpose of purchasing
        Equipment Notes, and that pending such withdrawal the Net Proceeds be deposited
        by the Escrow Agent with the Depositary pursuant to 

       

      
        
          
          

        

        
          -1-

          
            

          

        

        
          Table
            of Contents

        

      

      this
        Agreement, which provides for the Depositary to pay interest for distribution
        to
        the Investors and to establish accounts from which the Escrow Agent shall
        make
        withdrawals upon request of and proper certification by the Pass Through
        Trustee.

       

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

       

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

       

      SECTION
        1.2  Establishment
        of Accounts.
        The
        Escrow Agent hereby instructs the Depositary, and the Depositary agrees,
        to
        establish the separate deposit accounts listed on Schedule I hereto and to
        establish such additional separate deposit accounts as may be required, solely
        upon the written instruction of an Authorized Person (as defined in Section
        8
        hereof) of the Escrow Agent, in connection with the deposits contemplated
        by
        Section 2.4 hereof (each, an "Account"
        and
        collectively, the "Accounts"),
        each
        in the name of the Escrow Agent and all on the terms and conditions set forth
        in
        this Agreement.

       

      SECTION
        2.1 Deposits.
        The
        Escrow Agent shall direct the Underwriter to deposit with the Depositary
        on the
        date of this Agreement (the "Deposit
        Date")
        in
        Federal (same day) funds by wire transfer to: Citibank, N.A., ABA No. 021000089,
        Account No. 36855852, further credit to Account No. 795733, and the Depositary
        shall accept from the Underwriter, on behalf of the Escrow Agent, the sum
        of
        US$311,010,000 (or such lesser amount equal to the Net Proceeds less amounts,
        if
        any, used to purchase Equipment Notes on the Issuance Date). Upon acceptance
        of
        such sum, the Depositary shall (i) accept each of the deposits specified
        in
        Schedule I hereto maturing on September 28, 2006 (including any deposit made
        pursuant to Section 2.4 hereof, individually, a "Deposit"
        and,
        collectively, the "Deposits")
        and
        (ii) credit each Deposit to the related Account as set forth therein. No
        amount
        shall be deposited in any Account other than the related Deposit. The Depositary
        shall have no duty to solicit the delivery of any Deposit.

       

      SECTION
        2.2  Interest.
        The
        Depository shall pay interest on each Deposit from and including the date
        of
        deposit to but excluding the date of withdrawal at the rate of 9.798% per
        annum
        (computed on the basis of a year of twelve 30 day months) payable to the
        Paying
        Agent, in accordance with the instructions set forth in Section 4 hereof,
        on
        behalf of the Escrow Agent monthly in arrears on the 1st day of each month,
        commencing on October 1, 2005 (each, an "Interest
        Payment Date"),
        and
        on the date of the Final Withdrawal (as defined below), all in accordance
        with
        the terms of this Agreement (whether or not any such Deposit is withdrawn
        on an
        Interest Payment Date). Interest accrued on any Deposit that is withdrawn
        pursuant to a Notice of Purchase Withdrawal (as defined below) shall be paid
        on
        the next Interest Payment Date, notwithstanding any intervening Final Withdrawal
        (as defined below). 

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          Table
            of Contents

        

      

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

       

      (b) The
        Escrow Agent may, by providing at least 15 days' prior notice of withdrawal
        to
        the Depositary in the form of Exhibit B hereto (a "Notice
        of Final Withdrawal"),
        withdraw the entire amount of all of the remaining Deposits together with
        the
        payment by the Depositary of all accrued and unpaid interest on such Deposits
        up
        to but excluding the specified date of withdrawal (a "Final
        Withdrawal"),
        on
        such Business Day as shall be specified in such Notice of Final Withdrawal.
        If a
        Notice of Final Withdrawal has not been received by the Depositary on or
        before
        September 10, 2006, and there are unwithdrawn Deposits in any of the Accounts
        on
        such date, the Depositary shall pay, via wire transfer in accordance with
        the
        instructions set forth in Section 4 hereof, the amount of the Final Withdrawal
        to the Paying Agent on September 28, 2006.

       

      (c) If
        the
        Depositary timely receives a duly completed Notice of Purchase Withdrawal
        or
        Notice of Final Withdrawal (each, a "Withdrawal
        Notice")
        complying with the provisions of this Agreement, and provided a notice of
        cancellation has not been timely received by the Depositary in the case of
        a
        Notice of Purchase Withdrawal, it shall make the payments specified therein
        in
        accordance with the provisions of this Agreement.

       

      SECTION
        2.4  Other
        Accounts.
        On the
        date of withdrawal of any Deposit (other than the date of the Final Withdrawal),
        the Escrow Agent, or the Pass Through Trustee on behalf of the Escrow Agent,
        shall re-deposit with the Depositary any portion thereof not used to acquire
        Equipment Notes and the Depositary shall accept the same for deposit hereunder
        into the account from which it was withdrawn. On the date the Certificates
        are
        issued, the Escrow Agent, or the Underwriter, on behalf of the Escrow Agent,
        shall be entitled to deposit with the Depositary any portion of the Net Proceeds
        not theretofore deposited hereunder and not used to purchase Equipment Notes
        on
        the Issuance Date (the "Unused
        Proceeds")
        and
        the Depositary shall accept the Unused Proceeds for deposit hereunder. Any
        sums
        so received for deposit shall be received 

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          Table
            of Contents

        

      

      as
        a new
        Deposit, credited to a new Account, and Schedule I hereto shall be amended
        to
        include such Deposit, all as more fully provided in Section 2.1 hereof, and
        thereafter the provisions of this Agreement shall apply thereto as fully
        and
        with the same force and effect as if such Deposit had been established on
        the
        Deposit Date except that (i) such Deposit may not be withdrawn prior to the
        date
        seven days after the receipt and acceptance thereof by the Depositary and
        (ii)
        such Deposit shall mature on September 28, 2006 and bear interest as provided
        in
        Section 2.2. The Depositary shall promptly give notice to the Escrow Agent
        of
        receipt of each such re-deposit and the account number assigned
        thereto.

      

      SECTION
        3.  Termination.
        This
        Agreement shall terminate on the fifth Business Day after the later of the
        date
        on which (i) all of the Deposits shall have been withdrawn and paid as provided
        herein without any re-deposit and (ii) all accrued and unpaid interest on
        the
        Deposits shall have been paid as provided herein.

       

      SECTION
        4.  Payments.
        All
        payments (including, without limitation, those payments made in respect of
        Taxes
        (as defined and provided for below)) made by the Depositary hereunder shall
        be
        paid in United States Dollars and immediately available funds by wire transfer
        (i) in the case of accrued interest on the Deposits payable under Section
        2.2
        hereof or any Final Withdrawal, directly to the Paying Agent at Wilmington
        Trust
        Company, Wilmington, DE, ABA# 031100092, Account No.
        070157-000,
        Attention: Monica Henry, Telephone No.: (302) 636-6296, Reference: Continental
        Airlines PTT, Series 2005-ERJ1, or to such other account as the Paying Agent
        may
        direct from time to time in writing to the Depositary and the Escrow Agent
        and
        (ii) in the case of any withdrawal of one or more Deposits pursuant to a
        Notice
        of Purchase Withdrawal, directly to or as directed by the Pass Through Trustee
        as specified and in the manner provided in such Notice of Purchase Withdrawal.
        The Depositary hereby waives any and all rights of set-off, combination of
        accounts, right of retention or similar right (whether arising under applicable
        law, contract or otherwise) it may have against the Deposits howsoever arising.
        All payments on or in respect of each Deposit shall be made free and clear
        of
        and without reduction for or on account of any and all taxes, levies or other
        impositions or charges (collectively, "Taxes").
        However, if the Depositary shall be required by law to deduct or withhold
        any
        Taxes from or in respect of any sum payable hereunder, the Depositary shall
        (i)
        make such deductions or withholding and (ii) pay the full amount deducted
        or
        withheld (including in respect of such additional amounts) to the competent
        taxation authority. The Depositary shall not have any withholding or tax
        reporting obligations with respect to the Deposits, except as may be required
        by
        law. If the date on which any payment due on any Deposit would otherwise
        fall on
        a day which is not a Business Day, such payment shall be made on the next
        succeeding Business Day, and no additional interest shall accrue in respect
        of
        such extension.

       

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

       

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

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          Table
            of Contents

        

      

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

       

      (c) the
        execution, delivery and performance of this Agreement have been duly authorized
        by all necessary corporate action on the part of it and do not require any
        stockholder approval, or approval or consent of any trustee or holder of
        any
        indebtedness or obligations of it, and this Agreement has been duly executed
        and
        delivered by it and constitutes its legal, valid and binding obligations
        enforceable against it in accordance with the terms hereof, except
        (x) as enforcement thereof may be limited by bankruptcy, insolvency (including,
        without limitation, all laws relating to fraudulent transfers), reorganization,
        moratorium or other similar laws now or hereinafter in effect relating to
        creditors' rights generally and (y) as enforcement thereof is subject to
        general
        principles of equity (regardless of whether enforcement is considered in
        a
        proceeding in equity or at law).

       

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

       

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

       

      (f) there
        are
        no pending or, to its knowledge, threatened actions, suits, investigations
        or
        proceedings (whether or not purportedly on behalf of it) against or affecting
        it
        or any of its property before or by any court or administrative agency which,
        if
        adversely determined, (i) would adversely affect the ability of it to perform
        its obligations under this Agreement or (ii) would call into question or
        challenge the validity of this Agreement or the enforceability hereof in
        accordance with the terms hereof, nor is the Depositary in default with respect
        to any order of any court, governmental authority, arbitration board or
        administrative agency so as to adversely affect its ability to perform its
        obligations under this Agreement.

       

      SECTION
        6.  Transfer.
        Neither
        party hereto shall be entitled to assign or otherwise transfer this Agreement
        (or any interest herein) other than (in the case of the Escrow Agent) to
        a
        successor escrow agent under the Escrow and Paying Agent Agreement, and any
        purported assignment in violation thereof shall be void. This Agreement shall
        be
        binding upon 

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          Table
            of Contents

        

      

      the
        parties hereto and their respective successors and (in the case of the Escrow
        Agent) permitted assigns. 

      

      SECTION
        7.  Amendment,
        Etc.
        This
        Agreement may not be amended, waived or otherwise modified except by an
        instrument in writing signed by each of the parties hereto.

       

      SECTION
        8.  Notices.
        Unless
        otherwise expressly provided herein, any notice or other communication under
        this Agreement shall be in writing (including by facsimile) and shall be
        deemed
        to be given and effective upon receipt thereof. All notices shall be sent
        to (x)
        in the case of the Depositary, Citibank, N.A., 388 Greenwich Street, 14th
        Floor,
        New York, NY, 10013, Attention: Barbara E. Bennett, (Telephone: (212)
        816-5621, Telecopier: (212)  657-2762) or (y) in the case of the
        Escrow Agent, Wells Fargo Bank Northwest, National Association, 299 South
        Main
        Street, MAC: U1228-120, Salt Lake City, UT 84111, Attention: Corporate Trust
        Services (Telephone: (801) 246-5630, Telecopier: (801) 246-5053), in each
        case,
        with a copy to the Pass Through Trustee, Wilmington Trust Company, 1100 North
        Market Street, Rodney Square North, Wilmington, DE 19890-1605, Attention:
        Corporate Capital Market Services (Telephone: (800) 733-8485,
        Telecopier: (302) 636-4140) and to Continental, Continental Airlines, Inc.,
        1600
        Smith Street, Dept. HQS-FN, Houston, TX 77002, Attention: Treasurer (Telephone:
        (713) 324-2544, Telecopier: (713) 324-2447) (or at such other address as
        any
        such party may specify from time to time in a written notice to the parties
        hereto). On or prior to the execution of this Agreement, the Escrow Agent
        has
        delivered to the Depositary a certificate containing specimen signatures
        of the
        representatives of the Escrow Agent and the Pass Through Trustee who are
        authorized to give notices and instructions with respect to this Agreement,
        attached hereto as Schedule IIA and IIB, respectively ("Authorized
        Person").
        The
        Depositary may conclusively rely on such certificate until the Depositary
        receives written notice from the Escrow Agent to the contrary.

       

      In
        addition, the Depositary may conclusively rely on and shall be protected
        in
        acting in reliance upon any certificate, instrument, opinion, notice, letter
        or
        other document or security delivered to the Depositary and believed by the
        Depositary in good faith to be genuine and to have been signed and presented
        by
        the proper person or persons and may act upon any tender, statements, request,
        documents, certificate, agreement or other instrument not only as to its
        due
        execution and validity and effectiveness of its provisions, but also as to
        the
        truth and accuracy of any information contained therein, which the Depositary
        shall in good faith believe to be genuine or to have been signed or presented
        by
        the proper person or persons. The Depositary shall have no duties or obligations
        other than those specifically set forth herein or as may be subsequently
        agreed
        to in writing between the parties hereto and by the Pass Through Trustee.
        The
        Depositary may consult with counsel of its selection with respect to any
        questions relating to its duties and responsibilities and the advice or opinion
        of such counsel shall be full and complete authorization and protection in
        respect of any action taken, suffered or omitted to be taken by the Depositary
        hereunder in good faith and in accordance with the advice or opinion of such
        counsel.

      

      SECTION
        9.  Obligations
        Unconditional.
        The
        Depositary hereby acknowledges and agrees that its obligation to repay each
        Deposit together with interest thereon as provided 

       

      
        
          
          

        

        
          -6-

          
            

          

        

        
          Table
            of Contents

        

      

      herein
        is
        absolute, irrevocable and unconditional and constitutes a full recourse
        obligation of the Depositary enforceable against it to the full extent of
        all of
        its assets and properties.

      

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

       

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

       

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

       

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

       

      

      [Signature
        Page Follows]

       

      
        
          
          

        

        
          -7-

          
            

          

        

        
          Table
            of Contents

        

      

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

       

       

      WELLS
        FARGO BANK NORTHWEST,

      NATIONAL
        ASSOCIATION,

      as
        Escrow
        Agent

      

      By
        ___________________________

           
        Name:

           
        Title:

       

       

      CITIBANK,
        N.A.,

      as
        Depositary

      
         

         

        By
          ___________________________ 

             
          Name:

             
          Title:

        
 

      

      
        
          
          

        

        
          -8-

          
            

          

        

        
          Table
            of Contents

        

      

      Schedule
        I

      

      

      Schedule
        of Deposits 

      

      

        

        
          	
                   

                  Registration
                    No.

                	
                   

                  Serial
                    No.

                	
                   

                  Deposit
                    Amount

                	
                   

                  Account
                    No.

                
	
                  N11192

                	
                  14500936

                	
                  11,007,469.39

                	
                  795746

                
	
                  N11193

                	
                  14500938

                	
                  11,007,469.39

                	
                  795747

                
	
                  N11194

                	
                  14500940

                	
                  11,007,469.37

                	
                  795748

                
	
                  N12195

                	
                  14500943

                	
                  11,007,469.37

                	
                  795749

                
	
                  N17196

                	
                  14500945

                	
                  11,007,469.37

                	
                  795750

                
	
                  N21197

                	
                  14500947

                	
                  11,007,469.37

                	
                  795751

                
	
                  N14198

                	
                  14500951

                	
                  11,007,469.37

                	
                  795752

                
	
                  N11199

                	
                  14500953

                	
                  11,007,469.37

                	
                  795753

                

        

        

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          Table
            of Contents

        

      

    

    

    Schedule
      II A & B

    

    

    

    INCUMBENCY
      CERTIFICATES

    

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          Table
            of Contents

        

      

    

    

    EXHIBIT
      A

    

    

    

    NOTICE
      OF
      PURCHASE WITHDRAWAL

    

    

    Citibank,
      N.A.

    388
      Greenwich Street, 14th Floor

    New
      York,
      NY, 10013

    Attention:
      Barbara E. Bennett

    Telecopier:
      (212)  657-2762

    

    Gentlemen:

     

    Reference
      is made to the Deposit Agreement dated as of September 22, 2005 (the
      "Deposit
      Agreement")
      between Wells Fargo Bank Northwest, National Association, as Escrow Agent,
      and
      Citibank, N.A., as Depositary (the "Depositary").

     

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

     

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

     

    

    WELLS
      FARGO BANK NORTHWEST,

                                        NATIONAL
      ASSOCIATION,

                                         as
      Escrow Agent

    

    

    By__________________________

        
      Name:

        
      Title:

     

    Dated:
      _______ __, 200_

    

    

    
      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          Table
            of Contents

          
          

        

      

    

    
 

    EXHIBIT
      B

    

    

    NOTICE
      OF
      FINAL WITHDRAWAL

    

    

    Citibank,
      N.A.

    388
      Greenwich Street, 14th Floor

    New
      York,
      NY, 10013

    Attention:
      Barbara E. Bennett

    Telecopier:
      (212)  657-2762

    

    Gentlemen:

     

    Reference
      is made to the Deposit Agreement dated as of September 22, 2005 (the
      "Deposit
      Agreement")
      between Wells Fargo Bank Northwest, National Association, as Escrow Agent,
      and
      Citibank, N.A., as Depositary (the "Depositary").

    

    In
      accordance with Section 2.3(b) of the Deposit Agreement, the undersigned hereby
      requests the withdrawal of the entire amount of all Deposits and all accrued
      interest to date on such Deposits.

     

    The
      undersigned hereby directs the Depositary to pay the proceeds of the Deposits
      and accrued interest thereon to the Paying Agent at Wilmington Trust Company,
      [ABA# 031100092, Account No. _____________, Reference: Continental
      2005-ERJ1].

    
      

      WELLS
        FARGO BANK NORTHWEST,

                                          NATIONAL
        ASSOCIATION,

                                           as
        Escrow Agent

      

      

      By__________________________

          
        Name:

          
        Title:

       
Dated:
      _________, 200_Exhibit 4.5 - Escrow and Paying Agent Agreement

    EXECUTION
      VERSION

    

     

    

     

    ESCROW
      AND PAYING AGENT AGREEMENT

    

    

    Dated
      as
      of September 22, 2005

     

    among

     

    WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

     

    as
      Escrow
      Agent

     

    CITIGROUP
      GLOBAL MARKETS INC.

    

    as
      Underwriter

     

    WILMINGTON
      TRUST COMPANY,

    not
      in
      its individual capacity,

    but
      solely as Pass Through Trustee

    for
      and
      on behalf of

    Continental
      Airlines Pass Through Trust 2005-ERJ1

     

    as
      Pass
      Through Trustee

     

    and

     

    WILMINGTON
      TRUST COMPANY

     

    as
      Paying
      Agent

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

    
      	
               

              SECTION
                1. Escrow Agent

            	
              2

            
	
              Section
                1.01. Appointment of Escrow
                Agent

            	
              2

            
	
              Section
                1.02. Instruction;
                Etc.

            	
              2

            
	
              Section
                1.03. Initial Escrow
                Amount; Issuance of Escrow Receipts

            	
              3

            
	
              Section
                1.04. Payments to
                Receiptholders

            	
              3

            
	
              Section
                1.05. Mutilated, Destroyed,
                Lost or Stolen Escrow Receipt

            	
              4

            
	
              Section
                1.06. Additional Escrow
                Amounts

            	
              4

            
	
              Section
                1.07. Resignation or
                Removal of Escrow Agent

            	
              4

            
	
              Section
                1.08. Persons Deemed
                Owners

            	
              5

            
	
              Section
                1.09. Further
                Assurances

            	
              5

            
	
               

              SECTION
                2. Paying Agent

            	
              5

            
	
              Section
                2.01. Appointment of Paying
                Agent

            	
              5

            
	
              Section
                2.02. Establishment of
                Paying Agent Account

            	
              6

            
	
              Section
                2.03. Payments from Paying
                Agent Account

            	
              6

            
	
              Section
                2.04. Withholding
                Taxes

            	
              7

            
	
              Section
                2.05. Resignation or
                Removal of Paying Agent

            	
              7

            
	
              Section
                2.06. Notice of Final
                Withdrawal

            	
              7

            
	
               

              SECTION
                3. Payments

            	
              8

            
	
               

              SECTION
                4. Other Actions

            	
              8

            
	
               

              SECTION
                5. Representations and Warranties
                of the Escrow Agent

            	
              8

            
	
               

              SECTION
                6. Representations and Warranties
                of the Paying Agent

            	
              9

            
	
               

              SECTION
                7. Indemnification

            	
              10

            
	
               

              SECTION
                8. Amendment, Etc.

            	
              11

            
	
               

              SECTION
                9. Notices

            	
              11

            
	
               

              SECTION
                10. Transfer

            	
              12

            
	
               

              SECTION
                11. Entire
                Agreement

            	
              12

            
	
               

              SECTION
                12. Governing Law

            	
              12

            
	
               

              SECTION
                13. Waiver of Jury Trial
                Right

            	
              12

            
	
               

              SECTION
                14. Counterparts

            	
                      12

            
	
               

              Exhibit A     Escrow
                Receipt

            	 
	
               

              Exhibit B     Withdrawal
                Certificate

            	 

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        Table
          of Contents

      

    

     

    ESCROW
      AND PAYING AGENT AGREEMENT dated as of September 22, 2005 (as amended, modified
      or supplemented from time to time, this "Agreement")
      among
      WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national banking
      association, as Escrow Agent (in such capacity, together with its successors
      in
      such capacity, the "Escrow
      Agent");
      CITIGROUP GLOBAL MARKETS INC., as Underwriter of the Certificates referred
      to
      below (the "Underwriter"
      and
      together with its respective transferees and assigns as registered owners of
      the
      Certificates, the "Investors")
      under
      the Underwriting Agreement referred to below; WILMINGTON TRUST COMPANY, a
      Delaware banking corporation, not in its individual capacity except as otherwise
      expressly provided herein, but solely as trustee (in such capacity, together
      with its successors in such capacity, the "Pass
      Through Trustee")
      under
      the Pass Through Trust Agreement referred to below; and WILMINGTON TRUST
      COMPANY, a Delaware banking corporation, as paying agent hereunder (in such
      capacity, together with its successors in such capacity, the "Paying
      Agent").

    

    W
      I T
      N E S S E T H

    

    WHEREAS,
      Continental Airlines, Inc. ("Continental")
      and
      the Pass Through Trustee have entered into a Trust Supplement, dated as of
      September 22, 2005 (the "Trust
      Supplement"),
      to
      the Pass Through Trust Agreement, dated as of September 25, 1997 (together,
      as amended, modified or supplemented from time to time in accordance with the
      terms thereof, the "Pass
      Through Trust Agreement")
      relating to Continental Airlines Pass Through Trust 2005-ERJ1 (the "Pass
      Through Trust")
      pursuant to which the Continental Airlines Pass Through Trust, Series 2005-ERJ1
      Certificates referred to therein (the "Certificates")
      are
      being issued (the date of such issuance, the "Issuance
      Date");
      

     

    WHEREAS,
      Continental, Embraer-Empresa Brasileira de Aeronáutica S.A., the Depositary and
      the Underwriter have entered into an Underwriting Agreement dated as of
      September 14, 2005 (as amended, modified or supplemented from time to time
      in
      accordance with the terms thereof, the "Underwriting Agreement")
      pursuant to which the Pass Through Trustee will issue and sell the Certificates
      to the Underwriter; 

     

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

     

    WHEREAS,
      the Underwriter and the Pass Through Trustee intend that the Net Proceeds
      (excluding any amount used to purchase Equipment Notes on the Issuance Date)
      be
      held in escrow by the Escrow Agent on behalf of the Investors, subject to
      withdrawal upon request by the Pass Through Trustee and satisfaction of the
      conditions set forth in the Note Purchase Agreement for the purpose of
      purchasing Equipment Notes, and that pending such withdrawal the Net Proceeds
      be
      deposited on behalf of the Escrow Agent with Citibank, N.A., as Depositary
      (the
      "Depositary")
      under
      the Deposit Agreement, dated as of the date hereof between the Depositary and
      the Escrow Agent relating to the Pass Through Trust (as amended, modified,
      

     

    
      
        
        

      

      
        1

        
          

        

      

      
        Table
          of Contents

      

    

    supplemented
      or replaced from time to time in accordance with the terms thereof, the
      "Deposit
      Agreement")
      pursuant to which, among other things, the Depositary will pay interest for
      distribution to the Investors and establish accounts from which the Escrow
      Agent
      shall make withdrawals upon request of and proper certification by the Pass
      Through Trustee;

     

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

     

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

     

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

     

    SECTION
      1.  Escrow
      Agent.

     

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

     

    Section
      1.02.  Instruction;
      Etc. 
      The
      Underwriter, for and on behalf of each of the Investors, hereby irrevocably
      instructs the Escrow Agent, and the Escrow Agent agrees, (a) to enter into
      the
      Deposit Agreement, (b) to appoint the Paying Agent as provided in this
      Agreement, (c) upon receipt at any time and from time to time prior to the
      Termination Date (as defined below) of a certificate substantially in the form
      of Exhibit B hereto (a "Withdrawal
      Certificate")
      executed by the Pass Through Trustee, together with an attached Notice of
      Purchase Withdrawal in substantially the form of Exhibit A to the Deposit
      Agreement duly completed by the Pass Through Trustee (the "Applicable
      Notice of Purchase Withdrawal"
      and the
      withdrawal 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        Table
          of Contents

      

    

    to
      which
      it relates, a "Purchase
      Withdrawal"),
      immediately to execute the Applicable Notice of Purchase Withdrawal as Escrow
      Agent and transmit it to the Depositary by facsimile transmission in accordance
      with the Deposit Agreement; provided
      that,
      upon the request of the Pass Through Trustee after such transmission, the Escrow
      Agent shall cancel such Applicable Notice of Purchase Withdrawal, and (d) if
      there are any undrawn Deposits (as defined in the Deposit Agreement) on the
      "Termination
      Date",
      which
      shall mean the earlier of (i) August 31, 2006 and (ii) the day on which the
      Escrow Agent receives notice from the Pass Through Trustee that the Pass Through
      Trustee's obligation to purchase Equipment Notes under the Note Purchase
      Agreement has terminated, to give notice to the Depositary (with a copy to
      the
      Paying Agent) substantially in the form of Exhibit B to the Deposit Agreement
      requesting a withdrawal of all of the remaining Deposits, together with accrued
      and unpaid interest on such Deposits to the date of withdrawal, on the 25th
      day
      after the date that such notice of withdrawal is given to the Depositary (or,
      if
      not a Business Day, on the next succeeding Business Day) (a "Final
      Withdrawal"),
      provided
      that if
      the day scheduled for the Final Withdrawal in accordance with the foregoing
      is
      within 10 days before or after a Regular Distribution Date, then the Escrow
      Agent shall request that such requested Final Withdrawal be made on such Regular
      Distribution Date (the date of such requested withdrawal, the "Final
      Withdrawal Date").
      If
      for any reason the Escrow Agent shall have failed to give the Final Withdrawal
      Notice to the Depositary on or before September 10, 2006, and there are
      unwithdrawn Deposits on such date, the Final Withdrawal Date shall be deemed
      to
      be September 28, 2006.

     

    Section
      1.03.  Initial
      Escrow Amount; Issuance of Escrow Receipts. 
      The
      Escrow Agent hereby directs the Underwriter to, and the Underwriter hereby
      acknowledges that on the date hereof it shall, irrevocably deliver to the
      Depositary on behalf of the Escrow Agent, an amount in U.S. dollars
      ("Dollars")
      and
      immediately available funds equal to $311,010,000 (or such lesser amount equal
      to the Net Proceeds less amounts, if any, used to purchase Equipment Notes
      on
      the Issuance Date) for deposit on behalf of the Escrow Agent with the Depositary
      in accordance with Section 2.1 of the Deposit Agreement. The Underwriter hereby
      instructs the Escrow Agent, upon receipt of such sum from the Underwriter,
      to
      confirm such receipt by executing and delivering to the Pass Through Trustee
      an
      Escrow Receipt in the form of Exhibit A hereto (an "Escrow
      Receipt"),
      (a)
      to be affixed by the Pass Through Trustee to each Certificate and (b) to
      evidence the same percentage interest (the "Escrow
      Interest")
      in the
      Account Amounts (as defined below) as the Fractional Undivided Interest in
      the
      Pass Through Trust evidenced by the Certificate to which it is to be affixed.
      The Escrow Agent shall provide to the Pass Through Trustee for attachment to
      each Certificate newly issued under and in accordance with the Pass Through
      Trust Agreement an executed Escrow Receipt as the Pass Through Trustee may
      from
      time to time request of the Escrow Agent. Each Escrow Receipt shall be
      registered by the Escrow Agent in a register (the "Register")
      maintained by the Escrow Agent in the same name and same manner as the
      Certificate to which it is attached and may not thereafter be detached from
      such
      Certificate to which it is to be affixed prior to the distribution of the Final
      Withdrawal (the "Final
      Distribution").
      After
      the Final Distribution, no additional Escrow Receipts shall be issued and the
      Pass Through Trustee shall request the return to the Escrow Agent for
      cancellation of all outstanding Escrow Receipts.

     

    Section
      1.04.  Payments
      to Receiptholders. 
      All
      payments and distributions made to holders of an Escrow Receipt (collectively
      "Receiptholders")
      in
      respect of the Escrow Receipt 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        Table
          of Contents

      

    

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

     

    Section
      1.05.  Mutilated,
      Destroyed, Lost or Stolen Escrow Receipt. 
      If
      (a)
      any mutilated Escrow Receipt is surrendered to the Escrow Agent or the Escrow
      Agent receives evidence to its satisfaction of the destruction, loss or theft
      of
      any Escrow Receipt and (b) there is delivered to the Escrow Agent and the
      Pass Through Trustee such security, indemnity or bond, as may be required by
      them to hold each of them harmless, then, absent notice to the Escrow Agent
      or
      the Pass Through Trustee that such destroyed, lost or stolen Escrow Receipt
      has
      been acquired by a bona fide purchaser, and provided that the requirements
      of
      Section 8-405 of the Uniform Commercial Code in effect in any applicable
      jurisdiction are met, the Escrow Agent shall execute, authenticate and deliver,
      in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
      Escrow Receipt, a new Escrow Receipt or Escrow Receipts and of like Escrow
      Interest in the Account Amounts and bearing a number not contemporaneously
      outstanding.

     

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

     

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

     

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

     

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

     

    Section
      1.07.  Resignation
      or Removal of Escrow Agent. 
      Subject
      to the appointment and acceptance of a successor Escrow Agent as provided below,
      the Escrow Agent may resign at any time by giving 30 days' prior written notice
      thereof to the Investors, but may not otherwise be removed except for cause
      by
      the written consent of the Investors with respect to Investors representing
      Escrow Interests aggregating not less than a majority in interest in the Account
      Amounts (an "Action
      of Investors").
      Upon
      any such resignation or removal, the 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        Table
          of Contents

      

    

    Investors,
      by an Action of Investors, shall have the right to appoint a successor Escrow
      Agent. If no successor Escrow Agent shall have been so appointed and shall
      have
      accepted such appointment within 30 days after the retiring Escrow Agent's
      giving of notice of resignation or the removal of the retiring Escrow Agent,
      then the retiring Escrow Agent may appoint a successor Escrow Agent. Any
      successor Escrow Agent shall be a bank which has an office in the United States
      with a combined capital and surplus of at least $100,000,000. Upon the
      acceptance of any appointment as Escrow Agent hereunder by a successor Escrow
      Agent, such successor Escrow Agent shall enter into such documents as the Pass
      Through Trustee shall require and shall thereupon succeed to and become vested
      with all the rights, powers, privileges and duties of the retiring Escrow Agent,
      and the retiring Escrow Agent shall be discharged from its duties and
      obligations hereunder. No resignation or removal of the Escrow Agent shall
      be
      effective unless a written confirmation shall have been obtained from each
      of
      Moody's Investors Service, Inc. and Standard & Poor's Ratings Services, a
      division of The McGraw-Hill Companies, Inc., that the replacement of the Escrow
      Agent with the successor Escrow Agent will not result in (a) a reduction of
      the
      rating for the Certificates below the then current rating for the Certificates
      or (b) a withdrawal or suspension of the rating of the
      Certificates.

     

    Section
      1.08.  Persons
      Deemed Owners.  Prior
      to
      due presentment of a Certificate for registration of transfer, the Escrow Agent
      and the Paying Agent may treat the Person in whose name any Escrow Receipt
      is
      registered (as of the day of determination) as the owner of such Escrow Receipt
      for the purpose of receiving distributions pursuant to this Agreement and for
      all other purposes whatsoever, and neither the Escrow Agent nor the Paying
      Agent
      shall be affected by any notice to the contrary.

     

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

    

    SECTION
      2.  Paying
      Agent.

    

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

    
      
        
        

      

      
        5

        
          

        

      

      
        Table
          of Contents

      

    

    provided
      for herein or in connection herewith, except for its own willful misconduct
      or
      gross negligence (or simple negligence in connection with the handling of
      funds).

    

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

     

    Section
      2.03.  Payments
      from Paying Agent Account. 
      The
      Escrow Agent hereby irrevocably instructs the Paying Agent, and the Paying
      Agent
      agrees to act, as follows: 

     

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

     

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

     

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

     

    
      
        
        

      

      
        6

        
          

        

      

      
        Table
          of Contents

      

    

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

     

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

     

    Section
      2.05.  Resignation
      or Removal of Paying Agent. 
      Subject
      to the appointment and acceptance of a successor Paying Agent as provided below,
      the Paying Agent may resign at any time by giving 30 days' prior written notice
      thereof to the Escrow Agent, but may not otherwise be removed except for cause
      by the Escrow Agent. Upon any such resignation or removal, the Escrow Agent
      shall have the right to appoint a successor Paying Agent. If no successor Paying
      Agent shall have been so appointed and shall have accepted such appointment
      within 30 days after the retiring Paying Agent's giving of notice of resignation
      or the removal of the retiring Paying Agent, then the retiring Paying Agent
      may
      appoint a successor Paying Agent. Any Successor Paying Agent shall be a bank
      which has an office in the United States with a combined capital and surplus
      of
      at least $100,000,000. Upon the acceptance of any appointment as Paying Agent
      hereunder by a successor Paying Agent, such successor Paying Agent shall enter
      into such documents as the Escrow Agent shall require and shall thereupon
      succeed to and become vested with all the rights, powers, privileges and duties
      of the retiring Paying Agent, and the retiring Paying Agent shall be discharged
      from its duties and obligations hereunder. 

     

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

     

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

     

    
      
        
        

      

      
        7

        
          

        

      

      
        Table
          of Contents

      

    

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

     

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

     

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

     

    SECTION
      3.  Payments. 
      If,
      notwithstanding the instructions in Section 4 of the Deposit Agreement that
      all
      amounts payable to the Escrow Agent under the Deposit Agreement be paid by
      the
      Depositary directly to the Paying Agent or the Pass Through Trustee (depending
      on the circumstances), the Escrow Agent receives any payment thereunder, then
      the Escrow Agent shall forthwith pay such amount in Dollars and in immediately
      available funds by wire transfer to (a) in the case of a payment of accrued
      interest on the Deposits (as defined in the Deposit Agreement) or any Final
      Withdrawal, directly to the Paying Agent Account, and (b) in the case of any
      Purchase Withdrawal, directly to the Pass Through Trustee or its designee as
      specified and in the manner provided in the Applicable Notice of Purchase
      Withdrawal. The Escrow Agent hereby waives any and all rights of set-off,
      combination of accounts, right of retention or similar right (whether arising
      under applicable law, contract or otherwise) it may have against amounts payable
      to the Paying Agent howsoever arising. 

     

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

     

    SECTION
      5.  Representations
      and Warranties of the Escrow Agent. 
      The
      Escrow Agent represents and warrants to Continental, the Investors, the Paying
      Agent and the Pass Through Trustee as follows:

     

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

     

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

     

    (iii) the
      execution, delivery and performance of each of this Agreement and the Deposit
      Agreement have been duly authorized by all necessary corporate action on the
      part of it and do not require any stockholder approval, or approval or consent
      of any trustee or holder of any indebtedness or obligations of it, and each
      such
      document has been duly executed and delivered 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        Table
          of Contents

      

    

    by
      it and
      constitutes its legal, valid and binding obligations enforceable against it
      in
      accordance with the terms hereof or thereof except as such enforceability may
      be
      limited by bankruptcy, insolvency, moratorium, reorganization or other similar
      laws or equitable principles of general application to or affecting the
      enforcement of creditors' rights generally (regardless of whether such
      enforceability is considered in a proceeding in equity or at law);

     

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

     

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

     

    (vi) there
      are
      no pending or, to its knowledge, threatened actions, suits, investigations
      or
      proceedings (whether or not purportedly on behalf of it) against or affecting
      it
      or any of its property before or by any court or administrative agency which,
      if
      adversely determined, (A) would adversely affect the ability of it to perform
      its obligations under this Agreement or the Deposit Agreement or (B) would
      call
      into question or challenge the validity of this Agreement or the Deposit
      Agreement or the enforceability hereof or thereof in accordance with the terms
      hereof or thereof, nor is the Escrow Agent in default with respect to any order
      of any court, governmental authority, arbitration board or administrative agency
      so as to adversely affect its ability to perform its obligations under this
      Agreement or the Deposit Agreement.

     

    SECTION
      6.  Representations
      and Warranties of the Paying Agent. 
      The
      Paying Agent represents and warrants to Continental, the Investors, the Escrow
      Agent and the Pass Through Trustee as follows:

     

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        Table
          of Contents

      

    

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

     

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

     

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

     

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

     

    (vi) there
      are
      no pending or, to its knowledge, threatened actions, suits, investigations
      or
      proceedings (whether or not purportedly on behalf of it) against or affecting
      it
      or any of its property before or by any court or administrative agency which,
      if
      adversely determined, (A) would adversely affect the ability of it to perform
      its obligations under this Agreement or (B) would call into question or
      challenge the validity of this Agreement or the enforceability hereof in
      accordance with the terms hereof, nor is the Paying Agent in default with
      respect to any order of any court, governmental authority, arbitration board
      or
      administrative agency so as to adversely affect its ability to perform its
      obligations under this Agreement.

     

    SECTION
      7.  Indemnification. 
      Except
      for actions expressly required of the Escrow Agent or the Paying Agent
      hereunder, each of the Escrow Agent and the Paying Agent shall in all cases
      be
      fully justified in failing or refusing to act hereunder unless it shall have
      been 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        Table
          of Contents

      

    

    indemnified
      by the party requesting such action in a manner reasonably satisfactory to
      it
      against any and all liability and expense which may be incurred by it by reason
      of taking or continuing to take any such action. In the event Continental
      requests any amendment to any Operative Agreement (as defined in the Note
      Purchase Agreement), the Pass Through Trustee agrees to pay all reasonable
      fees
      and expenses (including, without limitation, fees and disbursements of counsel)
      of the Escrow Agent and the Paying Agent in connection therewith.

     

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

     

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

     

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

     

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

     

    SECTION
      9.  Notices. 
      Unless
      otherwise expressly provided herein, any notice or other communication under
      this Agreement shall be in writing (including by facsimile) and shall be deemed
      to be given and effective upon receipt thereof. All notices shall be sent to
      (a)
      in the case of the Investors, as their respective addresses shall appear in
      the
      Register, (b) in the case of the Escrow Agent, Wells Fargo Bank Northwest,
      National Association, 299 South Main Street, MAC:  U1228-120, Salt
      Lake City, UT 84111, Attention: Corporate Trust Services (Telecopier: (801)
      246-5053), (c) in the case of the Pass Through Trustee, Wilmington Trust
      Company, 1100 North Market Street, Rodney Square North, Wilmington, DE
      19890-1605, Attention: Corporate Capital Market Services (Telecopier: (302)
      636-4140) or (d) in the case of the Paying Agent, Wilmington Trust Company,
      1100
      North Market Street, Rodney Square North, Wilmington, DE 19890-1605, Attention:
      Corporate Capital Market Services (Telecopier: (302) 636-4140) in each case
      with
      a copy to Continental, Continental Airlines, Inc., 1600 Smith Street, Dept.
      HQS-FN, Houston, TX 77002, Attention: Treasurer (Telecopier: (713) 324-2447)
      (or
      at such other address as any such party may specify from time to time in a
      written notice to the other parties). On or prior to the execution of this
      Agreement, the Pass Through Trustee has delivered to the Escrow Agent a
      certificate containing specimen signatures of the representatives of the Pass
      Through Trustee who are authorized to give notices and instructions with respect
      to this Agreement. The 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        Table
          of Contents

      

    

    Escrow
      Agent may conclusively rely on such certificate until the Escrow Agent receives
      written notice from the Pass Through Trustee to the contrary.

     

    SECTION
      10.  Transfer. 
      No
      party
      hereto shall be entitled to assign or otherwise transfer this Agreement (or
      any
      interest herein) other than (in the case of the Escrow Agent) to a successor
      escrow agent under Section 1.07 hereof or (in the case of the Paying Agent)
      to a
      successor paying agent under Section 2.05 hereof, and any purported assignment
      in violation thereof shall be void. This Agreement shall be binding upon the
      parties hereto and their respective successors and (in the case of the Escrow
      Agent and the Paying Agent) their respective permitted assigns.

     

    SECTION
      11.  Entire
      Agreement. 
      This
      Agreement sets forth all of the promises, covenants, agreements, conditions
      and
      understandings among the Escrow Agent, the Paying Agent, the Underwriter and
      the
      Pass Through Trustee with respect to the subject matter hereof, and supersedes
      all prior and contemporaneous agreements and undertakings, inducements or
      conditions, express or implied, oral or written.

     

    SECTION
      12.  Governing
      Law. 
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of New York.

     

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

     

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

     

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        12

        
          

        

      

      
        Table
          of Contents

      

    

    IN
      WITNESS WHEREOF, the Escrow Agent, the Paying Agent, the Underwriter and the
      Pass Through Trustee have caused this Escrow and Paying Agent Agreement to
      be
      duly executed as of the day and year first above written.

    

      WELLS
        FARGO BANK NORTHWEST,

      NATIONAL
        ASSOCIATION,

      as
        Escrow
        Agent

      

      By __________________________

      Name:

      Title:

       

      

      CITIGROUP
        GLOBAL MARKETS INC.,

      as
        Underwriter

      

      By __________________________

      Name:

      Title:

       

      

      

      WILMINGTON
        TRUST COMPANY, not in its

      individual
        capacity, but solely as Pass Through

      Trustee

      

      By __________________________

      Name:

      Title:

       

      

      

      WILMINGTON
        TRUST COMPANY, 

       
as
        Paying Agent

      

      By __________________________

      Name:

      Title: 

    

    
      
        
          
          

        

        
          13

          
            

          

        

        
          Table
            of Contents

        

      

      EXHIBIT
        A

       

      CONTINENTAL
        AIRLINES 2005-ERJ1 ESCROW RECEIPT

       

      No.
        __

       

      This
        Escrow Receipt evidences a fractional undivided interest in
        amounts ("Account
        Amounts")
        from
        time to time deposited into a certain paying agent account (the "Paying
        Agent Account")
        described in the Escrow and Paying Agent Agreement dated as of September
        22,
        2005 (as amended, modified or supplemented from time to time, the "Escrow
        and Paying Agent Agreement")
        among
        Wells Fargo Bank Northwest, National Association, as Escrow Agent (in such
        capacity, together with its successors in such capacity, the "Escrow
        Agent"),
        Citigroup Global Markets Inc., as Underwriter, Wilmington Trust Company,
        as Pass
        Through Trustee (in such capacity, together with its successors in such
        capacity, the "Pass
        Through Trustee")
        and
        Wilmington Trust Company, as paying agent (in such capacity, together with
        its
        successors in such capacity, the "Paying
        Agent").
        Capitalized terms not defined herein shall have the meanings assigned to
        them in
        the Escrow and Paying Agent Agreement.

    

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Table
          of Contents

      

    

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Table
          of Contents

      

    

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

     

    Dated:
      September 22, 2005

    
       

      
        WELLS
          FARGO BANK NORTHWEST,

        NATIONAL
          ASSOCIATION,

           
          as Escrow Agent

         

         

        By __________________________

             
          Name:

             
          Title:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            Table
              of
              Contents

          

        

    

    EXHIBIT
      B

     

    WITHDRAWAL
      CERTIFICATE

    

     

    Wells
      Fargo Bank Northwest, National Association

    as
      Escrow
      Agent

     

    Ladies
      and Gentlemen:

     

    Reference
      is made to the Escrow and Paying Agent Agreement, dated as of September 22,
      2005
      (the "Agreement"). We hereby certify to you that the conditions to the
      obligations of the undersigned to execute a Participation Agreement pursuant
      to
      the Note Purchase Agreement have been satisfied. Pursuant to Section 1.02(c)
      of
      the Agreement, please execute the attached Notice of Purchase Withdrawal and
      immediately transmit by facsimile to the Depositary, at (212) 657-2762
      (Attention: Barbara Bennett). Capitalized terms used herein but not defined
      herein shall have the meanings set forth in the Agreement.

     

    Very
      truly yours,

     

    WILMINGTON
      TRUST COMPANY, not in its

    
      
        individual
          capacity, but solely as Pass Through

        Trustee

         

         

        
          By __________________________

               
            Name:

               
            Title:

           

        

      

    

    Dated:
      ____________, 200_

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]