Document:

ESCROW AND PAYING AGENT AGREEMENT
                                   (Class C-1)

                           Dated as of March 15, 2000

                                      among

                    FIRST SECURITY BANK, NATIONAL ASSOCIATION

                                 as Escrow Agent

                     CREDIT SUISSE FIRST BOSTON CORPORATION,
                       MORGAN STANLEY & CO. INCORPORATED,
                             CHASE SECURITIES INC.,
               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

                                       and

                            SALOMON SMITH BARNEY INC.

                                 as Underwriters

                            WILMINGTON TRUST COMPANY,
                         not in its individual capacity,
                       but solely as Pass Through Trustee
                              for and on behalf of
               Continental Airlines Pass Through Trust 2000-1C-1-O

                             as Pass Through Trustee

                                       and

                            WILMINGTON TRUST COMPANY

                                 as Paying Agent

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                                TABLE OF CONTENTS
                                                                            PAGE

SECTION 1.        Escrow Agent.................................................2
    Section 1.01. Appointment of Escrow Agent..................................2
    Section 1.02. Instruction; Etc.............................................2
    Section 1.03. Initial Escrow Amount; Issuance of Escrow Receipts...........3
    Section 1.04. Payments to Receiptholders...................................4
    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.......................5
    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....................................................11

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

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ESCROW AND PAYING  AGENT  AGREEMENT  (Class  C-1) dated as of March 15, 2000 (as
amended,  modified or supplemented  from time to time, this  "AGREEMENT")  among
FIRST SECURITY BANK, NATIONAL  ASSOCIATION,  a national banking association,  as
Escrow Agent (in such  capacity,  together with its successors in such capacity,
the "ESCROW AGENT");  CREDIT SUISSE FIRST BOSTON  CORPORATION,  MORGAN STANLEY &
CO. INCORPORATED,  CHASE SECURITIES INC., MERRILL LYNCH, PIERCE,  FENNER & SMITH
INCORPORATED  and SALOMON SMITH BARNEY INC., as Underwriters of the Certificates
referred  to below  (the  "UNDERWRITERS"  and  together  with  their  respective
transferees  and  assigns  as  registered  owners  of  the   Certificates,   the
"INVESTORS")  under the  Underwriting  Agreement  referred to below;  WILMINGTON
TRUST COMPANY, a Delaware banking  corporation,  not in its individual  capacity
except as otherwise  expressly  provided herein,  but solely as trustee (in such
capacity,  together  with its  successors  in such  capacity,  the "PASS THROUGH
TRUSTEE")  under  the Pass  Through  Trust  Agreement  referred  to  below;  and
WILMINGTON  TRUST  COMPANY,  a Delaware  banking  corporation,  as paying  agent
hereunder (in such capacity,  together with its successors in such capacity, the
"PAYING AGENT").

                               W I T N E S S E T H

            WHEREAS,  Continental  Airlines,  Inc.  ("CONTINENTAL") and the Pass
Through Trustee have entered into a Trust Supplement, dated as of March 15, 2000
(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  2000-1C-1-O  (the "PASS
THROUGH TRUST")  pursuant to which the Continental  Airlines Pass Through Trust,
Series 2000-1C-1-O  Certificates  referred to therein (the  "CERTIFICATES")  are
being issued (the date of such issuance, the "ISSUANCE DATE");

            WHEREAS,  Continental  and the  Underwriters  have  entered  into an
Underwriting  Agreement  dated as of March 1,  2000  (as  amended,  modified  or
supplemented  from  time to time in  accordance  with  the  terms  thereof,  the
"UNDERWRITING  AGREEMENT") pursuant to which the Pass Through Trustee will issue
and sell the Certificates to the Underwriters;

            WHEREAS,  Continental,  the Pass Through Trustee, certain other pass
through  trustees and certain other persons  concurrently  herewith are entering
into the  Note  Purchase  Agreement,  dated as of the  date  hereof  (the  "NOTE
PURCHASE  AGREEMENT"),  pursuant to which the Pass Through Trustee has agreed to
acquire from time to time on or prior to the Delivery  Period  Termination  Date
(as defined in the Note  Purchase  Agreement)  equipment  notes (the  "EQUIPMENT
NOTES") issued to finance the acquisition of aircraft by Continental,  as lessee
or as  owner,  utilizing  a  portion  of  the  proceeds  from  the  sale  of the
Certificates (the "NET PROCEEDS");

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

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

            Section 1.02. INSTRUCTION; ETC. The Underwriters,  for and on behalf
of each of the Investors,  hereby irrevocably instruct the Escrow Agent, and the
Escrow Agent agrees, (a) to enter into the Deposit Agreement, (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

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Deposit  Agreement duly completed by the Pass Through  Trustee (the  "APPLICABLE
NOTICE  OF  PURCHASE  WITHDRAWAL"  and the  withdrawal  to which it  relates,  a
"PURCHASE WITHDRAWAL"), immediately to execute the Applicable Notice of Purchase
Withdrawal  as Escrow  Agent and  transmit  it to the  Depositary  by  facsimile
transmission in accordance with the Deposit  Agreement;  PROVIDED that, upon the
request of the Pass Through  Trustee after such  transmission,  the Escrow Agent
shall cancel such Applicable Notice of Purchase Withdrawal, 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) September 30, 2001 (provided that, if
a labor strike occurs or continues at The Boeing Company after the Issuance Date
and prior to September 30, 2001 (a "LABOR STRIKE"),  such date shall be extended
by adding thereto the number of days that such strike  continued in effect after
the Issuance Date (the  "ADDITIONAL  DAYS") and (ii) the day on which the Escrow
Agent  receives  notice  from the Pass  Through  Trustee  that the Pass  Through
Trustee's  obligation  to  purchase  Equipment  Notes  under  the Note  Purchase
Agreement has terminated,  to give notice to the Depositary  (with a copy to the
Paying Agent)  substantially  in the form of Exhibit B to the Deposit  Agreement
requesting a withdrawal of all of the remaining Deposits,  together with accrued
and unpaid interest on such Deposits to the date of withdrawal,  on the 25th day
after the date that such notice of withdrawal is given to the Depositary (or, if
not a Business Day, on the next succeeding Business Day) (a "FINAL WITHDRAWAL"),
PROVIDED that if the day scheduled for the Final  Withdrawal in accordance  with
the  foregoing  is within 10 days before or after a Regular  Distribution  Date,
then the Escrow Agent shall request that such requested Final Withdrawal be made
on such Regular  Distribution Date (the date of such requested  withdrawal,  the
"FINAL  WITHDRAWAL  DATE"). If for any reason the Escrow Agent shall have failed
to give the Final  Withdrawal  Notice to the  Depositary on or before October 8,
2001  (PROVIDED  that if a Labor Strike occurs or continues,  such date shall be
extended by the Additional  Days),  and there are  unwithdrawn  Deposits on such
date, the Final Withdrawal Date shall be deemed to be October 31, 2001 (PROVIDED
that if a Labor Strike occurs or  continues,  such date shall be extended by the
Additional Days).

            Section 1.03.  INITIAL ESCROW AMOUNT;  ISSUANCE OF ESCROW  RECEIPTS.
The Escrow Agent hereby directs the Underwriters to, and the Underwriters hereby
acknowledge  that on the date  hereof  they  shall,  irrevocably  deliver to the
Depositary on behalf of the Escrow Agent, an amount in U.S. dollars  ("DOLLARS")
and  immediately  available  funds equal to  $70,619,000  (or such lesser amount
equal to the Net Proceeds less amounts used to purchase  Equipment  Notes on the
Issuance  Date for deposit on behalf of the Escrow Agent with the  Depositary in
accordance with Section 2.1 of the Deposit  Agreement.  The Underwriters  hereby
instruct the Escrow Agent,  upon receipt of such sum from the  Underwriters,  to
confirm such receipt by executing and delivering to the Pass Through  Trustee an
Escrow Receipt in the form of Exhibit A hereto (an "ESCROW RECEIPT"),  (a) to be
affixed by the Pass Through Trustee to each  Certificate and (b) to evidence the
same  percentage  interest (the "ESCROW  INTEREST")  in the Account  Amounts (as
defined  below) as the Fractional  Undivided  Interest in the Pass Through Trust
evidenced  by the  Certificate  to which it is to be affixed.  The Escrow  Agent
shall provide to the Pass Through  Trustee for  attachment  to each  Certificate
newly issued under and in accordance  with the Pass Through  Trust  Agreement an
executed  Escrow  Receipt  as the Pass  Through  Trustee  may from  time to time
request of the Escrow  Agent.  Each Escrow  Receipt  shall be  registered by the
Escrow Agent in a register  (the  "REGISTER")  maintained by the Escrow Agent in
the same name and same manner as the Certificate to which it is attached and may

<PAGE>

not  thereafter be detached from such  Certificate  to which it is to be affixed
prior to the  distribution of the Final  Withdrawal (the "FINAL  DISTRIBUTION").
After the Final Distribution,  no additional Escrow Receipts shall be issued and
the Pass  Through  Trustee  shall  request  the return to the  Escrow  Agent for
cancellation of all outstanding Escrow Receipts.

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

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

<PAGE>

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

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

<PAGE>

shall not be  responsible  to the  Escrow  Agent for any  recitals,  statements,
representations  or warranties of any person other then itself contained in this
Agreement  or for the failure by the Escrow  Agent or any other person or entity
(other  than the  Paying  Agent) to  perform  any of its  obligations  hereunder
(whether or not the Paying  Agent  shall have any  knowledge  thereof);  and (c)
shall not be  responsible  for any  action  taken or  omitted  to be taken by it
hereunder or provided for herein or in connection  herewith,  except for its own
willful  misconduct or gross negligence (or simple negligence in connection with
the handling of funds).

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

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

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

<PAGE>

      as  a  Special  Payment  is  distributed  under  the  Pass  Through  Trust
      Agreement.

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

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

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

<PAGE>

                  (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 by it and  constitutes  its legal,  valid and
      binding  obligations  enforceable  against it in accordance with the terms

<PAGE>

      hereof  or  thereof  except  as  such  enforceability  may be  limited  by
      bankruptcy, insolvency,  moratorium,  reorganization or other similar laws
      or  equitable  principles  of  general  application  to or  affecting  the
      enforcement  of creditors'  rights  generally  (regardless of whether such
      enforceability is considered in a proceeding in equity or at law);

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

            (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;

<PAGE>

            (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  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

<PAGE>

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,  First  Security  Bank,  National  Association,  79 South Main
Street,  Third  Floor,  Salt Lake City,  UT 84111,  Attention:  Corporate  Trust
Services  (Telecopier:  (801)  246-5053),  (c) in the case of the  Pass  Through
Trustee,  Wilmington  Trust Company,  1100 North Market Street,  Wilmington,  DE
19890, Attention: Corporate Trust Administration (Telecopier: (302) 651-8882) or
(d) in the case of the Paying Agent, Wilmington Trust Company, 1100 North Market
Street,   Wilmington,  DE  19890,  Attention:   Corporate  Trust  Administration
(Telecopier:  (302)  651-8882),  in  each  case  with  a  copy  to  Continental,
Continental Airlines,  Inc., 1600 Smith Street, Dept. HQS-FN, Houston, TX 77002,
Attention:  Senior Vice  President-Finance  (Telecopier:  (713) 324-2447) (or at
such other  address as any such party may specify from time to time in a written
notice to the other  parties).  On or prior to the execution of this  Agreement,
the Pass  Through  Trustee  has  delivered  to the  Escrow  Agent a  certificate
containing  specimen  signatures  of the  representatives  of the  Pass  Through
Trustee who are authorized to give notices and instructions with respect to this
Agreement.  The Escrow Agent may conclusively rely on such certificate until the
Escrow  Agent  receives  written  notice  from the Pass  Through  Trustee to the
contrary.

            SECTION 10. TRANSFER. No party hereto shall be entitled to assign or
otherwise  transfer this  Agreement (or any interest  herein) other than (in the
case of the Escrow Agent) to a successor  escrow agent under Section 1.06 hereof

<PAGE>

or (in the case of the Paying  Agent) to a successor  paying agent under Section
2.04 hereof,  and any purported  assignment in violation  thereof shall be void.
This  Agreement  shall be binding upon the parties  hereto and their  respective
successors  and (in the case of the  Escrow  Agent and the Paying  Agent)  their
respective  permitted  assigns.  Upon the occurrence of the Transfer (as defined
below)  contemplated  by the  Assignment  and  Assumption  Agreement (as defined
below),  the Pass Through Trustee shall (without  further act) be deemed to have
transferred all of its right, title and interest in and to this Agreement to the
trustee of the Successor Trust (as defined below) and,  thereafter,  the trustee
of the  Successor  Trust  shall  be  deemed  to be the  "Pass  Through  Trustee"
hereunder  with  the  rights  and  obligations  of the  "Pass  Through  Trustee"
hereunder and each reference herein to "Continental  Airlines Pass Through Trust
2000-1C-1-O"  shall be deemed to be a reference to  "Continental  Airlines  Pass
Through Trust 2000-1C-1-S". The parties hereto hereby acknowledge and consent to
the Transfer  contemplated by the Assignment and Assumption  Agreement.  As used
herein,  "TRANSFER"  means the  transfers of the assets to the  Successor  Trust
contemplated  by  the  Assignment  and  Assumption  Agreement;  "ASSIGNMENT  AND
ASSUMPTION  AGREEMENT"  means the  Assignment  and  Assumption  Agreement  to be
entered into between the Pass Through  Trustee and the trustee of the  Successor
Trust,  substantially  in  the  form  of  Exhibit  C to  the  Trust  Supplement;
"SUCCESSOR TRUST" means the Continental Airlines Pass Through Trust 2000-1C-1-S.

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

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

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

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

<PAGE>

            IN  WITNESS  WHEREOF,  the  Escrow  Agent,  the  Paying  Agent,  the
Underwriters  and the Pass  Through  Trustee  have caused this Escrow and Paying
Agent  Agreement  (Class  C-1) to be duly  executed as of the day and year first
above written.

                                    FIRST SECURITY BANK, NATIONAL
                                    ASSOCIATION, as Escrow Agent

                                    By____________________________________
                                      Name:
                                      Title:

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

                                    By:  CREDIT SUISSE FIRST BOSTON
                                         CORPORATION

                                    By____________________________________
                                      Name:
                                      Title:

                                    WILMINGTON   TRUST   COMPANY,   not  in  its
                                    individual  capacity,  but  solely  as  Pass
                                    Through   Trustee   for  and  on  behalf  of
                                    Continental Airlines Pass Through Trust
                                    2000-1C-1-O

                                    By____________________________________
                                      Name:
                                      Title:

<PAGE>

                                    WILMINGTON TRUST COMPANY,
                                    as Paying Agent

                                    By____________________________________
                                      Name:
                                      Title:

<PAGE>

                                                                       EXHIBIT A

                  CONTINENTAL AIRLINES 2000-1C-1 ESCROW RECEIPT

                                     No. __

            This Escrow  Receipt  evidences a fractional  undivided  interest in
amounts  ("ACCOUNT  AMOUNTS")  from time to time deposited into a certain paying
agent  account (the "PAYING AGENT  ACCOUNT")  described in the Escrow and Paying
Agent Agreement (Class C-1) dated as of March 15, 2000 (as amended,  modified or
supplemented  from time to time, the "ESCROW AND PAYING AGENT  AGREEMENT") among
First Security Bank,  National  Association,  as Escrow Agent (in such capacity,
together  with its  successors in such  capacity,  the "ESCROW  AGENT"),  Credit
Suisse  First  Boston  Corporation,  Morgan  Stanley & Co.  Incorporated,  Chase
Securities Inc., Merrill Lynch, Pierce,  Fenner & Smith Incorporated and Salomon
Smith Barney Inc., as Underwriters,  Wilmington  Trust Company,  as Pass Through
Trustee (in such capacity,  together with its  successors in such capacity,  the
"PASS THROUGH  TRUSTEE") and Wilmington Trust Company,  as paying agent (in such
capacity,  together with its successors in such capacity,  the "PAYING  AGENT").
Capitalized terms not defined herein shall have the meanings assigned to them in
the Escrow and Paying Agent Agreement.

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

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

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

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

<PAGE>

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

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

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

Dated:  March 15, 2000

                                    FIRST SECURITY BANK,
                                    NATIONAL ASSOCIATION,
                                    as Escrow Agent

                                    By______________________________________
                                      Name:
                                      Title:

<PAGE>

                                                                       EXHIBIT B

                             WITHDRAWAL CERTIFICATE
                                   (Class C-1)

                   First Security Bank, National Association,
                                 as Escrow Agent

Dear Sirs:

            Reference is made to the Escrow and Paying Agent Agreement, dated as
of  March  15,  2000  (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
Withdrawal and  immediately  transmit by facsimile to the  Depositary,  at (212)
325-8319, Attention: Robert Finney and Janko Gogolja.

                                    Very truly yours,

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

                                    By_____________________________________
                                      Name:
                                      Title:

Dated:  ____________, 200_ESCROW AND PAYING AGENT AGREEMENT
                                   (Class C-2)

                           Dated as of March 15, 2000

                                      among

                  FIRST SECURITY BANK, NATIONAL ASSOCIATION

                                 as Escrow Agent

                   CREDIT SUISSE FIRST BOSTON CORPORATION,
                      MORGAN STANLEY & CO. INCORPORATED,
                            CHASE SECURITIES INC.,
              MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

                                       and

                          SALOMON SMITH BARNEY INC.

                                 as Underwriters

                          WILMINGTON TRUST COMPANY,
                       not in its individual capacity,
                       but solely as Pass Through Trustee
                             for and on behalf of
             Continental Airlines Pass Through Trust 2000-1C-2-O

                             as Pass Through Trustee

                                       and

                            WILMINGTON TRUST COMPANY

                                 as Paying Agent

<PAGE>

                                TABLE OF CONTENTS
                                                                            PAGE

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................................  4
    Section 1.05. Mutilated, Destroyed, Lost or Stolen Escrow Receipt.......  4
    Section 1.06. Additional Escrow Amounts.................................  5
    Section 1.07. Resignation or Removal of Escrow Agent....................  5
    Section 1.08. Persons Deemed Owners.....................................  5
    Section 1.09. Further Assurances........................................  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........................................... 11

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

<PAGE>

ESCROW AND PAYING  AGENT  AGREEMENT  (Class  C-2) dated as of March 15, 2000 (as
amended,  modified or supplemented  from time to time, this  "AGREEMENT")  among
FIRST SECURITY BANK, NATIONAL  ASSOCIATION,  a national banking association,  as
Escrow Agent (in such  capacity,  together with its successors in such capacity,
the "ESCROW AGENT");  CREDIT SUISSE FIRST BOSTON  CORPORATION,  MORGAN STANLEY &
CO. INCORPORATED,  CHASE SECURITIES INC., MERRILL LYNCH, PIERCE,  FENNER & SMITH
INCORPORATED  and SALOMON SMITH BARNEY INC., as Underwriters of the Certificates
referred  to below  (the  "UNDERWRITERS"  and  together  with  their  respective
transferees  and  assigns  as  registered  owners  of  the   Certificates,   the
"INVESTORS")  under the  Underwriting  Agreement  referred to below;  WILMINGTON
TRUST COMPANY, a Delaware banking  corporation,  not in its individual  capacity
except as otherwise  expressly  provided herein,  but solely as trustee (in such
capacity,  together  with its  successors  in such  capacity,  the "PASS THROUGH
TRUSTEE")  under  the Pass  Through  Trust  Agreement  referred  to  below;  and
WILMINGTON  TRUST  COMPANY,  a Delaware  banking  corporation,  as paying  agent
hereunder (in such capacity,  together with its successors in such capacity, the
"PAYING AGENT").

                               W I T N E S S E T H
                               - - - - - - - - - -

            WHEREAS,  Continental  Airlines,  Inc.  ("CONTINENTAL") and the Pass
Through Trustee have entered into a Trust Supplement, dated as of March 15, 2000
(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  2000-1C-2-O  (the "PASS
THROUGH TRUST")  pursuant to which the Continental  Airlines Pass Through Trust,
Series 2000-1C-2-O  Certificates  referred to therein (the  "CERTIFICATES")  are
being issued (the date of such issuance, the "ISSUANCE DATE");

            WHEREAS,  Continental  and the  Underwriters  have  entered  into an
Underwriting  Agreement  dated as of March 1,  2000  (as  amended,  modified  or
supplemented  from  time to time in  accordance  with  the  terms  thereof,  the
"UNDERWRITING  AGREEMENT") pursuant to which the Pass Through Trustee will issue
and sell the Certificates to the Underwriters;

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

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

<PAGE>

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

            Section 1.02. INSTRUCTION; ETC. The Underwriters,  for and on behalf
of each of the Investors,  hereby irrevocably instruct the Escrow Agent, and the
Escrow Agent agrees, (a) to enter into the Deposit Agreement, (b) to appoint the
Paying  Agent as provided in this  Agreement,  (c) upon  receipt at any time and

<PAGE>

from  time to time  prior  to the  Termination  Date  (as  defined  below)  of a
certificate  substantially  in the  form of  Exhibit  B  hereto  (a  "WITHDRAWAL
CERTIFICATE")  executed by the Pass Through  Trustee,  together with an attached
Notice of  Purchase  Withdrawal  in  substantially  the form of Exhibit A to the
Deposit  Agreement duly completed by the Pass Through  Trustee (the  "APPLICABLE
NOTICE  OF  PURCHASE  WITHDRAWAL"  and the  withdrawal  to which it  relates,  a
"PURCHASE WITHDRAWAL"), immediately to execute the Applicable Notice of Purchase
Withdrawal  as Escrow  Agent and  transmit  it to the  Depositary  by  facsimile
transmission in accordance with the Deposit  Agreement;  PROVIDED that, upon the
request of the Pass Through  Trustee after such  transmission,  the Escrow Agent
shall cancel such Applicable Notice of Purchase Withdrawal, 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) September 30, 2001 (provided that, if
a labor strike occurs or continues at The Boeing Company after the Issuance Date
and prior to September 30, 2001 (a "LABOR STRIKE"),  such date shall be extended
by adding thereto the number of days that such strike  continued in effect after
the Issuance Date (the  "ADDITIONAL  DAYS") and (ii) the day on which the Escrow
Agent  receives  notice  from the Pass  Through  Trustee  that the Pass  Through
Trustee's  obligation  to  purchase  Equipment  Notes  under  the Note  Purchase
Agreement has terminated,  to give notice to the Depositary  (with a copy to the
Paying Agent)  substantially  in the form of Exhibit B to the Deposit  Agreement
requesting a withdrawal of all of the remaining Deposits,  together with accrued
and unpaid interest on such Deposits to the date of withdrawal,  on the 25th day
after the date that such notice of withdrawal is given to the Depositary (or, if
not a Business Day, on the next succeeding Business Day) (a "FINAL WITHDRAWAL"),
PROVIDED that if the day scheduled for the Final  Withdrawal in accordance  with
the  foregoing  is within 10 days before or after a Regular  Distribution  Date,
then the Escrow Agent shall request that such requested Final Withdrawal be made
on such Regular  Distribution Date (the date of such requested  withdrawal,  the
"FINAL  WITHDRAWAL  DATE"). If for any reason the Escrow Agent shall have failed
to give the Final  Withdrawal  Notice to the  Depositary on or before October 8,
2001  (PROVIDED  that if a Labor Strike occurs or continues,  such date shall be
extended by the Additional  Days),  and there are  unwithdrawn  Deposits on such
date, the Final Withdrawal Date shall be deemed to be October 31, 2001 (PROVIDED
that if a Labor Strike occurs or  continues,  such date shall be extended by the
Additional Days).

            Section 1.03.  INITIAL ESCROW AMOUNT;  ISSUANCE OF ESCROW  RECEIPTS.
The Escrow Agent hereby directs the Underwriters to, and the Underwriters hereby
acknowledge  that on the date  hereof  they  shall,  irrevocably  deliver to the
Depositary on behalf of the Escrow Agent, an amount in U.S. dollars  ("DOLLARS")
and  immediately  available  funds equal to  $45,917,000  (or such lesser amount
equal to the Net Proceeds less amounts used to purchase  Equipment  Notes on the
Issuance  Date for deposit on behalf of the Escrow Agent with the  Depositary in
accordance with Section 2.1 of the Deposit  Agreement.  The Underwriters  hereby
instruct the Escrow Agent,  upon receipt of such sum from the  Underwriters,  to
confirm such receipt by executing and delivering to the Pass Through  Trustee an
Escrow Receipt in the form of Exhibit A hereto (an "ESCROW RECEIPT"),  (a) to be
affixed by the Pass Through Trustee to each  Certificate and (b) to evidence the
same  percentage  interest (the "ESCROW  INTEREST")  in the Account  Amounts (as
defined  below) as the Fractional  Undivided  Interest in the Pass Through Trust
evidenced  by the  Certificate  to which it is to be affixed.  The Escrow  Agent
shall provide to the Pass Through  Trustee for  attachment  to each  Certificate
newly issued under and in accordance  with the Pass Through  Trust  Agreement an
executed  Escrow  Receipt  as the Pass  Through  Trustee  may from  time to time

<PAGE>

request of the Escrow  Agent.  Each Escrow  Receipt  shall be  registered by the
Escrow Agent in a register  (the  "REGISTER")  maintained by the Escrow Agent in
the same name and same manner as the Certificate to which it is attached and may
not  thereafter be detached from such  Certificate  to which it is to be affixed
prior to the  distribution of the Final  Withdrawal (the "FINAL  DISTRIBUTION").
After the Final Distribution,  no additional Escrow Receipts shall be issued and
the Pass  Through  Trustee  shall  request  the return to the  Escrow  Agent for
cancellation of all outstanding Escrow Receipts.

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

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

<PAGE>

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

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

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

<PAGE>

Agreement or the Deposit Agreement shall be held in the Paying Agent Account for
the  benefit of the  Investors.  The Paying  Agent  (which  term as used in this
sentence  shall  include  reference  to its  affiliates  and  its  own  and  its
affiliates' officers, directors, employees and agents): (a) shall have no duties
or  responsibilities  except those  expressly set forth in this  Agreement,  and
shall not by reason of this  Agreement  be a trustee for the Escrow  Agent;  (b)
shall not be  responsible  to the  Escrow  Agent for any  recitals,  statements,
representations  or warranties of any person other then itself contained in this
Agreement  or for the failure by the Escrow  Agent or any other person or entity
(other  than the  Paying  Agent) to  perform  any of its  obligations  hereunder
(whether or not the Paying  Agent  shall have any  knowledge  thereof);  and (c)
shall not be  responsible  for any  action  taken or  omitted  to be taken by it
hereunder or provided for herein or in connection  herewith,  except for its own
willful  misconduct or gross negligence (or simple negligence in connection with
the handling of funds).

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

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

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

<PAGE>

      except that, with respect to Escrow Receipts registered on the Record Date
      in the name of DTC,  such  distribution  shall be made by wire transfer in
      immediately available funds to the account designated by DTC.

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

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

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

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

<PAGE>

notice of the  distribution of the Final  Withdrawal to be mailed to each of the
Receiptholders  at its address as it appears in the Register.  Such notice shall
be mailed not less than 15 days prior to the Final  Withdrawal Date. Such notice
shall set forth:

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

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

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

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

            SECTION 3. PAYMENTS. If, notwithstanding the instructions in Section
4 of the Deposit  Agreement  that all amounts  payable to the Escrow Agent under
the Deposit Agreement be paid by the Depositary  directly to the Paying Agent 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;

<PAGE>

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

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

<PAGE>

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

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

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

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

                  (v) neither the  execution,  delivery or  performance by it of
      this  Agreement,  nor  compliance  with the terms and  provisions  hereof,
      conflicts or will  conflict  with or results or will result in a breach or
      violation  of any of the  terms,  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.

<PAGE>

            SECTION 7. INDEMNIFICATION. Except for actions expressly required of
the Escrow Agent or the Paying Agent hereunder, each of the Escrow Agent and the
Paying Agent shall in all cases be fully justified in failing or refusing to act
hereunder  unless it shall have been  indemnified by the party  requesting  such
action in a manner  reasonably  satisfactory to it against any and all liability
and expense  which may be incurred  by it by reason of taking or  continuing  to
take any such action.  In the event  Continental  requests any  amendment to any
Operative  Agreement  (as  defined  in the Note  Purchase  Agreement),  the Pass
Through  Trustee  agrees to pay all  reasonable  fees and  expenses  (including,
without  limitation,  fees and disbursements of counsel) of the Escrow Agent and
the Paying Agent in connection therewith.

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

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

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

                  (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,  First  Security  Bank,  National  Association,  79 South Main
Street,  Third  Floor,  Salt Lake City,  UT 84111,  Attention:  Corporate  Trust
Services  (Telecopier:  (801)  246-5053),  (c) in the case of the  Pass  Through
Trustee,  Wilmington  Trust Company,  1100 North Market Street,  Wilmington,  DE
19890, Attention: Corporate Trust Administration (Telecopier: (302) 651-8882) or
(d) in the case of the Paying Agent, Wilmington Trust Company, 1100 North Market
Street,   Wilmington,  DE  19890,  Attention:   Corporate  Trust  Administration
(Telecopier:  (302)  651-8882),  in  each  case  with  a  copy  to  Continental,
Continental Airlines,  Inc., 1600 Smith Street, Dept. HQS-FN, Houston, TX 77002,
Attention:  Senior Vice  President-Finance  (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

<PAGE>

Trustee who are authorized to give notices and instructions with respect to this
Agreement.  The Escrow Agent may conclusively rely on such certificate until the
Escrow  Agent  receives  written  notice  from the Pass  Through  Trustee to the
contrary.

            SECTION 10. TRANSFER. No party hereto shall be entitled to assign or
otherwise  transfer this  Agreement (or any interest  herein) other than (in the
case of the Escrow Agent) to a successor  escrow agent under Section 1.06 hereof
or (in the case of the Paying  Agent) to a successor  paying agent under Section
2.04 hereof,  and any purported  assignment in violation  thereof shall be void.
This  Agreement  shall be binding upon the parties  hereto and their  respective
successors  and (in the case of the  Escrow  Agent and the Paying  Agent)  their
respective  permitted  assigns.  Upon the occurrence of the Transfer (as defined
below)  contemplated  by the  Assignment  and  Assumption  Agreement (as defined
below),  the Pass Through Trustee shall (without  further act) be deemed to have
transferred all of its right, title and interest in and to this Agreement to the
trustee of the Successor Trust (as defined below) and,  thereafter,  the trustee
of the  Successor  Trust  shall  be  deemed  to be the  "Pass  Through  Trustee"
hereunder  with  the  rights  and  obligations  of the  "Pass  Through  Trustee"
hereunder and each reference herein to "Continental  Airlines Pass Through Trust
2000-1C-2-O"  shall be deemed to be a reference to  "Continental  Airlines  Pass
Through Trust 2000-1C-2-S". The parties hereto hereby acknowledge and consent to
the Transfer  contemplated by the Assignment and Assumption  Agreement.  As used
herein,  "TRANSFER"  means the  transfers of the assets to the  Successor  Trust
contemplated  by  the  Assignment  and  Assumption  Agreement;  "ASSIGNMENT  AND
ASSUMPTION  AGREEMENT"  means the  Assignment  and  Assumption  Agreement  to be
entered into between the Pass Through  Trustee and the trustee of the  Successor
Trust,  substantially  in  the  form  of  Exhibit  C to  the  Trust  Supplement;
"SUCCESSOR TRUST" means the Continental Airlines Pass Through Trust 2000-1C-2-S.

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

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

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

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

<PAGE>

            IN  WITNESS  WHEREOF,  the  Escrow  Agent,  the  Paying  Agent,  the
Underwriters  and the Pass  Through  Trustee  have caused this Escrow and Paying
Agent  Agreement  (Class  C-2) to be duly  executed as of the day and year first
above written.

                                    FIRST SECURITY BANK, NATIONAL
                                    ASSOCIATION, as Escrow Agent

                                    By_______________________________________
                                      Name:
                                      Title:

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

                                    By:  CREDIT SUISSE FIRST BOSTON
                                         CORPORATION

                                    By_______________________________________
                                      Name:
                                      Title:

                                    WILMINGTON   TRUST   COMPANY,   not  in  its
                                    individual  capacity,  but  solely  as  Pass
                                    Through   Trustee   for  and  on  behalf  of
                                    Continental Airlines Pass Through Trust
                                    2000-1C-2-O

                                    By_______________________________________
                                      Name:
                                      Title:

<PAGE>

                                    WILMINGTON TRUST COMPANY,
                                    as Paying Agent

                                    By_______________________________________
                                      Name:
                                      Title:

<PAGE>

                                                                       EXHIBIT A

                  CONTINENTAL AIRLINES 2000-1C-2 ESCROW RECEIPT

                                       No.
                                       ___

            This Escrow  Receipt  evidences a fractional  undivided  interest in
amounts  ("ACCOUNT  AMOUNTS")  from time to time deposited into a certain paying
agent  account (the "PAYING AGENT  ACCOUNT")  described in the Escrow and Paying
Agent Agreement (Class C-2) dated as of March 15, 2000 (as amended,  modified or
supplemented  from time to time, the "ESCROW AND PAYING AGENT  AGREEMENT") among
First Security Bank,  National  Association,  as Escrow Agent (in such capacity,
together  with its  successors in such  capacity,  the "ESCROW  AGENT"),  Credit
Suisse  First  Boston  Corporation,  Morgan  Stanley & Co.  Incorporated,  Chase
Securities Inc., Merrill Lynch, Pierce,  Fenner & Smith Incorporated and Salomon
Smith Barney Inc., as Underwriters,  Wilmington  Trust Company,  as Pass Through
Trustee (in such capacity,  together with its  successors in such capacity,  the
"PASS THROUGH  TRUSTEE") and Wilmington Trust Company,  as paying agent (in such
capacity,  together with its successors in such capacity,  the "PAYING  AGENT").
Capitalized terms not defined herein shall have the meanings assigned to them in
the Escrow and Paying Agent Agreement.

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

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

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

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

<PAGE>

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

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

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

Dated:  March 15, 2000

                                    FIRST SECURITY BANK,
                                    NATIONAL ASSOCIATION,
                                    as Escrow Agent

                                    By__________________________________
                                      Name:
                                      Title:

<PAGE>

                                                                       EXHIBIT B

                             WITHDRAWAL CERTIFICATE
                                   (Class C-2)

                  First Security Bank, National Association,
                                 as Escrow Agent

Dear Sirs:

            Reference is made to the Escrow and Paying Agent Agreement, dated as
of  March  15,  2000  (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
Withdrawal and  immediately  transmit by facsimile to the  Depositary,  at (212)
325-8319, Attention: Robert Finney and Janko Gogolja.

                                    Very truly yours,

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

                                    By________________________________________
                                      Name:
                                      Title:

Dated:  ____________, 200_

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