Document:

e60709081ex4_7.htm

    
 

     

    

    

    ESCROW
AND PAYING AGENT AGREEMENT

    (Class
A)

     

    Dated as
of July 1, 2009

     

    among

     

    WELLS
FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

     

    as Escrow
Agent

     

    MORGAN
STANLEY & CO. INCORPORATED,

    

    GOLDMAN,
SACHS & CO.

    

    and

    

    CALYON
SECURITIES (USA) 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 2009-1A-O

     

    as Pass
Through Trustee

     

    and

     

    WILMINGTON
TRUST COMPANY

     

    as Paying
Agent

     

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    TABLE OF CONTENTS

    

    
      	
               

              SECTION 1.  Escrow Agent

            	
               

              2

            
	 
      	 
      
	
              Section 1.01.  Appointment of Escrow
      Agent

            	
              2

            
	
              Section 1.02.  Instruction;
Etc.

            	
              3

            
	
              Section 1.03.  Initial Escrow Amount; Issuance of
      Escrow Receipts

            	
              4

            
	
              Section 1.04.  Payments to
      Receiptholders

            	
              4

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

            	
              4

            
	
              Section 1.06.  Additional Escrow
      Amounts

            	
              5

            
	
              Section 1.07.  Resignation or Removal of Escrow
      Agent

            	
              5

            
	
              Section 1.08.  Persons Deemed
      Owners

            	
              6

            
	
              Section 1.09.  Further
    Assurances

            	
              6

            
	
               

              SECTION 2.  Paying Agent

            	
               

              6

            
	 
      	 
      
	
              Section 2.01.  Appointment of Paying
      Agent

            	
              6

            
	
              Section 2.02.  Establishment of Paying Agent
      Account

            	
              6

            
	
              Section 2.03.  Payments from Paying Agent
      Account

            	
              6

            
	
              Section 2.04.  Withholding
Taxes

            	
              7

            
	
              Section 2.05.  Resignation or Removal of Paying
      Agent

            	
              7

            
	
              Section 2.06.  Notice of Final
      Withdrawal

            	
              8

            
	
               

              SECTION 3.  Payments

            	
              8

            
	
               

              SECTION 4.  Other Actions

            	
              9

            
	
               

              SECTION 5.  Representations and Warranties of the
      Escrow Agent

            	
              9

            
	
               

              SECTION 6.  Representations and Warranties of the
      Paying Agent

            	
              10

            
	
               

              SECTION 7.  Indemnification

            	
              11

            
	
               

              SECTION 8.  Amendment, Etc.

            	
              11

            
	
               

              SECTION 9.  Notices

            	
              12

            
	
               

              SECTION 10.  Transfer

            	
              12

            
	
               

              SECTION 11.  Entire Agreement

            	
              13

            
	
               

              SECTION 12.  Governing Law

            	
              13

            
	
               

              SECTION 13.  Waiver of Jury Trial
      Right

            	
              13

            
	
               

              SECTION 14.  Counterparts

            	
              13

            
	
               

              SECTION 15.  Rights of Holders

            	
              13

            

    

     

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

     

    
      	
               

              Exhibit
      A

            	
               

              Escrow Receipt

            
	
               

              Exhibit
      B

            	
               

              Withdrawal
Certificate

            

    

     

     

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
          BACK

        

      

    

    

    ESCROW
AND PAYING AGENT AGREEMENT (Class A) dated as of July 1, 2009 (as amended,
modified or supplemented from time to time, this “Agreement”) among
WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national banking
association, as Escrow Agent (in such capacity, together with its successors in
such capacity, the “Escrow Agent”);
MORGAN STANLEY & CO. INCORPORATED, GOLDMAN, SACHS & CO. and CALYON
SECURITIES (USA) 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 July 1,
2009 (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 2009-1A-O
(the “Pass Through
Trust”) pursuant to which the Continental Airlines Pass Through Trust,
Series 2009-1A-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 June 16, 2009 (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 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 certain aircraft currently owned by Continental
and certain other aircraft to be acquired by Continental, as owner, utilizing a
portion of the proceeds from the sale of the Certificates (the “Net
Proceeds”);

     

    WHEREAS,
the Underwriters and the Pass Through Trustee intend that the Net Proceeds 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 The Bank of New York Mellon, as
Depositary (the “Depositary”, which
shall also be deemed to refer to any Replacement Depositary (as defined in the
Note Purchase Agreement) from and after the

     

    

    
      
        
          
          

        

        
           

          
            

          

        

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

     

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

     

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

     

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

     

    SECTION 1.    Escrow
Agent.

     

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

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    Section 1.02.    Instruction;
Etc.  The
Underwriters, for and on behalf of each of the Investors, hereby irrevocably
instruct the Escrow Agent, and the Escrow Agent agrees:

     

    (a) to
enter into the Deposit Agreement, and, if requested by the Company pursuant to
Section 4(a)(vii) of the Note Purchase Agreement, to enter into a Replacement
Deposit Agreement with the Replacement Depositary specified by the
Company;

     

    (b) to
appoint the Paying Agent as provided in this Agreement;

     

    (c) upon
receipt at any time and from time to time prior to the Termination Date (as
defined below) of a certificate substantially in the form of Exhibit B hereto (a
“Withdrawal
Certificate”) executed by the Pass Through Trustee, together with an
attached Notice of Purchase Withdrawal in substantially the form of Exhibit A to
the Deposit Agreement duly completed by the Pass Through Trustee (the “Applicable Notice of
Purchase Withdrawal” and the withdrawal to which it relates, a “Purchase
Withdrawal”), immediately to execute the Applicable Notice of Purchase
Withdrawal as Escrow Agent and transmit it to the Depositary by facsimile
transmission in accordance with the Deposit Agreement; provided that, upon
the request of the Pass Through Trustee after such transmission, the Escrow
Agent shall cancel such Applicable Notice of Purchase Withdrawal;

     

    (d) upon
receipt of a Withdrawal Certificate executed by the Pass Through Trustee,
together with an attached Notice of Replacement Withdrawal in substantially the
form of Exhibit C to the Deposit Agreement duly completed by the Pass Through
Trustee, to:

     

    (X) give
such Notice of Replacement Withdrawal to the Depositary requesting a withdrawal,
on the date specified in such notice, which shall not be less than five Business
Days after such notice is given (the “Replacement Withdrawal
Date”), of all Deposits then held by the Depositary together with all
accrued and unpaid interest on such Deposits to but excluding the Replacement
Withdrawal Date; and

     

    (Y)
direct the Depositary to transfer such Deposits and accrued interest on behalf
of the Escrow Agent to the Replacement Depositary in accordance with the
Replacement Deposit Agreement; and

     

    (e) if there are
any undrawn Deposits (as defined in the Deposit Agreement) on the “Termination Date”,
which shall mean the earlier of (i) December 31, 2009 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 immediately 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

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    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 January 8, 2010, and there are unwithdrawn
Deposits on such date, the Final Withdrawal Date shall be deemed to be January
29, 2010.

     

    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 $389,687,000 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 name of the same holder that is the holder of 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 (subject to Section 15 hereof) 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

     

    

    
      
        
          
          

        

        
           

          
            

          

        

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    not
result in (a) a reduction of the rating for the Certificates below the then
current rating for the Certificates or (b) a withdrawal or suspension of the
rating of the Certificates.

     

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

     

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

     

    SECTION 2.   Paying
Agent.

    

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

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    amount
deposited therein by the Depositary.  There shall be so distributed to
each Receiptholder of record on the 15th day (whether or not a Business Day)
preceding such Interest Payment Date by check mailed to such Receiptholder, at
the address appearing in the Register, such Receiptholder's pro rata share
(based on the Escrow Interest in the Account Amounts held by such Receiptholder)
of the total amount of interest deposited by the Depositary in the Paying Agent
Account on such date, except that, with respect to Escrow Receipts registered on
the Record Date in the name of The Depository Trust Company (“DTC”), such
distribution shall be made by wire transfer in immediately available funds to
the account designated by DTC.

     

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

     

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

     

    (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

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    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,

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    Depositary
as provided in the Replacement Depositary Agreement.  The Escrow Agent
hereby waives any and all rights of set-off, combination of accounts, right of
retention or similar right (whether arising under applicable law, contract or
otherwise) it may have against amounts payable to the Paying Agent howsoever
arising.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (v)           neither
the execution, delivery or performance by it of this Agreement, the Deposit
Agreement or any Replacement Deposit Agreement, nor compliance with the terms
and provisions hereof or thereof, conflicts or will conflict with or results or
will result in a breach or violation of any of the terms, conditions or
provisions of, or will require any consent or approval under, any law,
governmental rule or regulation or the charter documents, as amended, or bylaws,
as amended, of it or any similar instrument binding on it or any
order,

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    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, the Deposit Agreement or any Replacement
Deposit Agreement or (B) would call into question or challenge the validity of
this Agreement or the Deposit Agreement or the enforceability hereof or thereof
in accordance with the terms hereof or thereof, nor is the Escrow Agent in
default with respect to any order of any court, governmental authority,
arbitration board or administrative agency so as to adversely affect its ability
to perform its obligations under this Agreement or the Deposit
Agreement.

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    (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
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 and Paying 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 and Paying 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

     

    

    
      
        
          
          

        

        
           

          
            

          

        

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

     

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

     

    SECTION 9.   Notices.  Unless
otherwise expressly provided herein, any notice or other communication under
this Agreement shall be in writing (including by facsimile) and shall be deemed
to be given and effective upon receipt thereof.  All notices shall be
sent to (a) in the case of the Investors, as their respective addresses shall
appear in the Register, (b) in the case of the Escrow Agent, Wells Fargo
Bank Northwest, National Association, 299 South Main Street, 12th Floor, Salt
Lake City, UT 84111, Attention: Corporate Trust Services (Telecopier: (801)
246-5053), (c) in the case of the Pass Through Trustee, Wilmington Trust
Company, 1100 North Market Street, Rodney Square North, Wilmington, DE
19890-1605, Attention:  Corporate Capital Market Services (Telecopier:
(302) 636-4140) or (d) in the case of the Paying Agent, Wilmington Trust
Company, 1100 North Market Street, Rodney Square North, Wilmington, DE
19890-1605, Attention: Corporate Capital Market Services (Telecopier: (302)
636-4140), in each case with a copy to Continental, Continental Airlines, Inc.,
1600 Smith Street, Dept. HQS-FN, Houston, TX 77002, Attention: Treasurer
(Telecopier: (713) 324-2447) (or at such other address as any such party may
specify from time to time in a written notice to the other
parties).  On or prior to the execution of this Agreement, the Pass
Through Trustee has delivered to the Escrow Agent a certificate containing
specimen signatures of the representatives of the Pass Through Trustee who are
authorized to give notices and instructions with respect to this
Agreement.  The Escrow Agent may conclusively rely on such certificate
until the Escrow Agent receives written notice from the Pass Through Trustee to
the contrary.

     

    The
Escrow Agent shall notify the Receiptholders in the event of a default in the
payment of interest on the Deposits when due in accordance with the Deposit
Agreement or a default in the payment of any Final Withdrawal in accordance with
the terms of the Deposit Agreement and this Agreement and shall promptly forward
to Receiptholders upon receipt copies of all written communications relating to
any payments due to the Receiptholders in respect of the Deposits.

     

    SECTION 10.    Transfer.  No
party hereto shall be entitled to assign or otherwise transfer this Agreement
(or any interest herein) other than (in the case of the Escrow Agent) to a
successor escrow agent under Section 1.07 hereof or (in the case of the Paying
Agent) to a successor paying agent under Section 2.05 hereof, and any purported
assignment in violation thereof shall be void.  This Agreement shall
be binding upon the parties hereto and their respective successors and (in the
case of the Escrow Agent and the Paying Agent) their respective permitted
assigns.  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 2009-1A-O” shall be
deemed to be

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    a
reference to “Continental Airlines Pass Through Trust 2009-1A-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 2009-1A-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.

     

    SECTION 15.   Rights of
Holders.

     

      Each
Receiptholder shall have the right (individually and without the need for any
other action of any Person, including the Escrow Agent or any other
Receiptholder), upon any default in the payment of interest on the Deposits when
due by the Depositary in accordance with the Deposit Agreement, or upon any
default in the payment of the Final Withdrawal when due by the Depositary in
accordance with the terms of the Deposit Agreement and this Agreement, (i) to
proceed directly against the Depositary by making a demand to the Depositary for
the portion of such payment that would have been distributed to such
Receiptholder pursuant to this Agreement or by bringing suit to
enforce  payment of such portion and (ii) to enforce any other rights
that the Escrow Agent may have in respect of amounts due from the Depositary
under the Deposit Agreement and this Agreement that would have been distributed
to such Receiptholder pursuant to this Agreement.  Any recovery on
such enforcement action shall belong solely to the Receiptholder who brought
such action, and not to the Escrow Agent or any other Receiptholder individually
or to Receiptholders as a group.

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    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
A) to be duly executed as of the day and year first above written.

     

    

    
      	 
      	
              WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

                  as
      Escrow Agent

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    
      	 
      	
              MORGAN
      STANLEY & CO. INCORPORATED,

                  as
      an Underwriter

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    
      	 
      	
              GOLDMAN,
      SACHS & CO.,

                  as
      an Underwriter

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    
      	 
      	
              CALYON
      SECURITIES (USA) INC.,

                  as
      an Underwriter

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    

    

     

     

     

     

     

    Escrow and Paying Agent Agreement (Class A)

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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              WILMINGTON
      TRUST COMPANY, not in its individual capacity, but solely as Pass Through
      Trustee for and on behalf of Continental Airlines Pass Through Trust
      2009-1A-O

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    
      	 
      	
              WILMINGTON
      TRUST COMPANY,

                  as
      Paying Agent

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

     

     

     

     

     

    
       

      Escrow and Paying Agent Agreement (Class A)

    

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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     EXHIBIT A

     

    CONTINENTAL
AIRLINES 2009-1A ESCROW RECEIPT

     

    No.
__

     

    This
Escrow Receipt evidences a fractional undivided interest in amounts (“Account Amounts”)
from time to time deposited on behalf of the holder hereof into a certain paying
agent account (the “Paying Agent
Account”) described in the Escrow and Paying Agent Agreement (Class A)
dated as of July 1, 2009 (as amended, modified or supplemented from time to
time, the “Escrow and
Paying Agent Agreement”) among Wells Fargo Bank Northwest, National
Association, as Escrow Agent (in such capacity, together with its successors in
such capacity, the “Escrow Agent”),
Morgan Stanley & Co. Incorporated, Goldman, Sachs & Co. and Calyon
Securities (USA) 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 (or, in case
the Depositary shall default in its obligation to make a payment under the
Deposit Agreement that would be an Account Amount, to the Depositary) 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

     

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    the Pass
Through Trustee, the holder hereof will return this Escrow Receipt to the Pass
Through Trustee.

     

    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.

     

    

    
      
        
          
          

        

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

     

    Dated:  __________________,
2009

     

    

    
      	 
      	
              WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

                  as
      Escrow Agent

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    
      
        
          
          

        

        
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     EXHIBIT B

     

    WITHDRAWAL
CERTIFICATE

    (Class
A)

     

    Wells
Fargo Bank Northwest, National Association

    as Escrow
Agent

     

    Dear
Sirs:

     

    Reference
is made to the Escrow and Paying Agent Agreement, dated as of July 1, 2009 (the
“Agreement”).  [We hereby certify to you that the conditions to the
obligations of the undersigned to execute a Participation Agreement pursuant to
the Note Purchase Agreement have been satisfied]  [We hereby notify
you that the Depositary is being replaced in accordance with Section 4(a)(vii)
of the Note Purchase Agreement].  Pursuant to Section
[1.02(c)][1.02(d)] of the Agreement, please execute the attached [Notice of
Purchase Withdrawal][Notice of Replacement Withdrawal] and immediately transmit
by facsimile to the Depositary, at [__________],
Attention:  [__________].

     

    

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	
              WILMINGTON
      TRUST COMPANY,

              not
      in its individual capacity but solely as Pass Through
    Trustee

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    Dated:  ____________,
200_e60709081ex4_8.htm

    
 

    

    

    

    

    ________________________________________________________________

    

    

    

    

    NOTE
PURCHASE AGREEMENT

    

    Dated as
of July 1, 2009

    

    Among

    

    CONTINENTAL
AIRLINES, INC.,

    

    WILMINGTON
TRUST COMPANY,

    as Pass
Through Trustee under the

    Pass
Through Trust Agreement

    

    WILMINGTON
TRUST COMPANY,

    as
Subordination Agent

    

    WELLS
FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,

    as Escrow
Agent

    

    and

    

    WILMINGTON
TRUST COMPANY,

    as Paying
Agent

    

    

    

    

    

    

    

    ________________________________________________________________

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    INDEX TO NOTE PURCHASE AGREEMENT

     

    Page

     

    
      
        	
                SECTION 1.  Financing of Aircraft

              	
                3

              
	
                SECTION 2.  Conditions Precedent

              	
                6

              
	
                SECTION 3.  Representations and
      Warranties

              	
                7

              
	
                SECTION 4.  Covenants

              	
                12

              
	
                SECTION 5.  Notices

              	
                16

              
	
                SECTION 6.  Expenses

              	
                16

              
	
                SECTION 7.  Further Assurances

              	
                17

              
	
                SECTION 8.  Miscellaneous

              	
                17

              
	
                SECTION 9.  Governing Law

              	
                18

              

      

    

     

    Schedules

    
      
        	
                Schedule I  Aircraft

              
	
                Schedule II  Trust
  Supplement

              
	
                Schedule III  Required
  Terms

              

      

    

     

    Annex

    
      
        	
                Annex
A  Definitions

              

      

    

     

    Exhibits

    
      
        	
                Exhibit A  Form of Closing
    Notice

              
	
                Exhibit B  Form of Participation
      Agreement

              
	
                Exhibit C  Form of
  Indenture

              

      

    

    

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    NOTE
PURCHASE AGREEMENT

     

    This NOTE
PURCHASE AGREEMENT, dated as of July 1, 2009, among (i)CONTINENTAL AIRLINES,
INC., a Delaware corporation (the "Company"),
(ii)WILMINGTON TRUST COMPANY ("WTC"), a Delaware
banking corporation, not in its individual capacity except as otherwise
expressly provided herein, but solely as trustee (in such capacity together with
its successors in such capacity, the "Pass Through
Trustee") under the Pass Through Trust Agreement (as defined below),
(iii) WILMINGTON TRUST COMPANY, a Delaware banking corporation, as subordination
agent and trustee (in such capacity together with its successors in such
capacity, the "Subordination Agent")
under the Intercreditor Agreement (as defined below), (iv) WELLS FARGO BANK
NORTHWEST, NATIONAL ASSOCIATION, a national banking association, as Escrow Agent
(in such capacity together with its successors in such capacity, the "Escrow Agent"), under
the Escrow and Paying Agent Agreement (as defined below) and (v) WILMINGTON
TRUST COMPANY, a Delaware banking corporation, as Paying Agent (in such capacity
together with its successors in such capacity, the "Paying Agent") under
the Escrow and Paying Agent Agreement.

     

    W I T N E
S S E T H:

     

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

     

    WHEREAS,
the Company (i) is currently the owner of the three Boeing 777-224
aircraft, two Boeing 757-224 aircraft, three Boeing 737-824 aircraft and four
Boeing 737-724 aircraft listed in Part A of Schedule I hereto (the "Owned Aircraft"),
each of which is subject to an existing security interest, and (ii) has obtained
commitments from the Manufacturer pursuant to the Aircraft Purchase Agreement
for the delivery of the seven Boeing 737-924ER aircraft listed in Part B of
Schedule I hereto (together with any aircraft substituted therefor in accordance
with the Aircraft Purchase Agreement prior to the delivery thereof, the "Eligible
Aircraft");

     

    WHEREAS,
pursuant to this Agreement the Company wishes to finance (i) each Owned Aircraft
after the existing security interest on such Owned Aircraft has been discharged
and (ii) a portion of the purchase price of five aircraft included in the
Eligible Aircraft (such Eligible Aircraft financed hereunder, the "New Aircraft" and,
together with the Owned Aircraft, the “Aircraft”);

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    WHEREAS,
pursuant to the Basic Pass Through Trust Agreement and the Trust Supplement set
forth in Schedule II hereto, and concurrently with the execution and delivery of
this Agreement, a grantor trust (the "Pass Through Trust")
has been created to facilitate certain of the transactions contemplated hereby,
including, without limitation, the issuance and sale of pass through
certificates pursuant thereto (collectively, the "Certificates") to
provide for the financing of the Aircraft contemplated hereby;

     

    WHEREAS,
the Company has entered into the Underwriting Agreement, dated as of June 16,
2009 (the "Underwriting
Agreement") with the Underwriters named therein (the "Underwriters"), which
provides that the Company will cause the Pass Through Trustee to issue and sell
the Certificates to the Underwriters on the Issuance Date;

     

    WHEREAS,
concurrently with the execution and delivery of this Agreement, (i) the Escrow
Agent and the Depositary have entered into the Deposit Agreement, dated as of
the Issuance Date, relating to the Pass Through Trust (the "Deposit Agreement")
whereby the Escrow Agent agreed to direct the Underwriters to make certain
deposits referred to therein on the Issuance Date (the "Initial Deposits")
and to permit the Pass Through Trustee to make additional deposits from time to
time thereafter (the Initial Deposits together with such additional deposits are
collectively referred to as the "Deposits") and (ii)
the Pass Through Trustee, Underwriters, Paying Agent and Escrow Agent have
entered into the Escrow and Paying Agent Agreement, dated as of the Issuance
Date, relating to the Pass Through Trust (the "Escrow and Paying Agent
Agreement"), whereby, among other things, (a) the Underwriters
agreed to deliver an amount equal to the amount of the Initial Deposits to the
Depositary on behalf of the Escrow Agent and (b) the Escrow Agent, upon the
Depositary receiving such amount, agreed to deliver escrow receipts to be
affixed to each Certificate;

     

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

     

    WHEREAS,
upon the financing of each Aircraft, the Pass Through Trustee will fund its
purchase of Equipment Notes with the proceeds of one or more Deposits withdrawn
by the Escrow Agent under the Deposit Agreement (or, if financed on the Issuance
Date, with a portion of the proceeds from the offering of the Certificates);
and

    

    
      
        
          
          

        

        
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    WHEREAS,
concurrently with the execution and delivery of this Agreement, (i) Goldman
Sachs Bank USA (the "Liquidity Provider"),
has entered into a revolving credit agreement, for the benefit of the
Certificateholders of the Pass Through Trust, with the Subordination Agent, as
agent for the Pass Through Trustee on behalf of the Pass Through Trust (such
revolving credit agreement with the Liquidity Provider, the "Liquidity Facility")
and (ii) the Pass Through Trustee, the Liquidity Provider and the Subordination
Agent have entered into the Intercreditor Agreement, dated as of the date hereof
(the "Intercreditor
Agreement").

     

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

     

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

     

    (b)           In
furtherance of the foregoing, the Company agrees to give the parties hereto, the
Depositary and each of the Rating Agencies not less than two Business Days'
prior notice substantially in the form of Exhibit A hereto (a "Closing Notice") of
the scheduled closing date (the "Scheduled Closing
Date") (or, in the case of a substitute Closing Notice under Section 1(e)
or (f) hereof, one Business Day's prior notice) in respect of the financing of
each Aircraft under this Agreement, which notice shall:

     

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

     

    (ii)   
instruct the Pass Through Trustee to enter into the Participation Agreement
included in the Financing Agreements

    

    
      
        
          
          

        

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

     

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

     

    (iv)  
specify the aggregate principal amount of the Equipment Notes to be issued, and
purchased by the Pass Through Trustee, in connection with the financing of such
Aircraft scheduled on such Funding Date (which shall in all respects comply with
the Required Terms).

     

    Notwithstanding
the foregoing, in the case of any Aircraft to be financed hereunder on the
Issuance Date, the Closing Notice therefor may be delivered to the parties
hereto on the Issuance Date.

     

    (c)           Upon
receipt of a Closing Notice, the Pass Through Trustee shall, and shall cause the
Subordination Agent to, enter into and perform their respective obligations
under the Participation Agreement specified in such Closing Notice, provided that such
Participation Agreement and the Indenture to be entered into pursuant to such
Participation Agreement shall be in the forms thereof annexed hereto in all
material respects and, if modified in any material respect, as to which Rating
Agency Confirmation shall have been obtained from each Rating Agency by the
Company (to be delivered by the Company to the Pass Through Trustee on or before
the relevant Funding Date, it being understood that if Rating Agency
Confirmation shall have been received with respect to any Financing Agreements
and such Financing Agreements are utilized for subsequent Aircraft (or
Substitute Aircraft) without material modifications, no additional Rating Agency
Confirmation shall be required); provided, however, that the
relevant Financing Agreements as executed and delivered shall not vary the
Required Terms.  Notwithstanding the foregoing, an Indenture may be
modified to the extent required for the issuance of Equipment Notes pursuant to
Section 4(a)(vi) of this Agreement, subject to the terms of such Section and
Section 9.1(c) of the Intercreditor Agreement.  The Company shall pay
the reasonable costs and expenses of the Rating Agencies in connection with
obtaining any such Rating Agency Confirmation.  With respect to each
Aircraft, the Company shall cause WTC (or such other person that meets the
eligibility

    

    
      
        
          
          

        

        
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    requirements
to act as loan trustee under the Indenture) to execute as Loan Trustee the
Financing Agreements relating to such Aircraft to which such Loan Trustee is
intended to be a party, and shall concurrently therewith execute such Financing
Agreements to which the Company is intended to be a party and perform its
respective obligations thereunder.  Upon the request of either Rating
Agency, the Company shall deliver or cause to be delivered to such Rating Agency
a true and complete copy of each Financing Agreement relating to the financing
of each Aircraft together with a true and complete set of the closing
documentation (including legal opinions) delivered to the related Loan Trustee,
Subordination Agent and Pass Through Trustee under the related Participation
Agreement.

     

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

     

    (e)           If
after giving any Closing Notice, there shall be a delay in the delivery of the
Eligible Aircraft referred to therein, or if on the Scheduled Closing Date of
the Eligible Aircraft or Owned Aircraft referred to therein the financing
thereof in the manner contemplated hereby shall not be consummated for whatever
reason, the Company shall give the parties hereto and the Depositary prompt
notice thereof.  Concurrently with the giving of such notice of
postponement or subsequently, the Company shall give the parties hereto and the
Depositary a substitute Closing Notice specifying the date to which the
financing of such Eligible Aircraft (or of another Eligible Aircraft in lieu
thereof) or such Owned Aircraft shall have been re-scheduled (which shall be a
Business Day before the Cut-off Date on which the Escrow Agent shall be entitled
to withdraw one or more Deposits under the Deposit Agreement to enable the Pass
Through Trustee to fund its purchase of the Equipment Notes).  Upon
receipt of any such notice of postponement, the Pass Through Trustee shall
comply with its obligations under Section 5.01 of the Trust Supplement and
thereafter the financing of such Eligible Aircraft or such Owned Aircraft, as
specified in such substitute Closing Notice, shall take place on the
re-scheduled Closing Date therefor (all on and subject to the terms and
conditions of the relevant Financing Agreements) unless further postponed as
provided herein.

    

    
      
        
          
          

        

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

     

    (g)           If
the scheduled delivery date from the Manufacturer for any Eligible Aircraft is
delayed (a) more than 30 days beyond the last day of the month set forth
opposite such Eligible Aircraft under the heading "Scheduled Delivery Months" in
Part B of Schedule I hereto or (b) beyond December 31, 2009, the Company may
identify for delivery a substitute aircraft therefor meeting the following
conditions (a "Substitute
Aircraft"):  (i) a Substitute Aircraft must be a Boeing
737-924ER aircraft and (ii) the Company shall be obligated to obtain Rating
Agency Confirmation in respect of the replacement of any Eligible Aircraft by
Substitute Aircraft.  Upon the satisfaction of the conditions set
forth above with respect to a Substitute Aircraft, the Eligible Aircraft to be
replaced shall cease to be subject to this Agreement and all rights and
obligations of the parties hereto concerning such Eligible Aircraft shall cease,
and such Substitute Aircraft shall become and thereafter be subject to the terms
and conditions of this Agreement to the same extent as such Eligible
Aircraft.

     

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

     

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

     

    SECTION 2.  Conditions
Precedent.  The obligation of the Pass Through Trustee to enter
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    Subordination
Agent to enter into, any Participation Agreement as directed pursuant to a
Closing Notice and to perform its obligations thereunder is subject to
satisfaction of the following conditions:

     

    (a)           no
Triggering Event shall have occurred;

     

    (b)           the
Company shall have delivered a certificate to the Pass Through Trustee and the
Liquidity Provider stating (i) that such Participation Agreement and the other
Financing Agreements to be entered into pursuant to such Participation Agreement
do not vary the Required Terms and (ii) that any substantive modification of
such Financing Agreements from the forms of Financing Agreements attached to
this Agreement do not materially and adversely affect the Certificateholders or
the Liquidity Provider, and such certification shall be true and correct;
and

     

    (c)           In
the case of the Participation Agreement relating to the Aircraft with
registration number N24729, N16732, N24736, N14240 or N33132, an "8C Check"
shall have been performed on such Aircraft after May 2009 under the Company's
maintenance program, and the Company shall have delivered a certificate to the
Pass Through Trustee confirming the foregoing with respect to such
Aircraft.

     

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

     

    SECTION 3.  Representations and
Warranties.  (a)  The Company represents and warrants
that:

     

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

     

    (ii)  the
execution and delivery by the Company of this Agreement and the performance by
the Company of its obligations under this Agreement have been duly

    

    
      
        
          
          

        

        
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    authorized
by the Company and will not violate its Certificate of Incorporation or by-laws
or the provisions of any indenture, mortgage, contract or other agreement to
which it is a party or by which it is bound; and

     

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

     

    (b)           WTC
represents and warrants that:

     

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

     

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

     

    (iii)  this
Agreement constitutes the legal, valid and binding obligations of WTC, in its
capacity as Subordination Agent, Pass Through Trustee or Paying

    

    
      
        
          
          

        

        
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    Agent, as
the case may be, enforceable against it in accordance with its terms, except as
the same may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the rights of creditors generally and by
general principles of equity, whether considered in a proceeding at law or in
equity.

     

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

     

    (d)           The
Subordination Agent represents and warrants that:

     

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

     

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

     

    (iii)  none
of the execution, delivery and performance by the Subordination Agent of this
Agreement contravenes any law, rule or regulation of the State of Delaware or
any United States governmental authority or agency regulating the Subordination
Agent's banking, trust or fiduciary powers or any judgment or order applicable
to or binding on the Subordination Agent and do not

    

    
      
        
          
          

        

        
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    contravene
the Subordination Agent's articles of association or by-laws or result in any
breach of, or constitute a default under, any agreement or instrument to which
the Subordination Agent is a party or by which it or any of its properties may
be bound;

     

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

     

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

     

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

    

    
      
        
          
          

        

        
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    (e)           The
Escrow Agent represents and warrants that:

     

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

     

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

     

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

     

    (f)           The
Paying Agent represents and warrants that:

     

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

    

    
      
        
          
          

        

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

     

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

     

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

     

    (i)  [Intentionally
Omitted];

     

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

     

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

     

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

     

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

     

    (vi)  the
Company shall not issue any Additional Series Equipment Notes pursuant to
any Indenture, unless it shall have obtained written confirmation from each
Rating Agency that the issuance of such Equipment Notes will not result in
(1) a reduction of the rating for the Certificates by such Rating Agency
below the then current rating for the Certificates or (2) a withdrawal or
suspension of the rating of the Certificates by such Rating
Agency.  Any issuance of Additional Series Equipment Notes shall be
subject to the terms of Section 9.1(c) of the Intercreditor Agreement;
and

     

    (vii)  If
(x) the Depositary’s short-term unsecured debt rating or short-term issuer
credit rating, as the case may be, shall at any time fall below A-1+ from
Standard & Poor’s Ratings Services or P-1 from Moody’s Investors Service,
Inc. (such minimum ratings, the “Depositary Threshold
Ratings”) or (y) the Company or the Depositary, in its sole
discretion, gives written notice to the other of its election that the
Depositary be replaced, the Company shall, within 30 days after such event
occurring, cause the Depositary to be replaced with a depositary bank (a “Replacement
Depositary”) on the following terms and preconditions:

     

    (A)           the
Replacement Depositary must meet the Depositary Threshold Ratings and the
Company shall have obtained written confirmation from each Rating Agency that
such replacement will not cause a reduction of the rating then in effect for the
Certificates by such Rating Agency (without regard to any downgrading of any
rating of the Depositary being replaced);

     

    (B)           the
Company shall pay all fees, expenses and other amounts then owing to the
replaced Depositary and, except as expressly provided in clause (C) below, the
Company shall pay any up-front fee of the Replacement Depositary and (without
limitation of the foregoing) all out-of-pocket expenses (including reasonable
fees and expenses of legal counsel) of the parties hereto (including without
limitation all amounts payable to the Rating Agencies) incurred in connection
with such replacement;

     

    (C)     solely in the
case of the Depositary making an election in its discretion that it be replaced
(and without limitation of clause (A) above), (x) the notice given by
the

    

    
      
        
          
          

        

        
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    Depositary
to the Company shall nominate a Replacement Depositary, which shall satisfy all
of terms and preconditions of this Section 4(a)(vii) (and the Company shall have
the right to utilize such nominee as the Replacement Depositary or to select
another Replacement Depositary), (y) the fees, expenses, indemnities and
other amounts payable to the Replacement Depositary upon its execution of the
Replacement Deposit Agreement or thereafter shall not to any extent exceed those
which would have been payable to the Depositary had such replacement not
occurred (it being specifically understood and agreed that any up-front fee of
the Replacement Depositary shall be paid by the replaced Depositary, provided
that, if the Company selects a Replacement Depositary other than the
nominee of the replaced Depositary and the upfront fee of such selection exceeds
that of such nominee, the Company shall pay such excess), and (without
limitation of the foregoing) the Depositary shall pay all out-of-pocket expenses
(including reasonable fees and expenses of legal counsel) of the parties hereto
(including without limitation all amounts payable to the Rating Agencies)
incurred in connection with such replacement, and (z) the Replacement Depositary
shall be willing to enter into a Replacement Deposit Agreement for the
Certificates with the Escrow Agent having the same terms and conditions
(including without limitation as to the interest to be paid on the Deposits) as
the Deposit Agreement; and

     

    (D)           the
Company or, in the case of the Depositary making an election that it be replaced
(unless the Company shall have selected such Replacement Depositary), the
Depositary, shall cause the Replacement Depositary to enter into a Replacement
Deposit Agreement for the Certificates with the Escrow Agent (and, upon request
of the Company the Escrow Agent agrees to enter into any such Replacement
Deposit Agreement) and shall cause the Replacement Depositary to deliver to the
Company and each Rating Agency legal opinions and other closing documentation
substantially similar in scope and substance as those that were delivered by the
Depositary being replaced in connection with the execution and delivery of the
Deposit Agreement being replaced.

     

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

    

    
      
        
          
          

        

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

     

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

     

    (viii)         Promptly
after the occurrence of a Triggering Event or an Indenture Default resulting
from the failure of the Company to make payments on any Equipment Note and on
every Regular Distribution Date while the Triggering Event or such Indenture
Default shall be continuing, the Company will, at the Subordination Agent’s
request from time to time but in any event no more frequently than once every
three months, provide to the Subordination Agent a statement setting forth the
following information with respect to each Aircraft then subject to the lien of
an Indenture:  (A) whether the Aircraft are currently in service
or parked in storage, (B) the maintenance status of the Aircraft and
(C) the location of the Engines (as defined in the respective Indentures to
which such Aircraft are subject).  As used in this sentence, the terms
“Triggering Event”, “Indenture Default”, “Regular Distribution Date” shall have
the respective meanings set forth in the Intercreditor Agreement as originally
executed.

     

    (b)           WTC,
in its individual capacity, covenants with each of the other parties to this
Agreement that it will, immediately upon obtaining knowledge of any facts that
would cast doubt upon its continuing status as a "citizen of the United States"
as defined in Section 40102(a)(15) of the Act and promptly upon public
disclosure of negotiations in respect of any transaction which would or might
adversely affect such status, notify in writing all parties hereto of all
relevant matters in connection therewith.  Upon WTC giving any such
notice, WTC shall, subject to Section 9.01 of any Indenture then

    

    
      
        
          
          

        

        
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    entered
into, resign as Loan Trustee in respect of such Indenture.

     

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

     

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

     

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

    

    
      
        
          
          

        

        
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    compensation
and reimbursement of expenses and disbursements payable to the Subordination
Agent under the Intercreditor Agreement except with respect to any income or
franchise taxes incurred by the Subordination Agent in connection with the
transactions contemplated by the Intercreditor Agreement and (iv) in the
event the Company requests any amendment to any Operative Agreement, all
reasonable fees and expenses (including, without limitation, fees and
disbursements of counsel) of the Escrow Agent and/or the Paying Agent in
connection therewith.  For purposes of this Section 6(b), the terms
"Applied Downgrade Advance", "Applied Non-Extension Advance", "Applied Special
Termination Advance", "Downgrade Advance", "Investment Earnings", "Non-Extension
Advance" and "Special Termination Advance" shall have the meanings specified in
the Liquidity Facility.

     

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

     

    SECTION 8.  Miscellaneous.  (a)  Provided
that the transactions contemplated hereby have been consummated, in whole or in
part, and except as otherwise provided for herein, the representations,
warranties and agreements herein of the Company, the Subordination Agent, the
Escrow Agent, the Paying Agent and the Pass Through Trustee, and the Company's,
the Subordination Agent's, the Escrow Agent's, the Paying Agent's and the Pass
Through Trustee's obligations under any and all thereof, shall survive the
expiration or other termination of this Agreement and the other agreements
referred to herein.

     

    (b)           This
Agreement may be executed in any number of counterparts (and each of the parties
hereto shall not be required to execute the same counterpart).  Each
counterpart of this Agreement, including a signature page executed by each of
the parties hereto, shall be an original counterpart of this Agreement, but all
of such counterparts together shall constitute one
instrument.  Neither this Agreement nor any of the terms hereof may be
terminated, amended, supplemented, waived or modified orally, but only by an
instrument in writing signed by the party against which the enforcement of the
termination, amendment, supplement, waiver or modification is

    

    
      
        
          
          

        

        
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    sought.  The
index preceding this Agreement and the headings of the various Sections of this
Agreement are for convenience of reference only and shall not modify, define,
expand or limit any of the terms or provisions hereof.  The terms of
this Agreement shall be binding upon, and shall inure to the benefit of, the
Company and its successors and permitted assigns, the Pass Through Trustee and
its successors as Pass Through Trustee (and any additional trustee appointed)
under the Pass Through Trust Agreement, the Escrow Agent and its successors as
Escrow Agent under the Escrow and Paying Agent Agreement, the Paying Agent and
its successors as Paying Agent under the Escrow and Paying Agent Agreement and
the Subordination Agent and its successors as Subordination Agent under the
Intercreditor Agreement.

     

    (c)           This
Agreement is not intended to, and shall not, provide any person not a party
hereto (other than the Underwriters, each of the beneficiaries of Section 6
hereof and the Depositary as a beneficiary of Section 4(a)(vii)) with any rights
of any nature whatsoever against any of the parties hereto, and no person not a
party hereto (other than the Underwriters, each of the beneficiaries of Section
6 hereof and the Depositary as a beneficiary of Section 4(a)(vii)) shall have
any right, power or privilege in respect of, or have any benefit or interest
arising out of, this Agreement.  To the extent that this Agreement
expressly confers upon, gives or grants any right, power, privilege, benefit,
interest, remedy or claim to any of the beneficiaries of Section 6 hereof
(including, but not limited to rights, powers, privileges, benefits, interests,
remedies and claims under Section 6) or to the Depositary with respect to
Section 4(a)(vii), each such party is hereby recognized as a third party
beneficiary hereunder and may enforce any such right, power, privilege, benefit,
interest, remedy or claim.

     

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

    

    
      
        
          
          

        

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

    

    
      	 
      	
              CONTINENTAL
      AIRLINES, INC.

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	
              Name:

            	 
      
	 
      	
              Title:

            	 
      
	 
      	 
      
	 
      	
              Address:

            	
              1600
      Smith Street

              Dept.
      HQS-FN

              Houston,
      TX  77002

              Attention:  Treasurer

              Facsimile:  (713)
      324-2447

            

    

    

    
      	 
      	
              WILMINGTON
      TRUST COMPANY,

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

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	
              Name:

            	 
      
	 
      	
              Title:

            	 
      
	 
      	 
      
	 
      	
              Address:

            	
              Rodney
      Square North

              1100
      North Market Street

              Wilmington,
      Delaware 19890

              Attention:
      Corporate Trust

              Administration

              Facsimile:  (302)
      636-4140

            

    

    

    

    
      
        
          
          

        

        
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              WILMINGTON
      TRUST COMPANY,

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

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	
              Name:

            	 
      
	 
      	
              Title:

            	 
      
	 
      	 
      
	 
      	
              Address:

            	
              Rodney
      Square North

              1100
      North Market Street

              Wilmington,
      Delaware 19890

              Attention:
      Corporate Trust

              Administration

              Facsimile:  (302)
      636-4140

            

    

    

    

    
      	 
      	
              WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,

              as
      Escrow Agent

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	
              Name:

            	 
      
	 
      	
              Title:

            	 
      
	 
      	 
      
	 
      	
              Address:

            	
              299
      South Main Street

              Salt
      Lake City, 12th Floor Utah 84111

              Attention:
      Corporate Trust

              Department

              Facsimile:  (801)
      246-5053

            

    

    

    

    
      
        
          
          

        

        
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              WILMINGTON
      TRUST COMPANY,

              as
      Paying Agent

            
	 
      	 
      
	 
      	 
      
	 
      	
              By

            	 
      
	 
      	
              Name:

            	 
      
	 
      	
              Title:

            	 
      
	 
      	 
      
	 
      	
              Address:

            	
              Rodney
      Square North

              1100
      North Market Street

              Wilmington,
      Delaware 19890

              Attention:
      Corporate Trust

              Administration

              Facsimile:  (302)
      636-4140

            

    

    

    

    

    
      
        
          
          

        

        
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    SCHEDULE I to

    Note Purchase
Agreement

    

    AIRCRAFT

    

    Part A -
OWNED AIRCRAFT

    

    
      
        	
                
                  Aircraft
      Type

                

              	
                
                  Registration

                  Number

                

              	
                
                  Manufacturer’s

                  Serial
      Number

                

              
	
                Boeing
      777-224

              	
                N77006

              	
                29476

              
	
                Boeing
      777-224

              	
                N78009

              	
                29479

              
	
                Boeing
      777-224

              	
                N78013

              	
                29861

              
	
                Boeing
      757-224

              	
                N34131

              	
                28971

              
	
                Boeing
      757-224

              	
                N33132

              	
                29281

              
	
                Boeing
      737-824

              	
                N26232

              	
                28942

              
	
                Boeing
      737-824

              	
                N35236

              	
                28801

              
	
                Boeing
      737-824

              	
                N14240

              	
                28952

              
	
                Boeing
      737-724

              	
                N24729

              	
                28945

              
	
                Boeing
      737-724

              	
                N16732

              	
                28948

              
	
                Boeing
      737-724

              	
                N14735

              	
                28950

              
	
                Boeing
      737-724

              	
                N24736

              	
                28803

              

      

    

    

    

    Part B -
ELIGIBLE AIRCRAFT AND SCHEDULED DELIVERY MONTHS

    

    
      
        	
                
                  Aircraft
      Type

                

              	
                
                  Expected

                  Registration

                  Number

                

              	
                
                  Expected
      Manufacturer’s

                  Serial
      Number

                

              	
                
                  Scheduled
      Delivery

                  Month

                

              
	
                Boeing
      737-924ER

              	
                N37437

              	
                33532

              	
                July
      2009

              
	
                Boeing
      737-924ER

              	
                N78438

              	
                33533

              	
                July
      2009

              
	
                Boeing
      737-924ER

              	
                N57439

              	
                33534

              	
                August
      2009

              
	
                Boeing
      737-924ER

              	
                N45440

              	
                33535

              	
                August
      2009

              
	
                Boeing
      737-924ER

              	
                N53441

              	
                30131

              	
                August
      2009

              
	
                Boeing
      737-924ER

              	
                N37434

              	
                33528

              	
                September
      2009

              
	
                Boeing
      737-924ER

              	
                N53442

              	
                33536

              	
                September
      2009

              

      

    

    

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    SCHEDULE II to

    Note Purchase
Agreement

     

    TRUST
SUPPLEMENT

     

    Trust
Supplement dated as of the Issuance Date between the Company and the Pass
Through Trustee in respect of Continental Airlines Pass Through Trust, Series
2009-1A-O.

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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    SCHEDULE III to

    Note Purchase
Agreement

     

    REQUIRED
TERMS

    

     

    
      Equipment
Notes

       

      Obligor:     Continental

       

      Maximum
Principal Amount:

       

      The
initial principal amount and amortization schedule of the Equipment Notes issued
with respect to an Aircraft shall be as set forth in the following table for
that Aircraft (or, in the case of a Boeing 737-924ER Aircraft, the applicable
table for that model):

       

      Boeing
777-224ER

       

      
        
          
            
              
                
                  	 	 	
                                              
      N77006

                        	 	 	                   
      N78009 	 	 	                  
      N78013 	 
	
                          
                            Date

                          

                        	 	
                          
                            
                            

                            Equipment
      Note Ending Balance

                          

                        	 	 	
                          
                            
                            

                            Scheduled
      Payment of Principal

                          

                        	 	 	
                          
                            
                            

                            Equipment
      Note Ending Balance

                          

                        	 	 	
                          
                            
                            

                            Scheduled
      Payment of Principal

                          

                        	 	 	
                          
                            
                            

                            Equipment
      Note Ending Balance

                          

                        	 	 	
                          
                            
                            

                            Scheduled
      Payment of Principal

                          

                        	 
	
                          At
      Issuance                            

                        	 	$	41,734,000.00	 	 	$	0.00	 	 	$	41,366,000.00	 	 	$	0.00	 	 	$	43,478,000.00	 	 	$	0.00	 
	
                          January
      8, 2010

                        	 	 	40,397,992.73	 	 	 	1,336,007.27	 	 	 	40,060,498.89	 	 	 	1,305,501.11	 	 	 	42,105,869.40	 	 	 	1,372,130.60	 
	
                          July
      8,
      2010                            

                        	 	 	39,062,267.99	 	 	 	1,335,724.74	 	 	 	38,755,358.26	 	 	 	1,305,140.63	 	 	 	40,734,092.15	 	 	 	1,371,777.25	 
	
                          January
      8, 2011

                        	 	 	37,726,845.34	 	 	 	1,335,422.65	 	 	 	37,450,068.44	 	 	 	1,305,289.82	 	 	 	39,362,158.09	 	 	 	1,371,934.06	 
	
                          July
      8,
      2011                            

                        	 	 	36,391,746.20	 	 	 	1,335,099.14	 	 	 	36,144,618.86	 	 	 	1,305,449.58	 	 	 	37,990,056.12	 	 	 	1,372,101.97	 
	
                          January
      8, 2012

                        	 	 	35,056,994.03	 	 	 	1,334,752.17	 	 	 	34,838,997.93	 	 	 	1,305,620.93	 	 	 	36,617,774.05	 	 	 	1,372,282.07	 
	
                          July
      8,
      2012                            

                        	 	 	33,722,614.66	 	 	 	1,334,379.37	 	 	 	33,533,192.90	 	 	 	1,305,805.03	 	 	 	35,245,298.48	 	 	 	1,372,475.57	 
	
                          January
      8, 2013

                        	 	 	32,388,636.52	 	 	 	1,333,978.14	 	 	 	32,227,189.72	 	 	 	1,306,003.18	 	 	 	33,872,614.65	 	 	 	1,372,683.83	 
	
                          July
      8,
      2013                            

                        	 	 	31,055,091.01	 	 	 	1,333,545.51	 	 	 	30,920,972.89	 	 	 	1,306,216.83	 	 	 	32,499,706.25	 	 	 	1,372,908.40	 
	
                          January
      8, 2014

                        	 	 	29,718,160.47	 	 	 	1,336,930.54	 	 	 	29,610,686.74	 	 	 	1,310,286.15	 	 	 	31,122,520.76	 	 	 	1,377,185.49	 
	
                          July
      8,
      2014                            

                        	 	 	28,108,845.80	 	 	 	1,609,314.67	 	 	 	28,292,454.81	 	 	 	1,318,231.93	 	 	 	29,736,983.82	 	 	 	1,385,536.94	 
	
                          January
      8, 2015

                        	 	 	26,479,128.59	 	 	 	1,629,717.21	 	 	 	26,690,098.72	 	 	 	1,602,356.09	 	 	 	28,052,816.17	 	 	 	1,684,167.65	 
	
                          July
      8,
      2015                            

                        	 	 	24,848,255.47	 	 	 	1,630,873.12	 	 	 	25,084,808.93	 	 	 	1,605,289.79	 	 	 	26,365,565.04	 	 	 	1,687,251.13	 
	
                          January
      8, 2016

                        	 	 	23,218,708.69	 	 	 	1,629,546.78	 	 	 	23,478,864.14	 	 	 	1,605,944.79	 	 	 	24,677,625.45	 	 	 	1,687,939.59	 
	
                          July
      8,
      2016                            

                        	 	 	0.00	 	 	 	23,218,708.69	 	 	 	0.00	 	 	 	23,478,864.14	 	 	 	0.00	 	 	 	24,677,625.45	 

                

              

            

          

        

      

      
        
           

        

        
           

          
            

          

        

        
          BACK

        
2

       

      Boeing
757-224

       

      
        
          	 	 	                         
         N34131	 	 	                         
       N33132 	 
	
                  
                     

                    Date

                  

                	 	
                  
                    
                    

                    Equipment
      Note Ending Balance

                  

                	 	 	
                  
                    
                    

                    Scheduled
      Payment of Principal

                  

                	 	 	
                  
                    
                    

                    Equipment
      Note Ending Balance

                  

                	 	 	
                  
                    
                    

                    Scheduled
      Payment of Principal

                  

                	 
	
                  At
      Issuance                                                              

                	 	$	13,992,000.00	 	 	$	0.00	 	 	$	13,262,000.00	 	 	$	0.00	 
	
                  January
      8,
      2010                                                              

                	 	 	13,537,293.27	 	 	 	454,706.73	 	 	 	12,831,339.04	 	 	 	430,660.96	 
	
                  July
      8,
      2010                                                              

                	 	 	13,082,829.54	 	 	 	454,463.73	 	 	 	12,400,575.06	 	 	 	430,763.98	 
	
                  January
      8,
      2011                                                              

                	 	 	12,628,625.62	 	 	 	454,203.92	 	 	 	11,970,057.35	 	 	 	430,517.71	 
	
                  July
      8,
      2011                                                              

                	 	 	12,174,699.93	 	 	 	453,925.69	 	 	 	11,539,803.37	 	 	 	430,253.98	 
	
                  January
      8,
      2012                                                              

                	 	 	11,721,072.68	 	 	 	453,627.25	 	 	 	11,109,832.25	 	 	 	429,971.12	 
	
                  July
      8,
      2012                                                              

                	 	 	11,267,766.05	 	 	 	453,306.63	 	 	 	10,680,165.05	 	 	 	429,667.20	 
	
                  January
      8,
      2013                                                              

                	 	 	10,814,804.51	 	 	 	452,961.54	 	 	 	10,250,824.93	 	 	 	429,340.12	 
	
                  July
      8,
      2013                                                              

                	 	 	10,362,215.06	 	 	 	452,589.45	 	 	 	9,821,837.49	 	 	 	428,987.44	 
	
                  January
      8,
      2014                                                              

                	 	 	9,816,138.04	 	 	 	546,077.02	 	 	 	9,304,237.76	 	 	 	517,599.73	 
	
                  July
      8,
      2014                                                              

                	 	 	9,271,347.80	 	 	 	544,790.24	 	 	 	8,787,857.70	 	 	 	516,380.06	 
	
                  January
      8,
      2015                                                              

                	 	 	8,720,374.70	 	 	 	550,973.10	 	 	 	8,265,617.21	 	 	 	522,240.49	 
	
                  July
      8,
      2015                                                              

                	 	 	8,169,645.93	 	 	 	550,728.77	 	 	 	7,743,608.32	 	 	 	522,008.89	 
	
                  January
      8,
      2016                                                              

                	 	 	7,620,057.91	 	 	 	549,588.02	 	 	 	7,222,680.68	 	 	 	520,927.64	 
	
                  July
      8,
      2016                                                              

                	 	 	0.00	 	 	 	7,620,057.91	 	 	 	0.00	 	 	 	7,222,680.68	 

        

      

       

      Boeing
737-924ER

       

      
        
          	 
      	 	
                  
                    
                    

                    N37437
      / N78438 / N57439

                    N45440
      / N53441/ N37434 / N53442

                  

                	 
	
                  
                     

                    Date

                  

                	 	
                  
                    
                    

                    Equipment
      Note Ending Balance

                  

                	 	 	
                  
                    
                    

                    Scheduled
      Payment of Principal

                  

                	 
	
                  At
      Issuance                                                                                                                

                	 	$	28,258,000.00	 	 	$	0.00	 
	
                  January
      8,
      2010                                                                                                                

                	 	 	28,258,000.00	 	 	 	0.00	 
	
                  July
      8,
      2010                                                                                                                

                	 	 	28,258,000.00	 	 	 	0.00	 
	
                  January
      8,
      2011                                                                                                                

                	 	 	28,258,000.00	 	 	 	0.00	 
	
                  July
      8,
      2011                                                                                                                

                	 	 	27,704,698.56	 	 	 	553,301.44	 
	
                  January
      8,
      2012                                                                                                                

                	 	 	27,150,947.11	 	 	 	553,751.45	 
	
                  July
      8,
      2012                                                                                                                

                	 	 	26,597,195.67	 	 	 	553,751.44	 
	
                  January
      8,
      2013                                                                                                                

                	 	 	26,043,444.22	 	 	 	553,751.45	 
	
                  July
      8,
      2013                                                                                                                

                	 	 	25,489,692.78	 	 	 	553,751.44	 
	
                  January
      8,
      2014                                                                                                                

                	 	 	24,935,941.33	 	 	 	553,751.45	 
	
                  July
      8,
      2014                                                                                                                

                	 	 	24,382,189.89	 	 	 	553,751.44	 
	
                  January
      8,
      2015                                                                                                                

                	 	 	23,828,438.44	 	 	 	553,751.45	 
	
                  July
      8,
      2015                                                                                                                

                	 	 	23,274,687.00	 	 	 	553,751.44	 
	
                  January
      8,
      2016                                                                                                                

                	 	 	22,720,935.56	 	 	 	553,751.44	 
	
                  July
      8,
      2016                                                                                                                

                	 	 	0.00	 	 	 	22,720,935.56	 

        

      

       

      

       

      
        
           

        

        
           

          
            

          

        

        
          BACK

        
3

       

      Boeing
737-824

       

      
        
          	 	 	                          
         N26232	 	 	                            
      N35236	 	 	                           
      N14240	 
	
                  
                     

                    Date

                  

                	 	
                  
                    
                    

                    Equipment
      Note Ending Balance

                  

                	 	 	
                  
                    
                    

                    Scheduled
      Payment of Principal

                  

                	 	 	
                  
                    
                    

                    Equipment
      Note Ending Balance

                  

                	 	 	
                  
                    
                    

                    Scheduled
      Payment of Principal

                  

                	 	 	
                  
                    
                    

                    Equipment
      Note Ending Balance

                  

                	 	 	
                  
                    
                    

                    Scheduled
      Payment of Principal

                  

                	 
	
                  At
      Issuance                                

                	 	$	14,834,000.00	 	 	$	0.00	 	 	$	15,510,000.00	 	 	$	0.00	 	 	$	15,510,000.00	 	 	$	0.00	 
	
                  January
      8,
      2010                                

                	 	 	14,365,531.91	 	 	 	468,468.09	 	 	 	15,020,689.65	 	 	 	489,310.35	 	 	 	15,027,590.08	 	 	 	482,409.92	 
	
                  July
      8,
      2010                                

                	 	 	13,897,513.79	 	 	 	468,018.12	 	 	 	14,531,326.99	 	 	 	489,362.66	 	 	 	14,544,977.13	 	 	 	482,612.95	 
	
                  January
      8,
      2011                                

                	 	 	13,429,442.17	 	 	 	468,071.62	 	 	 	14,041,908.39	 	 	 	489,418.60	 	 	 	14,062,147.09	 	 	 	482,830.04	 
	
                  July
      8,
      2011                                

                	 	 	12,961,313.26	 	 	 	468,128.91	 	 	 	13,552,429.89	 	 	 	489,478.50	 	 	 	13,579,084.58	 	 	 	483,062.51	 
	
                  January
      8,
      2012                                

                	 	 	12,493,122.91	 	 	 	468,190.35	 	 	 	13,062,887.14	 	 	 	489,542.75	 	 	 	13,095,772.73	 	 	 	483,311.85	 
	
                  July
      8,
      2012                                

                	 	 	12,024,866.54	 	 	 	468,256.37	 	 	 	12,573,275.36	 	 	 	489,611.78	 	 	 	12,612,192.98	 	 	 	483,579.75	 
	
                  January
      8,
      2013                                

                	 	 	11,556,539.11	 	 	 	468,327.43	 	 	 	12,083,589.29	 	 	 	489,686.07	 	 	 	12,128,324.91	 	 	 	483,868.07	 
	
                  July
      8,
      2013                                

                	 	 	11,088,135.08	 	 	 	468,404.03	 	 	 	11,593,823.11	 	 	 	489,766.18	 	 	 	11,644,145.94	 	 	 	484,178.97	 
	
                  January
      8,
      2014                                

                	 	 	10,618,271.79	 	 	 	469,863.29	 	 	 	11,102,531.13	 	 	 	491,291.98	 	 	 	11,158,184.64	 	 	 	485,961.30	 
	
                  July
      8,
      2014                                

                	 	 	10,145,559.19	 	 	 	472,712.60	 	 	 	10,608,259.88	 	 	 	494,271.25	 	 	 	10,668,955.58	 	 	 	489,229.06	 
	
                  January
      8,
      2015                                

                	 	 	9,570,960.81	 	 	 	574,598.38	 	 	 	10,007,456.24	 	 	 	600,803.64	 	 	 	10,167,226.95	 	 	 	501,728.63	 
	
                  July
      8,
      2015                                

                	 	 	8,995,310.42	 	 	 	575,650.39	 	 	 	9,405,552.61	 	 	 	601,903.63	 	 	 	9,569,340.51	 	 	 	597,886.44	 
	
                  January
      8,
      2016                                

                	 	 	8,419,425.15	 	 	 	575,885.27	 	 	 	8,803,403.39	 	 	 	602,149.22	 	 	 	8,970,500.95	 	 	 	598,839.56	 
	
                  July
      8,
      2016                                

                	 	 	0.00	 	 	 	8,419,425.15	 	 	 	0.00	 	 	 	8,803,403.39	 	 	 	0.00	 	 	 	8,970,500.95	 

        

      

       

      Boeing
737-724

       

      
        
          	 	 	
                                                
       N24729

                	 	 	                           
      N16732	 
	
                  
                     

                    Date

                  

                	 	
                  
                    
                    

                    Equipment
      Note Ending Balance

                  

                	 	 	
                  
                    
                    

                    Scheduled
      Payment of Principal

                  

                	 	 	
                  
                    
                    

                    Equipment
      Note Ending Balance

                  

                	 	 	
                  
                    
                    

                    Scheduled
      Payment of Principal

                  

                	 
	
                  At
      Issuance                                                                   

                	 	$	12,225,000.00	 	 	$	0.00	 	 	$	11,913,000.00	 	 	$	0.00	 
	
                  January
      8,
      2010                                                                   

                	 	 	11,839,002.20	 	 	 	385,997.80	 	 	 	11,537,168.01	 	 	 	375,831.99	 
	
                  July
      8,
      2010                                                                   

                	 	 	11,453,296.50	 	 	 	385,705.70	 	 	 	11,161,295.84	 	 	 	375,872.17	 
	
                  January
      8,
      2011                                                                   

                	 	 	11,067,546.70	 	 	 	385,749.80	 	 	 	10,785,380.70	 	 	 	375,915.14	 
	
                  July
      8,
      2011                                                                   

                	 	 	10,681,749.70	 	 	 	385,797.00	 	 	 	10,409,419.55	 	 	 	375,961.15	 
	
                  January
      8,
      2012                                                                   

                	 	 	10,295,902.06	 	 	 	385,847.64	 	 	 	10,033,409.05	 	 	 	376,010.50	 
	
                  July
      8,
      2012                                                                   

                	 	 	9,910,000.01	 	 	 	385,902.05	 	 	 	9,657,345.54	 	 	 	376,063.51	 
	
                  January
      8,
      2013                                                                   

                	 	 	9,524,039.41	 	 	 	385,960.60	 	 	 	9,281,224.96	 	 	 	376,120.58	 
	
                  July
      8,
      2013                                                                   

                	 	 	9,138,015.66	 	 	 	386,023.75	 	 	 	8,905,042.85	 	 	 	376,182.11	 
	
                  January
      8,
      2014                                                                   

                	 	 	8,750,789.31	 	 	 	387,226.35	 	 	 	8,527,688.80	 	 	 	377,354.05	 
	
                  July
      8,
      2014                                                                   

                	 	 	8,361,214.76	 	 	 	389,574.55	 	 	 	8,148,046.42	 	 	 	379,642.38	 
	
                  January
      8,
      2015                                                                   

                	 	 	7,887,673.55	 	 	 	473,541.21	 	 	 	7,686,578.09	 	 	 	461,468.33	 
	
                  July
      8,
      2015                                                                   

                	 	 	7,413,265.35	 	 	 	474,408.20	 	 	 	7,224,264.88	 	 	 	462,313.21	 
	
                  January
      8,
      2016                                                                   

                	 	 	6,938,663.57	 	 	 	474,601.78	 	 	 	6,761,763.03	 	 	 	462,501.85	 
	
                  July
      8,
      2016                                                                   

                	 	 	0.00	 	 	 	6,938,663.57	 	 	 	0.00	 	 	 	6,761,763.03	 

        

      

      

      
        
           

        

        
           

          
            

          

        

        
          BACK

        
4

      

      
        
          	 	 	                             N14735	 	 	                           
      N24736	 
	
                  
                     

                    Date

                  

                	 	
                  
                    
                    

                    Equipment
      Note Ending Balance

                  

                	 	 	
                  
                    
                    

                    Scheduled
      Payment of Principal

                  

                	 	 	
                  
                    
                    

                    Equipment
      Note Ending Balance

                  

                	 	 	
                  
                    
                    

                    Scheduled
      Payment of Principal

                  

                	 
	
                  At
      Issuance                                                                  

                	 	$	12,181,000.00	 	 	$	0.00	 	 	$	12,392,000.00	 	 	$	0.00	 
	
                  January
      8,
      2010                                                                  

                	 	 	11,796,390.31	 	 	 	384,609.69	 	 	 	12,000,572.27	 	 	 	391,427.73	 
	
                  July
      8,
      2010                                                                  

                	 	 	11,412,072.87	 	 	 	384,317.44	 	 	 	11,609,602.73	 	 	 	390,969.54	 
	
                  January
      8,
      2011                                                                  

                	 	 	11,027,711.51	 	 	 	384,361.36	 	 	 	11,218,588.51	 	 	 	391,014.22	 
	
                  July
      8,
      2011                                                                  

                	 	 	10,643,303.09	 	 	 	384,408.42	 	 	 	10,827,526.43	 	 	 	391,062.08	 
	
                  January
      8,
      2012                                                                  

                	 	 	10,258,844.22	 	 	 	384,458.87	 	 	 	10,436,413.02	 	 	 	391,113.41	 
	
                  July
      8,
      2012                                                                  

                	 	 	9,874,331.15	 	 	 	384,513.07	 	 	 	10,045,244.46	 	 	 	391,168.56	 
	
                  January
      8,
      2013                                                                  

                	 	 	9,489,759.72	 	 	 	384,571.43	 	 	 	9,654,016.55	 	 	 	391,227.91	 
	
                  July
      8,
      2013                                                                  

                	 	 	9,105,125.38	 	 	 	384,634.34	 	 	 	9,262,724.63	 	 	 	391,291.92	 
	
                  January
      8,
      2014                                                                  

                	 	 	8,719,292.77	 	 	 	385,832.61	 	 	 	8,870,213.70	 	 	 	392,510.93	 
	
                  July
      8,
      2014                                                                  

                	 	 	8,331,120.41	 	 	 	388,172.36	 	 	 	8,475,322.52	 	 	 	394,891.18	 
	
                  January
      8,
      2015                                                                  

                	 	 	7,859,283.60	 	 	 	471,836.81	 	 	 	7,995,318.76	 	 	 	480,003.76	 
	
                  July
      8,
      2015                                                                  

                	 	 	7,386,582.93	 	 	 	472,700.67	 	 	 	7,514,436.18	 	 	 	480,882.58	 
	
                  January
      8,
      2016                                                                  

                	 	 	6,913,689.38	 	 	 	472,893.55	 	 	 	7,033,357.39	 	 	 	481,078.79	 
	
                  July
      8,
      2016                                                                  

                	 	 	0.00	 	 	 	6,913,689.38	 	 	 	0.00	 	 	 	7,033,357.39	 

        

      

       

      

       

      Indenture

       

      Debt Rate
(as such term is defined in clause (i) of the form of Indenture marked as
Exhibit C of the Note Purchase Agreement (the "Indenture Form") for
the Equipment Notes (computed on the basis of a 360-day year consisting of
twelve 30-day months, payable semi-annually in
arrears):  9.00%

       

      
        	
                Payment
      Due Rate:

              	
                Debt
      Rate plus 2% per annum

              

      

       

      
        	
                Payment
      Dates:

              	
                January
      8 and July 8

              

      

       

      
        	
                Make-Whole
      Premiums:

              	
                As
      provided in Article II of the Indenture
Form

              

      

       

      
        	
                Redemption:

              	
                As
      provided in Article II of the Indenture
Form

              

      

       

      
        	
                All-risk
      hull insurance:

              	
                Not
      less than the unpaid principal amount of the Equipment Notes relating to
      an Aircraft, together with six months of interest accrued thereon, subject
      to Continental’s right to self-insure on terms no more favorable to
      Continental in any material respect than those set forth in Section G
      of Annex B to the Indenture
Form.

              

      

       

      

        
          
             

          

          
             

            
              

            

          

          
            BACK

          
5

      

       

      Participation
Agreement

       

      Mortgagee,
Subordination Agent, Liquidity Provider, Pass Through Trustee, Escrow Agent and
Note Holders indemnified against Expenses and Taxes to the extent set forth in
Section 8 of the form of the Participation Agreement marked as Exhibit B to the
Note Purchase Agreement.

       

      Prohibited
Modifications

       

      
        	
                1.

              	
                May
      not modify in any material adverse respect the Granting Clause of the
      Indenture so as to deprive the Note Holders or the Related Note Holders
      (as defined in the Indenture) of a first priority security interest in and
      mortgage lien on the Aircraft or, to the extent assigned thereunder,
      Continental’s rights under the Purchase Agreement (as defined in the
      Indenture) or to eliminate any of the obligations intended to be secured
      thereby or otherwise modify in any material adverse respect as regards the
      interests of the Note Holders, the Related Note Holder of a Related Series
      A Equipment Note, the Subordination Agent, the Liquidity Provider or the
      Mortgagee the provisions of Article II or III or Section 4.05(c), 5.01,
      5.02, 6.02, 10.01(a), 10.01(b)(vii), 11.01, 11.04, 11.11, 11.12 or 11.13
      of the Indenture or the definition of “Make-Whole Amount” in Annex A to
      the Indenture.

              

      

       

      
        	
                2.  

              	
                May
      not modify in any material adverse respect as regards the interests of the
      Note Holders, the Subordination Agent, the Liquidity Provider or the
      Mortgagee the provisions of Section 4.1.3, 4.1.8, 4.1.9, 4.1.10, 4.1.11,
      6.1.3(b), 6.3, 10, 12.8(a) or 12.9 of the Participation Agreement, of the
      provisions of Section 4.1.2(x) of the Participation Agreement so as to
      eliminate the requirement to deliver to the Loan Participant or the
      Mortgagee, as the case may be, the legal opinions to be provided to such
      Persons thereunder (recognizing that the lawyers rendering such opinions
      may be changed) or of the provisions of Section 6.4.5(a)(ii) of the
      Participation Agreement as regards the rights of the Mortgagee thereunder
      or otherwise modify the terms of the Participation Agreement to deprive
      the Trustees, the Subordination Agent, the Liquidity Provider or the
      Mortgagee of any indemnity or right of reimbursement in its favor for
      Expenses or Taxes.

              

      

       

      Notwithstanding
the foregoing, any form of Financing Agreement may be modified to correct or
supplement any such provision which may be defective or to cure any ambiguity or
correct any mistake, provided that any
such action shall not materially adversely affect the interests of the Note
Holders, the Related Note Holder of a Related Series A Equipment Note, the
Subordination Agent, the Liquidity Provider, the Mortgagee or the
Certificateholders.

    

    
 

    
      
        
          
          

        

        
           

          
            

          

        

        
          BACK

        

      

    

    

    ANNEX A to

    Note Purchase
Agreement

     

    DEFINITIONS

    

    "Act" means 49 U.S.C.
§§ 40101-46507.

    
       

      "Additional Series Equipment
Notes" means Equipment Notes of a single series issued under an Indenture
and designated other than as "Series A" issued thereunder, if any.

       

      "Additional Series Pass
Through Certificates" means the pass through certificates issued pursuant
to any Additional Series Pass Through Trust Agreement.

       

      "Additional Series Pass
Through Trust" means a grantor trust created to facilitate the issuance
and sale of pass through certificates in connection with the issuance of any
Additional Series Equipment Notes.

       

      "Additional Series Pass
Through Trust Agreement" means a Trust Supplement entered into in
connection with the creation of an Additional Series Pass Through Trust,
together with the Basic Pass Through Trust Agreement.

       

      "Additional Series Pass
Through Trustee" means WTC, in its capacity as trustee under an
Additional Series Pass Through Trust Agreement.

       

      "Aircraft Purchase
Agreement" means the Purchase Agreement No. 1951, dated as of July 23,
1996, as amended, each between the Company and the Manufacturer (including all
exhibits thereto, together with all letter agreements entered into that by their
terms constitute part of such Purchase Agreement).

       

      "Bankruptcy Code"
means the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq.

       

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

       

      "Business Day" means
any day, other than a Saturday, Sunday or other day on which commercial banks
are authorized or required by law to close in New York, New York, Houston,
Texas, Wilmington, Delaware or Salt Lake City, Utah.

      
        
           

        

        
           

          
            

          

        

        
          BACK

        
2

       

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

       

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

       

      "Closing Notice" has
the meaning set forth in Section 1(b) of the Note Purchase
Agreement.

       

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

       

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

       

      "Delivery Period Termination
Date" means the earlier of (a) December 31, 2009 and
(b) the date on which Equipment Notes issued with respect to all of the
Aircraft (including any Substitute Aircraft in lieu of the New Aircraft) have
been purchased by the Pass Through Trustee in accordance with the Note Purchase
Agreement.

       

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

       

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

       

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

       

      "Depositary" means The
Bank of New York Mellon, a New York banking corporation.

       

      "Depositary Threshold
Ratings" has the meaning set forth in Section 4(a)(vii) of the Note
Purchase Agreement.

       

      "Eligible Aircraft"
has the meaning set forth in the second recital to the Note Purchase
Agreement.

       

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

      
        
           

        

        
           

          
            

          

        

        
          BACK

        
3

       

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

       

      "Escrow Agent
Agreements" has the meaning set forth in Section 3(e)(i) of the Note
Purchase Agreement.

       

      "Escrow and Paying Agent
Agreement" has the meaning set forth in the sixth recital to the Note
Purchase Agreement.

       

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

       

      "Financing Agreements"
means, collectively, the Participation Agreement, the Indenture and the
Equipment Notes issued thereunder.

       

      "Funding Date" has the
meaning set forth in Section 1(b) of the Note Purchase Agreement.

       

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

       

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

       

      "Initial Deposits" has
the meaning set forth in the sixth recital to the Note Purchase
Agreement.

       

      "Intercreditor
Agreement" has the meaning set forth in the ninth recital to the Note
Purchase Agreement.

       

      "Issuance Date" means
the date of the original issuance of the Certificates.

       

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

       

      "Liquidity Facility"
has the meaning set forth in the ninth recital to the Note Purchase
Agreement.

      
        
           

        

        
           

          
            

          

        

        
          BACK

        
4

       

      "Liquidity Provider"
has the meaning set forth in the ninth recital to the Note Purchase
Agreement.

       

      "Loan Trustee" means
the "Mortgagee" as defined in the Financing Agreements.

       

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

       

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

       

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

       

      "Notice of Purchase
Withdrawal" with respect to the Deposit Agreement, has the meaning set
forth in Section 2.3 thereof.

       

      "Operative Agreements"
means, collectively, the Pass Through Trust Agreement, the Escrow and Paying
Agent Agreement, the Deposit Agreement, the Liquidity Facility, the
Intercreditor Agreement, the Equipment Notes, the Certificates and the Financing
Agreements.

       

      "Owned Aircraft" has
the meaning set forth in the second recital to the Note Purchase
Agreement.

       

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

       

      "Paying Agent
Agreements" has the meaning set forth in Section 3(f)(i) of the Note
Purchase Agreement.

       

      "Pass Through Trust"
has the meaning set forth in the fourth recital to the Note Purchase
Agreement.

       

      "Pass Through Trust
Agreement" means the Trust Supplement referred to in the fourth recital
to the Note Purchase Agreement, together with the Basic Pass Through Trust
Agreement, dated as of the Issuance Date, by and between the Company and Pass
Through Trustee.

       

      "Pass Through Trustee"
has the meaning set forth in the first paragraph of the Note Purchase
Agreement.

       

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

      
        
           

        

        
           

          
            

          

        

        
          BACK

        
5

       

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

       

      "Rating Agencies"
means, collectively, at any time, each nationally recognized rating agency which
shall have been requested to rate the Certificates and which shall then be
rating the Certificates.  The initial Rating Agencies will be Moody's
Investors Service, Inc. and Standard & Poor's Ratings Services, a Standard
& Poor's Financial Services LLC business.

       

      "Rating Agency
Confirmation" means, with respect to (1) any Financing Agreement that has
been modified in any material respect from the forms thereof attached to the
Note Purchase Agreement or (2) a Substitute Aircraft, a written confirmation
from each of the Rating Agencies that (1) the use of such Financing Agreement
with such modifications or (2) the substituting of such Substitute Aircraft for
an Eligible Aircraft, whichever of the foregoing shall in a particular case
require Rating Agency Confirmation, would not result in (i) a reduction of the
rating for the Certificates by such Rating Agency below the then current rating
for the Certificates or (ii) a withdrawal or suspension of the rating of
the Certificates by such Rating Agency.

       

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

      

      "Replacement Deposit
Agreement" means a deposit agreement substantially in the form of the
replaced Deposit Agreement as shall permit the Rating Agencies to confirm in
writing their respective ratings then in effect for the Certificates (before the
downgrading of such ratings, if any, as a result of the downgrading of the
Depositary, if applicable).

      

      "Replacement
Depositary" has the meaning set forth in Section 4(a)(vii) of the Note
Purchase Agreement.

       

      "Required Terms" means
the terms set forth on Schedule III to the Note Purchase Agreement.

       

      "Scheduled Closing
Date" has the meaning set forth in Section 1(b) of the Note Purchase
Agreement.

      
        
           

        

        
           

          
            

          

        

        
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6

       

      "Series A Equipment
Notes" means the "Series A Equipment Notes" as defined in each Indenture
entered into pursuant to the Note Purchase Agreement.

       

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

       

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

       

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

       

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

       

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

       

      "Triggering Event" has
the meaning assigned to such term in the Intercreditor Agreement.

       

      "Trust Supplement"
means an agreement supplemental to the Basic Pass Through Trust Agreement
pursuant to which (i) a separate trust is created for the benefit of the
holders of the pass through certificates of a class, (ii) the issuance of
the pass through certificates of such class representing fractional undivided
interests in such trust is authorized and (iii) the terms of the pass
through certificates of such class are established.

       

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

       

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

       

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

    
 

    
      
        
          
          

        

        
           

          
            

          

        

        
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    EXHIBIT A to

    Note Purchase
Agreement

     

    FORM OF
CLOSING NOTICE

     

    
 

    
      CLOSING
NOTICE

       

      Dated as
of [_________], 2009

       

      To each
of the addressees listed

      in Schedule A hereto

       

      
        	
                 
      

              	
                Re:

              	
                Closing
      Notice in accordance with Note Purchase Agreement referred to
      below

              

      

       

      Ladies
and Gentlemen:

       

      Reference
is made to the Note Purchase Agreement, dated as of July 1, 2009, among
Continental Airlines, Inc. (the “Company”), Wilmington
Trust Company, as Pass Through Trustee under the Pass Through Trust Agreement
(as defined therein) (the “Pass Through
Trustee”), Wilmington Trust Company, as Subordination Agent (the “Subordination
Agent”), Wells Fargo Bank Northwest, National Association, as Escrow
Agent (the “Escrow
Agent”), and Wilmington Trust Company, as Paying Agent (the “Paying Agent”) (as in
effect from time to time, the “Note Purchase
Agreement”).  Unless otherwise defined herein, capitalized
terms used herein shall have the meanings set forth in the Note Purchase
Agreement or, to the extent not defined therein, the Intercreditor
Agreement.

       

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

       

      
        	
                (1)

              	
                The
      Scheduled Closing Date of the Aircraft is [_________],
    2009;

              

      

       

      
        	
                (2)

              	
                The
      Funding Date for the Aircraft shall be [__________], 2009;
    and

              

      

       

      
        	
                (3)

              	
                The
      aggregate amount of the Equipment Notes to be issued, and purchased by the
      Pass Through Trustee, on the Funding Date, in connection with the
      financing of such Aircraft is
$[__________].

              

      

       

       

      The
Company hereby instructs the Pass Through Trustee to (i) execute a Withdrawal
Certificate in the form of Annex A hereto dated as of [______], 2009 and attach
thereto a Notice of Purchase Withdrawal dated such date completed as set forth
on Exhibit A hereto and (ii) deliver such Withdrawal Certificate and Notice of
Purchase Withdrawal to the Escrow Agent.

       

      
        
           

        

        
           

          
            

          

        

        
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-2-

      The
Company hereby instructs the Pass Through Trustee to (i) purchase Equipment
Notes in an amount set forth in clause (3) above with a portion of the proceeds
of the withdrawals of Deposits referred to in the applicable Notice of Purchase
Withdrawal referred to above and (ii) re-deposit with the Depositary the excess,
if any, of the amount so withdrawn over the purchase
price of such Equipment Notes.

       

      The
Company hereby instructs the Pass Through Trustee to (a) enter into the
Participation Agreement [____] dated as of [______], 2009 among the Company, as
Owner, and Wilmington Trust Company, as Mortgagee and Loan Participant, (b)
perform its obligations thereunder and (c) deliver such certificates, documents
and legal opinions relating to the Pass Through Trustee as required
thereby.

       

      

      
        
          
            	
                    Yours
      faithfully,

                  
	 
      
	
                    Continental
      Airlines, Inc.

                  
	 
      
	 
      
	
                    By:

                  	 
      
	 
      	
                    Name:

                  	 
      
	 
      	
                    Title:

                  	 
      

          

        

      

      

      

      
        
           

        

        
           

          
            

          

        

        
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      SCHEDULE
A

       

      Wilmington
Trust Company, as

         Pass
Through Trustee, Subordination

         Agent
and Paying Agent

      Rodney
Square North

      1100
North Market Street

      Wilmington,
Delaware  19890

      Attention:  Corporate
Trust Administration

      Facsimile:  (302)
636-4140

       

      Wells
Fargo Bank Northwest, National Association,

         as
Escrow Agent

      MAC:
U1228-120

      299 South
Main Street, 12th Floor

      Salt Lake
City, Utah  84111

      Attention:  Corporate
Trust Department

      Facsimile:  (801)
246-5053

      

      The Bank
of New York Mellon,

         as
Depositary

      101
Barclay Street, Floor 8W

      New York,
New York  10286

      Attention:
Corporate Finance, Mary Miselis, Vice President

      Reference:
Continental Airlines 2009-1

      Facsimile:  (212)
815-5704

       

      Standard
& Poor’s Ratings Services

      55 Water
Street, 39th Floor

      New York,
New York  10041-0003

      Attention:  Philip
A. Baggaley, CFA

      Facsimile:  (212)
438-7820

       

      Moody’s
Investors Service, Inc.

      7 World
Trade Center at 250 Greenwich Street

      New York,
New York  10007

      Attention:  Michael
Mulvaney

      Facsimile:  212-553-4661

      

      
        
           

        

        
           

          
            

          

        

        
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      Annex
A

       

      WITHDRAWAL
CERTIFICATE

       

      Wells
Fargo Bank Northwest, National Association,

      as Escrow
Agent

       

      Ladies
and Gentlemen:

       

      Reference
is made to the Escrow and Paying Agent Agreement, dated as of July 1, 2009 (the
“Agreement”).  We hereby certify to you that the conditions to the
obligations of the undersigned to execute a Participation Agreement pursuant to
the Note Purchase Agreement have been satisfied.  Pursuant to Section
1.02(c) of the Agreement, please execute the attached Notice of Purchase
Withdrawal and immediately transmit by facsimile to the Depositary, at (212)
815-5704 (Attention: Corporate Finance, Mary Miselis, Vice
President).

       

       

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

       

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                WILMINGTON
      TRUST COMPANY,

                not
      in its individual capacity but solely as Pass

                Through
      Trustee

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      

      

       

       

      Dated: As
of [__________ __], 2009

      

      

      
        
           

        

        
           

          
            

          

        

        
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      Exhibit
A

       

      NOTICE OF
PURCHASE WITHDRAWAL

      

      

      

      The Bank
of New York Mellon,

         as
Depositary

      101
Barclay Street, Floor 8W

      New York,
New York 10286

      Attention:
Corporate Finance, Mary Miselis, Vice President

      Reference:
Continental Airlines 2009-1

      Telecopier:                                (212)
815-5704

       

      Ladies
and Gentlemen:

       

      Reference
is made to the Deposit Agreement dated as of July 1, 2009 (the “Deposit Agreement”)
between Wells Fargo Bank Northwest, National Association, as Escrow Agent, and
The Bank of New York Mellon, as Depositary (the “Depositary”).

       

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

       

      The
undersigned hereby directs the Depositary to pay the entire amount of the
Deposit to [___________________], Account No. [____], Reference: [_________] on
[________ __], 2009, upon the telephonic request of a representative of the Pass
Through Trustee.

       

      

      
        	 
      	
                WELLS
      FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,

                    as
      Escrow Agent

              
	 
      	 
      
	 
      	 
      
	 
      	
                By

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      

      

      

       

      Dated: As
of [__________ __], 2009

       

    

    

    
      
        
          
          

        

        
           

          
            

          

        

        
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      EXHIBIT B to

      Note Purchase
Agreement

       

      FORM OF
PARTICIPATION AGREEMENT

       

      [FILED AS EXHIBIT
4.9]

    

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
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      EXHIBIT C to

      Note Purchase
Agreement

       

      FORM OF
INDENTURE

       

      
        [FILED AS EXHIBIT
4.10]

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