Document:

<PAGE>

                                                                    Exhibit 4.14

                            NOTE PURCHASE AGREEMENT

                          Dated as of August 22, 2001

                                    between

                            UNITED AIR LINES, INC.,

                                      and

                      STATE STREET BANK AND TRUST COMPANY
                     OF CONNECTICUT, NATIONAL ASSOCIATION,
                   as Pass Through Trustee under each of the
             United Airlines 2001-1 Pass Through Trust Agreements,
                   Subordination Agent and Indenture Trustee

<PAGE>

                               TABLE OF CONTENTS
                               -----------------

<TABLE>
<CAPTION>

                                                                           Page
<S>                                                                        <C>
Section 1.   Purchase of Notes............................................    2

Section 2.   [Reserved.]..................................................    2

Section 3.   Conditions Precedent.........................................    2

Section 4.   Representations, Warranties and Covenants of United..........    7

Section 5.   Representations, Warranties and Covenants of Other Parties...    9

Section 6.   Notices......................................................   14

Section 7.   Expenses.....................................................   14

Section 8.   Miscellaneous................................................   14
</TABLE>

SCHEDULES

Schedule I     Names and Addresses
Schedule II    Notes, Purchasers, Interest Rate, Principal Amount and Maturity
               Date
Schedule III   Aircraft, Aircraft Registration Number, Indenture, Series Issued
               and Principal Amount

                                       i
<PAGE>

                            NOTE PURCHASE AGREEMENT

     THIS NOTE PURCHASE AGREEMENT, dated as of August 22, 2001 (this
"Agreement"), between UNITED AIR LINES, INC., a Delaware corporation ("United"),
and STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT, NATIONAL ASSOCIATION, a
national banking association (the "Bank"), not in its individual capacity,
except as otherwise expressly provided herein, but solely as trustee (in such
capacity, the "Pass Through Trustee") under each of the five separate Pass
Through Trust Agreements (as defined below), subordination agent (in such
capacity, the "Subordination Agent"), and indenture trustee (in such capacity,
the "Indenture Trustee") under the Indentures (as defined below).

     WHEREAS, United is the owner of ten (10) Airbus A319-131 aircraft, six (6)
Airbus A320-232 aircraft, five (5) Boeing 747-422 aircraft, five (5) Boeing 767-
322ER aircraft and four (4) Boeing 777-222ER aircraft (collectively, the
"Aircraft") for which it desires to obtain financing;

     WHEREAS, pursuant to each Trust Indenture and Mortgage, dated as of the
date hereof (each, an "Indenture"), between United and the Indenture Trustee
thereunder, United proposes to issue up to six series of equipment notes (the
"Notes"), on the Closing Date, all of which are to be secured by the mortgage
and security interest in the related Aircraft granted pursuant to such Indenture
by United in favor of the related Indenture Trustee and to be subject to the
subordination provisions contained therein;

     WHEREAS, Series A-1 Notes, Series A-2 Notes, Series A-3 Notes, Series B
Notes, Series C Notes and/or Series D Notes with respect to each Aircraft to the
extent provided on Schedule III hereto (each, a "Series") will be issued on the
Closing Date (as defined in Section 1 below) to the Subordination Agent acting
                            ---------
on behalf of the Pass Through Trustee for the applicable Pass Through Trust as
evidence of United's indebtedness to the Pass Through Trustee;

     WHEREAS, pursuant to each of the Pass Through Trust Supplements (the "Trust
Supplements"; and together with the Basic Pass Through Trust Agreement, the
"Pass Through Trust Agreements"), on the Closing Date (as defined in Section 1
                                                                     ---------
below), a separate grantor trust (each, a "Pass Through Trust") will be created
to facilitate certain of the transactions contemplated hereby, including,
without limitation, the issuance and sale of enhanced pass through certificates
pursuant thereto (collectively, the "Pass Through Certificates") to provide the
financing of the Aircraft;

     WHEREAS, part of the proceeds from the issuance and sale of the Pass
Through Certificates will be applied by the Subordination Agent, acting on
behalf of the Pass Through Trustee, to purchase from United on behalf of each
Pass Through Trust, the Notes bearing the same interest rate as the Pass Through
Certificates issued by the related Pass Through Trust; and

     WHEREAS, concurrently with the execution and delivery of this Agreement,
(i) Westdeutsche Landesbank Girozentrale, a German banking institution organized
under the laws of the State of North Rhine-Westphalia, Germany, acting through
its New York branch (the "Liquidity Provider") entered into five revolving
credit agreements (each, a "Liquidity
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

Facility") for the benefit of the United Airlines 2001-1A-1 Pass Through Trust,
the United Airlines 2001-1A-2 Pass Through Trust, the United Airlines 2001-1A-3
Pass Through Trust, the United Airlines 2001-1B Pass Through Trust and the
United Airlines 2001-1C Pass Through Trust, with the Subordination Agent, as
agent and trustee for the Pass Through Trustee on behalf of each such Pass
Through Trust; and (ii) the Pass Through Trustee, the Liquidity Provider and the
Subordination Agent entered into the Intercreditor Agreement, dated as of the
date hereof (the "Intercreditor Agreement");

     NOW, THEREFORE, in consideration of the foregoing and the mutual agreements
contained herein, the parties hereto agree as follows:

     Section 1.    Purchase of Notes. (a) Subject to the satisfaction or waiver
                   -----------------
of the conditions set forth herein, on August 22, 2001, or on such other date
agreed to by the parties hereto (the "Closing Date"):

                   (i)    the Pass Through Trustee for each Pass Through Trust
     shall pay to United the purchase price set forth on Schedule II for each
                                                         -----------
     Note being issued and sold by United to such Pass Through Trust; and

                   (ii)   United shall issue, pursuant to Article 2 of each
     Indenture, to the Subordination Agent, on behalf of the Pass Through
     Trustee for each of the Pass Through Trusts, a Note having the Series,
     maturity date and principal amount and bearing the interest rate set forth
     on Schedule II opposite the name of such Pass Through Trust.
        -----------

             (b)   All payments pursuant to Section 1(a)(i) shall be made in
                                            ---------------
immediately available funds to such accounts and at such banks as United shall
designate on Schedule I or as it may otherwise designate in writing not less
             ----------
than one Business Day prior to the Closing Date.

     Section 1.A.  Certain Definitions. (a) As used in this Agreement and
                   -------------------
unless otherwise expressly provided, the following capitalized terms shall have
the following respective meanings:

     "FAA" means the Federal Aviation Administration.
      ---

     "Federal Aviation Act" means Title 49 of the United States Code
      --------------------
(Transportation), as amended.

     "Fundamental Documents" shall mean, collectively (i) any document that is a
      ---------------------
"Fundamental Document" under and as defined in any Indenture and (ii) any
amendment to any of the foregoing executed in connection with the transactions
contemplated hereby.

     "Operative Documents" shall mean any document that is an Operative Document
      -------------------
under an Indenture.

     (b)     Unless otherwise specifically defined herein, capitalized terms
used in this Agreement shall have the respective meanings specified in the
Intercreditor Agreement.

                                       2
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

     Section 2.    [Reserved.]

     Section 3.    Conditions Precedent. (a) Conditions Precedent to the
                   --------------------
Obligations of the Pass Through Trustee. The obligation of the Pass Through
Trustee to make the payments described in Section 1(a)(i) and to enter into the
                                          ---------------
Fundamental Documents to which it is a party are subject to the fulfillment, on
or prior to the Closing Date, of the following conditions precedent:

                   (i)    No change shall have occurred after the date of the
     execution and delivery of this Agreement in applicable law or regulations
     thereunder or interpretations thereof by appropriate regulatory or judicial
     authorities which, in the opinion of each Pass Through Trustee, would make
     it a violation of law or regulations for the Pass Through Trustee to make
     the payments described in Section 1(a), to execute, deliver and perform the
                               ------------
     Fundamental Documents, to acquire the Notes or to realize the security
     afforded by the Indentures.

                   (ii)   United shall have tendered the Notes to the applicable
     Indenture Trustee for authentication and shall have tendered the Notes to
     the Subordination Agent on behalf of the Pass Through Trustee in accordance
     with Section 1.
          ---------

                   (iii)  The Pass Through Trustee shall have received duly
     authorized and validly executed counterparts or conformed copies of the
     following documents in form and substance satisfactory to the Pass Through
     Trustee and all such documents shall be in full force and effect:

                          (A)  this Agreement;

                          (B)  the Basic Pass Through Trust Agreement and each
             Trust Supplement;

                          (C)  the Intercreditor Agreement;

                          (D)  the Liquidity Facility for each of the Class A-1
             Trust, the Class A-2 Trust, the Class A-3 Trust, the Class B Trust
             and the Class C Trust;

                          (E)  the Indentures; and

                          (F)  the Underwriting Agreement.

                   (iv)   Uniform Commercial Code financing statements covering
     all the security interests created by or pursuant to the Granting Clause of
     each Indenture shall have been executed and delivered by United and the
     relevant Indenture Trustee, and such financing statements shall have been
     duly filed or arrangements satisfactory to the Pass Through Trustee shall
     have been made for filing within 10 days after the Closing Date, with the
     Secretary of State of the State of Delaware and any other places deemed
     necessary or advisable.

                                       3
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

                   (v)    The Pass Through Trustee shall have received the
     following, in each case in form and substance satisfactory to it:

                          (A)  a certified copy of the Restated Certificate of
             Incorporation and By-Laws of United and a copy of resolutions of
             the board of directors of United or the executive committee
             thereof, certified by the Secretary or an Assistant Secretary of
             United, duly authorizing the execution, delivery and performance by
             United of this Agreement and each other Fundamental Document
             required to be executed and delivered by United in accordance with
             the provisions hereof and thereof;

                          (B)  a copy of the organizational documents, by-laws
             and general authorizing resolutions of the boards of directors (or
             executive committees) or other satisfactory evidence of
             authorization of each Indenture Trustee and the Subordination
             Agent, certified as of the Closing Date by the Secretary or an
             Assistant Secretary of such parties, respectively, which authorize
             the execution, delivery and performance by each Indenture Trustee
             and the Subordination Agent, respectively, of all the Fundamental
             Documents to which it is a party, together with such other
             documents and evidence with respect to each Indenture Trustee and
             the Subordination Agent as the Pass Through Trustee may reasonably
             request in order to establish the consummation of the transactions
             contemplated by this Agreement, the taking of all corporate
             proceedings in connection therewith and compliance with the
             conditions herein set forth; and

                          (C)  a certificate signed by the Secretary or an
             Assistant Secretary of each of United, each Indenture Trustee and
             the Subordination Agent as to the Person or Persons authorized to
             execute and deliver this Agreement and any other Fundamental
             Document to be executed on behalf of such party in connection with
             the transactions contemplated hereby and as to the signature of
             such Person or Persons.

                   (vi)   On the Closing Date, (A) the representations and
     warranties of United contained in Section 4 and the representations and
                                       ---------
     warranties of each Indenture Trustee and the Subordination Agent contained
     in Section 5 shall be true and correct in all material respects as though
        ---------
     made on and as of such date, except to the extent that such representations
     and warranties relate solely to an earlier date (in which case such
     representations and warranties shall have been true and correct in all
     material respects on and as of such earlier date), and (B) no event shall
     have occurred and be continuing, or would result from the transactions
     contemplated hereby, which constitutes (or would, with the passage of time
     or the giving of notice or both, constitute) an Indenture Default under any
     Indenture.

                   (vii)  The Pass Through Trustee shall have received an
     opinion addressed to the Pass Through Trustee from (A) the General Counsel
     or Assistant General Counsel for United and (B) Vedder, Price, Kaufman &
     Kammholz, special counsel for United, in each case with respect to such
     matters and in form and substance reasonably satisfactory to the Pass
     Through Trustee.

                                       4
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

                   (viii) The Pass Through Trustee shall have received an
     opinion addressed to the Pass Through Trustee and United from (A) in house
     German counsel of the Liquidity Provider, and (B) Shearman & Sterling,
     special counsel for the Liquidity Provider, in each case in form and
     substance reasonably satisfactory to the Pass Through Trustee.

                   (ix)   The Pass Through Trustee shall have received an
     opinion addressed to the Pass Through Trustee and United from Lytle Soule &
     Curlee, special counsel in Oklahoma City, Oklahoma, in form and substance
     reasonably satisfactory to the Pass Through Trustee.

                   (x)    The Pass Through Trustee shall have received an
     opinion addressed to the Pass Through Trustee and United from Bingham Dana
     LLP, special counsel for the Indenture Trustees and the Pass Through
     Trustee, in form and substance reasonably satisfactory to the Pass Through
     Trustee.

                   (xi)   The Pass Through Trustee shall have received an
     opinion addressed to the Pass Through Trustee and United from Vedder,
     Price, Kaufman & Kammholz, special New York counsel for United, in form and
     substance reasonably satisfactory to the Pass Through Trustee.

                   (xii)  The Pass Through Trustee shall have received an
     independent insurance broker's report, and certificates of insurance, in
     form and substance reasonably satisfactory to it, as to the due compliance
     with the terms of Section 4.03 of each Indenture with respect to the
     Aircraft.

                   (xiii) The Pass Through Trustee shall have received a report
     from each of the Appraisers as to the base value of the Aircraft, in form
     and substance satisfactory to the Pass Through Trustee and United.

                   (xiv)  The conditions precedent to the transactions specified
     in the Underwriting Agreement shall have been satisfied (or waived) in
     accordance with the terms thereof.

                   (xv)   With respect to each Aircraft, the applicable
     Indenture shall have been duly filed with the FAA.

                   (xvi)  The conditions precedent under each Participation
     Agreement relating to an Aircraft shall have been satisfied (or waived) in
     accordance with the terms thereof.

Promptly upon the recording of the Indentures pursuant to the Federal Aviation
Act, United shall cause Lytle Soule & Curlee, special counsel in Oklahoma City,
Oklahoma, to deliver to the Pass Through Trustee an opinion as to the due
recording by the FAA of the Indentures and the lack of any intervening filings
with respect to the Aircraft.

             (b)   Conditions Precedent to the Obligations of United. The
                   -------------------------------------------------
obligations of United to participate in the transactions contemplated hereby and
to enter into the Fundamental

                                       5
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

Documents to which United is a party are all subject to the fulfillment to the
satisfaction of or waiver by United, on or prior to the Closing Date, of the
following conditions precedent:

                   (i)    Those documents described in Section 3(a)(iii) shall
                                                       -----------------
     have been duly authorized, executed and delivered by the respective party
     or parties thereto (other than United) in the manner specified in Section
                                                                       -------
     3(a)(iii), shall each be satisfactory in form and substance to United,
     ---------
     shall be in full force and effect on the Closing Date, and an executed
     counterpart of each thereof shall have been delivered to United or counsel
     for United.

                   (ii)   United shall have received a copy of the
     organizational documents, by-laws and general authorizing resolutions of
     the boards of directors (or executive committees) or other satisfactory
     evidence of authorization of each Indenture Trustee, the Pass Through
     Trustee and the Subordination Agent, certified as of the Closing Date by
     the Secretary or an Assistant Secretary of each such party, respectively,
     that authorize the execution, delivery and performance by each Indenture
     Trustee, the Pass Through Trustee and the Subordination Agent,
     respectively, of all the Fundamental Documents to which each such party is
     a party, together with such other documents and evidence with respect to
     each Indenture Trustee, the Pass Through Trustee and the Subordination
     Agent as United or its counsel may reasonably request in order to establish
     the consummation of the transactions contemplated by this Agreement, the
     taking of all corporate proceedings in connection therewith and compliance
     with the conditions set forth herein.

                   (iii)  A certificate signed by the Secretary or an Assistant
     Secretary of each Indenture Trustee, the Pass Through Trustee and the
     Subordination Agent as to the Person or Persons authorized to execute and
     deliver this Agreement and any other Fundamental Document to be executed on
     behalf of such party in connection with the transactions contemplated
     hereby and as to the signature of such Person or Persons.

                   (iv)   The representations and warranties of each Indenture
     Trustee, the Pass Through Trustee and the Subordination Agent contained in
     Section 5 shall be true and correct in all material respects as of the
     ---------
     Closing Date as though made on and as of such date, except to the extent
     that such representations and warranties relate solely to an earlier date
     (in which event such representations and warranties shall have been true
     and correct in all material respects on and as of such earlier date).

                   (v)    United shall have received the opinions set forth in
     Sections 3(a)(vii)-3(a)(xi) (except receipt by United of the opinions set
     ---------------------------
     forth in Sections 3(a)(vii) and 3(a)(xi) shall not be a condition precedent
              ------------------     --------
     to its obligations hereunder), in each case addressed to United and dated
     the Closing Date and otherwise in form and substance satisfactory to
     United.

                   (vi)   United shall have received a copy of the reports
     required to be delivered pursuant to Section 3(a)(xiii).
                                          ------------------

                                       6
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

                   (vii)  The conditions precedent to the transactions specified
     in the Underwriting Agreement shall have been satisfied (or waived) in
     accordance with the terms thereof.

                   (viii) No change shall have occurred after the date of the
     execution and delivery of this Agreement in applicable law or regulations
     thereunder or interpretations thereof by appropriate regulatory authorities
     which, in the opinion of United, would make it a violation of law or
     regulations for United to enter into any transaction contemplated by the
     Fundamental Documents.

     Section 4.    Representations, Warranties and Covenants of United. United
                   ---------------------------------------------------
represents, warrants and covenants to the Pass Through Trustee and each
Indenture Trustee that:

             (a)   United is a corporation duly organized and validly existing
in good standing pursuant to the laws of the State of Delaware, having
organizational identification number 0697327, is a Certificated Air Carrier; has
the State of Delaware as its "location" (as such term is defined in Article 9 of
the Uniform Commercial Code of the State of Delaware as in effect on the date
hereof) and its true and complete name as indicated on the public record of the
State of Delaware is "United Air Lines, Inc." and its mailing address is as set
forth on Schedule I hereto; is duly qualified to do business as a foreign
corporation in each jurisdiction in which it has intrastate routes or has its
principal office or a major overhaul facility, except where the failure to be so
qualified would not have a material adverse effect on the ability of United to
perform its obligations under the United Documents (as defined below); holds all
material licenses, certificates, permits and franchises from the appropriate
agencies of the United States of America and/or all other governmental
authorities having jurisdiction, necessary to authorize United to engage in and
to carry on scheduled passenger service, in each case as presently conducted,
and has the corporate power and authority to enter into and perform its
obligations under this Agreement, the Notes issued under the Indentures and each
other Fundamental Document to which it is a party (collectively, the "United
Documents").

             (b)   The execution, delivery and performance by United of the
United Documents have been duly authorized by all necessary corporate action on
the part of United, do not require any stockholder approval, or approval or
consent of any trustee or holders of any indebtedness or obligations of United
except such as have been duly obtained, and none of the execution, delivery and
performance by United of such United Documents contravenes any law, judgment,
governmental rule, regulation or order binding on United or the certificate of
incorporation or by-laws of United or contravenes the provisions of, or
constitutes a default under, or results in the creation of any Lien (other than
Permitted Liens (as defined in the Indentures)) upon the property of United
under: (x) its certificate of incorporation or bylaws; or (y) any indenture,
mortgage, chattel mortgage, deed of trust, conditional sales contract, bank loan
or credit agreement or other agreement or instrument to which United is a party
or by which it or its properties may be bound or affected, except for any such
contravention, default or Lien pertaining to an agreement of the type listed in
clause (y) of this Section that, individually or in the aggregate, would be
reasonably unlikely to have a material adverse effect on the ability of United
to perform its obligations under the United Documents.

                                       7
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

             (c)   Neither the execution and delivery by United of the United
Documents nor the performance by United of its obligations thereunder require
the consent or approval of, the giving of notice to, the registration with, or
the taking of any other action in respect of any federal, state, local or
foreign government authority or agency, except for (A) the qualification of the
Pass Through Trust Agreements under the Trust Indenture Act of 1939, as amended,
pursuant to an order of the Securities and Exchange Commission, (B) the
registrations and filings referred to in Section 3(a)(iv), (C) authorizations,
                                         ----------------
consents, approvals, actions, notices and filings required to be obtained,
taken, given or made which have been duly obtained and are in full force and
effect or the failure of which to obtain, take, give or make would not have a
material adverse effect on the financial condition, properties or results of
operations of United or on the ability of United to perform its obligations
under the United Documents, (D) any normal periodic and other reporting
requirements under the applicable rules and regulations of the FAA to the extent
required to be given or obtained only after the Closing Date, and (E) the
recordings with the FAA described in the opinion referred to in Section
                                                                -------
3(a)(ix).
--------

             (d)   Each of the United Documents has been duly executed and
delivered by United and constitutes legal, valid and binding obligations of
United enforceable against United in accordance with the terms thereof, except
as the same may be limited by (a) applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or similar laws affecting the enforcement
of creditors' rights generally, (b) by general principles of equity, whether
considered in a proceeding at law or in equity, (c) in the case of indemnity
provisions contained in such documents, public policy considerations, and (d) in
the case of the Indentures, applicable laws which may affect the remedies
provided in the Indentures, which laws, however, do not make the remedies
provided in the Indentures inadequate for practical realization of the benefits
intended to be afforded thereby.

             (e)   There has not occurred any event which constitutes an
Indenture Default under any Indenture which is presently continuing and there
has not occurred any event which constitutes or would, with the passage of time
or the giving of notice, or both, constitute an Event of Loss (as defined in the
applicable Indenture) under any Indenture.

             (f)   Neither United nor anyone acting on behalf of United has
offered any interest in any Pass Through Certificate or any Note in a manner
which would violate the Securities Act of 1933, as amended, the regulations
thereunder, administrative and judicial interpretation thereof or the securities
laws, rules or regulations of any state.

             (g)   Neither United nor any subsidiary of United is an "investment
company" or a company "controlled by an investment company" within the meaning
of the Investment Company Act of 1940, as amended.

             (h)   Except for the proceedings described in the discussion of
Legal Proceedings in United's Annual Report on Form 10-K for the year ended
December 31, 2000 and subsequently filed Form 10-Qs filed prior to the Closing
Date, there are no pending or, to the knowledge of United, threatened actions or
proceedings before any court or administrative agency which individually (or in
the aggregate in the case of any group of related lawsuits) would have a
material adverse effect on the ability of United to perform its obligations
under the United Documents or that seek to set aside, restrain, enjoin or
prevent the consummation of this

                                       8
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

Agreement, the other Fundamental Documents or the transactions contemplated
hereby or thereby.

          (i)  None of the proceeds from the issuance of the Notes will be used
directly or indirectly by United to purchase or carry any "margin stock" as such
term is defined in Regulation T or U of the Board of Governors of the Federal
Reserve System.

          (j)  United agrees to pay to the Subordination Agent any amounts
required to be paid by the Subordination Agent pursuant to Sections 2.03, 3.01,
3.02, 3.03, 3.09, 7.05 and 7.07 of any Liquidity Facility.

          (k)  United agrees to give each Indenture Trustee and the Pass Through
Trustee at least 30 days' prior written notice of any change in its name on the
public record of the State of Delaware or of its "location" (as such term is
defined in Article 9 of the Uniform Commercial Code of the State of Delaware as
in effect on the date hereof).

          (l)  If United were to become a debtor under the Bankruptcy Code, each
Indenture Trustee, as secured party under the related Indenture, would be
entitled to the benefits of Section 1110 of the Bankruptcy Code with respect to
the relevant Aircraft.

          (m)  Each Aircraft has been duly certified by the FAA as to type and
airworthiness and such certification remains in full force and effect.

          (n)  With respect to the Aircraft, the applicable Indenture has been
duly filed for recording with the FAA pursuant to the Federal Aviation Act.

   Section 5.  Representations, Warranties and Covenants of Other Parties. Each
               ----------------------------------------------------------
of the parties below represents, warrants and covenants to each of the other
parties to this Agreement as follows:

          (a)  Each Indenture Trustee represents, warrants and covenants that:

               (i)   such Indenture Trustee is a national banking association
   duly organized, validly existing and in good standing under the laws of the
   United States of America, is a "citizen of the United States" as defined in
   49 U.S.C. Section 40102(a)(15) (without making use of a voting trust
   agreement, voting powers agreement or similar arrangements) and will resign
   as Indenture Trustee promptly after it obtains actual knowledge that it has
   ceased to be such a citizen, and has, or had on the respective dates of
   execution thereof, the full corporate power, authority and legal right under
   the laws of the State of Connecticut and the United States of America
   pertaining to its banking, trust and fiduciary powers to execute and deliver
   this Agreement and each other Fundamental Document to which it is a party, to
   authenticate the Notes and to carry out its obligations under this Agreement
   and each other Fundamental Document to which it is a party;

               (ii)  the execution and delivery by such Indenture Trustee of
   this Agreement and each other Fundamental Document to which it is a party,
   the authentication of the Notes and the performance by such Indenture Trustee
   of its obligations under this Agreement and each other Fundamental Document
   to which it is a

                                       9
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

     party have been duly authorized by such Indenture Trustee and will not
     violate its charter or by-laws, the provisions of any indenture, mortgage,
     contract or other agreement to which it is a party or by which it is bound
     or any federal or Connecticut law or regulation relating to the banking,
     trust or fiduciary powers of such Indenture Trustee;

               (iii)  this Agreement and each other Fundamental Document to
     which such Indenture Trustee is a party have been duly authorized, executed
     and delivered by such Indenture Trustee; this Agreement constitutes, and
     each Fundamental Document to which such Indenture Trustee is a party, when
     it has been executed and delivered by such Indenture Trustee, will
     constitute, the legal, valid and binding obligations of such Indenture
     Trustee enforceable against it in accordance with their respective 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;

               (iv)   no consent, approval, order or authorization of, giving of
     notice to, or registration or filing with, or taking of any other action in
     respect of, any Connecticut state or local governmental authority or agency
     or any United States federal governmental authority or agency regulating
     the banking or trust powers of such Indenture Trustee is required for the
     execution and delivery of, or the carrying out by, such Indenture Trustee,
     of any of the transactions contemplated by any of the Fundamental Documents
     to which such Indenture Trustee is or is to be a party, other than any such
     consent, approval, order, authorization, registration, notice or action as
     has been duly obtained, given or taken; and

               (v)    there are no pending or threatened actions or proceedings
     against such Indenture Trustee before any court or administrative agency
     which, if determined adversely to it, would have a material adverse effect
     on the ability of such Indenture Trustee to perform its obligations under
     this Agreement or any other Fundamental Document executed by such Indenture
     Trustee in connection with the transactions contemplated by the Fundamental
     Documents.

          (b)  the Pass Through Trustee represents, warrants and covenants that:

               (i)    the Pass Through Trustee is a national banking association
     duly organized, validly existing and in good standing under the laws of the
     United States of America, and has the full corporate power, authority and
     legal right under the laws of the State of Connecticut and the United
     States of America pertaining to its banking, trust and fiduciary powers to
     execute and deliver this Agreement and each other Fundamental Document to
     which it is a party and to perform its obligations hereunder and
     thereunder;

               (ii)   this Agreement and each other Fundamental Document to
     which the Pass Through Trustee is a party have been duly authorized,
     executed and delivered by the Pass Through Trustee; this Agreement and each
     other Fundamental Document to which the Pass Through Trustee is a party
     constitute the legal, valid and binding obligations of the Pass Through
     Trustee enforceable against it in accordance with their respective terms,
     except as the same may be limited by applicable bankruptcy,

                                      10
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

     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 Pass
     Through Trustee of this Agreement or any other Fundamental Document to
     which the Pass Through Trustee is a party, the purchase by the Pass Through
     Trustee of the Notes pursuant to this Agreement, or the issuance and sale
     of the Pass Through Certificates pursuant to the Pass Through Trust
     Agreements, and the Purchase Agreements, contravenes any law, rule or
     regulation of the State of Connecticut or any United States governmental
     authority or agency regulating the Pass Through Trustee's banking, trust or
     fiduciary powers or any judgment or order applicable to or binding on the
     Pass Through Trustee and do not contravene or result in any breach of, or
     constitute a default under, the Pass Through Trustee's charter or by-laws
     or any agreement or instrument to which the Pass Through Trustee is a party
     or by which it or any of its properties may be bound;

          (iv)   neither the execution and delivery by the Pass Through Trustee
     of this Agreement or any of the other Fundamental Documents to which the
     Pass Through Trustee is a party, nor the consummation by the Pass Through
     Trustee of any of the transactions contemplated hereby or thereby, 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 Connecticut
     governmental authority or agency or any Federal governmental authority or
     agency regulating the Pass Through Trustee's banking, trust or fiduciary
     powers;

          (v)    there are no Taxes payable by the Pass Through Trustee imposed
     by the State of Connecticut or any political subdivision or taxing
     authority thereof in connection with the execution, delivery and
     performance by the Pass Through Trustee of this Agreement or any other
     Fundamental Document to which the Pass Through Trustee is a party (other
     than franchise or other taxes based on or measured by any fees or
     compensation received by the Pass Through Trustee for services rendered in
     connection with the transactions contemplated by the Pass Through Trust
     Agreements), and there are no Taxes payable by the Pass Through Trustee
     imposed by the State of Connecticut or any political subdivision thereof in
     connection with the acquisition, possession or ownership by the Pass
     Through Trustee of any of the Notes (other than franchise or other taxes
     based on or measured by any fees or compensation received by the Pass
     Through Trustee for services rendered in connection with the transactions
     contemplated by the Pass Through Trust Agreements);

          (vi)   there are no pending or threatened actions or proceedings
     against the Pass Through Trustee before any court or administrative agency
     which individually or in the aggregate, if determined adversely to it,
     would have a material adverse effect on the ability of the Pass Through
     Trustee to perform its obligations under this Agreement or any other
     Fundamental Document to which the Pass Through Trustee is a party;

          (vii)  except for the issue and sale of the Notes contemplated hereby,
     the Pass Through Trustee has not directly or indirectly offered any Notes
     for sale to any Person or solicited any offer to acquire any Notes from any
     Person, nor has the Pass

                                      11
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

     Through Trustee authorized anyone to act on its behalf to offer directly or
     indirectly any Note for sale to any Person, or to solicit any offer to
     acquire any Note from any Person; and the Pass Through Trustee is not in
     default under any Pass Through Trust Agreement; and

               (viii) the Pass Through Trustee is not directly or indirectly
     controlling, controlled by or under common control with United.

          (c)  the Subordination Agent represents, warrants and covenants that:

               (i)    the Subordination Agent is a national banking association
     duly organized, validly existing and in good standing under the laws of the
     United States of America, and has the full corporate power, authority and
     legal right under the laws of the State of Connecticut and the United
     States of America pertaining to its banking, trust and fiduciary powers to
     execute and deliver this Agreement and each other Fundamental Document to
     which it is a party and to perform its obligations hereunder and
     thereunder;

               (ii)   this Agreement and each other Fundamental Document to
     which it is a party have been duly authorized, executed and delivered by
     the Subordination Agent; this Agreement and each other Fundamental Document
     to which it is a party constitute the legal, valid and binding obligations
     of the Subordination Agent enforceable against it in accordance with their
     respective 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 or any other Fundamental Document to
     which the Subordination Agent is a party contravene any law, rule or
     regulation of the State of Connecticut 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 does not contravene or result in any breach of, or
     constitute a default under, the Subordination Agent's charter or by-laws or
     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 or any other Fundamental Document to which the
     Subordination Agent is a party nor the consummation by the Subordination
     Agent of any of the transactions contemplated hereby or thereby 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 Connecticut
     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 Connecticut or any political subdivision or taxing
     authority thereof in connection with the execution, delivery and
     performance by the Subordination Agent of

                                      12
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

     this Agreement or any other Fundamental Document to which the Subordination
     Agent is a party (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 any Liquidity Facility), and there are no Taxes
     payable by the Subordination Agent imposed by the State of Connecticut or
     any political subdivision thereof in connection with the acquisition,
     possession or ownership by the Subordination Agent of any of the 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 any Liquidity Facility);

          (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 or any other Fundamental
     Document to which the Subordination Agent is a party;

          (vii)  the Subordination Agent has not directly or indirectly offered
     any Notes for sale to any Person or solicited any offer to acquire any
     Notes from any Person, nor has the Subordination Agent authorized anyone to
     act on its behalf to offer directly or indirectly any Note for sale to any
     Person, or to solicit any offer to acquire any Note from any Person; and
     the Subordination Agent is not in default under any Liquidity Facility; and

          (viii) the Subordination Agent is not directly or indirectly
     controlling, controlled by or under common control with United.

                                      13
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

     Section 6.  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 five days after being
deposited in the United States mail, with proper postage for first-class
registered or certified mail prepaid, or when delivered personally or, if
promptly confirmed by mail as provided above, when dispatched by facsimile or
other written telecommunication, addressed, if to United, the Pass Through
Trustee, the Subordination Agent or any Indenture Trustee, at their respective
addresses or facsimile numbers set forth on Schedule 1.
                                            ----------

     Section 7.  Expenses. All of the reasonable out-of-pocket costs, fees and
                 --------
expenses incurred by the Pass Through Trustee, the Subordination Agent, the
Liquidity Provider and the Indenture Trustees in connection with the
transactions contemplated by this Agreement shall be paid on or prior to the
Closing Date by United on a net after-tax basis.

     Section 8.  Miscellaneous. (a) Provided that the transactions contemplated
                 -------------
hereby have been consummated, and except as otherwise provided for herein, the
representations, warranties and agreements herein of United, each Indenture
Trustee, the Subordination Agent and the Pass Through Trustee, and United's,
each Indenture Trustee's, the Subordination Agent's and the Pass Through
Trustee's obligations hereunder, 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 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 or waived
orally, but only by an instrument in writing signed by the party against which
the enforcement of the termination, amendment or waiver is sought; and no such
termination, amendment or waiver shall be effective unless a signed copy thereof
shall have been delivered to each Indenture Trustee. The table of contents
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, United and
its successors and permitted assigns, the Pass Through Trustee and its
successors as Pass Through Trustee (and any additional trustee properly
appointed) under any of the Trust Supplements, any Indenture Trustee and its
successors as Indenture Trustee (and any additional Indenture Trustee properly
appointed) under any Indenture 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 with any rights of any nature whatsoever against any
of the parties hereto, and no Person not a party hereto shall have any right,
power or privilege in respect of, or have any benefit or interest arising out
of, this Agreement; provided, however, that each of the parties hereto agrees
                    --------  -------
and acknowledges that the Liquidity Provider shall be a third party beneficiary
of each of the representations and warranties made herein by such party, and
that the Liquidity Provider may rely on such representations and warranties to
the same extent as if such representations and warranties were made to the
Liquidity Provider directly. The terms of this

                                      14
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

Agreement shall inure to the benefit of the Liquidity Provider, its successors
and permitted assigns.

          (d)  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICTS OF LAWS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW)), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER
THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          (e)  Each of the parties hereto hereby irrevocably and
unconditionally:

               (i)   submits for itself and its property in any legal action or
     proceeding relating to this Agreement or any other Fundamental Document, or
     for recognition and enforcement of any judgment in respect hereof or
     thereof, to the non-exclusive general jurisdiction of the courts of the
     State of New York, the courts of the United States of America for the
     Southern District of New York, and the appellate courts from any thereof;

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

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

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

          (f)  EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF
THIS AGREEMENT AND THE RELATIONSHIP THAT IS BEING ESTABLISHED, including
contract claims, tort claims, breach of duty claims and all other common law and
statutory claims. Each of the parties warrants and represents that it has
reviewed this waiver with its legal counsel, and that it knowingly and
voluntarily waives its jury trial rights following consultation with such legal
counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR IN
WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

                            [Signature Pages Follow]

                                      15
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

     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.

                                         UNITED AIR LINES, INC.

                                         By: /s/ Jeffrey T. Kawalsky
                                            ----------------------------
                                            Name: Jeffrey T. Kawalsky
                                            Title: Assistant Treasurer

                                         STATE STREET BANK AND TRUST COMPANY OF
                                         CONNECTICUT, NATIONAL ASSOCIATION, not
                                         in its individual capacity, except as
                                         otherwise provided herein, but solely
                                         as Indenture Trustee, Pass Through
                                         Trustee and Subordination Agent

                                         By: /s/ John G. Correia
                                            ----------------------------
                                            Name: John G. Correia
                                            Title: Assistant Vice President

                                      16
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

                                   SCHEDULE I

                           TO NOTE PURCHASE AGREEMENT

                              NAMES AND ADDRESSES
                              -------------------

UNITED:
------

Address for Notices:

     If by U.S. Mail
     United Air Lines, Inc.
     P.O. Box 66100
     WHQFT
     Chicago, IL 60666
     Attention:  Vice President and Treasurer
     Telecopy:  (847) 700-7117

If by Overnight Delivery Service
--------------------------------

     United Air Lines, Inc.
     1200 East Algonquin Road
     WHQFT
     Elk Grove Township, IL 60007
     Attention: Vice President and Treasurer
     Telecopy: (847) 700-7117

PASS THROUGH TRUSTEE, SUBORDINATION AGENT AND INDENTURE TRUSTEE:
---------------------------------------------------------------

Address for Notices:

     State Street Bank and Trust Company
     of Connecticut, National Association
     225 Asylum Street
     Goodwin Square
     Hartford, Connecticut 06103
     Attention: Corporate Trust Division
     Telecopy: (860) 244-1881

And

     State Street Bank and Trust Company
     of Connecticut, National Association
     c/o 2 Avenue de Lafayette, 6/th/ Floor
     Boston, Massachusetts 02111-1724
     Attention: Corporate Trust
     Telecopy: (617) 662-1465

                                  SCHEDULE I

                                    Page 1
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

                                 SCHEDULE II TO

                            NOTE PURCHASE AGREEMENT

                  NOTES, PURCHASERS, INTEREST RATE, PRINCIPAL
                            AMOUNT AND MATURITY DATE
                            ------------------------

<TABLE>
<CAPTION>
                                                    Interest      Principal
 Series                         Purchaser             Rate          Amount        Maturity Date
 ------                         ---------             ----          ------        -------------
<S>                  <C>                            <C>         <C>              <C>
Series A-1 Notes     2001-1A-1 Pass Through Trust    6.071%     $291,037,000     March 1, 2013

Series A-2 Notes      2001-1A-2 Pass Through Trust   6.201%     $263,614,000     September 1, 2008

Series A-3 Notes      2001-1A-3 Pass Through Trust   6.602%     $372,987,000     September 1, 2013

Series B Notes        2001-1B Pass Through Trust     6.932%     $150,168,000     September 1, 2011

Series C Notes        2001-1C Pass Through Trust     6.831%     $251,885,000     September 1, 2008

Series D Notes        2001-1D Pass Through Trust     7.371%     $137,268,000     September 1, 2006
</TABLE>

                                  SCHEDULE II

                                    Page 1
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

                                SCHEDULE III TO

                            NOTE PURCHASE AGREEMENT

                    AIRCRAFT, AIRCRAFT REGISTRATION NUMBER,
                 INDENTURE, SERIES ISSUED AND PRINCIPAL AMOUNT
                 ---------------------------------------------

<TABLE>
<CAPTION>
                Aircraft
              Registration
  Aircraft       Number          Indenture          Series Issued             Principal Amount
------------- --------------  ----------------  ---------------------      ------------------------
<S>           <C>             <C>               <C>                        <C>
A319-131        N831UA        (2001-1 A319-1)   Equipment Note, Series A-1       $ 2,961,792
                                                Equipment Note, Series A-2       $12,998,975
                                                Equipment Note, Series C         $ 7,170,810
                                                Equipment Note, Series D         $ 2,404,153

A319-131        N833UA        (2001-1 A319-2)   Equipment Note, Series A-1       $ 3,595,333
                                                Equipment Note, Series A-2       $13,011,692
                                                Equipment Note, Series C         $ 7,177,825
                                                Equipment Note, Series D         $ 2,433,210

A319-131        N834UA        (2001-1 A319-3)   Equipment Note, Series A-1       $ 6,182,664
                                                Equipment Note, Series A-3       $10,476,180
                                                Equipment Note, Series B         $ 4,215,720
                                                Equipment Note, Series C         $ 2,984,501
                                                Equipment Note, Series D         $ 2,440,802

A319-131        N835UA        (2001-1 A319-4)   Equipment Note, Series A-1       $ 6,182,664
                                                Equipment Note, Series A-3       $10,476,180
                                                Equipment Note, Series B         $ 4,215,720
                                                Equipment Note, Series C         $ 2,984,501
                                                Equipment Note, Series D         $ 2,440,802

A319-131       N836UA         (2001-1 A319-5)   Equipment Note, Series A-1       $ 6,017,910
                                                Equipment Note, Series A-3       $10,698,507
                                                Equipment Note, Series B         $ 4,287,115
                                                Equipment Note, Series C         $ 2,997,883
                                                Equipment Note, Series D         $ 2,442,436
</TABLE>

                                 SCHEDULE III
                                    Page 1
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

<TABLE>
<S>            <C>            <C>               <C>                              <C>
A319-131       N837UA         (2001-1 A319-6)   Equipment Note, Series A-1       $ 6,033,972
                                                Equipment Note, Series A-3       $10,727,063
                                                Equipment Note, Series B         $ 4,298,558
                                                Equipment Note, Series C         $ 3,005,885
                                                Equipment Note, Series D         $ 2,448,955

A319-131       N838UA        (2001-1 A319-7)    Equipment Note, Series A-1       $ 6,034,488
                                                Equipment Note, Series A-3       $10,727,985
                                                Equipment Note, Series B         $ 4,298,927
                                                Equipment Note, Series C         $ 3,006,143
                                                Equipment Note, Series D         $ 2,449,166

A319-131       N839UA        (2001-1 A319-8)    Equipment Note, Series A-1       $ 6,055,736
                                                Equipment Note, Series A-3       $10,765,753
                                                Equipment Note, Series B         $ 4,314,061
                                                Equipment Note, Series C         $ 3,016,726
                                                Equipment Note, Series D         $ 2,457,788

A319-131       N840UA        (2001-1 A319-9)    Equipment Note, Series A-1       $ 6,074,904
                                                Equipment Note, Series A-3       $10,799,836
                                                Equipment Note, Series B         $ 4,327,719
                                                Equipment Note, Series C         $ 3,026,277
                                                Equipment Note, Series D         $ 2,465,569

A319-131       N841UA        (2001-1 A319-10)   Equipment Note, Series A-1       $ 5,584,337
                                                Equipment Note, Series A-3       $11,337,902
                                                Equipment Note, Series B         $ 4,525,896
                                                Equipment Note, Series C         $ 3,128,851
                                                Equipment Note, Series D         $ 2,540,006

A320-232       N467UA        (2001-1 A320-1)    Equipment Note, Series A-1       $ 4,062,436
                                                Equipment Note, Series A-2       $14,702,151
                                                Equipment Note, Series C         $ 8,110,359
                                                Equipment Note, Series D         $ 2,749,331
</TABLE>

                                 SCHEDULE III
                                    Page 2
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

<TABLE>
<S>            <C>        <C>                   <C>                               <C>
A320-232       N468UA     (2001-1 A320-2)       Equipment Note, Series A-1        $ 4,062,436
                                                Equipment Note, Series A-2        $14,702,152
                                                Equipment Note, Series C          $ 8,110,358
                                                Equipment Note, Series D          $ 2,749,329

A320-232       N469UA     (2001-1 A320-3)       Equipment Note, Series A-1        $ 6,891,012
                                                Equipment Note, Series A-3        $12,250,684
                                                Equipment Note, Series B          $ 4,909,104
                                                Equipment Note, Series C          $ 3,432,827
                                                Equipment Note, Series D          $ 2,796,793

A320-232       N470UA     (2001-1 A320-4)       Equipment Note, Series A-1        $ 6,905,004
                                                Equipment Note, Series A-3        $12,275,556
                                                Equipment Note, Series B          $ 4,919,071
                                                Equipment Note, Series C          $ 3,439,796
                                                Equipment Note, Series D          $ 2,802,471

A320-232       N471UA     (2001-1 A320-5)       Equipment Note, Series A-1        $ 6,905,004
                                                Equipment Note, Series A-3        $12,275,556
                                                Equipment Note, Series B          $ 4,919,071
                                                Equipment Note, Series C          $ 3,439,796
                                                Equipment Note, Series D          $ 2,802,471

A320-232       N472UA     (2001-1 A320-6)       Equipment Note, Series A-1        $ 6,918,996
                                                Equipment Note, Series A-3        $12,300,428
                                                Equipment Note, Series B          $ 4,929,037
                                                Equipment Note, Series C          $ 3,446,765
                                                Equipment Note, Series D          $ 2,808,150

B747-422       N117UA     (2001-1 747-1)        Equipment Note, Series A-1        $13,095,831
                                                Equipment Note, Series A-2        $43,652,766
                                                Equipment Note, Series C          $24,080,798
                                                Equipment Note, Series D          $ 8,365,373
</TABLE>

                                 SCHEDULE III
                                    Page 3
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

<TABLE>
<S>            <C>            <C>               <C>                               <C>
B747-422       N118UA         (2001-1 747-2)    Equipment Note, Series A-1        $12,725,468
                                                Equipment Note, Series A-2        $44,236,149
                                                Equipment Note, Series C          $24,402,619
                                                Equipment Note, Series D          $ 8,370,494

B747-422       N122UA         (2001-1 747-3)    Equipment Note, Series A-1        $22,139,760
                                                Equipment Note, Series A-3        $35,669,620
                                                Equipment Note, Series B          $14,420,300
                                                Equipment Note, Series C          $10,345,506
                                                Equipment Note, Series D          $ 8,495,073

B747-422       N127UA         (2001-1 747-4)    Equipment Note, Series A-1        $20,440,816
                                                Equipment Note, Series A-3        $37,784,537
                                                Equipment Note, Series B          $15,204,877
                                                Equipment Note, Series C          $10,764,228
                                                Equipment Note, Series D          $ 8,803,263

B747-422       N128UA         (2001-1 747-5)    Equipment Note, Series A-1        $22,754,700
                                                Equipment Note, Series A-3        $38,556,579
                                                Equipment Note, Series B          $15,515,555
                                                Equipment Note, Series C          $10,984,171
                                                Equipment Note, Series D          $ 8,983,138

B767-322       N664UA         (2001-1 767-1)    Equipment Note, Series A-1        $ 7,088,827
                                                Equipment Note, Series A-2        $23,629,425
                                                Equipment Note, Series C          $13,035,037
                                                Equipment Note, Series D          $ 4,528,212
B767-322       N667UA         (2001-1 767-2)    Equipment Note, Series A-1        $ 6,126,528
                                                Equipment Note, Series A-2        $24,846,484
                                                Equipment Note, Series C          $13,706,421
                                                Equipment Note, Series D          $ 4,701,525
</TABLE>

                                 SCHEDULE III
                                    Page 4
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

<TABLE>
<S>            <C>            <C>               <C>                               <C>
B767-322       N669UA         (2001-1 767-3)    Equipment Note, Series A-1        $12,568,692
                                                Equipment Note, Series A-3        $20,249,552
                                                Equipment Note, Series B          $ 8,186,368
                                                Equipment Note, Series C          $ 5,873,117
                                                Equipment Note, Series D          $ 4,822,631

B767-322       N670UA         (2001-1 767-4)    Equipment Note, Series A-1        $11,600,633
                                                Equipment Note, Series A-3        $21,443,586
                                                Equipment Note, Series B          $ 8,629,114
                                                Equipment Note, Series C          $ 6,108,945
                                                Equipment Note, Series D          $ 4,996,053

B767-322       N671UA         (2001-1 767-5)    Equipment Note, Series A-1        $11,642,059
                                                Equipment Note, Series A-3        $21,520,177
                                                Equipment Note, Series B          $ 8,659,935
                                                Equipment Note, Series C          $ 6,130,764
                                                Equipment Note, Series D          $ 5,013,897

B777-222       N794UA         (2001-1 777-1)    Equipment Note, Series A-1        $ 9,432,870
                                                Equipment Note, Series A-2        $36,683,373
                                                Equipment Note, Series C          $20,236,173
                                                Equipment Note, Series D          $ 7,029,798

B777-222       N795UA         (2001-1 777-2)    Equipment Note, Series A-1        $11,017,377
                                                Equipment Note, Series A-2        $35,150,833
                                                Equipment Note, Series C          $19,390,517
                                                Equipment Note, Series D          $ 6,828,438

B777-222       N204UA         (2001-1 777-3)    Equipment Note, Series A-1        $20,256,072
                                                Equipment Note, Series A-3        $30,946,774
                                                Equipment Note, Series B          $12,574,953
                                                Equipment Note, Series C          $ 9,152,552
                                                Equipment Note, Series D          $ 7,547,868
</TABLE>

                                 SCHEDULE III
                                    Page 5
<PAGE>

                                              [(2001-1) Note Purchase Agreement]

<TABLE>
<S>            <C>            <C>               <C>                               <C>
B777-222       N205UA         (2001-1 777-4)    Equipment Note, Series A-1        $19,678,679
                                                Equipment Note, Series A-3        $31,704,545
                                                Equipment Note, Series B          $12,816,899
                                                Equipment Note, Series C          $ 9,194,849
                                                Equipment Note, Series D          $ 7,550,805
</TABLE>

                                 SCHEDULE III
                                    Page 6<PAGE>

                                                                    Exhibit 4.15

                            PARTICIPATION AGREEMENT

                                (2001-1 747-1)

                          Dated as of August 22, 2001

                                     among

                            UNITED AIR LINES, INC.,
                                    Owner,

                      STATE STREET BANK AND TRUST COMPANY
                     OF CONNECTICUT, NATIONAL ASSOCIATION,

                              in its capacity as
                    Pass Through Trustee under each of the
                        Pass Through Trust Agreements,

                      STATE STREET BANK AND TRUST COMPANY
                     OF CONNECTICUT, NATIONAL ASSOCIATION,
                            as Subordination Agent

                                      and

                      STATE STREET BANK AND TRUST COMPANY
                     OF CONNECTICUT, NATIONAL ASSOCIATION,
              In its Individual Capacity and as Indenture Trustee

                     ____________________________________

                            United Air Lines, Inc.
                       One Boeing Model 747-422 Aircraft
                     Bearing U.S. Registration No. N117UA
                     ____________________________________
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                           Page
<S>                                                                                        <C>
SECTION 1.     CERTAIN DEFINITIONS.......................................................     2

SECTION 2.     PURCHASE OF EQUIPMENT NOTES...............................................     2

SECTION 3.     EQUIPMENT NOTES...........................................................     3

SECTION 4.     CONDITIONS................................................................     3

SECTION 5.     OWNER'S REPRESENTATIONS, WARRANTIES AND INDEMNITIES.......................     4

SECTION 6.     REPRESENTATIONS, WARRANTIES AND COVENANTS.................................    12

SECTION 7.     OTHER DOCUMENTS............................................................   18

SECTION 8.     NOTICES; CONSENT TO JURISDICTION...........................................   19

SECTION 9.     MISCELLANEOUS..............................................................   20

SCHEDULES

     SCHEDULE I     Names and Addresses

     SCHEDULE II    Noteholders, Equipment Notes, Original Principal Amount,
                    Interest Rate and Maturity Date

     SCHEDULE III   Description of Pass Through Trust Agreements
</TABLE>

                                       i
<PAGE>

                    PARTICIPATION AGREEMENT (2001-1 747-1)

     THIS PARTICIPATION AGREEMENT (2001-1 747-1) dated as of August 22, 2001,
(this "Agreement") among (i) UNITED AIR LINES, INC., a Delaware corporation (the
"Owner"), (ii) STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT, NATIONAL
ASSOCIATION, a national banking association, not in its individual capacity,
except as otherwise provided herein, but solely as trustee under each of the
Pass Through Trust Agreements (as defined below), (iii) STATE STREET BANK AND
TRUST COMPANY OF CONNECTICUT, NATIONAL ASSOCIATION, a national banking
association, in its individual capacity and as Indenture Trustee (the "Indenture
Trustee") under the Indenture (as defined below) and (iv) STATE STREET BANK AND
TRUST COMPANY OF CONNECTICUT, NATIONAL ASSOCIATION, a national banking
association, not in its individual capacity but solely as subordination agent
and trustee (the "Subordination Agent") under the Intercreditor Agreement (as
defined below).

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

     WHEREAS, Owner is the owner of the Boeing Model 747-422 aircraft more
particularly described in the initial Indenture Supplement dated the Closing
Date for which it desires to obtain financing;

     WHEREAS, pursuant to the Trust Indenture and Mortgage (2001-1 747-1) dated
as of August 22, 2001 (the "Indenture") between Owner and the Indenture Trustee,
Owner proposes to issue up to six Series of Equipment Notes in the form set
forth in Exhibit A to the Indenture, which Equipment Notes are to be secured by
the mortgage and security interest in the Aircraft created pursuant to the
Indenture by the Owner in favor of the Indenture Trustee;

     WHEREAS, the Series A-1, Series A-2, Series A-3, Series B, Series C and
Series D Equipment Notes, as applicable, will be issued on the Closing Date to
the Subordination Agent as nominee for the Pass Through Trustee for the
applicable Pass Through Trust as evidence of the Owner's indebtedness to each
such Pass Through Trustee;

     WHEREAS, pursuant to the Basic Pass Through Trust Agreement and each of the
supplements thereto set forth in Schedule III hereto (the "Pass Through Trust
Agreements"), on the Closing Date a separate grantor trust (collectively, the
"Pass Through Trusts" and, individually, a "Pass Through Trust") will be created
to facilitate certain of the transactions contemplated hereby, including,
without limitation, the issuance and sale of credit enhanced pass through
certificates pursuant thereto (collectively, the "Pass Through Certificates") to
provide a portion of the financing of the Aircraft;

     WHEREAS, the proceeds from the issuance and sale of the Pass Through
Certificates will be applied by the Pass Through Trustee to purchase from the
Owner, on behalf of each Pass Through Trust, the Series A-1, Series A-2, Series
A-3, Series B, Series C and Series D
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

Equipment Notes, as applicable, issued under the Indenture and bearing the same
interest rate as the Pass Through Certificates issued by such Pass Through
Trust;

     WHEREAS, concurrently with the execution and delivery of this Agreement,
(i) Westdeutsche Landesbank Girozentrale, acting through its New York branch
(the "Liquidity Provider"), has entered into five revolving credit agreements
(each, a "Liquidity Facility"), in each case for the benefit of the holders of
the Pass Through Certificates of the United Air Lines 2001-1A-1 Pass Through
Trust, the United Air Lines 2001-1A-2 Pass Through Trust, the United Air Lines
2001-1A-3 Pass Through Trust, the United Air Lines 2001-1B Pass Through Trust
and the United Air Lines 2001-1C Pass Through Trust, with the Subordination
Agent, as agent for the Pass Through Trustee on behalf of each such Pass Through
Trust; and (ii) the Pass Through Trustees, the Liquidity Provider and the
Subordination Agent entered into the Intercreditor Agreement, dated as of the
date hereof (the "Intercreditor Agreement"); and

     WHEREAS, capitalized terms are used herein as defined in Section 1 hereof.

     NOW THEREFORE, in consideration of the mutual agreements herein contained,
the parties hereto agree as follows:

     SECTION 1.   Certain Definitions. The terms "Owner," "Pass Through
                  -------------------
Trustee," "Subordination Agent," "Liquidity Provider" and the "Indenture
Trustee" shall have the further meanings attributed thereto in the Indenture
and, except as otherwise defined in this Agreement, terms used herein in
capitalized form shall have the meanings attributed thereto in the Indenture.
Unless the context otherwise requires, any reference herein to any of the
Operative Documents refers to such document as it may be amended from time to
time in accordance with its terms and the terms of each other agreement
restricting the amendment thereof.

     SECTION 2.   Purchase of Equipment Notes. (a) Subject to the satisfaction
                  ---------------------------
or waiver of the conditions set forth herein and in the Note Purchase Agreement
on the date hereof or on such other date agreed to by the parties hereto (the
"Closing Date"):

               (i)  the Pass Through Trustee for each Pass Through Trust listed
     on Schedule II hereto shall pay to the Owner the purchase price set forth
     on Schedule II hereto of the Equipment Note being issued to such Pass
     Through Trust;

               (ii) the Owner shall issue, pursuant to Article 2 of the
     Indenture, to the Subordination Agent, as nominee for the Pass Through
     Trustee for each of the Pass Through Trusts listed on Schedule II hereto,
     an Equipment Note of the maturity and principal amount and bearing the
     interest rate set forth on Schedule II hereto opposite the name of such
     Pass Through Trust.

          (b)  [Intentionally Omitted]

                                       2
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

          (c)  The closing (the "Closing") of the issuance of the Series A-1,
Series A-2, Series A-3, Series B, Series C and Series D Equipment Notes, as
applicable, described in this Agreement shall take place at the offices of
Vedder, Price, Kaufman & Kammholz, 222 N. LaSalle St., Chicago, Illinois, at
10:00 a.m. (Chicago time) on the Closing Date, or at such other place as the
parties hereto may agree.

          (d)  All payments pursuant to this Section 1 shall be made in
immediately available funds to such accounts and at such banks as the parties
hereto shall designate in writing not less than one Business Day prior to the
Closing Date.

          (e)  Owner may elect to postpone the issuance of a series of Equipment
Notes pursuant to Section 2.02(b) of the Pass Through Trust Agreement.

          (f)  In order to facilitate the transactions contemplated hereby, the
Owner has entered into the Note Purchase Agreement, and, subject to the terms
and conditions hereof, the Owner will enter into each of the Pass Through Trust
Agreements and will undertake to perform certain administrative and ministerial
duties under such Pass Through Trust Agreements.

  SECTION 3.   Equipment Notes.  On the Closing Date, the Owner shall execute,
               ---------------
and the Indenture Trustee shall authenticate and deliver to the applicable
Noteholder, an Equipment Note of such Series in the principal amount and bearing
the interest rate set forth opposite the name of such Noteholder on Schedule II
hereto.  Subject to the terms hereof, of the Pass Through Agreements and of the
other Operative Agreements, all such Equipment Notes shall be dated and
authenticated as of the Closing Date (and shall bear interest therefrom), shall
be registered in such names as shall be specified by the Noteholder and shall be
paid in the manner and at such places as are set forth in the Indenture.

  SECTION 4.   Conditions.  (a)  Conditions Precedent.  The obligations of each
               ----------
Pass Through Trustee to make the payment described in Section 2(a)(i), are
subject to the satisfaction (or waiver) prior to or on the Closing Date of the
conditions specified in Section 3 of the Note Purchase Agreement.

          (b)  Conditions Precedent to the Obligations of Owner. It is agreed
that the obligations of Owner to participate in the transactions contemplated
hereby and to enter into the Operative Documents to which it is a party are all
subject to the fulfillment to the satisfaction (or waiver) of Owner prior to or
on the Closing Date of the conditions set forth in Section 3(b) of the Note
Purchase Agreement and the following conditions precedent:

               (i)  The representations and warranties of the Indenture Trustee,
     the Pass Through Trustees and the Subordination Agent contained in Section
     6 hereof shall be true and accurate as of the Closing Date as though made
     on and as of such date except to the extent that such representations and
     warranties relate solely to an earlier date (in which event such
     representations and warranties shall have been true and accurate on and as
     of such earlier date) and Owner shall have received a certificate signed by

                                       3
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

     the Chairman of the Board, the President, any Vice President or any
     Assistant Vice President or other authorized representative of the
     Indenture Trustee, the Pass Through Trustees and the Subordination Agent,
     respectively, certifying as to the foregoing matters with respect to the
     Indenture Trustee, the Pass Through Trustees and the Subordination Agent,
     respectively.

                (ii)    No action or proceeding shall have been instituted nor
     shall governmental action be threatened before any court or governmental
     agency, nor shall any order, judgment or decree have been issued or
     proposed to be issued by any court or governmental agency at the time of
     the Closing Date to set aside, restrain, enjoin or prevent the completion
     and consummation of this Agreement or the transactions contemplated hereby.

                (iii)   No change shall have occurred after the date of the
     execution and delivery of this Agreement in applicable law or regulations
     thereunder or interpretations thereof by appropriate regulatory authorities
     which, in the opinion of Owner, would make it a violation of law or
     regulations for Owner to enter into any transaction contemplated by the
     Operative Documents.

     SECTION 5. Owner's Representations, Warranties and Indemnities.  (a)
                ---------------------------------------------------
Representations and Warranties.  Owner represents and warrants to the Indenture
Trustee, the Pass Through Trustees and the Liquidity Provider that as of the
Closing Date:

                (i)     Owner is a corporation duly organized and validly
     existing in good standing pursuant to the laws of the State of Delaware,
     having organizational identification number 0697327; is a Certificated Air
     Carrier; has the State of Delaware as its "location" (as such term is
     defined in Article 9 of the Uniform Commercial Code of the State of
     Delaware as in effect on the date hereof) and its true and complete name as
     indicated on the public record of the State of Delaware is "United Air
     Lines, Inc." and its mailing address is as set forth in Schedule I hereto;
     is duly qualified to do business as a foreign corporation in each
     jurisdiction in which it has intrastate routes or has its principal office
     or a major overhaul facility, except where the failure to be so qualified
     would not have a material adverse effect on the ability of Owner to perform
     its obligations under the Owner Documents (as defined below); holds all
     material licenses, certificates, permits and franchises from the
     appropriate agencies of the United States of America and/or all other
     governmental authorities having jurisdiction, necessary to authorize Owner
     to carry on scheduled passenger service, in each case as presently
     conducted, and has the corporate power and authority to enter into and
     perform its obligations under this Agreement, the Indenture, the initial
     Indenture Supplement, the Equipment Notes, the Pass Through Trust
     Agreements and all other documents executed by Owner in connection herewith
     or therewith (collectively, the "Owner Documents");

                                       4
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

               (ii)   the execution, delivery and performance by Owner of the
     Owner Documents have been duly authorized by all necessary corporate action
     on the part of Owner, do not require any stockholder approval, or approval
     or consent of any trustee or holders of any indebtedness or obligations of
     Owner except such as have been duly obtained, and none of the execution,
     delivery and performance by Owner of such Owner Documents contravenes any
     law, judgment, governmental rule, regulation or order binding on Owner or
     the certificate of incorporation or by-laws of Owner or contravenes the
     provisions of, or constitutes a default under, or results in the creation
     of any Lien (other than Permitted Liens) upon the property of Owner under:
     (x) its certificate of incorporation or bylaws; or (y) any indenture,
     mortgage, chattel mortgage, deed of trust, conditional sales contract, bank
     loan or credit agreement or other agreement or instrument to which Owner is
     a party or by which it or its properties may be bound or affected, unless
     such contravention, default or Lien pertains to an agreement of the type
     listed in clause (y) of this Section and, individually or in the aggregate,
     would be reasonably unlikely to have a material adverse effect on the
     ability of the Owner to perform its obligations under the Owner Documents;

               (iii)  neither the execution and delivery by Owner of the Owner
     Documents nor the performance by Owner of its obligations thereunder
     require the consent or approval of, the giving of notice to, the
     registration with, or the taking of any other action in respect of any
     federal, state, local or foreign government authority or agency, except for
     (A) the qualification of the Pass Through Trust Agreements under the Trust
     Indenture Act of 1939, as amended, pursuant to an order of the Securities
     and Exchange Commission, (B) the registrations and filings referred to in
     Section 5(a)(v), (C) authorizations, consents, approvals, actions, notices
     and filings required to be obtained, taken, given or made which have been
     duly obtained and are in full force and effect or the failure of which to
     obtain, take, give or make would not be reasonably likely to have a
     material adverse effect on the financial condition, properties or results
     of operations of the Owner or on the ability of the Owner to perform its
     obligations under the Owner Documents, (D) any normal periodic and other
     reporting requirements under the applicable rules and regulations of the
     FAA to the extent required to be given or obtained only after the Closing
     Date, and (E) the recordings with the FAA described in the opinion referred
     to in Section 4(a)(ix);

               (iv)   each of the Owner Documents has been duly executed and
     delivered by Owner and constitutes legal, valid and binding obligations of
     Owner enforceable against Owner in accordance with the terms thereof,
     except as the same may be limited by (a) applicable bankruptcy, insolvency,
     fraudulent conveyance, reorganization, moratorium or similar laws affecting
     the enforcement of creditors' rights generally, (b) by general principles
     of equity, whether considered in a proceeding at law or in equity, (c) in
     the case of indemnity provisions contained in such documents, public policy
     considerations, and (d) in the case of the Indenture, applicable laws which
     may affect the remedies provided in the Indenture, which laws, however, do
     not make the

                                       5
<PAGE>

     remedies provided in the Indenture inadequate for practical realization of
     the benefits intended to be afforded thereby ;

               (v)    except for (A) the filing for recording pursuant to the
     Federal Aviation Act of the Indenture and the Indenture Supplement attached
     thereto and made a part thereof, (B) the taking of possession by the
     Indenture Trustee of the original counterparts of the Indenture and the
     Indenture Supplement attached thereto, (C) the registration of the Aircraft
     with the FAA pursuant to the Federal Aviation Act in the name of the Owner,
     (D) the affixation of the nameplates referred to in Section 4.01(c) of the
     Indenture and (E) the filing of financing statements (and continuation
     statements at periodic intervals) with respect to the security and other
     interests created by such documents under the Uniform Commercial Code of
     Delaware, no further action, including any filing or recording of any
     document is necessary or advisable in order to perfect the security
     interest in favor of the Indenture Trustee in the Owner's interest in the
     Aircraft in any applicable jurisdiction in the United States and, on the
     Closing Date, after giving effect to such filings, the Indenture Trustee
     will have a duly perfected first priority security interest in all of
     Owner's right, title and interest in and to the Aircraft, subject only to
     Permitted Liens;

               (vi)   there has not occurred any event which constitutes an
     Indenture Default or an Indenture Event of Default which is presently
     continuing and there has not occurred any event which constitutes or would,
     with the passage of time or the giving of notice, or both, constitute an
     Event of Loss with respect to the Airframe or any Engine;

               (vii)  the Owner has good and marketable title to the Aircraft,
     free and clear of all Liens, other than Permitted Liens, and the FAA Bill
     of Sale conveying title to the Owner has been duly filed with the FAA;

               (viii) neither Owner nor anyone acting on behalf of Owner has
     offered any interest in any Pass Through Certificate or any Equipment Note
     in a manner which would violate the Securities Act of 1933, as amended, the
     regulations thereunder, administrative and judicial interpretation thereof;

               (ix)   the Aircraft has been duly certified by the FAA as to type
     and airworthiness and such certification remains in full force and effect;

               (x)    neither Owner nor any subsidiary of Owner is an
     "investment company" or a company "controlled by an investment company"
     within the meaning of the Investment Company Act of 1940, as amended;

               (xi)   except for the proceedings described in the discussion of
     Legal Proceedings in Owner's Annual Report on Form 10-K for the year ended
     December 31, 2000 and subsequently filed Form 10-Qs filed prior to the
     Closing Date, there are no pending or, to the knowledge of Owner,
     threatened actions or proceedings before any

                                       6
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

     court or administrative agency which individually (or in the aggregate in
     the case of any group of related lawsuits) is expected to have a material
     adverse effect on the ability of Owner to perform its obligations under the
     Owner Documents or that seek to set aside, restrain, enjoin or prevent the
     consummation of this Agreement, the other Fundamental Documents or the
     transactions contemplated hereby or thereby;

               (xii)    none of the proceeds from the issuance of the Equipment
     Notes will be used directly or indirectly by Owner to purchase or carry any
     "margin stock" as such term is defined in Regulation T or U of the Board of
     Governors of the Federal Reserve System;

               (xiii)   Owner agrees to give each of the Indenture Trustee and
     the Pass Through Trustees at least 30 days' prior written notice of any
     change in its name on the public record of the State of Delaware or of its
     "location" (as such term is defined in Article 9 of the Uniform Commercial
     Code of the State of Delaware as in effect on the date hereof);

               (xiv)    the Indenture Trustee, as a secured party under the
     Indenture (for the benefit of the Noteholders), is entitled to the benefits
     of Section 1110 of the United States Bankruptcy Code with respect to the
     Aircraft;

               (xv)     the statements of financial position of Owner as of
     December 31, 2000 and June 30, 2001 and the related statements of earnings
     and cash flow of Owner for the year and six months then ended, fairly
     present the financial condition of Owner as at such dates and the results
     of operations and cash flow of Owner for the periods ended on such dates,
     in accordance with generally accepted accounting principles consistently
     applied (except as may be stated in the notes thereto), and subject in the
     case of the June 30, 2001 statements, to normal year-end audit adjustments,
     and since June 30, 2001, there has been no material adverse change in such
     condition or operations, except for such matters timely disclosed in press
     releases issued by UAL Corporation or Owner or in public filings, effective
     as of the date hereof, with the Securities and Exchange Commission under
     the Securities Exchange Act of 1934, as amended, by UAL Corporation or
     Owner.

          (b)  General Indemnity. Owner hereby agrees to indemnify, on an after-
tax basis, each Indemnitee against, and agrees to protect, save and keep
harmless and shall pay on demand each of them from (whether or not the
transactions contemplated herein or in any of the other Operative Documents or
the Pass Through Trust Agreements are consummated), any and all Expenses and
Taxes imposed on, incurred by or asserted against any Indemnitee, in any way
relating to or arising out of (A) the Operative Documents and any Permitted
Lease, or the enforcement of any of the terms of any thereof; or (B) the
manufacture, design, purchase, resale, acceptance or rejection of the Airframe
or any Engine or Parts; or (C) the Aircraft (or any portion thereof) or any
Engine whether or not installed on the Airframe or any airframe on which an

                                       7
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

Engine is installed whether or not arising out of the finance, refinance,
ownership, delivery, nondelivery, storage, lease, possession, use, non-use,
operation, maintenance, modification, alteration, condition, sale, replacement,
substitution, disposition, registration, reregistration or airworthiness of the
Aircraft (or any portion thereof) including, without limitation, latent or other
defects, whether or not discoverable, strict tort liability and any damage to
property or the environment, death or injury to any person and any claim for
patent, trademark or copyright infringement; or (D) the offer, sale, holding,
transfer or delivery of the Equipment Notes or the Pass Through Certificates,
whether before, on or after the applicable Issuance Date (the indemnity in this
clause (D) to extend also to any person who controls an Indemnitee, its
successors, assigns, employees, directors, officers, servants and agents within
the meaning of Section 15 of the Securities Act of 1933, as amended); or (E) the
Pass Through Documents and each Pass Through Trust Agreement (and any amendments
thereto), or the enforcement of any of the terms of any thereof; provided, with
respect to an Indemnitee, that the foregoing indemnity shall not extend to any
Expense to the extent resulting from or arising out of one or more of the
following:

                         (1)  any representation or warranty by such Indemnitee
                    or any Related Indemnitee (as defined below) thereof in any
                    Fundamental Documents being incorrect; or

                         (2)  the failure by such Indemnitee or any Related
                    Indemnitee thereof to perform or observe any agreement,
                    covenant or condition in any of the Fundamental Documents;
                    or

                         (3)  the willful misconduct or the gross negligence of
                    such Indemnitee or any Related Indemnitee thereof (other
                    than gross negligence imputed to such Indemnitee or any
                    Related Indemnitee thereof solely by reason of its interest
                    in the Aircraft); or

                         (4)  a disposition (voluntary or involuntary) by such
                    Indemnitee of all or any part of its interest in any
                    Equipment Note or any of all or any part of its interest in
                    the Fundamental Documents, other than during the continuance
                    of an Indenture Event of Default or in connection with the
                    exercise of remedies under any Fundamental Documents or
                    pursuant to the exercise by Owner of its option to redeem or
                    refinance the Equipment Notes; or

                         (5)  any Tax; provided, however, this Clause (5) shall
                                       --------
                    not apply to (A) Taxes taken into consideration in making
                    any payments on an after-tax basis or (B) any license,
                    documentation, registration or filing fees imposed upon or
                    in connection with the execution, delivery, registration or
                    filing of the Indenture; or

                                   8
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

                         (6)  in the case of the Indenture Trustee in its
                    individual capacity, any Expense to the extent attributable
                    to the failure of the Indenture Trustee to distribute funds
                    received and distributable by it in accordance with the
                    Indenture, (B) in the case of the Subordination Agent in its
                    individual capacity, any Expense to the extent attributable
                    to the failure of the Subordination Agent to distribute
                    funds received and distributable by it in accordance with
                    the Intercreditor Agreement, or (C) in the case of any Pass
                    Through Trustee in its individual capacity, any Expense to
                    the extent attributable to the failure of such Pass Through
                    Trustee to distribute funds received and distributable by it
                    in accordance with the Pass Through Trust Agreement to which
                    it is a party; or

                         (7)  other than during the continuation of an Indenture
                    Event of Default, the authorization or giving or withholding
                    of any future amendments, supplements, waivers or consents
                    by such Indemnitee or any Related Indemnitee thereof with
                    respect to any of the Fundamental Documents unless such
                    amendments, supplements, waivers or consents are requested
                    by Owner or are required pursuant to the terms of the
                    Fundamental Documents (unless the same results from the
                    actions of such Indemnitee or Related Indemnitee); or

                         (8)  except to the extent attributable to acts or
                    events occurring on or prior thereto, acts or events which
                    occur after the termination of the Indenture in accordance
                    with Section 10.01 thereof; or

                         (9)  any Expense to the extent attributable to the
                    offer or sale by such Indemnitee or any Related Indemnitee
                    of any interest in the Aircraft, any Equipment Note, any
                    Pass Through Certificate or any similar interest in
                    violation of the Securities Act, other applicable federal,
                    state or foreign securities laws or any other law on or
                    prior to the applicable Issuance Date; or

                         (10) any Expense or other amount which such Indemnitee
                    expressly agrees to pay or such Indemnitee expressly agrees
                    shall not be paid by or be reimbursed by Owner; or

                         (11) any Expense that is an ordinary and usual
                    operating or overhead expense; or

                         (12) any Expense resulting from any Lien on the
                    Aircraft which such Indemnitee or any of its Related
                    Indemnitees is required to discharge under the Fundamental
                    Documents;

                                       9
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

                         (13) activities or transactions of such Indemnitee not
                    arising out of or resulting from, or attributable to the
                    transactions contemplated by the Fundamental Documents;

                         (14) Expenses under Clauses (D) or (E) hereof to the
                    extent such Expenses exceed the Owner's Pro Rata Share of
                    such Expenses; or

                         (15) if such Indemnitee shall be a Noteholder or any
                    Related Indemnitee, for any Expense incurred by or asserted
                    against such Indemnitee as a result of any "prohibited
                    transaction" within the meaning of Section 406 of ERISA or
                    Section 4975(c)(1) of the Code.

     For purposes of this Section 5(b), if such Indemnitee is a Pass Through
Trustee, the Subordination Agent or the Indenture Trustee or a director,
officer, employee, agent, servant or Affiliate of any thereof, a Person shall be
considered a "Related Indemnitee" with respect to any such Person if such Person
is a Pass Through Trustee, the Subordination Agent or the Indenture Trustee or a
director, officer, employee, agent, servant or Affiliate of any thereof.

     For purposes of this Section 5(b), "Owner's Pro Rata Share" means as of any
time a fraction, the numerator of which is the principal balance then
outstanding of Equipment Notes and the denominator of which is the aggregate
principal balance then outstanding of all "Notes" (as such term is defined in
the Intercreditor Agreement).

     Notwithstanding clause 5(b)(5) above, Owner further agrees that any payment
or indemnity pursuant to this Section 5(b) in respect of any "Expenses" shall be
in an amount which, after deduction of all Taxes required to be paid by such
recipient with respect to such payment or indemnity under the laws of any
federal, state or local government or taxing authority in the United States, or
under the laws of any taxing authority or governmental subdivision of a foreign
country, or any territory or possession of the United States or any
international authority, shall be equal to the excess, if any, of (A) the amount
of such Expense over (B) the current net reduction in Taxes actually realized by
such recipient resulting from the accrual or payment of such Expense.

     Nothing in this Section 5(b) shall be construed as a guaranty by Owner of
payments due pursuant to the Pass Through Certificates or of the residual value
of the Aircraft.

     If a claim is made against an Indemnitee involving one or more Expenses and
such Indemnitee has notice thereof, such Indemnitee shall promptly after
receiving such notice give notice of such claim to Owner; provided that the
failure to provide such notice shall not release Owner from any of its
obligations to indemnify hereunder except to the extent that such failure
results in an additional Expense to Owner (in which case Owner shall not be
responsible for such additional Expense) or Owner is prejudiced in the conduct
of or precluded from conducting a meritorious contest of such claim; provided
further that no payment by Owner to an Indemnitee pursuant to this Section 5(b)
shall be deemed to constitute a waiver or release of any right or

                                      10
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

remedy which the Owner may have against such Indemnitee for any actual damages
as a result of the failure by such Indemnitee to give Owner such notice. Owner
shall be entitled, at its sole cost and expense, acting through counsel
reasonably acceptable to the respective Indemnitee, (A) in any judicial or
administrative proceeding that involves solely a claim for one or more Expenses,
to assume responsibility for and control thereof, (B) in any judicial or
administrative proceeding involving a claim for one or more Expenses and other
claims related or unrelated to the transactions contemplated by the Fundamental
Documents, to assume responsibility for and control of such claim for Expenses
to the extent that the same may be and is severed from such other claims (and
such Indemnitee shall use reasonable efforts to obtain such severance), and (C)
in any other case, to be consulted by such Indemnitee with respect to judicial
proceedings subject to the control of such Indemnitee and to be allowed, at
Owner's sole expense, to participate therein. Notwithstanding any of the
foregoing to the contrary, Owner shall not be entitled to assume responsibility
for and control of any such judicial or administrative proceedings if (i) an
Indenture Event of Default shall have occurred and be continuing, (ii) if such
proceedings will involve a material risk of the sale, forfeiture or loss of, or
the creation of any Lien (other than a Permitted Lien) on, the Aircraft, the
Indenture Estate or any part thereof unless Owner shall have posted a bond or
other security reasonably satisfactory to the relevant Indemnitees in respect to
such risk or (iii) if such proceedings could, in the reasonable judgment of the
Indemnitee, entail any risk of criminal liability. The Indemnitee may
participate at its own expense and with its own counsel in any judicial
proceeding controlled by Owner pursuant to the preceding provisions; provided,
that such Indemnitee's participation does not, in the reasonable opinion of the
independent counsel appointed by the Owner or its insurers to conduct such
proceedings, interfere with the defense of such case.

     The Indemnitee shall supply Owner, at Owner's expense, with such
information reasonably requested by Owner as is necessary or advisable for Owner
to control or participate in any proceeding to the extent permitted by this
Section 5(b). In no event shall any Indemnitee enter into a settlement or other
compromise with respect to any Expense (i) unless (x) the Indemnitee has given
Owner at least 30 days' prior written notice of the nature and scope of the
proposed settlement or compromise and (y) such Indemnitee has received Owner's
prior written consent, which consent shall not be unreasonably withheld or
delayed, or (ii) unless such Indemnitee waives its right to be indemnified with
respect to such Expense under this Section 5(b).

     The Owner shall supply the Indemnitee with such information reasonably
requested by the Indemnitee as is necessary or advisable for the Indemnitee to
control or participate in any proceeding to the extent permitted by this Section
5(b).

     Upon payment of any Expense pursuant to this Section 5(b), Owner, without
any further action, shall be subrogated to any claims the Indemnitee may have
relating thereto other than claims under Section 9.06 of the Indenture. The
Indemnitee agrees to give such further assurances or agreements and to cooperate
with Owner or its insurers to permit Owner or its insurers to pursue such
claims, if any, to the extent reasonably requested by Owner.

                                      11
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

     In the event that Owner shall have paid an amount to an Indemnitee pursuant
to this Section 5(b), and such Indemnitee subsequently shall be reimbursed in
respect of such indemnified amount from any other person, such Indemnitee shall
promptly pay Owner an amount equal to the sum of (I) the amount of such
reimbursement, including interest received attributable thereto, net of taxes
required to be paid by such Indemnitee as a result of any reimbursement
including interest received attributable thereto and (II) any tax benefit
realized by such Indemnitee as a result of any payment to Owner hereunder;
provided, however, that (x) such amount attributable to (I) above shall not be
in excess of the amount of such Expense payment made by Owner plus interest
received attributable thereto and (y) any amount which is payable to Owner by
any Person pursuant to this Section 5(b) shall not be paid to Owner if an
Indenture Default under Section 8.01(a), (e) or (f) of the Indenture or an
Indenture Event of Default shall have occurred and be continuing or if any
payment is due and owing by Owner to such Person hereunder or under any other
Operative Document. Any such amount shall be held by such Person (the Owner
hereby granting a security interest in such amount to such Person) and, during
the continuance of such Indenture Default or Indenture Event of Default, shall
be applied against Owner's obligations hereunder to such Person as and when due.
At such time as there shall not be continuing any such Indenture Default or
Indenture Event of Default or there shall not be due and owing any such payment,
such amount shall be paid to Owner to the extent not previously applied in
accordance with the immediately preceding sentence.

     Owner's obligations under the indemnities provided for in this Agreement
shall be those of a primary obligor, whether or not the Person indemnified shall
also be indemnified with respect to the same matter under the terms of any other
document or instrument, and the Person seeking indemnification from Owner
pursuant to any provision of this Agreement may proceed directly against Owner
without first seeking to enforce any other right of indemnification.

          (c)  Withholding. If Owner advises the Indenture Trustee and the
relevant Noteholder in writing that interest on its Equipment Notes is subject
to United States withholding tax, then the Indenture Trustee shall withhold as
provided in Section 2.10 of the Indenture.

  SECTION 6.   Representations, Warranties and Covenants.
               -----------------------------------------

          (a)  So long as the Lien of the Indenture shall not have been
discharged and no Indenture Default under Section 8.01(a), (e) or (f) of the
Indenture or any Indenture Event of Default shall have occurred or be
continuing, the Owner may, at its own cost and expense and without the consent
of the Indenture Trustee or any other Person, cause such Aircraft to be
appropriately re-registered in the name of the Owner (or, if appropriate, in the
name of any Permitted Lessee as "lessee") under the laws of (i) any country
listed on Exhibit F to the Indenture with which the United States then maintains
normal diplomatic relations or, if Taiwan, the United States then maintains
diplomatic relations at least as good as those in effect on the Closing Date (a
"Scheduled Country"), or (ii) any other country, in each case subject to the
provisions hereof.

                                      12
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

     Prior to any such re-registration under the laws of a Scheduled Country,
the Indenture Trustee shall have received a favorable opinion of counsel
addressed to it to the effect that (i) the laws of the new country of
registration will recognize the Owner's right of ownership with respect to the
Aircraft and will give effect to the Lien and security interest created by the
Indenture and (ii) the Indenture and the Indenture Trustee's Lien and right to
repossession thereunder is valid and enforceable under the laws of such country.

     Prior to any such re-registration under the laws of any country other than
the U.S. or a Scheduled Country, the Indenture Trustee shall have received a
favorable opinion of counsel in the new jurisdiction of registry covering the
matters set forth in the preceding paragraph and to the effect that (A) the
terms (including, without limitation, the governing-law, service-of-process and
jurisdictional-submission provisions thereof) of the Indenture are legal, valid,
binding and enforceable in such jurisdiction, (B) that it is not necessary for
the Indenture Trustee to register or qualify to do business in such
jurisdiction, (C) that there is no tort liability of the lender of an aircraft
not in possession thereof under the laws of such jurisdiction other than tort
liability which might have been imposed on such lender under the laws of the
United States or any state thereof (it being understood that, such opinion shall
be waived if insurance reasonably satisfactory to Indenture Trustee is provided,
at Owner's expense, to cover such risk), and (D) (unless Owner shall have agreed
to provide insurance covering the risk of requisition of use or title of the
Aircraft by the government of such jurisdiction so long as the Aircraft is
registered under the laws of such jurisdiction) that the laws of such
jurisdiction require fair compensation by the government of such jurisdiction
payable in currency freely convertible into U.S. Dollars for the loss of use or
title of the Aircraft in the event of the requisition by such government of such
use or title.

     In connection with any such re-registration, the Owner shall, at its cost
and to the extent permitted by the laws of such country, cause the interests of
the Indenture Trustee in the Aircraft to be duly registered or recorded under
the laws of such country and at all times thereafter to remain so duly
registered or recorded unless and until changed as provided herein, and shall
cause to be done at all times all other acts (including the filing, recording
and delivery of any document or instrument and the payment of any sum) necessary
or, by reference to prudent industry practice in such country, advisable in
order to establish the Indenture Trustee's interest in and to such Aircraft as
against the Owner, any Permitted Lessee or any third parties in such
jurisdiction.

     The Indenture Trustee shall execute and deliver all such documents as the
Owner may reasonably request and otherwise cooperate with the Owner for the
purpose of effecting, continuing or (as provided in this Section 6(a)) changing
the registration of the Aircraft.

     The Owner shall pay all reasonable fees and expenses on an after-tax basis
of the Indenture Trustee in connection with any change of registry of the
Aircraft.

                                      13
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

          (b)  State Street, in its individual capacity, covenants and agrees
that it shall not cause or permit to exist any Lien, arising as a result of (i)
claims against the Indenture Trustee, the Subordination Agent or any Pass
Through Trustee not related to its interest in the Aircraft or the
administration of the Indenture Estate pursuant to the Indenture, (ii) acts of
the Indenture Trustee, the Subordination Agent or any Pass Through Trustee not
permitted by, or failure of the Indenture Trustee, the Subordination Agent or
any Pass Through Trustee to take any action required by, the Fundamental
Documents to the extent such acts arise or such failure arises from or
constitutes gross negligence or willful misconduct, (iii) claims against the
Indenture Trustee, the Subordination Agent or any Pass Through Trustee relating
to Taxes or Expenses which are excluded from the indemnification provided by
Section 5(b) pursuant to said Section 5(b), or (iv) claims against the Indenture
Trustee, the Subordination Agent or any Pass Through Trustee arising out of the
transfer by any such party of all or any portion of its interest in the
Aircraft, the Indenture Estate or the Fundamental Documents other than a
transfer of the Aircraft pursuant to Article 5 or 8 of the Indenture.

          (c)  State Street, in its individual capacity and as Indenture
Trustee, Subordination Agent and Pass Through Trustee as provided below,
represents to the Owner and the Liquidity Provider as follows:

               (i)   it is a Citizen of the United States, that it will notify
     promptly all parties to this Agreement if in its reasonable opinion its
     status as a Citizen of the United States is likely to change and that it
     will resign as Indenture Trustee as provided in Section 9.07 of the
     Indenture if it should cease to be a Citizen of the United States;

               (ii)  it is a national banking association and has the full
     corporate power, authority and legal right under the laws of the United
     States of America to enter into and perform its obligations under the
     Fundamental Documents to which it is a party (the "State Street Documents")
     and, in its capacity as Indenture Trustee and Pass Through Trustee,
     respectively, to authenticate the Equipment Notes and the Pass Through
     Certificates;

               (iii) the State Street Documents, and the authentication of the
     Equipment Notes and the Pass Through Certificates have been duly authorized
     by all necessary corporate action on the part of State Street, the
     Indenture Trustee, the Subordination Agent and the relevant Pass Through
     Trustee, as it shall be a party thereto in any such capacity, and neither
     the execution (or, in the case of the Equipment Notes and the Pass Through
     Certificates, the authentication) and delivery thereof in any such capacity
     nor the performance by it in any such capacity of any of the terms and
     provisions thereof will violate any federal or Connecticut law or
     regulation relating to the banking or trust powers of State Street or
     contravene or result in any breach of, or constitute any default under its
     charter or by-laws or the provisions of any indenture, mortgage, contract
     or other agreement to which State Street, the Indenture Trustee, the

                                      14
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

     Subordination Agent or the Pass Through Trustee is a party or by which it
     or its properties may be bound or affected;

               (iv)  each of the State Street Documents has been duly executed
     (or, in the case of the Equipment Notes and the Pass Through Certificates,
     authenticated) and delivered by State Street, the Indenture Trustee, the
     Subordination Agent and the relevant Pass Through Trustee, as it shall be a
     party thereto in any such capacity, and, assuming that each such agreement
     is the legal, valid and binding obligation of each other party thereto
     (other than State Street, the Indenture Trustee, the Subordination Agent
     and the relevant Pass Through Trustee), is the legal, valid and binding
     obligation of State Street, the Indenture Trustee, the Subordination Agent
     and the relevant Pass Through Trustee, as it shall be a party thereto in
     any such capacity, enforceable against it in accordance with its terms;

               (v)   neither the execution (or, in the case of the Equipment
     Notes and the Pass Through Certificates, the authentication) and delivery
     by State Street, the Indenture Trustee, the Subordination Agent or any Pass
     Through Trustee, as it is a party in any such capacity to any of the State
     Street Documents, nor the consummation by it in any such capacity of any of
     the transactions contemplated hereby, by the Indenture, by the Pass Through
     Trust Agreements, by the Equipment Notes or by the Pass Through
     Certificates requires the consent or approval of, the giving of notice to,
     or the registration with, or the taking of any other action with respect
     to, any Connecticut state or federal governmental authority or agency
     regulating the banking, trust or fiduciary powers of State Street;

               (vi)  there are no Taxes payable by State Street, the Indenture
     Trustee, the Subordination Agent or any Pass Through Trustee imposed by the
     State of Connecticut or any political subdivision or taxing authority
     thereof in connection with the execution (or, in the case of the Equipment
     Notes and the Pass Through Certificates, the authentication) and delivery
     by it as a party in any such capacity to any State Street Document or the
     performance by it as a party in any such capacity of any State Street
     Document (other than franchise or other taxes based on or measured by any
     fees or compensation received by State Street, the Indenture Trustee, the
     Subordination Agent or any Pass Through Trustee, as the case may be, for
     services rendered in connection with the transactions contemplated
     thereby), and there are no Taxes payable by State Street, the Indenture
     Trustee, the Subordination Agent or any Pass Through Trustee imposed by the
     State of Connecticut or any political subdivision thereof in connection
     with the acquisition, possession or ownership by any Pass Through Trustee
     of any of the Equipment Notes (other than franchise or other taxes based on
     or measured by any fees or compensation received by a Pass Through Trustee
     for services rendered in connection with the transactions contemplated by
     the respective Pass Through Trust Agreement);

                                      15
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

               (vii)  there are no pending or threatened actions or proceedings
     against any of State Street, the Indenture Trustee, the Subordination Agent
     or the Pass Through Trustees before any court or administrative agency
     which individually (or in the aggregate in the case of any group of related
     lawsuits) purports to affect the legality, validity or enforceability of,
     or which is reasonably likely to materially adversely affect the ability of
     State Street, the Indenture Trustee, the Subordination Agent or the Pass
     Through Trustees to perform its obligations as a party in any such capacity
     under any State Street Document;

               (viii) except for the issuance and sale pursuant to the
     respective Pass Through Trust Agreement of the Pass Through Certificates
     contemplated hereby, neither State Street nor any Pass Through Trustee has
     directly or indirectly offered any Equipment Note or Pass Through
     Certificate for sale to any Person, or solicited any offer to acquire any
     Equipment Note or Pass Through Certificate from any Person, and neither
     State Street nor any Pass Through Trustee has authorized anyone to act on
     its behalf to offer directly or indirectly any Equipment Note or Pass
     Through Certificate for sale to any Person, or to solicit any offer to
     acquire any Equipment Note or Pass Through Certificate from any Person, and
     no Pass Through Trustee is in default under any respective Pass Through
     Trust Agreement;

               (ix)   on the Closing Date there shall be no Liens attributable
     to State Street in respect of all or any part of the Indenture Estate; and

               (x)    the Equipment Notes to be acquired by the Subordination
     Agent are being acquired by it for the account of the applicable Pass
     Through Trustee, for investment and not with a view to any resale or
     distribution thereof, except that, subject to the restrictions on transfer
     set forth in each Pass Through Trust Agreement, the disposition by it of
     its Equipment Notes shall at all times be within its control.

     Each of the Indenture Trustee, the Subordination Agent and the Pass Through
Trustee covenants and agrees that, so long as no Indenture Event of Default
shall have occurred and be continuing and the Owner has not been duly declared
in default, that such Person shall not (and shall not permit any Affiliate or
other Person claiming by, through or under it to) interfere with the Owner's
continued possession, use and operation of, and quiet enjoyment of, the
Aircraft.

               (xi)   Each of the Indenture Trustee, the Pass Through Trustee
     and the Subordination Agent agrees that it will not transfer any Equipment
     Note (or any part thereof) to any entity unless such entity makes (or is
     deemed to have made) a representation and warranty as of the date of
     transfer that either no part of the funds to be used by it for the purchase
     and holding of such Equipment Note (or any part thereof) constitutes assets
     of any "employee benefit plan" or that such purchase and holding will not
     result in a non-exempt prohibited transaction (under Section 4975 of the
     Code and Section 406 of ERISA).

                                      16
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

          (d)  [Intentionally Omitted].

          (e)  The Pass Through Trustee covenants and agrees that it shall not
cause or permit to exist a Lien attributable to it with respect to the Aircraft.
The Pass Through Trustee agrees that it will promptly, at its own expense, take
such other action as may be necessary duly to discharge such Lien attributable
to it. The Pass Through Trustee agrees to make restitution to Owner for any
actual diminution of the assets of Owner resulting from such Lien attributable
to it.

          (f)  State Street, in its individual capacity, covenants and agrees
that it shall not cause or permit to exist any Liens attributable to it with
respect to the Indenture Estate. State Street, in its individual capacity,
agrees that it will promptly, at its own expense, take such action as may be
necessary duly to discharge such Liens. State Street, in its individual
capacity, agrees to make restitution to Owner for any actual diminution of the
assets of the Indenture Estate resulting from such Liens.

          (g)  The Pass Through Trustee hereby represents, warrants and agrees
that it shall not transfer any interest in any Equipment Note unless and until
the transferee agrees in writing (copies of which shall be provided by the
Indenture Trustee to Owner) to make the representations contemplated to be made
by the Pass Through Trustee in this Agreement and to be bound by the terms of
this Agreement and the Indenture.

          (h)  So long as the Lien of the Indenture shall not have been
discharged in accordance with the terms thereof, the Owner will not consolidate
with or merge into any other corporation or convey, transfer or lease
substantially all of its assets to any Person unless:

               (i)   the corporation formed by such consolidation or into which
     Owner is merged or the Person which acquires by conveyance, transfer or
     lease substantially all of the assets of Owner as an entirety (the
     "Successor") shall be a Certificated Air Carrier;

               (ii)  the Successor shall execute and deliver to the Indenture
     Trustee a duly authorized, valid, binding and enforceable agreement in form
     and substance reasonably satisfactory to the Indenture Trustee containing
     an assumption by such Successor of the due and punctual performance and
     observance of each covenant and condition of the Owner Documents to be
     performed or observed by Owner;

               (iii) the Successor, if its name is other than "United Air Lines,
     Inc.", shall file one or more financing statements in the applicable filing
     office or offices in accordance with Section 9-508(b)(2) and such other
     applicable provisions of the Uniform Commercial Code as in effect in any
     applicable jurisdiction in order to ensure that any and all previously
     filed financing statements continue to be effective under Article 9 of the
     Uniform Commercial Code then in effect in any applicable jurisdiction.

                                      17
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

                (iv)  immediately after giving effect to such transaction, no
     Indenture Event of Default shall have occurred and be continuing; and

                (v)   Owner shall have delivered to the Indenture Trustee a
     certificate signed by the President or any Vice President and by the
     Secretary or an Assistant Secretary of Owner, and an opinion of counsel
     (which may be Owner's General Counsel) reasonably satisfactory to the
     Indenture Trustee, each stating that such consolidation, merger,
     conveyance, transfer or lease and the assumption agreement mentioned in
     clause (ii) above comply with this Section 6(d) and that all conditions
     precedent herein provided for in this Section 6(d) relating to such
     transaction have been complied with.

     Upon any consolidation or merger, or any conveyance, transfer or lease of
substantially all of the assets of Owner as an entirety in accordance with this
Section 6(h), the Successor shall succeed to, and be substituted for, and may
exercise every right and power of, Owner under the Owner Documents with the same
effect as if such Successor had been named as Owner herein and therein.  Nothing
contained herein shall permit any lease or other arrangement for the use,
operation or possession of the Aircraft except in compliance with the applicable
provisions of the Indenture.

          (i)   So long as the Lien of the Indenture shall not have been
discharged in accordance with the terms thereof, the Owner covenants and agrees
with the Indenture Trustee as follows:

                (i)   Owner will cause to be done, executed, acknowledged and
     delivered all and every such further acts, conveyances and assurances as
     the Indenture Trustee shall reasonably require for accomplishing the
     purposes of this Agreement and the other Fundamental Documents; provided
     that any instrument or other document so executed by Owner will not expand
     any obligations or limit any rights of Owner in respect of the transactions
     contemplated by any Fundamental Documents; and

                (ii)  Owner, at its expense, will cause the Indenture and all
     supplements and amendments to the Indenture to be promptly filed and
     recorded, or filed for recording, to the extent permitted under the Federal
     Aviation Act, or required under any other applicable law.

          (j)   The parties hereto agree that in any case where Owner is
required to deliver legal opinions to any party pursuant to any Operative
Document, such legal opinions may in all cases be subject to such exceptions,
assumptions, qualifications and/or reservations for that relevant jurisdiction
that are considered acceptable in international aircraft finance transactions,
but shall nonetheless be considered sufficient to satisfy Owner's obligations to
deliver such legal opinions.

     SECTION 7. Other Documents.  So long as the Lien of the Indenture has not
                ---------------
been terminated, the Pass Through Trustee, the Subordination Agent and the
Indenture Trustee hereby

                                      18
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

agree for the benefit of Owner that without Owner's consent, each such party
will not amend any other provision of any Fundamental Document in a manner
adversely affecting Owner. Each of the Indenture Trustee, the Subordination
Agent and the Pass Through Trustee agree to promptly furnish to Owner copies of
any supplement, amendment, waiver or modification of any of the Fundamental
Documents to which Owner is not a party. The Pass Through Trustee agrees that it
will not take any action in respect of the Indenture Estate except through the
Indenture Trustee pursuant to the Indenture or as otherwise permitted by the
Indenture.

     SECTION 8. Notices; Consent to Jurisdiction.  (a)  All notices, demands,
                --------------------------------
instructions and other communications required or permitted to be given to or
made upon any party hereto shall be in writing and shall be personally delivered
or sent by registered or certified mail, postage prepaid, or by telecopier (with
a copy of such notice to follow by registered or certified mail or by prepaid
courier), or by prepaid courier service, and shall be deemed to be given for
purposes of this Agreement on the day that such writing is delivered or received
or if given by certified mail, three Business Days after being deposited in the
mails, in accordance with the provisions of this Section 8(a).  Unless otherwise
specified in a notice sent or delivered in accordance with the foregoing
provisions of this Section 8(a), notices, demands, instructions and other
communications in writing shall be given to or made upon the respective parties
hereto at their respective addresses (or to their respective telecopier numbers)
as follows:  (A) if to Owner, the Indenture Trustee, the Pass Through Trustees
or the Subordination Agent, to the respective addresses set forth on Schedule I
hereto or (B) if to any subsequent Noteholder addressed to such Noteholder at
its address set forth in the Register maintained pursuant to Section 2.03 of the
Indenture.

          (b)   EACH PARTY TO THIS AGREEMENT (INCLUDING EACH NOTEHOLDER)
(INDIVIDUALLY A "PARTY" AND COLLECTIVELY "PARTIES") IRREVOCABLY AGREES THAT ANY
LEGAL SUIT, ACTION OR PROCEEDING BROUGHT BY ANY OTHER PARTY, WHICH ARISES SOLELY
OUT OF OR RELATES SOLELY TO THE FUNDAMENTAL DOCUMENTS OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY OR ANY DOCUMENT REFERRED TO HEREIN OR THEREIN,
MAY BE INSTITUTED IN THE CIRCUIT COURT OF THE STATE OF ILLINOIS, COOK COUNTY OR
THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS AND THAT
THEY HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY SUCH PROCEEDING; PROVIDED,
HOWEVER, THAT THE FOREGOING PROVISIONS SHALL NOT APPLY TO THIRD PARTY TORT
CLAIMS (BUT SHALL APPLY TO AN INDEMNITY CLAIM WITH RESPECT TO SUCH TORT CLAIM)
AND THAT THE FOREGOING SHALL NOT APPLY TO ANY RIGHT A PARTY MAY HAVE TO SEEK
REMOVAL OF SUCH LEGAL SUIT, ACTION OR PROCEEDING TO FEDERAL COURT OR TO SEEK
CONSOLIDATION OF ANY SEPARATE LEGAL SUITS, ACTIONS OR PROCEEDINGS BROUGHT BY ANY
ONE OR MORE OF THE OTHER PARTIES IN THE SAME OR DIFFERENT JURISDICTIONS. Each
Party hereby waives, and agrees not to assert, by way of motion, as a defense,
or otherwise, in any such suit, action or proceeding, to the extent permitted by
applicable law, that the suit, action or proceeding

                                      19
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

is improper, or that this Agreement or any other Fundamental Document or the
subject matter of any thereof or any of the transactions contemplated hereby or
thereby may be enforced in such courts. The agreement set forth in this Section
8(b) is given solely for the benefit of the Parties and such agreement is not
intended to and shall not inure to the benefit of any other person.

     SECTION 9. Miscellaneous.  (a)  Each of the Pass Through Trustees and, by
                -------------
its acceptance of an Equipment Note, each subsequent Noteholder covenants and
agrees that it shall not unreasonably withhold its consent to any consent
requested of the Indenture Trustee under the terms of the Indenture.

          (b)   The representations, warranties, indemnities and agreements of
Owner, the Indenture Trustee, the Pass Through Trustee, the Subordination Agent
and the Noteholders provided for in this Agreement, and Owner's, Indenture
Trustee's, the Pass Through Trustees', the Subordination Agent's and the
Noteholders' obligations under any and all thereof, shall survive the issuance
of the Equipment Notes and the Pass Through Certificates or the transfer of any
interest by any Noteholder in any Equipment Note or the Indenture Estate and the
expiration or other termination of this Agreement or any other Fundamental
Document.

          (c)   This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute but one and the same
instrument. Neither this Agreement nor any of the terms hereof may be
terminated, amended, supplemented, waived or modified, except by an instrument
in writing signed by the party against which the enforcement of the termination,
amendment, supplement, waiver or modification is sought; and no such
termination, amendment, supplement, waiver or modification shall be effective
unless a signed copy thereof shall have been delivered to the Owner and the
Indenture Trustee.  The terms of this Agreement shall be binding upon, and inure
to the benefit of and shall be enforceable by, Owner, the Pass Through Trustee,
the Subordination Agent, the Indenture Trustee, the Liquidity Provider and the
Noteholders.  THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF ILLINOIS, INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.  This Agreement is being
delivered in the State of Illinois.

                                 *     *     *

                                      20
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

     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.

                                           UNITED AIR LINES, INC.,
                                           Owner

                                           By: /s/ Jeffrey T. Kawalsy
                                               ---------------------------------
                                           Title: Assistant Treasurer
                                                  ------------------------------

                                           STATE STREET BANK AND TRUST COMPANY
                                           OF CONNECTICUT, NATIONAL ASSOCIATION,
                                               as Indenture Trustee

                                           By: /s/ Susan M. Calise
                                               ---------------------------------
                                           Title: Vice President
                                                  ------------------------------

                                           STATE STREET BANK AND TRUST COMPANY
                                           OF CONNECTICUT, NATIONAL ASSOCIATION,
                                           in its capacity as Pass Through
                                           Trustee under each of the Pass
                                           Through Trust Agreements

                                           By: /s/ Susan M. Calise
                                               ---------------------------------
                                           Title: Vice President
                                                  ------------------------------

                                           STATE STREET BANK AND TRUST COMPANY
                                           OF CONNECTICUT, NATIONAL ASSOCIATION,
                                               as Subordination Agent

                                           By: /s/ Susan M. Calise
                                               ---------------------------------
                                           Title: Vice President
                                                  ------------------------------

                                      21
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

                                  SCHEDULE I

                              NAMES AND ADDRESSES

OWNER:
-----

Address for Notices:

     If by U.S. Mail
     ---------------
     United Air Lines, Inc.
     P.O. Box 66100
     Chicago, Illinois 60666

     Attn: Assistant Treasurer
     Telecopy: (847) 700-7117

     If by Overnight Delivery Service
     --------------------------------
     United Air Lines, Inc.
     1200 East Algonquin Road
     Elk Grove Township, IL 60007

     Attn: Assistant Treasurer
     Telecopy: (847) 700-7117

PASS THROUGH TRUSTEE:
--------------------

     Address for Notices:
     -------------------

     State Street Bank and Trust
     Company of Connecticut, National Association
     225 Asylum Street
     Goodwin Square
     Hartford, Connecticut 06103

     Attn: Corporate Trust Division
     Telecopy: 860-244-1881

                                  Schedule I
                                    Page 1
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

SUBORDINATION AGENT:
-------------------

Address for Notices:

     State Street Bank and Trust
     Company of Connecticut, National Association
     225 Asylum Street
     Goodwin Square
     Hartford, Connecticut 06103

     Attn: Corporate Trust Division
     Telecopy: 860-244-1881

Address for Payments:

     State Street Bank and Trust Company
     of Connecticut, National Association
     ABA: 011000028
     Attn: John G. Correia, Corporate Trust Department
     Acct: 99039901
     Ref:  United EETC (2001-1 747-1)

                                  Schedule I
                                    Page 2
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

                                  SCHEDULE II

                    NOTEHOLDERS, EQUIPMENT NOTES, ORIGINAL
                        PRINCIPAL AMOUNT, INTEREST RATE
                               AND MATURITY DATE

<TABLE>
<CAPTION>
                                                 Original
                             Equipment           Principal         Interest
     Noteholders               Notes              Amount             Rate           Maturity Date
----------------------     -------------       -------------     ------------     -----------------
<S>                        <C>                 <C>               <C>              <C>
2001-1A-1 Pass Through          A-1             $13,095,831         6.071%          March 1, 2008
Trust

2001-1A-2 Pass Through          A-2             $43,652,766         6.201%        September 1, 2008
Trust

2001-1C Pass Through             C              $24,080,798         6.831%        September 1, 2008
Trust

2001-1D Pass Through             D              $ 8,365,373         7.371%        September 1, 2006
Trust
</TABLE>

                                  Schedule II
                                    Page 1
<PAGE>

                                        [Participation Agreement (2001-1 747-1)]

                                 SCHEDULE III
                 DESCRIPTION OF PASS THROUGH TRUST AGREEMENTS

United Air Lines, Inc. 2001-1A-1 Pass Through Trust Agreement

United Air Lines, Inc. 2001-1A-2 Pass Through Trust Agreement

United Air Lines, Inc. 2001-1C Pass Through Trust Agreement

United Air Lines, Inc. 2001-1D Pass Through Trust Agreement

                                 Schedule III
                                    Page 1

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