<PAGE>   1
                                                                     EXHIBIT 4.8

                           REVOLVING CREDIT AGREEMENT
                                    (2000-lA)

                          Dated as of January 28, 2000

                                     between

                            WILMINGTON TRUST COMPANY,

                    not in its individual capacity but solely
                             as Subordination Agent,
                          as agent and trustee for the
                      Atlas Air Pass Through Trust 2000-lA,


                                   as Borrower

                                       and

                      WESTDEUTSCHE LANDESBANK GIROZENTRALE,
                                 NEW YORK BRANCH
                              as Liquidity Provider





                                   Relating to

                      Atlas Air Pass Through Trust 2000-lA
                   8.707% Atlas Air Pass Through Certificates,
                                 Series 2000-lA


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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                            PAGE
<S>                                                                                          <C>
                                          ARTICLE I DEFINITIONS

Section 1.01.  Certain Defined Terms ..........................................................  1

                             ARTICLE II AMOUNT AND TERMS OF THE COMMITMENT

Section 2.01.  The Advances ...................................................................  7
Section 2.02.  Making the Advances ............................................................  7
Section 2.03.  Fees ...........................................................................  9
Section 2.04.  Reduction or Termination of the Maximum Commitment .............................  9
Section 2.05.  Repayments of Interest Advances or the Final Advance ...........................  9
Section 2.06.  Repayments of Provider Advances ................................................ 10
Section 2.07.  Payments to the Liquidity Provider Under the Intercreditor Agreement ........... 11
Section 2.08.  Book Entries ................................................................... 11
Section 2.09.  Payments from Available Funds Only ............................................. 11
Section 2.10.  Extension of the Expiry Date:  Non-Extension Advance ........................... 11

                                 ARTICLE III OBLIGATIONS OF THE BORROWER

Section 3.01.  Increased Costs ................................................................ 12
Section 3.02.  Capital Adequacy ............................................................... 13
Section 3.03.  Payments Free of Deductions .................................................... 13
Section 3.04.  Payments ....................................................................... 14
Section 3.05.  Computations ................................................................... 14
Section 3.06.  Payment on Non-Business Days ................................................... 14
Section 3.07.  Interest ....................................................................... 15
Section 3.08.  Replacement of Borrower ........................................................ 16
Section 3.09.  Funding Loss Indemnification ................................................... 16
Section 3.10.  Illegality ..................................................................... 17

                                     ARTICLE IV CONDITIONS PRECEDENT

Section 4.01.  Conditions Precedent to Effectiveness of Section 2.01 .......................... 17
Section 4.02.  Conditions Precedent to Borrowing .............................................. 19

                                          ARTICLE V COVENANTS

Section 5.01.  Affirmative Covenants of the Borrower .......................................... 19
Section 5.02.  Negative Covenants of the Borrower ............................................. 19

                                  ARTICLE VI LIQUIDITY EVENTS OF DEFAULT

Section 6.01.  Liquidity Events of Default .................................................... 20

                                        ARTICLE VII MISCELLANEOUS
Section 7.01.  Amendments, Etc. ............................................................... 20
Section 7.02.  Notices, Etc. .................................................................. 20
</TABLE>



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<TABLE>
<S>     <C>                                                                                     <C>
Section 7.03.  No Waiver: Remedies ............................................................ 21
Section 7.04.  Further Assurances ............................................................. 21
Section 7.05.  Indemnification; Survival of Certain Provisions ................................ 21
Section 7.06.  Liability of the Liquidity Provider ............................................ 22
Section 7.07.  Costs, Expenses and Taxes ...................................................... 22
Section 7.08.  Binding Effect; Participations ................................................. 23
Section 7.09.  Severability ................................................................... 24
Section 7.10.  GOVERNING LAW .................................................................. 24
Section 7.11.  Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity ........... 24
Section 7.12.  Execution in Counterparts ...................................................... 25
Section 7.13.  Entirety ....................................................................... 25
Section 7.14.  Headings ....................................................................... 26
Section 7.15.  LIQUIDITY PROVIDER'S OBLIGATION TO MAKE ADVANCES ............................... 26

ANNEX I           Interest Advance Notice of Borrowing

ANNEX II          Non-Extension Advance Notice of Borrowing

ANNEX III         Downgrade Advance Notice of Borrowing

ANNEX IV          Final Advance Notice of Borrowing

ANNEX V           Notice of Termination

ANNEX VI          Notice of Replacement Subordination Agent

</TABLE>
<PAGE>   4


                           REVOLVING CREDIT AGREEMENT

                  This REVOLVING CREDIT AGREEMENT dated as of January 28, 2000,
between WILMINGTON TRUST COMPANY, a Delaware banking corporation, not in its
individual capacity but solely as Subordination Agent under the Intercreditor
Agreement (each as defined below), as agent and trustee for the Class A Trust
(as defined below) (the "Borrower"), and WESTDEUTSCHE LANDESBANK GIROZENTRALE, a
German banking institution organized under the laws of the State of North
Rhine-Westphalia ("West LB"), acting through its New York branch (the "Liquidity
Provider").


                              W I T N E S S E T H:

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

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

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


                                    ARTICLE I

                                   DEFINITIONS

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

                  "Additional Cost" has the meaning assigned to such term in
         Section 3.01.

                  "Advance" means an Interest Advance, a Final Advance or a
         Provider Advance, as the case may be.

                  "Applicable Liquidity Rate" has the meaning assigned to such
         term in Section 3.07(f).

                  "Applicable Margin" means, with respect to any Unpaid Advance
         or Applied Provider Advance, 2.25%.



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

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

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

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

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

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

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

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

                  "Deposit" has the meaning assigned to such terms in the
         Deposit Agreement.

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

                  "Deposit Agreement" means the Deposit Agreement dated the date
         hereof between First Security Bank, National Association, as Escrow
         Agent, and WestLB, acting through its New York branch, as Depositary,
         pertaining to the Class A Certificates, as the



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         same may be amended, modified or supplemented from time to time in
         accordance with the terms thereof.

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

                  "Effective Date" has the meaning specified in Section 4.01.
         The delivery of the certificate of the Liquidity Provider contemplated
         by Section 4.01(e) shall be conclusive evidence that the Effective Date
         has occurred.

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

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

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

                  "Expiry Date" means January 26, 2001, initially, or any date
         to which the Expiry Date is extended pursuant to Section 2.10.

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

                  "Intercreditor Agreement" means the Intercreditor Agreement
         dated the date hereof, among the Trustees, the Liquidity Provider, the
         liquidity provider under each Liquidity Facility (other than this
         Agreement) and the Subordination Agent, as the same may be amended,
         supplemented or otherwise modified from time to time in accordance with
         its terms.

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



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

                  (i)      the period beginning either (x) on the third Business
                           Day following the Liquidity Provider's receipt of the
                           Notice of Borrowing for such LIBOR Advance or (y) on
                           the date of the withdrawal of funds from the Class A
                           Cash Collateral Account for the purpose of paying
                           interest on the Class A Certificates as contemplated
                           by Section 2.06(a) hereof and, in either case, ending
                           on the numerically corresponding day in the first
                           calendar month after the first day of the applicable
                           Interest Period; and

                  (ii)     each subsequent period commencing on the last day of
                           the immediately preceding Interest Period and ending
                           on the numerically corresponding day in the first
                           calendar month after the first day of the applicable
                           Interest Period;

         provided, however, that (I) if (x) the Final Advance shall have been
         made, or (y) other outstanding Advances shall have been converted into
         the Final Advance, then the Interest Periods shall be successive
         periods of one month beginning on the third Business Day following the
         Liquidity Provider's receipt of the Notice of Borrowing for such Final
         Advance (in the case of clause (x) above) or the Regular Distribution
         Date following such conversion (in the case of clause (y) above) and
         (II) each Interest Period shall end on or prior to the next Regular
         Distribution Date.

                  "Leased Aircraft Participation Agreement" means a
         participation agreement substantially in the form of Exhibit A-1 to the
         Note Purchase Agreement.

                  "Lending Office" means the lending office of the Liquidity
         Provider presently located at New York, New York, or such other lending
         office as the Liquidity Provider from time to time shall notify the
         Borrower as its lending office hereunder; provided that the Liquidity
         Provider shall not change its Lending Office to a Lending Office
         outside the United States of America except in accordance with Section
         3.01, 3.02 or 3.03 hereof.

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

                  "LIBOR Rate" means, with respect to any Interest Period, (i)
         the rate per annum appearing on display page 3750 (British Bankers
         Association-LIBOR) of the Dow Jones Markets Service (or any successor
         or substitute therefor) at approximately 11:00 A.M. (London time) two
         Business Days before the first day of such Interest Period, as the rate
         for dollar deposits with a maturity comparable to such Interest Period,
         or (ii) if the rate calculated pursuant to clause (i) above is not
         available, the average (rounded upwards, if necessary, to the next 1/16
         of 1%) of the rates per annum at which deposits in dollars are offered
         for the relevant Interest Period by three banks of recognized standing
         selected by the Liquidity Provider in the London interbank market at
         approximately 11:00 A.M.



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<PAGE>   8


         (London time) two Business Days before the first day of such Interest
         Period in an amount approximately equal to the principal amount of the
         LIBOR Advance to which such Interest Period is to apply and for a
         period comparable to such Interest Period.

                  "Liquidity Event of Default" means the occurrence of either
         (a) the acceleration of all of the Equipment Notes or (b) an Atlas
         Bankruptcy Event.

                  "Liquidity Indemnitee" means (i) the Liquidity Provider, (ii)
         the directors, officers, employees and agents of the Liquidity
         Provider, and (iii) the successors and permitted assigns of the persons
         described in clauses (i) and (ii), inclusive.

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

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

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

                  "Notice of Borrowing" has the meaning specified in Section
         2.02(e).

                  "Notice of Replacement Subordination Agent" has the meaning
         specified in Section 3.08.

                  "Offering Memorandum" means the Offering Memorandum dated
         January 20, 2000 relating to the Certificates.

                  "Owned Aircraft Participation Agreement" means a participation
         agreement substantially in the form of Exhibit C-1 to the Note Purchase
         Agreement.

                  "Participation Agreements" means, collectively, the Leased
         Aircraft Participation Agreement and the Owned Aircraft Participation
         Agreement.

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

                  "Provider Advance" means a Downgrade Advance or a
         Non-Extension Advance.

                  "Regulatory Change" has the meaning assigned to such term in
         section 3.01.

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

                  "Required Amount" means, for any day, the sum of the aggregate
         amount of interest, calculated at the rate per annum equal to the
         Stated Interest Rate for the Class A Certificates, that would be
         payable on the Class A Certificates on each of the three



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         successive semiannual Regular Distribution Dates immediately following
         such day or, if such day is a Regular Distribution Date, on such day
         and the succeeding two semiannual Regular Distribution Dates, in each
         case calculated on the basis of the Pool Balance of the Class A
         Certificates on such day and without regard to expected future payments
         of principal on the Class A Certificates.

                  "Tax Letter" means the letter dated the date hereof between
         the Liquidity Provider and Atlas pertaining to this Agreement.

                  "Termination Date" means the earliest to occur of the
         following: (i) the Expiry Date; (ii) the date on which the Borrower
         delivers to the Liquidity Provider a certificate, signed by a
         Responsible Officer of the Borrower, certifying that all of the Class A
         Certificates have been paid in full (or provision has been made for
         such payment in accordance with the Intercreditor Agreement and the
         Trust Agreements) or are otherwise no longer entitled to the benefits
         of this Agreement; (iii) the date on which the Borrower delivers to the
         Liquidity Provider a certificate, signed by a Responsible Officer of
         the Borrower, certifying that a Replacement Liquidity Facility has been
         substituted for this Agreement in full pursuant to Section 3.6(e) of
         the Intercreditor Agreement; (iv) the fifth Business Day following the
         receipt by the Borrower of a Termination Notice from the Liquidity
         Provider pursuant to Section 6.01 hereof; and (v) the date on which no
         Advance is or may (including by reason of reinstatement as herein
         provided) become available for a Borrowing hereunder.

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

                  "Transferee" has the meaning assigned to such term in Section
         7.08(b).

                  "Unapplied Downgrade Advance" means any Downgrade Advance
         other than an Applied Downgrade Advance.

                  "Unapplied Provider Advance" means any Provider Advance other
         than an Applied Provider Advance.

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

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

         "Atlas", "Atlas Bankruptcy Event", "Certificates", "Class A Cash
         Collateral Account", "Class A Certificates", "Class A
         Certificateholders", "Class A Trust", "Class A Trust Agreement", "Class
         A Trustee", "Class B Certificates", "Class C Certificates", "Closing
         Date", "Controlling Party", "Corporate Trust Office", "Distribution
         Date", "Downgraded Facility", "Equipment Notes", "Final Maturity Date",
         "Financing Agreement",



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<PAGE>   10


         "Indenture", "Interest Payment Date", "Investment Earnings", "Liquidity
         Facility", "Liquidity Obligations", "Loan Trustee", "Non-Extended
         Facility", "Note Purchase Agreement", "Operative Agreements",
         "Performing Equipment Note", "Person", "Placement Agents", "Placement
         Agreement", "Pool Balance", "Rating Agency", "Ratings Confirmation",
         "Regular Distribution Date", "Replacement Liquidity Facility",
         "Responsible Officer", "Scheduled Payment", "Special Payment", "Stated
         Interest Rate", "Subordination Agent", "Taxes", "Threshold Rating",
         "Transfer", "Trust Agreements", "Trustee", "WestLB Fee Letter" and
         "Written Notice".


                                   ARTICLE II

                       AMOUNT AND TERMS OF THE COMMITMENT

                  Section 2.01. The Advances. The Liquidity Provider hereby
irrevocably agrees, on the terms and conditions hereinafter set forth, to make
Advances to the Borrower from time to time on any Business Day during the period
from the Effective Date until 12:00 Noon (New York City time) on the Expiry Date
(unless the obligations of the Liquidity Provider shall be earlier terminated in
accordance with the terms of Section 2.04(b)) in an aggregate amount at any time
outstanding not to exceed the Maximum Commitment.

                  Section 2.02. Making the Advances. (a) Interest Advances shall
be made in one or more Borrowings by delivery to the Liquidity Provider of one
or more written and completed Notices of Borrowing in substantially the form of
Annex I attached hereto, signed by a Responsible Officer of the Borrower, in an
amount not exceeding the Maximum Commitment at such time and shall be used
solely for the payment when due of the interest on the Class A Certificates at
the Stated Interest Rate therefor in accordance with Section 3.6(a) of the
Intercreditor Agreement. Each Interest Advance made hereunder shall
automatically reduce the Maximum Commitment and the amount available to be
borrowed hereunder by subsequent Advances by the amount of such Interest Advance
(subject to reinstatement as provided in the next sentence). Upon repayment to
the Liquidity Provider in full of the amount of any Interest Advance made
pursuant to this Section 2.02(a), together with accrued interest thereon (as
provided herein), the Maximum Commitment shall be reinstated by the amount of
such repaid Interest Advance; provided, however, that the Maximum Commitment
shall not be so reinstated at any time if (i) a Liquidity Event of Default shall
have occurred and be continuing and (ii) there is a Performing Note Deficiency.

                  (b) A Non-Extension Advance shall be made in a single
Borrowing if this Agreement is not extended in accordance with Section 3.6(d) of
the Intercreditor Agreement (unless a Replacement Liquidity Facility to replace
this Agreement shall have been delivered to the Borrower as contemplated by said
Section 3.6(d) within the time period specified in such Section by delivery to
the Liquidity Provider of a written and completed Notice of Borrowing in




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<PAGE>   11

substantially the form of Annex II attached hereto, signed by a Responsible
Officer of the Borrower, in an amount equal to the Maximum Commitment at such
time, and shall be used to fund the Class A Cash Collateral Account in
accordance with said Section 3.6(d) and Section 3.6(f) of the Intercreditor
Agreement.

                  (c) A Downgrade Advance shall be made in a single Borrowing
upon a downgrading of the Liquidity Provider's short-term unsecured debt rating
issued by either the Rating Agency below the applicable Threshold Rating (as
provided for in Section 3.6(c) of the Intercreditor Agreement) unless a
Replacement Liquidity Facility to replace this Agreement shall have been
previously delivered to the Borrower in accordance with said Section 3.6(c), by
delivery to the Liquidity Provider of a written and completed Notice of
Borrowing in substantially the form of Annex III attached hereto, signed by a
Responsible Officer of the Borrower, in an amount equal to the Maximum
Commitment at such time, and shall be used to fund the Class A Cash Collateral
Account in accordance with said Section 3.6(c) and Section 3.6(f) of the
Intercreditor Agreement.

                  (d) A Final Advance shall be made in a single Borrowing upon
the receipt by the Borrower of a Termination Notice from the Liquidity Provider
pursuant to Section 6.01 hereof by delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex IV
attached hereto, signed by a Responsible Officer of the Borrower, in an amount
equal to the Maximum Commitment at such time, and shall be used to fund the
Class A Cash Collateral Account (in accordance with Section 3.6(i) of the
Intercreditor Agreement) and Section 3.6(f) of the Intercreditor Agreement.

                  (e) Each Borrowing shall be made on notice in writing (a
"Notice of Borrowing") in substantially the form required by Section 2.02(a),
2.02(b), 2.02(c) or 2.02(d), as the case may be, given by the Borrower to the
Liquidity Provider. If a Notice of Borrowing is delivered by the Borrower in
respect of any Borrowing no later than 1:00 PM (New York City time) on a
Business Day, upon satisfaction of the conditions precedent set forth in Section
4.02 with respect to a requested Borrowing, the Liquidity Provider shall make
available to the Borrower, in accordance with its payment instructions, the
amount of such Borrowing in U.S. dollars and immediately available funds, before
4:00 PM (New York City time) on such Business Day or on such later Business Day
specified in such Notice of Borrowing. If a Notice of Borrowing is delivered by
the Borrower in respect of any Borrowing after 1:00 PM (New York City time) on a
Business Day, upon satisfaction of the conditions precedent set forth in Section
4.02 with respect to a requested Borrowing, the Liquidity Provider shall make
available to the Borrower, in accordance with its payment instructions, the
amount of such Borrowing in U.S. dollars and immediately available funds, before
12:00 Noon (New York City time) on the first Business Day next following the day
of receipt of such Notice of Borrowing or on such later Business Day specified
by the Borrower in such Notice of Borrowing. Payments of proceeds of a Borrowing
shall be made by wire transfer of immediately available funds to the Borrower in
accordance with such wire transfer instructions as the Borrower shall furnish
from time to time to the Liquidity Provider for such purpose. Each Notice of
Borrowing shall be irrevocable and binding on the Borrower.



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<PAGE>   12


                  (f) Upon the making of any Advance requested pursuant to a
Notice of Borrowing, in accordance with the Borrower's payment instructions, the
Liquidity Provider shall be fully discharged of its obligation hereunder with
respect to such Notice of Borrowing, and the Liquidity Provider shall not
thereafter be obligated to make any further Advances hereunder in respect of
such Notice of Borrowing to the Borrower or to any other Person. If the
Liquidity Provider makes an Advance requested pursuant to a Notice of Borrowing
before 12:00 noon (New York City time) on the second Business Day after the date
of payment specified in said Section 2.02(e), the Liquidity Provider shall have
fully discharged its obligations hereunder with respect to such Advance and an
event of default and shall not have occurred hereunder. Following the making of
any Advance pursuant to Section 2.02(b), (c) or (d) hereof to fund the Class A
Cash Collateral Account, the Liquidity Provider shall have no interest in or
rights to the Class A Cash Collateral Account, such Advance or any other amounts
from time to time on deposit in the Class A Cash Collateral Account; provided
that the foregoing shall not affect or impair the obligations of the
Subordination Agent to make the distributions contemplated by Section 3.6(e) or
(f) of the Intercreditor Agreement. By paying to the Borrower proceeds of
Advances requested by the Borrower in accordance with the provisions of this
Agreement, the Liquidity Provider makes no representation as to, and assumes no
responsibility for, the correctness or sufficiency for any purpose of the amount
of the Advances so made and requested.

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

                  Section 2.04. Reduction or Termination of the Maximum
Commitment. (a) Automatic Reduction. Promptly following each date on which the
Required Amount is reduced as a result of a reduction in the Pool Balance of the
Class A Certificates or otherwise, the Maximum Commitment shall automatically be
reduced to an amount equal to such reduced Required Amount (as calculated by the
Borrower). The Borrower shall give notice of any such automatic reduction of the
Maximum Commitment to the Liquidity Provider within two Business Days thereof.
The failure by the Borrower to furnish any such notice shall not affect such
automatic reduction of the Maximum Commitment.

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

                  Section 2.05. Repayments of Interest Advances or the Final
Advance. Subject to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby
agrees, without notice of an Advance or demand for repayment from the Liquidity
Provider (which notice and demand are hereby waived by the Borrower), to pay, or
to cause to be paid, to the Liquidity Provider on each date on which the
Liquidity Provider shall make an Interest Advance or the Final Advance, an
amount equal to (a) the amount of such Advance (any such Advance, until repaid,
is referred to herein as an "Unpaid Advance"), plus (b) interest on the amount
of each such Unpaid Advance as provided in Section 3.07 hereof; provided that if
(i) the Liquidity Provider shall make a Provider Advance at any time after
making one or more Interest Advances which shall not have been repaid in



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<PAGE>   13


accordance with this Section 2.05 or (ii) this Liquidity Facility shall become a
Downgraded Facility or Non-Extended Facility at any time when unreimbursed
Interest Advances have reduced the Maximum Commitment to zero, then such
Interest Advances shall cease to constitute Unpaid Advances and shall be deemed
to have been changed into an Applied Downgrade Advance or an Applied
Non-Extension Advance, as the case may be, for all purposes of this Agreement
(including, without limitation, for the purpose of determining when such
Interest Advance is required to be repaid to the Liquidity Provider in
accordance with Section 2.06 and for the purposes of Section 2.06(b)). The
Borrower and the Liquidity Provider agree that the repayment in full of each
Interest Advance and Final Advance on the date such Advance is made is intended
to be a contemporaneous exchange for new value given to the Borrower by the
Liquidity Provider.

                  Section 2.06. Repayments of Provider Advances. (a) Amounts
advanced hereunder in respect of a Provider Advance shall be deposited in the
Class A Cash Collateral Account, invested and withdrawn from the Class A Cash
Collateral Account as set forth in Sections 3.6(c), (d) and (f) of the
Intercreditor Agreement. The Borrower agrees to pay to the Liquidity Provider,
on each Regular Distribution Date, commencing on the first Regular Distribution
Date after the making of a Provider Advance, interest on the principal amount of
any such Provider Advance as provided in Section 3.07; provided, however, that
amounts in respect of a Provider Advance withdrawn from the Class A Cash
Collateral Account for the purpose of paying interest on the Class A
Certificates in accordance with Section 3.6(f) of the Intercreditor Agreement
(the amount of any such withdrawal being (y) in the case of a Downgrade Advance,
an "Applied Downgrade Advance" and (z) in the case of a Non-Extension Advance,
an "Applied Non-Extension Advance" and, together with an Applied Downgrade
Advance, an "Applied Provider Advance") shall thereafter (subject to Section
2.06(b)) be treated as an Interest Advance under this Agreement for purposes of
determining the Applicable Liquidity Rate for interest payable thereon; provided
further, however, that if, following the making of a Provider Advance, the
Liquidity Provider delivers a Termination Notice to the Borrower pursuant to
Section 6.01 hereof, such Provider Advance shall thereafter be treated as a
Final Advance under this Agreement for purposes of determining the Applicable
Liquidity Rate for interest payable thereon. Subject to Sections 2.07 and 2.09
hereof, immediately upon the withdrawal of any amounts from the Class A Cash
Collateral Account on account of a reduction in the Required Amount, the
Borrower shall repay to the Liquidity Provider a portion of the Provider
Advances in a principal amount equal to such reduction, plus interest on the
principal amount prepaid as provided in Section 3.07 hereof.

                  (b) At any time when an Applied Provider Advance (or any
portion thereof) is outstanding, upon the deposit in the Class A Cash Collateral
Account of any amount pursuant to clause "third" of Section 2.4(b) of the
Intercreditor Agreement, clause "third" of Section 3.2 of the Intercreditor
Agreement or clause "fourth" of Section 3.3 of the Intercreditor Agreement (any
such amount being a "Replenishment Amount") for the purpose of replenishing or
increasing the balance thereof up to the Required Amount at such time, (i) the
aggregate outstanding principal amount of all Applied Provider Advances (and of
each Provider Advance treated as an Interest Advance for purposes of determining
the Applicable Liquidity Rate for interest payable thereon) shall be
automatically reduced by the amount of such Replenishment Amount and (ii) the



                                       10
<PAGE>   14


aggregate outstanding principal amount of all Unapplied Provider Advances shall
be automatically increased by the amount of such Replenishment Amount.

                  (c) Upon the provision of a Replacement Liquidity Facility in
replacement of this Agreement in accordance with Section 3.6(e) of the
Intercreditor Agreement, amounts remaining on deposit in the Class A Cash
Collateral Account after giving effect to any Applied Provider Advance on the
date of such replacement shall be reimbursed to the Liquidity Provider, but only
to the extent such amounts are necessary to repay in full to the Liquidity
Provider all amounts owing to it hereunder.

                  Section 2.07. Payments to the Liquidity Provider Under the
Intercreditor Agreement. In order to provide for payment or repayment to the
Liquidity Provider of any amounts hereunder, the Intercreditor Agreement
provides that amounts available and referred to in Articles II and III of the
Intercreditor Agreement, to the extent payable to the Liquidity Provider
pursuant to the terms of the Intercreditor Agreement (including, without
limitation, Section 3.6(f) of the Intercreditor Agreement), shall be paid to the
Liquidity Provider in accordance with the terms thereof. Amounts so paid to the
Liquidity Provider shall be applied by the Liquidity Provider to Liquidity
Obligations then due and payable in accordance with the Intercreditor Agreement
or, if not provided for in the Intercreditor Agreement, then in such manner as
the Liquidity Provider shall deem appropriate.

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

                  Section 2.09. Payments from Available Funds Only. All payments
to be made by the Borrower under this Agreement shall be made only from the
amounts that constitute Scheduled Payments, Special Payments or payments under
Section 8.1 or 9.1, as the case may be, of the Participation Agreements and
Section 6 of the Note Purchase Agreement and only to the extent that the
Borrower shall have sufficient income or proceeds therefrom to enable the
Borrower to make payments in accordance with the terms hereof after giving
effect to the priority of payments provisions set forth in the Intercreditor
Agreement. The Liquidity Provider agrees that it will look solely to such
amounts to the extent available for distribution to it as provided in the
Intercreditor Agreement and this Agreement and that the Borrower, in its
individual capacity, is not personally liable to it for any amounts payable or
liability under this Agreement except as expressly provided in this Agreement,
the Intercreditor Agreement or any Participation Agreement. Amounts on deposit
in the Class A Cash Collateral Account shall be available to the Borrower to
make payments under this Agreement only to the extent and for the purposes
expressly contemplated in Section 3.6(f) of the Intercreditor Agreement.

                  Section 2.10. Extension of the Expiry Date: Non-Extension
Advance. No earlier than the 60th day and no later than the 40th day prior to
the then effective Expiry Date (unless



                                       11
<PAGE>   15


such Expiry Date is on or after the date that is 15 days after the Final
Maturity Date for the Class A Certificates), the Borrower shall request that the
Liquidity Provider extend the Expiry Date for a period of 364 days after the
then effective Expiry Date (unless the obligations of the Liquidity Provider are
earlier terminated in accordance with the terms hereof). The Liquidity Provider
shall advise the Borrower, no earlier than 40 days and no later than 25 days
prior to the then effective Expiry Date, whether, in its sole discretion, it
agrees to so extend the Expiry Date. If the Liquidity Provider advises the
Borrower on or before the 25th day prior to the Expiry Date then in effect that
such Expiry Date shall not be so extended, or fails to irrevocably and
unconditionally advise the Borrower on or before the 25th day prior to the
Expiry Date then in effect that such Expiry Date shall be so extended (and, in
each case, if the Liquidity Provider shall not have been replaced in accordance
with Section 3.6(e) of the Intercreditor Agreement), the Borrower shall be
entitled on and after such 25th day (but prior to the then effective Expiry
Date) to request a Non-Extension Advance in accordance with Section 2.02(b)
hereof and Section 3.6(d) of the Intercreditor Agreement.

                                   ARTICLE III

                           OBLIGATIONS OF THE BORROWER

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



                                       12
<PAGE>   16


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

                  Section 3.02. Capital Adequacy. If (1) the adoption, after the
date hereof, of any applicable governmental law, rule or regulation regarding
capital adequacy, (2) any change, after the date hereof, in the interpretation
or administration of any such law, rule or regulation by any central bank or
other governmental authority charged with the interpretation or administration
thereof or (3) compliance by the Liquidity Provider or any corporation
controlling the Liquidity Provider with any applicable guideline or request of
general applicability, issued after the date hereof, by any central bank or
other governmental authority (whether or not having the force of law) that
constitutes a change of the nature described in clause (2), has the effect of
requiring an increase in the amount of capital required to be maintained by the
Liquidity Provider or any corporation controlling the Liquidity Provider, and
such increase is based upon the Liquidity Provider's obligations hereunder and
other similar obligations, the Borrower shall pay to the Liquidity Provider from
time to time such additional amount or amounts as are necessary to compensate
the Liquidity Provider for such portion of such increase as shall be reasonably
allocable to the Liquidity Provider's obligations to the Borrower hereunder. The
Liquidity Provider agrees to use reasonable efforts (consistent with applicable
legal and regulatory restrictions) to change the jurisdiction of its Lending
Office if making such change would avoid the need for, or reduce the amount of,
any amount payable under this Section that may thereafter accrue and would not,
in the reasonable judgment of the Liquidity Provider, be otherwise materially
disadvantageous to the Liquidity Provider.

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

                  Section 3.03. Payments Free of Deductions. All payments made
by the Borrower under this Agreement shall be made free and clear of, and
without reduction for or on account of, any present or future stamp or other
taxes, levies, imposts, duties, charges, fees, deductions, withholdings,
restrictions or conditions of any nature whatsoever now or hereafter imposed,
levied, collected, withheld or assessed, excluding Excluded Taxes (such
non-excluded taxes being referred to herein, collectively, as "Non-Excluded
Taxes" and, individually, as a "Non-



                                       13
<PAGE>   17


Excluded Tax"). If any Non-Excluded Taxes are required to be withheld from any
amounts payable to the Liquidity Provider under this Agreement, the amounts so
payable to the Liquidity Provider shall be increased to the extent necessary to
yield to the Liquidity Provider (after payment of all Non-Excluded Taxes)
interest or any other such amounts payable under this Agreement at the rates or
in the amounts specified in this Agreement. The Liquidity Provider agrees to use
reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to change the jurisdiction of its Lending Office if making such
change would avoid the need for, or reduce the amount of, any such additional
amounts that may thereafter accrue and would not, in the reasonable judgment of
the Liquidity Provider, be otherwise disadvantageous to the Liquidity Provider.
From time to time upon the reasonable request of the Borrower, the Liquidity
Provider agrees to provide to the Borrower two original Internal Revenue Service
Forms W-8 BEN or W-8 ECI, as appropriate, or any successor or other form
prescribed by the Internal Revenue Service, certifying that the Liquidity
Provider is exempt from or entitled to a reduced rate of United States
withholding tax on payments pursuant to this Agreement.

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

                  Section 3.04. Payments. The Borrower shall make or cause to be
made each payment to the Liquidity Provider under this Agreement so as to cause
the same to be received by the Liquidity Provider not later than 1:00 P.M. (New
York City time) on the day when due. The Borrower shall make all such payments
in lawful money of the United States of America, to the Liquidity Provider in
immediately available funds, by wire transfer to The Chase Manhattan Bank, ABA
No. 021-000-021, for account of Westdeutsche Landesbank Girozentrale, New York
Branch, Account No. 920-1-060663, Reference: Atlas Air, Inc., 2000-1A.

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

                  Section 3.06. Payment on Non-Business Days. Whenever any
payment to be made hereunder shall be stated to be due on a day other than a
Business Day, such payment shall



                                       14
<PAGE>   18


be made on the next succeeding Business Day and no additional interest shall be
due as a result (and if so made, shall be deemed to have been made when due). If
any payment in respect of interest on an Advance is so deferred to the next
succeeding Business Day, such deferral shall not delay the commencement of the
next Interest Period for such Advance (if such Advance is a LIBOR Advance) or
reduce the number of days for which interest will be payable on such Advance on
the next interest payment date for such Advance.

                  Section 3.07. Interest. (a) Subject to Section 2.09, the
Borrower shall pay, or shall cause to be paid, without duplication, interest on
(i) the unpaid principal amount of each Advance from and including the date of
such Advance (or, in the case of an Applied Provider Advance, from and including
the date on which the amount thereof was withdrawn from the Class A Cash
Collateral Account to pay interest on the Class A Certificates) to but excluding
the date such principal amount shall be paid in full (or, in the case of an
Applied Provider Advance, the date on which the Class A Cash Collateral Account
is fully replenished in respect of such Advance) and (ii) any other amount due
hereunder (whether fees, commissions, expenses or other amounts or, to the
extent permitted by law, installments of interest on Advances or any such other
amount) which is not paid when due (whether at stated maturity, by acceleration
or otherwise) from and including the due date thereof to but excluding the date
such amount is paid in full, in each such case, at a fluctuating interest rate
per annum for each day equal to the Applicable Liquidity Rate (as defined below)
for such Advance or such other amount as in effect for such day, but in no event
at a rate per annum greater than the maximum rate permitted by applicable law;
provided, however, that, if at any time the otherwise applicable interest rate
as set forth in this Section 3.07 shall exceed the maximum rate permitted by
applicable law, then any subsequent reduction in such interest rate will not
reduce the rate of interest payable pursuant to this Section 3.07 below the
maximum rate permitted by applicable law until the total amount of interest
accrued equals the amount of interest that would have accrued if such otherwise
applicable interest rate as set forth in this Section 3.07 had at all times been
in effect.

                  (b) Each Advance (other than any Unapplied Provider Advance)
will be either a Base Rate Advance or a LIBOR Advance as provided in this
Section. Each such Advance will be a Base Rate Advance for the period from the
date of its borrowing to (but excluding) the third Business Day following the
Liquidity Provider's receipt of the Notice of Borrowing for such Advance.
Thereafter, such Advance shall be a LIBOR Advance. Each Applied Provider Advance
and a Final Advance that is deemed to have been made without delivery of a
Notice of Borrowing pursuant to Section 2.06 shall be a LIBOR Advance from the
day such Advance is made; provided that the Borrower (at the direction of the
Controlling Party, so long as the Liquidity Provider is not the Controlling
Party) may (x) convert the Final Advance into a Base Rate Advance on the last
day of an Interest Period for such Advance by giving the Liquidity Provider no
less than four Business Days' prior written notice of such election or (y) elect
to maintain the Final Advance as a Base Rate Advance by not requesting a
conversion of the Final Advance to a LIBOR Advance under Clause (5) of the
applicable Notice of Borrowing (or, if such Final Advance is deemed to have been
made without delivery of a Notice of Borrowing pursuant to Section 2.06, by
requesting, prior to 11:00 AM on the first Business Day immediately following
the Borrower's receipt of the applicable Termination Notice, that such Final
Advance not be converted from a Base Rate Advance to a LIBOR Advance).



                                       15
<PAGE>   19


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

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

                  (e) Each Unapplied Provider Advance shall bear interest in an
amount equal to the Investment Earnings on amounts on deposit in the Class A
Cash Collateral Account.

                  (f) Each amount not paid when due hereunder (whether fees,
commissions, expenses or other amounts or, to the extent permitted by applicable
law, installments of interest on Advances but excluding Advances) shall bear
interest at a rate per annum equal to the Base Rate plus 3.25% until paid.

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

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

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

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

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



                                       16
<PAGE>   20


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


                                   ARTICLE IV

                              CONDITIONS PRECEDENT

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

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

                  (i) This Agreement duly executed on behalf of the Borrower;

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

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

                  (iv) A copy of the Offering Memorandum and specimen copies of
         the Class A Certificates;

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



                                       17
<PAGE>   21


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

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

                  (vii) An agreement from Atlas, pursuant to which (i) Atlas
         agrees to provide copies of quarterly financial statements and audited
         annual financial statements to the Liquidity Provider, and such other
         information as the Liquidity Provider shall reasonably request with
         respect to the transactions contemplated by the Operative Agreements,
         in each case, only to the extent that Atlas is obligated to provide
         such information pursuant to Section 8.2.1 of the Leases (related to
         Leased Aircraft) or the corresponding section of the Indentures
         (related to Owned Aircraft) to the parties thereto and (ii) Atlas
         agrees to allow the Liquidity Provider to inspect Atlas's books and
         records regarding such transactions, and to discuss such transactions
         with officers and employees of Atlas; and

                  (viii) Such other documents, instruments, opinions and
         approvals pertaining to the transactions contemplated hereby or by the
         other Operative Agreements as the Liquidity Provider shall have
         reasonably requested.

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

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

                  (d) All conditions precedent to the issuance of the
Certificates under the Trust Agreements shall have been satisfied or waived, all
conditions precedent to the effectiveness of the other Liquidity Facilities
shall have been satisfied or waived, and all conditions precedent to the
purchase of the Certificates by the Placement Agents under the Placement
Agreement shall have been satisfied (unless any of such conditions precedent
shall have been waived by the Placement Agents) .

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



                                       18
<PAGE>   22


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


                                    ARTICLE V

                                    COVENANTS

                  Section 5.01. Affirmative Covenants of the Borrower. So long
as any Advance shall remain unpaid or the Liquidity Provider shall have any
Maximum Commitment hereunder or the Borrower shall have any obligation to pay
any amount to the Liquidity Provider hereunder, the Borrower will, unless the
Liquidity Provider shall otherwise consent in writing:

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

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

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

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



                                       19
<PAGE>   23


                                   ARTICLE VI

                           LIQUIDITY EVENTS OF DEFAULT

                  Section 6.01. Liquidity Events of Default. If (a) any
Liquidity Event of Default has occurred and is continuing and (b) there is a
Performing Note Deficiency, the Liquidity Provider may, in its discretion,
deliver to the Borrower a Termination Notice, the effect of which shall be to
cause (i) this Agreement to expire on the fifth Business Day after the date on
which such Termination Notice is received by the Borrower, (ii) the Borrower to
promptly request, and the Liquidity Provider to promptly make, a Final Advance
in accordance with Section 2.02(d) hereof and Section 3.6(i) of the
Intercreditor Agreement, (iii) all other outstanding Advances to be
automatically converted into Final Advances for purposes of determining the
Applicable Liquidity Rate for interest payable thereon, and (iv) subject to
Sections 2.07 and 2.09 hereof, all Advances (including, without limitation, any
Provider Advance and Applied Provider Advance), any accrued interest thereon and
any other amounts outstanding hereunder to become immediately due and payable to
the Liquidity Provider.


                                   ARTICLE VII

                                  MISCELLANEOUS

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

                  Section 7.02. Notices, Etc. Except as otherwise expressly
provided herein, all notices and other communications provided for hereunder
shall be in writing (including telecopier and mailed or delivered or sent by
telecopier):

                  Borrower:       WILMINGTON TRUST COMPANY
                                     One Rodney Square
                                     1100 North Market Street
                                     Wilmington, DE 19890-0001

                                     Attention:  Corporate Trust Administration
                                     Telephone:  (302) 651-1000
                                     Telecopy:   (302) 651-8882

                  Liquidity
                  Provider:       WESTDEUTSCHE LANDESBANK GIROZENTRALE
                                     1211 Avenue of the Americas
                                     New York, NY 10036
                                     Attention: Transportation Finance
                                     Telephone: (212) 852-6000
                                     Telecopy:  (212) 869-7634



                                       20
<PAGE>   24

                 with a copy to:

                                     WESTDEUTSCHE LANDESBANK GIROZENTRALE
                                     1211 Avenue of the Americas
                                     New York, NY 10036
                                     Attention: Loan Administration
                                     Telephone:  (212) 852-6000
                                     Telecopy:   (212) 302-7946

or, as to each of the foregoing, at such other address as shall be designated by
such Person in a written notice to the others. All such notices and
communications shall be effective (i) if given by telecopier, when transmitted
to the telecopier number specified above, (ii) if given by mail, when deposited
in the mails addressed as specified above, and (iii) if given by other means,
when delivered at the address specified above, except that written notices to
the Liquidity Provider pursuant to the provisions of Articles II and III hereof
shall not be effective until received by the Liquidity Provider. A copy of all
notices delivered hereunder to either party shall in addition be delivered to
each of the parties to the Participation Agreements at their respective
addresses set forth therein.

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

                  Section 7.04. Further Assurances. The Borrower agrees to do
such further acts and things and to execute and deliver to the Liquidity
Provider such additional assignments, agreements, powers and instruments as the
Liquidity Provider may reasonably require or deem advisable to carry into effect
the purposes of this Agreement and the other Operative Agreements or to better
assure and confirm unto the Liquidity Provider its rights, powers and remedies
hereunder and under the other Operative Agreements.

                  Section 7.05. Indemnification; Survival of Certain Provisions.
The Liquidity Provider shall be indemnified hereunder to the extent and in the
manner described in Section 9.1 of the Leased Aircraft Participation Agreement,
Section 8.1 of the Owned Aircraft Participation Agreement and Section 6 of the
Note Purchase Agreement. In addition, the Borrower agrees to indemnify, protect,
defend and hold harmless the Liquidity Provider from, against and in respect of,
and shall pay on demand, all Expenses of any kind or nature whatsoever (other
than any Expenses of the nature described in Sections 3.01, 3.02 or 7.07 hereof
or in the WestLB Fee Letter (regardless of whether indemnified against pursuant
to said Sections or in such WestLB Fee



                                       21
<PAGE>   25


Letter)), that may be imposed, incurred by or asserted against any Liquidity
Indemnitee, in any way relating to, resulting from, or arising out of or in
connection with any action, suit or proceeding by any third party against such
Liquidity Indemnitee and relating to this Agreement, the WestLB Fee Letter, the
Intercreditor Agreement or any Financing Agreement; provided, however, that the
Borrower shall not be required to indemnify, protect, defend and hold harmless
any Liquidity Indemnitee in respect of any Expense of such Liquidity Indemnitee
to the extent such Expense is (i) attributable to the gross negligence or
willful misconduct of such Liquidity Indemnitee or any other Liquidity
Indemnitee, (ii) ordinary and usual operating overhead expense, or (iii)
attributable to the failure by such Liquidity Indemnitee or any other Liquidity
Indemnitee to perform or observe any agreement, covenant or condition on its
part to be performed or observed in this Agreement, the Intercreditor Agreement,
the WestLB Fee Letter, the Tax Letter or any other Operative Agreement to which
it is a party. The indemnities contained in Section 9.1 or 8.1, as the case may
be, of the Participation Agreements, and the provisions of Sections 3.01, 3.02,
3.03, 3.09, 7.05 and 7.07 hereof, shall survive the termination of this
Agreement.

                  Section 7.06. Liability of the Liquidity Provider. (a) Neither
the Liquidity Provider nor any of its officers, employees, directors or
affiliates shall be liable or responsible for: (i) the use which may be made of
the Advances or any acts or omissions of the Borrower or any beneficiary or
transferee in connection therewith; (ii) the validity, sufficiency or
genuineness of documents, or of any endorsement thereon, even if such documents
should prove to be in any or all respects invalid, insufficient, fraudulent or
forged; or (iii) the making of Advances by the Liquidity Provider against
delivery of a Notice of Borrowing and other documents which do not comply with
the terms hereof; provided, however, that the Borrower shall have a claim
against the Liquidity Provider, and the Liquidity Provider shall be liable to
the Borrower, to the extent of any damages suffered by the Borrower which were
the result of (A) the Liquidity Provider's willful misconduct or negligence in
determining whether documents presented hereunder comply with the terms hereof,
or (B) any breach by the Liquidity Provider of any of the terms of this
Agreement, including, but not limited to, the Liquidity Provider's failure to
make lawful payment hereunder after the delivery to it by the Borrower of a
Notice of Borrowing strictly complying with the terms and conditions hereof.

                  (b) Neither the Liquidity Provider nor any of its officers,
employees, director or affiliates shall be liable or responsible in any respect
for (i) any error, omission, interruption or delay in transmission, dispatch or
delivery of any message or advice, however transmitted, in connection with this
Agreement or any Notice of Borrowing delivered hereunder, or (ii) any action,
inaction or omission which may be taken by it in good faith, absent willful
misconduct or negligence (in which event the extent of the Liquidity Provider's
potential liability to the Borrower shall be limited as set forth in the
immediately preceding paragraph), in connection with this Agreement or any
Notice of Borrowing.

                  Section 7.07. Costs, Expenses and Taxes. The Borrower agrees
to pay, or cause to be paid (A) on the Effective Date and on such later date or
dates on which the Liquidity Provider shall make demand, all reasonable
out-of-pocket costs and expenses (including, without limitation, the reasonable
fees and expenses of outside counsel for the Liquidity Provider) of the
Liquidity Provider in connection with the preparation, negotiation, execution,
delivery, filing and recording of this Agreement, any other Operative Agreement
and any other documents which may be delivered in connection with this Agreement
and (B) on demand, all reasonable costs and expenses



                                       22
<PAGE>   26


(including reasonable counsel fees and expenses) of the Liquidity Provider in
connection with (i) the enforcement of this Agreement or any other Operative
Agreement, (ii) the modification or amendment of, or supplement to, this
Agreement or any other Operative Agreement or such other documents which may be
delivered in connection herewith or therewith (whether or not the same shall
become effective) or (iii) any action or proceeding relating to any order,
injunction, or other process or decree restraining or seeking to restrain the
Liquidity Provider from paying any amount under this Agreement, the
Intercreditor Agreement or any other Operative Agreement or otherwise affecting
the application of funds in the Class A Cash Collateral Account. In addition,
the Borrower shall pay any and all recording, stamp and other similar taxes and
fees payable or determined to be payable in connection with the execution,
delivery, filing and recording of this Agreement, any other Operative Agreement
and such other documents, and agrees to save the Liquidity Provider harmless
from and against any and all liabilities with respect to or resulting from any
delay in paying or omission to pay such taxes or fees.

                  Section 7.08.  Binding Effect; Participations.

                  (a) This Agreement shall be binding upon and inure to the
benefit of the Borrower and the Liquidity Provider and their respective
successors and assigns, except that neither the Liquidity Provider (except as
otherwise provided in this Section 7.08) nor (except as contemplated by Section
3.08) the Borrower shall have the right to assign its rights or obligations
hereunder or any interest herein without the prior written consent of the other
party, subject to the requirements of Section 7.08(b). The Liquidity Provider
may grant participations herein or in any of its rights hereunder (including,
without limitation, funded participations and participations in rights to
receive interest payments hereunder) and under the other Operative Agreements to
such Persons (not including Atlas or any affiliate of Atlas) as the Liquidity
Provider may in its sole discretion select, subject to the requirements of
Section 7.08(b). No such participation by the Liquidity Provider, however, will
relieve the Liquidity Provider of its obligations hereunder. In connection with
any participation or any proposed participation, the Liquidity Provider may
disclose to the participant or the proposed participant any information that the
Borrower is required to deliver or to disclose to the Liquidity Provider
pursuant to this Agreement. The Borrower acknowledges and agrees that the
Liquidity Provider's source of funds may derive in part from its participants.
Accordingly, references in this Agreement and the other Operative Agreements to
determinations, reserve and capital adequacy requirements, increased costs,
reduced receipts, additional amounts due pursuant to Section 3.03(a) and the
like as they pertain to the Liquidity Provider shall be deemed also to include
those of each of its participants (subject, in each case, to the maximum amount
that would have been incurred by or attributable to the Liquidity Provider
directly if the Liquidity Provider, rather than the participant, had held the
interest participated).

                  (b) If, pursuant to subsection (a) above, the Liquidity
Provider sells any participation in this Agreement to any bank or other entity
(each, a "Transferee"), then, concurrently with the effectiveness of such
participation, the Transferee shall (i) represent to the Liquidity Provider (for
the benefit of the Liquidity Provider and the Borrower) either (A) that it is
incorporated under the laws of the United States or a state thereof or (B) that
under applicable law and treaties, no taxes will be required to be withheld with
respect to any payments to be made to such Transferee in respect of this
Agreement, (ii) furnish to the Liquidity Provider and the



                                       23
<PAGE>   27


Borrower either (x) a statement that it is incorporated under the laws of the
United States or a state thereof or (y) if it is not so incorporated, two copies
of a properly completed United States Internal Revenue Service Form W-8 ECI or
Form W-8 BEN, as appropriate, or other applicable form, certificate or document
prescribed by the Internal Revenue Service certifying, in each case, such
Transferee's entitlement to a complete exemption from United States federal
withholding tax in respect to any and all payments to be made hereunder, and
(iii) agree (for the benefit of the Liquidity Provider and the Borrower) to
provide the Liquidity Provider and the Borrower a new Form W-8 ECI or Form W-8
BEN, as appropriate, (A) on or before the date that any such form expires or
becomes obsolete or (B) after the occurrence of any event requiring a change in
the most recent form previously delivered by it and prior to the immediately
following due date of any payment by the Borrower hereunder, certifying in the
case of a Form W-8 BEN or Form W-8 ECI that such Transferee is entitled to a
complete exemption from United States federal withholding tax on payments under
this Agreement. Unless the Borrower has received forms or other documents
reasonably satisfactory to it (and required by applicable law) indicating that
payments hereunder are not subject to United States federal withholding tax, the
Borrower will withhold taxes as required by law from such payments at the
applicable statutory rate.

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

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

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

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

         (i)      submits for itself and its property in any legal action or
                  proceeding relating to this Agreement or any other Operative
                  Agreement, or for recognition and enforcement of any judgment
                  in respect hereof or thereof, to the nonexclusive 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;



                                       24
<PAGE>   28


         (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 Section 7.02 hereof, or at such other
                  address of which the Liquidity Provider shall have been
                  notified pursuant thereto; and

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

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

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

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

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



                                       25
<PAGE>   29


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

                  Section 7.15. LIQUIDITY PROVIDER'S OBLIGATION TO MAKE
ADVANCES. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS OF
THE LIQUIDITY PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE BORROWER'S RIGHTS TO
DELIVER NOTICES OF BORROWING REQUESTING THE MAKING OF ADVANCES HEREUNDER, SHALL
BE UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH CASE
STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.




                                       26
<PAGE>   30



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

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

                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:

                                    WESTDEUTSCHE LANDESBANK GIROZENTRALE, acting
                                    through its New York Branch as Liquidity
                                    Provider

                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:


                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:




<PAGE>   31



         Annex I to
         Revolving Credit Agreement


                      INTEREST ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned borrower (the "Borrower"), hereby certifies to WESTDEUTSCHE
LANDESBANK GIROZENTRALE, acting through its New York Branch (the "Liquidity
Provider"), with reference to the Revolving Credit Agreement (2000-lA) dated as
of January 28, 2000, between the Borrower and the Liquidity Provider (the
"Liquidity Agreement"; the terms defined therein and not otherwise defined
herein being used herein as therein defined or referenced), that:

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

                  (2) The Borrower is delivering this Notice of Borrowing for
         the making of an Interest Advance by the Liquidity Provider to be used,
         subject to clause (3)(v) below, for the payment of the interest on the
         Class A Certificates which was payable on (the "Distribution Date") in
         accordance with the terms and provisions of the Class A Trust Agreement
         and the Class A Certificates which Advance is requested to be made on
         __________, ____.

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

                  (4) Upon receipt by or on behalf of the Borrower of the amount
         requested hereby, (a) the Borrower will apply the same in accordance
         with the terms of Section 3.6(b) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

                  The Borrower hereby acknowledges that, pursuant to the
Liquidity Agreement, the making of the Interest Advance as requested by this
Notice of Borrowing shall automatically reduce, subject to reinstatement in
accordance with the terms of the Liquidity Agreement, the Maximum Commitment by
an amount equal to the amount of the Interest Advance requested to be made
hereby as set forth in clause (i) of paragraph (3) of this Certificate and such
reduction shall automatically result in corresponding reductions in the amounts
available to be borrowed pursuant to a subsequent Advance.


<PAGE>   32


                  IN WITNESS WHEREOF, the Borrower has executed and delivered
this Notice of Borrowing as of the __ day of ________________, _____.


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

                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:



<PAGE>   33



               SCHEDULE I TO INTEREST ADVANCE NOTICE OF BORROWING

                [Insert Copy of Computations in accordance with
                     Interest Advance Notice of Borrowing]












<PAGE>   34



         Annex II to
         Revolving Credit Agreement


                    NON-EXTENSION ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned subordination agent (the "Borrower"), hereby certifies to
WESTDEUTSCHE LANDESBANK GIROZENTRALE, acting through its New York Branch (the
"Liquidity Provider"), with reference to the Revolving Credit Agreement
(2000-lA) dated as of January 28, 2000, between the Borrower and the Liquidity
Provider (the "Liquidity Agreement"; the terms defined therein and not otherwise
defined herein being used herein as therein defined or referenced), that:

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

                  (2) The Borrower is delivering this Notice of Borrowing for
         the making of the Non-Extension Advance by the Liquidity Provider to be
         used for the funding of the Class A Cash Collateral Account in
         accordance with Section 3.6(d) of the Intercreditor Agreement, which
         Advance is requested to be made on _______________, ____.

                  (3) The amount of the Non-Extension Advance requested hereby
         (i) is $______________________.__ which equals the Maximum Commitment
         on the date hereof and is to be applied in respect of the funding of
         the Class A Cash Collateral Account in accordance with Section 3.6(d)
         of the Intercreditor Agreement, (ii) does not include any amount with
         respect to the payment of the principal of, or premium on, the Class A
         Certificates, or principal of, or interest or premium on, the Class B
         Certificates or the Class C Certificates, (iii) was computed in
         accordance with the provisions of the Class A Certificates, the Class A
         Trust Agreement and the Intercreditor Agreement (a copy of which
         computation is attached hereto as Schedule I), and (iv) has not been
         and is not the subject of a prior or contemporaneous Notice of
         Borrowing under the Liquidity Agreement.

                  (4) Upon receipt by or on behalf of the Borrower of the amount
         requested hereby, (a) the Borrower will deposit such amount in the
         Class A Cash Collateral Account and apply the same in accordance with
         the terms of Section 3.6(d) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

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


<PAGE>   35


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


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


                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:


<PAGE>   36



             SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE OF BORROWING

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









<PAGE>   37



         Annex III to
         Revolving Credit Agreement


                      DOWNGRADE ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned subordination agent (the "Borrower"), hereby certifies to
WESTDEUTSCHE LANDESBANK GIROZENTRALE, acting through its New York Branch (the
"Liquidity Provider"), with reference to the Revolving Credit Agreement
(2000-lA) dated as of January 28, 2000, between the Borrower and the Liquidity
Provider (the "Liquidity Agreement"; the terms defined therein and not otherwise
defined herein being used herein as therein defined or referenced), that:

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

                  (2) The Borrower is delivering this Notice of Borrowing for
         the making of the Downgrade Advance by the Liquidity Provider to be
         used for the funding of the Class A Cash Collateral Account in
         accordance with Section 3.6(c) of the Intercreditor Agreement by reason
         of the downgrading of the short-term unsecured debt rating of the
         Liquidity Provider issued by either Rating Agency below the Threshold
         Rating, which Advance is requested to be made on __________, ____.

                  (3) The amount of the Downgrade Advance requested hereby (i)
         is $________.____, which equals the Maximum Commitment on the date
         hereof and is to be applied in respect of the funding of the Class A
         Cash Collateral Account in accordance with Section 3.6(c) of the
         Intercreditor Agreement, (ii) does not include any amount with respect
         to the payment of the principal of, or premium on, the Class A
         Certificates, or principal of, or interest or premium on, the Class B
         Certificates or the Class C Certificates, (iii) was computed in
         accordance with the provisions of the Class A Certificates, the Class A
         Trust Agreement and the Intercreditor Agreement (a copy of which
         computation is attached hereto as Schedule I), and (iv) has not been
         and is not the subject of a prior or contemporaneous Notice of
         Borrowing under the Liquidity Agreement.

                  (4) Upon receipt by or on behalf of the Borrower of the amount
         requested hereby, (a) the Borrower will deposit such amount in the
         Class A Cash Collateral Account and apply the same in accordance with
         the terms of Section 3.6(c) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

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


<PAGE>   38


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


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


                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:



<PAGE>   39



               SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING

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









<PAGE>   40



         Annex IV to
         Revolving Credit Agreement


                        FINAL ADVANCE NOTICE OF BORROWING

                  The undersigned, a duly authorized signatory of the
undersigned borrower (the "Borrower"), hereby certifies to WESTDEUTSCHE
LANDESBANK GIROZENTRALE, acting through its New York Branch (the "Liquidity
Provider"), with reference to the Revolving Credit Agreement (2000-lA) dated as
of January 28, 2000, between the Borrower and the Liquidity Provider (the
"Liquidity Agreement"; the terms defined therein and not otherwise defined
herein being used herein as therein defined or referenced), that:

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

                  (2) The Borrower is delivering this Notice of Borrowing for
         the making of the Final Advance by the Liquidity Provider to be used
         for the funding of the Class A Cash Collateral Account in accordance
         with Section 3.6(i) of the Intercreditor Agreement by reason of the
         receipt by the Borrower of a Termination Notice from the Liquidity
         Provider with respect to the Liquidity Agreement, which Advance is
         requested to be made on _________.

                  (3) The amount of the Final Advance requested hereby (i) is
         $__________.__, which equals the Maximum Commitment on the date hereof
         and is to be applied in respect of the funding of the Class A Cash
         Collateral Account in accordance with Section 3.6(i) of the
         Intercreditor Agreement, (ii) does not include any amount with respect
         to the payment of principal of, or premium on, the Class A
         Certificates, or principal of, or interest or premium on, the Class B
         Certificates or the Class C Certificates, (iii) was computed in
         accordance with the provisions of the Class A Certificates, the Class A
         Trust Agreement and the Intercreditor Agreement (a copy of which
         computation is attached hereto as Schedule I), and (iv) has not been
         and is not the subject of a prior or contemporaneous Notice of
         Borrowing.

                  (4) Upon receipt by or on behalf of the Borrower of the amount
         requested hereby, (a) the Borrower will deposit such amount in the
         Class A Cash Collateral Account and apply the same in accordance with
         the terms of Section 3.6(i) of the Intercreditor Agreement, (b) no
         portion of such amount shall be applied by the Borrower for any other
         purpose and (c) no portion of such amount until so applied shall be
         commingled with other funds held by the Borrower.

                  (5) The Borrower hereby requests that the Advance requested
         hereby be a Base Rate Advance [and that such Base Rate Advance be
         converted into a LIBOR Advance on the third Business Day following your
         receipt of this notice](1).


----------------------
(1)  Bracketed language may be included at Borrower's option


<PAGE>   41


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

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


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


                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:


<PAGE>   42



                 SCHEDULE I TO FINAL ADVANCE NOTICE OF BORROWING

                 [Insert Copy of Computations in accordance with
                       Final Advance Notice of Borrowing]



<PAGE>   43



         Annex V to
         Revolving Credit Agreement


                              NOTICE OF TERMINATION

                                                      [Date]

Wilmington Trust Company,
   as Subordination Agent, as Borrower
One Rodney Square
1100 North Market Street
Wilmington, DE  19890-0001

Attention:  Corporate Trust Administration

                  Revolving Credit Agreement dated as of January 28, 2000,
between Wilmington Trust Company, as Subordination Agent, as agent and trustee
for the Atlas Air, Inc. Pass Through Trust, 2000-lA, as Borrower, and
WESTDEUTSCHE LANDESBANK GIROZENTRALE, acting through its New York Branch (the
"Liquidity Agreement")



Ladies and Gentlemen:

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


<PAGE>   44



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

                                         Very truly yours,

                                         WESTDEUTSCHE LANDESBANK
                                         New York Branch,
                                             as Liquidity Provider


                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:


                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:

cc:  Wilmington Trust Company, as Class A Trustee



<PAGE>   45



         Annex VI to
         Revolving Credit Agreement


                    NOTICE OF REPLACEMENT SUBORDINATION AGENT

[Date]

Attention:

                  Revolving Credit Agreement dated as of January 28, 2000,
between Wilmington Trust Company, as Subordination Agent, as agent and trustee
for the Atlas Air Pass Through Trust, 2000-lA, as Borrower, and WESTDEUTSCHE
LANDESBANK GIROZENTRALE, acting through its New York Branch (the "Liquidity
Agreement")



Ladies and Gentlemen:

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


                              [Name of Transferee]


                             [Address of Transferee]

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

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



<PAGE>   46



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



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


                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title: