EXHIBIT 10.48
                           SECOND AMENDMENT AGREEMENT


         This SECOND AMENDMENT AGREEMENT, dated as of May 10, 2004 (this "Second
Amendment Agreement"), to the Secured Loan Agreement, dated as of May 7, 1997
(the "Secured Loan Agreement"), among FINOVA Capital Corporation, Wilmington
Trust Company, not in its individual capacity, except as expressly set forth
therein, but solely as owner trustee ("Owner Trustee") under the Trust Agreement
(as defined below), 747 Inc., an Oregon corporation ("747"), Delford M. Smith, a
natural person, and King, Christian Inc., a Nevada corporation ("King
Christian"), as amended by the Amendment Agreement, dated as of May 9, 2003 (as
amended, the "Existing Secured Loan Agreement"), is hereby given by FINOVA
CAPITAL CORPORATION, a Delaware corporation ("FINOVA"), WILMINGTON TRUST
COMPANY, not in its individual capacity, but solely as Owner Trustee, EVERGREEN
INTERNATIONAL AVIATION, INC., an Oregon corporation ("Aviation"), as assignee of
Evergreen Holdings, Inc., an Oregon corporation ("Holdings") (successor to 747
and King Christian), and DELFORD M. SMITH.

         WHEREAS, the Secured Loan Agreement was entered into on May 7, 1997
among FINOVA, as lender, Wilmington Trust Company, not in its individual
capacity, except as expressly set forth therein, but solely as Owner Trustee of
the trust created pursuant to the Trust Agreement, as borrower, and 747, Delford
M. Smith and King Christian, as owner participants.

         WHEREAS, a trust (the "1986 Trust") was created pursuant to the Trust
Agreement, dated as of February 25, 1986, as amended and restated by the Amended
and Restated Trust Agreement, dated as of August 31, 1987, as amended on August
31, 1988, as amended and restated by the Second Amended and Restated Trust
Agreement, dated as of September 29, 1995, as amended by the First Amendment
thereto as of May 8, 2003, as amended by the Second Amendment thereto as of
January 14, 2004, and as amended by the Third Amendment thereto as of May 10,
2004, among Aviation, as assignee of Holdings (successor to 747 and King
Christian), and Delford M. Smith, as Beneficiaries, and Wilmington Trust
Company, not in its individual capacity, but as Owner Trustee (as restated and
amended, the "Trust Agreement").

         WHEREAS, pursuant to the Articles of Merger filed on August 11, 1998
with the Secretary of State of the State of Oregon, each of 747 and King
Christian were merged with and into Holdings, with Holdings as the surviving
corporation.


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         WHEREAS, the Assignment, Assumption and Amendment, dated as of July 31,
1998, was entered into among Wilmington Trust Company, not in its individual
capacity but solely as Owner Trustee, Delford M. Smith, Holdings, Aviation and
FINOVA, whereby Holdings (as successor to 747 and King Christian) assigned all
its right, title and interest in, to and under the Secured Loan Agreement to
Aviation, and Aviation assumed all Holdings' obligations thereunder.

         WHEREAS, the Assignment and Assumption Agreement, dated as of July 31,
1998, was entered into between Holdings and Aviation, whereby Holdings assigned
all its rights, title and interests in, to and under the Trust Agreement to
Aviation, and Aviation assumed all Holdings' obligations thereunder.

         WHEREAS, certain subsidiaries (the "Borrowers") of Aviation are
entering into the Loan and Security Agreement, to be dated on or about May 12,
2004 (the "Loan and Security Agreement"), by and among Aviation, the Borrowers,
the lenders that are signatories thereto, and Wells Fargo Foothill, Inc., as the
arranger and administrative agent.

         WHEREAS, pursuant to the Loan and Security Agreement, the Owner Trustee
will unconditionally guarantee (the "General Continuing Guaranty") the
Borrowers' obligations under the Loan and Security Agreement by executing the
General Continuing Guaranty.

         WHEREAS, as a condition to giving its consent under the Secured Loan
Agreement to the General Continuing Guaranty, FINOVA has requested that the
Secured Loan Agreement be amended to provide that an event of default under the
Loan and Security Agreement (a "Loan and Security Agreement Event of Default")
constitute an event of default under the Secured Loan Agreement.

         WHEREAS, the parties hereby desire to amend certain provisions in the
Secured Loan Agreement to reflect the agreement of the parties with respect to
the contemplated transactions described above.

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

         Section 1. AMENDMENT OF SECTION 1.2 OF THE SECURED LOAN AGREEMENT. The
parties hereto agree that Section 1.2 of the Secured Loan Agreement is hereby
amended to delete the definition of "Credit Facility Event of Default" and to
include the following definitions:

  "Loan and Security Agreement Event of Default"   an Event of Default under the
                                                   Loan and Security Agreement,
                                                   to be dated on or about
                                                   May 12, 2004 (the "Loan and
                                                   Security Agreement"), by and
                                                   among Evergreen International
                                                   Aviation, Inc. ("Aviation"),
                                                   certain subsidiaries of
                                                   Aviation, the lenders that
                                                   are signatories thereto, and
                                                   Wells Fargo Foothill, Inc.,
                                                   as the arranger and
                                                   administrative agent (as such
                                                   event of default is defined
                                                   therein).

  "Wells Fargo Foothill Financing"                 the financing pursuant to the
                                                   Loan and Security Agreement.

         Section 2. AMENDMENT OF SECTION 10.3(H) OF THE SECURED LOAN AGREEMENT.
The parties hereto agree that Section 10.3(h) of the Secured Loan Agreement is
hereby deleted in its entirety and replaced with the following:

         "(h) Except for the assignment of Aviation's beneficial interest in the
Trust Estate as contemplated by the Wells Fargo Foothill Financing, the Owner
Participants shall not sell, lease, transfer, abandon or otherwise dispose of
(or enter into any commitment to sell, lease, transfer, abandon or otherwise
dispose of) all or any part of its beneficial interest in the Trust Estate or
its obligations or rights under any Transaction Document without Lender's prior
written consent."

         Section 3. AMENDMENT OF SECTION 13.1 OF THE SECURED LOAN AGREEMENT. The
parties hereto agree that Section 13.1(k) of the Secured Loan Agreement is
hereby deleted in its entirety and replaced with the following:

         "(k) A Loan and Security Agreement Event of Default shall occur and be
continuing."

         Section 4. ENTIRE AGREEMENT. This Agreement and the other documents
attached hereto or incorporated by reference herein constitute the entire
agreement of the parties hereto with respect to the subject matter hereof and
supersedes all other understandings, oral and written, with respect to the
subject matter hereof.

         Section 5. APPLICABLE LAW. THIS AGREEMENT SHALL BE DEEMED TO HAVE BEEN
NEGOTIATED AND MADE IN, AND SHALL BE GOVERNED AND INTERPRETED UNDER THE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE BY RESIDENTS THEREOF TO BE
ENTIRELY PERFORMED THEREIN.

         Section 6. COUNTERPARTS. The Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument and any of the parties hereto may execute this Agreement by signing
any such counterpart.

         Section 7. LIMITATION OF LIABILITY. Notwithstanding anything contained
herein to the contrary, it is expressly understood and agreed by the parties
hereto that (a) this Agreement is executed and delivered by Wilmington Trust
Company, not individually or personally but solely as Owner Trustee, in the
exercise of the powers and authority conferred and vested in it under the Trust
Agreement (b) each of the representations, undertakings and agreements herein
made on the part of the Owner Trustee is made and intended not as personal
representations, undertakings and agreements by Wilmington Trust Company but is
made and intended for the purpose for binding only the Trust Estate (as defined
in the Trust Agreement) and (c) under no circumstances shall Wilmington Trust
Company be personally liable for the payment of any indebtedness or expenses of
the Owner Trustee or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Owner Trustee
under this Agreement or the other related documents.




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

                                      As Lender:

                                      FINOVA CAPITAL CORPORATION



                                      By:  /S/ MYLES A. MACDONALD
                                           ----------------------
                                           Name:      Myles A. MacDonald
                                           Title:     Senior Vice President


                                      As Borrower:

                                      WILMINGTON TRUST COMPANY,
                                      not in its individual capacity,
                                      except as expressly set forth
                                      in Section 9.1 or 10.1 of the
                                      Secured Loan Agreement, but
                                      solely as Owner Trustee


                                      By:  /S/ LINDA C. MACK
                                           -----------------
                                           Name:      Linda C. Mack
                                           Title:     Financial Services Officer


                                      As Owner Participants:

                                      EVERGREEN INTERNATIONAL AVIATION, INC.


                                      By:  /S/ JOHN A. IRWIN
                                           -----------------
                                           Name:      John A. Irwin
                                           Title:     Treasurer


                                      DELFORD M. SMITH

                                           /S/ DELFORD M. SMITH
                                           --------------------