Document:

EXHIBIT 10.6.8

            AMENDMENT NO. 4 TO SECURITY AGREEMENT AND CHATTEL MORTGAGE
                            (AIRCRAFT NO. N5O5MC)(1)

            THIS FOURTH AMENDMENT TO THE SECURITY AGREEMENT AND CHATTEL MORTGAGE
is dated as of May 31, 2005, (this "AMENDMENT"), and entered into by and between
Atlas  Freighter  Leasing III, Inc., a Delaware  corporation  ("BORROWER"),  and
Deutsche  Bank  Trust  Company  Americas,  as agent  for and  representative  of
("ADMINISTRATIVE  AGENT") the financial  institutions  ("LENDERS")  party to the
Amended and Restated Credit Agreement referred to below.

                              W I T N E S S E T H;

            WHEREAS,  Borrower is party to that certain Credit Agreement,  dated
as of April 25,  2000,  among  Borrower,  the  Lenders  from time to time  party
thereto and the Administrative  Agent (as amended,  modified and/or supplemented
to, but not including, the date hereof, the "CREDIT AGREEMENT").

            WHEREAS,  pursuant  to that  certain  Amended  and  Restated  Credit
Agreement,  dated as of July 27, 2004, among Borrower,  the Lenders from time to
time party thereto and the  Administrative  Agent (as amended,  modified  and/or
supplemented  from time to time, the "AMENDED AND RESTATED  CREDIT  AGREEMENT"),
Borrower has agreed to further amend and restate the Credit Agreement.

            WHEREAS,  Borrower and the Administrative  Agent are parties to that
certain  Security  Agreement  and Chattel  Mortgage  with  respect to one Boeing
747-2D3B,  U.S.  Registration  No. N5O5MC,  Manufacturer's  Serial Number 21251,
dated as of April 25, 2000, between the Borrower and the Agent,  recorded by the
Federal  Aviation  Administration  on May 24, 2000, as Conveyance No.  DD018943,
supplemented  by  Supplemental  Chattel  Mortgage No. 1 dated as of November 13,
2000,  recorded on December 20, 2000, as  Conveyance  No.  SS016138,  amended by
Amendment No. 1 to Security  Agreement and Chattel  Mortgage dated as of October
30r20(0)l,  recorded  January 9, 2002, as Conveyance  No.  SS018002,  amended by
Amendment No. 2 to Aircraft Chattel Mortgage dated as of June 14, 2002, recorded
August 21, 2002,  as  Conveyance  No.  YY034496,  amended by Amendment  No. 3 to
Security  Agreement  and Chattel  Mortgage  dated as of July 27, 2004,  recorded
August 24, 2004 as Conveyance No. NN027686 (the "AIRCRAFT CHATTEL MORTGAGE").

----------
(1) This  Amendment  to the  Security  Agreement  and Chattel  Mortgage has been
executed in several counterparts.  To the extent, if any, that this Amendment to
the Security Agreement and Chattel Mortgage  constitutes  chattel paper (as such
term is defined in the Uniform  Commercial  Code as in effect in any  applicable
jurisdiction),  no security interest in this Amendment to the Security Agreement
and Chattel  Mortgage may be created  through the transfer or  possession of any
counterpart  other than the original.  The counterpart to be deemed the original
shall be the counterpart that contains the receipt therefor executed by Deutsche
Bank Trust Company  Americas,  as  Administrative  Agent,  on the signature page
thereof and no security interest in this Amendment to the Security Agreement and
Chattel  Mortgage may be created through the transfer of any  counterpart  other
than said original counterpart.

<PAGE>

            WHEREAS,  subject to the terms and conditions  set forth below,  the
parties hereto wish to amend certain provisions of the Aircraft Chattel Mortgage
as provided herein.

            NOW THEREFORE, it is agreed:

A. AMENDMENT TO AIRCRAFT CHATTEL MORTGAGE

      1. The proviso to Section  4(g)(ii) of the  Aircraft  Chattel  Mortgage is
hereby amended by (x) deleting the text "$50,000,000" appearing therein, and (y)
inserting the text "$15,000,000" in lieu thereof.

B. MISCELLANEOUS PROVISIONS

      1. This Amendment may be executed in any number of counterparts and by the
different parties hereto on separate  counterparts,  each of which  counterparts
when  executed  and  delivered  (including  by way of  facsimile  or  electronic
transmission)  shall be an original,  but all of which shall together constitute
one and the same instrument. A complete set of counterparts shall be lodged with
Borrower and the Administrative Agent.

      2. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES  HEREUNDER
SHALL BE  CONSTRUED IN  ACCORDANCE  WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK.

      3. This  Amendment  is limited as  specified  and shall not  constitute  a
modification,  acceptance  or  waiver  of any other  provision  of the  Aircraft
Chattel Mortgage.

      4. From and after the date hereof,  all references in the Aircraft Chattel
Mortgage to the Aircraft  Chattel  Mortgage  shall be deemed to be references to
the Aircraft Chattel Mortgage as modified hereby.

                                      * * *

                                       -2-
<PAGE>

            IN WITNESS WHEREOF, the undersigned have caused this Amendment to be
duly executed and delivered as of the date first above written.

                                              ATLAS FREIGHTER LEASING III, INC.

                                              By: /s/ William C. Bradley
                                                  ------------------------------
                                                  Name:  William C. Bradley
                                                  Title: Treasurer & Secretary

                                                              Mortgage Amendment
                                                                        (N505MC)

<PAGE>

                                              DEUTSCHE BANK TRUST COMPANY
                                              AMERICAS, as Agent

                                              By: /s/ Mark B. Cohen
                                                  ------------------------------
                                                  Name:  Mark B. Cohen
                                                  Title: Managing Director

                                              By: /s/ Steven A. Cohen
                                                  ------------------------------
                                                  Name:  Steven A. Cohen
                                                  Title: Director

                                                              Mortgage Amendment
                                                                        (N505MC)

<PAGE>

                           Schedule to Exhibit 10.6.8

The agreements listed below are substantially identical to this exhibit and are
not being filed separately as exhibits pursuant to instruction 2 to Regulation
S-K, Item 601.

<TABLE>
<CAPTION>
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
REGISTRATION         MANUFACTURER'S SERIAL    AGENT            BORROWER                  AGREEMENT
NUMBER               NUMBER(S)
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
<S>                  <C>                      <C>              <C>                       <C>
N509MC               21221                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N509MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N512MC               21220                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N512MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N517MC               23300                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N517MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N522MC               21783                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N522MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N523MC               21782                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N523MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N524MC               21784                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N524MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N526MC               22337                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N526MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N527MC               22471                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N527MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N528MC               22472                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N528MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N534MC               21832                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N534MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N808MC               21048                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N808MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N809MC               20887                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
                                              Trust Company    III                       Agreement (N809MC) dated as
                                              Americas                                   of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

CF6-50E2 Spare       530168; 517530;          Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
Engines              517790; 517602;          Trust Company    III                       Agreement (CF6-50E2 Spare
                     517547; 517,538;         Americas                                   Engines) dated as of May
                     517,539; 455167; 530255                                             31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

CF6-80C2 BSF Spare   704,699; 704860; 704918  Deutsche Bank    Atlas Freighter Leasing   Amendment No. 4 to Security
Engines                                       Trust Company    III                       Agreement (CF6-50E2 Spare
                                              Americas                                   Engines) dated as of May
                                                                                         31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

</TABLE>EXHIBIT 10.6.9

                                                                  EXECUTION COPY

                                HOLDINGS GUARANTY

================================================================================

                                    GUARANTY
                                    (N505MC)

                           Dated as of July 27, 2004

                                    given by

                       ATLAS AIR WORLDWIDE HOLDINGS, INC.

================================================================================

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----

SECTION 1. GUARANTY .......................................................   1

SECTION 2. GENERAL PROVISIONS RELATING TO THE GUARANTY ....................   2

SECTION 3. COVENANTS OF GUARANTOR .........................................   6
   (a)    No Assignment by Guarantor ......................................   6
   (b)    Default Under Loan Documents ....................................   6

SECTION 4. REPRESENTATIONS AND WARRANTIES OF GUARANTOR ....................   6

SECTION 5. MISCELLANEOUS ..................................................   6
   (a)    Waivers; Cumulative Effect ......................................   6
   (b)    Amendments; Waivers .............................................   6
   (c)    Severability ....................................................   6
   (d)    Counterparts ....................................................   7
   (e)    Notices .........................................................   7
   (f)    Headings, References ............................................   7
   (g)    Governing Law ...................................................   7
   (h)    Benefit and Binding Effect ......................................   7
   (i)    Service of Process; Jurisdiction and Waiver .....................   7
   (j)    Savings .........................................................   8
Annex A - Address for Notices to Guarantor

Schedule I - Description of Lease Agreement
<PAGE>

                                HOLDINGS GUARANTY

            HOLDINGS  GUARANTY (this  "GUARANTY")  dated as of July 27, 2004, is
given by Atlas Air  Worldwide  Holdings,  Inc.  (the  "GUARANTOR"),  a  Delaware
corporation,  with respect to each and every  obligation of the Lessee under the
Amended  and  Restated  Lease  Agreement,  dated as of July 27,  2004,  and more
particularly   described  on  Schedule  I  hereto  (as   amended,   modified  or
supplemented  from time to time,  the  "Lease  Agreement")  and the  other  Loan
Documents, and is given to and for the benefit of the Lessor, the Agent, and the
Lenders  (collectively,  the  "GUARANTEED  BENEFICIARIES"  and  individually,  a
"GUARANTEED  BENEFICIARY").  All  capitalized  terms used herein  shall,  unless
otherwise  defined herein,  have the respective  meanings set forth in the Lease
Agreement.

                              W I T N E S S E T H:

            WHEREAS, as of the date hereof the Guarantor owns 100% of the issued
and outstanding capital stock of the Lessee;

            WHEREAS,  the Guarantor  entered into the Holdings Guaranty dated as
of  [August  13,  2002](1)   [October  30,  2001](2)  (the  "Original   Holdings
Guaranty"), in connection with the Existing Credit Agreement.

            WHEREAS,  it is a condition  precedent to the  effectiveness  of the
Lease  Agreement,  that the Guarantor  guarantee the  obligations  of the Lessor
under  the  Lease  Agreement  and the  other  Loan  Documents  in  favor  of the
Guaranteed  Beneficiaries  and  that  the  Guarantor  shall  have  executed  and
delivered to the Agent this Guaranty;

            WHEREAS,  the  Guarantor is entering  into this Guaranty in order to
induce the Agent and each Lender to enter into the Credit Agreement;

            WHEREAS,  the Guarantor  will obtain  benefits from Lessee  entering
into the Lease Agreement,  and accordingly,  desires to execute this Guaranty in
order to satisfy the conditions  described in the second preceding paragraph and
to  amend  and  restate  the  Original  Holdings  Guaranty  in the  form of this
Guaranty;

            NOW, THEREFORE, the Guarantor hereby agrees on behalf of and for the
benefit of the Guaranteed Beneficiaries as follows:

            SECTION 1. GUARANTY.  The Guarantor does hereby  unconditionally and
irrevocably  guarantee,  as  primary  obligor  and not  merely  as  surety,  the
following (such obligations being the "GUARANTEED OBLIGATIONS"):

            (a) to each  Guaranteed  Beneficiary,  the full and  prompt  payment
      when, where and as due, of each and every payment obligation of the Lessee
      to each such Guaranteed

----------
(1)   Date of Original Holdings Guaranty for Aircraft N512MC, N808MC and N809MC.

(2)   Date of Original Holding Guaranty for all other AFL III Aircraft and Spare
      Engines.

<PAGE>

      Beneficiary  under the  Lease  Agreement  and each  other  Loan  Document,
      including, without limitation, Rent; and

            (b) to each Guaranteed  Beneficiary entitled thereto under the terms
      of any Loan Document,  the full and timely  performance  and observance by
      the Lessee of each and all other covenants and agreements not described in
      clause (a) above  required to be performed or observed by the Lessee under
      such Loan Document.

            Without  limiting the generality of the foregoing,  the  Guarantor's
liability  hereunder shall extend to all obligations that constitute part of the
Guaranteed  Obligations and would be owed by the Lessee under the Loan Documents
but for the  fact  that  they  are  unenforceable  or not  allowable  due to the
existence of a  bankruptcy,  suspension of payments,  reorganization  or similar
proceeding involving the Lessee.

            SECTION 2. GENERAL PROVISIONS RELATING TO THE GUARANTY.

            (a) Each and every  default  in any  payment or  performance  of any
obligation  of the Lessee under any Loan Document to which the Lessee is a party
shall give rise to a separate claim and cause of action  hereunder to the extent
that each such  default  by the Lessee  would  give rise to a separate  claim or
cause of action under the applicable Loan Document, and separate claims or suits
may be made and  brought,  as the case may be,  hereunder  as each such  default
occurs.

            (b) This Guaranty shall be a continuing,  absolute,  irrevocable and
unconditional  guaranty of payment and  performance  and not of  collection  and
shall remain in full force and effect until each and all of the  obligations  of
the  Lessee  guaranteed   hereunder  shall  have  been  fully  and  indefeasibly
discharged or performed in accordance  with the terms and provisions of the Loan
Documents (and no longer subject to  recoupment,  preference  claims or clawback
under  applicable  bankruptcy,  insolvency or similar  laws),  and the Guarantor
shall have fully  discharged  or  performed  all of its  obligations  under this
Guaranty to each Guaranteed Beneficiary.

            (c) This Guaranty and the liability of the Guarantor provided for in
Section 1 hereunder shall remain in full force and effect irrespective of:

            (i) the legality,  validity,  regularity or  enforceability,  or the
      absence  of any  thereof,  of any Loan  Document  (or  other  document  or
      agreement) or of any assignment,  amendment,  modification, or termination
      of any Loan Document (or other document or agreement) or any subleasing or
      further  subleasing  of the  Aircraft or Spare  Engines  (or any  interest
      therein or portion  thereof),  and shall in no way be affected or impaired
      by (and no notice to the  Guarantor  shall be  required in respect of) any
      compromise, waiver, settlement,  release, renewal, extension,  indulgence,
      amendment,  addition, deletion, change or modification with respect to, or
      release of any security for any of the  obligations  or liabilities of the
      Lessee under,  any Loan Document or any  redelivery,  repossession,  sale,
      transfer or other disposition, surrender or destruction of, or other event
      or  circumstance  with respect to, the  Aircraft or Spare  Engines (or any
      interest therein or portion thereof), in whole or part; or

                                      -2-
<PAGE>

            (ii) the transfer,  assignment,  subletting,  or mortgaging,  or the
      purported transfer,  assignment,  subletting, or mortgaging, of all or any
      part of the interest of any  Guaranteed  Beneficiary  or the Lessee in the
      Aircraft or Spare Engines (or any interest  therein or portion thereof) in
      accordance with the Loan Documents; or

            (iii)  any  absence  or  defect  or  failure  of  title  or  lack of
      recordation or registration  with respect to any Guaranteed  Beneficiary's
      or the Lessee's interest in the Aircraft or Spare Engines (or any interest
      therein or portion thereof); or

            (iv) any  failure  of  delivery  of,  or loss of  perfection  of any
      security  interest  with  respect to, any portion of the Aircraft or Spare
      Engines (or any interest therein or portion thereof); or

            (v) any matter relating to any agreement or approval (or the absence
      thereof) in connection with the Aircraft or Spare Engines (or any interest
      therein or portion thereof); or

            (vi) any failure,  neglect or omission on the part of any Guaranteed
      Beneficiary  or any  other  Person  to give the  Guarantor  notice  of the
      occurrence of any Default or Lease Event of Default or Potential  Event of
      Default or Event of Default or to realize upon any collateral  held by any
      Guaranteed Beneficiary or any other Person with respect to any obligations
      or  liabilities  of the  Lessee,  or to provide for any  insurance  on the
      Aircraft or Spare Engines (or any interest therein or portion thereof), or
      to establish  or maintain a security or other  interest in the Aircraft or
      Spare  Engines  (or  any  interest  therein  or  portion  thereof)  or any
      collateral  provided  under any Loan  Document or to establish or maintain
      the priority or perfection of any thereof; or

            (vii) any defect in the compliance with  specifications,  warranties
      or any insurance policy or the condition, design, operation or fitness for
      use of, or any damage to or loss or destruction of, or any interruption or
      cessation  in the use of, the  Aircraft or Spare  Engines (or any interest
      therein or any portion  thereof) by the Lessee or any other Person for any
      reason  whatsoever  (including,   without  limitation,   any  governmental
      prohibition  or  restriction,  condemnation,  requisition,  seizure or any
      other act on the part of any  governmental or military  authority,  or any
      act of God or of the public  enemy)  regardless  of the  duration  thereof
      (even though such duration would otherwise  constitute a frustration under
      any Loan Document), whether or not without fault on the part of the Lessee
      or any other Person; or

            (viii)  any  merger,   consolidation   or  other   restructuring  or
      termination of the corporate structure, reorganization or transaction with
      respect to the Lessee or the  Guarantor  into,  with or in respect of, any
      other  Person or any sale,  lease,  assignment  or  transfer of any of the
      assets of the Lessee or Guarantor to any other Person; or

            (ix) any disposition by the Guarantor of its interest in the Lessee,
      or any  change in the  ownership  of any  shares of  capital  stock of the
      Guarantor or the Lessee,  or any change,  restructuring  or termination of
      the corporate structure or existence of the Lessee; or

                                      -3-
<PAGE>

            (x) the  imposition  of any Tax or other charge  against the Lessee,
      the Guarantor or any other Person; or

            (xi) any exchange, release or nonperfection, or lapse of perfection,
      of any security for any  Guaranteed  Obligation  or the  acceptance of any
      security therefor; or

            (xii)  any   bankruptcy,   insolvency,   winding  up,   dissolution,
      liquidation,  receivership,  or reorganization of, or similar  proceedings
      affecting,  the Lessee or the  Guarantor  or its  assets or any  resulting
      release or discharge of any of the Guaranteed  Obligations  (except to the
      extent resulting from performance thereof); or

            (xiii) any regulatory change or other  governmental  action (whether
      or not adverse); or

            (xiv)  any  partial   payment  or   performance  of  the  Guaranteed
      Obligations  (whether as a result of the  exercise  of any right,  remedy,
      power or privilege  or  otherwise)  that is accepted or received  (except,
      subject to paragraph  (f) of this Section 2, to the extent of such payment
      or performance); or

            (xv)  any  other  occurrence  or  circumstance  whatsoever,  whether
      similar or dissimilar to the foregoing,  whether or not foreseeable,  that
      might  otherwise  constitute a legal or equitable  defense or discharge of
      the  liabilities  of a guarantor or surety or that might  otherwise  limit
      recourse against the Guarantor.

            The  obligations  of the Guarantor set forth herein  constitute  the
full recourse  obligations of the Guarantor  enforceable  against it to the full
extent of all its assets and properties.

            (d) The  obligation and liability of the Guarantor  hereunder  shall
not be impaired,  diminished,  abated or otherwise  affected (i) by any set-off,
defense or counterclaim  that the Lessee,  the Guarantor or any other Person may
have  or  claim  to  have,  at any  time or from  time to  time,  or (ii) by the
commencement by or against the Lessee,  the Guarantor or any other Person of any
proceedings  under any  bankruptcy  or  insolvency  law or laws  relating to the
relief of debtors, readjustment of indebtedness, reorganizations,  arrangements,
compositions or extension or other similar laws.

            (e) It is the intent and purpose hereof that the Guarantor shall not
be  entitled to and does  hereby  waive,  to the  fullest  extent  permitted  by
applicable law, any and all defenses available to guarantors, sureties and other
secondary  parties at law or in equity.  Without  limiting the generality of the
foregoing, the Guarantor hereby waives notice of acceptance of this Guaranty and
of the nonperformance by the Lessee, diligence,  presentment, protest, dishonor,
demand for payment from the Lessee or any other Person and notice of  nonpayment
or  failure  to  perform  on the  part  of the  Lessee  and  all  other  notices
whatsoever.  The guaranty  hereunder is a guaranty of payment,  performance  and
compliance and not of  collectability  only. The Guarantor  specifically  agrees
that it shall not be necessary,  and the Guarantor shall not require,  before or
as a condition of enforcing the  liability of the Guarantor  under this Guaranty
or  requiring  payment  or  performance  of the  Guaranteed  Obligations  by the
Guarantor  hereunder,  or at any time  thereafter,  that  any of the  Guaranteed
Beneficiaries  (i) file suit or proceed to obtain or assert a claim for personal
judgment  against any Person that may be liable for any  Guaranteed  Obligation;
(ii) make any other effort to

                                      -4-
<PAGE>

obtain payment or performance  of any Guaranteed  Obligation  from the Lessee or
any  other  Person  that may be liable  for such  Guaranteed  Obligation;  (iii)
foreclose against or seek to realize upon any security now or hereafter existing
for such  Guaranteed  Obligation;  (iv)  exercise  or assert any other  right or
remedy to which any of the  Guaranteed  Beneficiaries  is or may be  entitled in
connection  with any  Guaranteed  Obligation  or any security or other  guaranty
therefor;  (v) assert or file any claim  against the assets of the Lessee or any
other Person liable for any  Guaranteed  Obligation;  or (vi) join the Lessee or
any  other  Person  as a party  to any  proceeding  for the  enforcement  of any
provision of this Guaranty.  Without  limiting the  foregoing,  it is understood
that  repeated  and  successive  demands may be made and  recoveries  may be had
hereunder as and when,  from time to time,  a Lease Event of Default  shall have
occurred and be continuing or a Guaranteed  Obligation shall otherwise arise (in
either case, a "RECOVERY EVENT"), and that,  notwithstanding  recovery hereunder
for or in respect of any such  Recovery  Event,  this  Guaranty  shall remain in
force and effect and shall apply to each and every  subsequent  Recovery  Event.
The  Guarantor  further  agrees that,  without  limiting the  generality of this
Guaranty,  if any Recovery  Event shall have occurred and be continuing  and any
Guaranteed  Beneficiary (or any assignee thereof) is prevented by applicable law
from  exercising its remedies under any applicable Loan Document for any reason,
such  Guaranteed  Beneficiary  (or any  assignee  thereof)  shall be entitled to
receive  hereunder  from the  Guarantor,  upon  demand  therefor,  the sums that
otherwise  would have been due from the Lessee had such remedies been exercised.
If the  Guarantor  makes any payment or performs  any  obligation  hereunder  in
respect of any of the  obligations to be performed by the Lessee,  the Guarantor
shall  become  subrogated  to the extent of such payment or  performance  to the
rights of the Guaranteed  Beneficiary under the relevant  agreement to which the
Lessee is a party  against  the Lessee in respect  of such  obligations  and any
collateral  security or guaranty  held by or for the benefit of such  Guaranteed
Beneficiary for the payment of such obligations;  PROVIDED,  HOWEVER,  that such
rights of subrogation  shall not commence until such time  subsequent to the end
of the Term as the Lessee or the Guarantor,  as the case may be, shall have paid
and  performed  each  and  every   Guaranteed   Obligation  to  each  Guaranteed
Beneficiary  and the  Guarantor  shall  have  fully  performed  its  obligations
hereunder.

            (f) The guaranty  hereunder  shall not be deemed to have  terminated
and shall  continue to be effective  (or if  terminated  for any reason shall be
reinstated, as the case may be), if at any time payment, or any part thereof, of
any of the  obligations  hereunder or under any Loan  Document is rescinded  and
must be (and actually is) returned by any  Guaranteed  Beneficiary to the Person
who  made  the  payment  or on  behalf  of whom the  payment  was made  upon the
insolvency,  bankruptcy or reorganization (or similar event) with respect to the
Lessee,  the  Guarantor  or  otherwise,  all as though such payment had not been
made.

            (g) If the Guarantor  fails to pay any amount  hereunder when due to
any  Guaranteed  Beneficiary,   the  Guarantor  shall  pay  to  such  Guaranteed
Beneficiary  interest,  on  demand,  on  such  amount  at the  appropriate  rate
described in Section 2.2D of the Credit Agreement.

            (h)  The  Guarantor   further  agrees  to  pay  to  each  Guaranteed
Beneficiary  any and all costs and  expenses,  including  reasonable  legal fees
(which shall include  allocated  costs of internal  counsel) and  disbursements,
incurred  by such party in  connection  with  enforcing  its  rights  under this
Guaranty.

                                      -5-
<PAGE>

            SECTION 3. COVENANTS OF GUARANTOR.  The Guarantor  hereby  covenants
for the benefit of each Guaranteed Beneficiary as follows:

            (a) NO  ASSIGNMENT  BY  GUARANTOR.  Except  as  expressly  permitted
herein,  the  Guarantor  agrees  that it shall not  assign  any of its rights or
obligations  hereunder  without the prior  written  consent of the  Lessor,  the
Agent, and the Requisite  Lenders.  The Guarantor  acknowledges  that the Lessor
intends to mortgage,  grant,  and assign all of the Lessor's right,  title,  and
interest in and to this Guaranty and the  Guarantor's  obligations  hereunder to
the Agent, as administrative  agent for and  representative  of the Lenders,  as
security  for the  Secured  Obligations  (as  defined in the  relevant  Aircraft
Chattel  Mortgage),  and the Guarantor hereby consents to such mortgage,  grant,
and assignment.

            (b) DEFAULT UNDER LOAN DOCUMENTS. The Guarantor agrees that it shall
not take any  action or fail to take any action  that  would  cause a Default or
Lease Event of Default under any Lease or a Potential  Event of Default or Event
of Default under any of the other Loan Documents.

            SECTION  4.   REPRESENTATIONS  AND  WARRANTIES  OF  GUARANTOR.   The
Guarantor  makes,  for the benefit of each Guaranteed  Beneficiary,  each of the
representations  and warranties  made in the Lease Agreement by the Guarantor as
to its assets,  financial  condition,  operations,  organization,  legal status,
business, and the Loan Documents to which it is a party.

            SECTION 5. MISCELLANEOUS.

            (a)  WAIVERS;   CUMULATIVE   EFFECT.  A  waiver  by  any  Guaranteed
Beneficiary  of any right or remedy  hereunder on any one occasion  shall not be
construed as a bar to any right or remedy that such  Guaranteed  Beneficiary (or
any  other  Guaranteed  Beneficiary)  would  otherwise  have  had on any  future
occasion with regard to any  subsequent  breach.  No failure to exercise nor any
delay in exercising on the part of any Guaranteed  Beneficiary any right, power,
or privilege hereunder,  shall operate as a waiver thereof; nor shall any single
or partial  exercise of any right,  power, or privilege  hereunder  preclude any
other or further exercise thereof or the exercise of any other right,  power, or
privilege.  The rights and remedies  herein  provided are  cumulative and may be
exercised  singularly or  concurrently,  and are not exclusive of any rights and
remedies provided by law or by the Lease Agreement or the other Loan Documents.

            (b)  AMENDMENTS;  WAIVERS.  This  Guaranty  may  not be  terminated,
amended,  supplemented,  waived,  or  modified  orally,  but may be  terminated,
amended, supplemented, waived, or modified upon the prior written consent of the
Guarantor, the Lessor, the Agent, and the Requisite Lenders.

            (c) SEVERABILITY.  Any provision of this Guaranty that is prohibited
or  unenforceable  in  any  jurisdiction  shall,  as to  such  jurisdiction,  be
ineffective  to the  extent  of such  prohibition  or  unenforceability  without
invalidating  the  remaining  provisions  hereof,  and any such  prohibition  or
unenforceability   in  any   jurisdiction   shall  not   invalidate   or  render
unenforceable such provision in any other jurisdiction.

                                      -6-
<PAGE>

            (d)  COUNTERPARTS.  This  Guaranty  may be  executed  by the parties
hereto in separate  counterparts,  each of which when so executed and  delivered
shall be an original,  but all such counterparts  shall together  constitute but
one and the same instrument.

            (e) NOTICES.  Any notice to the Guarantor  hereunder may be directed
to the  Guarantor at its address set forth in Annex A, or to such other  address
as the Guarantor may designate by notice given to the other parties hereto.

            (f) HEADINGS, REFERENCES. The section and paragraph headings in this
Guaranty are for  convenience  of reference  only and shall not modify,  define,
expand or limit any of the terms or provisions hereof.

            (g) GOVERNING  LAW.  THIS GUARANTY  SHALL BE GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK, EXCLUDING (TO THE GREATEST EXTENT PERMISSIBLE BY LAW) ANY
RULE OF LAW THAT WOULD  CAUSE THE  APPLICATION  OF THE LAWS OF ANY  JURISDICTION
OTHER THAN THE STATE OF NEW YORK.  THIS GUARANTY HAS BEEN DELIVERED IN THE STATE
OF NEW YORK.

            (h) BENEFIT AND BINDING EFFECT.  The terms of this Guaranty shall be
binding  upon the  Guarantor,  and shall inure to the benefit of the  Guarantor,
each  Guaranteed  Beneficiary,  and their  respective  successors  and permitted
assigns (to the extent permitted hereunder and under the Loan Documents).

            (i) SERVICE OF PROCESS;  JURISDICTION AND WAIVER.  The Guarantor (A)
hereby irrevocably  submits to the nonexclusive  jurisdiction of (i) the Supreme
Court of the State of New York, New York County (without  prejudice to the right
of any party to remove to the  United  States  District  Court for the  Southern
District of New York) and (ii) the United States District Court for the Southern
District of New York for the purposes of any suit,  action,  or other proceeding
arising  out of this  Guaranty  or the  subject  matter  hereof  brought  by any
Guaranteed  Beneficiary  or its  successors  or  permitted  assigns,  (B) hereby
irrevocably agrees that all claims in respect of such suit, action or proceeding
may be heard and  determined  in such New York  State  court or, to the  fullest
extent permitted by applicable law, in such Federal court, and (C) to the extent
permitted  by  applicable  law,  hereby  irrevocably  waives,  and agrees not to
assert, by way of motion, as a defense, or otherwise,  in any such suit, action,
or proceeding any claim that it is not personally subject to the jurisdiction of
the above-named  courts,  that the suit,  action, or proceeding is brought in an
inconvenient  forum,  that the  venue of the  suit,  action,  or  proceeding  is
improper, or that this Guaranty or the subject matter hereof may not be enforced
in or by such court.  THE  GUARANTOR  WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY
SUIT,  ACTION,  PROCEEDING,  OR COUNTERCLAIM  ARISING OUT OF OR RELATING TO THIS
GUARANTY.  A  final  judgment  obtained  in  respect  of any  suit,  action,  or
proceeding  referred  to in this  Section  5(i) shall be  conclusive  and may be
enforced  in other  jurisdictions  by suit on the  judgment  or in any manner as
provided by applicable law. The Guarantor  hereby consents to service of process
in connection  with the subject  matter  specified in the first sentence of this
Section 5(i) in connection with the  above-mentioned  courts by registered mail,
FedEx,  DHL, or similar  courier at the address to which notices to it are to be
given as provided in Annex A hereto, it being agreed that service in such manner
shall constitute valid service upon

                                      -7-
<PAGE>

the Guarantor and its successors  and assigns in connection  with any such suit,
action, or proceeding only; PROVIDED, HOWEVER, that nothing in this Section 5(i)
shall  affect  the  right  of any  of  the  Guaranteed  Beneficiaries  or  their
successors  or assigns to serve legal  process in any other matter  permitted by
law  or  affect  the  right  of any of the  Guaranteed  Beneficiaries  or  their
successors  or assigns to bring any suit,  action,  or  proceeding  against  the
Guarantor or its properties in the courts of other jurisdictions.

            (j) SAVINGS.  Each Guaranteed  Beneficiary (by its acceptance of the
benefits hereof) and the Guarantor hereby confirms that it is its intention that
this Guaranty not constitute a fraudulent transfer or conveyance for purposes of
the Bankruptcy Code, the Uniform Fraudulent  Transfer Act or any similar federal
or state law. To effectuate the foregoing intention, each Guaranteed Beneficiary
and the Guarantor  hereby  irrevocably  agrees that the  Guaranteed  Obligations
guaranteed by the Guarantor  under this Guaranty shall be limited to such amount
as will,  after giving effect to such maximum amount and all of the  Guarantor's
other  (contingent or otherwise)  liabilities  that are relevant under such laws
(but  excluding,  to  the  maximum  extent  permitted  by  applicable  law,  any
liabilities of the Guarantor arising under any indebtedness that is subordinated
to the Guaranteed Obligations or any obligations under this Guaranty), result in
the  Guaranteed  Obligations  of the Guarantor in respect of such maximum amount
not constituting a fraudulent transfer or conveyance.

                                   * * * * *

                                      -8-
<PAGE>

            IN WITNESS  WHEREOF,  the  Guarantor  has caused this Guaranty to be
executed  as of the day and year  first  written  above for the  benefit  of the
parties named herein.

                                           ATLAS AIR WORLDWIDE HOLDINGS, INC.

                                           By: /s/ William C. Bradley
                                               ---------------------------------
                                               Name: William C. Bradley
                                               Title: Vice President & Treasurer

<PAGE>

                                                                         ANNEX A

                        ADDRESS FOR NOTICES TO GUARANTOR

ATLAS AIR WORLDWIDE HOLDINGS, INC.

2000 Westchester Avenue
Purchase, New York 10577-2543

Attention: Treasurer/Corporate Finance

<PAGE>

                                                                      SCHEDULE I

      Lease Agreement, dated as of April 25, 2000 and amended and restated as of
July 27,  2004,  between the Lessor and the  Lessee,  as  supplemented  by Lease
Supplement No. 1, dated as of July 27, 2004, which were recorded together as one
instrument by the Federal Aviation  Administration (the "FAA") on July 27, 2004,
as Conveyance No. [__________].

                                      (i)

<PAGE>

                           Schedule to Exhibit 10.6.9

The agreements listed below are substantially identical to this exhibit and are
not being filed separately as exhibits pursuant to instruction 2 to Regulation
S-K, Item 601.

<TABLE>
<CAPTION>
-------------------- ------------------------ ------------------------- -----------------------------------------
REGISTRATION         MANUFACTURER'S SERIAL    GUARANTOR                 AGREEMENT
NUMBER               NUMBER(S)
-------------------- ------------------------ ------------------------- -----------------------------------------
<S>                  <C>                      <C>                       <C>
N509MC               21221                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N512MC               21220                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N517MC               23300                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N522MC               21783                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N523MC               21782                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N524MC               21784                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N526MC               22337                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N527MC               22471                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N528MC               22472                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N534MC               21832                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N808MC               21048                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
N809MC               20887                    Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
                                              Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------
CF6-50E2 Spare       530168; 517530;          Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
Engines              517790; 517602;          Holdings, Inc.            2004
                     517547; 517,538;
                     517,539; 455167; 530255
-------------------- ------------------------ ------------------------- -----------------------------------------
CF6-80C2 BSF Spare   704,699; 704860; 704918  Atlas Air Worldwide       Holdings Guaranty dated as of July 27,
Engines                                       Holdings, Inc.            2004
-------------------- ------------------------ ------------------------- -----------------------------------------

</TABLE>

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