Document:

<PAGE>

EXHIBIT 10.22

                             STOCK PLEDGE AGREEMENT

          THIS STOCK PLEDGE AGREEMENT (this "Agreement"), entered into as of the
12th day of December, 2002, by and between WORLD AIRWAYS, INC., a Delaware
corporation, as pledgor (the "Pledgor"), and FOOTHILL CAPITAL CORPORATION, a
California corporation, as administrative agent for the Lender Group (as defined
in the Loan Agreement (as defined below)) (the "Agent").

                              W I T N E S S E T H:

          WHEREAS, pursuant to that certain Loan and Security Agreement of even
date herewith (as amended, restated, supplemented or otherwise modified from
time to time, the "Loan Agreement"), by and among the Pledgor and World Airways
Parts Company, LLC, a Delaware limited liability company, as borrowers (the
"Borrowers" and each a "Borrower"), the Agent, and the lenders identified on the
signature pages thereof (such lenders, together with their respective successors
and assigns, are hereinafter referred to, collectively, as the "Lenders" and
each, a "Lender"), the Lenders have agreed to make certain loans and other
financial accommodations to the Borrowers from time to time pursuant to the
terms and conditions thereof; and

          WHEREAS, it is a condition precedent to the extension of credit under
the Loan Agreement that the Pledgor shall have granted the security interest
contemplated by this Agreement; and

          WHEREAS, to secure the full and prompt payment or performance (as
applicable) of all covenants, agreements and liabilities of the Pledgor under
the Loan Documents (as defined in the Loan Agreement) and all now existing or
hereafter arising Obligations (as defined in the Loan Agreement), the Pledgor
has agreed to pledge to the Agent the Stock (as defined in the Loan Agreement)
owned by the Pledgor (collectively, the "Pledged Interests") in each of the
entities listed on Schedule 1 attached hereto (collectively, the "Pledged
Companies" and, individually, each a "Pledged Company");

          NOW, THEREFORE, for and in consideration of the foregoing and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that capitalized terms used herein
without definition shall have the meanings ascribed to such terms in the Loan
Agreement, and further agree as follows:

          1.  Warranty. The Pledgor hereby represents and warrants to the Agent
that (i) except for the security interest created hereby and in the other Loan
Documents, the Pledgor owns the Pledged Interests indicated on Schedule 1 as
being owned by it, which Pledged Interests constitute the percentage of the
issued and outstanding Stock set forth on Schedule 1 attached hereto with
respect to each of the Pledged Companies identified thereon, free and clear of
all Liens; (ii) all of the Pledged Interests are duly authorized, validly
issued, fully paid and nonassessable; (iii) the Pledgor has the unencumbered
right and power to pledge the Pledged Collateral (as defined below); and (iv)
all actions necessary to perfect, establish the first priority of, or otherwise
protect the security interest of the Agent in the Pledged Collateral, and any

<PAGE>

proceeds thereof, have been duly taken, except for the taking of possession by
the Agent of any certificates constituting Pledged Collateral hereunder that are
acquired by the Pledgor after the date hereof. Additionally, the Pledgor hereby
represents and warrants to the Agent that this Agreement has been duly executed
and delivered by the Pledgor and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms, except as
enforcement may be limited by equitable principles, or by an Insolvency
Proceeding.

          2.  Security Interest. As security for the full and prompt payment and
performance of the Obligations now or hereafter existing, the Pledgor hereby
unconditionally pledges, transfers, conveys, hypothecates, grants and assigns to
the Agent, for the benefit of the Lender Group, a continuing security interest
in and security title to all of the following property now owned or at any time
hereafter acquired by the Pledgor or in which the Pledgor now has, or may
acquire in the future, any right, title or interest thereto (collectively, the
"Pledged Collateral"):

               (a)  the Pledged Interests and all substitutions therefor and
     replacements thereof, all proceeds and products thereof and all rights
     relating thereto, including, without limitation, the certificates
     representing any of the Pledged Interests, all warrants, options, share
     appreciation rights and other rights, contractual or otherwise, in respect
     thereof and all dividends, cash, instruments and other property from time
     to time received, receivable or otherwise distributed in respect of or in
     addition to, in substitution of, on account of, or in exchange for, any or
     all of the Pledged Interests, whether now owned or hereafter acquired by
     the Pledgor;

               (b)  all of the Pledgor's rights, powers and remedies (but not
     the Pledgor's obligations) under the limited liability company operating
     agreements of the Pledged Companies that are limited liability companies
     (collectively, the "Operating Agreements") and under the partnership
     agreements of the Pledged Companies that are general or limited
     partnerships (collectively, the "Partnership Agreements"), as applicable;
     and

               (c)  to the extent not otherwise included, all proceeds of any
     and all of the foregoing.

          Without limiting the generality of the foregoing, this Agreement
secures the payment of all amounts that constitute part of the Obligations and
would be owed by the Pledgor to the Agent or the Lenders but for the fact that
they are unenforceable or not allowable due to the existence of an Insolvency
Proceeding involving the Pledgor. The Pledgor has delivered to and deposited
with the Agent all certificates owned by the Pledgor representing the Pledged
Interests to the extent such Pledged Interests are represented by certificates
and undated powers endorsed in blank with respect to such certificates. In
addition, the Pledgor has delivered to the Agent all of the Uniform Commercial
Code financing statements, in suitable form for recording, with respect to all
of the Pledged Collateral that is not represented by certificates that are
necessary to perfect the security interest granted to the Agent under this
Agreement in such Pledged Collateral or the Pledgor has authorized the Agent to
prepare and file such Uniform Commercial Code financing statements. It is the
intention of the parties hereto that record and beneficial ownership of the
Pledged Collateral, including, without limitation, all voting,

<PAGE>

consensual and dividend rights, shall remain in the Pledgor until the occurrence
of an Event of Default and until the Agent shall notify the Pledgor of the
Agent's exercise of voting and consensual rights to the Pledged Collateral
pursuant to Section 10 hereof.

          3.  Operating Agreements and Partnership Agreements. Anything herein
to the contrary notwithstanding, the Pledgor shall, for so long as it shall
remain a member under any Operating Agreement or a partner under any Partnership
Agreement, remain liable under such Operating Agreement or Partnership
Agreement, as the case may be, to observe and perform all the conditions and
obligations to be observed and performed by it thereunder, all in accordance
with and pursuant to the terms and provisions thereof. With regard to Pledged
Collateral for which the applicable Operating Agreement or Partnership Agreement
provides that all limited liability company or partnership interests, as
applicable, issued thereunder shall be certificated, the Pledgor shall not
amend, supplement or otherwise modify (or consent to any such amendment,
supplement or modification of) the terms of such Operating Agreement or such
Partnership Agreement, as the case may be, so as to provide for the issuance of
uncertificated limited liability company or partnership interests, as
applicable, without the prior written consent of the Agent. With regard to
Pledged Collateral for which the applicable Operating Agreement or Partnership
Agreement, as the case may be, does not provide that all limited liability
company or partnership interests, as applicable, issued thereunder shall be
certificated, the Pledgor hereby represents and warrants to the Agent that such
Pledged Collateral (i) is not dealt in or traded on securities exchanges or in
securities markets, (ii) does not constitute investment company securities, and
(iii) is not held by the Pledgor in a securities account. In addition, the
Pledgor further hereby represents and warrants that the articles of
organization, the Operating Agreements or the Partnership Agreements or other
agreements governing any of the uncertificated Pledged Collateral do not provide
that such Pledged Collateral may be certificated or that such Pledged Collateral
are securities governed by Article 8 of the Uniform Commercial Code as in effect
in any relevant jurisdiction.

          4.  Additional Pledged Interests. In the event that, during the term
of this Agreement:

               (a)  any stock dividend, stock split, reclassification,
     readjustment or other change is declared or made in the capital structure
     of any of the Pledged Companies, or any new Stock is issued by any of the
     Pledged Companies, all new, substituted, and additional shares, units,
     membership interests or other securities issued in respect of any of the
     Pledged Interests shall be issued to the Pledgor and shall be promptly
     delivered to the Agent, together with a duly executed Pledge Agreement
     Supplement in substantially the form of Annex 1 hereto (the "Pledge
     Agreement Supplement") identifying such additional Pledged Interests to be
     held by the Agent under the terms of this Agreement and with undated powers
     endorsed in blank by the Pledgor, and, to the extent such new Stock or
     other securities are not represented by certificates, such Uniform
     Commercial Code financing statements with respect thereto as shall be
     necessary to perfect the security interest of the Agent therein or
     authorization given to the Agent to prepare and file such Uniform
     Commercial Code financing statements, and in each case, such new,
     substituted, and additional shares, units and other securities shall, upon
     the issuance thereof, constitute additional Pledged Interests to be held by
     the Agent under the terms of this Agreement; and

<PAGE>

               (b)  any subscriptions, warrants or other rights or options shall
     be issued in connection with any of the Pledged Interests, all new Stock or
     other securities acquired through such subscriptions, warrants, rights or
     options shall thereupon constitute Pledged Interests to be held by the
     Agent under the terms of this Agreement, and, to the extent such Stock or
     other securities are represented by certificates, such certificates shall
     be promptly delivered to the Agent, together with undated powers endorsed
     in blank by the Pledgor, and, to the extent such new Stock or other
     securities are not represented by certificates, such Uniform Commercial
     Code financing statements with respect thereto as shall be necessary to
     perfect the security interest of the Agent therein shall be promptly
     delivered to the Agent or the Pledgor shall authorize the Agent to prepare
     and file such Uniform Commercial Code financing statements.

          5.  Event of Default. Upon the occurrence and during the continuation
of an Event of Default, the Agent may sell or otherwise dispose of any of the
Pledged Interests at one or more public or private sales or make any other
commercially reasonable disposition of the Pledged Interests or any portion
thereof after ten (10) calendar days' notice to the Pledgor and the Agent, on
behalf of the Lender Group, may credit bid and purchase the Pledged Interests or
any portion thereof at any public sale. The proceeds of the public or private
sale or other disposition first shall be applied to the costs of the Agent
incurred in connection with the sale, expressly including, without limitation,
any costs under Section 8 hereof, and then to the Obligations in accordance with
the provisions of the Loan Agreement. In the event the proceeds of such sale or
other disposition of the Pledged Interests are insufficient to satisfy the
Obligations, the Pledgor shall remain liable for any such deficiency.

          6.  Additional Rights of Secured Party. In addition to its rights and
privileges under this Agreement or any other Loan Document, the Agent shall have
all the rights, powers and privileges of a secured party under the Uniform
Commercial Code as in effect in any applicable jurisdiction. All amounts
realized or collected through the exercise of remedies hereunder shall be
applied as provided in the Loan Agreement.

          7.  Return of Pledged Interests to the Pledgor. Upon satisfaction of
the conditions to termination of security interests and Liens set forth in
Section 3.5 of the Loan Agreement, this Agreement and the Agent's security
interest and security title hereunder shall terminate, and the Agent shall
return the remaining certificated Pledged Interests and all rights received by
the Agent as a result of its possessory interest in such Pledged Interests to
the Pledgor and shall deliver as promptly as reasonably practicable such
termination statements and other release documents as may be requested by the
Pledgor to evidence the termination of the Agent's security interest in such
Pledged Interests hereunder.

          8.  Disposition of Pledged Interests by the Agent. None of the Pledged
Interests are registered or qualified under the various federal or state
securities laws of the United States and disposition thereof after an Event of
Default may be restricted to one or more private (instead of public) sales in
view of the lack of such registration. The Pledgor understands that upon such
disposition, the Agent may approach only a restricted number of potential
purchasers and further understands that a sale under such circumstances may
yield a lower price for the Pledged Interests than if the Pledged Interests were
registered and qualified pursuant to federal and state securities laws and sold
on the open market. The Pledgor, therefore, agrees that:

<PAGE>

               (a)  if the Agent shall, pursuant to the terms of this Agreement,
     sell or cause the Pledged Interests or any portion thereof to be sold at a
     private sale, the Agent shall have the right to rely upon the advice and
     opinion of any nationally recognized brokerage or investment firm (but
     shall not be obligated to seek such advice and the failure to do so shall
     not be considered in determining the commercial reasonableness of such
     action) as to the best manner in which to offer the Pledged Interests for
     sale and as to the best price reasonably obtainable at the private sale
     thereof; and

               (b)  such reliance shall be conclusive evidence that the Agent
     has handled such disposition in a commercially reasonable manner.

          9.  Pledgor's Obligations Absolute. The obligations of the Pledgor
under this Agreement shall be direct and immediate and not conditional or
contingent upon the pursuit of any remedies against any other Person, nor
against other security or Liens available to the Agent, any member of the Lender
Group, or any of them. The Pledgor hereby waives any right to require that an
action be brought against any other Person or with respect to any security or to
any balance of any deposit account or credit on the books of the Agent in favor
of any other Person prior to the exercise of remedies hereunder, or to require
action hereunder prior to resort by the Agent to any other security or
collateral for the Obligations.

          10. Voting Rights.

          (a)  Upon the occurrence and during the continuation of an Event of
Default, (i) the Agent may, in addition to all rights and remedies available to
the Agent under any other Loan Document, at law, in equity or otherwise,
exercise all voting rights, and all other ownership or consensual rights with
respect to the Pledged Interests owned by the Pledgor, but under no
circumstances is the Agent obligated by the terms of this Agreement to exercise
such rights, and (ii) the Pledgor hereby appoints the Agent, as the Pledgor's
true and lawful attorney-in-fact and IRREVOCABLE PROXY, to vote the Pledged
Interests owned by it in any manner the Agent deems advisable for or against all
matters submitted or that may be submitted to a vote of shareholders, partners
or members, as the case may be. The power-of-attorney granted hereby is coupled
with an interest and shall be irrevocable.

          (b)  For so long as the Pledgor shall have the right to vote any of
the Pledged Interests owned by it, the Pledgor covenants and agrees that it will
not, without the prior written consent of the Agent, vote or take any consensual
action with respect to such Pledged Interests that would constitute an Event of
Default.

          11. Notices. All notices and other communications required or
permitted hereunder shall be in writing, shall be given in the form and manner
and to the addresses set forth in the Loan Agreement.

          12. Continuing Security Interest. This Agreement shall create a
continuing security interest in the Pledged Collateral and shall (a) remain in
full force and effect until the Obligations have been paid in full and the Loan
Agreement, the other Loan Documents, and the Commitments of the Lender Group
have been terminated, (b) be binding upon the Pledgor, and

<PAGE>

its successors and assigns, including, without limitation, a receiver or a
trustee, and (c) inure to the benefit of the Agent and its successors,
transferees and assigns.

          13. Choice of Law; Amendments. This Agreement shall be construed and
enforced and the rights and duties of the parties shall be governed by, in all
respects in accordance with the laws and decisions of the State of Georgia
without reference to the conflicts or choice of law principles thereof. This
Agreement, together with the Loan Documents, constitutes the entire agreement
between the parties with respect to the matters addressed herein and may not be
modified except by a writing executed by the Agent and the Pledgor and delivered
by the Agent to the Pledgor.

          14. Severability. If any paragraph or part thereof shall for any
reason be held or adjudged to be invalid, illegal or unenforceable by any court
of competent jurisdiction, such paragraph or part thereof so adjudicated
invalid, illegal or unenforceable shall be deemed separate, distinct and
independent, and the remainder of this Agreement shall remain in full force and
effect and shall not be affected by such holding or adjudication.

          15. Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed to be an original, but all such
separate counterparts shall together constitute but one and the same instrument.
Delivery of a counterpart hereof by facsimile transmission shall be as effective
as delivery of a manually executed counterpart hereof.

          16. Agent. Each reference herein to any right granted to, benefit
conferred upon or power exercisable by the "Agent" shall be a reference to the
Agent for the benefit of the Lender Group, and each action taken or right
exercised hereunder shall be deemed to have been so taken or exercised by the
Agent for the benefit of the Lender Group.

                  [Remainder of page intentionally left blank]

<PAGE>

          IN WITNESS WHEREOF, the undersigned parties hereto have executed this
Agreement by and through their duly authorized officers, as of the day and year
first above written.

PLEDGOR:                                    WORLD AIRWAYS, INC., a
                                            Delaware corporation

                                            By:    /s/ Gilberto M. Duarte, Jr.
                                                --------------------------------
                                                Name:  Gilberto M. Duarte, Jr.
                                                     ---------------------------
                                                Title: Chief Financial Officer
                                                      --------------------------

AGENT:                                      FOOTHILL CAPITAL CORPORATION, a
                                            California corporation

                                            By:    /s/ Phyliss Hasen
                                                --------------------------------
                                                Name:  Phyliss Hasen
                                                      --------------------------
                                                Title: Vice President
                                                      --------------------------

<PAGE>

                                   SCHEDULE 1
                                 PLEDGED COMPANY

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                                        Number of Shares/     Class of Pledged      Percentage of      Certificate
       Name of Pledged Company          Membership Units          Interests          Class Owned         No(s).
------------------------------------------------------------------------------------------------------------------
<S>                                           <C>               <C>                    <C>                 <C>
World Airways Parts Company, LLC,             N/A               Membership             100%                1
a Delaware limited liability                                     Interests
company
------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                             IRREVOCABLE STOCK POWER

     FOR VALUE RECEIVED, the undersigned, World Airways, Inc., a Delaware
corporation (hereinafter referred to as the "Assignor"), has fully and
irrevocably granted, assigned and transferred and hereby does fully and
irrevocably grant, assign and transfer to ______________________________ and the
successors, transferees, assigns and personal representatives thereof
(hereinafter collectively referred to as the "Assignee") the following property:

          100% of the membership Interest of WORLD AIRWAYS PARTS
          COMPANY, LLC., a Delaware limited liability company,
          represented by certificate number 1.

     Assignor hereby irrevocably appoints Assignee to be Assignor's true and
lawful attorney-in-fact, with full power of substitution, and empowers Assignee,
for and in the name and stead of Assignor, to sell, transfer, hypothecate,
liquidate or otherwise dispose of all of or any portion of the above-described
securities, from time to time, and, for that purpose, to make, sign, execute and
deliver any documents or perform any other act necessary for such sale,
transfer, hypothecation, liquidation or other disposition. Assignor acknowledges
that this appointment is coupled with an interest and shall not be revocable by
Assignor's dissolution or any other reason. Assignor hereby ratifies and
approves all acts that Assignee or any substitute therefor shall do by virtue
hereof.

          IN WITNESS WHEREOF, the undersigned has executed and sealed this power
as of this __ day of ________, ____.

                                   World Airways, Inc., a Delaware corporation

                                   By:     /s/ Gilberto M. Duarte, Jr.
                                      ------------------------------------
                                      Name:    Gilberto M. Duarte, Jr.
                                           -------------------------------
                                      Title    Chief Financial Officer
                                           -------------------------------
WITNESSED:

By:   /s/ Jeffrey Narvil
   --------------------------------
Name:     Jeffrey Narvil
     ------------------------------

<PAGE>

                          ACKNOWLEDGMENT AND AGREEMENT

          World Airways Parts Company, LLC, a Delaware limited liability company
(the "Pledged Company") hereby (i) acknowledges receipt of a fully executed copy
of the foregoing Stock Pledge Agreement, dated as of December 12, 2002 (the
"Agreement"; capitalized terms used herein without definition have the meanings
provided therein), made by World Airways, Inc., as Pledgor, in favor of Foothill
Capital Corporation, as Agent; (ii) consents and agrees to the pledge by the
Pledgor of the Pledged Collateral pursuant to the Agreement and to all of the
other terms and provisions of the Agreement; (iii) represents and warrants that
it has no knowledge, prior to giving effect to this acknowledgment, of any lien,
restriction or adverse claim of any kind to which any interests of the Pledgor
or the Agent is subject; (iv) irrevocably waives any breach or default under the
Operating Agreement as a result of the execution, delivery and performance by
the Pledgor and the Agent of the Agreement; (v) advises the Pledgor and the
Agent that a pledge of the Pledged Interests set forth on Schedule 1 to the
Agreement has been registered on the books of the Pledged Company and in the
name of the Agent and agrees to so register any additional interests pledged
pursuant to the Agreement; and (vi) consents and agrees to any transfer of the
Pledged Collateral pursuant to Section 5 of the Agreement.

          IN WITNESS WHEREOF, a duly authorized officer of the undersigned has
executed and delivered this Acknowledgment and Consent this 12 day of
December, 2002.

                                   WORLD AIRWAYS PARTS COMPANY, LLC,
                                   a Delaware limited liability company

                                   By:   World Airways, Inc., a Delaware
                                         corporation, its sole member

                                         By:    /s/ John E. Ellington
                                            ---------------------------
                                             Name:  John E. Ellington
                                                  ---------------------
                                             Title: Manager
                                                   --------------------<PAGE>

EXHIBIT 10.23

                          TRADEMARK SECURITY AGREEMENT

          This TRADEMARK SECURITY AGREEMENT (this "Agreement") is made as of
December 12, 2002, by and between WORLD AIRWAYS, INC., a Delaware corporation
(the "Pledgor") and FOOTHILL CAPITAL CORPORATION, a California corporation, as
Agent on behalf of itself and the lenders signatory to the Loan Agreement (as
defined below) (the "Agent").

                              W I T N E S S E T H:

          WHEREAS, the Pledgor, World Airways Parts Company, LLC, a Delaware
limited liability company (collectively, with Pledgor, the "Borrowers") the
lenders signatory thereto (the "Lenders"), and the Agent are parties to that
certain Loan and Security Agreement dated as of the date hereof (as the same may
be amended, restated, supplemented or otherwise modified from time to time, the
"Loan Agreement"), pursuant to which the Lenders have agreed to extend credit to
the Borrowers from time to time pursuant to the terms and conditions thereof and
each Borrower has granted a security interest in all of its assets to the Agent
on behalf of the Lender Group (as defined in the Loan Agreement); and

          WHEREAS, the Lenders have required that the Pledgor execute and
deliver this Agreement (i) in order to secure, as further described below, the
payment and performance of, among other things, all Obligations (as defined in
the Loan Agreement) of the Borrowers under the Loan Agreement (hereinafter
referred to as the "Secured Obligations") and (ii) as a condition precedent to
any extension of credit to the Borrowers under the Loan Agreement;

          NOW, THEREFORE, for and in consideration of the premises set forth
above and for other good and valuable consideration, the receipt, sufficiency
and adequacy of which are hereby acknowledged, the parties hereto agree as
follows:

          1.    Defined Terms.

          (a)   Unless otherwise defined herein, each capitalized term used
herein that is defined in the Loan Agreement shall have the meaning specified
for such term in the Loan Agreement.

          (b)   The words "hereof", "herein" and "hereunder" and words of like
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement, and paragraph references are
to this Agreement unless otherwise specified.

<PAGE>

          (c)   All terms defined in this Agreement in the singular shall have
comparable meanings when used in the plural, and vice versa, unless otherwise
specified.

          2.    Incorporation of Premises. The premises set forth above are
incorporated into this Agreement by this reference thereto and are made a part
hereof.

          3.    Incorporation of the Loan Agreement. The Loan Agreement and the
terms and provisions thereof are hereby incorporated herein in their entirety by
this reference thereto.

          4.    Security Interest in Trademarks. To secure the complete and
timely payment, performance and satisfaction of all of the Secured Obligations,
the Pledgor hereby grants to the Agent a security interest in, as and by way of
a first mortgage and security interest having priority over all other security
interests, with power of sale to the extent permitted by applicable law, all of
the Pledgor's now owned or existing and hereafter acquired or arising
trademarks, trade names, registered trademarks, trademark applications, service
marks, registered service marks and service mark applications, including,
without limitation, the trademarks, trade names, registered trademarks,
trademark applications, service marks, registered service marks and service mark
applications listed on Schedule 1 attached hereto and made a part hereof, and
(a) all reissues, extensions and renewals thereof, (b) all income, royalties,
damages and payments now and hereafter due and/or payable under and with respect
thereto, including, without limitation, payments under all licenses entered into
in connection therewith and damages and payments for past or future
infringements or dilutions thereof, (c) the right to sue for past, present and
future infringements and dilutions thereof, (d) the goodwill of the Pledgor's
business symbolized by the foregoing and connected therewith, (e) all trademark
licenses and other agreements providing Pledgor with the right to use any of the
foregoing, and (f) all of the Pledgor's rights corresponding thereto throughout
the world (all of the foregoing trademarks, trade names, registered trademarks
and trademark applications, service marks, registered service marks and service
mark applications, together with the items described in clauses (a)-(f) in this
paragraph 4(i), are sometimes hereinafter individually and/or collectively
referred to as the "Trademarks").

          5.    Restrictions on Future Agreements. The Pledgor agrees that it
will not, without the Agent's prior written consent, enter into any agreement,
including, without limitation, any license agreement, which is inconsistent with
this Agreement, and the Pledgor further agrees that it will not take any action,
and will use its best efforts not to permit any action to be taken by others
subject to its control, including, without limitation, licensees, or fail to
take any action, which would affect the validity or enforcement of the rights
transferred to the Agent under this Agreement or the rights associated with the
Trademarks.

          6.    New Trademarks. The Pledgor represents and warrants that, from
and after the Closing Date, (a) the Trademarks listed on Schedule 1 are all of
the trademarks, trade names, registered trademarks, trademark applications,
service marks,

                                       -2-

<PAGE>

registered service marks and service mark applications now owned or held by the
Pledgor, and (b) the Trademarks have not been adjudged invalid or unenforceable,
and Pledgor is the legal and beneficial owner of the Trademarks free and clear
of all liens, claims or security interests other than the lien of the Agent and
except for the licenses listed on Schedule 2 attached hereto. If, prior to the
termination of this Agreement, the Pledgor shall (i) obtain rights to any new
trademarks, trade names, registered trademarks, trademark applications, service
marks, registered service marks or service mark applications or (ii) become
entitled to the benefit of any trademarks, trade names, registered trademarks,
trademark applications, trademark licenses, trademark license renewals, service
marks, registered service marks, service mark applications, service mark
licenses or service mark license renewals or license agreements whether as
licensee or licensor, the provisions of paragraph 4 above shall automatically
apply thereto (to the extent permitted by licensors under agreements in
connection with the granting of such licenses). The Pledgor shall give to the
Agent prompt written notice of events described in clauses (i) and (ii) of the
preceding sentence promptly after the occurrence thereof. The Pledgor hereby
authorizes the Agent to modify this Agreement unilaterally (i) by amending
Schedule 1 to include any future trademarks, trade names, registered trademarks,
trademark applications, service marks, registered service marks and service mark
applications, which are Trademarks under paragraph 4 above or under this
paragraph 6 and (ii) by filing, in addition to and not in substitution for this
Agreement, a duplicate original of this Agreement containing on Schedule 1
thereto, as the case may be, such future trademarks, trade names, registered
trademarks, trademark applications, service marks, registered service marks and
service mark applications.

          7.    Royalties. The Pledgor hereby agrees that the use by the Agent
of the Trademarks as authorized hereunder in connection with the Agent's
exercise of its rights and remedies under paragraph 15 or pursuant to any Loan
Document shall be coextensive with the Pledgor's rights thereunder and with
respect thereto and without any liability for royalties or other related charges
from the Agent to the Pledgor.

          8.    Right to Inspect; Further Assignments and Security Interest. The
Agent may, from time to time hereafter have access to, examine, audit, make
copies (at the Pledgor's expense) and extracts from and inspect the Pledgor's
premises and examine the Pledgor's books, records and operations relating to the
Trademarks. The Pledgor agrees not to sell or assign its respective interests
in, or grant any license under, the Trademarks without the prior and express
written consent of the Agent.

          9.    Nature and Continuation of the Agent's Security Interest;
Termination of the Agent's Security Interest. This Agreement is made for
collateral security purposes only. This Agreement shall create a continuing
security interest in the Trademarks and shall terminate only when the Secured
Obligations have been paid in full and the Loan Agreement has been terminated.
When this Agreement has terminated, the Agent shall promptly execute and deliver
to the Pledgor, at the Pledgor's expense, all termination statements and other
instruments as may be necessary or proper to terminate

                                       -3-

<PAGE>

the Agent's security interest in the Trademarks, subject to any disposition
thereof which may have been made by the Agent pursuant to this Agreement or the
Loan Agreement.

          10.   Duties of the Pledgor. The Pledgor shall have the duty to
prosecute diligently any trademark application or service mark application that
is part of the Trademarks pending as of the date hereof or hereafter until the
termination of this Agreement. The Pledgor further agrees (i) not to abandon any
Trademark without the prior written consent of the Agent unless (a) Pledgor is
not using any such Trademark and has not met the legal prerequisites to renew
such Trademark and (b) such Trademark is identified as "Not Currently In Use" on
Schedule 1 hereto, and (ii) to use its best efforts to maintain in full force
and effect the Trademarks that are or shall be necessary or economically
desirable in the operation of the Pledgor's business. Any expenses incurred in
connection with the foregoing shall be borne by the Pledgor. The Agent shall not
have any duty with respect to the Trademarks. Without limiting the generality of
the foregoing, the Agent shall not be under any obligation to take any steps
necessary to preserve rights in the Trademarks against any other parties, but
the Agent may do so at its option from and after the occurrence of an Event of
Default, and all expenses incurred in connection therewith shall be for the sole
account of the Pledgor and shall be added to the Secured Obligations secured
hereby.

          11.   The Agent's Right to Sue. From and after the occurrence of an
Event of Default, the Agent shall have the right, but shall not be obligated, to
bring suit in its own name to enforce the Trademarks and, if the Agent shall
commence any such suit, the Pledgor shall, at the request of the Agent, do any
and all lawful acts and execute any and all proper documents required by the
Agent in aid of such enforcement. The Pledgor shall, upon demand, promptly
reimburse the Agent for all costs and expenses incurred by the Agent in the
exercise of its rights under this paragraph 11 (including, without limitation,
fees and expenses of attorneys, paralegals and other professionals for the
Agent).

          12.   Waivers. The Agent's failure, at any time or times hereafter, to
require strict performance by the Pledgor of any provision of this Agreement
shall not waive, affect or diminish any right of the Agent thereafter to demand
strict compliance and performance therewith nor shall any course of dealing
between the Pledgor and the Agent have such effect. No single or partial
exercise of any right hereunder shall preclude any other or further exercise
thereof or the exercise of any other right. None of the undertakings,
agreements, warranties, covenants and representations of the Pledgor contained
in this Agreement shall be deemed to have been suspended or waived by the Agent
unless such suspension or waiver is in writing signed by an officer of the Agent
and directed to the Pledgor specifying such suspension or waiver.

          13.   Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but the provisions of this Agreement are severable, and if any
clause or

                                       -4-

<PAGE>

provision shall be held invalid and unenforceable in whole or in part in any
jurisdiction, then such invalidity or unenforceability shall affect only such
clause or provision, or part hereof, in such jurisdiction, and shall not in any
manner affect such clause or provision in any other jurisdiction, or any other
clause or provision of this Agreement in any jurisdiction.

          14.   Modification. This Agreement cannot be altered, amended or
modified in any way, except as specifically provided in paragraph 6 hereof or by
a writing signed by the parties hereto.

          15.   Power of Attorney; Cumulative Remedies. (a) The Pledgor hereby
irrevocably designates, constitutes and appoints the Agent (and all officers,
employees and agents of the Agent designated by the Agent in its sole and
absolute discretion) as the Pledgor's true and lawful attorney-in-fact, and
authorizes the Agent and any of the Agent's designees, in the Pledgor's or the
Agent's name, upon the occurrence and during the continuation of an Event of
Default, to take any action and execute any instrument necessary or advisable to
accomplish the purposes of this Agreement, including, without limitation, to (i)
endorse the Pledgor's name on all applications, documents, papers and
instruments necessary or desirable for the Agent in the use of the Trademarks,
(ii) assign, pledge, convey or otherwise transfer title in or dispose of the
Trademarks to anyone, (iii) grant or issue any exclusive or nonexclusive license
under the Trademarks to anyone and (iv) take any other actions with respect to
the Trademarks as the Agent deems in its best interest. The Pledgor hereby
ratifies all that such attorney shall lawfully do or cause to be done by virtue
hereof. This power of attorney is coupled with an interest and shall be
irrevocable until this Agreement is terminated. The Pledgor acknowledges and
agrees that this Agreement is not intended to limit or restrict in any way the
rights and remedies of the Agent under the Loan Agreement or any other Loan
Document, but rather is intended to facilitate the exercise of such rights and
remedies.

          (b)   The Agent shall have, in addition to all other rights and
remedies given it by the terms of this Agreement, all rights and remedies
allowed by law and the rights and remedies of a secured party under the Uniform
Commercial Code as enacted in any jurisdiction in which the Trademarks may be
located or deemed located. Upon the occurrence of an Event of Default and the
election by the Agent to exercise any of its remedies under Section 9-504 or
Section 9-505 of the Uniform Commercial Code as in effect in the State of
Georgia with respect to the Trademarks, the Pledgor agrees to assign, convey and
otherwise transfer title in and to the Trademarks to the Agent or any transferee
of the Agent and to execute and deliver to the Agent or any such transferee all
such agreements, documents and instruments as may be necessary, in the Agent's
sole discretion, to effect such assignment, conveyance and transfer. All of the
Agent's rights and remedies with respect to the Trademarks, whether established
hereby, by the Loan Agreement or by any other agreements or by law, shall be
cumulative and may be exercised separately or concurrently. Notwithstanding
anything set forth herein to the contrary, it is hereby expressly agreed that
upon the occurrence of an Event of Default,

                                       -5-

<PAGE>

the Agent may exercise any of the rights and remedies provided in this
Agreement, the Loan Agreement or any of the other Loan Documents. The Pledgor
agrees that any notification of intended disposition of any of the Trademarks
required by law shall be deemed reasonably and properly given if given at least
five (5) Business Days before such disposition; provided, however, that the
Agent may give any shorter notice that is commercially reasonable under the
circumstances.

          16.   Successors and Assigns. This Agreement shall be binding upon the
Pledgor and Agent and their respective nominees, successors and assigns, and
shall inure to the benefit of the Pledgor and Agent and their respective
nominees, successors and assigns. The Pledgor's successors and assigns shall
include, without limitation, a receiver or a trustee of the Pledgor; provided,
however, that the Pledgor shall not voluntarily assign or transfer its rights or
obligations hereunder without the Agent's prior written consent.

          17.   Governing Law. This Agreement shall be construed and enforced
and the rights and duties of the parties shall be governed by in all respects in
accordance with the laws and decisions of the State of Georgia without reference
to the conflicts or choice of law principles thereof.

          18.   Notices. All notices or other communications hereunder shall be
given in the manner and to the addresses set forth in the Loan Agreement.

          19.   Paragraph Titles. The paragraph titles herein are for
convenience of reference only, and shall not affect in any way the
interpretation of any of the provisions hereof.

          20.   Execution in Counterparts. This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of this Agreement by facsimile shall be equally as
effective as delivery of an original executed counterpart of this Agreement. Any
party delivering an executed counterpart of this Agreement by facsimile also
shall deliver an original executed counterpart of this Agreement but the failure
to deliver an original executed counterpart shall not affect the validity,
enforceability and binding effect of this Agreement.

          21.   Merger. This Agreement represents the final agreement of the
Pledgor and the Agent with respect to the matters contained herein and may not
be contradicted by evidence of prior or contemporaneous agreements, or
subsequent oral agreements, between the Pledgor and the Agent.

          22.   Effectiveness. This Agreement shall become effective on the
Closing Date.

                                       -6-

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.

Sworn to and subscribed                 WORLD AIRWAYS, INC.
before me this 12 day of
December, 2002.
                                        By:  /s/ Gilberto M. Duarte, Jr.
                                           ------------------------------
                                        Name:    Gilberto M. Duarte, Jr.
                                             ----------------------------
                                        Its:     Chief Financial Officer
                                            -----------------------------

NOTARY PUBLIC                           Accepted and agreed to as of the day
                                        and year first above written.

My Commission Expires: 8/31/2003

Sworn to and subscribed                 FOOTHILL CAPITAL CORPORATION,
before me this 12 day of                as Agent
December, 2002.

                                        By:  /s/ Phyliss Hassen
                                           ------------------------------
                                        Name:    Phyliss Hassen
                                             ----------------------------
                                        Its:     Vice President
                                            -----------------------------

NOTARY PUBLIC                           Accepted and agreed to as of the day
  /s/ Jeffrey Narvil                    and year first above written.

My Commission Expires: August 31, 2003

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]