Document:

<PAGE>   1
                                                                   Exhibit 10.23

                                 EXECUTION COPY

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

                   TWENTY-SECOND SUPPLEMENTAL LEASE AGREEMENT

                                 BY AND BETWEEN

                     MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY

                                       AND

                           FEDERAL EXPRESS CORPORATION

                           DATED AS OF MARCH 15, 2001

          AMENDING THE CONSOLIDATED AND RESTATED LEASE AGREEMENT DATED
                 AS OF AUGUST 1, 1979 BETWEEN THE MEMPHIS-SHELBY
            COUNTY AIRPORT AUTHORITY AND FEDERAL EXPRESS CORPORATION.

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

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
  SECTION                                                                       PAGE
  -------                                                                       ----
<S>         <C>                                                                 <C>
  1         Definitions.........................................................  4

  2         Granting Leasehold..................................................  4

  3         Term; Delivery and Acceptance of Possession.........................  4

  4         Rental..............................................................  5

  5         Hazardous Substances/Waste..........................................  5

  6         Lease Agreement Still in Effect; Provisions Thereof Applicable
            to this Twenty-Second Supplemental Lease Agreement..................  7

  7         Descriptive Headings................................................  7

  8         Effectiveness of this Twenty-Second Lease Agreement.................  7

  9         Execution of Counterparts...........................................  7

 10         Summaries ..........................................................  7

            Notary..............................................................  9

            Leased Parcel Summary............................................... 10

            Rental Summary...................................................... 11
</TABLE>

<PAGE>   3

                   TWENTY-SECOND SUPPLEMENTAL LEASE AGREEMENT

         THIS TWENTY-SECOND SUPPLEMENTAL LEASE AGREEMENT, made and entered into
as of the 15th of March 2001, by and between MEMPHIS-SHELBY COUNTY AIRPORT
AUTHORITY (herein sometimes referred to as "Authority"), a public and
governmental body politic and corporate of the State of Tennessee, and FEDERAL
EXPRESS CORPORATION (herein sometimes referred to as "Tenant"), a corporation
duly organized and existing under the laws of the State of Delaware and
qualified to do business in the State of Tennessee.

                              W I T N E S S E T H:

         WHEREAS, Authority and Tenant on October 3, 1979 entered into a
Consolidated and Restated Lease Agreement dated as of August 1, 1979; and

         WHEREAS, Authority and Tenant, between April 1, 1981 and May 15, 2000,
have entered into Twenty One Supplemental Lease Agreements amending the 1979
Consolidated and Restated Lease Agreement; and

         WHEREAS, the said Consolidated and Restated Lease Agreement dated as of
August 1, 1979, together with the First through the Twenty-First Supplemental
Lease Agreements is herein referred to as the "Lease Agreement"; and

         WHEREAS, Authority and Tenant have agreed to further supplement the
Lease Agreement so as to lease to Tenant certain additional land under this
Twenty-Second Supplemental Lease Agreement.

                                                                               3
<PAGE>   4

         NOW THEREFORE, for and in consideration of the mutual promises,
covenants and agreements hereinafter contained to be kept and performed by the
parties hereto and upon the provisions and conditions hereinafter set forth,
Authority and Tenant do hereby covenant and agree, and each for itself does
hereby covenant and agree, as follows:

         SECTION 1. DEFINITIONS. Except as otherwise provided herein, and unless
the context shall clearly require otherwise, all words and terms used in this
Twenty-Second Supplemental Lease Agreement which are defined in the Lease
Agreement, shall, for all purposes of this Twenty-Second Supplemental Lease
Agreement, have the respective meanings given to them in the Lease Agreement.

         SECTION 2. GRANTING OF LEASEHOLD. In addition to the lease and demise
to Tenant of the land in the Lease Agreement, the Authority hereby leases and
demises to Tenant, and Tenant hereby takes and hires from Authority, subject to
the provisions and conditions set forth in the Lease Agreement and this
Twenty-Second Supplemental Lease Agreement, the additional land containing
approximately 11.46 acres located on two parcels. Lease Parcel 1 called Taxiline
700 Extension contains approximately 132,951 square feet or 3.052 acres located
in the vicinity of the centerline intersection of Taxiway November and Taxilane
800; and, Lease Parcel 2 called West Ramp Aircraft/GSE Expansion contains
366,242 square feet or 8.408 acres located in the vicinity of the centerlines of
Taxiway Victor and Taxiway Charlie. Lease Parcel 1 and Lease Parcel 2 are
located on Authority property in Memphis Shelby County Tennessee and are more
particularly described on Exhibit "A" attached hereto and incorporated herein by
reference.

         SECTION 3. TERM; DELIVERY AND ACCEPTANCE OF POSSESSION. The term of
this Twenty-Second Supplemental Lease Agreement shall commence at 12:01 A.M. on
the earlier to

                                                                               4
<PAGE>   5

occur of November 1, 2001, or the date of beneficial occupancy for the land
described in Exhibit "A" and shall expire at such time as the Lease Agreement
shall expire, to-wit: August 31, 2012 or upon such earlier termination,
extension or otherwise as provided therein. Authority shall, however, deliver to
Tenant sole and exclusive possession of the land leased hereby, as of the
effective date of this Twenty-Second Supplemental Lease Agreement for the
purpose of constructing improvements required for Tenant's intended use of the
land leased hereby, subject however, to Authority's right-of-entry set forth in
Section 21 of the Lease Agreement.

         SECTION 4. RENTAL. In addition and supplemental to the rentals required
to be paid to the Authority pursuant to Section 5 of the Lease Agreement
(including all prior supplemental lease agreements), during the term of this
Twenty-Second Supplemental Lease Agreement, Tenant shall pay to the Authority in
advance on the first business day of each month $5,075.13 in equal installments
beginning November 1, 2001 or date of beneficial occupancy whichever occurs
first, a total rental payment of $60,901.56 per year, which the parties hereto
agree is based upon an aggregate of 499,193 square feet of area at an annual
rental rate of ($0.1220) per square foot.

         SECTION 5. HAZARDOUS SUBSTANCES/WASTE. Tenant, at its own expense, may
arrange for a Phase 1 Environmental Survey on the land described herein by a
reputable environmental consultant to determine the existence of "Hazardous
Substances", as such term is defined in this Agreement. In the event that
"Hazardous Substances" are discovered during excavation for construction on the
property described in Exhibit "A", and such "Hazardous Substances" require
special handling, removal or disposal ("Remediation"), then Tenant shall
immediately notify Authority. The Tenant and Authority will confer and jointly
determine the method for handling,

                                                                               5
<PAGE>   6

removing or disposing of the "Hazardous Substances" within 14 days after Tenant
provides the Authority, in writing, its plan for Remediation. The form of
Remediation agreed to by the parties must comply with "Environmental Laws", as
such term is defined below. In the event that Tenant and Authority are unable to
agree on a method for handling, removing or disposing of the "Hazardous
Substances" due to differing interpretations of the requirements of Remediation
as set forth in the applicable "Environmental Laws", then the form of
Remediation will be determined by the appropriate federal, state or local agency
with relevant regulatory and enforcement jurisdiction over the subject site.
Authority will grant to Tenant a rent credit equal to the reasonable documented
costs paid by Tenant for the Remediation of such "Hazardous Substances"
associated with the property described in Exhibit "A".

         The term "Hazardous Substances", as used in this Twenty-Second
Supplemental Lease Agreement, shall mean any hazardous or toxic substances,
materials or wastes, including but not limited to, those substances, materials,
and wastes (i) listed in the United States Department of Transportation
Hazardous Materials Table (49 CFR ss. 172.101) or by the Environmental
Protection Agency as hazardous substances (40 CFR Part 302) and amendments
thereto, (ii) designated as a "Hazardous Substance" pursuant to Section 311 of
the Clean Water Act, 33 U.S.C. ss. 1251 et seq. (33 U.S.C. ss. 1321) or listed
pursuant to Section 307 of the Clean Water Act (33 U.S.C. ss. 1317, (iii)
defined as a "Hazardous Waste" pursuant to Section 1004 of the Resource
Conservation and Recovery Act, 42 U.S.C. ss. 6901, et seq. (42 U.S.C ss. 6903),
or (iv) defined as "Hazardous Substance" pursuant to Section 101 of the
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
ss. 9601, et seq. 42 U.S.C. ss. 9601) or any other substances, (including,
without limitation, asbestos and raw materials which include

                                                                               6
<PAGE>   7

hazardous constituents), the general, discharge or removal of which or the use
of which is restricted, prohibited or penalized by any "Environmental Law",
which term shall mean any Federal, State or local law, regulation, or ordinance
relating to pollution or protection of the environment.

         SECTION 6. LEASE AGREEMENT STILL IN EFFECT; PROVISIONS THEREFORE
APPLICABLE TO THIS SUPPLEMENTAL LEASE AGREEMENT. All of the terms, provisions,
conditions, covenants and agreements of the Lease Agreement, as supplemented,
shall continue in full force and effect as supplemental hereby, and shall be
applicable to each of the provisions of this Twenty-Second Supplemental Lease
Agreement during the term hereof with the same force and effect as though the
provisions hereof were set forth in the Lease Agreement.

         SECTION 7. DESCRIPTIVE HEADINGS. The descriptive headings of the
sections of this Twenty-Second Supplemental Lease Agreement are inserted for
convenience of reference only and do not constitute a part of this Twenty-Second
Supplemental Lease Agreement and shall not effect the meaning, construction,
interpretation or effect of this Twenty-Second Supplemental Lease Agreement.

         SECTION 8. EFFECTIVENESS OF THIS SUPPLEMENTAL LEASE AGREEMENT. This
Twenty-Second Supplemental Lease Agreement shall become effective at 12:01 a.m.
on March 15, 2001.

         SECTION 9. EXECUTION OF COUNTERPARTS. This Twenty-Second Supplemental
Lease Agreement may be simultaneously executed in several counterparts, each of
which shall be an original and all of which shall constitute but one and the
same instrument.

         SECTION 10. SUMMARIES. For the convenience of both parties a Leased
Parcel Summary and a Rental Summary are attached to this Lease Agreement

                                                                               7
<PAGE>   8

         IN WITNESS WHEREOF, THE MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY AND
FEDERAL EXPRESS CORPORATION have caused this Twenty-Second Supplemental Lease
Agreement to be duly executed in their respective behalfs, as of the day and
year first above written.

WITNESS:                                       MEMPHIS-SHELBY COUNTY AIRPORT
                                               AUTHORITY

/s/ RICHARD V. WHITE                           BY:    /s/ JERRY McMICHAEL
--------------------------------                   ----------------------------

TITLE:  Director of Properties                 TITLE: Executive Vice President
        ------------------------                      -------------------------

Approved as to Form and Legality:

/s/ R. GRATTAN BROWN, JR.
---------------------------------------------
R. Grattan Brown, Jr., Attorney for Authority

WITNESS:                                       FEDERAL EXPRESS CORPORATION
                                               A Delaware Corporation

/s/ LEANNA JOHNSON                             BY:    /s/ GRAHAM R. SMITH
--------------------------------                    ---------------------------

TITLE:  Project Coordinator                    TITLE: V. P.
      --------------------------                      -------------------------

                                                     Approved
                                                 Legal Department

                                                  /s/ PLM 3/5/01
                                                  --------------
                                                        MM

                                                                               8
<PAGE>   9

(STATE OF TENNESSEE)
(COUNTY OF SHELBY)

         On this 26th day of March, 2001, before me appeared Jerry McMichael to
me personally known, who, being by me duly sworn (or affirmed), did say that he
is the Exec. V. P. of the Memphis-Shelby County Airport Authority, the within
named Lessor, and that he as such President, being authorized so to do, executed
the foregoing instrument for the purposes therein contained, by signing the name
of the Authority by himself as such President.

MY COMMISSION EXPIRES
      8/29/01                                  /s/ CAROL D. WOLFE
---------------------                          -------------------------------
                                               Notary Public

(seal)

(STATE OF TENNESSEE)
(COUNTY OF SHELBY)

         On this 20th day of March, 2001, before me appeared Graham R. Smith, to
me personally known, who, being by me duly sworn (or affirmed), did say that he
is a Vice President of Federal Express Corporation, the within named Lessee, and
that he as such Vice President, being authorized so to do, executed the
foregoing instrument for the purposes therein contained, by signing the name of
the Corporation by himself as such Vice President.

MY COMMISSION EXPIRES

       8/13/05                                 /s/ GLORIA E. OWENS
---------------------                          -------------------------------
                                               Notary Public

(seal)

                                                                               9
<PAGE>   10

                     FEDERAL EXPRESS LEASED PARCELS SUMMARY

<TABLE>
<CAPTION>
PARCEL                                                                          EFFECTIVE
LEASE                 ACRES              SQUARE FEET       AGREEMENT            DATE
-----                 -----              -----------       ---------            ----
<S>                  <C>                 <C>               <C>                  <C>

                                   BASE-LEASE

Revised 9            128.469                               Consolidated &       08/01/79
                                                           Restated

10                   1.612               70,200            Consolidated &       08/01/79
                                                           Restated

11                   1.044               45,359            Consolidated &       08/01/79
                                                           Restated

                              PREVIOUS SUPPLEMENTS

12                   2.707               117,915           First                04/01/81
                                                           Supplemental

13                   6.860               298,830           Second               01/01/82
                                                           Supplemental

14                   14.586              635,377           Fourth               07/01/83
                                                           Supplemental

15                   12.689              552,723           Fourth               07/01/83
                                                           Supplemental

Rev 16 18.281        (19.685)            796,312           Fifth                02/01/84
                                                           Supplemental

Rev 17 119.616      (124.992)            5,210,477         Sixth                04/01/84
                                                           Supplemental

18                   2.717               118,353           Sixth                04/01/84
                                                           Supplemental

19                   41.606              1,812,352         Seventh              06/01/84
                                                           Supplemental

25                   0.435               18,933            Eighth               07/01/88
                                                           Supplemental

20                   11.275              491,127           Ninth                06/01/89
                                                           Supplemental

27                   11.192              487,512           Tenth                10/01/91
                                                           Supplemental

27 A(West)           4.058               176,777           Eleventh             07/01/94
                                                           Supplemental

27 B(West)           5.706               248,533           Eleventh             07/01/94
                                                           Supplemental

Southwest                                                  Eleventh             07/01/94
Ramp                 2.350               102,366           Supplemental
</TABLE>

                                                                              10

<PAGE>   11
<TABLE>
<CAPTION>
PARCEL                                                                          EFFECTIVE
LEASE                 ACRES              SQUARE FEET       AGREEMENT            DATE
-----                 -----              -----------       ---------            ----
<S>                  <C>                 <C>               <C>                  <C>

32 (removed)          22.972             1,000,681         Twelfth              07/01/93
                                                           Supplemental

33                    8.998              391,942           Thirteenth           06/01/95
                                                           Supplemental

36                    3.050              132,837           Thirteenth           06/01/95
                                                           Supplemental

Hangar 8 (removed)                       36,946,33         Thirteenth           06/01/95
                                                           Supplemental

34                    9.951              433,461           Fourteenth           01/01/96
                                                           Supplemental

21                    19.134             833,476           Fifteenth            01/01/97
                                                           Supplemental

22A (North)           3.214              140,000           Sixteenth            04/01/97
                                                           Supplemental

37                    2.692              117,283           Seventeenth          05/01/97
                                                           Supplemental

38                    2.523              109,921           Eighteenth           07/01/97
                                                           Supplemental

39                    8.366              364,430           Eighteenth           07/01/97
                                                           Supplemental

West Ramp             19.917             867,583           Nineteenth           09/01/98
Expansion                                                  Supplemental

Centerline            13.206             575,253.36        Twentieth            12/01/00
November                                                   Supplemental

Taxilane 700          4.706              204,975           Twenty-First         05/15/00
                                                           Supplemental

                                 THIS SUPPLEMENT

Taxilane 700          3.052              132,951           Twenty-Second        03/15/01
                                                           Supplemental

West Ramp             8.408              366,242           Twenty-Second        03/15/01
Aircraft/GSE Expansion                                     Supplemental

                                     OPTIONS

22B (South)           3.310              144,200           Option, Expires 5/31/04
29                    3.85               167,706           Option, Expires 9/30/2001

                                   ASSIGNMENTS

23                    5.923              258,008           Graber Assignment,
                                                           Expires 12/31/2000
                                                           Invoice FEC
                                                           Final Increase 1/l/96
</TABLE>

                                                                              11
<PAGE>   12

<TABLE>
<S>                  <C>                 <C>                <C>
24                    9.964              434,030            Southwide Assignment
                                                            Expires 5/14/2013
                                                            Invoice FEC
                                                            Next Increase 5/15/03

26                    9.532              415,213            BICO Assignment,
                                                            Expires 7/31/2021
                                                            Invoice FEC
                                                            Next Increase 8/01/2011

28                    10.68              465,221            Equitable Life Assignment
                                                            Expires 5/14/2013
                                                            Invoice FEC
                                                            Next Increase 5/15/03
</TABLE>

RENTAL - FEDERAL EXPRESS

                           Effective November 1, 2001

<TABLE>
<CAPTION>
                                                               Annual
Category                                   Number of           Rental Rate
of Space                                   Square Feet         Per Sq. Ft.         Annual Rental
--------                                   -----------         -----------         -------------
<S>                                        <C>                 <C>                 <C>
Bldg. T-376                                1,240                  1.5258               $1,891.99
Unimproved Ground                          8,190,929.96           0.1220              999,293.44
Improved Apron                             2,395,802              0.1525              365,359.80
Hangar Property                            72,092.67              1.1291               81,399.83
Hangar Office                              28,000                 1.8311               51,270.80
International Park                         9,694,700              0.2138            2,072,726.80
                                                                  ------
Former IRS Facility                        2,255,137.24           4.97              1,200,000.00
                                           ------------                            -------------
                                           22,637,901.87                           $4,771,942.66
</TABLE>

                               BREAKDOWN OF SPACE

<TABLE>
<CAPTION>
                                                              Sq. Ft.                   Sq. Ft.
                                                              -------                   -------
<S>                              <C>                          <C>                       <C>
Bldg. T-376                      Parcel 4                     1,240
                                                              -----
                                                                                         1,240

Unimproved Ground                Parcel 1                     130,900
                                 Parcel 2                     50,000
                                 Parcel 3                     192,400
                                 Parcel 4                     32,540
                                 Parcel 6                     89,700
                                 Parcel 9                     1,167,337
                                 Parcel 19                    1,812,362
                                 Parcel 20                    491,127
</TABLE>

                                                                              12
<PAGE>   13
<TABLE>
<S>                              <C>                          <C>                       <C>
                                 Parcel 27A                   176,777
                                 Parcel 27B                   248,533
                                 Southwest Ramp               102,366
                                 Parcel 33                    391,942
                                 Parcel 36                    132,837
                                 Parcel 34                    433,461
                                 Parcel 37                    117,283
                                 Parcel 38                    109,921
                                 Parcel 39                    364,430
                                 West Ramp Expansion          867,588
                                 Centerline November          575,253.36
                                 Taxilane 700                 204,975
                                 Taxilane 700 Extension       132,951
                                 West Ramp                    366,242
                                 Aircraft/GSE Expansion

                                                                                        8,190,925.36

Improved Apron                   Parcel 1                     850,250
                                 Parcel 2                     226,900
                                 Parcel 7                     577,540
                                 Parcel 9                     253,600
                                 Parcel 27                    487,512
                                                              -------
                                                                                        2,395,802.00

                                                              Sq. Ft.                   Sq. Ft.
                                                              -------                   -------

Hangar Property                  Parcel 1                     44,336
                                 Parcel 2                     27,756.67
                                                              ---------
                                                                                        72,092.67

Hangar Office                    Parcel 1                     22,400
                                 Parcel 2                     5,600
                                                              -----
                                                                                        28,000.00
</TABLE>

                                                                              13
<PAGE>   14

<TABLE>
<CAPTION>
<S>                              <C>                          <C>                         <C>
International Park               Parcel 5                     24,000
                                 Parcel 8                     247,254
                                 Parcel 9                     1,586,172
                                 Parcel  10                   70,200
                                 Parcel  11                   45,359
                                 Parcel  12                   117,915
                                 Parcel  13                   298,830
                                 Parcel  14                   556,334
                                 Parcel  15                   552,723
                                 Parcel  16                   796,312
                                 Parcel  17                   4,288,839
                                 Parcel  18                   118,353
                                 Parcel  25                    18,933
                                 Parcel  21                   833,476
                                 Parcel  22A                  140,000
                                                              -------
                                                                                          9,694,700.00

Former IRS Facility                                           2,255,137.24                2,255,137.24
                                                              ------------

                                                              TOTAL:                     22,637,897.27

</TABLE>

                                                                              14

<PAGE>   15

FEDEX RAMP 2001 - WEST RAMP

LEASE PARCEL 1

Being a parcel of land contained entirely within the Memphis/Shelby County
Airport Authority property located in the City of Memphis, Shelby County, State
of Tennessee being more particularly described by metes and bounds as follows:

Commencing at the centerline intersection of Taxiway November and Taxilane 800;
thence along said centerline of Taxilane 800 S85(Degree) 42' 38"E, a distance of
679.35 feet to a point, thence departing from and perpendicular to said
centerline, N04(Degree) 17'22"E, a distance of 50.00 feet to a point, said point
being the TRUE POINT OF BEGINNING; thence N04(Degree) 17' 22"E, a distance of
473.94 feet to a point; thence along a line being parallel with the north edge
of pavement of Taxilane 800 S85(Degree) 42' 38"E, a distance of 299.97 feet to a
point; thence, S04(Degree) 17' 22"W, a distance of 74.94 feet to a point on the
existing north edge of pavement and common with the "FedEx Ramp 2000 Project"
lease; thence along said north edge of pavement and common with said north line
of the Ramp 2000 project lease, N85(Degree) 42' 38"W, a distance of 23.10 feet
to a point on a corner of said lease; thence along the existing west edge of
pavement and common with the west line of said lease S04(Degree) 17' 22"W, a
distance of 399.00 feet to a point on the corner of said lease; thence along the
existing north edge of pavement and common with the north line of said lease
N85(Degree) 42' 38"W, a distance of 276.87 feet to the POINT OF BEGINNING.

Said parcel of land containing 132,951 square feet or 3.052 Acres, more or less.

                                                  (Seal)

                                                  /s/ CHARLES W. ARNEY

                                                                     EXHIBIT "A"
                                                                     1 OF 4

<PAGE>   16

                          [ Survey of Lease Parcel 1 ]

                                                                     EXHIBIT "A"
                                                                     2 OF 4

<PAGE>   17

FEDEX RAMP 2001 - WEST RAMP

LEASE PARCEL 2

Being a parcel of land contained entirely within the Memphis/Shelby County
Airport Authority property located in the City of Memphis, Shelby County, State
of Tennessee being more particularly described by metes and bounds as follows:

Commencing at the extended tangent intersection of Taxiway Victor and Taxiway
Charlie; thence along said centerline of Taxiway Charlie N01(Degree) 59' 42"E, a
distance of 178.21 feet to a point; thence continuing along said centerline
N01(Degree) 55' 14"E, a distance of 21.70 feet to a point; thence departing from
and perpendicular to said centerline, N88(Degree) 04' 46"W, a distance of 162.00
feet to a point, said point being the TRUE POINT OF BEGINNING; thence along a
line being parallel with and 193.00 feet north of said centerline of Taxiway
Victor N85(Degree) 42' 29"W, a distance of 1101.86 feet to a point on the
southeast corner of the FedEx Taxilane 700 Project lease; thence along the
existing east edge of pavement and common with the east line of said Taxilane
700 Project lease N04(Degree) 17' 22"E, a distance of 524.51 feet to a pavement
corner, said point being the intersection of said Taxilane 700 east lease line
and FedEx Ramp 2000 Project south lease line; thence along existing south edge
of pavement and common with said south line of Ramp 2000 project lease
S85(Degree) 42' 38"E, a distance of 233.51 feet to a point on the west edge of
pavement being a west line said FedEx Ramp 2000 project lease; thence along said
west edge of pavement and common with the west line of said Ramp 2000 project
lease S04(Degree) 17' 22"W, a distance of 136.00 feet to a point on the south
edge of pavement being a south line of the said FedEx Ramp 2000 project lease;
thence along said south edge of pavement and common with said south line of Ramp
2000 project lease S85(Degree) 42' 38"E, a distance of 223.80 feet to a point,
said point being the southeast corner of the said Ramp 2000 project lease and
the southwest corner of the FedEx Ramp 1999 project lease; thence continuing
along existing south edge of pavement and common with said south line of Ramp
1999 project lease S85(Degree) 42' 38"E, a distance of 445.70 feet to a point,
said point being the southeast corner of said Ramp 1999 project lease and on the
west line of FedEx 1.34 Project, Part 2 lease; thence along existing west
pavement edge and common with said west lease line S32(Degree) 30' 14"W, a
distance of 381.46 feet to a point on the south edge of pavement being a south
line of the said 1.34, Part 2 project lease; thence along said existing south
edge of pavement and common with said south lease line S85(Degree) 42' 50"E, a
distance of 356.31 feet to a point on the east edge of pavement being a east
line of the said 1.34, Part 2 project lease; thence along said existing easting
east edge of pavement and common with said east lease line N01(Degree) 56' 39"E,
a distance of 19.90 feet to a point; thence S88(Degree) 04' 46"E, a distance of
10.70 feet to a point 162.00 feet west of the centerline of Taxiway Charlie;
thence along a line being parallel with and 162.00 feet west of the centerline
of Taxiway Charlie S01(Degree) 55' 14"W, a distance of 72.83 feet to the POINT
OF BEGINNING.

Said parcel of land containing 366,242 square feet or 8.408 Acres, more or less.

                                                  (Seal)

                                                  /s/ CHARLES W. ARNEY

                                                                     EXHIBIT "A"
                                                                     3 OF 4

<PAGE>   18

                          [ Survey of Lease Parcel 2 ]

                                                                     EXHIBIT "A"
                                                                     4 OF 4<PAGE>   1

                                                                   Exhibit 10.46

                                 AMENDMENT NO. 3
                          DATED AS OF OCTOBER 31, 2000
                                       TO
                                CREDIT AGREEMENT
                          DATED AS OF JANUARY 15, 1998

     THIS AMENDMENT NO. 3 TO THE CREDIT AGREEMENT (the "Amendment") is made as
of October 31, 2000 by and among FedEx Corporation, a Delaware corporation (the
"Borrower"), the Lenders and Bank One, NA, having its principal office in
Chicago, Illinois and formerly known as The First National Bank of Chicago, in
its capacity as agent ("Agent"). Defined terms used herein and not otherwise
defined herein shall have the meanings given to them in that certain Credit
Agreement dated as of January 15, 1998, as amended, by and among the Borrower,
the Lenders, Banc One Capital Markets, Inc., formerly known as First Chicago
Capital Markets, Inc., as Arranger, J.P. Morgan Securities Inc., as Co-Arranger
and Syndication Agent, Chase Securities Inc., as Co-Arranger and Documentation
Agent, and the Agent (as amended, the "Credit Agreement").

                                   WITNESSETH

     WHEREAS, the Borrower, the Lenders and the Agent are parties to the Credit
Agreement;

     WHEREAS, the Borrower, the Lenders and the Agent have agreed to amend the
Credit Agreement on the terms and conditions set forth herein;

     NOW, THEREFORE, in consideration of the premises set forth above, the terms
and conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Lenders and the Agent agree as follows:

     1. Amendment to Credit Agreement. Section 2.19 of the Credit Agreement is
amended in its entirety to read as follows:

          2.19. Extension of Tranche B Facility Termination Date. Not more than
          60 days prior to the Tranche B Facility Termination Date then in
          effect, provided that no Default or Unmatured Default shall have
          occurred and be continuing, the Borrower may request an extension of
          such Tranche B Facility Termination Date by submitting to the Agent a
          written request therefor (an "Extension Request"), which the Agent
          shall promptly furnish to each Lender. Each Lender shall, not less
          than 30 days and not more than 45 days prior to the Tranche B Facility
          Termination Date then in effect, notify the Borrower and the Agent of
          its election to extend or not

<PAGE>   2

          extend the Tranche B Facility Termination Date as requested by the
          Borrower. Notwithstanding any provision of this Agreement to the
          contrary, any notice by any Lender of its willingness to extend the
          Maturity Date shall be revocable by such Lender in its sole and
          absolute discretion at any time prior to the date which is 30 days
          prior to the Tranche B Facility Termination Date then in effect. If
          any Lender shall approve in writing the extension of the Tranche B
          Facility Termination Date requested in such Extension Request, the
          Tranche B Facility Termination Date for such Lender's Tranche B
          Commitment shall automatically and without any further action by any
          Person be extended for the period specified in such Extension Request;
          provided that each extension pursuant to this Section 2.19 shall be
          for a maximum of 364 days. The Tranche B Commitment of any Lender that
          does not consent in writing to such requested extension not less than
          30 days and not more than 45 days prior to the Maturity Date then in
          effect (an "Objecting Lender") shall, unless earlier terminated in
          accordance with this Agreement, expire on the Tranche B Facility
          Termination Date in effect on the date of such Extension Request (such
          Tranche B Facility Termination Date, if any, referred to as the
          "Commitment Expiration Date" with respect to such Objecting Lender).
          If, not less than 30 days and not more than 45 days prior to the
          Tranche B Facility Termination Date then in effect, no Lender shall
          approve in writing the extension of the Tranche B Facility Termination
          Date requested in an Extension Request, the Tranche B Facility
          Termination Date shall not be extended pursuant to such Extension
          Request. The Administrative Agent shall promptly notify y) the Lenders
          and the Borrower of any extension of the Tranche B Facility
          Termination Date pursuant to this Section 2.19 and (z) the Borrower
          and any other Lender of any Lender which becomes an Objecting Lender.
          No Lender shall be obligated to approve any extension of the Tranche B
          Facility Termination Date.

     2. Conditions of Effectiveness. This Amendment shall become effective as of
the date set forth above when the Agent shall have received:

          (i) a counterpart of this Amendment executed by the Borrower, the
     Agent and Lenders constituting the Required Lenders;

          (ii) a counterpart of the Acknowledgment attached hereto as Exhibit A
     executed by each of the Guarantors; and

          (iii) such documents evidencing corporate existence, action and
     authority of the Borrower and the Guarantors as the Agent may reasonably
     request.

<PAGE>   3

          3. Representations and Warranties of the Borrower. The Borrower
represents and warrants that:

               (a) This Amendment, and the Credit Agreement as previously
          executed and as amended hereby, constitute legal, valid and binding
          obligations of the Borrower and are enforceable against the Borrower
          in accordance with their terms, except as enforceability may be
          limited by bankruptcy, insolvency or similar laws affecting the
          enforcement of creditors' rights generally and subject also to the
          availability of equitable remedies if equitable remedies are sought.

               (b) Upon the effectiveness of this Amendment, the Borrower
          reaffirms all covenants, representations and warranties made in the
          Credit Agreement.

               (c) No Default or Unmatured Default has occurred and is
          continuing.

          4. Effect on Credit Agreement.

               (a) During the period that this Amendment is effective, each
          reference in the Credit Agreement to "this Agreement," "hereunder,"
          "hereof," "herein" or words of like import shall mean and be a
          reference to the Credit Agreement as amended hereby.

               (b) Except as specifically amended above, the Credit Agreement
          and all other Loan Documents, instruments and agreements executed
          and/or delivered in connection therewith, shall remain in full force
          and effect, and are hereby ratified and confirmed.

               (c) The execution, delivery and effectiveness of this Amendment
          shall not, except as expressly provided herein, operate as a waiver of
          any right, power or remedy of the Agent or the Lenders, nor constitute
          a waiver of any provision of the Credit Agreement or any other Loan
          Documents, instruments and agreements executed and/or delivered in
          connection therewith.

          5. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of Illinois.

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

          7. Counterparts. This Amendment may be executed by one or more of the
parties to the Amendment on any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

<PAGE>   4

     IN WITNESS WHEREOF, the Borrower, the Lenders and the Agent have executed
this Amendment as of the date first above written.

                                   FEDEX CORPORATION

                                   By: /s/ BURNETTA B. WILLIAMS
                                       -----------------------------------------
                                   Name: Burnetta B. Williams
                                         ---------------------------------------
                                   Title: Vice President and Assistant Treasurer
                                          --------------------------------------

                                   BANK ONE, NA, having its principal office in
                                   Chicago, Illinois, as Agent

                                   By: /s/ KENNETH J.KRAMER
                                       -----------------------------------------
                                   Name: Kenneth J. Kramer
                                         ---------------------------------------
                                   Title: Managing Director
                                          --------------------------------------

                                   MORGAN GUARANTY TRUST COMPANY OF NEW YORK

                                   By: /s/ DENNIS WILCZEK
                                       -----------------------------------------
                                   Name: Dennis Wilczek
                                         ---------------------------------------
                                   Title: Associate
                                          --------------------------------------

                                   THE CHASE MANHATTAN BANK

                                   By: /s/ MATTHEW H. MASSIE
                                       -----------------------------------------
                                   Name: Matthew H. Massie
                                         ---------------------------------------
                                   Title: Managing Director
                                          --------------------------------------

<PAGE>   5

                                   KBC BANK N.Z., GRAND CAYMAN BRANCH

                                   By: /s/ ROBERT SNAUFFER
                                       -----------------------------------------
                                   Name: Robert Snauffer
                                         ---------------------------------------
                                   Title: First Vice President
                                          --------------------------------------

                                   By: /s/ PATRICK A. JANSSENS
                                       -----------------------------------------
                                   Name: Patrick A. Janssens
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   BANK OF AMERICA, N.A., formerly known as
                                   BANK OF AMERICA NATIONAL TRUST AND SAVINGS
                                   ASSOCIATION, and successor-by-merger to
                                   NATIONSBANK, N.A.

                                   By: /s/ SHARON BURKS HOROS
                                       -----------------------------------------
                                   Name: Sharon Burks Horos
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   BANK OF TOKYO-MITSUBISHI TRUST COMPANY

                                   By: /s/ JEFF STRAEBLER
                                       -----------------------------------------
                                   Name: Jeff Straebler
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   CITICORP USA, INC.

                                   By: /s/ MICHAEL BOSTER
                                       -----------------------------------------
                                   Name: Michael Boster
                                         ---------------------------------------
                                   Title: Vice President
                                          Global Aviation
                                          --------------------------------------

<PAGE>   6
                                   COMMERZBANK AKTIENGESELLSCHAFT

                                   By: /s/ HARRY YERGER
                                       -----------------------------------------
                                   Name: Harry Yerger
                                         ---------------------------------------
                                   Title: SVP and Manager
                                          --------------------------------------

                                   By: /s/ SUBASH VISWANATHAN
                                       -----------------------------------------
                                   Name: Subash Viswanathan
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   THE FUJI BANK, LIMITED

                                   By: /s/ RAYMOND VENTURA
                                       -----------------------------------------
                                   Name: Raymond Ventura
                                         ---------------------------------------
                                   Title: Vice President and Manager
                                          --------------------------------------

                                   MELLON BANK, N.A.

                                   By: /s/ MARK F. JOHNSTON
                                       -----------------------------------------
                                   Name: Mark F. Johnston
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   KEYBANK NATIONAL ASSOCIATION

                                   By: /s/ MARK A. LOSCHIAVO
                                       -----------------------------------------
                                   Name: Mark A. LoSchiavo
                                         ---------------------------------------
                                   Title: Assistant Vice President
                                          --------------------------------------

<PAGE>   7

                                   AMSOUTH BANCORPORATION, successor-by-merger
                                   to FIRST AMERICAN NATIONAL BANK

                                   By: /s/ S. FLOYD HARVEY III
                                       -----------------------------------------
                                   Name: S. Floyd Harvey III
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   BANK OF HAWAII

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

                                   THE BANK OF NEW YORK

                                   By: /s/ STEVEN CAVALUZZO
                                       -----------------------------------------
                                   Name: Steven Cavaluzzo
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   THE BANK OF NOVA SCOTIA

                                   By: /s/ A.S. NORSWORTHY
                                       -----------------------------------------
                                   Name: A.S. Norsworthy
                                         ---------------------------------------
                                   Title: Sr. Team Leader - Loan Operations
                                          --------------------------------------

                                   CREDIT SUISSE FIRST BOSTON

                                   By: /s/ ROBERT N. FINNEY
                                       -----------------------------------------
                                   Name: Robert N. Finney
                                         ---------------------------------------
                                   Title: Managing Director
                                         ---------------------------------------

                                   By: /s/ MARISA J. HARNEY
                                       -----------------------------------------
                                   Name: Marisa H. Harney
                                         ---------------------------------------
                                   Title: Director
                                          --------------------------------------

<PAGE>   8

                                   DEUTSCHE VERKEHRS BANK

                                   By: /s/ CONSTANCE LAUDENSCHLAGER
                                       -----------------------------------------
                                   Name: Constance Laudenschlager
                                         ---------------------------------------
                                   Title: Senior Vice President
                                          --------------------------------------

                                   By: /s/ JAMES M. MORTON
                                       -----------------------------------------
                                   Name: James M. Morton
                                         ---------------------------------------
                                   Title: Assistant Vice President
                                          --------------------------------------

                                   THE SANWA BANK, LIMITED

                                   By: /s/ P. BARTLETT WU
                                       -----------------------------------------
                                   Name: P. Bartlett Wu
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   SUNTRUST BANK, NASHVILLE, N.A.

                                   By: /s/ RENEE D. DRAKE
                                       -----------------------------------------
                                   Name: Renee D. Drake
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   THE SUMITOMO BANK, LIMITED

                                   By: /s/ C. MICHAEL GARRIDO
                                       -----------------------------------------
                                   Name: C. Michael Garrido
                                         ---------------------------------------
                                   Title: Senior Vice President
                                          --------------------------------------

<PAGE>   9

                                   BANCA COMMERCIALE ITALIANA

                                   By: /s/ CHARLES DOUGHERTY
                                       -----------------------------------------
                                   Name: Charles Dougherty
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   By: /s/ JACK DICKERHOF
                                       -----------------------------------------
                                   Name: Jack Dickerhof
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

                                   THE NORTHERN TRUST COMPANY

                                   By: /s/ ASHISH S. BHAGWAT
                                       -----------------------------------------
                                   Name: Ashish S. Bhagwat
                                         ---------------------------------------
                                   Title: Second Vice President
                                          --------------------------------------

                                   WACHOVIA BANK, N.A.

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

                                   FIRST UNION NATIONAL BANK

                                   By: /s/ ROBERT G. MCGILL JR.
                                       -----------------------------------------
                                   Name: Robert G. McGill Jr.
                                         ---------------------------------------
                                   Title: Vice President
                                          --------------------------------------

<PAGE>   10

                                    EXHIBIT A
                                       TO
                                 AMENDMENT NO. 3
                          DATED AS OF OCTOBER 31, 2000
                                       TO
                                CREDIT AGREEMENT
                          DATED AS OF JANUARY 15, 1998

                                 ACKNOWLEDGMENT

     Each of the undersigned hereby (i) acknowledges receipt of a copy of
Amendment No. 3 dated as of October 31, 2000 to the Credit Agreement dated as of
January 15, 1998 by and among the Borrower, the Lenders, Banc One Capital
Markets, Inc., formerly known as First Chicago Capital Markets, Inc., as
Arranger, J.P. Morgan Securities Inc., as Co-Arranger and Syndication Agent,
Chase Securities Inc., as Co-Arranger and Documentation Agent, and the Agent
(the "Credit Agreement"), (ii) reaffirms the terms and conditions of that
certain Guaranty dated as of January 27, 1998 (the "Guaranty") and (iii)
acknowledges and agrees that the Guaranty (A) remains in full force and effect
and (B) is hereby ratified and confirmed.

                                       FEDERAL EXPRESS CORPORATION

                                       By: /s/ KAREN M. CLAYBORNE
                                           -------------------------------------
                                       Name: Karen M. Clayborne
                                             -----------------------------------
                                       Title: SVP & General Counsel
                                              ----------------------------------

                                       FEDEX GROUND PACKAGE SYSTEM, INC.

                                       By: /s/ STEVEN H. TAYLOR
                                           -------------------------------------
                                       Name: Steven H. Taylor
                                             -----------------------------------
                                       Title: Sr. V.P. & General Counsel
                                              ----------------------------------

                                       VIKING FREIGHT, INC.

                                       By: /s/ DOUG DUNCAN
                                           -------------------------------------
                                       Name: Doug Duncan
                                             -----------------------------------
                                       Title: President & CEO
                                              ----------------------------------

<PAGE>   11

                                        FEDEX CUSTOM CRITICAL, INC.

                                        By: /s/ R. BRUCE SIMPSON
                                            ------------------------------------
                                        Name: R. Bruce Simpson
                                              ----------------------------------
                                        Title: President & CEO
                                               ---------------------------------

Dated as of October 31, 2000

<PAGE>   12

                                 AMENDMENT NO. 4
                          DATED AS OF JANUARY 19, 2001
                                       TO
                                CREDIT AGREEMENT
                          DATED AS OF JANUARY 15, 1998

     THIS AMENDMENT NO. 4 TO THE CREDIT AGREEMENT (the "Amendment") is made as
of January 19, 2001 by and among FedEx Corporation, a Delaware corporation (the
"Borrower"), the Lenders and Bank One, NA, having its principal office in
Chicago, Illinois and formerly known as The First National Bank of Chicago, in
its capacity as agent ("Agent"). Defined terms used herein and not otherwise
defined herein shall have the meanings given to them in that certain Credit
Agreement dated as of January 15, 1998, as amended, by and among the Borrower,
the Lenders, Banc One Capital Markets, Inc., formerly known as First Chicago
Capital Markets, Inc., as Arranger, J.P. Morgan Securities Inc., as Co-Arranger
and Syndication Agent, Chase Securities Inc., as Co-Arranger and Documentation
Agent, and the Agent (as amended, the "Credit Agreement").

                                   WITNESSETH

     WHEREAS, the Borrower, the Lenders and the Agent are parties to the Credit
Agreement;

     WHEREAS, the Borrower, the Lenders and the Agent have agreed to amend the
Credit Agreement on the terms and conditions set forth herein;

     NOW, THEREFORE, in consideration of the premises set forth above, the terms
and conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Lenders and the Agent agree as follows:

     1. Amendment to Credit Agreement. Clause (a) of Section 6.20 is amended in
its entirety to read as follows:

          "6.20. Guaranties. (a) Within thirty (30) days after acquiring or
     establishing any Subsidiary that constitutes a Significant Subsidiary
     (other than Federal Express Canada Ltd. or FedEx Global Logistics, Inc.)
     upon its acquisition or establishment or the consummation of any
     transactions contemplated at the time of its establishment, the Borrower
     shall cause such Significant Subsidiary to execute the Guaranty pursuant to
     the Addendum thereto in the form of Annex I to the Guaranty, and to deliver
     documentation similar to that described in Section 4.1(a)(iii), (iv), (v)
     and (vii) relating to the authorization for, execution and delivery of, and
     validity of such Significant Subsidiary's obligations as a Guarantor, such
     documentation to be in form and substance reasonably satisfactory to the
     Agent."

<PAGE>   13

     2. Conditions of Effectiveness. This Amendment shall become effective as of
the date set forth above when the Agent shall have received:

          (i) a counterpart of this Amendment executed by the Borrower, the
     Agent and Lenders constituting the Required Lenders;

          (ii) a counterpart of the Acknowledgment attached hereto as Exhibit A
     executed by each of the Guarantors; and

          (iii) such documents evidencing corporate existence, action and
     authority of the Borrower and the Guarantors as the Agent may reasonably
     request.

     3. Representations and Warranties of the Borrower. The Borrower represents
and warrants that:

          (a) This Amendment, and the Credit Agreement as previously executed
     and as amended hereby, constitute legal, valid and binding obligations of
     the Borrower and are enforceable against the Borrower in accordance with
     their terms, except as enforceability may be limited by bankruptcy,
     insolvency or similar laws affecting the enforcement of creditors' rights
     generally and subject also to the availability of equitable remedies if
     equitable remedies are sought.

          (b) Upon the effectiveness of this Amendment, the Borrower reaffirms
     all covenants, representations and warranties made in the Credit Agreement.

          (c) No Default or Unmatured Default has occurred and is continuing.

     4. Effect on Credit Agreement.

          (a) During the period that this Amendment is effective, each reference
     in the Credit Agreement to "this Agreement," "hereunder," "hereof,"
     "herein" or words of like import shall mean and be a reference to the
     Credit Agreement as amended hereby.

          (b) Except as specifically amended above, the Credit Agreement and all
     other Loan Documents, instruments and agreements executed and/or delivered
     in connection therewith, shall remain in full force and effect, and are
     hereby ratified and confirmed.

          (c) The execution, delivery and effectiveness of this Amendment shall
     not, except as expressly provided herein, operate as a waiver of any right,
     power or remedy of the Agent or the Lenders, nor constitute a waiver of any
     provision of the Credit Agreement or any other Loan Documents, instruments
     and agreements executed and/or delivered in connection therewith.

     5. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of Illinois.

<PAGE>   14

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

     7. Counterparts. This Amendment may be executed by one or more of the
parties to the Amendment on any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

     IN WITNESS WHEREOF, the Borrower, the Lenders and the Agent have executed
this Amendment as of the date first above written.

                                     FEDEX CORPORATION

                                     By: /s/ CHARLES M. BUCHAS
                                         ---------------------------------------
                                     Name: Charles M. Buchas
                                           -------------------------------------
                                     Title: Corp. Vice President and Treasurer
                                            ------------------------------------

                                     BANK ONE, NA, having its principal office
                                     in Chicago, Illinois, as Agent

                                     By: /s/ KENNETH J. KRAMER
                                         ---------------------------------------
                                     Name: Kenneth J. Kramer
                                           -------------------------------------
                                     Title: Managing Director
                                            ------------------------------------

                                     MORGAN GUARANTY TRUST COMPANY OF NEW YORK

                                     By: /s/ DENNIS R. WILCZEK
                                         ---------------------------------------
                                     Name: Dennis R. Wilczek
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

<PAGE>   15

                                     THE CHASE MANHATTAN BANK

                                     By: /s/ MATTHEW H. MASSIE
                                         ---------------------------------------
                                     Name: Matthew H. Massie
                                           -------------------------------------
                                     Title: Managing Director
                                            ------------------------------------

                                     KBC BANK N.Z., GRAND CAYMAN BRANCH

                                     By: /s/ ROBERT SNAUFFER
                                         ---------------------------------------
                                     Name: Robert Snauffer
                                           -------------------------------------
                                     Title: First Vice President
                                            ------------------------------------

                                     By: /s/ PATRICK A. JANSSENS
                                         ---------------------------------------
                                     Name: Patrick A. Janssens
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

                                     BANK OF AMERICA, N.A., formerly known as
                                     BANK OF AMERICA NATIONAL TRUST AND SAVINGS
                                     ASSOCIATION, and successor-by-merger to
                                     NATIONSBANK, N.A.

                                     By: /s/ SHARON BURKS HOROS
                                         ---------------------------------------
                                     Name: Sharon Burks Horos
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

                                     BANK OF TOKYO-MITSUBISHI TRUST COMPANY

                                     By: /s/ JEFF STRAEBLER
                                         ---------------------------------------
                                     Name: Jeff Straebler
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

                                     CITICORP USA, INC.

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

<PAGE>   16

                                     COMMERZBANK AKTIENGESELLSCHAFT

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

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

                                     THE FUJI BANK, LIMITED

                                     By: /s/ RAYMOND VENTURA
                                         ---------------------------------------
                                     Name: Raymond Ventura
                                           -------------------------------------
                                     Title: Vice President and Manager
                                            ------------------------------------

                                     MELLON BANK, N.A.

                                     By: /s/ MARK F. JOHNSTON
                                         ---------------------------------------
                                     Name: Mark F. Johnston
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

                                     KEYBANK NATIONAL ASSOCIATION

                                     By: /s/ MARK A. LOSCHIAVO
                                         ---------------------------------------
                                     Name: Mark A. LoSchiavo
                                           -------------------------------------
                                     Title: Assistant Vice President
                                            ------------------------------------

                                     AMSOUTH BANCORPORATION, successor-by-merger
                                     to FIRST AMERICAN NATIONAL BANK

                                     By: /s/ S. FLOYD HARVEY III
                                         ---------------------------------------
                                     Name: S. Floyd Harvey III
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

<PAGE>   17

                                     BANK OF HAWAII

                                     By: /s/ DONNA R. PARKER
                                         ---------------------------------------
                                     Name: Donna R. Parker
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

                                     THE BANK OF NEW YORK

                                     By: /s/ STEVEN CAVALUZZO
                                         ---------------------------------------
                                     Name: Steven Cavaluzzo
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

                                     THE BANK OF NOVA SCOTIA

                                     By: /s/ A.S. NORSWORTHY
                                         ---------------------------------------
                                     Name: A.S. Norsworthy
                                           -------------------------------------
                                     Title: Sr. Team Leader - Loan Operations
                                            ------------------------------------

                                     CREDIT SUISSE FIRST BOSTON

                                     By: /s/ DAVID L. SAWYER
                                         ---------------------------------------
                                     Name: David L. Sawyer
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

                                     DEUTSCHE VERKEHRS BANK

                                     By: /s/ CONSTANCE LAUDENSCHLAGER
                                         ---------------------------------------
                                     Name: Constance Laudenschlager
                                           -------------------------------------
                                     Title: Assistant Vice President
                                            ------------------------------------

                                     By: /s/ JAMES M. MORTON
                                         ---------------------------------------
                                     Name: James M. Morton
                                           -------------------------------------
                                     Title: Assistant Vice President
                                            ------------------------------------

<PAGE>   18

                                     THE SANWA BANK, LIMITED

                                     By: /s/ P/ BARTLETT WU
                                         ---------------------------------------
                                     Name: P. Bartlett Wu
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

                                     SUNTRUST BANK, NASHVILLE, N.A.

                                     By: /s/ RENEE D. DRAKE
                                         ---------------------------------------
                                     Name: Renee D. Drake
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

                                     THE SUMITOMO BANK, LIMITED

                                     By: /s/ C. MICHAEL GARRIDO
                                         ---------------------------------------
                                     Name: C. Michael Garrido
                                           -------------------------------------
                                     Title: Senior Vice President
                                            ------------------------------------

                                     BANCA COMMERCIALE ITALIANA

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

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

<PAGE>   19

                                     THE NORTHERN TRUST COMPANY

                                     By: /s/ ASHISH S. BHAGWAT
                                         ---------------------------------------
                                     Name: Ashish S. Bhagwat
                                           -------------------------------------
                                     Title: Second Vice President
                                           -------------------------------------

                                     WACHOVIA BANK, N.A.

                                     By: /s/ JENNIFER L. NORRIS
                                         ---------------------------------------
                                     Name: Jennifer L. Norris
                                           -------------------------------------
                                     Title: Assistant Vice President
                                           -------------------------------------

                                     FIRST UNION NATIONAL BANK

                                     By: /s/ ROBERT G. MCGILL JR.
                                         ---------------------------------------
                                     Name: Robert G. McGill Jr.
                                           -------------------------------------
                                     Title: Vice President
                                            ------------------------------------

<PAGE>   20

                                    EXHIBIT A
                                       TO
                                 AMENDMENT NO. 4
                          DATED AS OF JANUARY 19, 2001
                                       TO
                                CREDIT AGREEMENT
                          DATED AS OF JANUARY 15, 1998

                                 ACKNOWLEDGMENT

     Each of the undersigned hereby (i) acknowledges receipt of a copy of
Amendment No. 4 dated as of January 19, 2001 to the Credit Agreement dated as of
January 15, 1998 by and among the Borrower, the Lenders, Banc One Capital
Markets, Inc., formerly known as First Chicago Capital Markets, Inc., as
Arranger, J.P. Morgan Securities Inc., as Co-Arranger and Syndication Agent,
Chase Securities Inc., as Co-Arranger and Documentation Agent, and the Agent
(the "Credit Agreement"), (ii) reaffirms the terms and conditions of that
certain Guaranty dated as of January 27, 1998 (the "Guaranty") and (iii)
acknowledges and agrees that the Guaranty (A) remains in full force and effect
and (B) is hereby ratified and confirmed.

                                     FEDERAL EXPRESS CORPORATION

                                     By: /s/ TRACY G. SCHMIDT
                                         ---------------------------------------
                                     Name: Tracy G. Schmidt
                                           -------------------------------------
                                     Title: Senior VP/Finance & CFO
                                            ------------------------------------

                                     FEDEX GROUND PACKAGE SYSTEM, INC.

                                     By: /s/ DANIEL J. SULLIVAN
                                         ---------------------------------------
                                     Name: Daniel J. Sullivan
                                           -------------------------------------
                                     Title: President & CEO
                                            ------------------------------------

                                     VIKING FREIGHT, INC.

                                     By: /s/ MARSHALL WITT
                                         ---------------------------------------
                                     Name: Marshall Witt
                                           -------------------------------------
                                     Title: VP - Finance and Administration, CFO
                                            ------------------------------------

<PAGE>   21

                                     FEDEX CUSTOM CRITICAL, INC.

                                     By: /s/ BRENDAN L. O'SULLIVAN
                                         ---------------------------------------
                                     Name: Brendan L. O'Sullivan
                                           -------------------------------------
                                     Title: Vice President - Finance and CFO
                                            ------------------------------------

Dated as of January 19, 2001

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}]]