Document:

EXHIBIT 10.8.6

                                 GUARANTY 22237

            GUARANTY 22237, dated as of July 27, 2004 (this "GUARANTY"), of
ATLAS AIR WORLDWIDE HOLDINGS, INC., a Delaware corporation (together with its
successors and assigns, "HOLDINGS") in favor of POLARIS AIRCRAFT (PACIFIC RIM),
INC., a California corporation, as lessor under the Lease (as defined below)
(together with its successors and assigns, the "GUARANTEED PARTY").

            WHEREAS, the Guaranteed Party is a party to that certain Aircraft
Lease Agreement (MSN 22237), dated as of October 24, 2001 (as supplemented by
the Lease Supplement No. 1 dated November 9, 2001, the "LEASE"), between the
Guaranteed Party, as lessor, and Polar Air Cargo, Inc., as lessee ("POLAR");

            WHEREAS, the Guaranteed Party is a party to that certain Amendment
Agreement (MSN 22237) to the Lease, dated as of August 1, 2003 (the "LEASE
AMENDMENT"), between Guaranteed Party and Polar;

            WHEREAS, Holdings is an Affiliate of Polar and it is of direct
benefit to Holdings and is in the furtherance of Holdings' business interests
that Guaranteed Party enter into the Lease Amendment; and

            WHEREAS, as an inducement for the Guaranteed Party's willingness to
enter into the Lease Amendment, Holdings has agreed to guarantee the obligations
of Polar arising under (i) the Lease, as amended by the Lease Amendment, and
(ii) each Other Agreement (as defined in the Lease, as amended by the Lease
Amendment). Capitalized terms not otherwise defined herein shall have the
meaning set forth in the Lease, as amended by the Lease Amendment;

            NOW, THEREFORE, in consideration of the premises and covenants
hereinafter contained and for other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged. Holdings hereby agrees
for the benefit of the Guaranteed Party and the Guaranteed Party hereby
acknowledges:

            Section 1. GUARANTY BY HOLDINGS. (a) Holdings hereby irrevocably and
unconditionally guarantees, as primary obligor and not as a surety, (i) the due
and punctual performance by Polar of all of its obligations under (1) the Lease,
as amended by the Lease Amendment and (2) each Other Agreement (collectively, as
amended, supplemented or otherwise modified from time to time, the "OPERATIVE
DOCUMENTS"), (ii) the due, punctual, prompt and complete payment when due of any
and all amounts which are from time to time due and payable by Polar pursuant to
the provisions of the Operative Documents after any applicable grace periods or
notice requirements, if any, according to the terms thereof and (iii) all sums
for which Polar is or at any time becomes liable by reason of any breach of or
failure

<PAGE>

to perform or observe, or any other noncompliance with, any covenant, condition,
agreement or other obligation to be performed by Polar under any Operative
Document, or the falsity of any representation or warranty of Polar in any
Operative Document (each of the foregoing (i), (ii) and (iii), including all
interest accruing thereon after the commencement of any bankruptcy, insolvency,
reorganization or similar proceeding, regardless of whether or not a claim can
be made or realized therefor, collectively, the "OBLIGATIONS"). Holdings agrees
that this Guaranty is a guarantee of performance and payment and not of
collection. Holdings hereby agrees that its obligations hereunder shall be
primary, absolute and unconditional, irrespective of, and unaffected by: (i) any
difference between the law selected as the governing law of the Operative
Documents and the law selected as the governing law of this Guaranty: (ii) the
existence, value or condition of, or failure by the Guaranteed Party to perfect
any lien against the Aircraft or the release of any lien against the Aircraft,
including the Airframe, any Engine or any Part thereof, with respect to the
payment and performance by Polar of its performance and payment obligations
under the Operative Documents or any action, or the absence of any action, by
the Guaranteed Party in respect thereof (including, without limitation, the
release of any such security); (iii) the insolvency of Polar, Holdings or any
Affiliate thereof: (iv) the validity, regularity. legality or enforceability of
any Operative Document, any of the Obligations or any collateral security or
other guaranty therefor at any time or from time to time held by the Guaranteed
Party; (v) any defense, offset or counterclaim which may at any time be
available to or be asserted by Polar or Holdings against the Guaranteed Party;
(vi) any rejection of the Lease, as amended by the Lease Amendment or any
related document by Polar in any bankruptcy, reorganization or similar
proceedings related thereto; (vii) any extension, modification (including any
increase), indulgence or renewal with respect to any Obligations; (viii) any
limitation of the liability of Polar under any Operative Document that may now
or hereafter be imposed by any statute, regulation or rule of law, unless such
limitation applies to Holdings by mandatory provisions of law; (ix) any waiver,
compromise, consent, delay or other action or inaction or any exercise or
non-exercise of any right, remedy or power with respect to Polar or any
Affiliate thereof; (x) any change in the structure, ownership or control of
Polar, Holdings or any Affiliate thereof; (xi) any bankruptcy, reorganization,
arrangement, adjustment, composition, liquidation, dissolution or similar
proceeding with respect to Polar, Holdings or any Affiliate thereof; (xii) the
appointment of a custodian, receiver, trustee or other officer with similar
powers with respect to Polar or Holdings or any substantial part of their
respective properties or (xiii) any other event or circumstance whatsoever which
may constitute, or might be construed to constitute, an equitable or legal
discharge of a surety or Holdings, it being the purpose and intent of Holdings
that this Guaranty and Holdings' obligations hereunder shall remain in full
force and effect and be binding upon Holdings and its successors until the
Obligations and the obligations of Holdings under this Guaranty shall have been
satisfied by indefeasible payment in full. Holdings waives expressly and
irrevocably, on behalf of itself and any successors or permitted assigns
(including any surety) any and all notice of the creation, renewal, extension or
accrual of any of the obligations and notice of or proof of reliance by the
Guaranteed Party upon this Guaranty or acceptance of this Guaranty. Any and all
of the Obligations shall conclusively be deemed to have been created, con-

<PAGE>

tracted or incurred, or renewed, extended, amended or waived in reliance upon
this Guaranty and all dealings between Polar or Holdings and the Guaranteed
Party shall likewise be conclusively presumed to have been had or consummated in
reliance upon this Guaranty. Except for the notice provisions specifically set
forth in the applicable Operative Documents with respect to Polar, Holdings
hereby waives diligence, presentment, protest, demand for payment and notice of
default or nonpayment to or upon Polar or Holdings with respect to the
performance and the payment obligations arising hereunder or pursuant to the
Operative Documents. Holdings further agrees that its guaranty of the
Obligations shall remain in full force and effect notwithstanding, and it shall
not be required to consent to any amendment or modification (including an
increase in the Obligations) of, or waiver, consent or extension with respect to
the Operative Documents that may be made or given as provided therein. Holdings
covenants that this Guaranty will not be discharged except by complete payment
and performance of the Obligations.

            (b) Holdings shall be subrogated to all rights of the Guaranteed
Party in respect of any amounts paid by Holdings pursuant to the provisions of
this Guaranty; PROVIDED, HOWEVER, that Holdings shall be entitled to enforce, or
to receive any payments arising out of or based upon, such right of subrogation
only after all performance and amounts owed to the Guaranteed Party under the
Operative Documents have been satisfied and paid in full.

            (c) This Guaranty shall continue to be effective or be reinstated,
as the case may be, if at any time any payment or performance of the Obligations
owed to the Guaranteed Party is rescinded or must otherwise be returned by the
Guaranteed Party upon the insolvency, bankruptcy or reorganization of Holdings
or Polar or otherwise, all as though such payment or performance had not been
made.

            Section 2. REPRESENTATIONS AND WARRANTIES. Holdings hereby
represents and warrants, for the benefit of the Guaranteed Party, that:

                  (a) Holdings is a corporation duly organized, validly existing
            and in good standing under the laws of its jurisdiction of
            incorporation, is duly qualified as a foreign corporation and
            authorized to do business in each jurisdiction where the failure to
            be so qualified or in good standing would have a materially adverse
            effect on its business or financial condition, is an Affiliate of
            Polar and has the corporate power to own its properties and carry on
            its business as now conducted;

                  (b) Holdings has full power, authority and legal right to
            execute, deliver and perform this Guaranty, and Holdings has taken
            all necessary corporate action to authorize such execution, delivery
            and performance;

<PAGE>

                  (c) this Guaranty has been duly authorized, executed and
            delivered by Holdings and constitutes the legal, valid and binding
            obligation of Holdings, enforceable in accordance with its terms,
            except as such enforceability may be limited by bankruptcy,
            insolvency, reorganization, receivership, moratorium, fraudulent
            transfer and conveyance, and other similar laws affecting the rights
            and remedies of creditors or the Guaranteed Party generally, and by
            general principles of equity, whether considered in a proceeding at
            law or in equity:

                  (d) no consent of any Person (including stockholders or any
            trustee or holder of any obligations of Holdings), and no consent,
            license, approval or authorization of or registration or filing
            with, any governmental authority, bureau or agency is required in
            connection with the execution, delivery and performance of, and
            payment under, this Guaranty, except such consents as have been
            duly obtained; and

                  (e) the execution, delivery, performance and payment of this
            Guaranty by Holdings do not and will not contravene any applicable
            law, regulation, order or decree, the organizational or governing
            documents of Holdings and do not and will not constitute a default
            under any provision of any indenture, mortgage, contract or other
            agreement to which Holdings is a party or by which any of its assets
            may be bound, which default could have a material adverse effect on
            Holdings' business or financial condition.

            SECTION 3. NOTICES. All notices to Holdings under this Guaranty,
until Holdings furnishes written notice to the contrary, shall be in writing and
mailed, faxed or delivered to Atlas Air Worldwide Holdings, Inc., 2000
Westchester Avenue, Purchase, New York 10577-2543, and directed to the attention
of the General Counsel of Atlas Air Worldwide Holdings, Inc. (facsimile no.
(914) 701-8333).

            SECTION 4. MISCELLANEOUS. (a) This Guaranty shall: (i) be binding
upon Holdings, its successors and permitted assigns (including any
debtor-in-possession on behalf of Holdings); (ii) inure to the benefit of, and
be enforceable by, the Guaranteed Party and its respective successors and
assigns and its Affiliates (and shall be transferable without Holdings' consent
by the Guaranteed Party in connection with the transfer of the Obligations under
and in accordance with the terms of the Operative Documents), but shall not, and
is not intended to, create rights in any other third parties; (iii) not be
waived, amended or modified without the written consent of the Guaranteed Party;
(iv) BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW) and (v) may not be assigned, delegated, pledged, encumbered,
hypothecated or transferred in whole or in part by Holdings hereunder. Holdings
irrevocably waives, to the fullest extent

<PAGE>

permitted by applicable law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Guaranty or the transactions
contemplated hereby.

            (b) No failure or delay on the part of the Guaranteed Party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any delay or single or partial exercise of any right, power
or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies
provided in and contemplated by this Guaranty are cumulative and not exclusive
of any rights or remedies provided by law or at equity.

            (c) Holdings irrevocably agrees for the benefit of the Guaranteed
Party, by execution and delivery of this Guaranty, that any legal action or
proceeding brought against Holdings with respect to this Guaranty or the
transactions contemplated hereby or by the Operative Documents may be brought
and determined in the courts of the State of New York, New York County, or in
the United States District Court for the Southern District of New York located
in the Borough of Manhattan and Holdings hereby irrevocably accepts with regard
to any such action or proceeding, for itself and in respect of its properties,
generally and unconditionally, the non-exclusive jurisdiction of the aforesaid
courts. Nothing herein shall affect the right of the Guaranteed Party to serve
process in any manner permitted by law as to commence legal proceedings or
otherwise to proceed against Holdings in any other jurisdiction in which
Holdings may be subject to suit.

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

            SECTION 5. INTERPRETATION. The headings of the sections and other
subdivisions of this Guaranty are inserted for convenience only and shall not be
deemed to constitute a part hereof.

            SECTION 6. ATTORNEY'S COST. Holdings agrees to pay all reasonable
attorney's fees and disbursements and all other actual costs and expenses that
may be incurred by the Guaranteed Party in the enforcement of this Guaranty,
whether or not an action at law is commenced with respect hereto.

            SECTION 7. WAIVER. In addition to the waivers contained in Section 4
hereof, Holdings waives, and agrees that it shall not at any time insist upon,
plead or claim any appraisal, valuation, stay, extension, marshaling of assets
or redemption laws, or exemption (which would not have been available to Polar),
whether now or at any time hereafter in force, which will delay, prevent or
otherwise affect the performance by Holdings of its performance and payment
obligations under, or materially and adversely affect the enforcement by the

<PAGE>

Guaranteed Party of, this Guaranty. Holdings hereby waives the benefit of all
provisions of law which conflict with the terms of this Guaranty. Holdings
represents, warrants and agrees that, as of the date of this Guaranty, its
obligations under this Guaranty are not subject to any offsets or defenses
against the Guaranteed Party.

            SECTION 8. REINSTATEMENT. This Guaranty shall remain in full force
and effect and continue to be effective should any petition be filed by or
against Polar or Holdings for liquidation or reorganization, should Polar or
Holdings become insolvent or make an assignment for the benefit of creditors or
should a receiver or trustee be appointed for all or any significant part of
such Polar's or Holdings' assets, and shall continue to be effective or be
reinstated, as the case may be, if at any time payment and performance of the
Obligations, or any part thereof, pursuant to applicable law, is rescinded or
reduced in amount, or must otherwise be restored or returned by the Guaranteed
Party, whether as a "voidable preference", "fraudulent conveyance", or
otherwise, all as though such payment or performance had not been made. In the
event that any payment or performance, or any part thereof, is rescinded,
reduced, restored or returned, the related payment or obligation shall be
reinstated and deemed reduced only by such amount paid or performance received
and not so rescinded, reduced, restored or returned.

            SECTION 9. CURRENCY OF PAYMENT. Any payment to be made by Holdings
shall be made on an after-tax basis in the same currency as designated for
payment in the Lease and such designation of the currency of payment is of the
essence.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

            IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be
executed by its duly authorized officer as of the day, month and year first
above written.

                                           ATLAS AIR WORLDWIDE HOLDINGS, INC.

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

                          ACKNOWLEDGMENT AND ACCEPTANCE

Polaris Aircraft (Pacific Rim), Inc. hereby acknowledges and accepts the
provisions of the foregoing Guaranty.

                                           POLARIS AIRCRAFT (PACIFIC RIM), INC.

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

                       [SIGNATURE PAGE FOR GUARANTY 22237]

<PAGE>

            IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be
executed by its duly authorized officer as of the day, month and year first
above written.

                                           ATLAS AIR WORLDWIDE HOLDINGS, INC.

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

                          ACKNOWLEDGMENT AND ACCEPTANCE

Polaris Aircraft (Pacific Rim), Inc. hereby acknowledges and accepts the
provisions of the foregoing Guaranty.

                                           POLARIS AIRCRAFT (PACIFIC RIM), INC.

                                           By: /s/ Keith A. Helming
                                               ---------------------------------
                                               Name: /s/ Keith A. Helming
                                               Title: Vice President

                       [SIGNATURE PAGE FOR GUARANTY 22237]EXHIBIT 10.9.2

                     SECOND AMENDMENT AGREEMENT (MSN 30808)

                          Dated as of January 31, 2005

                                     Between

                      GENERAL ELECTRIC CAPITAL CORPORATION,
                                  as Sublessor

                                       and

                             POLAR AIR CARGO, INC.,
                                  as Sublessee

                                  in respect of

                               SUBLEASE AGREEMENT

                          Dated as of October 24, 2001

                                  Pertaining to

                          One Boeing 747-46NF Aircraft
                     Manufacturer's Serial Number 30808 and
                    United States Registration Number N450PA

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

      As set forth in Section 21 of the Sublease, Sublessor has assigned to the
Owner Trustee (as defined in the Sublease) certain of its right, title and
interest in and to the Sublease, and the Owner Trustee has further assigned such
right, title and interest to the Indenture Trustee (as defined in the Sublease).
To the extent, if any, that this Second Amendment Agreement constitutes chattel
paper (as such term is defined in the Uniform Commercial Code as in effect in
any applicable jurisdiction) no security interest in this Second Amendment
Agreement may be created through the transfer or possession of any counterpart
other than the original executed counterpart, which shall be identified as the
counterpart containing the receipt therefor executed by the Indenture Trustee on
the signature page thereof.

<PAGE>

                     SECOND AMENDMENT AGREEMENT (MSN 30808)

            This SECOND AMENDMENT AGREEMENT (MSN 30808) (this "AGREEMENT"),
dated as of January 31, 2005, between GENERAL ELECTRIC CAPITAL CORPORATION, a
corporation organized and existing pursuant to the laws of the State of Delaware
("SUBLESSOR"), and POLAR AIR CARGO, INC., a corporation organized and existing
pursuant to the laws of the State of California ("SUBLESSEE").

                              W I T N E S S E T H:

            WHEREAS, Sublessor and Sublessee are parties to the Sublease (such
term and all other capitalized terms used in these recitals but not defined in
these recitals having the meaning ascribed in Section 1 hereof), under and
pursuant to which Sublessor subleased to Sublessee, and Sublessee subleased from
Sublessor, the aircraft and the engines described therein (the Sublease and
such aircraft and engines being described on ANNEX I attached hereto);

            WHEREAS, Sublessor and Sublessee desire to amend the Sublease in
order to change Sublessee's ability to purchase the Aircraft on the EBO Date
from an amount equal to the EBO Amount to an amount equal to the greater of fair
market sales value of the Aircraft and the EBO Amount; and

            WHEREAS, concurrently with the execution and delivery hereof, the
Guarantor is executing and delivering an acknowledgement, consent and agreement
(MSN 30808) in the form attached as Annex II hereto.

            NOW THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Sublessor and Sublessee agree as follows:

            SECTION 1. DEFINITIONS.

            Unless otherwise specifically defined herein, all capitalized terms
used herein have the meanings stated in the Sublease, as amended.

            SECTION 2. AMENDMENT OF THE SUBLEASE. The Sublease is hereby amended
as follows:

            (a) AMENDMENT OF SECTION 19(b). The first paragraph of Section 19(b)
of the Sublease is amended to read in its entirety as follows:

                  (b) PURCHASE OPTIONS. Sublessee shall have the option, (i)
            upon at least thirty (30) days irrevocable prior written notice to
            Sublessor prior to the EBO Date with respect to the purchase option
            set forth in clause (1) below and (ii) upon at least two hundred
            twenty-five (225) days irrevocable prior written notice to Sublessor
            prior to the relevant purchase date (each a "PURCHASE OPTION DATE")
            with respect to the purchase options set forth in CLAUSES (2) and
            (3) below,

<PAGE>
                                      -2-

            to terminate this Sublease and to purchase the Aircraft: (1) on an
            EBO Date, for a purchase price equal to the greater of fair market
            sales value of the Aircraft on such date and the EBO Amount set
            forth on EXHIBIT D; (2) on the last Business Day of the Basic Term
            for a purchase price equal to the greater of fair market sales value
            of the Aircraft on such date and the EBO Amount set forth on EXHIBIT
            D; or (3) on the last Business Day of any Renewal Term or
            Additional Renewal Term for a purchase price equal to the greater of
            the fair market sales value of the Aircraft on such date and the EBO
            Amount set forth on EXHIBIT D; provided that Sublessee shall not be
            entitled to exercise any of the foregoing purchase options at any
            time a Sublease Event of Default of the type described in
            SECTIONS 14(e) or (f) has occurred and is continuing, in each case
            unless Sublessee has obtained a final, non-appealable order from the
            applicable bankruptcy court or other court having jurisdiction over
            the applicable proceeding authorizing the purchase of the Aircraft
            and the payment of the full purchase price therefor. For the
            avoidance of doubt, if a Sublease Event of Default or Default exists
            under SECTION 14(a) or 14(b) hereof, Sublessee may not exercise the
            foregoing purchase options unless at or prior to the time it
            purchases the Aircraft, Sublessee pays all amounts due to Sublessor
            under the Operative Documents, thereby curing any such SECTION 14(a)
            or 14(b) Default or Sublease Event of Default.

            (B) AMENDMENT OF SECTION 19(c). Section 19(c) of the Sublease is
amended by changing the first sentence thereof to read in its entirety as
follows:

                        (c) VALUATION. At any time not earlier than three
            hundred sixty-five (365) days prior to the date on which Sublessee
            may purchase the Aircraft pursuant to SECTION 19(b)(1), (b)(2) or
            (b)(3) hereof or renew this Sublease pursuant to SECTION 19(a)(1)
            hereof, Sublessee may deliver to Sublessor a revocable notice of its
            intent to exercise its renewal option or purchase option.

            SECTION 3. FURTHER ASSURANCES; EXPENSES. Each of Sublessor and
Sublessee agrees to do such further acts and things or cause to be performed
such further acts and things, including, without limitation, execute and
deliver, or cause to be executed and delivered, such agreements and other
documents, as the other party hereto shall reasonably require or deem advisable
to effectuate the purposes of this Agreement or to better assure or confirm its
rights and remedies hereunder or thereunder. Sublessee agrees to pay all direct,
reasonable, out-of-pocket expenses of Sublessor incurred pursuant to this
Section 3 or otherwise in connection with the preparation, execution and
delivery of this Amendment.

            SECTION 4. SUBLEASE. Except as amended by this Amendment, the
Sublease remains unchanged and in full force and effect,

            SECTION 5. MISCELLANEOUS. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or

<PAGE>
                                      -3-

render unenforceable such provision in any other jurisdiction. No term or
provision of this Agreement may be changed, waived, discharged or terminated
orally, but only by an instrument in writing signed by Sublessor and Sublessee.
The section and paragraph headings in this Agreement are for convenience of
reference only and shall not modify, define, expand or limit any of the terms or
provisions hereof and all references herein to numbered sections, unless
otherwise indicated, are to sections of this Agreement. This Agreement shall
inure to the benefit of, and shall be binding upon, Sublessor and Sublessee and
their respective successors and permitted assigns. All references herein to a
Person shall mean and include any successor to such Person. This Agreement, the
Amendment Agreement, the Tax Indemnification Agreement Amendment, the
Restructuring Letter Agreement and the Operative Documents (i) constitute the
entire agreement of the parties hereto with respect to the subject matter hereof
and thereof, (ii) supersede all prior and contemporaneous understandings and
agreements of such parties with respect to such subject matter and (iii) may not
be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements of the parties hereto with respect to such subject matter and there
are no oral agreements of the parties hereto with respect to such subject
matter. THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK AND SHALL IN
ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE. This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute but one and the same
instrument.

                            [Signature Page Follows]

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective officers thereunto duly authorized.

                                          GENERAL ELECTRIC CAPITAL
                                           CORPORATION, as Sublessor

                                          By: /s/ Norman Liu
                                              ----------------------------------
                                              Name:  Norman Liu
                                              Title: Vice President

                                          POLAR AIR CARGO, INC.,
                                           as Sublessee

                                          By: /s/ Dorinda Pannozzo
                                              ----------------------------------
                                              Name: Dorinda Pannozzo
                                              Title: Assistant Treasurer

           [Signature Page to Second Amendment Agreement (MSN 30808)]

<PAGE>

                                                                         ANNEX I
                                                                              to
                                                      Second Amendment Agreement
                                                                     (MSN 30808)

                             DESCRIPTION OF SUBLEASE

            Sublease Agreement, dated as of October 24, 2001, between General
Electric Capital Corporation, as sublessor, and Polar Air Cargo, Inc., as
sublessee, as supplemented by Sublease Supplement No. 1, dated November 19,2001,
recorded by the Federal Aviation Administration on December 7, 2001 as
Conveyance No. X144235, as amended by Amendment Agreement (MSN 30808), dated as
of August 1, 2003 between General Electric Capital Corporation, as sublessor,
and Polar Air Cargo, Inc., as sublessee, recorded by the Federal Aviation
Administration on January 13, 2004 as Conveyance No. SS020609.

                             DESCRIPTION OF AIRCRAFT

            One Boeing 747-46NF Aircraft bearing Manufacturer's Serial No. 30808
and United States Registration No. N450PA.

            Four General Electric Model CF6-80C2-B5F Engines bearing
Manufacturer's Serial Nos. 706198, 706199, 706200 and 706201 (each of which has
750 or more rated takeoff horsepower or the equivalent of such horsepower).

<PAGE>

                                                                        ANNEX II
                                                                              to
                                                      Second Amendment Agreement
                                                                     (MSN 30808)

                                     FORM OF
                ACKNOWLEDGMENT, CONSENT AND AGREEMENT (MSN 30808)

            ATLAS AIR WORLDWIDE HOLDINGS, INC., a Delaware corporation
("GUARANTOR"), with reference to the Guaranty, dated as of November 19, 2001
(the "GUARANTY"), made by Guarantor in favor of General Electric Capital
Corporation and its successors and assigns ("GUARANTEED PARTY"), relating to the
Sublease Agreement (MSN 30808), dated as of October 24, 2001 between General
Electric Capital Corporation, as sublessor ("SUBLESSOR"), and Polar Air Cargo,
Inc., as sublessee ("SUBLESSEE"), as amended by that certain Amendment Agreement
(MSN 30808), dated as of August 1, 2003, between Sublessor and Sublessee (as so
amended, the "SUBLEASE"; capitalized terms used herein but not defined herein
having the meanings stated or ascribed in the Sublease) and to the other
Operative Document, DOES HEREBY (in each case, for the benefit of the Guaranteed
Party and, in each case (except to the extent otherwise provided herein),
without limitation of any term or provision of the Guaranty):

                  (i) ACKNOWLEDGE receipt (pursuant to and as required by the
            Guaranty) of notice of the amendment of the Sublease pursuant to
            Second Amendment Agreement (MSN 30808), dated as of January ____,
            2005, between Sublessor and Sublessee (the "SUBLEASE SECOND
            AMENDMENT");

                  (ii) CONSENT to (a) the terms and provisions of the Sublease
            Second Amendment, (b) the execution, delivery and performance
            thereof by Sublessor and Sublessee, and (c) the amendment of the
            Sublease pursuant thereto and on the terms provided therein;

                  (iii) AGREE that, from and after the execution and delivery of
            the Sublease Second Amendment, (a) any reference in the Guaranty,
            the Sublease or any other Operative Document, or otherwise by
            Guarantor, to the Sublease shall mean the Sublease, as amended by
            the Sublease Second Amendment, and (b) any reference by Guarantor
            or Guaranteed Party to the Guaranty shall mean the Guaranty, as
            supplemented hereby; and

                  (iv) AGREE that, except as supplemented hereby, the Guaranty
            shall remain in full force and effect as in existence on the date
            hereof and is hereby ratified and confirmed in all respects.

                            [Signature Page Follows]

<PAGE>
                                      -2-

            IN WITNESS WHEREOF, Guarantor has caused this Acknowledgment,
Consent and Agreement to be executed and delivered as of this day of January
2005.

                                              ATLAS AIR WORLDWIDE HOLDINGS, INC.

                                              BY:
                                                 ------------------------------
                                                  Name:
                                                  Title:

      [Signature Page to Acknowledgment, Consent and Agreement (MSN 30808)]

<PAGE>

                           SCHEDULE TO EXHIBIT 10.9.2

The agreements listed below are substantially identical to this exhibit and are
not being filed separately as exhibits pursuant to instruction 2 to Regulation
S-K, Item 601.
<TABLE>
<CAPTION>
-------------------- ------------------------ ---------------- ------------------------- --------------------------------
REGISTRATION         MANUFACTURER'S SERIAL    SUBLESSEE        SUBLESSOR                 AGREEMENT
NUMBER               NUMBER(S)
-------------------- ------------------------ ---------------- ------------------------- --------------------------------
<S>                  <C>                      <C>              <C>                       <C>
N451PA               30809                    Polar Air        General Electric          Second Amendment Agreement
                                              Cargo, Inc.      Capital Corporation       dated January 31, 2005 between
                                                                                         General Electric Capital
                                                                                         Corporation, as Sublessor and
                                                                                         Polar Air Cargo, Inc. as
                                                                                         Sublessee in respect of
                                                                                         Sublease dated October 24,
                                                                                         2001 with respect to Aircraft
                                                                                         N451PA
-------------------- ------------------------ ---------------- ------------------------- --------------------------------
N452PA               30810                    Polar Air        General Electric          Second Amendment Agreement
                                              Cargo, Inc.      Capital Corporation       dated January 31, 2005 between
                                                                                         General Electric Capital
                                                                                         Corporation, as Sublessor and
                                                                                         Polar Air Cargo, Inc. as
                                                                                         Sublessee in respect of
                                                                                         Sublease dated October 24,
                                                                                         2001 with respect to Aircraft
                                                                                         N452PA
-------------------- ------------------------ ---------------- ------------------------- --------------------------------
N453PA               30811                    Polar Air        General Electric          Second Amendment Agreement
                                              Cargo, Inc.      Capital Corporation       dated January 31, 2005 between
                                                                                         General Electric Capital
                                                                                         Corporation, as Sublessor and
                                                                                         Polar Air Cargo, Inc. as
                                                                                         Sublessee in respect of
                                                                                         Sublease dated October 24,
                                                                                         2001 with respect to Aircraft
                                                                                         N453PA
-------------------- ------------------------ ---------------- ------------------------- --------------------------------
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]