Document:

EXHIBIT 4.1.42

                                                                  EXECUTION COPY
                                                           2000 EETC TRANSACTION

             AMENDMENT TO 2000 CLASS A PASS THROUGH TRUST SUPPLEMENT

      THIS AMENDMENT TO TRUST SUPPLEMENT NO. 2000-1-A is made as of the 27th day
of July, 2004 (this "AMENDMENT"), by and between ATLAS AIR, INC. (the "COMPANY")
and WILMINGTON TRUST COMPANY (the "TRUSTEE"),  as Trustee under the Pass Through
Trust  Agreement  dated as of January  28,  2000,  between  the  Company and the
Trustee with respect to the  formation  from to time of separate  Atlas Air Pass
Through Trusts (as amended from time to time, the "TRUST AGREEMENT").

                             PRELIMINARY STATEMENT

      The Company and the Trustee are parties to the Trust  Agreement and to the
supplements  thereto,  including  Trust  Supplement  No.  2000-1-A (the "CLASS A
SUPPLEMENT"),  pursuant to which  8.707%  Atlas Air Pass  Through  Certificates,
Series 2000-1A,  were issued.  As  contemplated  by the Restructure  Agreements,
dated as of July 27, 2004, among the Company,  the Trustee and the other parties
named therein (collectively,  the "RESTRUCTURE AGREEMENTS"), the Company and the
Trustee desire to enter into this Amendment.

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

1. DEFINED TERMS.

      Capitalized  terms used and not  otherwise  defined  herein shall have the
same meanings  given to them in the Trust  Agreement or Class A  Supplement,  as
applicable.

2. AMENDMENTS TO CLASS A SUPPLEMENT.

      The Class A Supplement is amended as follows:

      (a) The following  Section 3.03 is added after Section 3.02 of the Class A
      Supplement:

            "Section 3.03 ADDITIONAL PROVISIONS REGARDING LEASES AND INDENTURES.

                  (a) The Trustee and the Company acknowledge and agree that (i)
            each of the Leases other than the Lease with respect to the Aircraft
            bearing U.S.  registration  mark N409MC  ("AIRCRAFT  N409") has been
            amended by a certain amendment dated as of July 27, 2004 between the
            Owner  Trustee  named  therein  and the Company  (collectively,  the
            "Lease  Amendments"),  (ii) each of the  Indentures  other  than the
            Indenture  with  respect  to  Aircraft  N409 has been  amended  by a
            certain  supplement  dated as of July 27,  2004  between  the  Owner
            Trustee named therein and the Mortgagee named therein (collectively,
            the

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            "Indenture  Supplements"),  and (iii) the Lease and  Indenture  with
            respect  to  Aircraft  N409  may  hereafter  be  amended  (any  such
            amendment  being  an  "N409  AMENDMENT").   As  of  the  Restructure
            Agreement  Execution  Date,  (x) all  references  herein  and,  with
            respect  to the  Applicable  Trust  created  hereby,  in  the  Basic
            Agreement  to the  Leases  shall  mean and  refer to the  Leases  as
            amended by the Lease  Amendments and as further amended from time to
            time  (including  without  limitation any N409  Amendment),  (y) all
            references  herein and, with respect to the Applicable Trust created
            hereby,  in the Basic  Agreement  to the  Indentures  shall mean and
            refer to the Indentures as amended by the Indenture  Supplements and
            as further amended from time to time (including  without  limitation
            any N409 Amendment),  and (z) all capitalized terms used herein and,
            with respect to the Applicable  Trust created  hereby,  in the Basic
            Agreement  without  definition  shall have the  respective  meanings
            specified in the Leases, as amended by the Lease Amendments,  and in
            the Indentures,  as amended by the Indenture Supplements,  and, with
            respect to Aircraft  N409, as amended by the N409  Amendments if and
            when such N409 Amendments are executed and take effect.

                  (b) The Trustee and the Company  agree that in addition to the
            duties and  responsibilities  of the  Trustee  hereunder  and,  with
            respect to the  Applicable  Trust  created  hereby,  under the Basic
            Agreement,  the  Trustee  shall also,  on and after the  Restructure
            Agreement   Execution   Date,   have  the   following   duties   and
            responsibilities:

                        (i) As promptly  as  practical  after,  and in any event
                  within 10 days after, the receipt by the Trustee from the Loan
                  Trustee of any notice regarding any  Enhancements  pursuant to
                  the Leases or the  Indentures,  the Trustee shall  transmit by
                  mail  to  the   Certificateholders   holding  Certificates  in
                  accordance  with Section 313(c) of the Trust  Indenture Act, a
                  copy of such notice.

                        (ii) As promptly as  practical  after,  and in any event
                  within 10 days after, the receipt by the Trustee from the Loan
                  Trustee  of a  request  by the  Company  to sell an  Owned  or
                  Controlled Aircraft as required pursuant to the Leases and the
                  Indentures  upon the  occurrence of a Sale Trigger Event for a
                  cash bid  realizing net cash proceeds of less than the Minimum
                  Sales  Price,  the  Trustee  shall  transmit  by  mail  to the
                  Applicable  Certificateholders holding Applicable Certificates
                  in accordance  with Section 313(c) of the Trust Indenture Act,
                  a copy of such request. The Trustee shall follow the Direction
                  of  a  majority  in  interest  of  the  Fractional   Undivided
                  Interests of the Applicable  Certificates with respect to such
                  request. The Trustee shall not take any action with respect to
                  such request unless and until it receives such a Direction.

                        (iii) As promptly as practical  after,  and in any event
                  within 10 days after, the receipt by the Trustee of any report
                  from the Loan Trustee regarding  Consolidated  Adjusted EBITDA
                  pursuant to the Leases or the

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<PAGE>

                  Indentures,   the  Trustee  shall  transmit  by  mail  to  the
                  Applicable  Certificateholders holding Applicable Certificates
                  in accordance  with Section 313(c) of the Trust Indenture Act,
                  a copy of such report.

                        (iv) As promptly as  practical  after,  and in any event
                  within 10 days after, the receipt by the Trustee from the Loan
                  Trustee of a request by the  Company to amend,  supplement  or
                  waive any of the  provisions of the  Maintenance  Contracts or
                  enter into any additional Maintenance Contracts in replacement
                  (whether in partial  replacement or complete  replacement)  of
                  the  Maintenance  Contracts  pursuant  to  the  Leases  or the
                  Indentures,   the  Trustee  shall  transmit  by  mail  to  the
                  Applicable   Certificateholders  in  accordance  with  Section
                  313(c) of the Trust Indenture Act, a copy of such request. The
                  Trustee  shall follow the  Direction of a majority in interest
                  of  the  Fractional  Undivided  Interests  of  the  Applicable
                  Certificates with respect to such request.

                        (v) As promptly as practical, and in any event within 10
                  days after,  the  receipt by the  Trustee of any  information,
                  report or certificate  obtained by the Consultant  pursuant to
                  the Leases or the  Indentures,  the Trustee shall  transmit by
                  mail to the Applicable  Certificateholders  in accordance with
                  Section 313(c) of the Trust  Indenture Act, a copy of any such
                  information, report or certificate.

                        (vi)  The  Trustee  shall  follow  the  Direction  of  a
                  majority in interest of the Fractional  Undivided Interests of
                  the Applicable Certificates with respect to the designation of
                  any  Special  Inspector  and with  respect  to any  inspection
                  pursuant  to the  Leases or the  Indentures.  As  promptly  as
                  practical  after,  and in any event within 10 days after,  the
                  receipt by the  Trustee of copies of any  Aircraft  Documents,
                  results of any inspection or any other information obtained by
                  the   Special   Inspector   pursuant  to  the  Leases  or  the
                  Indentures,   the  Trustee  shall  transmit  by  mail  to  the
                  Applicable   Certificateholders  in  accordance  with  Section
                  313(c) of the Trust Indenture Act, copies of any such Aircraft
                  Documents, results of inspection or other information.

                        (vii) As promptly as practical  after,  and in any event
                  within 10 days after, the receipt by the Trustee from the Loan
                  Trustee of a request by the  Company to replace a  Maintenance
                  Contractor  pursuant  to the  Leases  or the  Indentures,  the
                  Trustee   shall   transmit   by   mail   to   the   Applicable
                  Certificateholders  in accordance  with Section  313(c) of the
                  Trust  Indenture Act, a copy of such request and a copy of any
                  proposed  contract and assignment  with respect  thereto.  The
                  Trustee  shall follow the  Direction of a majority in interest
                  of   Fractional   Undivided   Interests   of  the   Applicable
                  Certificates  with  respect  to  such  request,  contract  and
                  assignment. The Trustee shall not take any action with respect
                  to such request,  contract or  assignment  unless and until it
                  receives such a Direction.

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<PAGE>

                        (viii)  The  Trustee  shall  follow the  Direction  of a
                  majority in interest of Fractional  Undivided Interests of the
                  Applicable   Certificates  with  respect  to  any  choice  and
                  designation of a Consultant or a Special Inspector pursuant to
                  the Leases or the  Indentures.  The Trustee shall not take any
                  action with respect to any such choice or  designation  unless
                  and until it receives such a Direction.

3. MISCELLANEOUS.

      (a)   The Trustee  accepts the trusts created by the Trust  Agreement,  as
            supplemented by the Class A Supplement as amended by this Amendment,
            and agrees to perform the same upon the terms and  conditions of the
            Trust  Agreement,  as  supplemented  by the  Class A  Supplement  as
            amended by this Amendment.

      (b)   Except  to the  extent  that the  Class A  Supplement  is  expressly
            amended  by  this  Amendment,   the  Trust  Agreement  and  Class  A
            Supplement   shall   remain  in  full  force  and  effect,   without
            modification or amendment.

      (c)   This Amendment shall be binding upon, and shall inure to the benefit
            of, the parties hereto and the successors and assigns of each of the
            parties hereto.

      (d)   This  Amendment  shall be governed by, and  construed in  accordance
            with, the laws of the State of New York.

      (e)   This  Amendment  may  be  executed  in two  counterparts  and by the
            parties  hereto  on  separate  counterparts,  each of which  when so
            executed  and  delivered  shall  be an  original,  but all of  which
            counterparts  taken  together  shall be deemed to constitute one and
            the same instrument.  A facsimile of an executed  counterpart  shall
            have the same effect as the original executed counterpart.

4. EFFECTIVENESS.

      This Amendment  shall take effect on the Effective Date (as defined in the
Restructure Agreement).

      [Remainder of page intentionally blank. Next page is signature page.]

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<PAGE>

      IN WITNESS  WHEREOF,  the parties hereto have caused this Trust Supplement
to be duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                    ATLAS AIR, INC.

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

                                    WILMINGTON TRUST COMPANY,
                                    AS TRUSTEE

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

                         AMENDMENT TO 2000 CLASS A PASS THROUGH TRUST SUPPLEMENT

<PAGE>

      IN WITNESS  WHEREOF,  the parties hereto have caused this Trust Supplement
to be duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                    ATLAS AIR, INC.

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

                                    WILMINGTON TRUST COMPANY,
                                    AS TRUSTEE

                                    By: /s/ Anita E. Dallago
                                        ----------------------------------------
                                    Name: Anita E. Dallago
                                    Title: Senior Financial Services Officer

                         AMENDMENT TO 2000 CLASS A PASS THROUGH TRUST SUPPLEMENTEXHIBIT 10.1.1

                      ASSIGNMENT AND ASSUMPTION AGREEMENT

            ASSIGNMENT AND ASSUMPTION AGREEMENT (this "AGREEMENT") dated as of
August 19, 2004, between FINOVA CAPITAL CORPORATION, a Delaware corporation
("ASSIGNOR") and Atlas Air, Inc., a Delaware corporation ("ASSIGNEE").

                                  WITNESSETH:

            WHEREAS, the parties hereto desire to effect (a) the transfer by
Assignor to Assignee of all of the right, title and interest of Assignor, in,
under and with respect to, among other things, (i) the Participation Agreement
dated as of July 29, 1998 among Atlas Air, Inc., as Lessee, FINOVA Capital
Corporation, as Owner Participant, Wells Fargo Bank Northwest, National
Association (as successor to First Security Bank, National Association), not in
its individual capacity, except as expressly provided therein, but solely as
Owner Trustee, and Wilmington Trust Company, not in its individual capacity,
except as expressly provided therein, but solely as Mortgagee, Subordination
Agent and Pass Through Trustee, as amended, modified or supplemented and in
effect from time to time (the "PARTICIPATION AGREEMENT") relating to one Boeing
model 747-47UF aircraft bearing manufacturer's serial number 29252 and U.K.
registration mark G-GSSB (formerly bearing U.S. registration mark N491MC),
including, without limitation, any indemnity payments payable by the Lessee
directly or indirectly thereunder, (ii) the Trust Agreement* identified in the
Participation Agreement, (iii) the Trust Estate (as defined in the Trust
Agreement), (iv) the proceeds therefrom; and

            WHEREAS, such documents permit such transfer upon satisfaction of
certain conditions heretofore or concurrently herewith being complied with;

            NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements herein contained, the parties hereto agree as follows:

            1. DEFINITIONS. Capitalized terms used herein without definition
shall have the respective meanings ascribed thereto in the Participation
Agreement.

            2. ASSIGNMENT. Assignor has sold, conveyed, assigned, transferred
and set over, and does hereby sell, convey, assign, transfer and set over, unto
Assignee, as of the date hereof, all of its present and future right, title and
interest in, under and with respect to the Participation Agreement, the Trust
Agreement, the Trust Estate and all of the other Operative Agreements to which
Assignor is a party, and any proceeds therefrom, together with all other
documents and instruments evidencing any of such right, title and interest,
except (i) such rights of Assignor as have arisen or accrued to Assignor prior
to the date hereof (including specifically, but without limitation, the right to
receive any amounts due or accrued to Assignor under the Operative Agreements as
of a time prior to such date and the right to receive any indemnity payment
pursuant to the Participation Agreement with respect to events occurring or
liabilities accruing on or prior to such date) (the "RETAINED ASSETS") and (ii)
for the Tax Indemnity Agreement.

            3. TERMINATION OF TAX INDEMNITY AGREEMENT AND RELEASE OF TAX CLAIMS.
The Assignor and Assignee hereby agree that the Tax Indemnity Agreement shall be
and is

* dated as July 29,1998, as amended by Amendment to Trust Agreement dated as of
  July 23, 2003

<PAGE>

terminated as of the date of this Agreement and Assignee shall have no further
liability to Assignor thereunder. In addition, Assignor hereby expressly
releases Assignee from, and now and forever waives any claim for, any liability
in respect of taxes and any loss of any tax benefit (including, but not limited
to, any claim pursuant to the Tax Indemnity Agreement) (i) existing or arising
on, or prior to, the date hereof or (ii) based on any acts, omissions, or events
occurring on, or prior to, the date hereof, except for any liability in respect
of sales or transfer taxes arising from or in connection with the assignment
described in paragraph 2 hereof. In addition, Assignee hereby expressly releases
Assignor from, and now and forever waives any claim for, any liability in
respect of taxes and any realization of any tax benefit (including, but not
limited to, any claim pursuant to the Tax Indemnity Agreement) (i) existing or
arising on, or prior to, the date hereof or (ii) based on any acts, omissions,
or events occurring on, or prior to, the date hereof.

            4. ASSUMPTION. Assignee hereby accepts the assignment set forth in
paragraph 2 hereof and assumes and undertakes all of the duties and obligations
of Assignor accruing from and after the date hereof (excluding any duties and
obligations of Assignor required to be performed by it on or prior to the date
hereof under the Operative Agreements to which the Owner Participant is a party
and any of the other Operative Agreements by which Assignor is bound or any
other contract, agreement, document or other instrument relating to the Trust
Estate to which the Owner Participant is a party or by which it is bound and any
liabilities of the Assignor arising from such duties and obligations) pursuant
to the Trust Agreement, the Participation Agreement and each other Operative
Agreement to which Assignor is a party or by which Assignor is bound, including,
without limitation, any obligations it may have under any Operative Agreement
with regard to the Lessee, the Mortgagee or the Owner Trustee, excluding,
however, the Tax Indemnity Agreement. Assignee hereby confirms that from and
after the date hereof it (i) shall be deemed a party to the Participation
Agreement, the Trust Agreement and each other Operative Agreement to which the
Owner Participant is a party other than the Tax Indemnity Agreement, (ii) shall
be deemed the party named as the "Owner Participant" in the Trust Agreement, the
Participation Agreement, the Lease and the Trust Indenture and (iii) except as
expressly provided in this paragraph 4, shall be bound by all of the terms of
each Operative Agreement to which Assignor is a party or by which it is bound,
other than the Tax Indemnity Agreement (including the agreements and obligations
of the Assignor set forth therein) as if therein named the Owner Participant.

            5. RELEASE OF ASSIGNOR. Except for liabilities not expressly assumed
by Assignee under Section 4 hereof, upon the date hereof, Assignor is released
from all of its duties, obligations and liabilities under the Participation
Agreement and the Trust Agreement and each other Operative Agreement to which
Assignor is a party or by which Assignor is bound; PROVIDED, HOWEVER, that
Assignor shall in no event be released from any such liability arising on
account of any breach on or prior to the date hereof by Assignor of any of its
representations, warranties, covenants or obligations set forth in the
Participation Agreement or the Trust Agreement, or for any misconduct engaged in
by it prior to the date hereof, or from any obligation that relates to any
indemnity claimed by Assignor or any Lessor Lien arising from or attributable to
Assignor.

                                      -2-
<PAGE>

            6. PAYMENTS. Assignor hereby covenants and agrees to pay over to
Assignee, if and when received following the date hereof, any amounts (including
any sums payable as interest in respect thereof) paid to or for the benefit of
Assignor that, under Section 2 hereof, belong to Assignee, and Assignee hereby
covenants and agrees to pay over to Assignor, if and when received following the
date hereof, any amounts (including any sums payable as interest in respect
thereof) paid to or for the benefit of Assignee that, under Section 2 hereof,
belong to Assignor.

            7. REPRESENTATIONS AND WARRANTIES OF ASSIGNOR. Assignor represents
and warrants that:

            (a) it is a Delaware corporation, duly organized and validly
      existing in good standing under the Laws of the State of Delaware and has
      the requisite power, authority and legal right to enter into and carry out
      the transactions contemplated hereby;

            (b) this Agreement has been duly authorized, executed and delivered
      by it and constitutes the legal, valid and binding obligation of Assignor,
      enforceable against it in accordance with its terms;

            (c) no action or proceeding is pending, has been instituted or, to
      the knowledge of Assignor, is threatened, before any court or governmental
      agency, nor has any order, judgment or decree been issued or, to the
      knowledge of Assignor, is threatened, by any court or governmental agency
      which would materially adversely affect the ability of Assignor to
      complete and consummate its obligations contemplated hereby;

            (d) the Trust Estate is free of Lessor Liens attributable to it;

            (e) it has fully performed all of its obligations under the
      Participation Agreement and under each other Operative Agreement to which
      it is a party or by which it is bound, which obligations by their terms
      are required to be satisfied or performed prior to the date hereof;

            (f) neither the execution, delivery and performance by it of this
      Agreement, nor compliance by it with any of the provisions thereof
      requires or will require any approval of its stockholders, or approval or
      consent of any trustees or holders of any indebtedness or obligations of
      it or contravenes or will contravene any Law or any order of any court or
      governmental authority or agency applicable to or binding on it or
      contravenes or will contravene the provisions of, or constitute a default
      under, its Certificate of Incorporation or Bylaws or any indenture,
      mortgage, contract or any agreement or instrument to which it is a party
      or by which it or any of its property may be bound or affected;

            (g) no authorization or approval or other action by, and no notice
      to or filing with, any governmental authority or regulatory body (other
      than as required by the Act, or the regulations promulgated thereunder) is
      required for the due execution, delivery or performance by it of this
      Agreement;

                                      -3-
<PAGE>

            (h) the transfer to Assignee of all of the Assignor's right, title
      and interest in each Operative Agreement to which it is a party or by
      which it is bound, will not violate any provision of the Act, the
      Securities Act (and no registration pursuant to such Securities Act or the
      rules and regulations thereunder shall be required in connection with such
      transfer), or any other applicable law. Notwithstanding the foregoing, no
      representation is being made in this Section 7 with respect to the absence
      of violations of ERISA;

            (i) no Person action on behalf of Assignor is or will be entitled to
      any broker's fee, commission or finder's fee in connection with the
      transactions contemplated by this Agreement; and

            (j) other than the Purchase Agreement, dated as of July 27, 2004,
      between Assignor and Assignee and the Retained Assets, there are no other
      contracts, agreements, documents or instruments related to the Trust
      Estate by which Assignor is bound.

            8. REPRESENTATIONS AND WARRANTIES OF ASSIGNEE. Assignee represents
and warrants that:

            (a) Assignee is a corporation duly incorporated, validly existing
      and in good standing under the Laws of the State of Delaware and has the
      corporate power and authority to conduct the business in which it is
      currently engaged and to own or hold under lease its properties and to
      enter into, and perform its obligations under the agreements assigned to
      and assumed by Assignee under this Agreement. Assignee's parent, Atlas
      Worldwide Holdings, Inc., a Delaware corporation ("GUARANTOR"), will
      provide a guaranty ("GUARANTY") of the obligations of the Assignee in
      accordance with Section 10.1.1(a)(vi) of the Participation Agreement and
      has tangible Net Worth of at least $75,000,000;

            (b) Assignee has taken, or caused to be taken, all necessary
      corporate action (including, without limitation, the obtaining of any
      consent or approval of stockholders required by its Certificate of
      Incorporation or Bylaws) to authorize the execution and delivery of this
      Agreement and the performance of its obligations hereunder and the
      agreements assigned to and assumed by Assignee under this Agreement;

            (c) the execution and delivery by Assignee of this Agreement, the
      performance by Assignee of its obligations hereunder, and under the
      agreements assigned to and assumed by Assignee under this Agreement, and
      the consummation by Assignee on the date of this Agreement of the
      transactions contemplated hereby and thereby, do not and will not (i)
      violate any provision of its Certificate of Incorporation or Bylaws, (ii)
      violate any Law applicable to or binding on the Assignee (it being
      understood that this representation is not made with respect to any Law to
      the extent that such Law relates to ERISA or any Plan) or (iii) violate or
      constitute any default under (other than any violation or default that
      would not result in a Material Adverse Change to Assignee), or result in
      the creation of any

                                      -4-
<PAGE>

      Lien (other than as provided for or otherwise permitted in the Operative
      Agreements) upon the Trust Estate, under any indenture, mortgage, chattel
      mortgage, deed of trust, conditional sales contract, lease, loan or other
      material agreement, instrument or document to which Assignee is a party or
      by which Assignee or any of its properties is bound or may be affected in
      any material respect;

            (d) the execution and delivery by Assignee of this Agreement, the
      performance by Assignee of its obligations hereunder, and under the
      agreements assigned to and assumed by Assignee under this Agreement, and
      the consummation by Assignee on the date of this Agreement of the
      transactions contemplated hereby and thereby do not and will not require
      the consent or approval of, or the giving of notice to, or the
      registration with, or the recording or filing of any documents with, or
      the taking of any other action in respect of (i) any trustee or other
      holder of any Debt of Assignee and (ii) any Government Entity other than
      the filing of (A) this Agreement and (B) Amendment No. 2 to Trust
      Agreement dated as of August 19, 2004 between the Owner Trustee and the
      Assignee (the "TRUST AMENDMENT");

            (e) this Agreement has been duly authorized, executed and delivered
      by Assignee, and this Agreement and the agreements assigned to and assumed
      by Assignee under this Agreement (assuming the due authorization,
      execution and delivery by each party to such documents other than
      Assignee) constitute the legal, valid and binding obligations of Assignee
      and are enforceable against Assignee in accordance with the respective
      terms thereof, except as such enforceability may be limited by bankruptcy,
      insolvency, reorganization, receivership, moratorium and other similar
      Laws affecting the rights of creditors generally and general principles of
      equity, whether considered in a proceeding at law or in equity;

            (f) no part of the funds to be used by Assignee or Guarantor to
      acquire or hold its interests in the Trust Estate to be acquired by it
      under this Agreement directly or indirectly constitutes assets of a Plan;

            (g) there are no pending or, to the Actual Knowledge of Assignee,
      threatened actions or proceedings against Assignee or Guarantor before any
      court, governmental body, arbitration board, administrative agency or
      tribunal which, if determined adversely to Assignee or Guarantor, would
      materially adversely affect the ability of Assignee to perform its
      obligations under this Agreement or any of the agreements assigned to and
      assumed by Assignee under this Agreement or the Guarantor to perform its
      obligations under the Guaranty, except as has been and disclosed by
      Assignee in its public filings with the Securities and Exchange Commission
      and in the disclosure statement, as amended, filed in connection with the
      plan of reorganization with the United States Bankruptcy Court for the
      Southern District of Florida;

            (h) neither Assignee nor any person Assignee has authorized to act
      on its behalf has directly or indirectly offered any beneficial interest
      in or Security relating to the ownership of the Aircraft or any interest
      in the Trust Estate, or any of the Equipment Notes or any other interest
      in or Security under the Trust Indenture for sale to,

                                      -5-
<PAGE>

      or solicited any offer to acquire any of the same from, any Person in
      violation of the Securities Act or applicable state securities Laws;

            (i) no Person acting on behalf of Assignee or Guarantor is or will
      be entitled to any broker's fee, commission or finder's fee in connection
      with the transactions contemplated by this Agreement;

            (j) other than as provided in Section 8.4.3 of Amendment No. 1 to
      Lease Agreement (the "LEASE AMENDMENT") dated as of July 27, 2004, by and
      between Assignee and Lessor, Assignee's beneficial interest in the Trust
      Estate is being acquired for it by its own account, for investment and not
      with a view to any resale or distribution thereof, except that, subject to
      the restrictions on transfer set forth in Section 10 of the Participation
      Agreement and the transfer requirements contained in Section 8.4.3 of the
      Lease Amendment, the disposition by Assignee of its beneficial interest in
      the Trust Estate shall at all times be within its control;

            (k) Assignee satisfies the "Transferee" requirements set forth in
      Section 10.1.1(a)(vi) of the Participation Agreement by virtue of the
      Trust Amendment;

            (l) the Trust Estate is free of Lessor Liens attributable to it; and

            (m) after giving effect to this assignment, there will be no more
      than one Owner Participant with respect to the Transaction;

            9. GOVERNING LAW. THIS ASSIGNMENT AND ASSUMPTION AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
INCLUDING ALL MATTERS OF CONTRUCTION, VALIDITY AND PERFORMANCE.

            10. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, all of which together shall constitute a single instrument. It
shall not be necessary that any counterpart be signed by both parties so long as
each party shall sign at least one counterpart.

            11. BENEFICIARIES. Each of the Owner Trustee, the Lessee, the Note
Holders and the Mortgagee, together with their respective successors and
permitted assigns, is and shall be deemed a third party beneficiary of this
Agreement entitled to enforce this Agreement directly and in its own name and
enforce any rights or claims of the parties hereto.

            12. FURTHER ASSURANCES. Each party agrees that from time to time
after the date hereof, it shall execute and deliver or cause to be executed and
delivered such instruments, documents and papers, and take all such further
action as may be reasonably required in order to consummate fully the purposes
of this Agreement and to implement the transactions contemplated hereby.

               [Remainder of this page intentionally left blank.]

                                      -6-
<PAGE>

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

                                         FINOVA CAPITAL CORPORATION

                                         By: /s/ Maryann V. Richandson
                                             -----------------------------------
                                             Name:  Maryann V. Richandson
                                             Title: Vice President

                                         ATLAS AIR, INC.

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

                                      -7-

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