Document:

EXHIBIT 10.6.6

                             AMENDMENT NO. 2 TO THE
                     AMENDED AND RESTATED LEASE AGREEMENT(1)

      AMENDMENT  NO.  2 TO  THE  AMENDED  AND  RESTATED  LEASE  AGREEMENT  (this
"AMENDMENT"),  dated as of May 31, 2005,  between ATLAS  FREIGHTER  LEASING III,
INC., a Delaware corporation ("LESSOR"), ATLAS AIR, INC., a Delaware corporation
("LESSEE")  and  accepted  and agreed to by ATLAS AIR  WORLDWIDE  HOLDINGS,  NC.
("HOLDINGS")  and by DEUTSCHE BANK TRUST  COMPANY  AMERICAS,  as  administrative
agent  under the  Credit  Agreement  (in such  capacity,  the  "AGENT").  Unless
otherwise  defined herein,  all capitalized terms used herein and defined in the
Lease referred to below are used herein as therein defined.

                              W I T N E S S E T H:

      WHEREAS,  the Lessor,  the lenders from time to time party thereto (each a
"LENDER" and,  collectively,  the  "LENDERS") and the Agent have entered into an
Amended and Restated  Credit  Agreement,  dated as of July 27, 2004 (as amended,
supplemented   and/or  otherwise   modified  from  time  to  time,  the  "CREDIT
AGREEMENT").

      WHEREAS,  Lessor and Lessee are party to the  Amended and  Restated  Lease
Agreement, dated as of July 27, 2004 (as amended,  supplemented and/or otherwise
modified from time to time,  the "LEASE"),  which Lease is further  described on
Annex A attached hereto; and

      WHEREAS,  subject to the terms and conditions set forth below, the parties
hereto wish to amend certain provisions of the Lease as provided herein;

      NOW, THEREFORE, it is agreed;

A. AMENDMENT TO THE LEASE

      1. The  proviso  to  Section  14(b) of the Lease is hereby  amended by (x)
deleting the text "$50,000,000"  appearing  therein,  and (y) inserting the text
"$15,000,000" in lieu thereof.

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

<PAGE>

B. MISCELLANEOUS PROVISIONS

      1. In order to induce  the Agent to enter  into this  Amendment,  Holdings
hereby  represents  and  warrants  to each of the  Lenders  that  (i) all of the
representations  and  warranties  contained in the Lease are true and correct in
all material  respects on and as of the Second  Amendment  Effective  Date, both
before and after giving effect to this  Amendment  (unless such  representations
and  warranties   relate  to  a  specific  earlier  date,  in  which  case  such
representations  and  warranties  shall be true and  correct as of such  earlier
date),  and (ii)  there  exists no  Default  or Event of  Default  on the Second
Amendment Effective Date (as defined below), both before and after giving effect
to this Amendment.

      2. This  Amendment  is limited as  specified  and shall not  constitute  a
modification, acceptance or waiver of any other provision of the Lease.

      3. This Amendment may be executed in any number of counterparts and by the
different parties hereto on separate  counterparts,  each of which  counterparts
when  executed  and  delivered  shall be an  original,  but all of  which  shall
together constitute one and the same instrument.  A complete set of counterparts
executed by all the parties hereto shall be lodged with Holdings and the Agent.

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

      5.  This  Amendment  shall  become  effective  on the  date  (the  "SECOND
AMENDMENT  EFFECTIVE  DATE") when Holdings,  Lessor,  Lessee and the Agent shall
have signed a counterpart  hereof  (whether the same or different  counterparts)
and shall have delivered (including by way of telecopier) the same to the Agent,
thereafter a counterpart of this Amendment  will be filed for  recordation  with
the Federal Aviation Administration Civil Aircraft Registry.

      6. From and after the Second  Amendment  Effective Date, all references in
the Lease and in the other  Loan  Documents  to the Lease  shall be deemed to be
referenced to the Lease as modified hereby.

                                     * * *

                                      -2-

<PAGE>

Accepted and Agreed:

                                              ATLAS AIR WORLDWIDE HOLDINGS, INC.

                                              By: /s/ Michael L. Barna
                                                  ------------------------------
                                                  Name:  Michael L. Barna
                                                  Title: SVP & CFO

                                                                 Lease Amendment
                                                                        (N505MC)

<PAGE>

Accepted and Agreed

                                              DEUTSCHE BANK TRUST COMPANY
                                              AMERICAS, as Agent

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

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

<PAGE>

                                                                         ANNEX A

1.    BOEING  747-2D3B  AIRCRAFT  WITH  SERIAL  NUMBER  21251 AND UNITED  STATES
      REGISTRATION  NUMBER  N505MC  AND FOUR  GENERAL  ELECTRIC  MODEL  CF6-50E2
      ENGINES WITH SERIAL NUMBERS 517597, 530388, 530389 AND 517599

      LEASE:

      Lease  Agreement  (N5O5MC)  dated  as of  April  25,  2000  between  Atlas
Freighter  Leasing III, Inc., as lessor,  and Atlas Air,  Inc., as lessee,  with
Lease Supplement No. 1 dated April 25, 2000 attached thereto, which was recorded
by the FAA as one  instrument  on May  24,  2000  and  assigned  Conveyance  No.
DD018944,

      as  supplemented  by Lease  Supplement No.2 dated as of November 13, 2000,
which was recorded by the FAA on December 20, 2000 and assigned  Conveyance  No.
SS016139,

      as amended by Amendment No. 1 to Lease  Agreement  dated as of October 15,
2001,  which was recorded by the FAA on January 11,2002 and assigned  Conveyance
No. SS018007,

      as amended by Amendment No. 2 to Lease  Agreement  dated as of October 30,
2001,  which was recorded by the FAA on January 9, 2002 and assigned  Conveyance
No. SS018001,

      as amended by Amendment No. 3 to Lease  Agreement dated as of December 14,
2001, which was recorded by the FAA on March 20,2002 and assigned Conveyance No.
TT016420,

      as amended by Amendment No. 4 to Aircraft Lease Agreement dated as of June
14, 2002 which was recorded by the FAA on August 21,2002 and assigned Conveyance
No. YY034495,

      as amended by Amendment  No. 5 to Lease  Agreement  dated as of August 14,
2002, which was recorded by the FAA on March 4,2003 and assigned  Conveyance No.
GG029430,

      as amended by  Amendment  No. 6 to Lease  Agreement  dated as of  December
31,2002,  which was recorded by the FAA on March 4,2003 and assigned  Conveyance
No. GG029431,

      as amended and restated by Amended and Restated Lease  Agreement  (N5O5MC)
dated as of July 27,  2004,  with Lease  Supplement  No. 1 dated  July 27,  2004
attached thereto,  which was recorded by the FAA on August 24, 2004 and assigned
Conveyance No. NN027685, and

      as amended by Amendment No. 1 to the Amended and Restated Lease  Agreement
dated as of November  30,  2004,  which was  recorded by the FAA on December 23,
2004 and assigned Conveyance No. KK034727.

<PAGE>

This counterpart is attached to the FAA filing counterpart of Amendment No. 2 to
the Amended and Restated Lease Agreement as it creates a security interest
therein.

           AMENDMENT NO. 4 TO SECURITY AGREEMENT AND CHATTEL MORTGAGE
                            (AIRCRAFT NO. N505MC)(1)

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

                              W I T N E S S E T H:

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

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

            WHEREAS,  Borrower and the Administrative  Agent are parties to that
certain  Security  Agreement  and Chattel  Mortgage  with  respect to one Boeing
747-2D3B,  U.S.  Registration  No. N5O5MC,  Manufacturer's  Serial Number 21251,
dated as of April 25, 2000, between the Borrower and the Agent,  recorded by the
Federal  Aviation  Administration  on May 24, 2000, as Conveyance No.  DD018943,
supplemented  by  Supplemental  Chattel  Mortgage No. 1 dated as of November 13,
2000,  recorded on December 20, 2000, as  Conveyance  No.  SS016138,  amended by
Amendment No. 1 to Security  Agreement and Chattel  Mortgage dated as of October
30, 2001,  recorded  January 9, 2002, as  Conveyance  No.  SS018002,  amended by
Amendment No. 2 to Aircraft Chattel Mortgage dated as of June 14, 2002, recorded
August 21, 2002,  as  Conveyance  No.  YY034496,  amended by  Amendment  No.3 to
Security  Agreement  and Chattel  Mortgage  dated as of July 27, 2004,  recorded
August 24, 2004 as Conveyance No. NN027686 (the "AIRCRAFT CHATTEL MORTGAGE").

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

<PAGE>

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

            NOW THEREFORE, it is agreed:

A. AMENDMENT TO AIRCRAFT CHATTEL MORTGAGE

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

B. MISCELLANEOUS PROVISIONS

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

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

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

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

                                      * * *

                                      -2-
<PAGE>

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

                                              ATLAS FREIGHTER LEASING III, INC.

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

                                                              Mortgage Amendment
                                                                        (N505MC)

<PAGE>

                                              DEUTSCHE BANK TRUST COMPANY
                                              AMERICAS, as Agent

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

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

                                                              Mortgage Amendment
                                                                        (N505MC)

<PAGE>

                           Schedule to Exhibit 10.6.6

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    LESSEE           LESSOR                    AGREEMENT
NUMBER               NUMBER(S)
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
<S>                  <C>                    <C>                <C>                       <C>
N509MC               21221                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N509MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N512MC               21220                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N512MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N517MC               23300                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N517MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N522MC               21783                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N522MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N523MC               21782                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N523MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N524MC               21784                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N524MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N526MC               22337                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N526MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N527MC               22471                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N527MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N528MC               22472                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N528MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N534MC               21832                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N534MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N808MC               21048                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N808MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N809MC               20887                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
                                                               III                       and Restated Lease (N809MC)
                                                                                         dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

CF6-50E2 Spare       530168; 517530;          Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
Engines              517790; 517602;                           III                       and Restated Lease
                     517547; 517,538;                                                    (CF6-50E2 Spare Engines)
                     517,539; 455167; 530255                                             dated as of May 31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

CF6-80C2 BSF Spare   704,699; 704860; 704918  Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 2 to Amended
Engines                                                        III                       and Restated Lease
                                                                                         (CF6-80C2 BSF Spare
                                                                                         Engines) dated as of May
                                                                                         31, 2005
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

</TABLE>EXHIBIT 10.6.7

                                                                  EXECUTION COPY

            AMENDMENT NO 3 TO SECURITY AGREEMENT AND CHATTEL MORTGAGE
                            (AIRCRAFT NO. N505MC)(1)

            THIS THIRD AMENDMENT TO THE SECURITY AGREEMENT AND CHATTEL MORTGAGE
is dated as of July 27, 2004, (this "AMENDMENT"), and entered into by and
between Atlas Freighter Leasing III, Inc., a Delaware corporation ("BORROWER"),
and Deutsche Bank Trust Company Americas, as agent for and representative of
("ADMINISTRATIVE AGENT") the financial institutions ("LENDERS") party to the
Amended and Restated Credit Agreement referred to below.

                              W I T N E S S E T H:

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

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

            WHEREAS, Borrower and the Administrative Agent are parties to that
certain Security Agreement and Chattel Mortgage with respect to one Boeing
747-2D3B, U.S. Registration No. N505MC, Manufacturer's Serial No. 21251,
dated as of April 25, 2000, between the Borrower and the Agent, recorded by the
Federal Aviation Administration on May 24, 2000, as Conveyance No. DD018943,
supplemented by Supplemental Chattel Mortgage No. 1 dated as of November 13,
2000, recorded on December 20, 2000, as Conveyance No. SS016138, amended by
Amendment No. 1 to Security Agreement and Chattel Mortgage dated as of October
30, 2001, recorded January 9, 2002, as Conveyance No. SS018002, amended by
Amendment No. 2 to Aircraft Chattel Mortgage dated as of June 14, 2002, recorded
August 21, 2002, as Conveyance No. YY034496 (the "AIRCRAFT CHATTEL MORTGAGE").

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

<PAGE>

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

            NOW THEREFORE, it is agreed:

      1. The Aircraft Chattel Mortgage is hereby amended by deleting all
references to the term "Credit Agreement" and inserting the term "Amended and
Restated Credit Agreement" in lieu thereof.

      2. Section 1(a)(iii) of the Aircraft Chattel Mortgage is hereby deleted in
its entirety and the following is inserted in its place:

      "(iii) all appliances, parts, instruments, appurtenances, accessories,
furnishings and other equipment of whatever nature (other than complete Engines
or engines), that may from time to time be incorporated or installed in or
attached to the Airframe or any Engine, together with (i) all appliances, parts,
instruments, appurtenances, accessories, furnishings, other equipment purchased
or owned by Borrower and identified for incorporation or installation in or
attachment to the Airframe or any Engine pursuant to the terms of any agreement
whether or not identified in a Supplemental Chattel Mortgage and (ii) all
appliances, parts, instruments, appurtenances, accessories, furnishings and
other equipment of whatever nature subsequently removed from the Airframe or any
Engine, as the case may be, but otherwise still subject to the Lease
(collectively referred to herein as "PARTS"); and"

      3. Section 1(b) of the Aircraft Chattel Mortgage is hereby amended (x) by
deleting the text "and" from the end of clause (vii) of section 1(b), (y) by
renumbering clause (viii) of Section 1(b) as clause (ix), and (z) by inserting
the following new clause:

      "(viii) the Subsidiaries Guaranty, including without limitation all
payments of any kind thereunder, and including all rights of Borrower, as
guaranteed beneficiary, to execute any election or option or to give any notice,
consent, waiver or approval under or in respect of the Subsidiaries Guaranty, as
well as any rights, powers or remedies on the part of Borrower, whether arising
under the Subsidiaries Guaranty or by statute or at law or in equity, or
otherwise, arising out of any Lease Event of Default (as defined in the Lease)
or out of any breach of the Subsidiaries Guaranty; and"

      4. Section 2 of the Aircraft Chattel Mortgage is hereby amended by
inserting the following new defined term in the appropriate alphabetical order:

      ""AMENDED AND RESTATED CREDIT AGREEMENT" shall mean the Amended and
Restated Credit Agreement, dated as of July 27, 2004, among Borrower, the
lenders from time to time party thereto, and the Administrative Agent, as
amended, modified or supplemented from time to time."

      5. Section 2 of the Aircraft Chattel Mortgage is hereby amended by
deleting the definition of the term "Lease" in its entirety and inserting the
following defined term in its place:

      ""LEASE" means that certain Lease Agreement, dated as of April 25, 2000,
by and between Atlas Freighter Leasing III, Inc. as Lessor and Atlas Air, Inc.
as Lessee, for the lease of

                                      -2-
<PAGE>

the Aircraft, together with any amendments, restatements, modifications,
supplements or additions thereto from time to time, including for the avoidance
of doubt, without limitation, the Amended and Restated Lease Agreement dated as
of July 27, 2004."

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

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

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

                                    *  *  *

                                      -3-
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Amendment as of the date first
above written.

                                            ATLAS FREIGHTER LEASING III, INC.

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

                                                  Security Agreement and Chattel
                                                              Mortgage Amendment
                                                           (Aircraft No. N505MC)

<PAGE>

                                            DEUTSCHE BANK TRUST COMPANY
                                            AMERICAS,
                                             as Administrative Agent

                                            By: /s/ Keith C. Braun
                                                --------------------------------
                                            Name: Keith C. Braun
                                            Title: Director

                                                  Security Agreement and Chattel
                                                              Mortgage Amendment
                                                           (Aircraft No. N505MC)

<PAGE>

                           Schedule to Exhibit 10.6.7

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

<TABLE>
<CAPTION>
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
REGISTRATION         MANUFACTURER'S SERIAL    AGENT            BORROWER                  AGREEMENT
NUMBER               NUMBER(S)
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
<S>                  <C>                      <C>              <C>                       <C>
N509MC               21221                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N509MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N512MC               21220                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N512MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N517MC               23300                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N517MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N522MC               21783                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N522MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N523MC               21782                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N523MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N524MC               21784                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N524MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N526MC               22337                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N526MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N527MC               22471                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N527MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N528MC               22472                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N528MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N534MC               21832                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N534MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N808MC               21048                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N808MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N809MC               20887                    Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
                                              Trust Company    III                       Agreement (N809MC) dated as
                                              Americas                                   of July 27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

CF6-50E2 Spare       530168; 517530;          Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
Engines              517790; 517602;          Trust Company    III                       Agreement (CF6-50E2 Spare
                     517547; 517,538;         Americas                                   Engines) dated as of July
                     517,539; 455167; 530255                                             27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

CF6-80C2 BSF Spare   704,699; 704860; 704918  Deutsche Bank    Atlas Freighter Leasing   Amendment No. 3 to Security
Engines                                       Trust Company    III                       Agreement (CF6-50E2 Spare
                                              Americas                                   Engines) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

</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"}]]