Document:

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                                                                     EXHIBIT 4.4

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                          PASS THROUGH TRUST AGREEMENT

                          Dated as of January 28, 2000

                                     between

                                 ATLAS AIR, INC.

                                       and

                            WILMINGTON TRUST COMPANY

                                   as Trustee

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<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                             Page
                                                                                                             ----

                                    ARTICLE I

                                   DEFINITIONS
<S>                   <C>                                                                                    <C>

Section 1.01.         Definitions.............................................................................2
Section 1.02.         Compliance Certificates and Opinions...................................................12
Section 1.03.         Form of Documents Delivered to Trustee.................................................13
Section 1.04.         Directions of Certificateholders.......................................................13

                                   ARTICLE II

                        ORIGINAL ISSUANCE OF CERTIFICATES;
                        ACQUISITION OF THE TRUST PROPERTY

Section 2.01.         Amount Unlimited; Issuable in Series...................................................15
Section 2.02.         Acquisition of Equipment Notes.........................................................18
Section 2.03.         Acceptance by Trustee..................................................................19
Section 2.04.         Limitation of Powers...................................................................20

                                   ARTICLE III

                                THE CERTIFICATES

Section 3.01.         Form, Denomination and Execution of  Certificates......................................20
Section 3.02.         Authentication of Certificates.........................................................21
Section 3.03.         Temporary Certificates.................................................................21
Section 3.04.         Transfer and Exchange..................................................................22
Section 3.05.         Book-Entry and Definitive Certificates.................................................22
Section 3.06.         Mutilated, Destroyed, Lost or Stolen Certificates......................................24
Section 3.07.         Persons Deemed Owners..................................................................25
Section 3.08.         Cancellation...........................................................................25
Section 3.09.         Limitation of Liability for Payments...................................................25
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<TABLE>
<CAPTION>
                                   ARTICLE IV

                          DISTRIBUTIONS; STATEMENTS TO
                               CERTIFICATEHOLDERS

<S>                   <C>                                                                                    <C>
Section 4.01.         Certificate Account and Special Payments Account.......................................26
Section 4.02.         Distributions from Certificate Account and Special Payments Account....................27
Section 4.03.         Statements to Certificateholders.......................................................29
Section 4.04.         Investment of Special Payment Moneys...................................................30

                                    ARTICLE V

                                   THE COMPANY

Section 5.01.         Maintenance of Corporate Existence.....................................................30
Section 5.02.         Consolidation, Merger, Etc.............................................................30

                                   ARTICLE VI

                                     DEFAULT

Section 6.01.         Events of Default......................................................................32
Section 6.02.         Incidents of Sale of Equipment Notes...................................................33
Section 6.03.         Judicial Proceedings Instituted by Trustee; Trustee May Bring Suit.....................34
Section 6.04.         Control by Certificateholders..........................................................34
Section 6.05.         Waiver of Past Defaults................................................................35
Section 6.06.         Right of Certificateholders to Receive Payments Not to Be Impaired.....................35
Section 6.07.         Certificateholders May Not Bring Suit Except Under Certain Conditions..................36
Section 6.08.         Remedies Cumulative....................................................................36
Section 6.09.         Undertaking for Costs..................................................................36

                                   ARTICLE VII

                                   THE TRUSTEE

Section 7.01.         Certain Duties and Responsibilities....................................................37
Section 7.02.         Notice of Defaults.....................................................................37
Section 7.03.         Certain Rights of Trustee..............................................................38
</TABLE>

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<TABLE>
<S>                   <C>                                                                                    <C>
Section 7.04.         Not Responsible for Recitals or Issuance of Certificates...............................39
Section 7.05.         May Hold Certificates..................................................................39
Section 7.06.         Money Held in Trust....................................................................40
Section 7.07.         Compensation and Reimbursement.........................................................40
Section 7.08.         Corporate Trustee Required; Eligibility................................................40
Section 7.09.         Resignation and Removal, Appointment of Successor......................................41
Section 7.10.         Acceptance of Appointment by Successor.................................................43
Section 7.11.         Merger, Conversion, Consolidation or Succession to Business............................44
Section 7.12.         Maintenance of Agencies................................................................44
Section 7.13.         Money for Certificate Payments to Be Held in Trust.....................................45
Section 7.14.         Registration of Equipment Notes in Trustee's Name......................................46
Section 7.15.         Representations and Warranties of Trustee..............................................46
Section 7.16.         Withholding Taxes: Information Reporting...............................................47
Section 7.17.         Trustee's Liens........................................................................47
Section 7.18.         Preferential Collection of Claims......................................................48

                                  ARTICLE VIII

                CERTIFICATEHOLDERS' LISTS AND REPORTS BY TRUSTEE

Section 8.01.         The Company to Furnish Trustee with Names and Addresses of Certificateholders..........50
Section 8.02.         Preservation of Information, Communications to Certificateholders......................48
Section 8.03.         Reports by Trustee.....................................................................48
Section 8.04.         Reports by the Company.................................................................48

                                   ARTICLE IX

                             SUPPLEMENTAL AGREEMENTS

Section 9.01.         Supplemental Agreements Without Consent of Certificateholders..........................49
Section 9.02.         Supplemental Agreements with Consent of Certificateholders.............................51
Section 9.03.         Documents Affecting Immunity or Indemnity..............................................52
Section 9.04.         Execution of Supplemental Agreements...................................................53
Section 9.05.         Effect of Supplemental Agreements......................................................53
Section 9.06.         Conformity with Trust Indenture Act....................................................53
Section 9.07.         Reference in Certificates to Supplemental Agreements...................................53

                                    ARTICLE X

                   AMENDMENTS TO INDENTURE AND NOTE DOCUMENTS

Section 10.01.        Amendments and Supplements to Indenture and Other Note Documents.......................53
</TABLE>

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<TABLE>
<CAPTION>
                                   ARTICLE XI

                              TERMINATION OF TRUSTS

<S>                   <C>                                                                                    <C>
Section 11.01.        Termination of the Trust...............................................................54

                                   ARTICLE XII

                            MISCELLANEOUS PROVISIONS

Section 12.01.        Limitation on Rights of Certificateholders.............................................56
Section 12.02.        Registration of Equipment Notes in Name of Subordination Agent.........................56
Section 12.03.        Notices................................................................................56
Section 12.04.        Governing Law..........................................................................58
Section 12.05.        Severability of Provisions.............................................................58
Section 12.06.        Trust Indenture Act Controls...........................................................58
Section 12.07.        Effect of Headings and Table of Contents...............................................58
Section 12.08.        Successors and Assigns.................................................................58
Section 12.09.        Benefits of Agreement..................................................................58
Section 12.10.        Legal Holidays.........................................................................58
Section 12.11.        Counterparts...........................................................................59
Section 12.12.        Communication by Certificateholders, with Other Certificateholders.....................59
Section 12.13.        Intention of Parties...................................................................59
</TABLE>

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                                       -i-

Reconciliation and tie between Atlas Air Pass Through Trust Agreement, dated as
of January 28, 2000 and the Trust Indenture Act of 1939. This reconciliation
does not constitute part of the Pass Through Trust Agreement.

<TABLE>
<CAPTION>
          Trust Indenture Act                      Pass Through Trust
            of 1939 Section                        Agreement Section
         ----------------------                    ------------------
<S>      <C>                                       <C>
          310(a)(1)                                 7.07
             (a)(2)                                 7.07
          312(a)                                    3.05; 8.01; 8.02
          313(a)                                    7.07
          314(a)                                    8.04(a)-(c)
             (a)(4)                                 8.04(d)
             (c)(1)                                 1.02
             (c)(2)                                 1.02
             (d)(1)                                 7.13; 11.01
             (d)(2)                                 7.13; 11.01
             (d)(3)                                 2.01
             (e)                                    1.02
          315(b)                                    7.02
          316(a)(last sentence)                     1.01(c)
             (a)(1)(A)                              6.04
             (a)(1)(B)                              6.05
             (b)                                    6.06
             (c)                                    1.04(d)
          317(a)(1)                                 6.03
             (b)                                    7.13
          318(a)                                   12.05
</TABLE>

<PAGE>   7

                          PASS THROUGH TRUST AGREEMENT

         This PASS THROUGH TRUST AGREEMENT, dated as of January 28, 2000, the
("Basic Agreement"), between ATLAS AIR, INC., a Delaware corporation (the
"Company"), and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as
Trustee, is made with respect to the formation from time to time of separate
Atlas Air Pass Through Trusts and the issuance from time to time of separate
series of Pass Through Certificates representing fractional undivided interests
in the Trusts.

                              W I T N E S S E T H:

         WHEREAS, from time to time, the Company and the Trustee may enter into
a Trust Supplement (this and certain other defined terms used herein are defined
in Section 1.01) pursuant to which the Trustee shall declare the creation of a
separate Trust for the benefit of the Holders of the series of Certificates to
be issued in respect of such Trust, and the initial Holders of the Certificates
of such series, as the grantors of such Trust, by their respective acceptance of
the Certificates of such series, shall join in the creation of such Trust with
the Trustee;

         WHEREAS, all Certificates to be issued in respect of each separate
Trust will be issued as a separate series pursuant to this Agreement, will
evidence fractional undivided interests in such Trust and will have no rights,
benefits or interests in respect of any other separate Trust or the property
held therein, subject, however, to the provisions of any Intercreditor Agreement
to which one or more Trusts may be a party;

         WHEREAS, from time to time, pursuant to the terms and conditions of
this Agreement with respect to each separate Trust formed hereunder, the Trustee
on behalf of such Trust shall purchase one or more issues of Equipment Notes
having the same interest rate as, and final maturity dates not later than the
final Regular Distribution Date of, the series of Certificates issued in respect
of such Trust and, subject to the terms of any related Intercreditor Agreement,
shall hold such Equipment Notes in trust for the benefit of the
Certificateholders of such Trust;

         WHEREAS, to facilitate the sale of Equipment Notes to, and the purchase
of Equipment Notes by, the Trustee on behalf of each Trust created from time to
time pursuant to this Agreement, the Company as the "Issuer", as such term is
defined in and solely for purposes of the Securities Act of 1933, as amended, of
the Certificates to be issued in respect of each Trust and as the "Obligor", as
such term is defined in and solely for purposes of the Trust Indenture Act of
1939, as amended, has duly authorized the execution and delivery of this Basic

<PAGE>   8
                                      -2-

Agreement and each Trust Supplement with respect to all such Certificates and is
undertaking to perform certain administrative and ministerial duties hereunder
and is also undertaking to pay the fees and expenses of the Trustee; and

         WHEREAS, upon the issuance of the Exchange Certificates, if any, or the
effectiveness of the Shelf Registration Statement, this Basic Agreement, as
supplemented from time to time, shall be subject to the provisions of the Trust
Indenture Act of 1939, as amended, and shall, to the extent applicable, be
governed by such provisions;

         NOW, THEREFORE, in consideration of the mutual agreements herein
contained, and of other good and valuable consideration the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         Section 1.01. Definitions. For all purposes of this Basic Agreement,
except as otherwise expressly provided or unless the context otherwise requires:

         (a) the terms used herein that are defined in this Article I have the
     meanings assigned to them in this Article I, and include the plural as well
     as the singular;

         (b) all other terms used herein which are defined in the Trust
     Indenture Act, either directly or by reference therein, or by the rules
     promulgated under the Trust Indenture Act, have the meanings assigned to
     them therein;

         (c) all references in this Basic Agreement to designated "Articles",
     "Sections", "Subsections" and other subdivisions are to the designated
     Articles, Sections, Subsections and other subdivisions of this Agreement;

         (d) the words "herein", "hereof" and "hereunder" and other words of
     similar import refer to this Basic Agreement as a whole and not to any
     particular Article, Section, Subsection or other subdivision;

         (e) unless the context otherwise requires, whenever the words
     "including" "include" or "includes" are used herein, it shall be deemed to
     be followed by the phrase "without limitation"; and

<PAGE>   9
                                      -3-

         (f) the term "this Agreement" (as distinguished from "this Basic
     Agreement") refers, unless the context otherwise requires, to this Basic
     Agreement as supplemented by the Trust Supplement creating a particular
     Trust and establishing the series of Certificates issued or to be issued in
     respect thereof, with reference to such Trust and such series of
     Certificates, as this Basic Agreement as so supplemented may be further
     supplemented with respect to such Trust and such series of Certificates.

         "Act" has the meaning, with respect to any Certificateholder, specified
in Section 1.04(a).

         "Affiliate" means, with respect to any specified Person, any other
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such Person. For the purposes of this definition,
"control", when used with respect to any specified Person, means the power,
directly or indirectly, to direct the management and policies of such Person,
whether through the ownership of voting securities or by contract or otherwise,
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

         "Aircraft" means one or more aircraft, including engines therefor,
owned by or leased to the Company and securing one or more Equipment Notes.

         "Authorized Agent" means, with respect to the Certificates of any
series, any Paying Agent or Registrar for the Certificates of such series.

         "Basic Agreement" means this Pass Through Trust Agreement, as the same
may from time to time be supplemented, amended or modified, but does not include
any Trust Supplement.

         "Book-Entry Certificates" means, with respect to the Certificates of
any series, a beneficial interest in the Certificates of such series, ownership
and transfers of which shall be made through book entries as described in
Section 3.05.

         "Business Day" means, with respect to the Certificates, any day other
than a Saturday, a Sunday or a day on which commercial banks are required or
authorized to close in Denver, Colorado, New York, New York, Salt Lake City,
Utah or, so long as any Certificate is outstanding, the city and state in which
the Trustee or any related Loan Trustee maintains its Corporate Trust Office or
receives and disburses funds.

         "Certificate" means any one of the Certificates executed and
authenticated by the Trustee, substantially in the form of Exhibit A hereto, or
any Exchange Certificates issued in exchange therefor or replacement thereof
pursuant to any Trust Supplement.

<PAGE>   10
                                      -4-

         "Certificate Account" means, with respect to the Certificates of any
series, the account or accounts created and maintained for such series pursuant
to Section 4.01(a) and the related Trust Supplement.

         "Certificate Owner" means, with respect to the Certificates of any
series, for purposes of Section 3.05, the Person who owns a Book-Entry
Certificate of such series.

         "Certificateholder" or "Holder" means, with respect to the Certificates
of any series, the Person in whose name a Certificate of such series is
registered in the Register for Certificates of such series.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Securities Exchange Act of 1934, as
amended.

         "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects, directly or indirectly, book-entry transfers and pledges of
securities deposited with the Clearing Agency.

         "Company" means Atlas Air, Inc., a Delaware corporation, or its
successor in interest pursuant to Section 5.02, or (only in the context of
provisions hereof, if any, when such reference is required for purposes of
compliance with the Trust Indenture Act) any other "obligor" (within the meaning
of the Trust Indenture Act) with respect to the Certificates of any series.

         "Controlling Party" means the Person entitled to act as such pursuant
to the terms of the Intercreditor Agreement.

         "Corporate Trust Office" means, with respect to the Trustee or any Loan
Trustee, the office of such trustee in the city at which at any particular time
its corporate trust business shall be principally administered.

         "Cut-Off Date" means, with respect to the Certificates of any series,
the date designated as such in the Trust Supplement establishing such series.

         "Definitive Certificates" has the meaning, with respect to the
Certificates of any series, specified in Section 3.05.

         "Direction" has the meaning specified in Section 1.04(a).

         "Equipment Notes" means, with respect to the Certificates of any
series, all of the equipment notes issued under the Indentures related to such
series of Certificates.

<PAGE>   11
                                      -5-

         "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time, or any successor federal statute.

         "Escrow Account" has the meaning, with respect to the Certificates of
any series, specified in Section 2.02(b).

         "Escrowed Funds" has the meaning, with respect to any Trust, specified
in Section 2.02(b).

         "Event of Default" means, in respect of any Trust, an Indenture Event
of Default under any Indenture pursuant to which Equipment Notes held by such
Trust were issued.

         "Exchange Certificates" means any certificates substantially in the
form of Exhibit A attached to a Trust Supplement and issued pursuant to the
Registration Rights Agreement in exchange for the Certificates initially issued
thereunder.

         "Fractional Undivided Interest" means the fractional undivided interest
in a Trust that is evidenced by a Certificate relating to such Trust.

         "Indenture" means, with respect to any Trust, each of the one or more
separate trust indenture and security agreements or trust indenture and
mortgages or similar documents described in, or on a schedule attached to, the
Trust Supplement and an indenture having substantially the same terms and
conditions which relates to a Substitute Aircraft, as each such indenture may be
amended or supplemented in accordance with its respective terms; and
"Indentures" means all of such agreements.

         "Indenture Event of Default" means, with respect to any Indenture, any
Indenture Event of Default (as such term is defined in such Indenture).

         "Initial Regular Distribution Date" means, with respect to the
Certificate of any series, the first Regular Distribution Date on which a
Scheduled Payment is to be made.

         "Intercreditor Agreement" means any agreement by and among the Trustee,
as trustee hereunder with respect to one or more Trusts, one or more Liquidity
Providers and a Subordination Agent providing, among other things, for the
distribution of payments made in respect of Equipment Notes held by such Trusts.

         "Issuance Date" means, with respect to the Certificates of any series,
the date of the issuance of such Certificates.

<PAGE>   12
                                      -6-

         "Lease" means any lease between an Owner Trustee, as the lessor, and
the Company, as the lessee, referred to in the related Indenture, as such lease
may be amended, supplemented or otherwise modified in accordance with its terms;
and "Leases" means all such Leases.

         "Letter of Representations" means, with respect to the Certificates of
any series, an agreement among the Company, the Trustee of any series and the
initial Clearing Agency.

         "Liquidity Facility" means, with respect to the Certificates of any
series, any revolving credit agreement, letter of credit or similar facility
relating to the Certificates of such series between a bank or other financial
institution and a Subordination Agent, as amended, replaced, supplemented or
otherwise modified from time to time in accordance with its terms and the terms
of any Intercreditor Agreement.

         "Liquidity Provider" means, with respect to the Certificates of any
series, a bank or other financial institution that agrees to provide a Liquidity
Facility for the benefit of the holders of Certificates of such series.

         "Loan Trustee" means, with respect to any Equipment Note or the
Indenture applicable thereto, the bank or trust company designated as loan or
indenture trustee under such Indenture, and any successor to such Loan Trustee
as such trustee; and "Loan Trustees" means all of the Loan Trustees under the
Indentures.

         "Note Documents" means, with respect to the Certificates of any series,
the Equipment Notes with respect to such Certificates and, with respect to such
Equipment Notes, the related Indenture, Note Purchase Agreement and, if the
related Aircraft is leased to the Company, the related Lease and the related
Owner Trustee's Purchase Agreement.

         "Note Purchase Agreement" means, with respect to the Certificates of
any series, any note purchase, refunding, participation or similar agreement
providing for, among other things, the purchase of Equipment Notes by the
Trustee on behalf of the relevant Trust; and "Note Purchase Agreements" means
all such agreements.

         "Officer's Certificate" means a certificate signed, (a) in the case of
the Company, by the Chairman or Vice Chairman of the Board of Directors, the
President, any Vice President or the Treasurer of the Company, signing alone, or
(b) in the case of the Trustee or an Owner Trustee or a Loan Trustee, a
Responsible Officer of the Trustee or such Owner Trustee or such Loan Trustee,
as the case may be.

<PAGE>   13
                                      -7-

         "Opinion of Counsel" means a written opinion of legal counsel who (a)
in the case of counsel for the Company may be (i) a senior attorney of the
Company one of whose principal duties is furnishing advice as to legal matters,
(ii) Cahill Gordon & Reindel or (iii) such other counsel designated by the
Company and reasonably acceptable to the Trustee and (b) in the case of any
Owner Trustee or any Loan Trustee, may be such counsel as may be designated by
any of them whether or not such counsel is an employee of any of them, and who
shall be reasonably acceptable to the Trustee.

         "Other Agreements" has the meaning specified in Section 6.01(b).

         "Outstanding" when used with respect to Certificates of any series,
means, as of the date of determination, all Certificates of such series
therefore authenticated and delivered under this Agreement, except:

         (i) Certificates of such series theretofore canceled by the Registrar
     or delivered to the Trustee or the Registrar for cancellation;

         (ii) All of the Certificates of such series if money in the full amount
     required to make the final distribution with respect to such series
     pursuant to Section 11.01 hereof has been theretofore deposited with the
     Trustee in trust for the Holders of the Certificates as provided in Section
     4.01 pending distribution of such money to such Certificateholders pursuant
     to payment of such final distribution payment; and

         (iii) Certificates of such series in exchange for or in lieu of which
     other Certificates of such series have been authenticated and delivered
     pursuant to this Agreement.

         "Owner Participant" means, with respect to any Equipment Note, the
"Owner Participant", if any, as referred to in the Indenture pursuant to which
such Equipment Note is issued and any permitted successor or assign of such
Owner Participant; and "Owner Participants" at any time of determination means
all of the Owner Participants thus referred to in the Indentures.

         "Owner Trustee" means, with respect to any Equipment Note, the "Owner
Trustee", if any, as referred to in the Indenture pursuant to which such
Equipment Note is issued, not in its individual capacity but solely as trustee;
and "Owner Trustees" means all of the Owner Trustees party to any of the related
Indentures.

         "Owner Trustee's Purchase Agreement" has the meaning, with respect to
the Certificates of any series if the related Aircraft is leased to the Company,
specified therefor in the related Lease.

<PAGE>   14
                                      -8-

         "Paying Agent" means, with respect to the Certificates of any series,
the paying agent maintained and appointed for the Certificates pursuant to
Section 7.12.

         "Permitted Investments" means obligations of the United States of
America or agencies or instrumentalities thereof for the payment of which the
full faith and credit of the United States of America is pledged, maturing in
not more than 60 days after the date of acquisition thereof or such lesser time
as is required for the distribution of any Special Payments on a Special
Distribution Date.

         "Person" means any person, including any individual, corporation,
limited liability company, partnership, joint venture, association, joint-stock
company, trust, trustee, unincorporated organization, or government or any
agency or political subdivision thereof.

         "Pool Balance" means, with respect to the Certificates of any series as
of any date, (i) the original aggregate face amount of the Certificates of any
series less (ii) the aggregate amount of all payments made in respect of such
Certificates other than payments made in respect of interest or premium thereon
or reimbursement of any costs or expenses incurred in connection therewith. The
Pool Balance as of any Distribution Date shall be computed after giving effect
to the payment of principal, if any, on the Equipment Notes or other Trust
Property held in the Trust and the distribution thereof to be made on such
Distribution Date.

         "Pool Factor" means, with respect to any series of Certificates as of
any date, the quotient (rounded to the seventh decimal place) computed by
dividing (i) the Pool Balance of such series as at such date by (ii) the
original aggregate face amount of the Certificates of such series. The Pool
Factor as of any Distribution Date shall be computed after giving effect to the
payment of principal, if any, on the Equipment Notes or other Trust Property
held in the Trust and the distribution thereof to be made on such Distribution
Date.

         "Postponed Notes" means, with respect to any Trust or the related
series of Certificates, the Equipment Notes to be held in such Trust as to which
a Postponement Notice shall have been delivered pursuant to Section 2.02(b).

         "Postponement Notice" means, with respect to any Trust or the related
series of Certificates, an Officer's Certificate of the Company signed by an
officer of the Company (1) requesting that the Trustee temporarily postpone
purchase of the related Equipment Notes to a date later than the Issuance Date
of such series of Certificates, (2) identifying the amount of the purchase price
of each such Equipment Note and the aggregate purchase price for all such
Equipment Notes, (3) setting forth the reasons for such postponement and (4)
with respect to each such Equipment Note, either (a) setting or resetting a new
Transfer Date (which shall be on or prior to the applicable Cut-off Date) for
payment by the Trustee of such purchase price and issuance of the related
Equipment Note (subject to subsequent change from time to time

<PAGE>   15
                                      -9-

in accordance with the relevant Note Purchase Agreement), or (b) indicating that
such new Transfer Date (which shall be on or prior to the applicable Cut-off
Date) will be set by subsequent written notice not less than one Business Day
prior to such new Transfer Date (subject to subsequent change from time to time
in accordance with the relevant Note Purchase Agreement).

         "Potential Purchaser" has the meaning, with respect to any
Certificateholder, specified in Section 6.01(b).

         "PTC Event of Default" means, with respect to the Certificates of any
series, any failure to pay within 10 Business Days of the due date thereof: (i)
the outstanding Pool Balance of such series of Certificates on the date
specified in any Trust Supplement for such payment or (ii) interest due on the
Certificates of such series on any Distribution Date (unless the related
Subordination Agent shall have made an Interest Drawing or Drawings (as defined
in the related Intercreditor Agreement), or a withdrawal or withdrawals pursuant
to a cash collateral account under such Intercreditor Agreement, with respect
thereto in an aggregate amount sufficient to pay such interest and shall have
distributed such amount to the Trustee).

         "Purchasing Certificateholder" has the meaning, with respect to any
Certificateholder, specified in Section 6.01(b).

         "Record Date" means, with respect to any Trust or the related series of
Certificates, (i) for Scheduled Payments to be distributed on any Regular
Distribution Date, other than the final distribution with respect to such
series, the 15th day (whether or not a Business Day) preceding such Regular
Distribution Date, and (ii) for Special Payments to be distributed on any
Special Distribution Date, other than the final distribution with respect to
such series, the 15th day (whether or not a Business Day) preceding such Special
Distribution Date.

         "Register" and "Registrar" means, each with respect to the Certificates
of any series, the register maintained and the registrar appointed pursuant to
Sections 3.04 and 7.12.

         "Registration Event" has the meaning specified in the Registration
Rights Agreement.

         "Registration Rights Agreement" means the Registration Rights Agreement
dated as of January 28, 2000 among the Company, the Trustee and the Placement
Agents named therein.

         "Regular Distribution Date" means, with respect to distributions of
Scheduled Payments in respect of any series of Certificates, each date
designated as such in this Agreement, until payment of all the Scheduled
Payments to be made under the Equipment Notes held in the Trust have been made.

<PAGE>   16
                                      -10-

         "Request" means a request by the Company setting forth the subject
matter of the request accompanied by an Officer's Certificate and an Opinion of
Counsel as provided in Section 1.02 of this Basic Agreement.

         "Responsible Officer" means, with respect to any Trustee, any Loan
Trustee and any Owner Trustee, any officer in the Corporate Trust Department of
the Trustee, Loan Trustee or Owner Trustee or any other officer customarily
performing functions similar to those performed by the persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is
referred because of his knowledge of and familiarity with a particular subject.

         "Responsible Party" means, with respect to the Certificates of any
series, the person designated as such in the related Trust Supplement.

         "Scheduled Payment" means, with respect to any Equipment Note, (i) any
payment of principal or interest on such Equipment Note (other than any such
payment which is not in fact received by the Trustee or any Subordination Agent
within five days of the date on which such payment is scheduled to be made) or
(ii) any payment of interest on the Certificates with funds drawn under the
Liquidity Facility for such series, which payment represents the installment of
principal on such Equipment Note at the stated maturity of such installment, the
payment of regularly scheduled interest accrued on the unpaid principal amount
of such Equipment Note, or both; provided, however, that any payment of
principal, premium, if any, or interest resulting from the redemption or
purchase of any Equipment Note shall not constitute a Scheduled Payment.

         "SEC" means the Securities and Exchange Commission, as from time to
time constituted or created under the Securities Exchange Act of 1934, as
amended, or, if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties on such date.

         "Selling Certificateholder" has the meaning, with respect to any
Certificateholder, specified in Section 6.01(b).

         "Shelf Registration Statement" has the meaning specified in the
Registration Rights Agreement.

<PAGE>   17
                                      -11-

         "Special Distribution Date" means, with respect to the Certificates of
any series, each date on which a Special Payment is to be distributed as
specified in this Agreement.

         "Special Payment" means (i) any payment (other than a Scheduled
Payment) in respect of, or any proceeds of, any Equipment Note or Trust
Indenture Estate (as defined in each Indenture), (ii) the amounts required to be
distributed pursuant to the last paragraph of Section 2.02(b) or (iii) the
amounts required to be distributed pursuant to the penultimate paragraph of
Section 2.02(b).

         "Special Payments Account" means, with respect to the Certificates of
any series, the account or accounts created and maintained for such series
pursuant to Section 4.01(b) and the related Trust Supplement.

         "Specified Investments" means, with respect to any Trust, unless
otherwise specified in the related Trust Supplement, (i) obligations of, or
guaranteed by, the United States Government or agencies thereof, (ii) open
market commercial paper of any corporation incorporated under the laws of the
United States of America or any state thereof rated at least P-2 or its
equivalent by Moody's Investors Service, Inc. or at least A-2 or its equivalent
by Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc., (iii) certificates of deposit issued by commercial banks organized under
the laws of the United States or of any political subdivision thereof having a
combined capital and surplus in excess of $100,000,000 which banks or their
holding companies have a rating of A or its equivalent by Moody's Investors
Service, Inc. or Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc.; provided, however, that the aggregate amount at any
one time so invested in certificates of deposit issued by any one bank shall not
exceed 5 % of such bank's capital and surplus, (iv) U.S. dollar-denominated
offshore certificates of deposit issued by, or offshore time deposits with, any
commercial bank described in clause (iii) above or any subsidiary thereof and
(v) repurchase agreements with any financial institution having combined capital
and surplus of at least $100,000,000 with any of the obligations described in
clauses (i) through (iv) above as collateral; provided, further, that if all of
the above investments are unavailable, the entire amounts to be invested may be
used to purchase federal funds from an entity described in clause (iii) above.

         "Subordination Agent" has the meaning specified therefor in any
Intercreditor Agreement.

         "Substitute Aircraft" means, with respect to any Trust, any Aircraft of
a type specified in this Agreement and, at the election of the Company,
substituted prior to the applicable Cut-off Date, if any, pursuant to the terms
of this Agreement.

<PAGE>   18
                                      -12-

         "Transfer Date" has the meaning assigned to that term or any of the
terms "Delivery Date", "Funding Date" or "Closing Date" in a Note Purchase
Agreement, and in any event refers to any such date as it may be changed from
time to time in accordance with the terms of such Note Purchase Agreement.

         "Triggering Event" has the meaning specified therefor in any
Intercreditor Agreement.

         "Trust" means, with respect to the Certificates of any series, the
trust under this Agreement.

         "Trustee" means Wilmington Trust Company, or its successor in interest,
and any successor or other trustee appointed as provided herein.

         "Trust Indenture Act", except as otherwise provided in Section 9.06,
means, with respect to any particular Trust, the United States Trust Indenture
Act of 1939, as in force at the date as of which the related Trust Supplement
was executed.

         "Trust Property" means, with respect to any Trust, (i) subject to any
related Intercreditor Agreement, the Equipment Notes held as the property of the
Trust, all monies at any time paid thereon and all monies due and to become due
thereunder, (ii) funds from time to time deposited in the related Escrow
Account, the related Certificate Account and the related Special Payments
Account and, subject to the related Intercreditor Agreement, any proceeds from
the sale by the Trustee pursuant to Article VI hereof of any such Equipment
Note, (iii) all rights of the Trust and the Trustee, on behalf of the Trust,
under the Intercreditor Agreement, including, without limitation, all monies
receivable in respect of such rights and (iv) all monies receivable under any
Liquidity Facility for such Trust.

         "Trust Supplement" means an agreement supplemental hereto pursuant to
which (i) a separate Trust is created for the benefit of the Holders of the
Certificates of a series, (ii) the issuance of the Certificates of such series
representing fractional undivided interests in such Trust is authorized and
(iii) the terms of the Certificates of such series are established.

         Section 1.02. Compliance Certificates and Opinions. Upon any
application or request (except with respect to matters set forth in Article II),
by the Company, any Owner Trustee or any Loan Trustee to the Trustee to take any
action under any provision of this Basic Agreement, or, in respect of the
Certificates of any series, this Agreement, the Company, such Owner Trustee or
such Loan Trustee, as the case may be, shall furnish to the Trustee (i) an
Officer's Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Basic Agreement or this
Agreement relating to the proposed action

<PAGE>   19
                                      -13-

have been complied with and (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Basic Agreement or this Agreement relating to such particular
application or request, no additional certificate or opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Basic Agreement or, in respect of the
Certificate of any series, this Agreement (other than a certificate provided
pursuant to Section 8.04(d)) or any Trust Supplement shall include:

         (a) a statement that each individual signing such certificate or
     opinion has read such covenant or condition and the definitions in this
     Basic Agreement or this Agreement relating thereto;

         (b) a brief statement as to the nature and scope of the examination or
     investigation upon which the statements or opinions contained in such
     certificate or opinion are based;

         (c) a statement that, in the opinion of each such individual, he has
     made such examination or investigation as is necessary to enable him to
     express an informed opinion as to whether or not such covenant or condition
     has been complied with; and

         (d) a statement as to whether, in the opinion of each such individual,
     such condition or covenant has been complied with.

         Section 1.03. Form of Documents Delivered to Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified
or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to
other matters and any such Person may certify or give an opinion as to such
matters in one or several documents.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Basic Agreement or this Agreement, they may, but need
not, be consolidated and form one instrument.

         Section 1.04. Directions of Certificateholders. (a) Any direction,
consent, request, demand, authorization, notice, waiver or other action provided
by this Agreement in

<PAGE>   20
                                      -14-

respect of the Certificates of any series to be given or taken by
Certificateholders (a "Direction") may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such
Certificateholders in person or by an agent or proxy duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
when it is hereby expressly required pursuant to this Agreement, to the Company
or any Loan Trustee. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Certificateholders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent or
proxy shall be sufficient for any purpose of this Trust Agreement and conclusive
in favor of the Trustee, the Company and the related Loan Trustee, if made in
the manner provided in this Section 1.04.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the certificate of any notary public or
other officer of any jurisdiction authorized to take acknowledgments of deeds or
administer oaths that the Person executing such instrument acknowledged to him
the execution thereof, or by an affidavit of a witness to such execution sworn
to before any such notary or such other officer, and where such execution is by
an officer of a corporation or association or a member of a partnership, on
behalf of such corporation, association or partnership, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and
date of the execution of any such instrument or writing, or the authority of the
Person executing the same, may also be proved in any other reasonable manner
which the Trustee deems sufficient.

         (c) In determining whether the Certificateholders of the requisite
Fractional Undivided Interests of Certificates of any series Outstanding have
given any Direction under this Agreement, Certificates owned by the Company or
any Affiliate thereof shall be disregarded and deemed not to be Outstanding for
purposes of any such determination. In determining whether the Trustee shall be
protected in relying upon any such Direction, only Certificates which the
Trustee knows to be so owned shall be so disregarded. Notwithstanding the
foregoing, (i) if any such Person owns 100% of the Certificates of any series
Outstanding, such Certificates shall not be so disregarded, and (ii) if any
amount of Certificates of any series so owned by any such Person have been
pledged in good faith, such Certificates shall not be disregarded if the pledgee
establishes to the satisfaction of the Trustee the pledgee's right so to act
with respect to such Certificates and that the pledgee is not the Company or any
Affiliate thereof.

         (d) The Company may, at its option, by delivery of an Officer's
Certificate to the Trustee, set a record date to determine the
Certificateholders in respect of the Certificates of any series, entitled to
give any Direction. Notwithstanding Section 316(c) of the Trust Indenture Act,
such record date shall be the record date specified in such Officer's
Certificate,

<PAGE>   21
                                      -15-

which shall be a date not more than 30 days prior to the first solicitation of
Certificateholders of the applicable series in connection therewith. If such a
record date is fixed, such Direction may be given before or after such record
date, but only the Certificateholders of record of the applicable series at the
close of business on such record date shall be deemed to be Certificateholders
for the purposes of determining whether Certificateholders of the requisite
proportion of Outstanding Certificates of such series have authorized or agreed
or consented to such Direction, and for that purpose the Outstanding
Certificates shall be computed as of such record date; provided, however, that
no such Direction by the Certificateholders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this
Agreement not later than one year after such record date.

         (e) Any Direction by the Holder of any Certificate shall bind the
Holder of every Certificate issued upon the transfer thereof or in exchange
therefor or in lieu thereof, whether or not notation of such Direction is made
upon such Certificate.

         (f) Except as otherwise provided in Section 1.04(c), Certificates owned
by or pledged to any Person shall have an equal and proportionate benefit under
the provisions of this Agreement, without preference, priority or distinction as
among all of the Certificates of such series.

                                   ARTICLE II

                       ORIGINAL ISSUANCE OF CERTIFICATES;
                        ACQUISITION OF THE TRUST PROPERTY

         Section 2.01. Amount Unlimited; Issuable in Series. (a) The aggregate
principal amount of Certificates which may be authenticated and delivered under
this Basic Agreement is unlimited. The Certificates may be issued from time to
time in one or more series and shall be designated generally as the "Pass
Through Certificates", with such further designations added or incorporated in
such title for the Certificates of each series as specified in the related Trust
Supplement. Each Certificate shall bear upon its face the designation so
selected for the series to which it belongs. All Certificates of the same series
shall be substantially identical except that the Certificates of a series may
differ as to denomination and as may otherwise be provided in the Trust
Supplement establishing the Certificates of such series. Each series of
Certificates issued pursuant to this Agreement will evidence fractional
undivided interests in the related Trust and, except as may be contained in any
Intercreditor Agreement, will have no rights, benefits or interests in respect
of any other Trust or the Trust Property held therein. All Certificates of the
same series shall be in all respects equally and ratably entitled to the
benefits of this Agreement without preference, priority or distinction on

<PAGE>   22
                                      -16-

account of the actual time or times of authentication and delivery, all in
accordance with the terms and provisions of this Agreement.

         (b) The following matters shall be established with respect to the
Certificates of each series issued hereunder by a Trust Supplement executed and
delivered by and among the Company and the Trustee:

         (1) the formation of the Trust as to which the Certificates of such
     series represent fractional undivided interests and its designation (which
     designation shall distinguish such Trust from each other Trust created
     under this Basic Agreement and a Trust Supplement);

         (2) the specific title of the Certificates of such series (which title
     shall distinguish the Certificates of such series from each other series of
     Certificates created under this Basic Agreement and a Trust Supplement);

         (3) any limit upon the aggregate principal amount of the Certificates
     of such series which may be authenticated and delivered (which limit shall
     not pertain to Certificates authenticated and delivered upon registration
     of transfer of, or in exchange for, or in lieu of, other Certificates of
     the series pursuant to Sections 3.03, 3.04 and 3.06);

         (4) the Cut-off Date with respect to the Certificates of such series;

         (5) the Regular Distribution Dates applicable to the Certificates of
     such series;

         (6) the Special Distribution Dates applicable to the Certificates of
     such series;

         (7) if other than as provided in Section 7.12(b), the Registrar or the
     Paying Agent for the Certificates of such series, including any
     Co-Registrar or additional Paying Agent;

         (8) if other than as provided in Section 3.02, the denominations in
     which the Certificates of such series shall be issuable;

         (9) if other than United States dollars, the currency or currencies
     (including currency units) in which the Certificates of such series shall
     be denominated;

<PAGE>   23
                                      -17-

         (10) the specific form of the Certificates of such series (including
     the interest rate applicable thereto) and whether or not Certificates of
     such series are to be issued as Book-Entry Certificates and, if such
     Certificates are to be Book-Entry Certificates, the form of Letter of
     Representations, if any (or, in the case of any Certificates denominated in
     a currency other than United States dollars and if other than as provided
     in Section 3.05, whether and the circumstances under which beneficial
     owners of interests in such Certificates in permanent global form may
     exchange such interests for Certificates of such series and of like tenor
     of any authorized form and denomination);

         (11) a description of the Equipment Notes to be acquired and held in
     the related Trust and of the related Aircraft and Note Documents;

         (12) provisions with respect to the terms for which the definitions set
     forth in Article I hereof or the terms of Section 11.01 hereof permit or
     require further specification in the related Trust Supplement;

         (13) any restrictions (including legends) in respect of ERISA;

         (14) whether such series will be subject to an Intercreditor Agreement
     and, if so, the specific designation of such Intercreditor Agreement;

         (15) whether such series will have the benefit of a Liquidity Facility
     and, if so, any terms appropriate thereto;

         (16) whether there will be a deposit agreement or other arrangement
     prior to the delivery of one or more Aircraft and, if so, any terms
     appropriate thereto;

         (17) whether such series will be subject to a Registration Rights
     Agreement, and, if so, any terms appropriate thereto; and

         (18) any other terms of the Certificates of such series (which terms
     shall not be inconsistent with the provisions of the Trust Indenture Act),
     including any terms of the Certificates of such series which may be
     required or advisable under United States laws or regulations or advisable
     in connection with the marketing of Certificates of the series.

         (c) At any time and from time to time after the execution and delivery
of this Basic Agreement and a Trust Supplement forming a Trust and establishing
the terms of Certificates of a series, Certificates of such series shall be
executed, authenticated and delivered by the Trustee to the Person or Persons
specified by the Company upon request of the Company and upon satisfaction or
waiver of any conditions precedent set forth in such Trust Supplement or in any
other document to which a Trustee is a party relating to the issuance of the
Certificates of such series.

<PAGE>   24
                                      -18-

         Section 2.02. Acquisition of Equipment Notes. (a) Unless otherwise
specified in the related Trust Supplement, on or prior to the Issuance Date of
the Certificates of a series, the Trustee shall execute and deliver the related
Note Purchase Agreements in the form delivered to the Trustee by the Company and
shall, subject to the respective terms thereof, perform its obligations under
such Note Purchase Agreements. The Trustee shall issue and sell such
Certificates, in authorized denominations and in such Fractional Undivided
Interests, so as to result in the receipt of consideration in an amount equal to
the aggregate purchase price of the Equipment Notes contemplated to be purchased
by the Trustee under the related Note Purchase Agreements and, concurrently
therewith, the Trustee shall purchase, pursuant to the terms and conditions of
the Note Purchase Agreements, such Equipment Notes at a purchase price equal to
the amount of such consideration so received. Except as provided in Sections
3.03, 3.04 and 3.06 hereof, the Trustee shall not execute, authenticate or
deliver Certificates of such series in excess of the aggregate amount specified
in this paragraph. The provisions of this Subsection (a) are subject to the
provisions of Subsection (b) below.

         (b) If on or prior to the Issuance Date with respect to a series of
Certificates the Company shall deliver to the Trustee a Postponement Notice
relating to one or more Postponed Notes, the Trustee shall postpone the purchase
of such Postponed Notes and shall deposit into an escrow account (as to such
Trust, the "Escrow Account") to be maintained as part of the related Trust an
amount equal to the purchase price of such Postponed Notes (the "Escrowed
Funds"). The portion of the Escrowed Funds so deposited with respect to any
particular Postponed Notes shall be invested by the Trustee at the written
direction and risk of, and for the benefit of, the Responsible Party in
Specified Investments (i) maturing no later than any scheduled Transfer Date
relating to such Postponed Notes or (ii) if no such Transfer Date has been
scheduled, maturing on the next Business Day, or (iii) if the Company has given
notice to the Trustee that such Postponed Notes will not be issued, maturing on
the next applicable Special Distribution Date, if such investments are
reasonably available for purchase. The Trustee shall make withdrawals from the
Escrow Account only as provided in this Agreement. Upon request of the Company
on one or more occasions and the satisfaction or waiver of the closing
conditions specified in the applicable Note Purchase Agreements on or prior to
the related Cut-off Date, the Trustee shall purchase the applicable Postponed
Notes with the Escrowed Funds withdrawn from the Escrow Account. The purchase
price shall equal the principal amount of such Postponed Notes.

         The Trustee shall hold all Specified Investments until the maturity
thereof and will not sell or otherwise transfer Specified Investments. If
Specified Investments held in an Escrow Account mature prior to any applicable
Transfer Date, any proceeds received on the maturity of such Specified
Investments (other than any earnings thereon) shall be reinvested by the Trustee
at the written direction and risk of, and for the benefit of, the Responsible
Party in Specified Investments maturing as provided in the preceding paragraph.

<PAGE>   25
                                      -19-

         Any earnings on Specified Investments received from time to time by the
Trustee shall be promptly distributed to the Responsible Party. The Responsible
Party shall pay to the Trustee for deposit to the relevant Escrow Account an
amount equal to any losses on such Specified Investments as incurred. On the
Initial Regular Distribution Date in respect of the Certificates of any series,
the Responsible Party will pay (in immediately available funds) to the Trustee
an amount equal to the interest that would have accrued on any Postponed Notes
with respect to such Certificates, if any, purchased after the Issuance Date if
such Postponed Notes had been purchased on the Issuance Date, from the Issuance
Date to, but not including, the date of the purchase of such Postponed Notes by
the Trustee.

         If, in respect of the Certificates of any series, the Company notifies
the Trustee prior to the Cut-off Date that any Postponed Notes will not be
issued on or prior to the Cut-off Date for any reason, on the next Special
Distribution Date for such Certificates occurring not less than 15 days
following the date of such notice, (i) the Responsible Party shall pay to the
Trustee for deposit in the related Special Payments Account, in immediately
available funds, an amount equal to the interest that would have accrued on the
Postponed Notes designated in such notice at a rate equal to the interest rate
applicable to such Certificates from the Issuance Date to, but not including,
such Special Distribution Date and (ii) the Trustee shall transfer an amount
equal to that amount of Escrowed Funds that would have been used to purchase the
Postponed Notes designated in such notice and the amount paid by the Responsible
Party pursuant to the immediately preceding clause (i) to the related Special
Payments Account for distribution as a Special Payment in accordance with the
provisions hereof.

         If, on such Cut-off Date, an amount equal to less than all of the
Escrowed Funds (other than Escrowed Funds referred to in the immediately
preceding paragraph) has been used to purchase Postponed Notes, on the next such
Special Distribution Date occurring not less than 15 days following such Cut-off
Date (i) the Responsible Party shall pay to the Trustee for deposit in such
Special Payments Account, in immediately available funds, an amount equal to the
interest that would have accrued on such Postponed Notes contemplated to be
purchased with such unused Escrowed Funds (other than Escrowed Funds referred to
in the immediately preceding paragraph) but not so purchased at a rate equal to
the interest rate applicable to such Certificates from the Issuance Date to, but
not including, such Special Distribution Date and (ii) the Trustee shall
transfer such unused Escrowed Funds and the amount paid by the Responsible Party
pursuant to the immediately preceding clause (i) to such Special Payments
Account for distribution as a Special Payment in accordance with the provisions
hereof.

         Section 2.03. Acceptance by Trustee. The Trustee, upon the execution
and delivery of a Trust Supplement creating a Trust and establishing a series of
Certificates, shall acknowledge its acceptance of all right, title and interest
in and to the Trust Property to be acquired pursuant to Section 2.02 hereof and
the related Note Purchase Agreements and shall

<PAGE>   26
                                      -20-

declare that the Trustee holds and will hold all such right, title and interest
for the benefit of all then present and future Certificateholders of such
series, upon the trusts herein and in such Trust Supplement set forth. By the
acceptance of each Certificate of such series issued to it under this Agreement,
each initial Holder of such series as grantor of such Trust shall thereby join
in the creation and declaration of such Trust.

         Section 2.04. Limitation of Powers. The Trust is constituted solely for
the purpose of making the investment in the Equipment Notes provided for in the
related Trust Supplement, and, except as set forth herein, the Trustee shall not
be authorized or empowered to acquire any other investments or engage in any
other activities and, in particular, the Trustee shall not be authorized or
empowered to do anything that would cause such Trust to fail to qualify as a
"grantor trust" for federal income tax purposes (including, as subject to this
restriction, acquiring any Aircraft (as defined in the respective Indentures) by
bidding such Equipment Notes or otherwise, or taking any action with respect to
any such Aircraft once acquired).

                                   ARTICLE III

                                THE CERTIFICATES

         Section 3.01. Form, Denomination and Execution of Certificates. The
Certificates of each series shall be issued in fully registered form without
coupons and shall be substantially in the form attached hereto as Exhibit A,
with such omissions, variations and insertions as are permitted by this
Agreement, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with the rules of any securities exchange on which such Certificates may be
listed or to conform to any usage in respect thereof, or as may, consistently
herewith, be determined by the Trustee or the officers executing such
Certificates, as evidenced by the Trustee's or respective officers' execution of
the Certificates.

         Except as provided in Section 3.05, the definitive Certificates of such
series shall be typed, printed, lithographed or engraved or produced by any
combination of these methods or may be produced in any other manner permitted by
the rules of any securities exchange on which the Certificates may be listed,
all as determined by the officers executing such Certificates, as evidenced by
their execution of such Certificates.

         Except as otherwise provided in the related Trust Supplement, the
Certificates of each series shall be issued in minimum denominations of $1,000
or integral multiples thereof except that one Certificate of such series may be
issued in a different denomination.

<PAGE>   27
                                      -21-

         The Certificates of such series shall be executed on behalf of the
Trustee by manual or facsimile signature of a Responsible Officer of the
Trustee. Certificates of any series bearing the manual or facsimile signature of
an individual who was, at the time when such signature was affixed, authorized
to sign on behalf of the Trustee shall be valid and binding obligations of the
Trustee, notwithstanding that such individual has ceased to be so authorized
prior to the authentication and delivery of such Certificates or did not hold
such office at the date of such Certificates.

         Section 3.02. Authentication of Certificates. (a) On the Issuance Date,
the Trustee shall duly execute, authenticate and deliver Certificates of each
series in authorized denominations equalling in the aggregate the aggregate
principal amount of the Equipment Notes that may be purchased by the Trustee
pursuant to the related Note Purchase Agreements, and evidencing the entire
ownership of the related Trust. Thereafter, the Trustee shall duly execute,
authenticate and deliver the Certificates of such series as herein provided.

         (b) No Certificate of any series shall be entitled to any benefit under
this Agreement or be valid for any purpose, unless there appears on such
Certificate a certificate of authentication substantially in the form set forth
in Exhibit A hereto executed by the Trustee by the manual signature of one of
its authorized signatories, and such certificate of authentication upon any
Certificate shall be conclusive evidence, and the only evidence, that such
Certificate has been duly authenticated and delivered hereunder. All
Certificates of any series shall be dated the date of their authentication.

         Section 3.03. Temporary Certificates. Until definitive Certificates are
ready for delivery, the Trustee shall execute, authenticate and deliver
temporary Certificates of each series. Temporary Certificates of each series
shall be substantially in the form of definitive Certificates of each series but
may have insertions, substitutions, omissions and other variations determined to
be appropriate by the officers executing the temporary Certificates of each
series, as evidenced by their execution of such temporary Certificates. If
temporary Certificates of any series are issued, the Trustee will cause
definitive Certificates of each series to be prepared without unreasonable
delay. After the preparation of definitive Certificates of each series, the
temporary Certificates shall be exchangeable for definitive Certificates upon
surrender of the temporary Certificates at the office or agency of the Trustee
designated for such purpose pursuant to Section 7.12, without charge to the
Certificateholder. Upon surrender for cancellation of any one or more temporary
Certificates, the Trustee shall execute, authenticate and deliver in exchange
therefor a like face amount of definitive Certificates of like series, in
authorized denominations and of a like Fractional Undivided Interest. Until so
exchanged, the temporary Certificates shall be entitled to the same benefits
under this Agreement as definitive Certificates.

<PAGE>   28
                                      -22-

         Section 3.04. Transfer and Exchange. The Trustee shall cause to be kept
at the office or agency to be maintained by it in accordance with the provisions
of Section 7.12 of this Agreement a register (the "Register") for each series of
Certificates in which, subject to such reasonable regulations as it may
prescribe, the Trustee shall provide for the registration of the Certificates of
such series and of transfers and exchanges of such Certificates as herein
provided. The Trustee shall initially be the registrar (the "Registrar") for the
purpose of registering such Certificates of each series and transfers and
exchanges of such Certificates as herein provided.

         All Certificates issued upon any registration of transfer or exchange
of Certificate of any series shall be valid obligations of the applicable Trust,
evidencing the same interest therein, and entitled to the same benefits under
this Agreement, as the Certificates of such series surrendered upon such
registration of transfer or exchange.

         Upon surrender for registration of transfer of any Certificate at the
Corporate Trust Office or such other office or agency, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates of like series, in authorized
denominations of a like aggregate Fractional Undivided Interest.

         At the option of a Certificateholder, Certificates may be exchanged for
other Certificates of like series, in authorized denominations and of a like
aggregate Fractional Undivided Interest, upon surrender of the Certificates to
be exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange, the Trustee shall execute, authenticate and deliver
the Certificates that the Certificateholder making the exchange is entitled to
receive. Every Certificate presented or surrendered for registration of transfer
or exchange shall be duly endorsed or accompanied by a written instrument of
transfer in form satisfactory to the Trustee and the Registrar duly executed by
the Certificateholder thereof or its attorney duly authorized in writing.

         No service charge shall be made to a Certificateholder for any
registration of transfer or exchange of Certificates, but the Trustee shall
require payment of a sum sufficient to cover any tax or similar governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates. Certificates surrendered for registration of transfer or exchange
shall be canceled and subsequently destroyed by the Trustee.

         Section 3.05. Book-Entry and Definitive Certificates.

         (a) The Certificates of any series may be issued in the form of one or
more typewritten Certificates representing the Book-Entry Certificates of such
series, to be delivered to The Depository Trust Company, the initial Clearing
Agency, by, or on behalf of, the Company. In such case, the Certificates of such
series delivered to The Depository Trust

<PAGE>   29
                                      -23-

Company shall initially be registered on the Register in the name of Cede & Co.,
the nominee of the initial Clearing Agency, and no Certificate Owner will
receive a definitive certificate representing such Certificate Owner's interest
in the Certificates of such series, except as provided above and in Subsection
(d) below. As to the Certificates of any series, unless and until definitive,
fully registered Certificates (the "Definitive Certificates") have been issued
pursuant to Subsection (d) below:

         (i) the provisions of this Section 3.05 shall be in full force and
     effect;

         (ii) the Company, the Paying Agent, the Registrar and the Trustee may
     deal with the Clearing Agency Participants for all purposes (including the
     making of distributions on the Certificates) as the authorized
     representatives of the Certificate Owners;

         (iii) to the extent that the provisions of this Section 3.05 conflict
     with any other provisions of this Agreement (other than the provisions of
     any Trust Supplement expressly amending this Section 3.05 as permitted by
     this Basic Agreement), the provisions of this Section 3.05 shall control;

         (iv) the rights of Certificate Owners shall be exercised only through
     the Clearing Agency and shall be limited to those established by law and
     agreements between such Certificate Owners and the Clearing Agency
     Participants; and until Definitive Certificates are issued pursuant to
     Subsection (d) below, the Clearing Agency will make book-entry transfers
     among the Clearing Agency Participants and receive and transmit
     distributions of principal, interest and premium, if any, on the
     Certificates to such Clearing Agency Participants; and

         (v) whenever this Agreement requires or permits actions to be taken
     based upon instructions or directions of Certificateholders of such series
     holding Certificates of such series evidencing a specified percentage of
     the Fractional Undivided Interests in the related Trust, the Clearing
     Agency shall be deemed to represent such percentage only to the extent that
     it has received instructions to such effect from Clearing Agency
     Participants owning or representing, respectively, such required percentage
     of the beneficial interest in Certificates of such series and has delivered
     such instructions to the Trustee. The Trustee shall have no obligation to
     determine whether the Clearing Agency has in fact received any such
     instructions.

         (b) Whenever notice or other communication to the Certificateholders of
such series is required under this Agreement, unless and until Definitive
Certificates shall have been issued pursuant to Subsection (d) below, the
Trustee shall give all such notices and communications specified herein to be
given to Certificateholders of such series to the Clearing Agency.

<PAGE>   30
                                      -24-

         (c) Unless and until Definitive Certificates of a series are issued
pursuant to Subsection (d) below, on the Record Date prior to each applicable
Regular Distribution Date and Special Distribution Date, the Trustee will
request from the Clearing Agency a securities position listing setting forth the
names of all Clearing Agency Participants reflected on the Clearing Agency's
books as holding interests in the Certificates on such Record Date.

         (d) If with respect to the Certificates of any series (i) the Company
advises the Trustee in writing that the Clearing Agency is no longer willing or
able to discharge properly its responsibilities and the Trustee or the Company
is unable to locate a qualified successor, (ii) the Company, at its option,
advises the Trustee in writing that it elects to terminate the book-entry system
through the Clearing Agency or (iii) after the occurrence of an Event of
Default, Certificate Owners of Book-Entry Certificates of such series evidencing
Fractional Undivided Interests aggregating not less than a majority in interest
in the related Trust, by Act of such Certificate Owners delivered to the Company
and the Trustee, advise the Company, the Trustee and the Clearing Agency through
the Clearing Agency Participants in writing that the continuation of a
book-entry system through the Clearing Agency Participants is no longer in the
best interests of the Certificate Owners of such series, then the Trustee shall
notify all Certificate Owners of such series, through the Clearing Agency, of
the occurrence of any such event and of the availability of Definitive
Certificates. Upon surrender to the Trustee of all the Certificates of such
series held by the Clearing Agency, accompanied by registration instructions
from the Clearing Agency Participants for registration of Definitive
Certificates in the names of Certificate Owners of such series, the Trustee
shall issue and deliver the Definitive Certificates of such series in accordance
with the instructions of the Clearing Agency. Neither the Company, the
Registrar, the Paying Agent nor the Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such registration instructions. Upon the issuance of
Definitive Certificates of such series, the Trustee shall recognize the Person
in whose name the Definitive Certificates are registered in the Register as
Certificateholders hereunder. Neither the Company nor the Trustee shall be
liable if the Trustee or the Company is unable to locate a qualified successor
Clearing Agency.

         (e) Except as otherwise provided in the related Trust Supplement, the
Trustee shall enter into the applicable Letter of Representations with respect
to such series of Certificates and fulfill its responsibilities thereunder.

         (f) The provisions of this Section 3.05 may be made inapplicable to any
series or may be amended with respect to any series in the related Trust
Supplement.

         Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates. If (a)
any mutilated Certificate is surrendered to the Registrar or the Registrar
receives evidence to its satisfaction of the destruction, loss or theft of any
Certificate and (b) there is delivered to the

<PAGE>   31
                                      -25-

Registrar and the Trustee such security, indemnity or bond, as may be required
by them to save each of them harmless, then, in the absence of notice to the
Registrar or the Trustee that such destroyed, lost or stolen Certificate has
been acquired by a bona fide purchaser, and provided that the requirements of
Section 8-405 of the Uniform Commercial Code in effect in any applicable
jurisdiction are met, the Trustee shall execute, authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate or Certificates of like series, in authorized
denominations and of like Fractional Undivided Interest and bearing a number not
contemporaneously outstanding.

         In connection with the issuance of any new Certificate under this
Section 3.06, the Trustee may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee and the
Registrar) connected therewith.

         Any duplicate Certificate issued pursuant to this Section 3.06 shall
constitute conclusive evidence of the appropriate Fractional Undivided Interest
in the related Trust, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.

         The provisions of this Section 3.06 are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Certificates.

         Section 3.07. Persons Deemed Owners. Prior to due presentment of a
Certificate for registration of transfer, the Trustee, the Registrar and any
Paying Agent may treat the Person in whose name any Certificate is registered
(as of the day of determination) as the owner of such Certificate for the
purpose of receiving distributions pursuant to Article IV and for all other
purposes whatsoever, and none of the Trustee, the Registrar or any Paying Agent
shall be affected by any notice to the contrary.

         Section 3.08. Cancellation. All Certificates surrendered for payment or
transfer or exchange shall, if surrendered to the Trustee or any agent of the
Trustee other than the Registrar, be delivered to the Registrar for cancellation
and shall promptly be canceled by it. No Certificates shall be authenticated in
lieu of or in exchange for any Certificates cancelled as provided in this
Section 3.08, except as expressly permitted by this Agreement. All cancelled
Certificates held by the Registrar shall be destroyed and a certification of
their destruction delivered to the Trustee.

         Section 3.09. Limitation of Liability for Payments. All payments and
distributions made to Certificateholders of any series in respect of the
Certificates of such series shall be made only from the Trust Property of the
related Trust and only to the extent that the

<PAGE>   32
                                      -26-

Trustee shall have sufficient income or proceeds from the Trust Property to make
such payments in accordance with the terms of Article IV of this Agreement. Each
Certificateholder, by its acceptance of a Certificate, agrees that it will look
solely to the income and proceeds from the Trust Property of the related Trust
for any payment or distribution due to such Certificateholder pursuant to the
terms of this Agreement and that it will not have any recourse to the Company,
the Trustee, the Loan Trustees, the Liquidity Providers, the Owner Trustees or
the Owner Participants, except as otherwise expressly provided herein or in the
Intercreditor Agreement.

         The Company is a party to this Agreement solely for purposes of meeting
the requirements of the Trust Indenture Act, and therefore shall not have any
right, obligation or liability hereunder (except as otherwise expressly provided
herein).

                                   ARTICLE IV

                          DISTRIBUTIONS; STATEMENTS TO
                               CERTIFICATEHOLDERS

         Section 4.01. Certificate Account and Special Payments Account. (a) The
Trustee shall establish and maintain on behalf of the Certificateholders of each
series a Certificate Account as one or more non-interest-bearing accounts. The
Trustee shall hold such Certificate Account in trust for the benefit of the
Certificateholders of such series, and shall make or permit withdrawals
therefrom only as provided in this Agreement. On each day when a Scheduled
Payment is made to the Trustee (under the Intercreditor Agreement, if
applicable) with respect to the Certificates of such series, the Trustee, upon
receipt thereof, shall immediately deposit the aggregate amount of such
Scheduled Payment in such Certificate Account.

         (b) The Trustee shall establish and maintain on behalf of the
Certificateholders of each series a Special Payments Account as one or more
accounts, which shall be non-interest bearing except as provided in Section
4.04. The Trustee shall hold the Special Payments Account in trust for the
benefit of the Certificateholders of such series and shall make or permit
withdrawals therefrom only as provided in this Agreement. On each day when one
or more Special Payments are made to the Trustee (under the Intercreditor
Agreement, if applicable) with respect to the Certificates of such series, the
Trustee, upon receipt thereof, shall immediately deposit the aggregate amount of
such Special Payments in such Special Payments Account.

<PAGE>   33
                                      -27-

         (c) The Trustee shall present (or, if applicable, cause the
Subordination Agent to present) to the related Loan Trustee of each Equipment
Note such Equipment Note on the date of its stated final maturity or, in the
case of any Equipment Note which is to be redeemed in whole pursuant to the
related Indenture, on the applicable redemption date under such Indenture.

         Section 4.02. Distributions from Certificate Account and Special
Payments Account. (a) On each Regular Distribution Date with respect to a series
of Certificates or as soon thereafter as the Trustee has confined receipt of the
payment of all or any part of the Scheduled Payments due on the Equipment Notes
held (subject to the Intercreditor Agreement) in the related Trust on such date,
the Trustee shall distribute out of the applicable Certificate Account the
entire amount deposited therein pursuant to Section 4.01(a). There shall be so
distributed to each Certificateholder of record of such series on the Record
Date with respect to such Regular Distribution Date (other than as provided in
Section 11.01 concerning the final distribution) by check mailed to such
Certificateholder, at the address appearing in the Register, such
Certificateholder's pro rata share (based on the Fractional Undivided Interest
in the Trust held by such Certificateholder) of the total amount in the
applicable Certificate Account, except that, with respect to Certificates
registered on the Record Date in the name of a Clearing Agency (or its nominee),
such distribution shall be made by wire transfer in immediately available funds
to the account designated by such Clearing Agency (or such nominee).

         (b) On each Special Distribution Date with respect to any Special
Payment with respect to a series of Certificates or as soon thereafter as the
Trustee has confirmed receipt of any Special Payments due on the Equipment Notes
held (subject to the Intercreditor Agreement) in the related Trust or realized
upon the sale of such Equipment Notes, the Trustee shall distribute out of the
applicable Special Payments Account the entire amount of such applicable Special
Payment deposited therein pursuant to Section 4.01(b). There shall be so
distributed to each Certificateholder of record of such series on the Record
Date with respect to such Special Distribution Date (other than as provided in
Section 11.01 concerning the final distribution) by check mailed to such
Certificateholder, at the address appearing in the Register, such
Certificateholder's pro rata share (based on the Fractional Undivided Interest
in the related Trust held by such Certificateholder) of the total amount in the
applicable Special Payments Account on account of such Special Payment, except
that, with respect to Certificates registered on the Record Date in the name of
a Clearing Agency (or its nominee), such distribution shall be made by wire
transfer in immediately available funds to the account designated by such
Clearing Agency (or such nominee).

<PAGE>   34
                                      -28-

         (c) The Trustee shall, at the expense of the Company, cause notice of
each Special Payment with respect to a series of Certificates to be mailed to
each Certificateholder at his address as it appears in the Register. In the
event of redemption or purchase of Equipment Notes held in the related Trust,
such notice shall be mailed not less than 15 days prior to the Special
Distribution Date for the Special Payment resulting from such redemption or
purchase, which Special Distribution Date shall be the date of such redemption
or purchase. In the event that the Trustee receives a notice from the Company
that Postponed Notes will not be purchased by the Trustee pursuant to Section
2.02, such notice of Special Payment shall be mailed as soon as practicable
after receipt of such notice from the Company and shall state the Special
Distribution Date for such Special Payment, which shall occur 15 days after the
date of such notice of Special Payment or (if such 15th day is not practicable)
as soon as practicable thereafter. In the event that any Special Payment is to
be made pursuant to the last paragraph of Section 2.02(b) hereof, there shall be
mailed on the Cut-off Date (or, if such mailing on the Cut-off Date is not
practicable, as soon as practicable after the Cut-off Date), notice of such
Special Payment stating the Special Distribution Date for such Special Payment,
which shall occur 15 days after the date of such notice of such Special Payment
(or, if such 15th day is not practicable, as soon as practicable thereafter). In
the case of any other Special Payments, such notice shall be mailed as soon as
practicable after the Trustee has confirmed that it has received funds for such
Special Payment, stating the Special Distribution Date for such Special Payment
which shall occur not less than 15 days after the date of such notice and as
soon as practicable thereafter. Notices mailed by the Trustee shall set forth:

         (i) the Special Distribution Date and the Record Date therefor (except
     as otherwise provided in Section 11.01);

         (ii) the amount of the Special Payment (taking into account any payment
     to be made by the Responsible Party pursuant to Section 2.02(b)) for each
     $1,000 face amount Certificate and the amount thereof constituting
     principal, premium, if any, and interest;

         (iii) the reason for the Special Payment;

         (iv) whether such Special Payment may be cancelled or such Special
     Distribution Date may be postponed and if so, the conditions under which
     the Special Payment may be cancelled or such Special Distribution Date may
     be postponed; and

         (v) if the Special Distribution Date is the same date as a Regular
     Distribution Date for the Certificates, the total amount to be received on
     such date for each $1,000 face amount Certificate.

<PAGE>   35
                                      -29-

If the amount of (i) premium, if any, payable upon the redemption or purchase of
an Equipment Note has not been calculated at the time that the Trustee mails
notice of a Special Payment, it shall be sufficient if the notice sets forth the
other amounts to be distributed and states that any premium received will also
be distributed.

         If any redemption of the Equipment Notes held in any Trust is cancelled
or postponed, the Trustee, as soon as possible after learning thereof, shall
cause notice thereof to be mailed to each Certificateholder at its address as it
appears on the Register.

         Section 4.03. Statements to Certificateholders. (a) On each Regular
Distribution Date and Special Distribution Date, the Trustee will include with
each distribution of a Scheduled Payment or Special Payment, as the case may be,
to Certificateholders of the related series a statement setting forth the
information provided below. Such statement shall set forth (per $1,000 aggregate
principal amount of Certificate as to (i) and (ii) below) the following
information:

         (i) the amount of such distribution hereunder allocable to principal
     and the amount allocable to premium, if any;

         (ii) the amount of such distribution under this Agreement allocable to
     interest;

         (iii) the Pool Balance and the Pool Factor of the related Trust.

         With respect to the Certificates registered in the name of a Clearing
Agency or its nominee, on the Record Date prior to each Distribution Date, the
Trustee will request from the Clearing Agency a securities position listing
setting forth the names of all Clearing Agency Participants reflected on the
Clearing Agency's books as holding interests in the Certificates on such Record
Date. On each Distribution Date, the Trustee will mail to each such Clearing
Agency Participant the statement described above and will make available
additional copies as requested by such Clearing Agency Participant for
forwarding to holders of interests in the Certificates.

         (b) Within a reasonable period of time after the end of each calendar
year but not later than the latest date permitted by law, the Trustee shall
furnish to each Person who at any time during such calendar year was a
Certificateholder of record a statement containing the sum of the amounts
determined pursuant to clauses (a)(i) and (a)(ii) above with respect to the
related Trust for such calendar year or, in the event such Person was a
Certificateholder of record during a portion of such calendar year, for the
applicable portion of such year, and such other items as are readily available
to the Trustee and which a Certificateholder shall reasonably request as
necessary for the purpose of such Certificateholder's preparation of its federal

<PAGE>   36
                                      -30-

income tax returns. With respect to Certificates registered in the name of a
Clearing Agency or its nominee, such statement and such other items shall be
prepared on the basis of information supplied to the Trustee by the Clearing
Agency Participants and shall be delivered by the Trustee to such Clearing
Agency Participants to be available for forwarding by such Clearing Agency
Participants to the holders of interests in the Certificates in the manner
described in Section 4.03(a).

         Section 4.04. Investment of Special Payment Moneys. Any money received
by the Trustee pursuant to Section 4.01(b) representing a Special Payment which
is not distributed on the date received shall, to the extent practicable, be
invested in Permitted Investments by the Trustee pending distribution of such
Special Payment pursuant to Section 4.02. Any investment made pursuant to this
Section 4.04 shall be in such Permitted Investments having maturities not later
than the date that such moneys are required to be used to make the payment
required under Section 4.02 on the applicable Special Distribution Date and the
Trustee shall hold any such Permitted Investments until maturity. The Trustee
shall have no liability with respect to any investment made pursuant to this
Section 4.04, other than by reason of the willful misconduct or negligence of
the Trustee. All income and earnings from such investments shall be distributed
on such Special Distribution Date as part of such Special Payment.

                                    ARTICLE V

                                   THE COMPANY

         Section 5.01. Maintenance of Corporate Existence. The Company, at its
own cost and expense, will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence, rights and
franchises, except as otherwise specifically permitted in Section 5.02;
provided, however, that the Company shall not be required to preserve any right
or franchise if the Company shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company.

         Section 5.02. Consolidation, Merger, Etc. The Company shall not
consolidate with or merge into any other corporation or convey, transfer or
lease substantially all of its assets as an entirety to any Person unless:

<PAGE>   37
                                      -31-

         (a) the corporation formed by such consolidation or into which the
     Company is merged or the Person that acquires by conveyance, transfer or
     lease substantially all of the assets of the Company as an entirety shall
     be (i) organized and validly existing under the laws of the United States
     of America or any state thereof or the District of Columbia, (ii) a
     "citizen of the United States" as defined in 49 U.S.C. Section
     40102(a)(15), as amended, and (iii) a United States certificated air
     carrier, if and so long as such status is a condition of entitlement to the
     benefits of Section 1110 of the Bankruptcy Reform Act of 1978, as amended
     (11 U.S.C. Section  1110), with respect to the Leases or the Aircraft owned
     by the Company;

         (b) the corporation formed by such consolidation or into which the
     Company is merged or the Person which acquires by conveyance, transfer or
     lease substantially all of the assets of the Company as an entirety shall
     execute and deliver to the Trustee applicable to the Certificates of each
     series a duly authorized, valid, binding and enforceable agreement in form
     and substance reasonably satisfactory to the Trustee containing an
     assumption by such successor corporation or Person of the due and punctual
     performance and observance of each covenant and condition of the Note
     Documents, of the Note Purchase Agreement and of this Agreement applicable
     to the Certificates of each series to be performed or observed by the
     Company; and

         (c) the Company shall have delivered to the Trustee an Officer's
     Certificate of the Company and an Opinion of Counsel of the Company
     reasonably satisfactory to the Trustee, each stating that such
     consolidation, merger, conveyance, transfer or lease and the assumption
     agreement mentioned in clause (b) above comply with this Section 5.02 and
     that all conditions precedent herein provided for relating to such
     transaction have been complied with.

         Upon any consolidation or merger, or any conveyance, transfer or lease
of substantially all of the assets of the Company as an entirety in accordance
with this Section 5.02, the successor corporation or Person formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Agreement applicable
to the Certificates of each series with the same effect as if such successor
corporation or Person had been named as the Company herein. No such conveyance,
transfer or lease of substantially all of the assets of the Company as an
entirety shall have the effect of releasing the Company or any successor
corporation or Person which shall have become such in the manner prescribed in
this Section 5.02 from its liability in respect of this Agreement, the Note
Purchase Agreement and any Note Document applicable to the Certificates of such
series to which it is a party.

<PAGE>   38
                                      -32-

                                   ARTICLE VI

                                     DEFAULT

         Section 6.01. Events of Default. (a) Exercise of Remedies. Upon the
occurrence and during the continuation of any Indenture Event of Default under
any Indenture, the Trustee may (i) to the extent it is the Controlling Party at
such time (as determined pursuant to the Intercreditor Agreement), direct the
exercise of remedies as provided in the Intercreditor Agreement and (ii) if
there is no related Intercreditor Agreement, direct the exercise of remedies or
take other action as provided in the relevant Indenture to the extent that it
may do so as the holder of the Equipment Notes issued under such Indenture and
held in the related Trust.

         (b) Purchase Rights of Certificateholders: At any time after the
occurrence and during the continuation of a Triggering Event, each
Certificateholder of Certificates of certain series (each, a "Potential
Purchaser" and, collectively, the "Potential Purchasers") will have certain
rights to purchase the Certificates of one or more other series, all as set
forth in the Trust Supplement applicable to the Certificates held by such
Potential Purchaser. The purchase price with respect to the Certificates of any
series shall be equal to the Pool Balance of the Certificates of such series,
together with accrued and unpaid interest thereon to the date of such purchase,
without premium, but including any other amounts then due and payable to the
Certificateholders of such series under this Agreement, any related
Intercreditor Agreement or any other Note Document or on or in respect of the
Certificates of such series; provided, however, that if such purchase occurs
after a Record Date, such purchase price shall be reduced by the amount to be
distributed hereunder on the related Distribution Date (which deducted amounts
shall remain distributable to, and may be retained by, the Certificateholder as
of such Record Date); provided, further, that no such purchase of Certificates
of such series shall be effective unless the purchasing Certificateholder (each,
a "Purchasing Certificateholder" and, collectively, the "Purchasing
Certificateholders") shall certify to the Trustee that contemporaneously with
such purchase, one or more Purchasing Certificateholders are purchasing,
pursuant to the terms of this Agreement and the other Agreements, if any,
relating to the Certificates of a series that are subject to the same
Intercreditor Agreement (such other Agreements, the "Other Agreements"), the
Certificates of each such series that the Trust Supplement applicable to the
Certificates held by the Purchasing Certificateholder specifies may be purchased
by such Purchasing Certificateholder. Each payment of the purchase price of the
Certificates of any series shall be made to an account or accounts designated by
the Trustee and each such purchase shall be subject to the terms of this Section
6.01. By acceptance of its Certificate, each Certificateholder (each, a "Selling
Certificateholder" and, collectively, the "Selling Certificateholders") of a
series that is subject to purchase by Potential Purchasers, all as set forth in
the Trust Supplement applicable to the Certificates held by the Selling
Certificateholders, agrees that, at any time after the occurrence and during the
continuance of a

<PAGE>   39
                                      -33-

Triggering Event, it will, upon payment of the purchase price specified herein
by one or more Purchasing Certificateholders, forthwith sell, assign, transfer
and convey to such Purchasing Certificateholder (without recourse,
representation or warranty of any kind except for its own acts), all of the
right, title, interest and obligation of such Selling Certificateholder in this
Agreement, any related Intercreditor Agreement, the related Liquidity Facility,
the related Note Documents and all Certificates of such series held by such
Selling Certificateholder (excluding all right, title and interest under any of
the foregoing to the extent such right, title or interest is with respect to an
obligation not then due and payable as respects any action or inaction or state
of affairs occurring prior to such sale) and the Purchasing Certificateholder
shall assume all of such Selling Certificateholder's obligations under this
Agreement, any related Intercreditor Agreement, the related Liquidity Facility
and the related Note Documents. The Certificates of such series will be deemed
to be purchased on the date payment of the purchase price is made
notwithstanding the failure of any Selling Certificateholder to deliver any
Certificates of such series and, upon such a purchase, (i) the only rights of
the Selling Certificateholders will be to deliver the Certificates to the
Purchasing Certificateholder and receive the purchase price for such
Certificates of such series and (ii) if the Purchasing Certificateholder shall
so request, such Selling Certificateholder will comply with all of the
provisions of Section 3.04 hereof to enable new Certificates of such series to
be issued to the Purchasing Certificateholder in such denominations as it shall
request. All charges and expenses in connection with the issuance of any such
new Certificates shall be borne by the Purchasing Certificateholder.

         Section 6.02. Incidents of Sale of Equipment Notes. Upon any sale of
all or any part of the Equipment Notes held in the Trust made either under the
power of sale given under this Agreement or otherwise for the enforcement of
this Agreement, the following shall be applicable:

         (a) Certificateholders and Trustee May Purchase Equipment Notes. Any
     Certificateholder, the Trustee in its individual or any other capacity or
     any other Person may bid for and purchase any of the Equipment Notes held
     in the Trust, and upon compliance with the terms of sale, may hold, retain,
     possess and dispose of such Equipment Notes in their own absolute right
     without further accountability.

         (b) Receipt of Trustee Shall Discharge Purchaser. The receipt of the
     Trustee making such sale shall be a sufficient discharge to any purchaser
     for his purchase money, and, after paying such purchase money and receiving
     such receipt, such purchaser or its personal representative or assigns
     shall not be obliged to see to the application of such purchase money, or
     be in any way answerable for any loss, misapplication or nonapplication
     thereof.

<PAGE>   40
                                      -34-

         (c) Application of Moneys Received upon Sale. Any moneys collected by
     the Trustee upon any sale made either under the power of sale given by this
     Agreement or otherwise for the enforcement of this Agreement shall be
     applied as provided in Section 4.02.

         Section 6.03. Judicial Proceedings Instituted by Trustee; Trustee May
Bring Suit. If there shall be a failure to make payment of the principal of,
premium, if any, or interest on any Equipment Note held in the related Trust, or
if there shall be any failure to pay Rent (as defined in the relevant Lease)
under any Lease when due and payable, then the Trustee, in, its own name and as
trustee of an express trust, as holder of such Equipment Notes, to the extent
permitted by and in accordance with the terms of any related Intercreditor
Agreement and any related Note Documents (subject to rights of the applicable
Owner Trustee or Owner Participant to cure any such failure to pay principal of,
premium, if any, or interest on any Equipment Note or to pay Rent under any
Lease in accordance with the applicable Indenture), shall be entitled and
empowered to institute any suits, actions or proceedings at law, in equity or
otherwise, for the collection of the sums so due and unpaid on such Equipment
Notes or under such Lease and may prosecute any such claim or proceeding to
judgment or final decree with respect to the whole amount of any such sums so
due and unpaid.

         Section 6.04. Control by Certificateholders. Subject to Section 6.03
and the related Intercreditor Agreement, the Certificateholders holding
Certificates of a series evidencing Fractional Undivided Interests aggregating
not less than a majority in interest in the related Trust shall have the right
to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee with respect to the Trust or pursuant to the terms of
the Intercreditor Agreement, or exercising any trust or power conferred on the
Trustee under this Agreement or the Intercreditor Agreement, including any right
of the Trustee as Controlling Party under such Intercreditor Agreement or as
holder of the Equipment Notes held in the related Trust; provided, however, that

         (a) such Direction shall not in the opinion of the Trustee be in
     conflict with any rule of law or with this Agreement and would not involve
     the Trustee in personal liability or expense,

         (b) the Trustee shall not determine that the action so directed would
     be unjustly prejudicial to the Certificateholders of such series not taking
     part in such Direction, and

         (c) the Trustee may take any other action deemed proper by the Trustee
     which is not inconsistent with such Direction.

<PAGE>   41
                                      -35-

         Section 6.05. Waiver of Past Defaults. Subject to any related
Intercreditor Agreement, the Certificateholders holding Certificates of a series
evidencing Fractional Undivided Interests aggregating not less than a majority
in interest in the Trust (i) may on behalf of all of the Certificateholders
waive any past Event of Default hereunder and its consequences or (ii) if the
Trustee is the Controlling Party, may direct the Trustee to instruct the
applicable Loan Trustee to waive any past Indenture Event of Default under any
related Indenture and its consequences except a default:

         (a) in the deposit of any Scheduled Payment or Special Payment under
     Section 4.01 or in the distribution of any payment under Section 4.02 on
     the Certificates of a series, or

         (b) in the payment of the principal of (premium, if any) or interest on
     the Equipment Notes held in the related Trust, or

         (c) in respect of a covenant or provision hereof which under Article IX
     hereof cannot be modified or amended without the consent of each
     Certificateholder holding an Outstanding Certificate of a series affected
     thereby.

Upon any such waiver, such default shall cease to exist with respect to the
Certificates of such series and any Event of Default arising therefrom shall be
deemed to have been cured for every purpose and any direction given by the
Trustee on behalf of the Certificateholders of such series to the relevant Loan
Trustee shall be annulled with respect thereto; but no such waiver shall extend
to any subsequent or other default or Event of Default or impair any right
consequent thereon. Upon any such waiver, the Trustee shall vote the Equipment
Notes issued under the relevant Indenture to waive the corresponding Indenture
Event of Default.

         Section 6.06. Right of Certificateholders to Receive Payments Not To Be
Impaired. Anything in this Agreement to the contrary notwithstanding, including,
without limitation, Section 6.07 hereof, but subject to any related
Intercreditor Agreement, the right of any Certificateholder to receive
distributions of payments required pursuant to Section 4.02 hereof on the
applicable Certificates when due, or to institute suit for the enforcement of
any such payment on or after the applicable Regular Distribution Date or Special
Distribution Date, shall not be impaired or affected without the consent of such
Certificateholder.

<PAGE>   42
                                      -36-

         Section 6.07. Certificateholders May Not Bring Suit Except Under
Certain Conditions. A Certificateholder shall not have the right to institute
any suit, action or proceeding at law or in equity or otherwise with respect to
this Agreement, for the appointment of a receiver or for the enforcement of any
other remedy under this Agreement, unless:

         (a) such Certificateholder previously shall have given written notice
     to the Trustee of a continuing Event of Default;

         (b) Certificateholders holding Certificates of such series evidencing
     Fractional Undivided Interests aggregating not less than 25% of the related
     Trust shall have requested the Trustee in writing to institute such action,
     suit or proceeding and shall have offered to the Trustee indemnity as
     provided in Section 7.03(e);

         (c) the Trustee shall have refused or neglected to institute any such
     action, suit or proceeding for 60 days after receipt of such notice,
     request and offer of indemnity; and

         (d) no direction inconsistent with such written request shall have been
     given to the Trustee during such 60-day period by Certificateholders
     holding Certificates of such series evidencing Fractional Undivided
     Interests aggregating not less than a majority in interest in the Trust.

         It is understood and intended that no one or more of the
Certificateholders of any series shall have any right in any manner whatsoever
hereunder or under the related Trust Supplement or under the Certificates of
such series to (i) surrender, impair, waive, affect, disturb or prejudice any
property in the Trust Property of the Trust, or the lien of any related
Indenture on any property subject thereto, or the rights of the
Certificateholders of such series or the holders of the Equipment Notes, (ii)
obtain or seek to obtain priority over or preference with respect to any other
such Certificateholder of such series or (iii) enforce any right under this
Agreement, except in the manner herein provided and for the equal, ratable and
common benefit of all the Certificateholders of such series subject to the
provisions of this Agreement.

         Section 6.08. Remedies Cumulative. Every remedy given hereunder to the
Trustee or to any of the Certificateholders of any series shall not be exclusive
of any other remedy or remedies, and every such remedy shall be cumulative and
in addition to every other remedy given hereunder or now or hereafter given by
statute, law, equity or otherwise.

         Section 6.09. Undertaking for Costs. In any suit for the enforcement of
any right or remedy under this Agreement, or in any suit against the Trustee for
any action taken, suffered or omitted by it as Trustee, a court may require any
party litigant in such suit to file an undertaking to pay the costs of such
suit, and may assess costs against any such party litigant,

<PAGE>   43
                                      -37-

in the manner and to the extent provided in the Trust Indenture Act; provided,
however, that neither this Section 6.09 nor the Trust Indenture Act shall be
deemed to authorize any court to require such an undertaking or to make such an
assessment in any suit instituted by the Company.

                                   ARTICLE VII

                                   THE TRUSTEE

         Section 7.01. Certain Duties and Responsibilities. (a) Except during
the continuance of an Event of Default in respect of a Trust, the Trustee
undertakes to perform such duties in respect of the Trust as are specifically
set forth in this Agreement, and no implied covenants or obligations shall be
read into this Agreement against the Trustee.

         (b) In case an Event of Default in respect of a Trust has occurred and
is continuing, the Trustee shall exercise such of the rights and powers vested
in it by this Agreement in respect of the Trust, and use the same degree of care
and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

         (c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that

         (i) this Subsection shall not be construed to limit the effect of
     Subsection (a) of this Section 7.01; and

         (ii) the Trustee shall not be liable for any error of judgment made in
     good faith by a Responsible Officer of the Trustee, unless it shall be
     proved that the Trustee was negligent in ascertaining the pertinent facts.

         (d) Whether or not herein expressly so provided, every provision of
this Agreement relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this
Section 7.01.

         Section 7.02. Notice of Defaults. As promptly as practicable after, and
in any event within 90 days after, the occurrence of any default (as such term
is defined below) hereunder known to the Trustee, the Trustee shall transmit by
mail to the Company, any related Owner Trustees, any related Owner Participants,
the related Loan Trustees and the Certificateholders holding Certificates of the
related series in accordance with Section 313(c) of the Trust Indenture Act,
notice of such default hereunder known to the Trustee, unless such

<PAGE>   44
                                      -38-

default shall have been cured or waived; provided, however, that, except in the
case of a default in the payment of the principal, premium, if any, or interest
on any Equipment Note, the Trustee shall be protected in withholding such notice
if and so long as the board of directors, the executive committee or a trust
committee of directors and/or Responsible Officers of the Trustee in good faith
shall determine that the withholding of such notice is in the interests of the
Certificateholders. For the purpose of this Section 7.02 in respect of any
Trust, the term "default" means any event that is, or after notice or lapse of
time or both would become, an Event of Default in respect of that Trust.

         Section 7.03. Certain Rights of Trustee. Subject to the provisions of
Section 315 of the Trust Indenture Act:

         (a) the Trustee may rely and shall be protected in acting or refraining
     from acting in reliance upon any resolution, certificate, statement,
     instrument, opinion, report, notice, request, direction, consent, order,
     bond, debenture or other paper or document believed by it to be genuine and
     to have been signed or presented by the proper party or parties;

         (b) any request or direction of the Company mentioned herein shall be
     sufficiently evidenced by a Request;

         (c) whenever in the administration of this Agreement or the
     Intercreditor Agreement, the Trustee shall deem it desirable that a matter
     be proved or established prior to taking, suffering or omitting any action
     hereunder, the Trustee (unless other evidence be herein specifically
     prescribed) may, in the absence of bad faith on its part, rely upon an
     Officer's Certificate of the Company, any related Owner Trustee or any
     related Loan Trustee;

         (d) the Trustee may consult with counsel and the advice of such counsel
     or any Opinion of Counsel shall be full and complete authorization and
     protection in respect of any action taken, suffered or omitted by it
     hereunder in good faith and in reliance thereon;

         (e) the Trustee shall be under no obligation to exercise any of the
     rights or powers vested in it by this Agreement or any Intercreditor
     Agreement at the Direction of any of the Certificateholders pursuant to
     this Agreement or the Intercreditor Agreement, unless the
     Certificateholders shall have offered to the Trustee reasonable security or
     indemnity against the cost, expenses and liabilities which might be
     incurred by it in compliance with such Direction;

<PAGE>   45
                                      -39-

         (f) the Trustee shall not be bound to make any investigation into the
     facts or matters stated in any resolution, certificate, statement,
     instrument, opinion, report, notice, request, direction, consent, order,
     bond, debenture or other paper or document;

         (g) the Trustee may execute any of the trusts or powers under this
     Agreement or any Intercreditor Agreement or perform any duties under this
     Agreement or any Intercreditor Agreement either directly or by or through
     agents or attorneys, and the Trustee shall not be responsible for any
     misconduct or negligence on the part of any agent or attorney appointed
     with due care by it under this Agreement or any Intercreditor Agreement;

         (h) the Trustee shall not be liable with respect to any action taken or
     omitted to be taken by it in good faith in accordance with the Direction of
     the Certificateholders holding Certificates of any series evidencing
     Fractional Undivided Interests aggregating not less than a majority in
     interest in the related Trust relating to the time, method and place of
     conducting any proceeding for any remedy available to the Trustee, or
     exercising any trust or power conferred upon the Trustee, under this
     Agreement or any Intercreditor Agreement; and

         (i) the Trustee shall not be required to expend or risk its own funds
     in the performance of any of its duties under this Agreement, or in the
     exercise of any of its rights or powers, if it shall have reasonable
     grounds for believing that repayment of such funds or adequate indemnity
     against such risk is not reasonably assured to it.

         Section 7.04. Not Responsible for Recitals or Issuance of Certificates.
The recitals contained herein and in the Certificates of each series, except the
certificates of authentication, shall not be taken as the statements of the
Trustee, and the Trustee assumes no responsibility for their correctness.
Subject to Section 7.15, the Trustee makes no representations as to the validity
or sufficiency of this Basic Agreement, any Equipment Notes, any Intercreditor
Agreement, the Certificates of any series, and Trust Supplement or any Note
Documents, except that the Trustee hereby represents and warrants that this
Basic Agreement has been, and each Trust Supplement, each Certificate, the Note
Purchase Agreement, and each Intercreditor Agreement of, or relating to, each
series will be executed and delivered by one of its officers who is duly
authorized to execute and deliver such document on its behalf.

         Section 7.05. May Hold Certificates. The Trustee, any Paying Agent,
Registrar or any of their Affiliates or any other agent, in their respective
individual or any other capacity, may become the owner or pledgee of
Certificates and, subject to Sections 310(b) and 311 of the Trust Indenture Act,
if applicable, may otherwise deal with the Company, any Owner Trustees or the
Loan Trustees with the same rights it would have if it were not Trustee, Paying
Agent, Registrar or such other agent.

<PAGE>   46
                                      -40-

         Section 7.06. Money Held in Trust. Money held by the Trustee or the
Paying Agent in trust under this Agreement need not be segregated from other
funds except to the extent required herein or by law and neither the Trustee nor
the Paying Agent shall have any liability for interest upon any such moneys
except as provided for herein.

         Section 7.07. Compensation and Reimbursement. The Company agrees:

         (a) to pay, or cause to be paid, to the Trustee from time to time
     reasonable compensation for all services rendered by it hereunder (which
     compensation shall not be limited by any provision of law in regard to the
     compensation of a trustee of an express trust); and

         (b) except as expressly provided herein or in any Trust Supplement, to
     reimburse, or cause to be reimbursed, the Trustee upon its request for all
     reasonable out-of-pocket expenses, disbursements and advances incurred or
     made by the Trustee in accordance with any provision of this Basic
     Agreement, any Trust Supplement or any Intercreditor Agreement (including
     the reasonable compensation and the expenses and disbursements of its
     agents and counsel), except any such expense, disbursement or advance as
     may be attributable to its negligence, willful misconduct or bad faith or
     as may be incurred due to the Trustee's breach of its representations and
     warranties set forth in Section 7.15.

         The Trustee shall be entitled to reimbursement from, and shall have a
lien prior to the Certificates of each series upon, all property and funds held
or collected by the Trustee in its capacity as Trustee with respect to any
series or the related Trust for any tax incurred without negligence, bad faith
or willful misconduct, on its part, arising out of or in connection with the
acceptance or administration of the Trust (other than any tax attributable to
the Trustee's compensation for serving as such), including any costs and
expenses incurred in contesting the imposition of any such tax. The Trustee
shall notify the Company of any claim for any tax for which it may seek
reimbursement. If the Trustee reimburses itself from the Trust Property of such
Trust for any such tax, it will mail a brief report within 30 days setting forth
the amount of such tax and the circumstances thereof to all Certificateholders
of such series as their names and addresses appear in the Register.

         Section 7.08. Corporate Trustee Required; Eligibility. Each Trust shall
at all times have a Trustee which shall be eligible to act as a trustee under
Section 310(a) of the Trust Indenture Act and shall have a combined capital and
surplus of at least $75,000,000 (or a combined capital and surplus in excess of
$5,000,000 and the obligations of which, whether now in existence or hereafter
incurred, are fully and unconditionally guaranteed by a corporation organized
and doing business under the laws of the United States, any state or territory
thereof or of the District of Columbia and having a combined capital and surplus
of at least

<PAGE>   47
                                      -41-

$75,000,000). If such corporation publishes reports of conditions at least
annually, pursuant to law or to the requirements of federal, state, territorial
or District of Columbia supervising or examining authority, then for the
purposes of this Section 7.08 the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of conditions so published.

         In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 7.08 to act as Trustee of any
Trust, the Trustee shall resign immediately as Trustee of such Trust in the
manner and with the effect specified in Section 7.09.

         Section 7.09. Resignation and Removal, Appointment of Successor. (a) No
resignation or removal of the Trustee and no appointment of a successor Trustee
of any Trust pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee under Section 7.10.

         (b) The Trustee may resign at any time as Trustee of any or all Trusts
by giving prior written notice thereof to the Company, the Authorized Agents,
the related Owner Trustees and the related Loan Trustees. If an instrument of
acceptance by a successor Trustee shall not have been delivered to the Company,
the related Owner Trustees and the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

         (c) The Trustee may be removed at any time by Direction of the
Certificateholders of the related series holding Certificates evidencing
Fractional Undivided Interests aggregating not less than a majority in interest
in such Trust delivered to the Trustee and to the Company, the related Owner
Trustees and the related Loan Trustees.

         (d) If at any time in respect of the Trust:

         (i) the Trustee shall fail to comply with Section 310 of the Trust
     Indenture Act, if applicable, after written request therefor by the Company
     or by any Certificateholder who has been a bona fide Certificateholder for
     at least six months; or

         (ii) the Trustee shall cease to be eligible under Section 7.08 and
     shall fail to resign after written request therefor by the Company or by
     any such Certificateholder; or

         (iii) the Trustee shall become incapable of acting or shall be adjudged
     a bankrupt or insolvent, or a receiver of the Trustee or of its property
     shall be appointed or any public officer shall take charge or control of
     the Trustee or of its property or affairs for the purpose of
     rehabilitation, conservation or liquidation;

<PAGE>   48
                                      -42-

then, in any case, (i) the Company may remove the Trustee or (ii) any
Certificateholder of the related series who has been a bona fide
Certificateholder for at least six months may, on behalf of itself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee of the Trust.

         (e) If a Responsible Officer of the Trustee shall obtain actual
knowledge of an Avoidable Tax (as defined below) in respect of any Trust which
has been or is likely to be asserted, the Trustee shall promptly notify the
Company and shall, within 30 days of such notification, resign as Trustee of
such Trust hereunder unless within such 30-day period the Trustee shall have
received notice that the Company has agreed to pay such tax. The Company shall
promptly appoint a successor Trustee of such Trust in a jurisdiction where there
are no Avoidable Taxes. As used herein, an "Avoidable Tax" in respect of such
Trust means a state or local tax: (i) upon (w) such Trust, (x) such Trust
Property, (y) Certificateholders of such Trust or (z) the Trustee for which the
Trustee is entitled to seek reimbursement from the Trust Property of such Trust,
and (ii) which would be avoided if the Trustee were located in another state, or
jurisdiction within a state, within the United States of America. A tax shall
not be an Avoidable Tax in respect of any Trust if the Company or any Owner
Trustee shall agree to pay, and shall pay, such tax.

         (f) If the Trustee shall resign, be removed or become incapable of
acting as Trustee of any Trust or if a vacancy shall occur in the office of the
Trustee of any Trust for any cause, the Company shall promptly appoint a
successor Trustee of such Trust. If, within one year after such resignation,
removal or incapability, or other occurrence of such vacancy, a successor
Trustee of such Trust shall be appointed by Direction of the Certificateholders
of the related series holding Certificates of such series evidencing Fractional
Undivided Interests aggregating not less than a majority in interest in such
Trust delivered to the Company, the related Owner Trustees, the related Loan
Trustee and the retiring Trustee, then the successor Trustee so appointed shall,
with the approval of the Company of such appointment, which approval shall not
be unreasonably withheld, forthwith upon its acceptance of such appointment,
become the successor Trustee and supersede the successor Trustee appointed as
provided above. If no successor Trustee shall have been so appointed as provided
above and accepted appointment in the manner hereinafter provided, the resigning
Trustee or any Certificateholder who has been a bona fide Certificateholder of
the related series for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee.

         (g) The successor Trustee shall give notice of the resignation and
removal of the Trustee and appointment of the successor Trustee by mailing
written notice of such event by first-class mail, postage prepaid, to the
Certificateholders of the related series as their names and addresses appear in
the Register. Each notice shall include the name of such successor Trustee and
the address of its Corporate Trust Office.

<PAGE>   49
                                      -43-

         Section 7.10. Acceptance of Appointment by Successor. Every successor
Trustee appointed hereunder shall execute and deliver to the Company and to the
retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on request of the Company or the successor Trustee, such retiring Trustee
shall execute and deliver an instrument transferring to such successor Trustee
all such rights, powers and trusts of the retiring Trustee and shall duly
assign, transfer and deliver to such successor Trustee all Trust Property held
by such retiring Trustee in respect of such Trusts hereunder, subject
nevertheless to its lien, if any, provided for in Section 7.07. Upon request of
any such successor Trustee, the Company, the retiring Trustee and such successor
Trustee shall execute and deliver any and all instruments containing such
provisions as shall be necessary or desirable to transfer and confirm to, and
for more fully and certainly vesting in, such successor Trustee all such rights,
powers and trusts.

         If a successor Trustee is appointed with respect to one or more (but
not all) Trusts, the Company, the predecessor Trustee and each successor Trustee
with respect to any Trust shall execute and deliver a supplemental agreement
hereto which shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
predecessor Trustee with respect to the Trusts as to which the predecessor
Trustee is not retiring shall continue to be vested in the predecessor Trustee,
and shall add to or change any of the provisions of this Basic Agreement and the
applicable Trust Supplements as shall be necessary to provide for or facilitate
the administration of the Trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental agreement shall
constitute such Trustees as co-Trustees of the same Trust and that each such
Trustee shall be Trustee of separate Trusts.

         No institution shall accept its appointment as a Trustee hereunder
unless at the time of such acceptance such institution shall be qualified and
eligible under this Article VII.

<PAGE>   50
                                      -44-

         Section 7.11. Merger, Conversion, Consolidation or Succession to
Business. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder;
provided, however, that such corporation shall be otherwise qualified and
eligible under this Article VII, without the execution or filing of any paper or
any further act on the part of any of the parties hereto. In case any
Certificates shall have been executed or authenticated, but not delivered, by
the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such execution or authentication and
deliver the Certificates so executed or authenticated with the same effect as if
such successor Trustee had itself executed or authenticated such Certificates.

         Section 7.12. Maintenance of Agencies. (a) With respect to each series
of Certificates, there shall at all times be maintained an office or agency in
the location set forth in Section 12.04 where Certificates of such series may be
presented or surrendered for registration of transfer or for exchange, and for
payment thereof, and where notices and demands, to or upon the Trustee in
respect of such Certificates or this Agreement may be served; provided, however,
that, if it shall be necessary that the Trustee maintain an office or agency in
another location with respect to the Certificates (e.g., the Certificates of
such series shall be represented by Definitive Certificates and shall be listed
on a national securities exchange), the Trustee will make all reasonable efforts
to establish such an office or agency. Written notice of the location of each
such other office or agency and of any change of location thereof shall be given
by the Trustee to the Company, any Owner Trustees, the Loan Trustees (in the
case of any Owner Trustee or Loan Trustee, at its address specified in the Note
Documents or such other address as may be notified to the Trustee) and the
Certificateholders of such series. In the event that no such office or agency
shall be maintained or no such notice of location or of change of location shall
be given, presentations and demands may be made and notices may be served at the
Corporate Trust Office of the Trustee.

         (b) There shall at all times be a Registrar and a Paying Agent
hereunder with respect to the Certificates of each series. Each such Authorized
Agent shall be a bank or trust company, shall be a corporation organized and
doing business under the laws of the United States or any state, with a combined
capital and surplus of at least $75,000,000, or a corporation having a combined
capital and surplus in excess of $5,000,000, the obligations of which are
guaranteed by a corporation organized and doing business under the laws of the
United States or any state, with a combined capital and surplus of at least
$75,000,000, and shall be authorized under such laws to exercise corporate trust
powers, subject to supervision by federal or state authorities. The Trustee
shall initially be the Paying Agent and, as provided in Section 3.04, Registrar
hereunder with respect to the Certificates of each series. Each Registrar

<PAGE>   51
                                      -45-

shall furnish to the Trustee, at stated intervals of not more than six months,
and at such other times as the Trustee may request in writing, a copy of the
Register maintained by such Registrar.

         (c) Any corporation into which any Authorized Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authorized Agent shall
be a party, or any corporation succeeding to the corporate trust business of any
Authorized Agent, shall be the successor of such Authorized Agent, if such
successor corporation is otherwise eligible under this Section 7.12, without the
execution or filing of any paper or any further act on the part of the parties
hereto or such Authorized Agent or such successor corporation.

         (d) Any Authorized Agent may at any time resign by giving written
notice of resignation to the Trustee, the Company, any related Owner Trustees
and the related Loan Trustees. The Company may, and at the request of the
Trustee shall, at any time terminate the agency of any Authorized Agent by
giving written notice of termination to such Authorized Agent and to the
Trustee. Upon the resignation or termination of an Authorized Agent or in case
at any time any such Authorized Agent shall cease to be eligible under this
Section 7.12 (when, in either case, no other Authorized Agent performing the
functions of such Authorized Agent shall have been appointed), the Company shall
promptly appoint one or more qualified successor Authorized Agents, reasonably
satisfactory to the Trustee, to perform the functions of the Authorized Agent
which has resigned or whose agency has been terminated or who shall have ceased
to be eligible under this Section 7.12. The Company shall give written notice of
any such appointment made by it to the Trustee, any related Owner Trustees and
the related Loan Trustees; and in each case the Trustee shall mail notice of
such appointment to all Certificateholders of the related series as their names
and addresses appear on the Register for such series.

         (e) The Company agrees to pay, or cause to be paid, from time to time
to each Authorized Agent reasonable compensation for its services and to
reimburse it for its reasonable expenses.

         Section 7.13. Money for Certificate Payments to Be Held in Trust. All
moneys deposited with any Paying Agent for the purpose of any payment on
Certificates shall be deposited and held in trust for the benefit of the
Certificateholders entitled to such payment, subject to the provisions of this
Section 7.13. Moneys so deposited and held in trust shall constitute a separate
trust fund for the benefit of the Certificateholders with respect to which such
money was deposited.

         The Trustee may at any time, for the purpose of obtaining the
satisfaction and discharge of this Agreement or for any other purpose, direct
any Paying Agent to pay to the

<PAGE>   52
                                      -46-

Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
money.

         Section 7.14. Registration of Equipment Notes in Trustee's Name.
Subject to the provisions of any Intercreditor Agreement, the Trustee agrees
that all Equipment Notes to be purchased by any Trust and Permitted Investments,
if any, shall be issued in the name of the Trustee as Trustee for the applicable
Trust or its nominee and held by the Trustee in trust for the benefit of the
Certificateholders of such series, or, if not so held, the Trustee or its
nominee shall be reflected as the owner of such Equipment Notes or Permitted
Investments, as the case may be, in the register of the issuer of such Equipment
Notes or Permitted Investments, as the case may be.

         Section 7.15. Representations and Warranties of Trustee. The Trustee
hereby represents and warrants that:

         (a) the Trustee is a Delaware banking corporation organized and validly
     existing in good standing under the laws of the State of Delaware;

         (b) the Trustee has full power, authority and legal right to execute,
     deliver and perform this Agreement, any Intercreditor Agreement and the
     Note Purchase Agreements and has taken all necessary action to authorize
     execution, delivery and performance by it of this Agreement, any
     Intercreditor Agreement and the Note Purchase Agreements.

         (c) the execution, delivery and performance by the Trustee of this
     Agreement, any Intercreditor Agreement and the Note Purchase Agreements (i)
     will not violate any provision of any United States federal law or the law
     of the state of the United States where it is located governing the banking
     and trust powers of the Trustee or any order, writ, judgment, or decree of
     any court, arbitrator or governmental authority applicable to the Trustee
     or any of its assets, (ii) will not violate any provision of the articles
     of association or by-laws of the Trustee, and (iii) will not violate any
     provision of, or constitute, with or without notice or lapse of time, a
     default under, or result in the creation or imposition of any lien on any
     properties included in the Trust Property pursuant to the provisions of any
     mortgage, indenture, contract, agreement or other undertaking to which it
     is a party, which violation, default or lien could reasonably be expected
     to have an adverse effect on the Trustee's performance or ability to
     perform its duties hereunder or thereunder or on the transactions
     contemplated herein or therein;

<PAGE>   53
                                      -47-

         (d) the execution, delivery and performance by the Trustee of this
     Agreement, any Intercreditor Agreement and the Note Purchase Agreements
     will not require the authorization, consent, or approval of, the giving of
     notice to, the filing or registration with, or the taking of any other
     action in respect of, any governmental authority or agency of the United
     States or the state of the United States where it is located regulating the
     banking and corporate trust activities of the Trustee; and

         (e) this Agreement, any Intercreditor Agreement and the Note Purchase
     Agreements have been duly executed and delivered by the Trustee and
     constitute the legal, valid and binding agreements of the Trustee,
     enforceable against it in accordance with their respective terms; provided,
     however, that enforceability may be limited by (i) applicable bankruptcy,
     insolvency, reorganization, moratorium or similar laws affecting the rights
     of creditors generally and (ii) general principles of equity.

         Section 7.16. Withholding Taxes: Information Reporting. As to the
Certificates of any series, the Trustee, as trustee of the related grantor trust
created by this Agreement, shall exclude and withhold from each distribution of
principal, premium, if any, and interest and other amounts due under this
Agreement or under the Certificates of such series any and all withholding taxes
applicable thereto as required by law. The Trustee agrees to act as such
withholding agent and, in connection therewith, whenever any present or future
taxes or similar charges are required to be withheld with respect to any amounts
payable in respect of the Certificates, to withhold such amounts and timely pay
the same to the appropriate authority in the name of and on behalf of the
Certificateholders of such series, that it will file any necessary withholding
tax returns or statements when due, and that, as promptly as possible after the
payment thereof, it will deliver to each such Certificateholder of such series,
appropriate documentation showing the payment thereof, together with such
additional documentary evidence as such Certificateholders may reasonably
request from time to time. The Trustee agrees to file any other information
reports as it may be required to file under United States law.

         Section 7.17. Trustee's Liens. The Trustee in its individual capacity
agrees that it will, in respect of each Trust created by this Agreement, at its
own cost and expense promptly take any action as may be necessary to duly
discharge and satisfy in full any mortgage, pledge, lien, charge, encumbrance,
security interest or claim ("Trustee's Liens") on or with respect to the Trust
Property of such Trust which is attributable to the Trustee either (i) in its
individual capacity and which is unrelated to the transactions contemplated by
this Agreement or the related Note Documents or (ii) as Trustee hereunder or in
its individual capacity and which arises out of acts or omissions which are not
contemplated by this Agreement.

<PAGE>   54
                                      -48-

         Section 7.18. Preferential Collection of Claims. The Trustee shall
comply with Section 311(a) of the Trust Indenture Act, excluding any creditor
relationship listed in Section 311(b) of the Trust Indenture Act. If the Trustee
shall resign or be removed as Trustee, it shall be subject to Section 311(a) of
the Trust Indenture Act to the extent provided therein.

                                  ARTICLE VIII

                CERTIFICATEHOLDERS' LISTS AND REPORTS BY TRUSTEE

         Section 8.01. The Company to Furnish Trustee with Names and Addresses
of Certificateholders. The Company will furnish to the Trustee within 15 days
after each Record Date with respect to a Scheduled Payment, and at such other
times as the Trustee may request in writing within 30 days after receipt by the
Company of any such request, a list, in such form as the Trustee may reasonably
require, of all information in the possession or control of the Company as to
the names and addresses of the Certificateholders of each series, in each case
as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that so long as the Trustee is the sole Registrar for such
series, no such list need be furnished; and provided further, however, that no
such list need be furnished for so long as a copy of the Register is being
furnished to the Trustee pursuant to Section 7.12.

         Section 8.02. Preservation of Information, Communications to
Certificateholders. The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Certificateholders of each
series contained in the most recent list furnished to the Trustee as provided in
Section 7.12 or Section 8.01, as the case may be, and the names and addresses of
Certificateholders of each series received by the Trustee in its capacity as
Registrar, if so acting. The Trustee may destroy any list furnished to it as
provided in Section 7.12 or Section 8.01, as the case may be, upon receipt of a
new list so furnished.

         Section 8.03. Reports by Trustee. Within 60 days after May 15 of each
year commencing with the first full year following the issuance of any series of
Certificates, the Trustee shall transmit to the Certificateholders of such
series, as provided in Section 313(c) of the Trust Indenture Act, a brief report
dated as of such May 15, if required by Section 313(a) of the Trust Indenture
Act.

<PAGE>   55
                                      -49-

         Section 8.04. Reports by the Company. The Company shall:

         (a) file with the Trustee, within 30 days after the Company is required
     to file the same with the SEC, copies of the annual reports and of the
     information, documents and other reports (or copies of such portions of any
     of the foregoing as the SEC may from time to time by rules and regulations
     prescribe) which the Company is required to file with the SEC pursuant to
     section 13 or section 15(d) of the Securities Exchange Act of 1934, as
     amended; or, if the Company is not required to file information, documents
     or reports pursuant to either of such sections, then to file with the
     Trustee and the SEC, in accordance with rules and regulations prescribed by
     the SEC, such of the supplementary and periodic information, documents and
     reports which may be required pursuant to section 13 of the Securities
     Exchange Act of 1934, as amended, in respect of a security listed and
     registered on a national securities exchange as may be prescribed in such
     rules and regulations;

         (b) file with the Trustee and the SEC, in accordance with the rules and
     regulations prescribed by the SEC, such additional information, documents
     and reports with respect to compliance by the Company with the conditions
     and covenants of the Company provided for in this Agreement, as may be
     required by such rules and regulations, including, in the case of annual
     reports, if required by such rules and regulations, certificates or
     opinions of independent public accountants, conforming to the requirements
     of Section 1.02;

         (c) transmit to all Certificateholders, in the manner and to the extent
     provided in Section 313(c) of the Trust Indenture Act such summaries of any
     information, documents and reports required to be filed by the Company
     pursuant to subsections (a) and (b) of this Section 8.04 as may be required
     by rules and regulations prescribed by the SEC; and

         (d) furnish to the Trustee, not less often than annually, a brief
     certificate from the principal executive officer, principal financial
     officer or principal accounting officer as to his knowledge of the
     Company's compliance with all conditions and covenants under this Agreement
     (it being understood that for purposes of this paragraph (d), such
     compliance shall be determined without regard to any period of grace or
     requirement of notice provided under this Agreement).

<PAGE>   56
                                      -50-

                                   ARTICLE IX

                             SUPPLEMENTAL AGREEMENTS

         Section 9.01. Supplemental Agreements Without Consent of
Certificateholders. Without the consent of the Certificateholders, the Company
may (but will not be required to), and the Trustee (subject to Section 9.03)
shall, at the Company's request, at any time and from time to time, enter into
one or more agreements supplemental hereto or, if applicable, to an
Intercreditor Agreement or a Liquidity Facility, in form satisfactory to the
Trustee, for any of the following purposes:

         (a) to provide for the formation of a Trust, the issuance of a series
     of Certificates and other matters contemplated by Section 2.01; or

         (b) to evidence the succession of another corporation to the Company
     and the assumption by any such successor of the covenants of the Company
     herein contained or of the Company's obligations under any Intercreditor
     Agreement or any Liquidity Facility; or

         (c) to add to the covenants of the Company for the benefit of the
     Certificateholders of any series, or to surrender any right or power
     conferred upon the Company in this Agreement, any Intercreditor Agreement
     or any Liquidity Facility; or

         (d) to correct or supplement any provision in this Agreement, any
     Intercreditor Agreement or any Liquidity Facility which may be defective or
     inconsistent with any other provision herein or therein or to cure any
     ambiguity or to modify any other provision with respect to matters or
     questions arising under this Agreement, any Intercreditor Agreement or any
     Liquidity Facility, provided, however, that any such action shall not
     materially adversely affect the interests of the Certificateholders of any
     series; to correct any mistake in this Agreement, any Intercreditor
     Agreement or any Liquidity Facility; or, as provided in any Intercreditor
     Agreement, to give effect to or provide for a Replacement Liquidity
     Facility (as defined in the Intercreditor Agreement); or

         (e) to comply with any requirement of the SEC, any applicable law,
     rules or regulations of any exchange or quotation system on which the
     Certificates of any series are listed or of any regulatory body; or

         (f) to modify, eliminate or add to the provisions of this Agreement,
     any Intercreditor Agreement or any Liquidity Facility to such extent as
     shall be necessary to

<PAGE>   57
                                      -51-

     continue the qualification of this Agreement, any Intercreditor Agreement
     or any Liquidity Facility (including any supplemental agreement) under the
     Trust Indenture Act or under any similar Federal statute hereafter enacted,
     and to add to this Agreement, any Intercreditor Agreement or any Liquidity
     Facility such other provisions as may be expressly permitted by the Trust
     Indenture Act, excluding, however, the provisions referred to in Section
     316(a)(2) of the Trust Indenture Act as in effect at the date as of which
     this Basic Agreement was executed or any corresponding provision in any
     similar Federal statute hereafter enacted; or

         (g) to evidence and provide for the acceptance of appointment under
     this Agreement, any Intercreditor Agreement or any Liquidity Facility by a
     successor Trustee with respect to one or more Trusts and to add to or
     change any of the provisions of this Agreement, any Intercreditor Agreement
     or any Liquidity Facility as shall be necessary to provide for or
     facilitate the administration of the Trust, pursuant to the requirements of
     Section 7.10; or

         (h) to provide the information required under Section 7.12 and Section
     12.04 as to the Trustee; or

         (i) to comply with any requirement of the SEC in connection with the
     qualification of this Agreement under the Trust Indenture Act; or

         (j) to make any other amendments or modifications hereto, provided,
     however, that such amendments or modifications shall apply to Certificates
     of any series to be thereafter issued;

provided, however, that no such supplemental agreement shall adversely affect
the status of any Trust as a grantor trust under Subpart E, Part I of Subchapter
J of Chapter 1 of Subtitle A of the Internal Revenue Code of 1986, as amended,
for U.S. federal income tax purposes.

         Section 9.02. Supplemental Agreements with Consent of
Certificateholders. With respect to each separate Trust and the series of
Certificates relating thereto, with the consent of the Certificateholders
holding Certificates of such series (including consents obtained in connection
with a tender offer or exchange offer for the Certificates) evidencing
Fractional Undivided Interests aggregating not less than a majority in interest
in such Trust, by Direction of said Certificateholders delivered to the Company
and the Trustee, the Company may (with the consent of the Owner Trustees, if
any, relating to the Certificates, which consent shall not be unreasonably
withheld), but shall not be obligated to, and the Trustee (subject to Section
9.03) shall, enter into an agreement or agreements supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement, any Intercreditor Agreement or any
Liquidity Facility to the extent applicable

<PAGE>   58
                                      -52-

to such Certificateholders or of modifying in any manner the rights and
obligations of such Certificateholders under this Agreement any Intercreditor
Agreement or any Liquidity Facility; provided, however, that no such agreement
shall, without the consent of the Certificateholder of each Outstanding
Certificate adversely affected thereby:

         (a) reduce in any manner the amount of, or delay the timing of, any
     receipt by the Trustee of payments on the Equipment Notes held in such
     Trust or distributions that are required to be made herein on any
     Certificate of such series, or change any date of payment on any
     Certificate of such series, or change the place of payment where, or the
     coin or currency in which, any Certificate of such series is payable, or
     impair the right to institute suit for the enforcement of any such payment
     or distribution on or after the Regular Distribution Date or Special
     Distribution Date applicable thereto; or

         (b) permit the disposition of any Equipment Note included in the Trust
     Property of such Trust except as permitted by this Agreement, or otherwise
     deprive such Certificateholder of the benefit of the ownership of the
     Equipment Notes in such Trust; or

         (c) alter the priority of distributions specified in the Intercreditor
     Agreement in a manner materially adverse to the interests of the
     Certificateholders of any series; or

         (d) reduce the specified percentage of the aggregate Fractional
     Undivided Interests of such Trust that is required for any such
     supplemental agreement, or reduce such specified percentage required for
     any waiver (of compliance with certain provisions of this Agreement or
     certain defaults hereunder and their consequences) provided for in this
     Agreement; or

         (e) modify any of the provisions of this Section 9.02 or Section 6.05,
     except to increase any such percentage or to provide that certain other
     provisions of this Agreement cannot be modified or waived without the
     consent of the Certificateholder of each Certificate of such series
     affected thereby.

         It shall not be necessary for any Direction of such Certificateholders
under this Section 9.02 to approve the particular form of any proposed
supplemental agreement, but it shall be sufficient if such Direction shall
approve the substance thereof.

         Section 9.03. Documents Affecting Immunity or Indemnity. If in the
opinion of the Trustee any document required to be executed by it pursuant to
the terms of Section 9.01 or 9.02 affects any interest, right, duty, immunity or
indemnity in favor of the Trustee

<PAGE>   59
                                      -53-

under this Basic Agreement or any Trust Supplement, the Trustee may in its
discretion decline to execute such document.

         Section 9.04. Execution of Supplemental Agreements. In executing, or
accepting the additional trusts created by, any supplemental agreement permitted
by this Article or the modifications thereby of the trusts created by this
Agreement, the Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental agreement is authorized or permitted by this Agreement.

         Section 9.05. Effect of Supplemental Agreements. Upon the execution of
any agreement supplemental to this Agreement under this Article, this Basic
Agreement shall be modified in accordance therewith, and such supplemental
agreement shall form a part of this Basic Agreement for all purposes; and every
Certificateholder of each series theretofore or thereafter authenticated and
delivered hereunder shall be bound thereby to the extent applicable to such
series.

         Section 9.06. Conformity with Trust Indenture Act. Every supplemental
agreement executed pursuant to this Article shall conform to the requirements of
the Trust Indenture Act as then in effect.

         Section 9.07. Reference in Certificates to Supplemental Agreements.
Certificates of each series authenticated and delivered after the execution of
any supplemental agreement applicable to such series pursuant to this Article
may bear a notation in form approved by the Trustee as to any matter provided
for in such supplemental agreement; and, in such case, suitable notation may be
made upon Outstanding Certificates of such series after proper presentation and
demand.

                                    ARTICLE X

                   AMENDMENTS TO INDENTURE AND NOTE DOCUMENTS

         Section 10.01. Amendments and Supplements to Indenture and Other Note
Documents. In the event that the Trustee, as holder (or beneficial owner through
the Subordination Agent) of any Equipment Notes (or as a prospective purchaser
of any Postponed Notes) in trust for the benefit of the Certificateholders of
any series or as Controlling Party under an Intercreditor Agreement, receives
(directly or indirectly through the Subordination Agent) a request for a consent
to any amendment, modification, waiver or supplement under any Indenture, other
Note Document or any other related document, the Trustee shall forthwith send a
notice of such proposed amendment, modification, waiver or supplement to each

<PAGE>   60
                                      -54-

Certificateholder of such series registered on the Register as of the date of
such notice. The Trustee shall request from the Certificateholders of such
series a Direction as to (a) whether or not to take or refrain from taking (or
direct the Subordination Agent to take or refrain from taking) any action which
a holder of (or, with respect to Postponed Notes, a prospective purchaser of)
such Equipment Note has the option to direct, (b) whether or not to give or
execute (or direct the Subordination Agent to give or execute) any waivers,
consents, amendments, modifications or supplements as a holder of (or, with
respect to Postponed Notes, a prospective purchaser of) such Equipment Note or
as Controlling Party and (c) how to vote (or direct the Subordination Agent to
vote) any Equipment Note (or, with respect to a Postponed Note, its commitment
to acquire such Postponed Note) if a vote has been called for with respect
thereto. Provided such a request for Certificateholder Direction shall have been
made, in directing any action or casting any vote or giving any consent as the
holder of any Equipment Note (or in directing the Subordination Agent in any of
the foregoing), (i) other than as Controlling Party, the Trustee shall vote for
or give consent to any such action with respect to such Equipment Note (or
Postponed Note) in the same proportion as that of (A) the aggregate face amounts
of all Certificates actually voted in favor of or for giving consent to such
action by such Direction of Certificateholders to (B) the aggregate face amount
of all Outstanding Certificates and (ii) as Controlling Party, the Trustee shall
vote as directed in such Certificateholder Direction by the Certificateholders
of such series evidencing a Fractional Undivided Interest aggregating not less
than a majority in interest in the Trust. For purposes of the immediately
preceding sentence, a Certificate shall have been "actually voted" if the Holder
of such Certificate has delivered to the Trustee an instrument evidencing such
Holder's consent to such Direction prior to one Business Day before the Trustee
directs such action or casts such vote or gives such consent. Notwithstanding
the foregoing, but subject to Section 6.04 and any Intercreditor Agreement, the
Trustee may, with respect to the Certificates of any series, in its own
discretion and at its own direction, consent and notify the relevant Loan
Trustee of such consent (or direct the Subordination Agent to consent and notify
the Loan Trustee of such consent) to any amendment, modification, waiver or
supplement under any related Indenture or any other related Note Document if an
Event of Default hereunder shall have occurred and be continuing or if such
amendment, modification, waiver or supplement will not materially adversely
affect the interests of the Certificateholders of such series.

                                   ARTICLE XI

                              TERMINATION OF TRUSTS

         Section 11.01. Termination of the Trusts. In respect of each Trust
created by the Basic Agreement as supplemented by a related Trust Supplement,
the respective obligations and responsibilities of the Company and the Trustee
with respect to such Trust shall

<PAGE>   61
                                      -55-

terminate upon the distribution to all Holders of Certificates of the series of
such Trust and the Trustee of all amounts required to be distributed to them
pursuant to this Agreement and the disposition of all property held as part of
the Trust Property of such Trust; provided, however, that in no event shall the
Trust continue beyond one hundred ten (110) years following the date of the
execution of the Trust Supplement with respect to such Trust (or such other
final expiration date as may be specified in such Trust Supplement).

         Notice of any termination of a Trust, specifying the applicable Regular
Distribution Date (or the applicable Special Distribution Date, as the case may
be) upon which the Certificateholders of any series may surrender their
Certificates to the Trustee for payment of the final distribution and
cancellation, shall be mailed promptly by the Trustee to Certificateholders of
such series not earlier than 60 of days and not later than 15 days preceding
such final distribution specifying (A) the Regular Distribution Date (or Special
Distribution Date, as the case may be) upon which the proposed final payment of
the Certificates of such series will be made upon presentation and surrender of
Certificates of such series at the office or agency of the Trustee therein
specified, (B) the amount of any such proposed final payment, and (C) that the
Record Date otherwise applicable to such Regular Distribution Date (or Special
Distribution Date, as the case may be) is not applicable, payments being made
only upon presentation and surrender of the Certificates of such series at the
office or agency of the Trustee therein specified. In the event that a notice of
termination shall be given in connection with the termination of a Lease, the
Special Distribution Date may be postponed for up to 10 Business Days. The
Trustee shall give such notice to the Registrar at the time such notice is given
to Certificateholders of such series. Upon presentation and surrender of the
Certificates of such series in accordance with such notice, the Trustee shall
cause to be distributed to Certificateholders of such series amounts
distributable on such Regular Distribution Date (or Special Distribution Date,
as the case may be) pursuant to Section 4.02.

         In the event that all of the Certificateholders of such series shall
not surrender their Certificates for cancellation within six months after the
date specified in the above-mentioned written notice, the Trustee shall give a
second written notice to the remaining Certificateholders of such series to
surrender their Certificates for cancellation and receive the final distribution
with respect thereto. No additional interest shall accrue on the Certificates of
such series after any Regular Distribution Date (or Special Distribution Date,
as the case may be) of such series, as specified in the first written notice. In
the event that any money held by the Trustee for the payment of distributions on
the Certificates of such series shall remain unclaimed for two years (or such
lesser time as the Trustee shall be satisfied, after 60 days' notice from the
Company, is one month prior to the escheat period provided under applicable law)
after the final distribution date with respect thereto, the Trustee shall pay to
each Loan Trustee the appropriate amount of money relating to such Loan Trustee
and shall give

<PAGE>   62
                                      -56-

written notice thereof to the related Owner Trustees, the Owner Participants and
the Company.

                                   ARTICLE XII

                            MISCELLANEOUS PROVISIONS

         Section 12.01. Limitation on Rights of Certificateholders. The death or
incapacity of any Certificateholder of any series shall not operate to terminate
this Agreement or the related Trust, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the Trust,
nor otherwise affect the rights, obligations, and liabilities of the parties
hereto or any of them.

         Section 12.02. Registration of Equipment Notes in Name of Subordination
Agent. If the Trust is party to an Intercreditor Agreement, the Trustee agrees
that all Equipment Notes to be purchased by such Trust shall be issued in the
name of the Subordination Agent under such Intercreditor Agreement or its
nominee and held by such Subordination Agent in trust for the benefit of the
Certificateholders, or, if not so held, such Subordination Agent or its nominee
shall be reflected as the owner of such Equipment Notes in the register of the
issuer of such Equipment Notes.

         Section 12.03. Notices. (a) Unless otherwise specifically provided
herein or in the applicable Trust Supplement, all notices required under the
terms and provisions of this Basic Agreement or such Trust Supplement shall be
in English and in writing, and any such notice may be given by United States
mail, courier service or telecopy, and any such notice shall be effective when
delivered or received or, if mailed, three days after deposit in the United
States mail with proper postage for ordinary mail prepaid,

<PAGE>   63
                                      -57-

         (i) if to the Company:

                    Atlas Air, Inc.
                    538 Commons Drive
                    Golden, CO 80401
                    Attention: Chief Financial Officer
                    Facsimile: (303) 526-5051

         (ii) if to the Trustee:

                    Wilmington Trust Company
                    One Rodney Square
                    1100 N. Market Street
                    Wilmington, DE 19890-0001
                    Attention: Corporate Trust Department
                    Facsimile: (302) 651-8882

         (b) The Company or the Trustee, by notice to the other, may designate
additional or different addresses for subsequent notices or communications.

         (c) Any notice or communication to Certificateholders of any series
shall be mailed by first-class mail to the addresses for Certificateholders of
such series shown on the Register kept by the Registrar and to addresses filed
with the Trustee for Certificate Owners of such series. Failure so to mail a
notice or communication or any defect in such notice or communication shall not
affect its sufficiency with respect to other Certificateholders or Certificate
Owners of such series.

         (d) If a notice or communication is mailed in the manner provided above
within the time prescribed, it is conclusively presumed to have been duly given,
whether or not the addressee receives it.

         (e) If the Company mails a notice or communication to the
Certificateholders of such series, it shall mail a copy to the Trustee and to
each Paying Agent for such series at the same time.

         (f) Notwithstanding the foregoing, all communications or notices to the
Trustee shall be deemed to be given only when received by a Responsible Officer
of the Trustee.

         (g) The Trustee shall promptly furnish the Company with a copy of any
demand, notice or written communication received by the Trustee hereunder from
any Certificateholder, Owner Trustee or Loan Trustee.

<PAGE>   64
                                      -58-

         Section 12.04. Governing Law. THIS BASIC AGREEMENT HAS BEEN DELIVERED
IN THE STATE OF NEW YORK AND, TOGETHER WITH ALL TRUST SUPPLEMENTS AND
CERTIFICATES, SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 12.05. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions, or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or the related Trust,
or of the Certificates of such series or the rights of the Certificateholders
thereof.

         Section 12.06. Trust Indenture Act Controls. Upon the occurrence of any
Registration Event, this Agreement shall become subject to the provisions of the
Trust Indenture Act and shall, to the extent applicable, be governed by such
provisions. From and after the occurrence of any Registration Event, if any
provision of this Agreement limits, qualifies or conflicts with another
provision which is required to be included in this Agreement by the Trust
Indenture Act, the required provision shall control.

         Section 12.07. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

         Section 12.08. Successors and Assigns. All covenants, agreements,
representations and warranties in this Agreement by the Trustee and the Company
shall bind and, to the extent permitted hereby, shall inure to the benefit of
and be enforceable by their respective successors and assigns, whether so
expressed or not.

         Section 12.09. Benefits of Agreement. Nothing in this Agreement or in
the Certificates of any series, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, and the
Certificateholders of such series, any benefit or any legal or equitable right,
remedy or claim under this Agreement.

         Section 12.10. Legal Holidays. In any case where any Regular
Distribution Date or Special Distribution Date relating to any Certificate of
any series shall not be a Business Day, then (notwithstanding any other
provision of this Agreement) payment need not be made on such date, but may be
made on the next succeeding Business Day with the same force and effect as if
made on such Regular Distribution Date or Special Distribution Date, and no
interest shall accrue during the intervening period.

<PAGE>   65
                                      -59-

         Section 12.11. Counterparts. For the purpose of facilitating the
execution of this Agreement and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.

         Section 12.12. Communication by Certificateholders, with Other
Certificateholders. Certificateholders of any series may communicate with other
Certificateholders of any series with respect to their rights under this Basic
Agreement, the related Trust Supplement or the Certificates of such series
pursuant to Section 312(b) of the Trust Indenture Act. The Company, the Trustee
and any and all other persons benefited by this Agreement shall have the
protection afforded by Section 312(c) of the Trust Indenture Act.

         Section 12.13. Intention of Parties. The parties hereto intend that
each Trust be classified for U.S. federal income tax purposes as a grantor trust
under Subpart E, Part I of Subchapter J of the Internal Revenue Code of 1986, as
amended, and not as a trust or association taxable as a corporation or as a
partnership. The Trustee agrees to hold all assets of each Trust for investment
purposes only. The powers granted and obligations undertaken pursuant to this
Agreement shall be so construed so as to further such intent.

<PAGE>   66
                                      -60-

         IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed by their respective representatives hereunto duly authorized as of the
day and year first written above.

                                 ATLAS AIR, INC.

                                 By:
                                    --------------------------------------------
                                    Name: Fred L. deLeeuw
                                    Title: Senior Director - Corporate Finance

                                 WILMINGTON TRUST COMPANY,
                                   as Trustee

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

<PAGE>   67

                                                                       EXHIBIT A

                               FORM OF CERTIFICATE

REGISTERED

No. ______________

[THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES LAWS, AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, ANY PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A
"QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT), (B) IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN "INSTITUTIONAL
ACCREDITED INVESTOR") OR (C) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS
CERTIFICATE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE
SECURITIES ACT; (2) AGREES THAT IT WILL NOT, PRIOR TO EXPIRATION OF THE HOLDING
PERIOD APPLICABLE TO SALES OF THE CERTIFICATES UNDER RULE 144(K) UNDER THE
SECURITIES ACT (OR ANY SUCCESSOR PROVISION) RESELL OR OTHERWISE TRANSFER THIS
CERTIFICATE EXCEPT (A) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
RULE 144A UNDER THE SECURITIES ACT, (B) INSIDE THE UNITED STATES TO AN
INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING $100,000 OR MORE AGGREGATE PRINCIPAL
AMOUNT OF SUCH CERTIFICATE, THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE
TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS CERTIFICATE (THE FORM OF WHICH
LETTER CAN BE OBTAINED FROM THE TRUSTEE), (C) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D)
PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO A REGISTRATION STATEMENT WHICH
HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND WHICH CONTINUES TO BE
EFFECTIVE AT THE TIME OF SUCH TRANSFER), OR (F) TO ATLAS OR ANY SUBSIDIARY
THEREOF; (3) PRIOR TO SUCH TRANSFER (OTHER THAN A TRANSFER PURSUANT TO CLAUSE
2(E) ABOVE), IT WILL FURNISH TO THE TRUSTEE SUCH CERTIFICATIONS, LEGAL OPINIONS
OR OTHER INFORMATION AS THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH
TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (4) AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS CERTIFICATE IS TRANSFERRED A
NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY
TRANSFER OF THIS CERTIFICATE PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD
APPLICABLE TO SALES OF THE CERTIFICATES UNDER RULE 144(K) UNDER THE SECURITIES
ACT (OR ANY SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE APPROPRIATE BOX SET
FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT
THIS CERTIFICATE TO THE TRUSTEE. IF THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL
ACCREDITED INVESTOR OR IS A PURCHASER WHO IS NOT A U.S. PERSON, THE HOLDER MUST,
PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE, SUCH CERTIFICATIONS, LEGAL
OPINIONS OR

                                       A-1
<PAGE>   68

OTHER INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS
BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED
UPON THE EARLIER OF THE TRANSFER OF THE CERTIFICATES PURSUANT TO CLAUSE 2(E)
ABOVE OR UPON ANY TRANSFER OF THE CERTIFICATES UNDER RULE 144(K) UNDER THE
SECURITIES ACT (OR ANY SUCCESSOR PROVISION). AS USED HEREIN, THE TERMS "OFFSHORE
TRANSACTION", "UNITED STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM
BY REGULATION S UNDER THE SECURITIES ACT. THE PASS THROUGH TRUST AGREEMENT
CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF
THIS CERTIFICATE IN VIOLATION OF THE FOREGOING RESTRICTIONS.]1

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS 8.05
AND 8.06 OF THE TRUST SUPPLEMENT OF THE PASS THROUGH TRUST AGREEMENT REFERRED TO
HEREIN.]

[BY ITS ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT EITHER (A) NO ASSETS OF
AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
SECURITIES ACT OF 1974, AS AMENDED ("ERISA"), OR OF A PLAN SUBJECT TO SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") HAVE BEEN
USED TO PURCHASE THIS CERTIFICATE OR (B) THE PURCHASE AND HOLDING OF THIS
CERTIFICATE ARE EXEMPT FROM THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND
THE CODE PURSUANT TO ONE OR MORE PROHIBITED TRANSACTION STATUTORY OR
ADMINISTRATIVE EXEMPTIONS.]

----------

(1)      Not to be included on the face of the Permanent Offshore Global
         Certificate.

                                      A-2
<PAGE>   69

                             [GLOBAL CERTIFICATE](2)

                      ATLAS AIR 2000-1__ PASS THROUGH TRUST

          ___% Atlas Air [Initial] [Exchange] Pass Through Certificate

                                 Series 2000-1__

                        Final Distribution Date: ________

evidencing a fractional undivided interest in a trust, the property of which
includes certain equipment notes each secured by an Aircraft leased to Atlas
Air, Inc.

             $__________ Fractional Undivided Interest
             representing _____% of the Trust per $1,000 face amount

         THIS CERTIFIES THAT ________________, for value received, is the
registered owner of a $____________ (_____________ dollars) Fractional Undivided
Interest in the Atlas Air 2000-1__ Pass Through Trust (the "Trust") created
pursuant to a Pass Through Trust Agreement, dated as of January 28, 2000 (the
"Basic Agreement"), between Wilmington Trust Company, not in its individual
capacity but solely as trustee (the "Trustee") and Atlas Air, Inc., a Delaware
corporation (the "Company"), as supplemented by Trust Supplement No. __ thereto,
dated as of January 28, 2000 (the "Trust Supplement" and, together with the
Basic Agreement, the "Agreement") a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined
herein, the capitalized terms used herein have the meanings assigned to them in
the Agreement. This Certificate is one of the duly authorized Certificates
designated as "___% Atlas Air [Initial] [Exchange] Pass Through Certificates
Series 2000-1__" (herein called the "Certificates"). This Certificate is issued
under and is subject to the terms, provisions, and conditions of the Agreement.
By virtue of its acceptance hereof the Certificateholder of this Certificate
assents to and agrees to be bound by the provisions of the Agreement and the
Intercreditor Agreement. The property of the Trust includes certain Equipment
Notes and all rights of the Trust to receive payments under the Intercreditor
Agreement and the Liquidity Facilities (the "Trust Property"). Each issue of the
Equipment Notes is secured by, among other things, a security interest in the
Aircraft leased to or owned by the Company.

----------

(2)      To be included on the face of each Global Certificate.

                                      A-3
<PAGE>   70

         The Certificates represent fractional undivided interests in the Trust
and the Trust Property, and have no rights, benefits or interest in respect of
any assets or property other than the Trust Property.

         Subject to and in accordance with the terms of the Agreement and the
Intercreditor Agreement, from and to the extent of funds then available to the
Trustee, there will be distributed on each January 2 and July 2 (a "Regular
Distribution Date"), commencing on July 2, 2000, to the Person in whose name
this Certificate is registered at the close of business on the 15th day
preceding the Regular Distribution Date, an amount in respect of the Scheduled
Payments on the Equipment Notes due on such Regular Distribution Date, the
receipt of which has been confirmed by the Trustee, equal to the product of the
percentage interest in the Trust evidenced by this Certificate and an amount
equal to the sum of such Scheduled Payments. Subject to and in accordance with
the terms of the Agreement and the Intercreditor Agreement, in the event that
Special Payments on the Equipment Notes are received by the Trustee, from funds
then available to the Trustee, there shall be distributed on the applicable
Special Distribution Date, to the Person in whose name this Certificate is
registered at the close of business on the 15th day preceding the Special
Distribution Date, an amount in respect of such Special Payments on the
Equipment Notes, the receipt of which has been confirmed by the Trustee, equal
to the product of the percentage interest in the Trust evidenced by this
Certificate and an amount equal to the sum of such Special Payments so received.
If a Regular Distribution Date or Special Distribution Date is not a Business
Day, distribution shall be made on the immediately following Business Day with
the same force and effect as if made on such Regular Distribution Date or
Special Distribution Date and no interest shall accrue during the intervening
period. The Trustee shall mail notice of each Special Payment and the Special
Distribution Date therefor to the Certificateholder of this Certificate.

         [The Holder of this Certificate is entitled to the benefits of the
Registration Rights Agreement, dated as of January 28, 2000, among the Company,
the Trustee and the Placement Agents named therein (the "Registration Rights
Agreement"). In the event that neither the consummation of the Exchange Offer
nor the declaration by the Commission of a Shelf Registration to be effective (a
"Registration Event") occurs on or prior to the 210th day after the date of the
issuance of the Certificates, the interest rate per annum borne by the Equipment
Notes shall be increased by 0.50%, from and including January 28, 2000, to but
excluding the date on which a Registration Event occurs. In the event that the
Shelf Registration Statement ceases to be effective at any time during the
period specified by the Registration Rights Agreement for more than 60 days,
whether or not consecutive, during any 12-month period, the interest rate per
annum borne by the Equipment Notes shall be increased by 0.50% from the 61st day
of the applicable 12-month period such Shelf Registration Statement

                                      A-4
<PAGE>   71

ceases to be effective until such time as the Shelf Registration Statement again
becomes effective.](3)

         Except as otherwise provided in the Agreement and notwithstanding the
above, the final distribution on this Certificate will be made after notice
mailed by the Trustee of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency of the
Trustee specified in such notice.

         THE AGREEMENT AND THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

         Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Trustee, by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.

----------

(3)      To be included only on each Initial Certificate.

                                      A-5
<PAGE>   72

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated:  [________ __], 2000          ATLAS AIR
                                           2000-1__ PASS THROUGH TRUST

                                       By: WILMINGTON TRUST COMPANY,
                                           not in its individual capacity but
                                           solely as Trustee

Attest:                                    By:
                                              ---------------------------------
                                              Name:
                                              Title:
--------------------
Authorized Signature

                                      A-6
<PAGE>   73

              [FORM OF THE TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

                    This is one of the Certificates referred
                      to in the within-mentioned Agreement.

                                          WILMINGTON TRUST COMPANY,
                                           not in its individual capacity but
                                           solely as Trustee

                                          By:
                                             -----------------------------------
                                                     Authorized Officer

                                      A-7
<PAGE>   74

                            [REVERSE OF CERTIFICATE]

         The Certificates do not represent a direct obligation of, or an
obligation guaranteed by, or an interest in, the Company or the Trustee or any
of their affiliates. The Certificates are limited in right of payment, all as
more specifically set forth on the face hereof and in the Agreement. All
payments or distributions made to Certificateholders under the Agreement shall
be made only from the Trust Property and only to the extent that the Trustee
shall have sufficient income or proceeds from the Trust Property to make such
payments in accordance with the terms of the Agreement. Each Certificateholder
of this Certificate, by its acceptance hereof, agrees that it will look solely
to the income and proceeds from the Trust Property to the extent available for
distribution to such Certificateholder as provided in the Agreement. This
Certificate does not purport to summarize the Agreement and reference is made to
the Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds, and duties evidenced hereby. A copy of the Agreement may
be examined during normal business hours at the principal office of the Trustee,
and at such other places, if any, designated by the Trustee, by any
Certificateholder upon request.

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Certificateholders under the Agreement at any time
by the Company and the Trustee with the consent of the Certificateholders
holding Certificates evidencing Fractional Undivided Interests aggregating not
less than a majority in interest in the Trust. Any such consent by the
Certificateholder of this Certificate shall be conclusive and binding on such
Certificateholder and upon all future Certificateholders of this Certificate and
of any Certificate issued upon the transfer hereof or in exchange hereof or in
lieu hereof whether or not notation of such consent is made upon this
Certificate. The Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Certificateholders of any of
the Certificates.

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Register upon
surrender of this Certificate for registration of transfer at the offices or
agencies maintained by the Trustee in its capacity as Registrar, or by any
successor Registrar, in the Borough of Manhattan, the City of New York, duly
endorsed or accompanied by a written instrument of transfer in form satisfactory
to the Trustee and the Registrar duly executed by the Certificateholder hereof
or such Certificateholder's attorney duly authorized in writing, and thereupon
one or more new Certificates of authorized denominations evidencing the same
aggregate Fractional Undivided Interest in the Trust will be issued to the
designated transferee or transferees.

                                      A-8
<PAGE>   75

         The Certificates are issuable only as registered Certificates without
coupons in minimum denominations of [$100,000](4) [$1,000](5) Fractional
Undivided Interest and integral multiples of $1,000 in excess thereof [except
that one Certificate may be in a denomination of less than $100,000](6). As
provided in the Agreement and subject to certain limitations therein set forth,
the Certificates are exchangeable for new Certificates of authorized
denominations evidencing the same aggregate Fractional Undivided Interest in the
Trust, as requested by the Certificateholder surrendering the same.

         No service charge will be made for any such registration of transfer or
exchange, but the Trustee shall require payment by the Holder of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

         The Trustee, the Registrar, and any agent of the Trustee or the
Registrar may treat the person in whose name this Certificate is registered as
the owner hereof for all purposes, and neither the Trustee, the Registrar, nor
any such agent shall be affected by any notice to the contrary.

         The obligations and responsibilities created by the Agreement and the
Trust created thereby shall terminate upon the distribution to
Certificateholders of all amounts required to be distributed to them pursuant to
the Agreement and the disposition of all property held as part of the Trust
Property.

----------

(4)      To be included only on each Initial Certificate.

(5)      To be included only on each Exchange Certificate.

(6)      To be included only on each Initial Certificate.

                                      A-9<PAGE>   1
                                                                     EXHIBIT 4.5

                          TRUST SUPPLEMENT No. 2000-1A

                          Dated as of January 28, 2000

                                     between

                            WILMINGTON TRUST COMPANY
                                   as Trustee,

                                       and

                                 ATLAS AIR INC.

                                       to

                          PASS THROUGH TRUST AGREEMENT
                          Dated as of January 28, 2000

                                  $124,639,000

                      Atlas Air Pass Through Trust 2000-1A
                                8.707% Atlas Air
                           Pass Through Certificates,
                                 Series 2000-lA

                  This Trust Supplement No. 2000-1A (herein called the "Trust
Supplement") dated as of January 28, 2000 between Atlas Air, Inc., a Delaware
corporation (the "Company"), and Wilmington Trust Company (the "Trustee") to the
Pass Through Trust Agreement dated as of January 28, 2000, between the Company
and the Trustee (the "Basic Agreement").

                              W I T N E S S E T H:

                  WHEREAS, the Basic Agreement, unlimited as to the aggregate
principal amount of Certificates (unless otherwise specified herein, capitalized
terms used herein without definition having the respective meanings specified in
the Basic Agreement) which may be issued thereunder, has heretofore been
executed and delivered;

                  WHEREAS, the Company has obtained commitments from Boeing for
the delivery of certain Aircraft;

                  WHEREAS, the Company intends to finance the acquisition of
each such Aircraft either (i) through separate leveraged lease transactions, in
which case the Company will lease such Aircraft (collectively,

<PAGE>   2
                                      -2-

the "Leased Aircraft"), or (ii) through separate secured loan transactions, in
which case the Company will own such Aircraft (collectively, the "Owned
Aircraft");

                  WHEREAS, in the case of each Leased Aircraft, each Owner
Trustee, acting on behalf of the corresponding Owner Participant, will issue
pursuant to an Indenture, on a non-recourse basis, Equipment Notes in order to
finance a portion of its purchase price of such Leased Aircraft;

                  WHEREAS, in the case of each Owned Aircraft, the Company will
issue pursuant to an Indenture, on a recourse basis, Equipment Notes to finance
all or a portion of the purchase price of such Owned Aircraft;

                  WHEREAS, the Trustee hereby declares the creation of this
Atlas Air Pass Through Trust 2000-1A (the "Applicable Trust") for the benefit of
the Applicable Certificateholders, and the initial Applicable Certificateholders
as the grantors of the Applicable Trust, by their respective acceptances of the
Applicable Certificates, join in the creation of the Applicable Trust with the
Trustee;

                  WHEREAS, all Certificates to be issued by the Applicable Trust
will evidence fractional undivided interests in the Applicable Trust and will
convey no rights, benefits or interests in respect of any property other than
the Trust Property, except for those Certificates to which an Escrow Receipt has
been affixed;

                  WHEREAS, the Escrow Agent, the Trustee and the Placement
Agents have contemporaneously herewith entered into an Escrow Agreement with the
Escrow Paying Agent pursuant to which the Placement Agents have delivered to the
Escrow Agent the proceeds from the sale of the Applicable Certificates and have
irrevocably instructed the Escrow Agent to withdraw and pay funds from such
proceeds upon request and proper certification by the Trustee to purchase
Equipment Notes as the Aircraft are delivered by Boeing under the Aircraft
Purchase Agreement from time to time prior to the Delivery Period Termination
Date;

                  WHEREAS, the Escrow Agent on behalf of the Applicable
Certificateholders has contemporaneously herewith entered into a Deposit
Agreement with the Depositary under which the Deposit referred to therein will
be made and from which it will withdraw funds to allow the Trustee to purchase
Equipment Notes from time to time prior to the Delivery Period Termination Date;

                  WHEREAS, pursuant to the terms and conditions of the Basic
Agreement as supplemented by this Trust Supplement (the "Agreement") and the
Note Purchase Agreement, upon or shortly following delivery of an Aircraft, the
Trustee on behalf of the Applicable Trust, using funds withdrawn under the
Escrow Agreement, shall purchase one or more Equipment Notes having the same
interest rate as, and final maturity date not later than the Final Regular
Distribution Date of, the Applicable Certificates issued hereunder and shall
hold such Equipment Notes in trust for the benefit of the Applicable
Certificateholders;

                  WHEREAS, all of the conditions and requirements necessary to
make this Trust Supplement, when duly executed and delivered, a valid, binding
and legal instrument in accordance with its terms and for the purposes herein
expressed, have been done, performed and fulfilled, and the execution and
delivery of this Trust Supplement in the form and with the terms hereof have
been in all respects duly authorized;

                  WHEREAS, upon the occurrence of a Registration Event, this
Trust Supplement is subject to the provisions of the Trust Indenture Act of
1939, as amended, and shall, to the extent applicable, be governed by such
provisions;

<PAGE>   3
                                      -3-

                  NOW THEREFORE, in consideration of the premises herein, it is
agreed between the Company and the Trustee as follows:

                                    ARTICLE I

                                THE CERTIFICATES

                  Section 1.01. THE CERTIFICATES. There is hereby created a
series of Certificates to be issued under the Agreement to be distinguished and
known as "8.707% Atlas Air Initial Pass Through Certificates, Series 2000-lA"
(the "Initial Certificates"). The exchange certificates which may be issued and
offered in exchange for the Initial Certificates pursuant to the Registration
Rights Agreement shall be known as the "8.707% Atlas Air Exchange Pass Through
Certificates Series 2000-1A" (the "Exchange Certificates"). The Initial
Certificates and the Exchange Certificates hereinafter defined as the
"Applicable Certificates". Each Applicable Certificate represents a fractional
undivided interest in the Applicable Trust created hereby. The Applicable
Certificates shall be the only instruments evidencing a fractional undivided
interest in the Applicable Trust.

                  The terms and conditions applicable to the Applicable
Certificates are as follows:

                  (a) The aggregate principal amount of the Applicable
Certificates that shall be authenticated under the Agreement (except for
Applicable Certificates authenticated and delivered pursuant to Sections 3. 03,
3.04, 3.05 and 3.06 of the Basic Agreement) is $124,639,000.

                  (b) The Regular Distribution Dates with respect to any payment
of Scheduled Payments means January 2 and July 2 of each year, commencing on
July 2, 2000, until payment of all of the Scheduled Payments to be made under
the Equipment Notes has been made.

                  (c) The Special Distribution Dates with respect to the
Applicable Certificates means any Business Day on which a Special Payment is to
be distributed pursuant to the Agreement.

                  (d) At the Escrow Agent's request under the Escrow Agreement,
the Trustee shall affix the corresponding Escrow Receipt to each Applicable
Certificate. In any event, any transfer or exchange of any Applicable
Certificate shall also effect a transfer or exchange of the related Escrow
Receipt. Prior to the Final Withdrawal Date, no transfer or exchange of any
Applicable Certificate shall be permitted unless the corresponding Escrow
Receipt is attached thereto and also is so transferred or exchanged. By
acceptance of any Applicable Certificate to which an Escrow Receipt is attached,
each Holder of such an Applicable Certificate acknowledges and accepts the
restrictions on transfer of the Escrow Receipt set forth herein and in the
Escrow Agreement.

                  (e) (i) The Applicable Certificates shall be in the form
attached hereto as Exhibit A. Any Person acquiring or accepting an Applicable
Certificate or an interest therein will, by such acquisition or acceptance, be
deemed to represent and warrant to and for the benefit of, among other persons,
each Owner Participant, the Company, the Placement Agents and the Trustee that
either (i) the assets of an employee benefit plan subject to Title I of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or of a
plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended
(the "Code"), have not been used to purchase Applicable Certificates or an
interest therein or (ii) the purchase and holding of Applicable Certificates

<PAGE>   4
                                      -4-

or an interest therein is exempt from the prohibited transaction restrictions of
ERISA and the Code pursuant to one or more prohibited transaction statutory or
administrative exemptions.

                 (ii) The Applicable Certificates shall be Book-Entry
Certificates and shall be subject to the conditions set forth in the Letter of
Representations between the Company and the Clearing Agency attached hereto as
Exhibit B.

                  (f) The Applicable Certificates are subject to the
Intercreditor Agreement, the Deposit Agreement and the Escrow Agreement.

                  (g) The Applicable Certificates will have the benefit of the
Liquidity Facility.

                  (h) The Responsible Party is the Company.

                  (i) The date referred to in clause (i) of the definition of
the term "PTC Event of Default" in the Basic Agreement is the Final Maturity
Date.

                  (j) The particular "sections of the Note Purchase Agreement",
for purposes of clause (3) of Section 7.07 of the Basic Agreement, are Section
8.1 (with respect to Owned Aircraft) and Section 9.1 (with respect to Leased
Aircraft) of each Participation Agreement.

                  (k) The Equipment Notes to be acquired and held in the
Applicable Trust, and the related Aircraft and Note Documents, are described in
the Note Purchase Agreement.

                                   ARTICLE II

                                   DEFINITIONS

                  Section 2.01. DEFINITIONS. For all purposes of the Basic
Agreement as supplemented by this Trust Supplement, the following capitalized
terms have the following meanings (any term used herein which is defined in both
this Trust Supplement and the Basic Agreement shall have the meaning assigned
thereto in this Trust Supplement for purposes of the Basic Agreement as
supplemented by this Trust Supplement):

                  Agent Members: has the meaning specified in Section 8.04 of
this Trust Supplement.

                  Agreement: has the meaning specified in the recitals hereto.

                  Aircraft: means each of the Aircraft or Substitute Aircraft in
respect of which a Participation Agreement is or is to be, as the case may be,
entered into in accordance with the Note Purchase Agreement.

                  Aircraft Purchase Agreement: has the meaning specified in the
Note Purchase Agreement.

                  Applicable Certificates: has the meaning specified in Section
1.01 of this Trust Supplement.

                  Applicable Certificateholder: means the Person in whose name
an Applicable Certificate is registered on the Register for the Applicable
Certificates.

<PAGE>   5
                                      -5-

                  Applicable Delivery Date: has the meaning specified in Section
5.01(b) of this Trust Supplement.

                  Applicable Participation Agreement: has the meaning specified
in Section 5.01(b) of this Trust Supplement.

                  Applicable Trust: has the meaning specified in the recitals
hereto.

                  Basic Agreement: has the meaning specified in the first
paragraph of this Trust Supplement.

                  Boeing: means The Boeing Company.

                  Business Day: means any day other than a Saturday, a Sunday or
a day on which commercial banks are required or authorized to close in Denver,
Colorado, New York, New York, Salt Lake City, Utah or, so long as any Applicable
Certificate is Outstanding, the city and state in which the Trustee or any Loan
Trustee maintains its Corporate Trust Office or receives and disburses funds.

                  Cedel: means Clearstream Banking, societe anonyme.

                  Class D Certificateholder: has the meaning specified in
Section 4.01(b)(iii) of this Trust Supplement.

                  Company: has the meaning specified in the first paragraph of
this Trust Supplement.

                  Cut-Off Date: means the earlier of (a) the Delivery Period
Termination Date and (b) the date on which a Triggering Event occurs.

                  Delivery Notice: has the meaning specified in the Note
Purchase Agreement.

                  Delivery Period Termination Date: means December 31, 2000
(provided that, if a labor strike occurs at Boeing prior to December 31, 2000,
such date shall be extended by adding thereto the number of days that such
strike continues in effect).

                  Deposit: has the meaning specified in the Deposit Agreement.

                  Deposit Agreement: means the Deposit Agreement dated as of
January 28, 2000 relating to the Applicable Certificates between the Depositary
and the Escrow Agent, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.

                  Depositary: means Westdeutsche Landesbank Girozentrale, a
German banking institution organized under the laws of the State of North
Rhine-Westphalia, acting through its New York branch.

                  Distribution Date: means any Regular Distribution Date or
Special Distribution Date as the context requires.

                  DTC: means The Depositary Trust Company, and any successor
entity to DTC as depositary for the Applicable Certificates.

<PAGE>   6
                                      -6-

                  Escrow Agent: means, First Security Bank, National
Association, or any replacement or successor therefor appointed in accordance
with the Escrow Agreement.

                  Escrow Agreement: means the Escrow and Paying Agent Agreement
dated as of January 28, 2000 relating to the Applicable Certificates, among the
Escrow Agent, the Escrow Paying Agent, the Trustee and the Placement Agents, as
the same may be amended, supplemented or otherwise modified from time to time in
accordance with its terms.

                  Escrow Paying Agent: means the Person acting as paying agent
under the Escrow Agreement.

                  Escrow Receipt: means the receipt substantially in the form
annexed to the Escrow Agreement representing a fractional undivided interest in
the funds held in escrow thereunder.

                  Euroclear: means Morgan Guaranty Trust Company of New York,
Brussels office, as the operator of the Euroclear System.

                  Exchange Certificates: means the certificates substantially in
the form of Exhibit A attached hereto issued in exchange for the Initial
Certificates pursuant to the Registration Rights Agreement and authenticated
hereunder.

                  Exchange Offer Registration Statement: has the meaning
specified in the Registration Rights Agreement.

                  Final Maturity Date: means July 2, 2021.

                  Final Withdrawal: has the meaning specified in the Escrow
Agreement.

                  Final Withdrawal Date: has the meaning specified in the Escrow
Agreement.

                  Final Withdrawal Notice: has the meaning specified in Section
4.02 of this Trust Supplement.

                  Global Certificates: has the meaning specified in Section
8.01(c) of this Trust Supplement.

                  Global Exchange Certificate: has the meaning specified in
Section 8.01(e) of this Trust Supplement.

                  Indenture: means each of the separate trust indentures and
mortgages relating to the Aircraft, each as specified or described in a Delivery
Notice delivered pursuant to the Note Purchase Agreement or the related
Participation Agreement, in each case as the same may be amended, supplemented
or otherwise modified from time to time in accordance with its terms.

                  Institutional Accredited Investor: means an institutional
investor that is an "accredited investor" within the meaning set forth in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

                  Intercreditor Agreement: means the Intercreditor Agreement
dated as of January 28, 2000, among the Trustee, the Other Trustees, the
Liquidity Provider, the Liquidity Providers relating to the Certificates issued
under each of the Other Agreements, and Wilmington Trust Company, as
Subordination Agent and as

<PAGE>   7
                                      -7-

trustee thereunder, as amended, supplemented or otherwise modified from time to
time in accordance with its terms.

                  Investors: means the Placement Agents together with all
subsequent beneficial owners of the Applicable Certificates.

                  Lease: means, with respect to each Leased Aircraft, the lease
between an Owner Trustee, as the lessor, and the Company, as the lessee,
referred to in the related Indenture, as such lease may be amended, supplemented
or otherwise modified in accordance with its terms.

                  Leased Aircraft: has the meaning specified in the third
recital to this Trust Supplement.

                  Leased Aircraft Indenture: has the meaning specified in the
Note Purchase Agreement.

                  Liquidity Facility: means, initially, the Revolving Credit
Agreement dated as of January 28, 2000 relating to the Applicable Certificates,
between the Liquidity Provider and Wilmington Trust Company, as Subordination
Agent, as agent and trustee for the Applicable Trust, and, from and after the
replacement of such agreement pursuant to the Intercreditor Agreement, the
replacement liquidity facility therefor, in each case as amended, supplemented
or otherwise modified from time to time in accordance with their respective
terms.

                  Liquidity Provider: means Westdeutsche Landesbank
Girozentrale, a German banking institution organized under the laws of the State
of North Rhine-Westphalia, acting through its New York branch, or any
replacements or successors therefor appointed in accordance with the
Intercreditor Agreement.

                  Non-U.S. Person: means a Person that is not a "U.S. Person,"
as defined in Regulation S.

                  Note Documents: means the Equipment Notes with respect to the
Applicable Certificates and, with respect to any such Equipment Note, (i) the
Indenture and the Participation Agreement relating to such Equipment Note, and
(ii) in the case of any Equipment Note related to a Leased Aircraft, the Lease
relating to such Leased Aircraft.

                  Note Purchase Agreement: means the Note Purchase Agreement
dated as of January 28, 2000 among the Trustee, the Other Trustees, the Company,
the Escrow Agent, the Escrow Paying Agent and the Subordination Agent, providing
for, among other things, the purchase of Equipment Notes by the Trustee on
behalf of the Trust, as the same may be amended, supplemented or otherwise
modified from time to time, in accordance with its terms.

                  Notice of Prepayment Withdrawal: has the meaning specified in
the Deposit Agreement.

                  Notice of Purchase Withdrawal: has the meaning specified in
the Deposit Agreement.

                  Offering Memorandum: means the offering memorandum dated
January 20, 2000 relating to the offering of the Initial Certificates.

                  Offshore Certificates Exchange Date: has the meaning specified
in Section 8.01(c) of this Trust Supplement.

<PAGE>   8
                                      -8-

                  Offshore Global Certificates: has the meaning specified in
Section 8.01(c) of this Trust Supplement.

                  Offshore Physical Certificates: has the meaning specified in
Section 8.01(d) of this Trust Supplement.

                  Other Agreements: means (i) the Basic Agreement as
supplemented by Trust Supplement No. 2000-lB dated as of the date hereof
relating to Atlas Air Pass Through Trust 2000-lB; (ii) the Basic Agreement as
supplemented by Trust Supplement No. 2000-lC dated as of the date hereof
relating to Atlas Air Pass Through Trust 2000-1C; and (iii) if Class D
Certificates are issued, the Basic Agreement as supplemented by Trust Supplement
No. 2000-1D relating to Atlas Air Pass Through Trust 2000-1D.

                  Other Trustees: means the trustees under the Other Agreements,
and any successor or other trustee appointed as provided therein.

                  Other Trusts: means the Atlas Air Pass Through Trust 2000-lB
and the Atlas Air Pass Through Trust 2000-lC, each created on the date hereof,
and if Class D Certificates are issued, the Atlas Air Pass Through Trust
2000-1D.

                  Owned Aircraft: has the meaning specified in the third recital
to this Trust Supplement.

                  Owned Aircraft Indenture: has the meaning specified in the
Note Purchase Agreement.

                  Owner Participant: with respect to any Equipment Note relating
to a Leased Aircraft, means the "Owner Participant" as referred to in the
Indenture pursuant to which such Equipment Note is issued and any permitted
successor or assign of such Owner Participant; and "Owner Participants" at any
time of determination means all of the Owner Participants thus referred to in
the Indentures.

                  Owner Trustee: with respect to any Equipment Note relating to
a Leased Aircraft, means the "Owner Trustee", as referred to in the Indenture
pursuant to which such Equipment Note is issued, not in its individual capacity
but solely as trustee; and "Owner Trustees" means all of the Owner Trustees
party to any of the Indentures.

                  Owner Trustee's Purchase Agreement: means, with respect to any
Leased Aircraft, the agreement between the Company and the relevant Owner
Trustee pursuant to which, inter alia, the Company assigns to the Owner Trustee
certain rights of the Company under the aircraft purchase agreement with respect
to such Leased Aircraft.

                  Participation Agreement: means each Participation Agreement to
be entered into, or entered into (as the case may be), by the Trustee pursuant
to the Note Purchase Agreement, as the same may be amended, supplemented or
otherwise modified in accordance with its terms.

                  Permanent Offshore Global Certificate: has the meaning
specified in Section 8.01(c) of this Trust Supplement.

                  Physical Certificates: has the meaning specified in Section
8.01(d) of this Trust Supplement.

<PAGE>   9
                                      -9-

                  Placement Agents: means, collectively, Morgan Stanley & Co.
Incorporated, Deutsche Bank Securities Inc. and Salomon Smith Barney Inc.

                  Placement Agreement: means the Placement Agreement dated
January 20, 2000 among the Placement Agents and the Company, as the same may be
amended, supplemented or otherwise modified from time to time in accordance with
its terms.

                  Pool Balance: means, as of any date, (i) the original
aggregate face amount of the Applicable Certificates less (ii) the aggregate
amount of all payments made in respect of such Applicable Certificates or in
respect of the Deposit relating to the Applicable Trust other than payments made
in respect of interest or premium thereon or reimbursement of any costs or
expenses incurred in connection therewith. The Pool Balance as of any
Distribution Date shall be computed after giving effect to any special
distribution with respect to the unused Deposit, payment of principal of the
Equipment Notes or payment with respect to other Trust Property and the
distribution thereof to be made on that date.

                  Pool Factor: means, as of any Distribution Date, the quotient
(rounded to the seventh decimal place) computed by dividing (i) the Pool Balance
by (ii) the original aggregate face amount of the Applicable Certificates. The
Pool Factor as of any Distribution Date shall be computed after giving effect to
any special distribution with respect to the unused Deposit, payment of
principal of the Equipment Notes or payments with respect to other Trust
Property and the distribution thereof to be made on that date.

                  Prepayment Withdrawal Certificate: has the meaning specified
in the Escrow Agreement.

                  Private Placement Legend: has the meaning specified in Section
8.02(a) of this Trust Supplement.

                  QIB: means a qualified institutional buyer as defined in Rule
144A.

                  Registration Event: has the meaning set forth in the
Registration Rights Agreement.

                  Registration Rights Agreement: means the Registration Rights
Agreement dated January 28, 2000 among the Placement Agents, the Trustee, the
Other Trustees and the Company, as amended, supplemented or otherwise modified
from time to time in accordance with its terms.

                  Registration Statement: has the meaning set forth in the
Registration Rights Agreement.

                  Regulation S: means Regulation S under the Securities Act or
any successor regulation thereto.

                  Rule 144A: means Rule 144A under the Securities Act or any
successor rule thereto.

                  Scheduled Delivery Date: has the meaning specified in the Note
Purchase Agreement.

                  Securities Act: means the U.S. Securities Act of 1933, as
amended.

                  Shelf Registration Statement: has the meaning set forth in the
Registration Rights Agreement.

<PAGE>   10
                                      -10-

                  Special Payment: means any payment (other than a Scheduled
Payment) in respect of, or any proceeds of, any Equipment Note, Trust Indenture
Estate (as defined in each Leased Aircraft Indenture), or Collateral (as defined
in each Owned Aircraft Indenture) or any Special Redemption Premium.

                  Special Redemption Premium: means the premium payable by the
Company pursuant to Section 3(a)(i) of the Note Purchase Agreement.

                  Substitute Aircraft: has the meaning specified in the Note
Purchase Agreement.

                  Temporary Offshore Global Certificate: has the meaning
specified in Section 8.01(c) of this Trust Supplement.

                  Triggering Event: has the meaning assigned to such term in the
Intercreditor Agreement.

                  Trust Property: means (i) subject to the Intercreditor
Agreement, the Equipment Notes held as the property of the Applicable Trust, all
monies at any time paid thereon and all monies due and to become due thereunder,
(ii) funds from time to time deposited in the Certificate Account and the
Special Payments Account and, subject to the Intercreditor Agreement, any
proceeds from the sale by the Trustee pursuant to Article VI of the Basic
Agreement of any Equipment Note and (iii) all rights of the Applicable Trust and
the Trustee, on behalf of the Applicable Trust, under the Intercreditor
Agreement, the Escrow Agreement, the Note Purchase Agreement and the Liquidity
Facility, including, without limitation, all rights to receive certain payments
thereunder, and all monies paid to the Trustee on behalf of the Applicable Trust
pursuant to the Intercreditor Agreement or the Liquidity Facility, provided that
rights with respect to the Deposit or under the Escrow Agreement, except for the
right to direct withdrawals for the purchase of Equipment Notes to be held
herein, will not constitute Trust Property.

                  Trust Supplement: has the meaning specified in the first
paragraph of this Trust Supplement.

                  U.S. Global Certificate: has the meaning specified in Section
8.01(b) of this Trust Supplement.

                  U.S. Physical Certificates: has the meaning specified in
Section 8.01(d) of this Trust Supplement.

                                   ARTICLE III

                        STATEMENTS TO CERTIFICATEHOLDERS

                  Section 3.01. ADDITIONS TO ARTICLE IV OF THE BASIC AGREEMENT.
In addition to the provisions of Article IV of the Basic Agreement, the
following provisions shall apply to the Applicable Trust:

                  (a) Upon the payment of Special Redemption Premium to the
Trustee under the Note Purchase Agreement, the Trustee, upon receipt thereof,
shall immediately deposit the aggregate amount of such Special Redemption
Premium in the Special Payments Account;

<PAGE>   11
                                      -11-

                  (b) The distribution of amounts of Special Redemption Premium
as provided for in Section 4.02(b) of the Basic Agreement shall be on the
Special Distribution Date with respect to such Special Payment or as soon
thereafter as the Trustee has confirmed receipt of the related Special
Redemption Premium;

                  (c) In the event of the payment of a Special Redemption
Premium by the Company to the Trustee under the Note Purchase Agreement, the
notice provided for in Section 4.02(c) of the Basic Agreement shall be mailed,
together with the notice by the Escrow Paying Agent under Section 2.06 of the
Escrow Agreement, not less than 15 days prior to the Special Distribution Date
for such amount, which Special Distribution Date shall be the Final Withdrawal
Date; and

                  (d) The last sentence of the first paragraph of Section
4.02(c) of the Basic Agreement shall apply equally if the amount of Special
Redemption Premium, if any, has not been calculated at the time the Trustee
mails notice of a Special Payment.

                  Section 3.02. STATEMENTS TO APPLICABLE CERTIFICATEHOLDERS. (a)
On each Distribution Date, the Trustee will include with each distribution to
Applicable Certificateholders of a Scheduled Payment or Special Payment, as the
case may be, a statement setting forth the information provided below (in the
case of a Special Payment, reflecting in part the information provided by the
Escrow Paying Agent under the Escrow Agreement). Such statement shall set forth
(per $1,000 face amount Applicable Certificate as to (ii), (iii), (iv) and (v)
below) the following information:

                      (i)  the aggregate amount of funds distributed on such
                           Distribution Date under the Agreement and under the
                           Escrow Agreement, indicating the amount allocable to
                           each source;

                     (ii)  the amount of such distribution under the Agreement
                           allocable to principal and the amount allocable to
                           premium (including any premium paid with respect to
                           unused Deposits), if any;

                    (iii)  the amount of such distribution under the Agreement
                           allocable to interest;

                     (iv)  the amount of such distribution under the Escrow
                           Agreement allocable to interest;

                      (v)  the amount of such distribution under the Escrow
                           Agreement allocable to unused Deposits, if any; and

                    (vi)   the Pool Balance and the Pool Factor.

                  With respect to the Applicable Certificates registered in the
name of a Clearing Agency, on the Record Date prior to each Distribution Date,
the Trustee will request from such Clearing Agency a securities position listing
setting forth the names of all Clearing Agency Participants reflected on such
Clearing Agency's books as holding interests in the Applicable Certificates on
such Record Date. On each Distribution Date, the Trustee will mail to each such
Clearing Agency Participant the statement described above and will make
available additional copies as requested by such Clearing Agency Participant for
forwarding to holders of interests in the Applicable Certificates.

                  (b) Within a reasonable period of time after the end of each
calendar year but not later than the latest date permitted by law, the Trustee
shall furnish to each Person who at any time during such calendar

<PAGE>   12
                                      -12-

year was an Applicable Certificateholder of record a statement containing the
sum of the amounts determined pursuant to clauses (a)(i), (a)(ii), (a)(iii),
(a)(iv) and (a)(v) above for such calendar year or, in the event such Person was
an Applicable Certificateholder of record during a portion of such calendar
year, for such portion of such year, and such other items as are readily
available to the Trustee and which an Applicable Certificateholder shall
reasonably request as necessary for the purpose of such Applicable
Certificateholder's preparation of its federal income tax returns. Such
statement and such other items shall be prepared on the basis of information
supplied to the Trustee by the Clearing Agency Participants and shall be
delivered by the Trustee to such Clearing Agency Participants to be available
for forwarding by such Clearing Agency Participants to the holders of interests
in the Applicable Certificates in the manner described in Section 3.02(a) of
this Trust Supplement.

                  (c) If the aggregate principal payments scheduled for January
2, 2001, on the Equipment Notes held as Trust Property as of December 8, 2000,
differs from the amount thereof set forth for the Applicable Certificates on
page 47 of the Offering Memorandum, by no later than December 15, 2000 the
Trustee shall mail written notice of the actual amount of such scheduled
payments to the Applicable Certificateholders of record as of a date within 10
Business Days prior to the date of mailing.

                  (d) Promptly following (i) any reoptimization and the Delivery
Period Termination Date, in each case if there has been any change in the
information set forth in clauses (x), (y) and (z) below from that set forth in
page 47 of the Offering Memorandum, and (ii) any early redemption or purchase
of, or any default in the payment of principal or interest in respect of, any of
the Equipment Notes held in the Applicable Trust, or any Final Withdrawal, the
Trustee shall furnish to Applicable Certificateholders of record on such date a
statement setting forth (x) the expected Pool Balances for each subsequent
Regular Distribution Date following the Delivery Period Termination Date, (y)
the related Pool Factors for such Regular Distribution Dates and (z) the
expected principal distribution schedule of the Equipment Notes, in the
aggregate, held as Trust Property at the date of such notice. With respect to
the Applicable Certificates registered in the name of a Clearing Agency, on the
Delivery Period Termination Date, the Trustee will request from such Clearing
Agency a securities position listing setting forth the names of all Clearing
Agency Participants reflected on such Clearing Agency's books as holding
interests in the Applicable Certificates on such date. The Trustee will mail to
each such Clearing Agency Participant the statement described above and will
make available additional copies as requested by such Clearing Agency
Participant for forwarding to holders of interests in the Applicable
Certificates.

                  (e) This Section 3.02 supersedes and replaces Section 4.03 of
the Basic Agreement, with respect to the Applicable Trust.

                                   ARTICLE IV

                                     DEFAULT

                  Section 4.01. PURCHASE RIGHTS OF CERTIFICATEHOLDERS. (a) By
acceptance of its Applicable Certificate, each Applicable Certificateholder
agrees that at any time after the occurrence and during the continuation of a
Triggering Event,

                           (i) each Class B Certificateholder shall have the
         right to purchase all, but not less than all, of the Applicable
         Certificates upon ten days' written notice to the Trustee, and each
         other Class B Certificateholder, provided that (A) if prior to the end
         of such ten-day period any other Class B Certificateholder notifies
         such purchasing Class B Certificateholder that such other Class B
         Certificateholder

<PAGE>   13
                                      -13-

         wants to participate in such purchase, then such other Class B
         Certificateholder may join with the purchasing Class B
         Certificateholder to purchase all, but not less than all, of the
         Applicable Certificates pro rata based on the Fractional Undivided
         Interest in the Class B Trust held by each such Class B
         Certificateholder and (B) if prior to the end of such ten-day period
         any other Class B Certificateholder fails to notify the purchasing
         Class B Certificateholder of such other Class B Certificateholder's
         desire to participate in such a purchase, then such other Class B
         Certificateholder shall lose its right to purchase the Applicable
         Certificates pursuant to this Section 4.01(a);

                           (ii) each Class C Certificateholder shall have the
         right (which shall not expire upon any purchase of the Applicable
         Certificates pursuant to clause (a)(i)) to purchase all, but not less
         than all, of the Applicable Certificates and the Class B Certificates
         upon ten days' written notice to the Trustee, the Class B Trustee and
         each other Class C Certificateholder, provided that (A) if prior to the
         end of such ten-day period any other Class C Certificateholder notifies
         such purchasing Class C Certificateholder that such other Class C
         Certificateholder wants to participate in such purchase, then such
         other Class C Certificateholder may join with the purchasing Class C
         Certificateholder to purchase all, but not less than all, of the
         Applicable Certificates and the Class B Certificates pro rata based on
         the Fractional Undivided Interest in the Class C Trust held by each
         such Class C Certificateholder and (B) if prior to the end of such
         ten-day period any other Class C Certificateholder fails to notify the
         purchasing Class C Certificateholder of such other Class C
         Certificateholder's desire to participate in such a purchase, then such
         other Class C Certificateholder shall lose its right to purchase the
         Applicable Certificates and the Class B Certificates pursuant to this
         Section 4.01(a); and

                           (iii) each holder of a Class D Certificate (a "Class
         D Certificateholder") shall have the right (which shall not expire upon
         any purchase of the Applicable Certificates pursuant to clause (a)(i)
         or (ii) above or the Class B Certificates pursuant to clause (a)(ii)
         above) to purchase all, but not less than all, of the Applicable
         Certificates, the Class B Certificates and the Class C Certificates
         upon ten days' written notice to the Trustee, the Class B Trustee, the
         Class C Trustee and each other Class D Certificateholder, provided that
         (A) if prior to the end of such ten-day period any other Class D
         Certificateholder notifies such purchasing Class D Certificateholder
         that such other Class D Certificateholder wants to participate in such
         purchase, then such other Class D Certificateholder may join with the
         purchasing Class D Certificateholder to purchase all, but not less than
         all, of the Applicable Certificates, the Class B Certificates and the
         Class C Certificates pro rata based on the Fractional Undivided
         Interest in the Class D Trust held by each such Class D
         Certificateholder and (B) if prior to the end of such ten-day period
         any other Class D Certificateholder fails to notify the purchasing
         Class D Certificateholder of such other Class D Certificateholder's
         desire to participate in such a purchase, then such other Class D
         Certificateholder shall lose its right to purchase the Applicable
         Certificates, the Class B Certificates and the Class C Certificates
         pursuant to this Section 4.01(a).

                  The purchase price with respect to the Applicable Certificates
shall be equal to the Pool Balance of the Applicable Certificates, together with
accrued and unpaid interest thereon to the date of such purchase, without
premium, but including any other amounts then due and payable to the Applicable
Certificateholders under the Agreement, the Intercreditor Agreement, the Escrow
Agreement or any Note Document or on or in respect of the Applicable
Certificates; provided, however, that (x) if such purchase occurs after a record
date specified in Section 2.03 of the Escrow Agreement relating to the
distribution of unused Deposits and/or accrued and unpaid interest on Deposits
and prior to or on the related distribution date thereunder, such purchase price
shall be reduced by the aggregate amount of unused Deposits and/or interest to
be distributed under the Escrow Agreement (which deducted amounts shall remain
distributable to, and may be retained by, the Applicable Certificateholder as of
such record date) and (y) if such purchase occurs after a Record Date and prior
to or

<PAGE>   14
                                      -14-

on the related Distribution Date, such purchase price shall be reduced by the
amount to be distributed under this Agreement on the related Distribution Date
(which deducted amounts shall remain distributable to, and may be retained by,
the Applicable Certificateholder as of such Record Date); provided further that
no such purchase of Applicable Certificates shall be effective unless the
purchaser(s) shall certify to the Trustee that contemporaneously with such
purchase, such purchaser(s) is (are) purchasing, pursuant to the terms of the
Agreement and the Other Agreements, (A) in the case of any purchase of the
Applicable Certificates pursuant to clause (a)(i) above, all of the Applicable
Certificates, or (B) in all other cases, the Applicable Certificates, the Class
B Certificates and the Class C Certificates which are senior to the securities
held by such purchaser(s). Each payment of the purchase price of the Applicable
Certificates referred to in the first sentence hereof shall be made to an
account or accounts designated by the Trustee and each such purchase shall be
subject to the terms of this Section 4.01(a). Each Applicable Certificateholder
agrees by its acceptance of its Applicable Certificate that (at any time after
the occurrence and during the continuation of a Triggering Event) it will, upon
payment from such Class B Certificateholder(s), Class C Certificateholder(s) or
Class D Certificateholder(s), as the case may be, of the purchase price set
forth in the first sentence of this paragraph, forthwith sell, assign, transfer
and convey to the purchaser(s) thereof (without recourse, representation or
warranty of any kind except for its own acts), all of the right, title, interest
and obligation of such Applicable Certificateholder in the Agreement, the Escrow
Agreement, the Deposit Agreement, the Intercreditor Agreement, the Liquidity
Facility, the Note Purchase Agreement, the Note Documents and all Applicable
Certificates and Escrow Receipts held by such Applicable Certificateholder
(subject to clauses (x) and (y) in the first sentence of this paragraph and
excluding all right, title and interest under any of the foregoing to the extent
such right, title or interest is with respect to an obligation not then due and
payable as respects any action or inaction or state of affairs occurring prior
to such sale) and the purchaser shall assume all of such Applicable
Certificateholder's obligations under the Agreement, the Escrow Agreement, the
Deposit Agreement, the Intercreditor Agreement, the Liquidity Facility, the Note
Purchase Agreement, the Note Documents and all such Applicable Certificates and
Escrow Receipts). The Applicable Certificates will be deemed to be purchased on
the date payment of the purchase price is made notwithstanding the failure of
the Applicable Certificateholders to deliver any Applicable Certificates and,
upon such a purchase, (I) the only rights of the Applicable Certificateholders
will be to deliver the Applicable Certificates to the purchaser(s) and receive
the purchase price for such Applicable Certificates and (II) if the purchaser(s)
shall so request, such Applicable Certificateholder will comply with all the
provisions of Section 3.04 of the Basic Agreement to enable new Applicable
Certificates to be issued to the purchaser in such denominations as it shall
request. All charges and expenses in connection with the issuance of any such
new Applicable Certificates shall be borne by the purchaser thereof.

                  As used in this Section 4.01 and elsewhere in this Trust
Supplement, the terms "Class B Certificate", "Class B Certificateholder", "Class
B Trust", "Class B Trustee", "Class C Certificate", "Class C Certificateholder",
"Class C Trust", "Class C Trustee", "Class D Certificate" and "Class D Trust",
shall have the respective meanings assigned to such terms in the Intercreditor
Agreement.

                  (b) This Section 4.01 supersedes and replaces Section 6.01(b)
of the Basic Agreement, with respect to the Applicable Trust.

<PAGE>   15
                                      -15-

                                    ARTICLE V

                                   THE TRUSTEE

                  Section 5.01. DELIVERY OF DOCUMENTS; DELIVERY DATES. (a) The
Trustee is hereby directed (i) to execute and deliver the Intercreditor
Agreement, the Escrow Agreement and the Note Purchase Agreement on or prior to
the Issuance Date, each in the form delivered to the Trustee by the Company, and
(ii) subject to the respective terms thereof, to perform its obligations
thereunder. Upon request of the Company and the satisfaction or waiver of the
closing conditions specified in the Placement Agreement, the Trustee shall
execute, deliver, authenticate, issue and sell Applicable Certificates in
authorized denominations equaling in the aggregate the amount set forth, with
respect to the Applicable Trust, in Schedule I to the Placement Agreement
evidencing the entire ownership interest in the Applicable Trust, which amount
equals the maximum aggregate principal amount of Equipment Notes which may be
purchased by the Trustee pursuant to the Note Purchase Agreement. Except as
provided in Sections 3.03, 3.04, 3.05 and 3.06 of the Basic Agreement, the
Trustee shall not execute, authenticate or deliver Applicable Certificates in
excess of the aggregate amount specified in this paragraph. The provisions of
this Section 5.01(a) supersede and replace the first sentence of Section 3.02(a)
of the Basic Agreement, with respect to the Applicable Trust.

                  (b) On or after the Issuance Date, the Company may deliver
from time to time to the Trustee a Delivery Notice relating to one or more
Equipment Notes. After receipt of a Delivery Notice and in any case no later
than one Business Day prior to a Scheduled Delivery Date as to which such
Delivery Notice relates (the "Applicable Delivery Date"), the Trustee shall (as
and when specified in the Delivery Notice) instruct the Escrow Agent to provide
a Notice of Purchase Withdrawal to the Depositary requesting (A) the withdrawal
of all or a portion of the Deposit on the Applicable Delivery Date in accordance
with and to the extent permitted by the terms of the Escrow Agreement and the
Deposit Agreement and (B) the payment of all, or a portion, of such Deposit in
an amount equal in the aggregate to the purchase price of such Equipment Notes
to or on behalf of the Owner Trustee or the Company, as the case may be, issuing
such Equipment Notes, all as shall be described in the Delivery Notice. The
Trustee shall (as and when specified in such Delivery Notice), subject to the
conditions set forth in Section 2 of the Note Purchase Agreement, enter into and
perform its obligations under the Participation Agreement specified in such
Delivery Notice (the "Applicable Participation Agreement") and cause such
certificates, documents and legal opinions relating to the Trustee to be duly
delivered as required by the Applicable Participation Agreement. If at any time
prior to the Applicable Delivery Date, the Trustee receives a notice of
postponement pursuant to Section 1(e) or 1(f) of the Note Purchase Agreement,
then the Trustee shall give the Depositary (with a copy to the Escrow Agent) a
notice of cancellation of such Notice of Purchase Withdrawal relating to such
Deposit on such Applicable Delivery Date. Upon satisfaction of the conditions
specified in the Note Purchase Agreement and the Applicable Participation
Agreement, the Trustee shall purchase the applicable Equipment Notes with the
proceeds of the withdrawals of all or a portion of the Deposit made on the
Applicable Delivery Date in accordance with the terms of the Deposit Agreement
and the Escrow Agreement. The purchase price of such Equipment Notes shall equal
the principal amount of such Equipment Notes. Amounts withdrawn from such
Deposit in excess of the purchase price of the Equipment Notes or to the extent
not applied on the Applicable Delivery Date to the purchase price of the
Equipment Notes, shall be re-deposited by the Trustee with the Depositary on the
Applicable Delivery Date in accordance with the terms of the Deposit Agreement.
The provisions of this Section 5.01(b) supersede and replace the provisions of
Section 2.02 of the Basic Agreement, with respect to the Applicable Trust, and
all provisions of the Basic Agreement relating to Postponed Notes and Section
2.02 of the Basic Agreement shall not apply to the Applicable Trust.

<PAGE>   16
                                      -16-

                  (c) The Trustee acknowledges its acceptance of all right,
title and interest in and to the Trust Property to be acquired pursuant to
Section 5.01(b) of this Trust Supplement, the Note Purchase Agreement and each
Applicable Participation Agreement, and declares that it holds and will hold
such right, title and interest for the benefit of all present and future
Applicable Certificateholders, upon the trusts set forth in this Agreement. By
its acceptance of an Applicable Certificate, each initial Applicable
Certificateholder, as a grantor of the Applicable Trust, joins with the Trustee
in the creation of the Applicable Trust. The provisions of this Section 5.01(c)
supersede and replace the provisions of Section 2.03 of the Basic Agreement,
with respect to the Applicable Trust.

                  Section 5.02. WITHDRAWAL OF DEPOSITS. (a) If the Company shall
receive written notice from Boeing that the delivery date of any Aircraft will
be delayed beyond the Delivery Period Termination Date, the Company may deliver
to the Trustee written notice to such effect and requesting that the Trustee
deliver to the Escrow Agent a Prepayment Withdrawal Certificate pursuant to the
Escrow Agreement directing the Escrow Agent to provide a Notice of Prepayment
Withdrawal to the Depositary requesting the withdrawal of all or a portion of
the Deposit relating to Equipment Notes in respect of such Aircraft in
accordance with and to the extent permitted by the terms of the Escrow Agreement
and the Deposit Agreement.

                  (b) If any portion of the Deposit remains outstanding on the
Business Day next succeeding the Cut-off Date, the Trustee shall (i) give the
Escrow Agent notice that the Trustee's obligation to purchase Equipment Notes
under the Note Purchase Agreement has terminated and instruct the Escrow Agent
to provide a notice of Final Withdrawal to the Depositary substantially in the
form of Exhibit B to the Deposit Agreement (the "Final Withdrawal Notice") and
(ii) shall make demand upon the Company pursuant to the Note Purchase Agreement
for an amount equal to the Deposit Make Whole Amount, if any, such payment to be
made on the Final Withdrawal Date.

                  Section 5.03. THE TRUSTEE. (a) Subject to Section 5.04 of this
Trust Supplement and Section 7.15 of the Basic Agreement, the Trustee shall not
be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Trust Supplement, the Deposit Agreement, the Note Purchase
Agreement or the Escrow Agreement or the due execution hereof or thereof by the
Company or the other parties thereto (other than the Trustee), or for or in
respect of the recitals and statements contained herein or therein, all of which
recitals and statements are made solely by the Company, except that the Trustee
hereby represents and warrants that each of this Trust Supplement, the Basic
Agreement, each Applicable Certificate, the Intercreditor Agreement, the Note
Purchase Agreement and the Escrow Agreement has been executed and delivered by
one of its officers who is duly authorized to execute and deliver such document
on its behalf.

                  (b) Except as herein otherwise provided and except during the
continuance of an Event of Default in respect of the Applicable Trust created
hereby, no duties, responsibilities or liabilities are assumed, or shall be
construed to be assumed, by the Trustee by reason of this Trust Supplement other
than as set forth in the Agreement, and this Trust Supplement is executed and
accepted on behalf of the Trustee, subject to all the terms and conditions set
forth in the Agreement, as fully to all intents as if the same were herein set
forth at length.

                  Section 5.04. REPRESENTATIONS AND WARRANTIES OF THE TRUSTEE.
The Trustee hereby represents and warrants that:

                  (a) the Trustee has full power, authority and legal right to
execute, deliver and perform this Trust Supplement, the Intercreditor Agreement,
the Escrow Agreement, the Note Purchase Agreement and the Note Documents to
which it is or is to become a party and has taken all necessary action to
authorize the execution,

<PAGE>   17
                                      -17-

delivery and performance by it of this Trust Supplement, the Intercreditor
Agreement, the Escrow Agreement, the Note Purchase Agreement and the Note
Documents to which it is or is to become a party;

                  (b) the execution, delivery and performance by the Trustee of
this Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the
Note Purchase Agreement and the Note Documents to which it is or is to become a
party (i) will not violate any provision of any United States federal law or the
law of the state of the United States where it is located governing the banking
and trust powers of the Trustee or any order, writ, judgment, or decree of any
court, arbitrator or governmental authority applicable to the Trustee or any of
its assets, (ii) will not violate any provision of the articles of association
or by-laws of the Trustee, and (iii) will not violate any provision of, or
constitute, with or without notice or lapse of time, a default under, or result
in the creation or imposition of any lien on any properties included in the
Trust Property pursuant to the provisions of any mortgage, indenture, contract,
agreement or other undertaking to which it is a party, which violation, default
or lien could reasonably be expected to have an adverse effect on the Trustee's
performance or ability to perform its duties hereunder or thereunder or on the
transactions contemplated herein or therein;

                  (c) the execution, delivery and performance by the Trustee of
this Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the
Note Purchase Agreement and the Note Documents to which it is or is to become a
party will not require the authorization, consent, or approval of, the giving of
notice to, the filing or registration with, or the taking of any other action in
respect of, any governmental authority or agency of the United States or the
state of the United States where it is located regulating the banking and
corporate trust activities of the Trustee; and

                  (d) this Trust Supplement, the Intercreditor Agreement, the
Escrow Agreement, the Note Purchase Agreement and the Note Documents to which it
is or is to become a party have been, or will be, as applicable, duly executed
and delivered by the Trustee and constitute, or will constitute, as applicable,
the legal, valid and binding agreements of the Trustee, enforceable against it
in accordance with their respective terms; provided, however, that
enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the rights of creditors
generally and (ii) general principles of equity.

                  Section 5.05. TRUSTEE LIENS. The Trustee in its individual
capacity agrees, in addition to the agreements contained in Section 7.17 of the
Basic Agreement, that it will at its own cost and expense promptly take any
action as may be necessary to duly discharge and satisfy in full any Trustee's
Liens on or with respect to the Trust Property which is attributable to the
Trustee in its individual capacity and which is unrelated to the transactions
contemplated by the Intercreditor Agreement or the Note Purchase Agreement.

                                   ARTICLE VI

                  ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS

                  Section 6.01. SUPPLEMENTAL AGREEMENTS WITHOUT CONSENT OF
APPLICABLE CERTIFICATEHOLDERS. Without limitation of Section 9.01 of the Basic
Agreement, under the terms of, and subject to the limitations contained in,
Section 9.01 of the Basic Agreement, the Company may (but will not be required
to), and the Trustee (subject to Section 9.03 of the Basic Agreement) shall, at
the Company's request, at any time and from time to time, (i) enter into one or
more agreements supplemental to the Escrow Agreement, the Note Purchase
Agreement or the Deposit Agreement, for any of the purposes set forth in clauses
(a) through (i) of such Section 9.01, and (without limitation of the foregoing
or Section 9.01 of the Basic

<PAGE>   18
                                      -18-

Agreement) clauses (b) and (c) of such Section 9.01 shall also be deemed to
include the Company's obligations under (in the case of clause (b)), and the
Company's rights and powers conferred by (in the case of clause (c)), the Note
Purchase Agreement and references in clauses (d), (f) and (g) of such Section
9.01 to "any Intercreditor Agreement or any Liquidity Facility" shall also be
deemed to refer to "the Intercreditor Agreement, the Liquidity Facility, the
Escrow Agreement, the Note Purchase Agreement or the Deposit Agreement" and (ii)
enter into one or more agreements supplemental to the Basic Agreement to provide
for the formation of a Class D Trust, the issuance of Class D Certificates, the
purchase by the Class D Trust of Equipment Notes and other matters incidental
thereto or otherwise contemplated by Section 2.01(b) of the Basic Agreement.

                  Section 6.02. SUPPLEMENTAL AGREEMENTS WITH CONSENT OF
APPLICABLE CERTIFICATEHOLDERS. Without limitation of Section 9.02 of the Basic
Agreement, the provisions of Section 9.02 of the Basic Agreement shall apply to
agreements or amendments for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Escrow Agreement, the
Deposit Agreement or the Note Purchase Agreement or modifying in any manner the
rights and obligations of the Applicable Certificateholders under the Escrow
Agreement, the Deposit Agreement or the Note Purchase Agreement; provided that
the provisions of Section 9.02(a) of the Basic Agreement shall be deemed to
include reductions in any manner of, or delay in the timing of, any receipt by
the Applicable Certificateholders of payments upon the Deposits.

                                   ARTICLE VII

                              TERMINATION OF TRUST

                  Section 7.01. TERMINATION OF THE APPLICABLE TRUST. (a) The
respective obligations and responsibilities of the Company and the Trustee with
respect to the Applicable Trust shall terminate upon distribution to all
Applicable Certificateholders and the Trustee of all amounts required to be
distributed to them pursuant to this Agreement and the disposition of all
property held as part of the Trust Property; provided, however, that in no event
shall the Applicable Trust continue beyond one hundred ten (110) years following
the date of the execution of this Trust Supplement.

                                  ARTICLE VIII

                                THE CERTIFICATES

                  Section 8.01. ADDITIONS TO ARTICLE III OF THE BASIC AGREEMENT.
In addition to the provisions of Article III of the Basic Agreement, the
following provisions shall apply to the Applicable Trust:

                  (a) The Initial Certificates will be issued in minimum
denominations of $100,000 or integral multiples of $1,000 in excess thereof. The
Exchange Certificates will be issued in denominations of $1,000 or integral
multiples thereof. Each Exchange Certificate shall be dated the date of its
authentication. The aggregate Fractional Undivided Interest of Applicable
Certificates shall not at any time exceed $124,639,000;

<PAGE>   19
                                      -19-

                  (b) Initial Certificates offered and sold in reliance on Rule
144A shall be issued initially in the form of one or more global Certificates in
definitive, fully registered form without interest coupons, substantially in the
form set forth as Exhibit A hereto (the "U.S. Global Certificate"), duly
executed and authenticated by the Trustee as hereinafter provided. The U.S.
Global Certificate will be registered in the name of a nominee for DTC and
deposited with the Trustee, as custodian for DTC. The aggregate principal amount
of the U.S. Global Certificate may from time to time be increased or decreased
by adjustments made on the records of DTC or its nominee, or of the Trustee, as
custodian for DTC or its nominee, as hereinafter provided;

                  (c) Initial Certificates offered and sold in offshore
transactions in reliance on Regulation S shall be issued initially in the form
of one or more temporary global Certificates in definitive, fully registered
form without interest coupons, substantially in the form set forth as Exhibit A
hereto (the "Temporary Offshore Global Certificate") duly executed and
authenticated by the Trustee as hereinafter provided. The Temporary Offshore
Global Certificate will be registered in the name of a nominee of DTC for credit
to the account of the Agent Members acting as depositaries for Euroclear and
Cedel and deposited with the Trustee as custodian for DTC. At any time following
March 9, 2000 (the "Offshore Certificates Exchange Date"), upon receipt by the
Trustee of a certificate substantially in the form of Exhibit B hereto, a single
permanent global Certificate in registered form substantially in the form set
forth in Exhibit A (the "Permanent Offshore Global Certificate"; and together
with the Temporary Offshore Global Certificate, the "Offshore Global
Certificates"), duly executed and authenticated by the Trustee as hereinafter
provided, shall be registered in the name of a nominee for DTC and deposited
with the Trustee, as custodian for DTC, and the Registrar shall reflect on its
books and records the date of such transfer and a decrease in the principal
amount of any Temporary Offshore Global Certificate in an amount equal to the
principal amount of the beneficial interest in such Temporary Offshore Global
Certificate transferred. The U.S. Global Certificate and the Offshore Global
Certificates are sometimes referred to as the "Global Certificates";

                  (d) Initial Certificates offered and sold to Institutional
Accredited Investors shall be issued in the form of permanent certificated
Certificates in registered form in substantially the form set forth as Exhibit A
hereto (the "U.S. Physical Certificates"). Certificates issued pursuant to
Section 8.04(b) in exchange for interests in any Offshore Global Certificate
shall be in the form of permanent certificated Certificates in registered form
substantially in the form set forth in Exhibit A (the "Offshore Physical
Certificates"). The Offshore Physical Certificates and U.S. Physical
Certificates are sometimes collectively herein referred to as the "Physical
Certificates";

                  (e) The Exchange Certificates shall be issued in the form of
one or more global Certificates substantially in the form of Exhibit A hereto
(each, a "Global Exchange Certificate"), except that (i) the Private Placement
Legend (hereinafter defined) shall be omitted and (ii) such Exchange
Certificates shall contain such appropriate insertions, omissions, substitutions
and other variations from the form set forth in Exhibit A hereto relating to the
nature of the Exchange Certificates as the Responsible Officer of the Trustee
executing such Exchange Certificates on behalf of the Trust may determine, as
evidenced by such officer's execution on behalf of the Trust of such Exchange
Certificates. Such Global Exchange Certificates shall be in registered form and
be registered in the name of DTC and deposited with the Trustee, at its
Corporate Trust Office, as custodian for DTC. The aggregate principal amount of
any Global Exchange Certificate may from time to time be increased or decreased
by adjustments made on the records of the Trustee, as custodian for DTC for such
Global Exchange Certificate, which adjustments shall be conclusive as to the
aggregate principal amount of any such Global Exchange Certificate. Subject to
clause (i) and (ii) of the first sentence of this Section 8.01(e), the terms
hereof applicable to U.S. Global Certificates and/or Global Certificates shall
apply to the Global Exchange Certificates, mutatis mutandis;

<PAGE>   20
                                      -20-

                  (f) The definitive Applicable Certificates shall be in
registered form and shall be typed, printed, lithographed or engraved or
produced by any combination of these methods or may be produced in any other
manner, all as determined by the officers executing such Applicable
Certificates, as evidenced by their execution of such Applicable Certificates.

                  Section 8.02. RESTRICTIVE LEGENDS. (a) Subject to Section
8.05, unless and until (i) an Initial Certificate is sold under an effective
Shelf Registration Statement or (ii) an Initial Certificate is exchanged for an
Exchange Certificate pursuant to an effective Exchange Offer Registration
Statement, in each case as provided for in the Registration Rights Agreement,
each Global Certificate (other than the Permanent Offshore Global Certificate)
and each U.S. Physical Certificate shall bear the following legend (the "Private
Placement Legend") on the face thereof:

         [THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT
         OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES
         LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED
         STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY PERSONS EXCEPT AS
         SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE
         HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER"
         (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS AN
         INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(A)(1), (2),
         (3) OR (7) UNDER THE SECURITIES ACT) (AN "INSTITUTIONAL ACCREDITED
         INVESTOR") OR (C) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS
         CERTIFICATE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S
         UNDER THE SECURITIES ACT; (2) AGREES THAT IT WILL NOT, PRIOR TO
         EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THE
         CERTIFICATES UNDER RULE 144(K) UNDER THE SECURITIES ACT (OR ANY
         SUCCESSOR PROVISION) RESELL OR OTHERWISE TRANSFER THIS CERTIFICATE
         EXCEPT (A) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE
         144A UNDER THE SECURITIES ACT, (B) INSIDE THE UNITED STATES TO AN
         INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING $100,000 OR MORE AGGREGATE
         PRINCIPAL AMOUNT OF SUCH CERTIFICATE, THAT, PRIOR TO SUCH TRANSFER,
         FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
         REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER
         OF THIS CERTIFICATE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE
         TRUSTEE), (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
         COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE
         EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
         ACT (IF AVAILABLE), (E) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS
         BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND WHICH CONTINUES
         TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER), OR (F) TO ATLAS OR ANY
         SUBSIDIARY THEREOF; (3) PRIOR TO SUCH TRANSFER (OTHER THAN A TRANSFER
         PURSUANT TO CLAUSE 2(E) ABOVE), IT WILL FURNISH TO THE TRUSTEE SUCH
         CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE TRUSTEE MAY
         REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT
         TO AN EXEMPTION FROM, OR IN A

<PAGE>   21
                                      -21-

         TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
         SECURITIES ACT AND (4) AGREES THAT IT WILL DELIVER TO EACH PERSON TO
         WHOM THIS CERTIFICATE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE
         EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS
         CERTIFICATE PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO
         SALES OF THE CERTIFICATES UNDER RULE 144(K) UNDER THE SECURITIES ACT
         (OR ANY SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE APPROPRIATE BOX
         SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER
         AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. IF THE PROPOSED TRANSFEREE
         IS AN INSTITUTIONAL ACCREDITED INVESTOR OR IS A PURCHASER WHO IS NOT A
         U.S. PERSON, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE
         TRUSTEE, SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS IT
         MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE
         PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
         REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL BE
         REMOVED UPON THE EARLIER OF THE TRANSFER OF THE CERTIFICATES PURSUANT
         TO CLAUSE 2(E) ABOVE OR UPON ANY TRANSFER OF THE CERTIFICATES UNDER
         RULE 144(K) UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION). AS
         USED HEREIN, THE TERMS "OFFSHORE TRANSACTION", "UNITED STATES" AND
         "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE
         SECURITIES ACT. THE PASS THROUGH TRUST AGREEMENT CONTAINS A PROVISION
         REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS
         CERTIFICATE IN VIOLATION OF THE FOREGOING RESTRICTIONS.]1

                  (b) Each Global Certificate shall also bear the following
legend on the face thereof:

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
         AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS
         REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
         REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
         HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
         AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
         HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
         AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

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

(a)  Not to be included on the face of the Permanent Offshore Global
     Certificate.
<PAGE>   22
                                      -22-

         TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN
         WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
         SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
         CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
         RESTRICTIONS SET FORTH IN SECTIONS 8.04 AND 8.05 OF THE TRUST
         SUPPLEMENT TO THE PASS THROUGH TRUST AGREEMENT REFERRED TO HEREIN.

                  Section 8.03. TRANSFER AND EXCHANGE. An Applicable
Certificateholder may transfer an Applicable Certificate by written application
to the Registrar stating the name of the proposed transferee and otherwise
complying with the terms of this Agreement, including providing a written
certificate or other evidence of compliance with any restrictions on transfer.
No such transfer shall be effected until, and such transferee shall succeed to
the rights of an Applicable Certificateholder only upon, final acceptance and
registration of the transfer by the Registrar in the Register. Prior to the
registration of any transfer by an Applicable Certificateholder as provided
herein, the Trustee shall treat the person in whose name the Applicable
Certificate is registered as the owner thereof for all purposes, and the Trustee
shall not be affected by notice to the contrary. Furthermore, DTC shall, by
acceptance of a Global Certificate, agree that transfers of beneficial interests
in such Global Certificate may be effected only through a book-entry system
maintained by DTC (or its agent), and that ownership of a beneficial interest in
the Certificate shall be required to be reflected in a book entry. When
Applicable Certificates are presented to the Registrar with a request to
register the transfer or to exchange them for an equal face amount of Applicable
Certificates of other authorized denominations, the Registrar shall register the
transfer or make the exchange as requested if its requirements for such
transactions are met. To permit registrations of transfers and exchanges in
accordance with the terms, conditions and restrictions hereof, the Trustee shall
execute and authenticate Applicable Certificates at the Registrar's request.

                  Section 8.04. BOOK-ENTRY PROVISIONS FOR U.S. GLOBAL
CERTIFICATE AND OFFSHORE GLOBAL CERTIFICATES. (a) Members of, or participants
in, DTC ("Agent Members") shall have no rights under this Agreement with respect
to any Global Certificate held on their behalf by DTC, or the Trustee as its
custodian, and DTC may be treated by the Trustee and any agent of the Trustee as
the absolute owner of such Global Certificate for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Trustee or any
agent of the Trustee from giving effect to any written certification, proxy or
other authorization furnished by DTC or shall impair, as between DTC and its
Agent Members, the operation of customary practices governing the exercise of
the rights of a holder of any Applicable Certificate. Upon the issuance of any
Global Certificate, the Registrar or its duly appointed agent shall record a
nominee of DTC as the registered holder of such Global Certificate.

                  (b) Transfers of any Global Certificate shall be limited to
transfers of such Global Certificate or Offshore Global Certificate in whole,
but not in part, to nominees of DTC, its successor or such successor's nominees.
Beneficial interests in the U.S. Global Certificate and any Offshore Global
Certificate may be transferred in accordance with the rules and procedures of
DTC and the provisions of Section 8.05. Beneficial interests in the U.S. Global
Certificate or an Offshore Global Certificate shall be delivered to all
beneficial owners in the form of U.S. Physical Certificates or Offshore Physical
Certificates, as the case may be, if (i) DTC notifies the Trustee that it is
unwilling or unable to continue as depositary for the U.S. Global Certificate or
such Offshore Global Certificate, as the case may be, and a successor depositary
is not appointed by the Trustee within 90 days of such notice or (ii) an Event
of Default has occurred and Applicable Certificateholders with fractional
undivided interests aggregating not less than a majority in interest in the
Applicable Trust advise the Trustee, the Company and DTC through Agent Members
in writing that the continuation of a book-entry system through DTC (or a
successor thereto) is no longer in the Applicable Certificateholders' best
interests.

<PAGE>   23
                                      -23-

                  (c) Any beneficial interest in one of the Global Certificates
that is transferred to a Person who takes delivery in the form of an interest in
the other Global Certificate will, upon such transfer, cease to be an interest
in such Global Certificate and become an interest in the other Global
Certificate and, accordingly, will thereafter be subject to all transfer
restrictions, if any, and other procedures applicable to beneficial interests in
such other Global Certificate for as long as it remains such an interest.

                  (d) In connection with the transfer of the entire U.S. Global
Certificate or an entire Offshore Global Certificate to the beneficial owners
thereof pursuant to paragraph (b) of this Section 8.04, such U.S. Global
Certificate or Offshore Global Certificate, as the case may be, shall be deemed
to be surrendered to the Trustee for cancellation, and the Trustee shall
execute, authenticate and deliver, to each beneficial owner identified by DTC in
exchange for its beneficial interest in such U.S. Global Certificate or Offshore
Global Certificate, as the case may be, an equal aggregate principal amount of
U.S. Physical Certificates or Offshore Physical Certificates, as the case may
be, of authorized denominations.

                  (e) Any U.S. Physical Certificate delivered in exchange for an
interest in the U.S. Global Certificate pursuant to paragraph (b) of this
Section 8.04 shall, except as otherwise provided by paragraph (f) of Section
8.05, bear the Private Placement Legend.

                  (f) Any Offshore Physical Certificate delivered in exchange
for an interest in an Offshore Global Certificate pursuant to paragraph (b) of
this Section shall, except as otherwise provided by paragraph (f) of Section
8.05, bear the applicable legend regarding transfer restrictions set forth in
Section 8.02(a).

                  (g) The registered holder of the U.S. Global Certificate or
any Offshore Global Certificate may grant proxies and otherwise authorize any
Person, including Agent Members and Persons that may hold interests through
Agent Members, to take any action which a Holder is entitled to take under this
Agreement or the Applicable Certificates.

                  Section 8.05. SPECIAL TRANSFER PROVISIONS. Unless and until
(i) an Initial Certificate is sold under an effective Shelf Registration
Statement, or (ii) an Initial Certificate is exchanged for an Exchange
Certificate pursuant to an effective Exchange Offer Registration Statement, in
each case pursuant to the Registration Rights Agreement, the following
provisions shall apply to such Initial Certificates:

                  (a) TRANSFERS TO NON-QIB INSTITUTIONAL ACCREDITED INVESTORS.
The following provisions shall apply with respect to the registration of any
proposed transfer of an Applicable Certificate to any Institutional Accredited
Investor which is not a QIB (excluding transfers to or by Non-U.S. Persons):

                    (i)    The Registrar shall register the transfer of any
                           Applicable Certificate, whether or not such
                           Applicable Certificate bears the Private Placement
                           Legend, if (x) the requested transfer is after the
                           time period referred to in Rule 144(k) under the
                           Securities Act as in effect with respect to such
                           transfer or (y) the proposed transferee has delivered
                           to the Registrar a letter substantially in the form
                           of Exhibit D hereto and the aggregate principal
                           amount of the Applicable Certificates being
                           transferred is at least $100,000.

                   (ii)    If the proposed transferor is an Agent Member holding
                           a beneficial interest in the U.S. Global Certificate,
                           upon receipt by the Registrar of (x) the documents,
                           if any, required by paragraph (i) and (y)
                           instructions given in accordance with DTC's and the
                           Registrar's procedures, the Registrar shall reflect
                           on its books and records the date of the transfer and
                           a decrease in the principal amount of such U.S.
                           Global Certificate in

<PAGE>   24
                                      -24-

                           an amount equal to the principal amount of the
                           beneficial interest in such U.S. Global Certificate
                           to be transferred, and the Company shall execute, and
                           the Trustee shall authenticate and deliver to the
                           transferor or at its direction, one or more U.S.
                           Physical Certificates of like tenor and amount.

                  (b) TRANSFERS TO QIBS. The following provisions shall apply
with respect to the registration of any proposed transfer of an Initial
Certificate to a QIB (excluding Non-U.S. Persons):

                   (i)     If the Initial Certificate to be transferred consists
                           of U.S. Physical Certificates or an interest in any
                           Temporary Offshore Global Certificate, the Registrar
                           shall register the transfer if such transfer is being
                           made by a proposed transferor who has checked the box
                           provided for on the form of Initial Certificate
                           stating, or has otherwise advised the Trustee and the
                           Registrar in writing, that the sale has been made in
                           compliance with the provisions of Rule 144A to a
                           transferee who has signed the certification provided
                           for on the form of Initial Certificate stating, or
                           has otherwise advised the Trustee and the Registrar
                           in writing, that it is purchasing the Initial
                           Certificate for its own account or an account with
                           respect to which it exercises sole investment
                           discretion and that it, or the Person on whose behalf
                           it is acting with respect to any such account, is a
                           QIB within the meaning of Rule 144A, and is aware
                           that the sale to it is being made in reliance on Rule
                           144A and acknowledges that it has received such
                           information regarding the Trust and/or the Company as
                           it has requested pursuant to Rule 144A or has
                           determined not to request such information and that
                           it is aware that the transferor is relying upon its
                           foregoing representations in order to claim the
                           exemption from registration provided by Rule 144A.

                  (ii)     Upon receipt by the Registrar of the documents
                           referred to in clause (i) above and instructions
                           given in accordance with DTC's and the Registrar's
                           procedures therefor, the Registrar shall reflect on
                           its books and records the date of such transfer and
                           an increase in the principal amount of the U.S.
                           Global Certificate in an amount equal to the
                           principal amount of the U.S. Physical Certificates or
                           interests in the Temporary Offshore Global
                           Certificate, as the case may be, being transferred,
                           and the Trustee shall cancel such Physical
                           Certificates or decrease the amount of such Temporary
                           Offshore Global Certificate so transferred.

                  (c) TRANSFERS OF INTERESTS IN THE PERMANENT OFFSHORE GLOBAL
CERTIFICATE OR OFFSHORE PHYSICAL CERTIFICATES. The Registrar shall register any
transfer of interests in the Permanent Offshore Global Certificate or Offshore
Physical Certificates without requiring any additional certification.

                  (d) TRANSFERS TO NON-U.S. PERSONS AT ANY TIME. The following
provisions shall apply with respect to any registration of any transfer of an
Initial Certificate to a Non-U.S. Person:

                    (i)    Prior to the Offshore Certificates Exchange Date, the
                           Registrar shall register any proposed transfer of an
                           Initial Certificate to a Non-U.S. Person upon receipt
                           of a certificate substantially in the form set forth
                           as Exhibit C hereto from the proposed transferor.

<PAGE>   25
                                      -25-

                   (ii)    On and after the Offshore Certificates Exchange Date,
                           the Registrar shall register any proposed transfer to
                           any Non-U.S. Person if the Initial Certificate to be
                           transferred is a U.S. Physical Certificate or an
                           interest in the U.S. Global Certificate, upon receipt
                           of a certificate substantially in the form of Exhibit
                           C from the proposed transferor. The Registrar shall
                           promptly send a copy of such certificate to the
                           Company.

                  (iii)    (A) Upon receipt by the Registrar of (x) the
                           documents, if any, required by paragraph (ii) and (y)
                           instructions in accordance with DTC's and the
                           Registrar's procedures, the Registrar shall reflect
                           on its books and records the date of such transfer
                           and a decrease in the principal amount of such U.S.
                           Global Certificate in an amount equal to the
                           principal amount of the beneficial interest in such
                           U.S. Global Certificate to be transferred, and (B)
                           upon receipt by the Registrar of instructions given
                           in accordance with DTC's and the Registrar's
                           procedures, the Registrar shall reflect on its books
                           and records the date and an increase in the principal
                           amount of the Offshore Global Certificate in an
                           amount equal to the principal amount of the U.S.
                           Physical Certificate or the U.S. Global Certificate,
                           as the case may be, to be transferred, and the
                           Trustee shall cancel the Physical Certificate, if
                           any, so transferred or decrease the amount of such
                           U.S. Global Certificate.

                  (e) PRIVATE PLACEMENT LEGEND. Upon the transfer, exchange or
replacement of Applicable Certificates not bearing the Private Placement Legend,
the Registrar shall deliver Applicable Certificates that do not bear the Private
Placement Legend. Upon the transfer, exchange or replacement of Applicable
Certificates bearing the Private Placement Legend, the Registrar shall deliver
only Applicable Certificates that bear the Private Placement Legend unless
either (i) the circumstances contemplated by paragraph (a)(i)(x) or (e)(ii) of
this Section 8.05 exist or (ii) there is delivered to the Registrar an Opinion
of Counsel to the effect that neither such legend nor the related restrictions
on transfer are required in order to maintain compliance with the provisions of
the Securities Act.

                  (f) GENERAL. By its acceptance of any Applicable Certificate
bearing the Private Placement Legend, each Holder of such an Applicable
Certificate acknowledges the restrictions on transfer of such Applicable
Certificate set forth in this Agreement and agrees that it will transfer such
Applicable Certificate only as provided in this Agreement. The Registrar shall
not register a transfer of any Applicable Certificate unless such transfer
complies with the restrictions on transfer of such Applicable Certificate set
forth in this Agreement. In connection with any transfer of Applicable
Certificates, each Applicable Certificateholder agrees by its acceptance of the
Applicable Certificates to furnish the Registrar or the Trustee such
certifications, legal opinions or other information as either of them may
reasonably require to confirm that such transfer is being made pursuant to an
exemption from, or a transaction not subject to, the registration requirements
of the Securities Act; provided that the Registrar shall not be required to
determine the sufficiency of any such certifications, legal opinions or other
information.

                  Until such time as no Applicable Certificates remain
Outstanding, the Registrar shall retain copies of all letters, notices and other
written communications received pursuant to Section 8.04 or this Section 8.05.
The Trustee, if not the Registrar at such time, shall have the right to inspect
and make copies of all such letters, notices or other written communications at
any reasonable time upon the giving of reasonable written notice to the
Registrar.

<PAGE>   26
                                      -26-

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

                  Section 9.01. BASIC AGREEMENT RATIFIED. Except and so far as
herein expressly provided, all of the provisions, terms and conditions of the
Basic Agreement are in all respects ratified and confirmed; and the Basic
Agreement and this Trust Supplement shall be taken, read and construed as one
and the same instrument. All replacements of provisions of, and other
modifications of the Basic Agreement set forth in this Trust Supplement are
solely with respect to the Applicable Trust.

                  SECTION 9.02. GOVERNING LAW. THIS TRUST SUPPLEMENT AND THE
APPLICABLE CERTIFICATES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

                  Section 9.03. EXECUTION IN COUNTERPARTS. This Trust Supplement
may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same
instrument.

                  Section 9.04. INTENTION OF PARTIES. The parties hereto intend
that the Applicable Trust be classified for U.S. federal income tax purposes as
a grantor trust under Subpart E, Part I of Subchapter J of the Internal Revenue
Code of 1986, as amended, and not as a trust or association taxable as a
corporation or as a partnership. Each Applicable Certificateholder and Investor,
by its acceptance of its Applicable Certificate or a beneficial interest
therein, agrees to treat the Applicable Trust as a grantor trust for all U.S.
federal, state and local income tax purposes. The powers granted and obligations
undertaken pursuant to the Agreement shall be so construed so as to further such
intent.

<PAGE>   27
                                      -27-

                  IN WITNESS WHEREOF, the Company and the Trustee have caused
this Trust Supplement to be duly executed by their respective representatives
thereto duly authorized, as of the day and year first written above.

                                       ATLAS AIR, INC.

                                       By:
                                          --------------------------------------
                                          Name:  Fred L. deLeeuw
                                          Title: Senior Director - Corporate
                                                 Finance

                                       WILMINGTON TRUST COMPANY,
                                         as Trustee

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

<PAGE>   28
                                                                       EXHIBIT A

                               FORM OF CERTIFICATE

REGISTERED

No. ______________

[THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES LAWS, AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, ANY PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A
"QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT), (B) IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN "INSTITUTIONAL
ACCREDITED INVESTOR") OR (C) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS
CERTIFICATE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE
SECURITIES ACT; (2) AGREES THAT IT WILL NOT, PRIOR TO EXPIRATION OF THE HOLDING
PERIOD APPLICABLE TO SALES OF THE CERTIFICATES UNDER RULE 144(K) UNDER THE
SECURITIES ACT (OR ANY SUCCESSOR PROVISION) RESELL OR OTHERWISE TRANSFER THIS
CERTIFICATE EXCEPT (A) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
RULE 144A UNDER THE SECURITIES ACT, (B) INSIDE THE UNITED STATES TO AN
INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING $100,000 OR MORE AGGREGATE PRINCIPAL
AMOUNT OF SUCH CERTIFICATE, THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE
TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS CERTIFICATE (THE FORM OF WHICH
LETTER CAN BE OBTAINED FROM THE TRUSTEE), (C) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D)
PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO A REGISTRATION STATEMENT WHICH
HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND WHICH CONTINUES TO BE
EFFECTIVE AT THE TIME OF SUCH TRANSFER), OR (F) TO ATLAS OR ANY SUBSIDIARY
THEREOF; (3) PRIOR TO SUCH TRANSFER (OTHER THAN A TRANSFER PURSUANT TO CLAUSE
2(E) ABOVE), IT WILL FURNISH TO THE TRUSTEE SUCH CERTIFICATIONS, LEGAL OPINIONS
OR OTHER INFORMATION AS THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH
TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (4) AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS CERTIFICATE IS TRANSFERRED A
NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY
TRANSFER OF THIS CERTIFICATE PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD
APPLICABLE TO SALES OF THE CERTIFICATES UNDER RULE 144(K) UNDER THE SECURITIES
ACT (OR ANY SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE APPROPRIATE BOX SET
FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT
THIS CERTIFICATE TO THE TRUSTEE. IF THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL
ACCREDITED INVESTOR OR IS A PURCHASER WHO IS NOT A U.S. PERSON, THE HOLDER MUST,
PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE, SUCH CERTIFICATIONS, LEGAL
OPINIONS OR OTHER INFORMATION

<PAGE>   29
                                      A-2

AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE
PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED
UPON THE EARLIER OF THE TRANSFER OF THE CERTIFICATES PURSUANT TO CLAUSE 2(E)
ABOVE OR UPON ANY TRANSFER OF THE CERTIFICATES UNDER RULE 144(K) UNDER THE
SECURITIES ACT (OR ANY SUCCESSOR PROVISION). AS USED HEREIN, THE TERMS "OFFSHORE
TRANSACTION", "UNITED STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM
BY REGULATION S UNDER THE SECURITIES ACT. THE PASS THROUGH TRUST AGREEMENT
CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF
THIS CERTIFICATE IN VIOLATION OF THE FOREGOING RESTRICTIONS.](a)

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS 8.05
AND 8.06 OF THE TRUST SUPPLEMENT OF THE PASS THROUGH TRUST AGREEMENT REFERRED TO
HEREIN.]

[BY ITS ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT EITHER (A) NO ASSETS OF
AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
SECURITIES ACT OF 1974, AS AMENDED ("ERISA"), OR OF A PLAN SUBJECT TO SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") HAVE BEEN
USED TO PURCHASE THIS CERTIFICATE OR (B) THE PURCHASE AND HOLDING OF THIS
CERTIFICATE ARE EXEMPT FROM THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND
THE CODE PURSUANT TO ONE OR MORE PROHIBITED TRANSACTION STATUTORY OR
ADMINISTRATIVE EXEMPTIONS.]

----------------
(a)  Not to be included on the face of the Permanent Offshore Global
     Certificate.

<PAGE>   30
                                      A-3

                             [GLOBAL CERTIFICATE](a)

                      ATLAS AIR 2000-1A PASS THROUGH TRUST

         8.707% Atlas Air [Initial] [Exchange] Pass Through Certificate

                         Issuance Date: _______________

                   Final Expected Distribution Date: ________

Evidencing A Fractional Undivided Interest In The Atlas Air Pass Through Trust
2000-1A, The Property Of Which Shall Include Certain Equipment Notes Each
Secured By An Aircraft Lease To Or Owned By Atlas Air, Inc.

             $__________ Fractional Undivided Interest
             representing _____% of the Trust per $1,000 face amount

                  THIS CERTIFIES THAT ________________, for value received, is
the registered owner of a $____________ (_____________ dollars) Fractional
Undivided Interest in the Atlas Air 2000-1A Pass Through Trust (the "Trust")
created pursuant to a Pass Through Trust Agreement, dated as of January 28, 2000
(the "BASIC AGREEMENT"), between the Trustee and Atlas Air, Inc., a Delaware
corporation (the "Company"), as supplemented by Trust Supplement No. 2000-1A
thereto, dated as of January 28, 2000 (the "Trust Supplement" and, together with
the Basic Agreement, the "AGREEMENT") between the Trustee and the Company, a
summary of certain of the pertinent provisions of which is set forth below. To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Agreement. This Certificate is one of the
duly authorized Certificates designated as "8.707% Atlas Air [Initial]
[Exchange] Pass Through Certificates Series 2000-1A" (herein called the
"Certificates"). This Certificate is issued under and is subject to the terms,
provisions, and conditions of the Agreement. By virtue of its acceptance hereof,
the holder of this Certificate (the "CERTIFICATEHOLDER") and, together with all
other holders of Certificates issued by the Trust, the "CERTIFICATEHOLDERS")
assents to and agrees to be bound by the provisions of the Agreement and the
Intercreditor Agreement. The property of the Trust includes certain Equipment
Notes and all rights of the Trust to receive payments under the Intercreditor
Agreement and the Liquidity Facility (the "Trust Property"). Each issue of the
Equipment Notes is secured by, among other things, a security interest in an
Aircraft leased to or owned by the Company.

                  The Certificates represent fractional undivided interests in
the Trust and the Trust Property, and have no rights, benefits or interest in
respect of any other separate trust established pursuant to the terms of the
Basic Agreement for any other series of certificates issued pursuant thereto.

                  Subject to and in accordance with the terms of the Agreement
and the Intercreditor Agreement, from and to the extent of funds then available
to the Trustee, there will be distributed on each January 2 and July 2 (a
"Regular Distribution Date"), commencing on July 2, 2000, to the Person in whose
name this Certificate is registered at the close of business on the 15th day
preceding the Regular Distribution Date, an amount in respect of the Scheduled
Payments on the Equipment Notes due on such Regular Distribution Date, the
receipt

----------------
(a)    To be included on the face of each Global Certificate.

<PAGE>   31
                                      A-4

of which has been confirmed by the Trustee, equal to the product of the
percentage interest in the Trust evidenced by this Certificate and an amount
equal to the sum of such Scheduled Payments. Subject to and in accordance with
the terms of the Agreement and the Intercreditor Agreement, in the event that
Special Payments on the Equipment Notes are received by the Trustee, from funds
then available to the Trustee, there shall be distributed on the applicable
Special Distribution Date, to the Person in whose name this Certificate is
registered at the close of business on the 15th day preceding the Special
Distribution Date, an amount in respect of such Special Payments on the
Equipment Notes, the receipt of which has been confirmed by the Trustee, equal
to the product of the percentage interest in the Trust evidenced by this
Certificate and an amount equal to the sum of such Special Payments so received.
If a Regular Distribution Date or Special Distribution Date is not a Business
Day, distribution shall be made on the immediately following Business Day with
the same force and effect as if made on such Regular Distribution Date or
Special Distribution Date and no interest shall accrue during the intervening
period. The Trustee shall mail notice of each Special Payment and the Special
Distribution Date therefor to the Certificateholder of this Certificate.

                  [The Holder of this Certificate is entitled to the benefits of
the Registration Rights Agreement, dated as of January 28, 2000, among the
Company, the Trustee and the Placement Agents named therein (the "Registration
Rights Agreement"). In the event that neither the consummation of the Exchange
Offer nor the declaration by the Commission of a Shelf Registration to be
effective (a "Registration Event") occurs on or prior to the 210th day after the
date of the issuance of the Certificates, the interest rate per annum borne by
the Equipment Notes shall be increased by 0.50%, from and including such 210th
day, to but excluding the date on which a Registration Event occurs. In the
event that the Shelf Registration Statement ceases to be effective at any time
during the period specified by the Registration Rights Agreement for more than
60 days, whether or not consecutive, during any 12-month period, the interest
rate per annum borne by the Equipment Notes shall be increased by 0.50% from the
61st day of the applicable 12-month period such Shelf Registration Statement
ceases to be effective until such time as the Shelf Registration Statement again
becomes effective.](a)

                  Each Certificateholder and Investor, by its acceptance of this
Certificate or a beneficial interest herein, agrees to treat the Trust as a
grantor trust for all U.S. federal, state and local income tax purposes.

                  Except as otherwise provided in the Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after notice mailed by the Trustee of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
of the Trustee specified in such notice.

                  THE AGREEMENT AND THIS CERTIFICATE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                  Unless the certificate of authentication hereon has been
executed by the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

-----------------
(a)    To be included only on each Initial Certificate.

<PAGE>   32
                                      A-5

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:  [__________ __], 2000          ATLAS AIR
                                         2000-1A PASS THROUGH TRUST

                                       By: WILMINGTON TRUST COMPANY,
                                             not in its individual capacity
                                             but solely as Trustee

Attest:                                By:
                                          --------------------------------------
                                          Name:
                                          Title:
--------------------
Authorized Signature

<PAGE>   33
                                      A-6

              [FORM OF THE TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

                    This is one of the Certificates referred
                      to in the within-mentioned Agreement.

                                         WILMINGTON TRUST COMPANY,
                                           not in its individual capacity
                                           but solely as Trustee

                                         By:
                                            ------------------------------------
                                                     Authorized Officer

<PAGE>   34
                                      A-7

                            [REVERSE OF CERTIFICATE]

                  The Certificates do not represent a direct obligation of, or
an obligation guaranteed by, or an interest in, the Company or the Trustee or
any of their affiliates. The Certificates are limited in right of payment, all
as more specifically set forth on the face hereof and in the Agreement. All
payments or distributions made to Certificateholders under the Agreement shall
be made only from the Trust Property and only to the extent that the Trustee
shall have sufficient income or proceeds from the Trust Property to make such
payments in accordance with the terms of the Agreement. Each Certificateholder
of this Certificate, by its acceptance hereof, agrees that it will look solely
to the income and proceeds from the Trust Property to the extent available for
distribution to such Certificateholder as provided in the Agreement. This
Certificate does not purport to summarize the Agreement and reference is made to
the Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds, and duties evidenced hereby. A copy of the Agreement may
be examined during normal business hours at the principal office of the Trustee,
and at such other places, if any, designated by the Trustee, by any
Certificateholder upon request.

                  The Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Certificateholders under the
Agreement at any time by the Company and the Trustee with the consent of the
Certificateholders holding Certificates evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the Trust. Any
such consent by the Certificateholder of this Certificate shall be conclusive
and binding on such Certificateholder and upon all future Certificateholders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Certificateholders of
any of the Certificates.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Register upon surrender of this Certificate for registration of transfer
at the offices or agencies maintained by the Trustee in its capacity as
Registrar, or by any successor Registrar, in the Borough of Manhattan, the City
of New York, duly endorsed or accompanied by a written instrument of transfer in
form satisfactory to the Trustee and the Registrar duly executed by the
Certificateholder hereof or such Certificateholder's attorney duly authorized in
writing, and thereupon one or more new Certificates of authorized denominations
evidencing the same aggregate Fractional Undivided Interest in the Trust will be
issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered Certificates
without coupons in minimum denominations of [$100,000](a) [$1,000](b) Fractional
Undivided Interest and integral multiples of $1,000 in excess thereof [except
that one Certificate may be in a denomination of less than $100,000]*. As
provided in the Agreement and subject to certain limitations therein set forth,
the Certificates are exchangeable for new Certificates of authorized
denominations evidencing the same aggregate Fractional Undivided Interest in the
Trust, as requested by the Certificateholder surrendering the same.

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

(a)  To be included only on each Initial Certificate.

(b)  To be included only on each Exchange Certificate.

<PAGE>   35
                                      A-8

                  No service charge will be made for any such registration of
transfer or exchange, but the Trustee shall require payment by the Holder of a
sum sufficient to cover any tax or governmental charge payable in connection
therewith.

                  The Trustee, the Registrar, and any agent of the Trustee or
the Registrar may treat the person in whose name this Certificate is registered
as the owner hereof for all purposes, and neither the Trustee, the Registrar,
nor any such agent shall be affected by any notice to the contrary.

                  The obligations and responsibilities created by the Agreement
and the Trust created thereby shall terminate upon the distribution to
Certificateholders of all amounts required to be distributed to them pursuant to
the Agreement and the disposition of all property held as part of the Trust
Property.

<PAGE>   36
                                      A-9

                             FORM OF TRANSFER NOTICE

                  FOR VALUE RECEIVED the undersigned registered holder hereby
sell(s), assign(s) and transfer(s) unto

Insert Taxpayer Identification No.

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

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

please print or typewrite name and address including zip code of assignee

-----------------------------------
the within Certificate and all rights thereunder, hereby irrevocably
constituting and appointing

-----------------------------------
attorney to transfer said Certificate on the books of the Trustee with full
power of substitution in the premises.

                     [THE FOLLOWING PROVISION TO BE INCLUDED
                               ON ALL CERTIFICATES
                        EXCEPT EXCHANGE CERTIFICATES AND
                          PERMANENT OFFSHORE GLOBAL AND
                   UNLEGENDED OFFSHORE PHYSICAL CERTIFICATES]

                  In connection with any transfer of this Certificate occurring
prior to the date that is the earlier of (i) the date of Registration Event or
(ii) the end of the period referred to in Rule 144(k) of the Securities Act, the
undersigned confirms that without utilizing any general solicitation or general
advertising that:

                                   [Check One]

[ ](a)          this Certificate is being transferred in compliance with the
                exemption from registration under the Securities Act of 1933, as
                amended, provided by Rule 144A thereunder.

                                       or

[ ](b)          this Certificate is being transferred other than in accordance
                with (a) above and documents are being furnished that comply
                with the conditions of transfer set forth in this Certificate
                and the Agreement.

If neither of the foregoing boxes is checked, the Trustee or other Registrar
shall not be obligated to register this Certificate in the name of any Person
other than the Holder hereof unless and until the conditions to any such
transfer of registration set forth herein and in Section 8.06 of the Trust
Supplement shall have been satisfied.

Date:                                 [Name of Transferor]
     -------------------------        ------------------------------------------

                                      NOTE: The signature must correspond with
                                      the name as written upon the face of the
                                      within-mentioned instrument in every
                                      particular, without alteration or any
                                      change whatsoever.

Signature Guarantee:
                    --------------

<PAGE>   37
                                      A-10

TO BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED.

                  The undersigned represents and warrants that it is purchasing
this Certificate for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a
"qualified institutional buyer" within the meaning of Rule 144A under the
Securities Act of 1933, as amended, and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as the undersigned has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware
that the transferor is relying upon the undersigned's foregoing representations
in order to claim the exemption from registration provided by Rule 144A.

Dated:
      -----------------------      ---------------------------------------------
                                   NOTE: To be executed by an executive officer.

<PAGE>   38

                                                                       EXHIBIT B

                 FORM OF CERTIFICATE FOR UNLEGENDED CERTIFICATES

                                                             [DATE]

Wilmington Trust Company
One Rodney Square
1100 N. Market Street
Wilmington, DE  19890-0001
Attention:  Corporate Trust Administration

              Re:     Atlas Air 2000-1A Pass Through Trust, Class A Pass Through
                      Trust Certificates
                      (the "Certificates")

Dear Sirs:

                  This letter relates to U.S. $__________ Fractional Undivided
Interest of Certificates represented by a Certificate (the "Legended
Certificate") which bears a legend outlining restrictions upon transfer of such
Legended Certificate. Pursuant to Section 3.01 of the Pass Through Trust
Agreement dated as of January 28, 2000 (the "Basic Agreement") between the
Trustee and Atlas Air, Inc., a Delaware corporation (the "Company"), as
supplemented by Trust Supplement No. 2000-1A thereto (the "Trust Supplement",
and together with the Basic Agreement, the "Agreement"), we hereby certify that
we are (or we will hold such securities on behalf of) a person outside the
United States to whom the Certificates could be transferred in accordance with
Rule 904 of Regulation S promulgated under the U.S. Securities Act of 1933, as
amended. Accordingly, you are hereby requested to exchange the legended
certificate for an unlegended certificate representing an identical principal
amount of Certificates, all in the manner provided for in the Agreement.

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. Terms used in this certificate have
the meanings set forth in Regulation S.

                                         Very truly yours,

                                         [Name of Certificateholder]

                                         By:
                                             -----------------------------------
                                             Authorized Signature

<PAGE>   39
                                                                       EXHIBIT C

                FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION
                     WITH TRANSFERS PURSUANT TO REGULATION S

                                                            [DATE]

Wilmington Trust Company
One Rodney Square
1100 N. Market Street
Wilmington, DE  19890-0001
Attention:  Corporate Trust Administration

                  Re:      Atlas Air 2000-1A Pass Through Trust (the "Trust"),
                           ___% Atlas Air Pass Through Trust Certificates
                           Series 2000-1A (the "Certificates")

Sirs:

         In connection with our proposed sale of $_______ Fractional Undivided
Interest of the Certificates, we confirm that such sale has been effected
pursuant to and in accordance with Regulation S under the Securities Act of
1933, as amended, and, accordingly, we represent that:

               (1) the offer of the Certificates was not made to a person in the
         United States;

               (2) either (a) at the time the buy order was originated, the
         transferee was outside the United States or we and any person acting on
         our behalf reasonably believed that the transferee was outside the
         United States or (b) the transaction was executed in, on or through the
         facilities of a designated off-shore securities market and neither we
         nor any person acting on our behalf knows that the transaction has been
         pre-arranged with a buyer in the United States;

               (3) no directed selling efforts have been made in the United
         States in contravention of the requirements of Rule 903(b) or Rule
         904(b) of Regulation S, as applicable; and

               (4) the transaction is not part of a plan or scheme to evade the
         registration requirements of the Securities Act.

               In addition, if the sale is made during a restricted period and
the provisions of Rule 903(c)(3) or Rule 904(c)(1) of Regulation S are
applicable thereto, we confirm that such sale has been made in accordance with
the applicable provisions of Rule 903(c)(3) or Rule 904(c)(1), as the case may
be.

               You and Atlas Air, Inc. are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. Terms used in this certificate have
the meanings set forth in Regulation S.

                                       Very truly yours,

                                       [Name of Transferor]

                                       By:
                                          --------------------------------------
                                                 Authorized Signature

<PAGE>   40
                                                                       EXHIBIT D

                            FORM OF CERTIFICATE TO BE
                          DELIVERED IN CONNECTION WITH
                    TRANSFERS TO NON-QIB ACCREDITED INVESTORS

                                                        [DATE]

Wilmington Trust Company
One Rodney Square
1100 N. Market Street
Wilmington, DE  19890-0001
Attention:  Corporate Trust Administration

                  Re:      Atlas Air 2000-1A Pass Through Trust (the "Trust"),
                           8.707% Atlas Air Pass Through Trust Certificates
                           Series 2000-1A (the "Certificates")

Dear Sirs:

                  In connection with our proposed purchase of $_______________
aggregate principal amount of the Certificates, we confirm that:

               (1) We understand that any subsequent transfer of the
         Certificates is subject to certain restrictions and conditions set
         forth in the Pass Through Trust Agreement dated as of January 28, 2000
         (the "Basic Agreement") between the Trustee and Atlas Air, Inc., a
         Delaware corporation (the "Company"), as supplemented by Trust
         Supplement No. 2000-1A thereto (the "Trust Supplement", and together
         with the Basic Agreement, the "Agreement") relating to the Certificates
         and the undersigned agrees to be bound by the Agreement, and not to
         resell, pledge or otherwise transfer the Certificates except in
         compliance with, such restrictions and conditions contained in the
         Agreement and the Securities Act of 1933, as amended (the "Securities
         Act").

               (2) We understand that the Certificates have not been registered
         under the Securities Act, and that the Certificates may not be offered
         or sold except as permitted in the following sentence. We agree, on our
         own behalf and on behalf of any accounts for which we are acting as
         hereinafter stated, that if we should sell any Certificate, we will do
         so only (A) in accordance with Rule 144A under the Securities Act to a
         "qualified institutional buyer" (as defined therein), (B) to an
         institutional "accredited investor" (as defined below) that, prior to
         such transfer, furnishes (or has furnished on its behalf by a U.S.
         broker-dealer) to you and to the Company, a signed letter substantially
         in the form of this letter, (C) outside the United States in accordance
         with Rule 904 of Regulation S under the Securities Act, (D) pursuant to
         the exemption from registration provided by Rule 144 under the
         Securities Act, (E) pursuant to an effective registration statement
         under the Securities Act, or (F) to the Company or any subsidiary
         thereof, and we further agree to provide to any person purchasing any
         of the Certificates from us a notice advising such purchaser that
         resales of the Notes are restricted as stated herein. We further
         understand that the Certificates purchased by us will bear a legend to
         the foregoing effect.

               (3) We understand that, on any proposed resale of any
         Certificates, we will be required to furnish to you and the Company
         such certifications, legal opinions and other information as you and
         the Company may reasonably require to confirm that the proposed sale
         complies with the foregoing

<PAGE>   41
                                      D-2

         restrictions. We further understand that the Certificates purchased by
         us will bear a legend to the foregoing effect.

               (4) We are an institutional "accredited investor" (as defined in
         Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities
         Act) and have such knowledge and experience in financial and business
         matters as to be capable of evaluating the merits and risks of our
         investment in the Certificates and we and any accounts for which we are
         acting are each able to bear the economic risk of our or its
         investment.

               (5) We are acquiring the Certificates purchased by us for our own
         account or for one or more accounts (each of which is an institutional
         "accredited investor") as to each of which we exercise sole investment
         discretion.

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.

                                      Very truly yours,

                                      [Name of Transferor]

                                      By:
                                         ---------------------------------------
                                                Authorized Signature

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