Document:

EXHIBIT 10.5.7

                                                                  EXECUTION COPY

           AMENDMENT NO. 4 TO SECURITY AGREEMENT AND CHATTEL MORTGAGE
                            (AIRCRAFT NO. N355MC)(1)

            THIS FOURTH  AMENDMENT TO THE SECOND SECURITY  AGREEMENT AND CHATTEL
MORTGAGE is dated as of November 30, 2004, (this "AMENDMENT"),  and entered into
by and between ATLAS AIR, INC., a Delaware corporation ("COMPANY"), and DEUTSCHE
BANK TRUST COMPANY AMERICAS, as agent for and representative of ("ADMINISTRATIVE
AGENT") the financial  institutions  ("LENDERS")  party to the Credit  Agreement
referred to below.  Unless otherwise defined herein,  all capitalized terms used
herein and defined in the Credit Agreement  referred to below are used herein as
therein defined.

                              W I T N E S 5 E T H;

            WHEREAS, Company is party to that certain Fifth Amended and Restated
Credit Agreement,  dated as of July 27, 2004, among Company, Atlas Air Worldwide
Holdings,   Inc.,   the  Lenders  from  time  to  time  party  thereto  and  the
Administrative  Agent (as amended,  modified  and/or  supplemented  from time to
time, the "CREDIT AGREEMENT").

            WHEREAS,  Company and the  Administrative  Agent are parties to that
certain  Second  Security  Agreement  and Chattel  Mortgage  with respect to one
Boeing  741-341,  U.S.  Registration  No. N355MC,  Manufacturer's  Serial Number
23395,  dated May 18, 2000,  between Atlas Air, Inc. as debtor and Deutsche Bank
Trust  Company  Americas  (formerly  Bankers  Trust  Company)  as Agent  for and
Representative  of the  Lenders  referred  to  therein,  recorded by the Federal
Aviation Administration on July 5, 2000, as Conveyance No. XX015580,  amended by
the First Amendment to Second Security  Agreement and Chattel Mortgage (Aircraft
No. 23395) dated as of May 1, 2002,  recorded  June 14, 2002, as Conveyance  No.
M000794,  further amended by the Second  Amendment to Second Security  Agreement
and Chattel Mortgage (Aircraft No. N355MC) dated as of April 30, 2004,  recorded
May 27, 2004, as Conveyance No. MM026455,  further amended by Amendment No. 3 to
Second Security Agreement and Chattel Mortgage (Aircraft No. N355MC) dated as of
July 27,  2004,  recorded  August 25,  2004,  as  Conveyance  No.  Q073444  (the
"AIRCRAFT CHATTEL MORTGAGE") and

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

            NOW THEREFORE, it is agreed:

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

<PAGE>

      1. Section 1(b)(i) of the Aircraft  Chattel  Mortgage is hereby amended by
deleting such  subsection  in its entirety and  inserting the following  text in
lieu thereof:

      (i) all the tolls, rents,  issues,  profits,  revenues and other income of
the property subject or required to be subject to the lien of this Mortgage;

      2. Section 1(b)(xvi) of the Aircraft Chattel Mortgage is hereby amended by
deleting the period and inserting a semi-colon at the end thereof;

      3. Section 1(b) is hereby  amended by inserting the  following  text after
Section 1(b)(xvi):

      "PROVIDED,   HOWEVER,  that  in  no  event  shall  such  Aircraft  Related
      Collateral  include or be deemed or  construed to include any accounts (as
      such term is defined in the  Uniform  Commercial  Code as in effect in any
      applicable  jurisdiction)  or other  rights to  payment  arising  from the
      rendition of any ACMI Contract."

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

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

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

                                      * * *

<PAGE>

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

                                        ATLAS AIR, INC.

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

                                                  Security Agreement and Chattel
                                        Mortgage Amendment to the First Security
                                                  Agreement and Chattel Mortgage
                                                           (Aircraft No. N355MC)

<PAGE>

                                        DEUTSCHE BANK TRUST COMPANY
                                        AMERICAS,

                                        as Administrative Agent

                                        By: /s/ David J Bell
                                            ---------------------------------
                                            Name: David J Bell
                                            Title: Managing Director

                                                  Security Agreement and Chattel
                                        Mortgage Amendment to the First Security
                                                  Agreement and Chattel Mortgage
                                                           (Aircraft No. N355MC)

<PAGE>

                           Schedule to Exhibit 10.5.7

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

<TABLE>
<CAPTION>
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
REGISTRATION         MANUFACTURER'S SERIAL    AGENT            BORROWER                  AGREEMENT
NUMBER               NUMBER(S)
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
<S>                  <C>                      <C>              <C>                       <C>
N540MC               22508                    Deutsche Bank    Atlas Air, Inc.           Amendment No. 2 to Second
                                              Trust Company                              Security Agreement (N540MC)
                                              Americas                                   dated as of November 30,
                                                                                         2004 to secure obligations
                                                                                         under the Aircraft Credit
                                                                                         Facility.
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N536MC               21576                    Deutsche Bank    Atlas Air, Inc.           Amendment No. 3 to Second
                                              Trust Company                              Security Agreement (N536MC)
                                              Americas                                   dated as of November 30,
                                                                                         2004 to secure obligations
                                                                                         under the Aircraft Credit
                                                                                         Facility.
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

</TABLE>EXHIBIT 10.6.2

                           FIRST AMENDMENT AND CONSENT

      FIRST AMENDMENT AND CONSENT (this  "AMENDMENT"),  dated as of November 30,
2004,  among ATLAS  FREIGHTER  LEASING  III,  INC., a Delaware  corpration  (the
"BORROWER"), the lenders from time to time party to the Credit Agreement (each a
"LENDER"  and,  collectively,  the  "LENDERS"),  and DEUTSCHE BANK TRUST COMPANY
AMERICAS,  as  Administrative  Agent  (in  such  capacity,  the  "ADMINISTRATIVE
AGENT").  Unless otherwise defined herein, all capitalized terms used herein and
defined in the Credit  Agreement  referred  to below are used  herein as therein
defined.

                              W-I-T-N-E-S-S-E-T-H:

      WHEREAS,  the  Borrower,  the  Lenders and the  Administrative  Agent have
entered into an Amended and Restated Credit Agreement, dated as of July 27, 2004
(the "CREDIT AGREEMENT"); and

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

      NOW, THEREFORE, it is agreed;

A. AMENDMENTS TO THE CREDIT AGREEMENT

      1. The  definition  of "Exit  Facility"  appearing  in Section  1.1 of the
Credit  Agreement is hereby amended deleting such definition in its entirety and
inserting the following text in lieu thereof:

      ""EXIT  FACILITY"  means the primary senior  revolving  credit facility or
      facilities  of the  Company  and/or  Polar Air,  whether  now  existing or
      hereafter arising,  which allow the Company and/or Polar Air to borrow and
      reborrow  amounts (or have letters of credit issued for its account) up to
      a borrowing  base  determined  by the lenders  thereunder,  as same may be
      amended,  modified,  supplemented,  refinanced  or  replaced  from time to
      time."

B. CONSENT

      1. The  Lenders  hereby  consent  to amend the Leases as  provided  in the
amendment to the Leases attached hereto as Exhibit A.

C. MISCELLANEOUS PROVISIONS

      1. In order to  induce  the  Lenders  to enter  into this  Amendment,  the
Borrower  herby  represents and warts to each of the Lenders that (i) all of the
representations  and  warranties  contained in the Credit  Agreement  and in the
other Loan Documents are true and correct in all material  respects on and as of
the First  Amendment  Effective Date (as defined  below),  both before and after
giving effect to this Amendment (unless such representations and warranties

<PAGE>

relate to a  specific  earlier  date,  in which  case such  representations  and
warranties  shall be true and correct as of such earlier  date),  and (ii) there
exists no Default or Event of Default  on the First  Amendment  Effective  Date,
both before and after giving effect to this Amendment.

      2. This  Amendment is limited as  specified  and shall not  constitute  an
amendment,  modification,  acceptance  or waiver of any other  provision  of the
Credit Agreement or any other Loan Document.

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

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

      5. This Amendment shall become effective on the date (the "FIRST AMENDMENT
EFFECTIVE  DATE") when the Borrower and the Required Lenders shall have signed a
counterpart  hereof (whether the same or different  counterparts) and shall have
delivered (including by way of telecopier) the same to the Administrative Agent.

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

                                      * * *

                                      -2-
<PAGE>

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

                                             ATLAS FREIGHTER LEASING III, INC.

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

<PAGE>

                                             DEUTSCHE BANK TRUST COMPANY
                                             AMERICAS, as Administrative Agent

                                             By: /s/ Mark B. Cohen
                                                 ------------------------------
                                                 Name: Mark B. Cohen
                                                 Title: Managing Director
                                                        Head of [ILLEGIBLE]

<PAGE>

                                             CREDIT SUISSE FIRST BOSTON

                                             By: /s/ Gil Golan
                                                 ------------------------------
                                                 Name:  Gil Golan
                                                 Title: Assistant Vice President

                                             By: /s/ Joseph Brosnan
                                                 ------------------------------
                                                 Name:  Joseph Brosnan
                                                 Title: Vice President

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                                           APEX (IDM) CDOI, LTD
                                           ELC (CAYMAN) LTD, CDO Series 1999-I
                                           ELC (CAYMAN) LTD, 1999-II
                                           ELC (CAYMAN) LTD, 1999-III
                                           ELC (CAYMAN) LTD, 2000-I

                                           By: /s/ [ILLEGIBLE]
                                               -------------------------------
                                               Title: Managing Director
                                                      BABSON CAPITAL
                                                      MANAGEMENT LLC, IN ITS
                                                      CAPACITY AS COLLATERAL
                                                      MANAGER, PORTFOLIO MANAGER
                                                      OR INVESTMENT MANAGER

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                                             TRYON CLO LTD 2000-I
                                             SUFFIELD CLO, LIMITED

                                             By: /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                 Title: MANAGING DIRECTOR
                                                 BABSON CAPITAL MANAGEMENT LLC,
                                                 AS COLLATERAL MANAGER

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                                             GOLDMAN SACHS CREDIT PARTNERS L.P.,

                                             By: /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                 Title: Managing Director

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                                      CANPARTNERS INVESTMENTS IV, LLC

                                      By: CANPARTNERS INVESTMENTS IV, LLC,
                                          A CALIFORNIA LIMITED LIABILITY COMPANY

                                      By: /s/ R. Christian B. Evensen
                                          --------------------------------------
                                          R. Christian B. Evensen
                                          Managing Director

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                                RZB Finance LLC

                                By: /s/ Christoph Hoedl      /s/ Elisabeth Hirst
                                    --------------------------------------------
                                    Title: Christoph Hoedl   Elisabeth Hirst
                                           Vice President    AVP

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                                            Sankaty High Yield Partners II, L.P.

                                            By: /s/ Jeffrey Hawkins
                                               ---------------------------------
                                                    Title: JEFFREY HAWKINS
                                                           SENIOR VICE PRESIDENT

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                                           Sankaty High Yield Partners III, L.P.

                                           By: /s/ Jeffrey Hawkins
                                               ---------------------------------
                                               Title: JEFFREY HAWKINS
                                                      SENIOR VICE PRESIDENT

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                                 Sankaty Advisors, LLC as Collateral Manager for
                                 Prospect Funding I, LLC, as Term Lender

                                 By: /s/ Jeffrey Hawkins
                                     -------------------------------------------
                                     Title: JEFFREY HAWKINS
                                            SENIOR VICE PRESIDENT

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                               Sankaty High Yield [ILLEGIBLE] Partners, L.P.

                               By: /s/ Jeffrey Hawkins
                                   ---------------------------------------------
                                   Title: JEFFREY HAWKINS
                                          SENIOR VICE PRESIDENT

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                                              Sankaty Credit Opportunities, L.P.

                                              By: /s/ Jeffrey Hawkins
                                                  ------------------------------
                                                  Title: JEFFREY HAWKINS
                                                         SENIOR VICE PRESIDENT

               [Signature Page to the First Amendment and Consent
                  to the Amended and Restated Credit Agreement]

<PAGE>

                                                                       EXHIBIT A

                                  [Attached.]

<PAGE>

                                                                  EXECUTION COPY

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

      AMENDMENT  NO.  1 TO  THE  AMENDED  AND  RESTATED  LEASE  AGREEMENT  (this
"AMENDMENT"),  dated as of November 30, 2004,  between ATLAS  FREIGHTER  LEASING
III,  INC.,  a Delaware  corporation  ("LESSOR"),  ATLAS AIR,  INC.,  a Delaware
corporation  ("LESSEE")  and  accepted  and  agreed  to by ATLAS  AIR  WORLDWIDE
HOLDINGS,  INC.  ("HOLDINGS")  and by DEUTSCHE BANK TRUST COMPANY  AMERICAS,  as
administrative agent under the Credit Agreement (in such capacity, the "AGENT").
Unless otherwise  defined herein,  all capitalized terms used herein and defined
in the Lease referred to below are used herein as therein defined.

                              W-I-T-N-E-S-S-E-T-H:

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

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

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

      NOW, THEREFORE, it is agreed;

A. AMENDMENTS TO THE LEASE

      1. The definition of "ACMI  Contract"  appearing in Section 1 of the Lease
is hereby amended by deleting such  definition in its entirety and inserting the
following text in lieu thereof:

      ""ACMI  CONTRACT"  means  (i) any  contract  entered  into  by the  Lessee
      pursuant to which Lessee  furnishes the aircraft,  crew,  maintenance  and
      insurance and customers bear all

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

<PAGE>

      other operating expenses,  (ii) any similar contract in which the customer
      provides the flight crew, all in accordance  with the Lessee's  historical
      practices and (iii) any wet lease or service  contract  whereby the Lessee
      agrees to furnish  an  aircraft  to a third  party  pursuant  to which the
      aircraft shall at all times be in operational control of the Lessee."

      2. Section 1 of the Lease is hereby amended by inserting the following new
definition in the appropriate alphabetical order:

      ""BLADE  AND  DISK  CAPITAL   EXPENDITURES"  means  Consolidated   Capital
      Expenditures  for  under  platform  cracking,  including  blade  and  disk
      replacement, required for CF6-80C2 engines. "

      3. The definition of "Exit  Facility"  appearing in Section 1 of the Lease
is hereby amended by deleting such  definition in its entirety and inserting the
following text in lieu thereof:

      ""EXIT  FACILTY" means the primary  senior  revolving  credit  facility or
      facilities  of the  Lessee  and/or  Polar Air,  whether  now  existing  or
      hereafter  arising,  which allow the Lessee and/or Polar Air to borrow and
      reborrow amounts (or have letter of credit issued for its account) up to a
      borrowing  base  determined  by the  lenders  thereunder,  as same  may be
      amended,  modified,  supplemented,  refinanced  or  replaced  from time to
      time."

      4. The definition of "Maximum  Capital  Expenditure  Amount"  appearing in
Section 1 of the Lease is hereby  amended by  deleting  such  definition  in its
entirety and inserting the following text in lieu thereof:

      ""MAXIMUM  CAPITAL   EXPENDITURE   AMOUNT"  means  for  any  Fiscal  Year,
      $25,000,000."

      5.  Section  7(a)(8) of the Lease is hereby  amended by deleting  the text
"the  Lessee"  appearing  therein  and  inserting  the  text  "Holdings  and its
Subsidiaries" in lieu thereof.

      6. Section  7(b)C.  of the Lease is hereby  amended by inserting  the text
"and the Exit  Facility"  immediately  following  the  text  "Credit  Agreement"
appearing in the first sentence thereof.

      7. Section 7(d)(4) of the Lease is hereby amended by deleting such section
in its entirety and inserting the following text in lieu thereof:

      "(6)  Holdings  and its  Subsidiaries  may become and remain  liable  with
      respect to Contingent Obligations arising under the Exit Facility;"

      8. Section 7(g)(7) of the Lease is hereby amended by deleting such section
in its entirety and inserting the following text in lieu thereof:

      "(7)  Holdings  and its  Subsidiaries  may  make (V)  Consolidated  Capita
      Expenditures  not in  excess of the  Maximum  Capital  Expenditure  Amount
      during any Fiscal Year, (W) Consolidated Capital Expenditures  required to
      retrofit airplanes in order to conform to FAA regulations in an amount not
      to  exceed   $7,000,000  in  the  aggregate,   (X)  Consolidated   Capital
      Expenditures constituting the reinvestment of proceeds of Asset

                                      -2-
<PAGE>

      Sales not required to repay the Loans  pursuant to subsection  2.4B(ii)(a)
      of the  Amended  Aircraft  Credit  Facility,  (y) Blade  and Disk  Capital
      Expenditures  in an amount not to exceed  $15,000,000 in the aggregate and
      (z) Consolidated  Capital Expenditures  required to satisfy  Back-To-Birth
      Traceability  Issues;  PROVIDED  that  up to  50% of any  amount  of  such
      Consolidated Capital Expenditures permitted pursuant to clause (V) of this
      subsection (7), but not made, in any Fiscal Year may be carried forward to
      and made during the immediately succeeding Fiscal Year (but no amount once
      carried  forward to the next  Fiscal  Year may be  carried  forward to any
      Fiscal Year thereafter);"

      9. Section 7(m) of the Lease is hereby  amended by inserting the following
new sentence at the end thereof:

      "Notwithstanding  anything to the contrary contained in clause (1) and (2)
      above in this paragraph,  Holdings and its  Subsidiaries may pledge shares
      of capital stock of any of its Subsidiaries  (including  Holdings and such
      Subsidiary,  but excluding the capital stock of Lessor) to secure the Exit
      Facility  or  their  Contingent   Obligations   arising   thereunder."

B. MISCELLANEOUS PROVISIONS

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

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

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

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

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

                                      -3-
<PAGE>

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

                                     * * *

                                      -4-
<PAGE>

                                                                  EXECUTION COPY

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

                                              ATLAS FREIGHTER LEASING III, INC.

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

                                              ATLAS AIR, INC.

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

Accepted and Agreed:

                                              ATLAS AIR WORLDWIDE HOLDINGS, INC.

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

<PAGE>

Accepted and Agreed:

                                              DEUTSCHE BANK TRUST COMPANY
                                              AMERICAS, as Agent

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

<PAGE>

                                                                         ANNEX A

        [add description of lease and aircraft engines covered thereby]

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