AIRBORNE INC /DE/
STOCK PLEDGE FINAL
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<TYPE>EX-10
<SEQUENCE>8
<FILENAME>stock_pledge.htm
<DESCRIPTION>STOCK PLEDGE FINAL
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</head>

<body lang=EN-US link=blue vlink=purple>

<div class=Section1>

<p class=MsoBodyText style='text-indent:0in'><b>EXHIBIT 10(c)</b></p>

<p class=MsoBodyText align=center style='text-align:center;text-indent:0in'><u>STOCK
PLEDGE AGREEMENT</u><br><br></p>

<p class=MsoBodyText style='text-indent:0in'>            THIS
STOCK PLEDGE AGREEMENT (as amended, modified, or supplemented from time to
time, this &quot;Agreement&quot;), made effective June 29, 2001, by and between
AIRBORNE, INC., a Delaware corporation, having a place of business at 3101
Western Avenue, Seattle, Washington
98121 (the &quot;Grantor&quot;), and WACHOVIA BANK, N.A., a national
banking association in its capacity as Collateral Agent for the Lenders (as
defined below) (the &quot;Collateral Agent&quot;), having offices located at
191 Peachtree Street, Atlanta, GA
30303.</p>

<p class=BOLDCENTERUNDERLINE>
PRELIMINARY STATEMENTS:</p>

(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as otherwise defined herein, capitalized terms used
herein and defined in the Credit Agreement (as defined below) shall be used
herein as therein defined. Certain terms used herein are defined in Section 1
hereof.&nbsp;
<p>

(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement is one of the "Collateral Documents" described
in, and is made pursuant to, that certain Amended and Restated Credit Agreement
dated as of the Closing Date, by and among Airborne Express, Inc., a Delaware
corporation ("Express") and formerly known as Airborne Freight Corporation, a
Delaware corporation ("AFC"), ABX Air, Inc., a Delaware corporation ("ABX" and
Express, each, a "Borrower" and together, jointly and severally, the
"Borrowers"), the Grantor, as "Parent," the financial institutions named as
lenders therein (together with their respective successors and assigns, the
"Lenders" and, each individually, a "Lender"), and Wachovia Bank, N.A., a
national banking association ("Wachovia"), as the Administrative Agent for the
Lenders under the agreement and as Collateral Agent, which agreement amends and
restates that certain Credit Agreement dated as of July 27, 2000, by and among
AFC, the Lenders, and Wachovia as Administrative Agent and Collateral Agent as
amended by that certain First Amendment to Credit Agreement dated as of April
20, 2001, by and among Airborne, Inc., a Delaware corporation ("Airborne"), the
Lenders, and Wachovia as Administrative Agent, as further amended by that
certain Second Amendment to Credit Agreement dated as of May 31, 2001, by and
among Airborne, the Lenders, and Wachovia as Administrative Agent
(collectively, together with any and all concurrent or subsequent exhibits,
schedules, extensions, supplements, amendments or modifications thereto, the
"Credit Agreement").  Pursuant to a
Joinder Agreement dated as of December 26, 2000, Airborne assumed AFC's
obligations as "Borrower" under the Credit Agreement, and AFC was released from
its obligations as "Borrower" under the Credit Agreement.&nbsp;</p>
<p>

(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Credit Agreement provides for, among other things, loans
or advances, the issuance of letters of credit, and other extensions of credit
to or for the benefit of the Borrowers of up to $275,000,000, with such loans
or advances being evidenced by promissory notes (the "Facility Notes").&nbsp;</p>
<p>

(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AFC entered into an Indenture dated as of December 15, 1992,
as supplemented by that certain First Supplemental Indenture dated as of
September 15, 1995, relating to Express' 7.35% Notes Due 2005 as further
supplemented by that certain Second Supplemental Indenture Relating to AFC's
8-7/8% Notes Due 2002 dated February 12, 1997, and as further supplemented by
that certain Third Supplemental Indenture dated as of the Closing Date (herein,
as amended or otherwise modified, restated, supplemented or replaced from time
to time, the "Indenture"), pursuant to which Express, formerly known as AFC,
(i) may issue and sell its debentures, notes, or other evidences of
indebtedness and (ii) has, prior to the date hereof, issued and sold to certain
purchasers (the "Noteholders," such term to include their successors and
assigns) (A) $100,000,000 aggregate original principal amount of its 7.35%
Notes (the "1995 Notes") and (B) $100,000,000 aggregate original principal
amount of its "8-7/8% Notes Due December 15, 2002" (the "1992 Notes," and
together with the 1995 Notes, the "Indenture Debt," such term to include all
debentures, notes, or other evidences of indebtedness issued pursuant to the
Indenture in addition to, issued in exchange for, or issued in replacement of
any Indenture Debt existing on the date hereof).  Express, in its capacity as issuer of the Indenture Debt,
together with its successors and assigns, shall be referred to herein as the
"Indenture Debt Issuer."&nbsp;</p>
<p>

(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to certain exceptions which are not applicable hereto,
Section 1008 of the Indenture prohibits any Grantor from creating any security
interests in certain of the Grantor's property unless the Indenture Debt is
equally and ratably secured by such security interest.&nbsp;</p>
<p>

(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Grantor is the owner of certain securities of Airborne
Credit, Inc., set forth and described on Exhibit &quot;A&quot; attached hereto
and by reference made part hereof, together with any and all other securities,
cash or other property at any time and from time to time receivable or
otherwise distributed in respect of or in exchange for any or all of such
securities, and together with the proceeds thereof (herein collectively the
&quot;Pledged Collateral&quot;).  The
Pledged Collateral shall constitute &quot;Collateral&quot; as such term is used
in the Credit Agreement.&nbsp;</p>
<p>

(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement is made in favor of the Collateral Agent for
the benefit of the Lenders and the Noteholders (collectively the "Secured
Creditors") to equally and ratably secure the Secured Obligations (as defined
herein).&nbsp;</p>
<p>

(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It is a condition precedent to the making of Loans and the
issuance of, and participation in, Letters of Credit under the Credit Agreement
that the Grantor shall have executed and delivered to the Collateral Agent this
Agreement.&nbsp;</p>
<p>

(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Grantor's desire to execute this Agreement to satisfy the
conditions described in the preceding paragraphs (5) and (8).</p>

<p class=MsoBodyText2 style='line-height:normal'>&nbsp;</p>

<p class=MsoBodyText2 style='line-height:normal'>NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and to induce the
Collateral Agent to extend credit from time to time to the Grantor and/or to
either of the Borrowers, Grantor and Collateral Agent hereby agree as follows:</p>

<p class=MsoBodyText2 style='line-height:normal'>&nbsp;</p>

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Certain Definitions</u>.
The following terms shall have the meanings herein specified unless the
context otherwise requires.  Such
definitions shall be equally applicable to the singular and plural forms of the
terms defined.

<p class=MsoBodyText>"Collateral Agent" shall have the meaning provided in the
first paragraph of this Agreement.</p>

<p class=MsoBodyText>"Collateral Agent Expenses" shall mean (a) all costs or
expenses which the Grantor is required to pay or cause to be paid under this
Agreement or any other Collateral Document and which are paid or advanced by
the Collateral Agent pursuant to the provisions of the Collateral Documents;
(b) all taxes and insurance premiums of every nature and kind which any
Borrower is required to pay or cause to be paid under this Agreement or any
other Collateral Document and which are paid or advanced by the Collateral
Agent pursuant to the provisions of any Collateral Document; (c) all filing,
recording, publication and search fees paid or incurred by the Collateral Agent
in connection with the transactions contemplated by this Agreement or the other
Collateral Documents; (d) all costs and expenses paid or incurred by the
Collateral Agent (with or without suit), to correct any default or enforce any
provisions of any Collateral Document or in gaining possession of, maintaining,
handling, preserving, storing, refurbishing, appraising, selling, preparing for
sale and/or advertising to sell the Pledged Collateral, whether or not a sale
is consummated; (e) all costs and expenses of suit paid or incurred by the
Collateral Agent in enforcing or defending this Agreement or any other
Collateral Document; and (f) attorneys' fees and expenses paid or incurred by
the Collateral Agent in advising, structuring, drafting, reviewing, amending,
terminating, enforcing, defending or concerning this Agreement or any other
Collateral Document, whether or not suit is brought, and including any action
brought in any Insolvency Proceeding.</p>

<p class=MsoBodyText>"Credit Agreement" shall have the meaning provided in the
Preliminary Statements of this Agreement.</p>

<p class=MsoBodyText>&quot;Event of Default&quot; shall have the meaning given
to such term in Section 11.</p>

<p class=MsoBodyText>"Facility Obligations" shall mean all "Obligations" as
such term is defined in the Credit Agreement.</p>

<p class=MsoBodyText>"Indenture" shall have the meaning given such term in the
Preliminary Statements of this Agreement.</p>

<p class=MsoBodyText>"Indenture Debt" shall have the meaning provided in the
Preliminary Statements of this Agreement.</p>

<p class=MsoBodyText>"Indenture Documents" shall mean the Indenture, all
documents or instruments evidencing the Indenture Debt and all other documents
now or hereafter executed and delivered by the Indenture Debt Issuer, the
Parent, or any subsidiary, including and without limitation either of the
Borrowers and the Grantor for the benefit of the Trustee or Noteholders.</p>

<p class=MsoBodyText>&quot;Insolvency Proceeding&quot; shall mean any
proceeding commenced by or against any person or entity, under any provision of
the federal Bankruptcy Code, as amended, or under any other bankruptcy or
insolvency law, including, but not limited to, assignments for the benefit of
creditors, formal or informal moratoriums, compositions or extensions with some
or all creditors.</p>

<p class=MsoBodyText>"Lender" and "Lenders" shall have the meaning provided in
the Preliminary Statements of this Agreement.</p>

<p class=MsoBodyText>"Noteholder" shall have the meaning provided in the
Preliminary Statements of this Agreement.</p>

<p class=MsoBodyText>"Pledged Collateral" shall have the meaning given such
term in Section 2.</p>

<p class=MsoBodyText>"Pledged Proceeds" shall have the same meaning as the term
&quot;proceeds&quot; under the UCC or under other relevant law and, in any
event, shall include, but not be limited to (i) any and all proceeds of any
insurance, indemnity, warranty or guaranty payable to the Collateral Agent or
Grantor from time to time with respect to any of the Pledged Collateral, (ii)
any and all payments (in any form whatsoever) made or due and payable to the
Grantor from time to time in connection with any requisition, confiscation,
condemnation, seizure or forfeiture of all or any part of the Pledged
Collateral by any governmental authority (or any Person acting under color of
governmental authority); (iii) any and all accounts, general intangibles,
contract rights, inventory, equipment, money, drafts, instruments, deposit
accounts, or other tangible and intangible property of the Grantor resulting
from the sale (authorized or unauthorized) or other disposition of the Pledged
Collateral, and any proceeds of such proceeds; (iv) any and all other amounts
from time to time paid or payable under or in connection with any of the
Pledged Collateral; and (v) proceeds from the sale, transfer, or other
disposition of the Pledged Collateral by the Collateral Agent.</p>

<p class=MsoBodyText>"Trustee" shall mean the trustee under the Indenture and
includes its successors and assigns.</p>

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Pledge of Pledged Collateral</u>.  Grantor does hereby pledge, hypothecate, assign, transfer, set
over, deliver and grant a security interest in and to the Collateral Agent in
all that stock of Grantor set forth and described on <u>Exhibit &quot;A&quot;</u>
attached hereto and by reference made part hereof (which stock is
simultaneously herewith being delivered to the Collateral Agent, accompanied by
blank stock powers signed by Grantor), together with any and all other
securities, cash or other property at any time and from time to time receivable
or otherwise distributed in respect of or in exchange for any or all of such
pledged stock, and together with the proceeds thereof (hereinafter said
property being collectively referred to as the &quot;Pledged Collateral&quot;),
all as security for the payment and performance when due of all the following
(collectively, the &quot;Secured Obligations&quot;):

<p>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Borrowers' full and prompt payment when due (whether at
the stated maturity, by acceleration or otherwise), and the due performance, of
all Facility Obligations; and </p>

<p>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the full and prompt payment when due (whether at the stated
maturity, by acceleration or otherwise) of all principal of, and interest on,
the Indenture Debt, and the due performance of all other obligations of Grantor
arising under or in connection with the Indenture Documents; and</p>

<p>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all obligations and liabilities of Grantor under this
Agreement, the Parent Guaranty, or any other Loan Document to which the Grantor
is a party; and</p>

<p>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all obligations and liabilities of Grantor under the Indenture
Documents to which it is a party; and</p>

<p>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all other obligations and liabilities owing by Grantor to any
of the Administrative Agent, the Collateral Agent, the Trustee, any Lender, or
any Noteholder under this Agreement, the Credit Agreement or any other Loan
Document, or the Indenture Documents (including, without limitation,
indemnities, fees and other amounts payable thereunder); and</p>

<p>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the full and prompt payment when due of any and all Collateral
Agent Expenses;</p>

<p class=flushleft>in all cases whether now existing, or hereafter incurred
under, arising out of, or in connection with, this Agreement, the Credit
Agreement or any other Loan Document, or the Indenture Documents, including any
such interest or other amounts which, but for any automatic stay under Section
362(a) of the Bankruptcy Code, would become due.  It is acknowledged and agreed that the term "Secured Obligations"
shall include, without limitation, extensions of credit and issuances of
securities of the types described above, whether outstanding on the date of
this Agreement or extended or purchased from time to time after the date of
this Agreement.</p>

<p class=flushleft>&nbsp;</p>

3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Holding of Pledged Collateral and Rights</u>.  Grantor acknowledges and agrees that the
Collateral Agent shall hold the Pledged Collateral, together with all right,
title, interest, powers, privileges and preferences pertaining or incidental
thereto forever, subject, however, to return of the Pledged Collateral (or such
portion thereof as may be existing from time to time hereafter after giving
effect to the terms hereof) by the Collateral Agent to the Grantor upon payment
and performance in full of all the Secured Obligations and termination by the
Lenders in writing of any and all Commitments.&nbsp;
<p>

4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Representations and Warranties</u>.  In order to induce the Collateral Agent to
accept this Agreement, Grantor hereby represents and warrants to the Collateral
Agent:  (i) that Grantor has the
complete and unconditional authority to pledge the Pledged Collateral, holds (or
will hold on date of pledge thereof) the Pledged Collateral free and clear of
any and all liens, charges, encumbrances and security interests thereon (other
than in favor of Collateral Agent) and has (or will have on date of pledge
thereof) good right, title and legal authority to pledge the Pledged Collateral
in the manner contemplated herein; (ii) that all stock now owned or hereafter
owned by Grantor and constituting or which will constitute Pledged Collateral
hereunder are, or will be on date of pledge thereof, validly issued, fully paid
and non&#8209;assessable; and (iii) that no authorization, approval, or other
action by, and no notice to or filing with, any governmental authority or
regulatory body is required either (a) for the pledge by Grantor of the Pledged
Collateral pursuant to this Agreement or for the execution, delivery or
performance of this Agreement by Grantor or (b) for the exercise by the
Collateral Agent of the voting or other rights provided for in this Agreement
or the remedies in respect of the Pledged Collateral pursuant to this Agreement
(except as may be required in connection with such disposition by laws
affecting the offering and sale of securities generally).&nbsp;</p>
<p>

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Delivery of Additional Securities; Further Assurances</u>.  Grantor further covenants with the
Collateral Agent that Grantor will cause any additional securities or other
property issued to or received by Grantor with respect to any of the Pledged
Collateral, whether for value paid by the Grantor or otherwise, and including
stock dividends, to be deposited forthwith with the Collateral Agent and be
pledged hereunder, in each case accompanied by blank stock powers or other
proper instruments of assignment duly executed by Grantor in such form as may
be required by the Collateral Agent.
Grantor agrees that at any time and from time to time, at the expense of
Grantor, Grantor will promptly execute and deliver all further instruments and
documents, and take all further action that the Collateral Agent may reasonably
request, in other to perfect and protect the security interest granted or
purported to be granted hereby or to enable the Collateral Agent to exercise
and enforce its rights, powers and remedies hereunder with respect to any
Pledged Collateral.&nbsp;</p>
<p>

6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Name in Which Pledged Collateral Held</u>.  Grantor further acknowledges and agrees that
the Collateral Agent may hold any of the Pledged Collateral in its own name,
endorsed or assigned in blank or in the name of any nominee or nominees, and
that the Collateral Agent may deliver any or all of the Pledged Collateral to
the issuer or issuers thereof for the purpose of making denominational
exchanges or registrations or transfer or for such other purposes in
furtherance of this Agreement as the Collateral Agent may deem advisable.&nbsp;</p>
<p>

7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Voting Rights; Dividends, Etc.</u></p>

<p class=MsoBodyText>            7.1       So long as no Event of Default (as
defined in Section 11 hereof) shall have occurred and be continuing:</p>

<p>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Grantor shall be entitled to exercise any and all voting and
other consensual rights pertaining to the Pledged Collateral or any part
thereof for any purpose not prohibited by the terms of this Agreement;
provided, however, that following request therefor by the Collateral Agent,
Grantor shall not exercise or refrain from exercising any such right if such
action would have a material adverse effect on the value of the Pledged
Collateral or any part thereof; and, provided further, that Grantor shall give
the Collateral Agent at least ten days' written notice of the manner in which
it intends to exercise any such right.</p>

<p>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Collateral Agent shall execute and deliver (or cause to be
executed and delivered) to Grantor all such proxies and other instruments as
Grantor may reasonably request for the purpose of enabling Grantor to exercise
the voting and other rights which it is entitled to exercise pursuant to clause
(a) above.</p>

<p>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Grantor shall be entitled to receive and retain any cash
dividends, interest or any other distribution of property paid, payable or
otherwise distributed in cash in respect of the Pledged Collateral.</p>

<p>            7.2       Upon the occurrence and during the
continuance of an Event of Default:</p>

<p>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All rights of Grantor to exercise the voting and other
consensual rights which it would otherwise be entitled to exercise pursuant to
Section 7.1(a) shall cease, and all such rights shall thereupon become vested
in the Collateral Agent who shall thereupon have the sole right to exercise
such voting and other consensual rights; provided, however, Grantor shall
continue to have the rights to exercise such voting and other consensual rights
notwithstanding the occurrence and continuance of an Event of Default until the
Collateral Agent delivers a notice to Grantor of its intention to exercise such
voting and other consensual rights.</p>

<p>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All rights of Grantor to receive cash dividends, interest, or
other distributions in cash, which it would otherwise be authorized to receive
and retain pursuant to Section 7.1(a) shall cease and all rights to dividends,
interest and other distributions shall thereupon be vested in the Collateral
Agent, who shall thereupon have the sole right to receive and hold as Pledged
Collateral such interest or other distributions.  All dividends, interest and other distributions which are
received by Grantor contrary to these provisions shall be received in trust for
the benefit of the Collateral Agent, shall be segregated from other property or
funds of Grantor and shall be forthwith delivered to the Collateral Agent as
Pledged Collateral in the same form as so received (with any necessary
endorsement).</p>

8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Lender Appointed Attorney&#8209;in&#8209;Fact</u>.  Grantor hereby irrevocably appoints the
Collateral Agent as Grantor's attorney&#8209;in&#8209;fact following an Event
of Default, with full authority in the place and stead of Grantor and in the
name of Grantor or otherwise, from time to time in the Collateral Agent's
discretion, to take any action and to execute any instrument which the
Collateral Agent may deem reasonably necessary or advisable to accomplish the
purposes of this Agreement, including, without limitation, to receive, endorse
and collect all instruments made payable to Grantor representing any dividend,
interest payment or other distribution in respect of the Pledged Collateral or
any part thereof and to give full discharge for the same, when and to the
extent permitted by this Agreement.&nbsp;
<p>

9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Lender May Perform</u>.
If Grantor fails to perform any agreement contained herein, Collateral
Agent may itself perform, or cause performance of, such agreement, and the
expenses of the Collateral Agent incurred in connection therewith shall
constitute Collateral Agent Expenses and be payable as provided herein.&nbsp;</p>
<p>

10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Reasonable Care</u>.
Collateral Agent shall be deemed to have exercised reasonable care in
the custody and preservation of the Pledged Collateral in its possession if the
Pledged Collateral is accorded treatment substantially equal to that which the
Collateral Agent accords its own property, it being understood that the
Collateral Agent shall not have responsibility for (i) ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or
other matters relative to any Pledged Collateral, whether or not the Collateral
Agent has or is deemed to have knowledge of such matters, unless reasonably
requested to do so by Grantor, or (ii) taking any necessary steps to preserve
rights against any parties with respect to any Pledged Collateral.&nbsp;</p>
<p>

11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Events of Default</u>.
The following shall constitute &quot;Events of Default&quot; hereunder:</p>

<p class=MsoBodyText>            11.1     Should Grantor assign, attempt to encumber,
subject to further pledge or security interest, sell, transfer or otherwise dispose
of any of the Pledged Collateral without the prior written consent of the
Collateral Agent;</p>

<p class=MsoBodyText>            11.2     If an &quot;Event of Default&quot; occurs
under Article 7 of the Credit Agreement or under any other Loan Document; or</p>

<p class=MsoBodyText>            11.3     If Grantor shall fail to perform any
covenant or agreement set forth herein, or in any document, instrument or
agreement evidencing, securing, guaranteeing or pertaining to any of the
Secured Obligations.</p>

12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Remedies</u>.  If
any Event of Default shall have occurred and be continuing:

<p class=MsoBodyText>            12.1            Collateral Agent may exercise (in
compliance with all applicable securities laws) in respect of the Pledged
Collateral, in addition to other rights and remedies provided for herein or
otherwise available to it, all the rights and remedies of a secured party on default
under the Uniform Commercial Code in effect in the State of Georgia at that
time, and the Collateral Agent may also, without notice except as specified
below, sell (in compliance with all applicable securities laws) the Pledged
Collateral or any part thereof in one or more parcels at public or private
sale, at any exchange, over the counter or at any of the Collateral Agent's
offices or elsewhere, for cash, on credit or for future delivery, and at such
price or prices and upon such other terms as the Collateral Agent may deem
commercially reasonable or otherwise in such manner as necessary to comply with
applicable federal and state securities laws.
Collateral Agent shall be authorized at any such sale (if it deems it
advisable to do so) to restrict the prospective bidders or purchasers to
persons who will represent and agree that they are purchasing the Pledged
Collateral for their own account for investment and not with a view to the
distribution or sale thereof, and upon consummation of any such sale the
Collateral Agent shall have the right to assign, transfer and deliver to the
purchaser or purchasers at any such sale and such purchasers shall hold the
property sold absolutely, free from any claim or right on the part of Grantor,
and Grantor hereby waives (to the extent permitted by law) all rights of
redemption, stay and/or appraisal which it now has or may at any time in the
future have under any rule of law or statute now existing or hereafter
enacted.  To the extent notice of sale
shall be required by law, Collateral Agent shall give Grantor at least five
days' notice of the time and place of any public sale or the time after which
any private sale is to be made, which Grantor agrees shall constitute
reasonable notification.  At any such
sale, the Collateral Agent may bid (which bid may be, in whole or in part, in
the form of cancellation of Secured Obligations) for and purchase the whole or
any part of the Pledged Collateral.
Collateral Agent shall not be obligated to make any sale of Pledged Collateral
regardless of notice of sale having been given.  Collateral Agent may adjourn any public or private sale from time
to time by announcement at the time and place fixed therefor, and such sale
may, without further notice, be made at the time and place to which it was so
adjourned.  If sale of all or any part
of the Pledged Collateral is made on credit or for future delivery, the Pledged
Collateral so sold may be retained by the Collateral Agent until the sale price
is paid by the purchaser or purchasers thereof, but Collateral Agent shall not
incur any liability in case any such purchaser or purchasers shall fail to take
up and pay for the Pledged Collateral so sold and, in case of any such failure,
such Pledged Collateral may be sold again upon like notice.  Grantor agrees that any sale of the Pledged
Collateral conducted by the Collateral Agent in accordance with the foregoing
provisions of this Section 12 shall be deemed to be a commercially reasonable
sale under Uniform Commercial Code as adopted in the State of Georgia.  As an alternative to exercising the power of
sale herein conferred upon it, Collateral Agent may proceed by a suit or suits
at law or in equity to foreclose the security interest granted under this
Agreement and to sell the Pledged Collateral, or any portion thereof, pursuant
to a judgment or decree of a court or courts of competent jurisdiction.</p>

<p class=MsoNormal>            12.2            Any cash held by the Collateral
Agent as Pledged Proceeds (including, without limitation, all Pledged Proceeds
received by the Collateral Agent in respect of any sale of, collection from, or
other realization upon or any part of the Pledged Collateral following the
occurrence of an Event of Default, shall be applied in the same manner as
&quot;Proceeds&quot; are applied pursuant to Section 5.4 of that certain
Security Agreement dated as of the Closing Date by and among Airborne Express,
Inc., ABX Air, Inc., Airborne, Inc., Wilmington Air Park, Inc., Sky Courier,
Inc., Aviation Fuel, Inc., Sound Suppression, Inc., Airborne FTZ, Inc., and
other parties which may from time to time be joined as Assignors thereunder,
and Wachovia Bank, N.A., as Collateral Agent.<b>  </b>The Grantor shall be
liable for any deficiency. </p>

<p class=MsoNormal>&nbsp;</p>

13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Expenses</u>.
Grantor will upon demand pay to the Collateral Agent the amount of any
and all Collateral Agent Expenses.&nbsp;
<p>

14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Registration Rights</u>.
In furtherance of the right of the Collateral Agent to sell any or all
of the Pledged Collateral pursuant to Section 12 hereof, Grantor agrees that,
following the occurrence of an Event of Default upon request of the Collateral
Agent and without expense to the Collateral Agent, it will (a) use its best
efforts to obtain all necessary governmental approvals for the sale by the
Collateral Agent of the Pledged Collateral or any part thereof, (b) prepare,
cause to be filed and use its best efforts to cause to become effective with
respect to the Pledged Collateral, regardless of the number of shares or
principal amount thereof, then held by the Collateral Agent one or more
registration statements under the Securities Act of 1933, as amended (the
&quot;Act&quot;), or one or more qualifications for exemption from registration
under the Act, or one or more similar documents pursuant to any statute then in
effect corresponding to the Act, relating to any public offering or sale by the
Collateral Agent of such Pledged Collateral, (c) prepare, cause to be filed and
use its best efforts to have such Pledged Collateral qualified or registered
under the securities laws of such other jurisdictions as Collateral Agent may
request in connection with any such offering or sale, (d) include in any such
registration statement, qualification statement or similar document all
appropriate information relating to the transaction or transactions in which
the Collateral Agent proposes to offer or sell such Pledged Collateral, (e)
cause to be filed such post&#8209;effective amendments and supplements to each
such registration statement, qualification statement or similar document
(including, without limitation, any prospectus or offering circular) as may be
necessary to make any statement therein contained not untrue or misleading, and
such filing, qualification or registration to be kept effective for such period
as the Collateral Agent may deem appropriate to facilitate the sale or other
disposition of such Pledged Collateral, (f) furnish Collateral Agent with such
number of copies of each such registration statement, qualification statement
or similar document, preliminary prospectus, prospectus, offering circular and
any post&#8209;effective amendments or supplements thereto as the Collateral
Agent may request, and (g) do such further acts and things as the Collateral
Agent may deem necessary or advisable to effectuate the offering and sale by
the Collateral Agent of such Pledged Collateral.  Grantor further agrees  to
indemnify and hold harmless the Collateral Agent and each underwriter (within
the meaning of the Act or any statute then in effect corresponding to the Act)
acting in the transaction, and each person, firm or corporation controlling
(within the meaning of the Act or such corresponding statute) Collateral Agent
or underwriter, from and against any and all claims, actions, damages, demands,
judgments, losses, liabilities and expenses based upon or arising out of any
actual or alleged untrue statement of a material fact contained in any such
registration statement, qualification statement or similar document, or part
thereof, or any actual or alleged omission to state a material fact required to
be stated in any such registration statement, qualification statement or
similar document, or part thereof, or necessary to make the statements
contained therein not misleading; provided, however, that Grantor shall have no
liability to any Person under the foregoing indemnity on account of any actual
or alleged untrue or misleading statement contained in, or any actual or
alleged omission from, any information furnished in writing to Grantor by such
Person specifically for use in such registration statement, qualification
statement or similar document.  The registration
rights provided in this Section 14 may be transferred to any purchaser of the
Pledged Collateral, or any portion thereof, at any sale described in Section 12
hereof.  Collateral Agent may exercise
its rights and powers under this Section prior to any sale pursuant to Section
12 or, alternatively, Collateral Agent may assign such rights to the purchaser
at any such sale who shall then have the registration rights specified herein.&nbsp;</p>
<p>

15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Security Interest Absolute</u>.  All rights of the Collateral Agent hereunder, the security
interest granted to the Collateral Agent hereunder, and all obligations of
Grantor hereunder, shall be absolute and unconditional irrespective of any of
the following, and Grantor expressly consents to the occurrence of any of such
events and waives any defense arising therefrom:</p>

<p>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any lack of validity or enforceability of the Credit Agreement
or any other agreement or instrument relating thereto;</p>

<p>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any change in the time, manner or place of payment of, or in
any other term of, all or any of the Secured Obligations, or any other
amendment  or waiver of or any consent
to any departure from the Credit Agreement, the Loan Documents, the Indenture
Documents, or any other agreement or instrument relating thereto;</p>

<p>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any exchange, release or non&#8209;perfection of any other
collateral, or any release or amendment or wavier of or consent to or departure
from the Parent Guaranty, the Subsidiary Guaranty, or any other guaranty, for
all or any of the Secured Obligations; or</p>

<p>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any other circumstance which might otherwise constitute a
defense available to, or a discharge of, the Grantor in respect of the Secured
Obligations or in respect of this Agreement.</p>

16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Stock of Receivables Subsidiary; Limitation on Actions</u>.  The parties hereto acknowledge that the
pledge hereunder of the Pledged Collateral is prohibited by the terms of that
certain Amended and Restated Receivables Purchase Agreement dated as of
December 28, 2000 (the &quot;Purchase Agreement&quot;) among ACI, as Seller,
Airborne Express, Inc., as Servicer (&quot;Airborne Express&quot;), Blue Ridge
Asset Funding Corporation, as Purchaser (&quot;Blue Ridge&quot;) and Wachovia
Bank, N.A., as Agent (&quot;Blue Ridge Agent&quot;), as the same may be
amended, supplemented, restated or otherwise modified from time to time.  To induce Blue Ridge and Blue Ridge Agent to
permit the pledge of the Pledged Collateral, the parties hereto agree to the
following limitations.

<p>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Anything herein or any other Collateral Document to the
contrary notwithstanding:</p>

<p class=MsoHeading7>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Collateral Agent, for itself and for the Secured
Creditors, agrees that, upon exercising its rights with respect to the Pledged
Collateral, it will not take any action adverse to the interests of Blue Ridge
and/or the Blue Ridge Agent, including, without limitation, (A) causing ACI to
violate or breach any term or provision in any Transaction Documents (as
defined in the Purchase Agreement), (B)&nbsp;making any dividends or
distributions on such Pledged Collateral, (C)&nbsp;amending or altering any of
ACI's organizational documents, or (D)&nbsp;causing ACI to incur any debt,
other than, in each case, as may be allowed in the Transaction Documents;
provided that any prepayment or termination of the Purchase Agreement in
accordance with the terms of the Transaction Documents shall not be deemed
adverse to the interests of Blue Ridge and/or the Blue Ridge Agent;</p>

<p class=MsoHeading7>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that the Collateral Agent receives any payments
or funds relating to the Securitization Assets prior to the date on which the
Aggregate Unpaids and all other amounts owed under the Transaction Documents
have been indefeasibly paid in full in cash in accordance with the terms of the
Transaction Documents, the Collateral Agent shall hold such payments or funds
in trust for the benefit of the Blue Ridge Agent, and shall promptly transfer
such payments or funds to the Blue Ridge Agent;</p>

<p class=MsoHeading7>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The provisions of this Section 16 shall continue to be
effective or be reinstated, as the case may be, if at any time any payment of
the Aggregate Unpaids or any other amounts owed under the Transaction Documents
is rescinded or must otherwise be returned by the Blue Ridge Agent or any
Purchaser (as such term is defined in the Purchase Agreement) upon the
insolvency, bankruptcy or reorganization of the Airborne Express or ACI or
otherwise, all as though such payment had not been made; and</p>

<p class=MsoHeading7>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the date on which the Aggregate Unpaids and all other
amounts owed under the Transaction Documents have been indefeasibly paid in
full in cash in accordance with the terms of the Transaction Documents, neither
the Collateral Agent nor any Secured Creditor shall object to or contest in any
administrative, legal or equitable action or proceeding including, without
limitation, any insolvency, bankruptcy, receivership, liquidation,
reorganization, winding up, readjustment, composition or other similar proceeding
relating to the Borrowers or the Receivables Subsidiary or their respective
property) or object to or contest in any other manner (1) the interests of ACI
and its successors and assigns in any of the assets transferred by Airborne
Express to ACI pursuant to the Transaction Documents and/or (2) the interests
of the Blue Ridge Agent, the Purchaser and/or any Liquidity Bank (as defined in
the Purchase Agreement) in the Securitization Assets.  Neither the Collateral Agent nor any Secured Creditor shall object
to or contest in any manner the receipt of any payment by the Blue Ridge Agent
and/or the Purchaser with respect to the Securitization Assets for the
satisfaction of the Aggregate Unpaids; and</p>

<p>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Blue Ridge Agent shall be a third-party beneficiary with
respect to this Section 16.</p>

<p>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
So long as the Aggregate Unpaids and all other amounts owed
under the Transaction Documents have not been indefeasibly paid in full in cash
in accordance with the terms of the Transaction Documents, this Section 16
shall not be amended, modified or supplemented without the prior written
consent of the Blue Ridge Agent, which consent shall be at the sole discretion
of the Blue Ridge Agent, and the provisions of this Section 16 shall be
contained in any agreement that amends and restates this Agreement.</p>

17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Amendments, Etc</u>.
No amendment or waiver of any provision of this Agreement nor consent to
any departure by Grantor herefrom shall in any event be effective unless the
same shall be in writing and signed by the Collateral Agent and then such
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.&nbsp;
<p>

18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>No Waiver; Cumulative Remedies</u>.  No failure on the part of the Collateral
Agent to exercise, and no delay in exercising, any right, power or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power or remedy by the Collateral Agent preclude
any other or further exercise thereof or the exercise of any other right, power
or remedy.  All remedies hereunder are
cumulative and are not exclusive of any other remedies provided by law.&nbsp;</p>
<p>

19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Severability</u>.
If any provision of any of this Agreement or the application thereof to
any party hereto or circumstances shall be invalid or unenforceable to the
extent, the remainder of this Agreement and the application of such provisions
to any other party thereto or circumstances shall not be affected thereby and
shall be enforced to the greatest extent permitted by law.&nbsp;</p>
<p>

20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Notices</u>.  All
notices, requests and demands to or upon the respective parties hereto shall be
deemed to have been given or made when personally delivered or deposited in the
mail, registered or certified mail, postage prepaid, addressed as follows or to
such other address as may be designated hereafter in writing by the respective
parties hereto:</p>

<p class=Indent>Grantor:</p>

<p class=Indent1>AIRBORNE,
INC.<br>
3101 Western Avenue<br>
Seattle, Washington  98121<br>
Attn:  CFO and General Counsel</p>

<p class=Indent>Collateral Agent:</p>

<p class=Indent1>WACHOVIA
BANK, N.A.<br>
191 Peachtree Street, N.E.<br>
Atlanta, Georgia  30303<br>
Attn:  Syndications Group</p>

<p class=BlockText2 style='line-height:normal'>except in cases where it is
expressly provided herein or by applicable law that such notice, demand or
request is not effective until received by the party to whom it is addressed.</p>

<p class=BlockText2 style='line-height:normal'>&nbsp;</p>

21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Time is of the Essence</u>.  Time is of the essence in this Agreement.&nbsp;
<p>

22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Interpretation</u>.
No provision of this Agreement shall be construed against or interpreted
to the disadvantage of any party hereto by any court or other governmental or
judicial authority by reason of such party having or being deemed to have
structured or dictated such provision.&nbsp;</p>
<p>

23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Lender Not a Joint Venturer</u>.  Neither this Agreement nor any agreements, instruments, documents
or transactions contemplated hereby shall in any respect be interpreted, deemed
or construed as making the Collateral Agent a partner or joint venturer with
Grantor or as creating any similar relationship or entity, and Grantor agrees
that it will not make any contrary assertion, contention, claim or counterclaim
in any action, suit or other legal proceeding involving the Collateral Agent
and Grantor.&nbsp;</p>
<p>

24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Jurisdiction</u>.
GRANTOR AGREES THAT ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF GEORGIA OR THE UNITED
STATES OF AMERICA FOR THE NORTHERN DISTRICT OF GEORGIA, ATLANTA DIVISION, ALL
AS THE COLLATERAL AGENT MAY ELECT.  BY
EXECUTION OF THIS AGREEMENT, THE GRANTOR HEREBY SUBMITS TO EACH SUCH
JURISDICTION, HEREBY EXPRESSLY WAIVING WHATEVER RIGHTS MAY CORRESPOND TO IT BY
REASON OF ITS PRESENT OR FUTURE DOMICILE.
NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE COLLATERAL AGENT TO
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE GRANTOR  IN ANY OTHER JURISDICTION OR TO SERVE
PROCESS IN ANY MANNER PERMITTED OR REQUIRED BY LAW.  IN FURTHERANCE OF THE FOREGOING, THE GRANTOR HEREBY APPOINTS THE
SECRETARY OF STATE OF THE STATE OF GEORGIA AS ITS AGENT FOR SERVICE OF
PROCESS.&nbsp;</p>
<p>

25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Acceptance</u>.
This Agreement shall not become effective unless and until delivered to
the Collateral Agent at its principal office in Atlanta, Fulton County, Georgia
and accepted in writing by the Collateral Agent thereafter at such office as
evidenced by its execution hereof (notice of which delivery and acceptance are
hereby waived by Grantor).&nbsp;</p>
<p>

26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Governing Law</u>.
This Agreement shall be governed by and construed in accordance with the
laws of the State of Georgia and shall inure to the benefit of and be binding
upon the successors and assigns of the parties hereto.&nbsp;</p>
<p>

27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>WAIVER OF JURY TRIAL</u>.
THE GRANTOR AND THE COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</p>

<p class=MsoNormal align=center style='text-align:center'>&nbsp;</p>

<p class=MsoNormal align=center style='text-align:center'>[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]</p>

</div>

<br clear=all style='page-break-before:always;'>


<div class=Section2>

<p class=MsoBodyText2 style='line-height:normal'>IN WITNESS WHEREOF, Grantor
has caused this Agreement to be duly executed under seal as of the date first
above written.</p>

<p class=MsoSignature>GRANTOR:</p>

<p class=MsoNormal>&nbsp;</p>

<p class=MsoSignature>AIRBORNE, INC., a Delaware corporation</p>

<p class=MsoSignature align=right style='text-align:right'>(SEAL)</p>

<p class=MsoNormal>&nbsp;</p>

<p class=MsoNormal>&nbsp;</p>

<p class=Signature1>By:_<u>/s/ Lanny H. Michael&nbsp;&nbsp;&nbsp;</u>&nbsp; <br>
Title: Senior Vice President and CFO</p>

<p class=Signature1>&nbsp;</p>

<p class=Signature1>&nbsp;</p>

<p class=Signature1 style='margin-left:3.75in;text-indent:-.5in'>Attest:_<u>/s/</u>_<u>David
C. Anderson&nbsp;&nbsp;&nbsp;</u>&nbsp; <br>
Title: Secretary</p>

<br clear=all style='page-break-before:always'>


<p class=MsoSignature>COLLATERAL AGENT:</p>

<p class=MsoNormal>&nbsp;</p>

<p class=MsoSignature>WACHOVIA BANK, N.A., as <br>
Collateral Agent</p>

<p class=MsoNormal>&nbsp;</p>

<p class=MsoNormal>&nbsp;</p>

<p class=Signature1>By:_<u>/s/ Howard Kim&nbsp;&nbsp;&nbsp;</u>&nbsp; <br>
Title: Senior Vice President</p>

<p class=Signature1>&nbsp;</p>

<p class=MsoSignature align=center style='text-align:center'>&nbsp;</p>

</div>

<u><br clear=all style='page-break-before:always;'>
</u>

<div class=Section3>

<p class=MsoSubtitle><u>EXHIBIT &quot;A&quot;</u></p>

<p class=MsoSubtitle>Description of Securities</p>

<p class=MsoBodyText>10,000 shares of the common stock of Airborne Credit,
Inc., a Delaware corporation, which shares represent all of the issued and
outstanding shares of Airborne Credit, Inc.</p>

</div>

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