EXHIBIT 10.48

CONSENT AND AMENDMENT NO. 1 TO LOAN DOCUMENTS

THIS CONSENT AND AMENDMENT NO. 1 TO LOAN DOCUMENTS (this "Amendment"), is entered into as of April 22,
2003, by and between FOOTHILL CAPITAL CORPORATION, a California corporation ("Lender"), and SPECIAL DEVICES, INCORPORATED, a Delaware corporation
("Borrower"), with reference to the following facts:

A.    Borrower
and Lender are parties to that certain Loan and Security Agreement dated as of June 27, 2001 (the "Original Loan
Agreement"), as amended by that certain letter agreement dated as of July 17, 2002, that certain letter agreement dated as of October 23, 2002, and that certain
letter agreement dated as of March 28, 2003 (collectively, the "Letter Agreements", and together with the Original Loan Agreement, collectively
the "Loan Agreement"). All initially capitalized terms used but not defined herein shall have the meanings set forth in the Loan Agreement.

B.    Lender
has agreed to extend $30,000,000 to Borrower under the Loan Agreement, provided certain conditions precedent are satisfied (the "Credit
Facility"). The Credit Facility consists of revolving loans and a term loan.

C.    The
Obligations under the Loan Agreement are secured by the Collateral described in the Loan Agreement. As of April 15, 2003, (i) the aggregate outstanding
principal balance of the Advances under the Credit Facility was $0-, and (ii) the principal balance of the Term Loan was $3,475,000.00.

D.    Borrower
has requested that Lender, among other things, (i) amend the definition of Permitted Investments, (ii) increase the limit set forth in
Section 7.6 of the Loan Agreement, and (iii) consent to the transfer of certain Equipment and Inventory to Borrower's subsidiary in Thailand.

E.    Lender
is willing to amend the Loan Agreement as requested by Borrower upon such terms and conditions as are set forth in this Amendment.

NOW,
THEREFORE, in consideration of the mutual promises and agreements contained in this Amendment and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Borrower and Lender hereby agree to the above Recitals and as follows:

1.     AMENDMENTS
TO LOAN AGREEMENT. The Loan Agreement is hereby amended as follows:



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2.     CONSENT
TO TRANSFER OF CERTAIN INVENTORY AND EQUIPMENT. Notwithstanding Sections 6.9 and 7.4 of the Loan Agreement, the Lender hereby consents to the Borrower's transfer
of certain Equipment and Inventory to Special Devices (Thailand) Co., Ltd., subject to the following terms and conditions:



3.     GENERAL
AMENDMENTS. All references to the "Agreement" or "Loan Agreement" in any of the Loan Documents shall mean the Loan Agreement, as amended by this Amendment.

4.     CONDITIONS
TO EFFECTIVENESS OF AMENDMENT. This Amendment shall not be deemed effective until each of the following conditions precedent have been satisfied (as determined
by Lender in Lender's sole discretion):



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5.     REPRESENTATIONS
AND WARRANTIES. Borrower represents and warrants that no Event of Default has occurred and is continuing under the Loan Agreement.

6.     LOAN
AGREEMENT IN FULL FORCE; INCORPORATION OF OTHER TERMS. The Loan Agreement and all other Loan Documents executed in connection therewith, as amended and supplemented
by this Amendment, shall remain in full force and effect in accordance with their terms. For purposes of this Amendment, the terms and conditions of Sections 13, 15.1, 16.1, 16.2, 16.3, 16.4, 16.6,
16.7 and 16.9 of the Loan Agreement are hereby incorporated by reference, provided that all references to "Agreement" in such sections shall mean this "Amendment" for purposes of this Amendment. This
Amendment cannot be changed or terminated orally. This Amendment together with the Loan Agreement and the other Loan Documents (including the documents and instruments executed in connection with this
Amendment), reflects the entire understanding of the parties with respect to the transactions contemplated hereby and shall not be contradicted, modified, or qualified by any other agreement, oral or
written, whether before or after the date hereof.

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IN
WITNESS WHEREOF, the parties hereto have caused this Consent and Amendment No. 1 to Loan Documents to be executed and delivered to Lender at Lender's offices in Santa Monica,
California.

|BORROWER:                                             |                                        
|----------------------------------------------------- | ---------------------------------------
|SPECIAL DEVICES, INCORPORATED
a Delaware corporation  |                                        
|By:                                                   | /s/JAMES E. REEDERName: JAMES E. REEDER
|                                                      | Title: VICE PRESIDENT FINANCE          
|LENDER:                                               |                                        
|FOOTHILL CAPITAL CORPORATION
a California corporation |                                        
|By:                                                   | /s/JOHN NOCITAName: JOHN NOCITA        
|                                                      | Title: VICE PRESIDENT                  
|                                                      |                                        

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