Exhibit 10.48



                               FOURTH AMENDMENT TO


                COMMERCIAL REVOLVING LOAN AND SECURITY AGREEMENT

                    AND COMMERCIAL REVOLVING PROMISSORY NOTE

                                     BETWEEN

                               HUDSON UNITED BANK

                                       AND

                      AEROSPACE PRODUCTS INTERNATIONAL, INC

                           Dated as of July 31, 2002







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This Fourth Amendment to Commercial Revolving Loan Agreement and Commercial
Revolving Promissory Note ("Agreement") dated as of July 31, 2002 between
AEROSPACE PRODUCTS INTERNATIONAL, INC., a Delaware corporation with an office at
3778 Distriplex Drive North, Memphis, Tennessee ("Borrower") and HUDSON UNITED
BANK, a state banking corporation with an office located at 87 Post Road East,
Westport, Connecticut 06880 (the "Bank").

                                    Recitals

         A.  The Borrower and Bank entered into a Commercial Revolving Loan
Agreement dated as of March 30, 2000, as amended by First Amendment to
Commercial Revolving Loan Agreement dated August 30, 2000 and Second Amendment
to Commercial Revolving Loan Agreement dated as of April 27, 2001, and as
further amended by Third Amendment to Commercial Revolving Loan Agreement dated
as of June 28, 2001 (collectively, the "Loan Agreement") which Loan Agreement
provide, inter alia for Revolving Loans from the Bank to the Borrower at any
time until the Commitment Termination Date, in the principal amount which would
not exceed in the aggregate at any one time the Borrowing Base.

         B.  The Revolving Loans are evidenced by the Commercial Revolving
Promissory Note dated as of March 30, 2000, as amended (the "Note").
                                                             ----

         C.  The Borrower has requested that the Bank extend the Maturity Date
of the Loan Agreement and the Note.

         D.  The Bank agrees, subject to the terms and conditions contained in
this Agreement, to the Borrower's request.

                                    Agreement
                                    ---------

         In consideration of the Recitals, which are incorporated by reference
and the mutual covenants contained in this Agreement, the Borrower and the Bank,
for good and valid consideration, the receipt and sufficiency of which is hereby
acknowledged, intending to be bound legally, agree as follows:

               1.  Definitions. Except as modified herein, all capitalized terms
herein,  or in any certificate,  document or report  delivered  pursuant to this
Agreement, shall have the meaning set forth in the Loan Agreement.

               2.  The definition of "Maturity Date(s)" set forth in Schedule
1.1 of the Loan Agreement is hereby amended as follows:

                   "Maturity Date(s) shall mean July 1, 2004."

               3.  Section 6 of the Note is hereby amended and restated as
follows:


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                    "6. All outstanding  principal hereunder,  together with all
accrued and unpaid  interest,  late charges,  cost and expenses shall be due and
payable in full on July 1, 2004 (the "Maturity Date")."

               4.  Documents.  Concurrently  with the  Borrower's  execution and
delivery  of this  Amendment,  the  Guarantor  shall  deliver  to the Lender the
executed Fourth  Reaffirmation  of Guaranty dated as of the date hereof and such
other  documents  and  assurances  as the Bank and its  counsel  may  reasonably
request from the Borrower, the Guarantor or its counsel.

               5. Costs, Expenses and Taxes. The Borrower agree to pay on demand
all costs and expenses in connection with the preparation,  execution, delivery,
filing, recording, and administration of this Agreement, and the other documents
to be delivered pursuant to this Agreement, including, without limitation, legal
fees,  the cost of any  appraisals of the Collateral and all costs and expenses,
if any, in  connection  with the  enforcement  of this  Agreement  and the other
documents to be delivered under this Agreement.  Notwithstanding  the foregoing,
all such costs, expenses and fees shall be reasonable.

               6. Binding Effect; Governing Law and Jurisdiction. This Agreement
shall become  effective when it shall have been executed by the Borrower and the
Bank and shall be binding  upon and inure to the  benefit of the  Borrower,  the
Bank and their respective successors and assigns, except that the Borrower shall
not have the right to assign its rights hereunder or any interest herein without
the prior written consent of the Bank. This Agreement is, and shall be deemed to
be, a  contract  entered  into  under and  pursuant  to the laws of the State of
Connecticut  and  shall be in all  respects  governed,  construed,  applied  and
enforced  in  accordance  with the laws of said State;  and no defense  given or
allowed by the laws of any other  State or Country  shall be  interposed  in any
action or proceeding  hereon unless such defense is also given or allowed by the
laws of the State of  Connecticut.  The undersigned  irrevocably  appoints Aaron
Hollander and each and every officer of the  undersigned  as its attorneys  upon
whom may be served any notice,  process or pleading in any action or  proceeding
against it arising out of or in connection with this Agreement or any other Loan
Document.  The undersigned hereby consents that any action or proceeding against
it may be commenced and  maintained in any court within the State of Connecticut
or in the United States  District Court for the District of  Connecticut  or, at
the option of Bank,  any court in which Bank shall  initiate  legal or equitable
proceedings  and  which  has  subject  matter  jurisdiction  over the  matter in
controversy,  and that such action or proceeding  may be commenced by service of
process on any such officer. The undersigned agrees that the courts of the State
of  Connecticut  and the  United  States  District  Court  for the  District  of
Connecticut  shall have  jurisdiction  with respect to the subject matter hereof
and the  person of the  undersigned.  The  undersigned  agrees not to assert any
defense  to any  proceeding  initiated  by Bank  based  upon  improper  venue or
inconvenient forum.

               7. Execution in  Counterparts.  This Agreement may be executed in
any  number  of  counterparts  and  by  different  parties  hereto  in  separate
counterparts,  each of which when so executed  shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.



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               8. Headings.  Section headings used herein are for convenience of
reference  only and are not to affect  the  construction  of,  or be taken  into
consideration in, interpreting this Agreement.

               9. Entire Agreement.  This Agreement, the Note and the other Loan
Documents  together with all exhibits and schedules  attached hereto and thereto
embody the entire agreement and understanding  between the Borrower and the Bank
and supersede all prior  agreements and  understandings  relating to the subject
matter hereof unless otherwise specifically reaffirmed or restated herein.

               10.  Reaffirmation.  All other terms and  conditions  of the Loan
Agreement  and Loan  Documents  executed in connection  with the Loan  Agreement
unless  otherwise  modified  herein,  are hereby  ratified and  confirmed in all
respects.

               11. THE BORROWER ACKNOWLEDGES THAT THE LOANS EVIDENCED HEREBY ARE
A  COMMERCIAL  TRANSACTION  AND  WAIVES ITS RIGHT TO NOTICE  AND  HEARING  UNDER
CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES, OR AS OTHERWISE ALLOWED BY ANY
STATE OR FEDERAL LAW WITH RESPECT TO ANY  PREJUDGMENT  REMEDY WHICH THE BANK MAY
DESIRE TO USE, AND FURTHER WAIVES  DILIGENCE,  DEMAND,  PRESENTMENT FOR PAYMENT,
NOTICE OF  NONPAYMENT,  PROTEST AND NOTICE OF ANY  RENEWALS OR  EXTENSIONS.  THE
BORROWER ALSO ACKNOWLEDGES  THAT IT MAKES THIS WAIVER  KNOWINGLY,  WILLINGLY AND
VOLUNTARILY AND WITHOUT DURESS,  AND ONLY AFTER EXTENSIVE  CONSIDERATION  OF THE
RAMIFICATIONS OF THIS WAIVER WITH ITS ATTORNEYS.

               12. THE  BORROWER  WAIVES TRIAL BY JURY IN ANY COURT IN ANY SUIT,
ACTION OR  PROCEEDING  ON ANY MATTER  ARISING IN  CONNECTION  WITH OR IN ANY WAY
RELATED TO THE FINANCING  TRANSACTIONS  OF WHICH THIS AGREEMENT IS A PART OR THE
ENFORCEMENT OF ANY OF THE BANK'S RIGHTS. THE BORROWER ACKNOWLEDGES THAT IT MAKES
THIS WAIVER  KNOWINGLY,  WILLINGLY AND VOLUNTARILY AND WITHOUT DURESS,  AND ONLY
AFTER  EXTENSIVE  CONSIDERATION  OF THE  RAMIFICATIONS  OF THIS  WAIVER WITH ITS
ATTORNEYS.


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         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first written above.

                                                      AEROSPACE PRODUCTS
                                                      INTERNATIONAL, INC.


                                                 By___________________________
                                                   Name:
                                                   Its President


                                                 HUDSON UNITED BANK


                                                 By___________________________
                                                   Allison M. Knapp
                                                   Its Vice President



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